Will Jobs Revisions and PPI Lower Mortgage Rates?

Why timing your rate talk matters more than you think

If you’re house hunting or refinancing in Q3 2025, the hour you ask for a quote can matter as much as the day. Sounds dramatic, I know, but here’s what keeps happening this year: mortgage rates are moving in real time with mortgage-backed securities (MBS) and Treasuries, not just the Fed’s target rate, and when the calendar throws a data grenade, jobs revisions or PPI at 8:30 a.m. ET, lenders can reprice within hours. I’ve sat on lock desks where a 9:12 a.m. quote and a 10:47 a.m. quote were different by 0.125%-0.25% in rate on the same borrower profile. Same day, same credit, same house. Just a different tape.

Let me over-explain something simple before getting to the point: the Fed sets an overnight rate. Mortgages don’t trade overnight; they’re priced off MBS, and MBS trade off interest-rate expectations, inflation, and risk appetite, which all show up first in the Treasury market. So when the 10-year yield jumps after a data release, MBS prices usually fall, and when MBS prices fall, lenders worsen rate sheets. That’s the chain. It’s boring, but it’s the plumbing that moves your monthly payment.

Now the calendar part. The Bureau of Labor Statistics drops the Employment Situation at 8:30 a.m. ET on the first Friday of the month and it revises the prior two months. Those revisions can be the story. PPI, also from BLS, hits 8:30 a.m. ET, typically mid-month, and it’s a clean read on pipeline inflation pressures. In 2025, even small surprises have packed a punch. We’ve seen lenders issue intra-day reprice alerts after a +0.1% vs. 0.0% core PPI print or a jobs revision that flips a “meh” headline into a tighter labor picture. I’m not saying it happens every Friday, just that when it matters, it really matters, and it happens fast.

Here’s the punchline, and yes I’m a little too excited about it because timing saves real money: if you’re planning to lock, know the data schedule. A rate at 8:25 a.m. can be different than 9:05 a.m. on PPI day. A neutral jobs headline with a +40k two-month net revision can push yields higher even if the top-line nonfarm payrolls looks fine on CNBC’s chyron. And if the revision goes the other way, you might catch an improvement. This isn’t theoretical; Q3 has already featured morning strength that turned into afternoon give-back after the tape digested revisions.

What you’ll get in this section: a quick map of how MBS and Treasuries steer mortgage pricing day-by-day, the specific release times that tend to spark lender reprice waves, and why in 2025 the “will-jobs-revisions-and-ppi-lower-mortgage-rates” question can be answered with “depends on the hour.” I’ll flag the exact moments that tend to trigger moves, what to watch on your lender’s rate sheet, and how to pick your spots if you’re managing lock risk, whether you’re closing in days or just rate-watching into the fall. And if I sound a bit twitchy about 8:30 a.m., it’s because that timestamp has cost or saved borrowers a quarter point more times than I care to admit this year.

• Rates move daily: Mortgage pricing tracks MBS and Treasuries in real time, not the Fed’s dot plot.
• Data timing matters: Jobs revisions and PPI drop at 8:30 a.m. ET and can shift quotes within hours.
• 2025 has been jumpy: Small surprises have produced big intra-day swings in rate sheets, 0.125% to 0.25% reprices are not rare on hot data mornings.

How mortgage rates actually get set (hint: it’s the bond market)

Here’s the clean version. Economic data hits at 8:30 a.m. ET, traders react in the Treasury market within seconds, mortgage-backed securities (MBS) follow, and your lender’s rate sheet catches up after that. Hotter data → higher Treasury yields → lower MBS prices → worse mortgage pricing. Cooler data flips that script. That’s the chain. No secret sauce, just bond math and a lot of screens.

Most 30-year mortgage pricing tracks the yield on current-coupon Fannie/Freddie UMBS (the big pooled bonds your loan would live in). Those MBS yields tend to move very closely with the 10-year Treasury. I’m not saying they’re glued, but they hold hands. If the 10-year pops 10-15 basis points on a hot payrolls print, MBS usually cheapen, and lenders usually reprice worse by about 0.125%-0.25% in rate or a few points in cost. We’ve seen that a bunch this year, especially on mornings when PPI or revisions hit a touch hot.

