Today’s PPI report came in surprisingly soft, falling 0.1% versus expectations of a 0.3% increase. That moved annual inflation down from 3.1% to 2.6%, giving the Fed even more reason to consider rate cuts — more fuel on the fire for lower rates ahead.

We’re already seeing the impact: national average mortgage rates slipped from 6.625% to 6.5%, which sparked a surge in loan applications. A good reminder, the earlier we get your file fully approved, the better positioned you’ll be to take advantage of these moves.

Tomorrow we get the CPI report, the consumer’s read on inflation. Let’s see what happens.

My take, and I know I sound like a broken record, is this: get ready to buy, sell, or refinance. The pending and current rate drops are exactly what the doctor ordered.

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