The inflation rate rose 2.4% in May compared to the previous year, a 0.1% increase from the previous month. Economists had expected to see tariff-related price increases in the May report, leading to questions over whether an inflationary price bump is still to come in the summer or if low consumer demand is responsible for modest price increases.

Later today, the Federal Reserve is expected to extend a pause on interest rate cuts for a fourth consecutive time this year. While mortgage rates could see some volatility, many economists expect them to stay relatively flat until the economic picture changes.