Two context points that help anchor expectations:

• Historically (since 2000), the 30-year fixed mortgage rate has averaged about 1.7 percentage points above the 10-year Treasury yield. That “spread” blew out over 3.0 points in 2022-2023 as volatility spiked. Freddie Mac’s survey hit 7.79% in October 2023 while the 10-year was near 5%, that’s a spread north of 2.7 points at the peak. Last year’s spread was still fat by history.
• This year, the spread has been choppy but generally narrower than that 2023 peak as prepayment fears and liquidity stress cooled. On calm days you’ll see ~200-250 bps. On jumpy days, 250-300 bps comes back. That swing alone can move quoted rates a quarter point without the 10-year doing much. Annoying, but real.

Where the Fed fits: the Fed doesn’t set mortgage rates directly. It sets the overnight rate and signals the path ahead. Markets translate those expectations into the whole Treasury curve, especially the 2-10 year zone, which is where the mortgage market takes its cues. If traders think the Fed will keep policy tighter for longer, the front and belly of the curve reprice higher, term premiums shift, and the 10-year tends to drift up. MBS then price off that new reality. When the market leans toward cuts later this year, the opposite happens. It’s expectations doing most of the work, not the press conference quips (though, yeah, those can spark knee-jerk moves too).

Let me put it in the simple ladder I use with clients:

1. Data hits (jobs, CPI, PPI, often 8:30 a.m.).
2. Treasury yields move (10-year is the headline).
3. MBS prices adjust (UMBS 30-year coupons down when yields up).
4. Lenders reprice rate sheets (worse pricing when MBS down).

And because someone will ask about the keyword that’s been floating around: the “will-jobs-revisions-and-ppi-lower-mortgage-rates” question has a boring answer, only if they pull the 10-year lower and keep spreads calm. In 2025 we’ve had several mornings where a cooler PPI shaved 5-10 bps off the 10-year within minutes, MBS rallied about 6-12 ticks (call it 0.19-0.38 in price), and lenders improved by 0.125% in rate or a few hundred bucks in cost on a $400k loan. Other days, the first move faded by lunch and pricing snapped back. Depends on the hour, sorry, but that’s the tape we’ve got.

My take: if you care about your rate this week, watch the 10-year and a live MBS ticker more than speeches. If the 10-year breaks lower and the UMBS current coupon is firming, you’ll likely see it on your lender’s sheet within the next round of reprices.

I’m probably oversimplifying pieces, convexity hedging, TBA liquidity, and prepay assumptions all matter under the hood, but the cause-and-effect above is what hits your quote. One last nudge: on big-data mornings, lock decisions made at 8:27 a.m. and 8:41 a.m. can be 0.25% apart. I’ve worn that scar a few times this year, and yes, I still keep an eye on the clock.

Jobs revisions: the quiet data that can move a loud market

Payroll revisions are the least glamorous line in the jobs report, and they can swing rates without a headline. Quick refresher: the Bureau of Labor Statistics (BLS) revises nonfarm payrolls twice after the initial release (prior two months get updated each time), and then runs a bigger, annual benchmark revision that typically posts in February when they true-up survey data to state unemployment insurance records. It’s housekeeping, yes, but it changes the growth picture we all thought we had.

A couple mechanics, because it matters for mortgages: the initial NFP number is a sample estimate. The BLS even publishes the sampling error, historically, the 90% confidence interval for the monthly change is roughly ±100k to ±120k jobs depending on the year. That means “a 200k print” can be a 100k print or a 300k print inside normal error bars. Then the revisions come in and push the trend one way or the other. When those revisions lean lower, traders read that as cooler labor heat, wage pressure less sticky, demand normalizing, and start pricing fewer Fed hikes or earlier cuts. Yields follow. Treasuries move first, MBS tag along, and lenders pass it through to rate sheets.

What happened this year? Earlier this year (2025), the pattern leaned softer than the late-2024 first prints suggested. We had a run where the prior-month and two-month-ago lines were revised down, small individually, but they added up. The February benchmark update also arrived, as usual, in February, and the direction reinforced that late-2024 job growth wasn’t quite as hot as it looked in real time. I won’t pretend I’ve got every line item memorized without pulling the BLS table, but the point was clear enough on the screens: labor momentum cooled versus the initial late-2024 narrative, and the market traded it that way.

