A drop in mortgage rates for the first time in two months has sparked a surge in home purchase applications, breathing new life into the stagnant housing market.

These are today's mortgage and refinance rates. Mortgage rates are down slightly as markets weigh the impact of Trump's pick for Treasury secretary.

The rate of inflation rose in October and moved further away from the Federal Reserve’s 2% goal, confirming a recent uptick in prices that could cajole the central bank into cutting interest rates less aggressively.

The Federal Reserve’s preferred measurement of inflation showed the rate of price increases ticked a bit higher in October, which will likely reinforce the central bank’s cautious approach when it meets to decide on cutting interest rates next month.