Mortgage rates have taken a beating in recent weeks, so this bit of good news—or at least no bad news—is welcome.

The October Consumer Price Index (CPI) report showed overall inflation rose by 0.24%, with the annual rate ticking up slightly from 2.4% to 2.6%. Two main factors driving this increase were a surprising 2.7% rise in used car prices and, as expected for the holiday season, higher airline fares.

Meanwhile, mortgage applications dropped 6.8% as rates climbed to an average of 6.84%. However, purchase applications specifically rose by 1%, which is encouraging news.

We do soft credit pulls for mortgage pre approvals.