Here’s how that translates to rates, step by step (over-explaining a simple loop, but it helps):

• Downward revisions = softer perceived labor demand = lower expected inflation pressure.
• Lower inflation pressure = fewer expected hikes or earlier cuts in the fed funds path.
• Fewer hikes/earlier cuts = lower Treasury yields, especially the 2s-10s belly.
• Lower 10-year yields and tighter rate-vol = better MBS pricing, which improves lender rate sheets.

We saw that in real time this year. On at least two NFP Fridays, the combo of a middle-of-the-road headline and negative revisions tugged the 10-year lower and tightened MBS current coupons. Not always dramatic, but enough for lenders to bump pricing mid-morning. And when the annual benchmark hit in February, again, the BLS does that each February, the confirmation of softer late-2024 gains added to the “cooling not collapsing” narrative that’s been friendly to mortgages in Q1 and parts of Q2.

Two caveats I’ll own because this stuff is messy: one, revisions can flip, sometimes you get a negative print followed by an offset the next month. Two, the same revision can trade differently depending on what’s priced in. If the street is already positioned for softness, an extra -50k in back revisions won’t move the needle. But when the market is leaning hawkish, that same -50k can nudge the 10-year 5-8 bps and give you a 0.125% better mortgage offer before lunch, been there, took the lock, and yes I triple-checked the hedge.

Bottom line, watch the revision lines. The headline gets the push alert, but the revisions tell you whether the labor trend is accelerating or fading. When they tilt lower, odds swing toward easier policy timing, and that’s the oxygen mortgage rates like breathing right now.

PPI’s role: upstream prices that front-run inflation pressure

PPI is the price sheet businesses see before anything hits the consumer checkout line. It tracks what producers pay (and charge) for goods and services, think inputs, freight, components, margins, so it’s the earliest decent look at pipeline inflation. It’s not the thing the Fed targets (they target PCE, and they stare hard at core PCE), but PPI can set the tone. If your suppliers cut prices today, your retail sticker might follow next quarter… or the quarter after… unless margins, wages, or some quirky supply issue gets in the way. I know it sounds like over-explaining a grocery bill, but that’s the point: business costs feed consumer prices with lag and noise.

Two links matter for rates: PPI feeds into CPI and PCE directionally, and the Fed cares more about PCE. Softer PPI can foreshadow easing CPI/PCE, which usually nudges the market toward easier policy expectations. In plain English: cooler PPI today can lower 10-year yields, and that can pull mortgage quotes down. Not always. But often enough that traders set price alerts on the PPI release.

Recent history lines up with that. In 2023-2024 there were multiple stretches where PPI cooled faster than CPI and the market treated it as a leading signal:

• June 2023: Final Demand PPI rose just 0.1% year-over-year, while CPI was 3.0% y/y (BLS). The “producer disinflation” story caught on, and yields eased into July as the market leaned into a softer inflation glidepath.
• November-December 2023: PPI slowed to around 1.0% y/y in December 2023 (BLS), with CPI still 3.4% y/y. Around the soft mid-November CPI/PPI combo, the 10-year Treasury fell roughly 15-20 bps over 48 hours, helped mortgage pricing materially into late Q4. I remember staring at the screens, watched a 0.125% better 30-year quote show up before lunch, and grabbed the lock. Not fancy, just taking what the tape gave.
• April 2024: Headline PPI printed -0.2% month-over-month, while CPI was +0.3% m/m (BLS). That gap reinforced the “downshift ahead” view for PCE into early summer, and rate-cut odds nudged higher.

Fast forward to this year: the pattern isn’t perfectly clean, but summer PPI prints have hovered in a low-2% y/y neighborhood for core final demand, with choppy monthly moves. When those monthly surprises lean soft, rate markets usually shave a few basis points off the 2-5 year sector and the 10-year tags along, sometimes grudgingly, sometimes all at once if oil cooperates. When they lean hot, the front end gets jumpy and mortgage rates feel it within hours.

A few practical notes I’ve learned the hard way:

1. Pass-through isn’t 1:1. Services margins and wages can mute or delay PPI’s impact on CPI/PCE. Goods are faster; services are stickier.
2. Watch core measures and trade services. Core PPI (ex food/energy) and trade services margin indexes can be better guides for core PCE than headline PPI.
3. Look at 3-6 month trends, not one print. A single -0.1% m/m can vanish on revision; a string of soft prints bends the curve.

Bottom line, when PPI cools ahead of CPI/PCE, markets start pre-pricing easier policy. In 2023-2024, those early PPI downshifts were exactly the breadcrumbs that let yields ease before CPI/PCE confirmed it. Same playbook this year: soft upstream costs now, higher odds of tamer PCE later this year… and that’s the oxygen mortgage rates like breathing right now, even if it comes in uneven puffs and the occasional head-fake.

2025 playbook: what would actually make rates break lower?

Short version: you need two things at the same time, and they can’t be one-offs. First, meaningful downward payroll revisions. Second, benign producer price prints that stick. When those travel together for a few months, term yields tend to follow lower, and mortgages hitch a ride. If only one shows up, or it’s noisy for a month, markets shrug and go back to worrying about supply and term premium.

On revisions, we’ve got a fresh reminder from last year’s experience. The BLS preliminary benchmark released in August 2024 indicated payrolls through March 2024 were overstated by 818,000 jobs (largest since 2009). The final benchmark published in early 2025 landed in that same ballpark. Why does that matter now? Because in this cycle, markets have treated revisions as a signal about underlying labor demand that the monthly headline can miss. If we get a 2025 run where the three-month sum of revisions is persistently negative, think a few hundred thousand over a quarter, not -20k here or there, rate markets will start marking down the path of real activity and wage pressure.

Pair that with PPI that looks boring in the best way. What’s moved rates this year hasn’t been a single miss; it’s breadth. When the share of PPI components pushing higher narrows for several months, investors get more comfortable that CPI/PCE will echo it with a lag. One soft -0.1% m/m in final demand doesn’t do it. A string where core PPI runs 0.1%-0.2% m/m for, say, 3-4 months, and trade services margins stop popping randomly, that’s the stuff that bends 10s down, and by extension mortgage rates. I know it’s tedious to track, but the market in 2025 has rewarded sustained disinflation, not headline surprises that get revised away the next week.

Here’s the catch, and it’s not small. Supply technicals and term premium can blunt the rally even when the data is soft. Treasury is still running heavy coupon and bill supply this year to fund deficits, with auction sizes near record levels after the increases in 2024 that were largely maintained in 2025. That supply overhang keeps risk term premium positive; the New York Fed’s ACM 10-year term premium has hovered around positive territory in 2024-2025 rather than the deeply negative levels we had in 2020-2021. Translation: even if the expected path of short rates falls, investors may still demand extra yield for duration and balance-sheet capacity. That can keep the 10-year stickier than you’d think on a clean data day.

What would I watch to know it’s “real” this time?

• Payroll revisions trend: three consecutive months where net revisions are negative and material, not just noise. After last year’s -818k benchmark, markets won’t ignore a 2025 echo.
• Core PPI and trade services breadth: multiple months with 0.1-0.2% m/m in core, and fewer categories showing >0.3% gains. That breadth signal has mattered more than any single headline this year.
• Duration demand vs. supply: refunding announcements that don’t hike coupons, steady foreign sponsorship at auctions, and agency MBS spreads tightening, those tell you the rally isn’t getting smothered by supply.

Where could this go sideways? A re-acceleration in services PPI (especially margins), sticky shelter services in PCE, or a risk-off shock that widens MBS spreads even as Treasuries rally. Also, if inflation breadth narrows and then snaps back the next month, seen that movie, rates will retrace. I was on a desk during a 2019 stretch where three soft prints had everyone calling 1.25% 10s again; a month later we were writing mea culpas. Feels a bit like that risk is always lurking.

Playbook: Sustained negative payroll revisions + tame, low-breadth core PPI = lower term yields. But if issuance stays heavy and term premium stays positive, mortgages won’t fully participate, rallies can stall 25-40 bps short of what the data “implies.”

So yeah, you want the combo punch: labor softness that survives revision, disinflation that isn’t just one report, and a Treasury calendar that doesn’t swamp dealer balance sheets. Miss one, and mortgage rates probably drift, not break.

Practical moves: rate locks, refis, and budgeting in a choppy 2025

Turn the macro into money moves. That’s the whole point here. We’ve got data clusters that can yank mortgage pricing 10-30 bps in a single morning, then give half back by the close. Do you tiptoe around them? Sometimes, yes.

• Closing inside 15-30 days? If you’re within that window, I favor a lock before the big-ticket prints, jobs Friday (first Friday each month), CPI (usually mid-month), and PPI the next morning. We’ve seen plenty of “good data, bad tape” days this year where MBS underperform Treasuries. Why gamble the down payment on a Thursday night?
• Float-downs if you can get them. Ask your lender about a float-down option. Typical cost is about 0.125-0.25 points, and many programs allow one downward reset if market rates improve by ~25-50 bps before closing. It’s not free, but it buys insurance against the rally you’re hoping for actually arriving, after you locked.

Quick aside, people ask me, “What about waiting for payroll revisions?” Good question. The catch is timing: the revision benefit often comes one to two months later and the rate market tries to front-run it. So if you’re 12 days from closing, banking on revisions is… a stretch.

Calendar hack: If you must float, set guardrails. Put in a standing instruction with your LO: auto-lock if lender pricing worsens by 0.125% in rate or 0.25 points in cost ahead of CPI/PPI weeks. Saves you from the 6:58am panic after a hot services PPI headline.

Refi math that actually helps

• When to look: A drop of 50-75 bps versus your current rate is usually worth a real look, depending on closing costs and how long you’ll keep the loan. I know, that’s the rule of thumb you’ve heard, because it still works.
• What it saves: On a 30-year fixed, every 25 bps is roughly $15-$18 per $100k of loan in monthly payment at current rate levels. Translation: 50 bps is about $30-$36 per $100k. On a $400k loan, that’s about $120-$145/month.
• Break-even: If your total refi cost is $5,000 and you save $130/month, break-even is ~38 months. Planning to sell next summer? Probably a no. Planning to stay 5-7 years? Now we’re talking.
• Points vs. no points: In 2025’s choppy tape, paying points only makes sense if your horizon is long and you’ve got high confidence you won’t refi again. I’ve seen too many folks pay 1 point and then the market gifts them another 60 bps three months later. Ouch.

Do payroll revisions or PPI actually shift mortgages meaningfully? Some weeks, yes, the tape trades the direction more than the level. When services PPI margins cool alongside narrower inflation breadth, lenders sharpen pencils; when shelter stays sticky in PCE, they pull back. I could go on, and I will, wait, no, budgeting first.

House hunters: budget like 2025 is going to keep wobbling

• Build a rate stress buffer: Add +50 bps to your quoted rate when setting your price ceiling. If you’re pre-approved at 6.875%, model payments at 7.375%. If the market rallies, great, you “find” room.
• Translate it to dollars: That 50 bps is about $30-$36 per $100k. Shopping in the $600k range with 20% down? For a ~$480k loan, you’re stress-testing roughly $145-$175/month higher. If that breaks your budget, your ceiling is too high for this tape.
• Cash cushion matters more this year: Keep 3-6 months of housing payments liquid; appraisals, rate swings, and a surprise insurance premium hike can all hit in the same week. Ask me how I know… ok, don’t.

One more enthusiastic note, because this part I actually love: locking smart around data doesn’t mean market timing your life. It’s about sequencing. Close the big decision (house, refi) and use float-downs or layered locks to shave risk around CPI/PPI/NFP weeks. If we get the combo I mentioned earlier, soft labor that survives revision, cooler core PPI, and friendlier issuance, great, you’ll participate. If not, your plan still holds together. That’s the win.

Bottom line: data can help your rate, but don’t let it run your plan

Bottom line: data can help your rate, but don’t let it run your plan. Jobs revisions and a soft PPI string can pull mortgage rates lower, especially if the signal repeats. That part isn’t theory, it’s how the bond market reprices risk. Two quick anchors: (1) BLS revisions are real and they matter. The BLS reported last year’s preliminary benchmark revision for the 12 months through March 2024 at roughly -818,000 jobs, which changed the narrative on how “hot” 2023-early 2024 actually was. And even in normal months, the first-to-third NFP estimate has historically shifted a lot; BLS research shows mean absolute revisions on the order of ~40-50k over long samples. (2) “Soft” PPI, think core near 0.1-0.2% m/m, tends to ease term premiums when it stacks up for a few prints, not just one. One cooler print rarely changes the year; a trend does. A cooler trend, repeated, usually tightens mortgage spreads a bit and nudges the 10-year lower. Not guaranteed, but it’s the pattern.

Right now, in Q3 2025, the rate tape still lives in a high-6s/low-7s world for conventional 30-year loans, give or take points. On weeks when labor looks softer and PPI comes in light, you’ll often see 10-20 bps come off quickly. When those data points survive revisions for a couple months, you can get another 10-20 bps. When they don’t, it snaps back. That’s the dance. I remind myself, and clients, the data can help your entry, but it can’t carry your whole strategy.

So here’s the challenge, and it’s the homework I’m doing on my own sheet becasue I don’t like surprises:

• Review your housing budget now: Re-run the payment at +50 bps and +100 bps on the rate you’re seeing today. If the +100 bps version breaks the monthly, your search price is still too high for this market. Yes, again. Do it again.
• Write down a lock policy you can live with: Example, lock at acceptance if your target payment pencils and you’re inside 14-21 days of CPI/PPI/NFP. Float only if you have a hard floor and a pre-approved float-down with your lender. No vibes-trading on payroll Fridays.
• Set explicit refinance triggers: Define a refi action at -75 bps and at -125 bps from your locked rate, with break-even math tied to your expected move-date. Put dates and thresholds in your calendar before the next data week, not after.

I try to keep humility in the model: if we get a few months where payrolls are revised down and core PPI holds near 0.1-0.2% m/m, great, rates can grind lower and you’ll participate. If we don’t, your plan still holds. One print won’t make your year; a series might. Build for the series. And yes, do the boring part now, budget, lock rules, refi triggers, before the next data week rolls around. Future-you will send a thank-you note.

Frequently Asked Questions

Q: How do I time my mortgage rate quote on a data-release day?

A: Short version: plan around 8:30 a.m. ET.

• Check the calendar: jobs report (first Friday) and PPI (mid‑month) hit at 8:30 a.m. ET.
• Get an initial quote early (before 9:00 a.m.) when lenders post morning sheets.
• Avoid the 8:25-9:30 a.m. window, spreads wobble and lenders can yank sheets.
• Ask your LO to ping you if MBS/Treasuries move. A 5-7 bps jump in the 10‑year often triggers a reprice.
• If the number is hot (higher inflation/stronger jobs), expect worse pricing within hours; if it’s soft, improvements sometimes come slower. This matches the article’s point: lenders reprice intraday because MBS follow Treasuries, not the Fed’s overnight rate. So yea, the hour matters.

Q: What’s the difference between getting a quote before 8:30 a.m. ET vs after the jobs report or PPI?

A: Before 8:30: you’re priced off expectations. Lenders post a base sheet and may pad margins a bit for event risk. After 8:30: you’re priced off reality. If the 10‑year jumps, MBS prices fall and lenders worsen sheets fast; if the data is softer, improvements can lag or be smaller. In 2025 we keep seeing 0.125%-0.25% rate swings on the same day (the article mentions exactly that). So if you hate surprises and fear a hot print, get your quote and consider locking before. If you think the data will cool, you can float, but be ready to lock the moment MBS firm up.

Q: Is it better to lock the afternoon before a big jobs or PPI print?

A: If you can’t stomach a worse payment, yes. Event‑day reprices skew asymmetric, bad news gets passed through faster than good. As a rule of thumb, a 0.125% rate bump adds about $8-$10 per month per $100k on a 30‑year fixed. If that would sting your budget and you’re closing soon, lock the day before and sleep fine. If you’ve got time and a strong view the data will be soft, you can float with a hard stop to lock if the 10‑year pops after the release.

Q: Should I worry about lock extensions and float‑down options, and how do they work?

A: Worth knowing, btw:

• Lock terms: 30/45/60 days price differently; longer locks usually cost more (think extra points baked in).
• Extensions: if your lock expires, lenders often charge roughly 0.025-0.05 points per day to extend (ranges vary by lender/market). Plan your closing timeline to avoid paying for time.
• Float‑down: some lenders let you capture an improved rate once during the lock if markets rally (commonly a 0.125%-0.25% threshold and a fee like 0.25-0.50 points). It’s not universal, ask upfront.
• Practical tip: if you need 45-60 days, compare pricing for a shorter lock plus a planned extension versus a straight 60‑day, whichever is cheaper is the adult answer. I’ve saved borrowers real money with that goofy little math.

@article{will-jobs-revisions-and-ppi-lower-mortgage-rates,
    title   = {Will Jobs Revisions and PPI Lower Mortgage Rates?},
    author  = {Beeri Sparks},
    year    = {2025},
    journal = {Bankpointe},
    url     = {https://bankpointe.com/articles/jobs-ppi-mortgage-rates/}
}