Wednesday, November 11, 2026Mortgage news · Rates & market context

Inflation · ORIGINAL ECONOMIC RELEASE

July 2025 Consumer Price Index

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis in July, after rising 0.3 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis in July, after rising 0.3 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment.

The index for shelter rose 0.2 percent in July and was the primary factor in the all items monthly increase. The food index was unchanged over the month as the food away from home index rose 0.3 percent while the food at home index fell 0.1 percent. In contrast, the index for energy fell 1.1 percent in July as the index for gasoline decreased 2.2 percent over the month.

The index for all items less food and energy rose 0.3 percent in July, following a 0.2-percent increase in June. Indexes that increased over the month include medical care, airline fares, recreation, household furnishings and operations, and used cars and trucks. The indexes for lodging away from home and communication were among the few major indexes that decreased in July.

The all items index rose 2.7 percent for the 12 months ending July, after rising 2.7 percent over the 12 months ending June. The all items less food and energy index rose 3.1 percent over the last 12 months. The energy index decreased 1.6 percent for the 12 months ending July. The food index increased 2.9 percent over the last year.

Changes to wireless telephone services source data and methodology

With this release, BLS has replaced survey data collected for the CPI's wireless telephone services index with secondary source data and non-traditional index methods.

Additional information is available on the CPI website, www.bls.gov/cpi/additional-resources/alternative-data-wireless-telephone.htm, and in a new factsheet "Measuring Price Change in the CPI: Wireless Telephone Services," www.bls.gov/cpi/factsheets/wireless-telephone-service.htm.

Food

The index for food was unchanged in July, after increasing 0.3 percent in the previous 2 months. The food at home index fell 0.1 percent over the month. Two of the six major grocery store food group indexes increased in July, while three decreased and one was unchanged. The index for dairy and related products rose 0.7 percent over the month as the index for milk increased 1.9 percent. The meats, poultry, fish, and eggs index increased 0.2 percent in July, with mixed subcomponents including a 1.5-percent increase in the beef index and a 3.9-percent decrease in the eggs index.

The index for other food at home declined 0.5 percent in July, after rising 0.2 percent in June. The nonalcoholic beverages index also declined 0.5 percent over the month, as the juices and nonalcoholic drinks index fell 1.3 percent. The index for cereals and bakery products fell 0.2 percent in July. The fruits and vegetables index was unchanged over the month.

The food away from home index rose 0.3 percent in July. The index for full service meals rose 0.5 percent over the month and the index for limited service meals increased 0.1 percent.

The index for food at home rose 2.2 percent over the 12 months ending in July. The meats, poultry, fish, and eggs index rose 5.2 percent over the last 12 months as the eggs index increased 16.4 percent. The index for nonalcoholic beverages increased 3.6 percent over the same period and the index for other food at home rose 1.2 percent. The cereals and bakery products index increased 1.0 percent over the 12 months ending in July. The index for dairy and related products rose 1.5 percent and the index for fruits and vegetables increased 0.2 percent over the same period.

The food away from home index rose 3.9 percent over the last year. The index for full service meals rose 4.4 percent and the index for limited service meals rose 3.3 percent over the same period.

Energy

The index for energy decreased 1.1 percent in July, after rising 0.9 percent in June. The gasoline index decreased 2.2 percent over the month. (Before seasonal adjustment, gasoline prices decreased 0.5 percent in July.) The index for electricity decreased 0.1 percent over the month and the index for natural gas decreased 0.9 percent over the same period.

The index for energy decreased 1.6 percent over the past 12 months. The gasoline index fell 9.5 percent over this 12-month span and the fuel oil index fell 2.9 percent over the same period. In contrast, the index for electricity increased 5.5 percent over the last 12 months and the index for natural gas rose 13.8 percent.

All items less food and energy

The index for all items less food and energy rose 0.3 percent in July, following a 0.2-percent increase in June. The shelter index increased 0.2 percent over the month. The index for owners' equivalent rent rose 0.3 percent in July as did the index for rent. Conversely, the lodging away from home index fell 1.0 percent in July.

The medical care index increased 0.7 percent over the month, following a 0.5-percent increase in June. The index for dental services increased 2.6 percent in July and the index for hospital and related services increased 0.4 percent. The physicians' services index rose 0.2 percent over the month, while the prescription drugs index fell 0.2 percent.

The index for airline fares increased 4.0 percent over the month, after declining 0.1 percent in June. The recreation index increased 0.4 percent over the month, as did the household furnishings and operations index. The index for used cars and trucks rose 0.5 percent in July and the index for personal care rose 0.4 percent. The new vehicles index was unchanged over the month while the communication index fell 0.3 percent.

The index for all items less food and energy rose 3.1 percent over the past 12 months. The shelter index increased 3.7 percent over the last year. Other indexes with notable increases over the last year include medical care (+3.5 percent), household furnishings and operations (+3.4 percent), motor vehicle insurance (+5.3 percent), and recreation (+2.4 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.7 percent over the last 12 months to an index level of 323.048 (1982-84=100). For the month, the index increased 0.2 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.5 percent over the last 12 months to an index level of 316.349 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.5 percent over the last 12 months. For the month, the index increased 0.1 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

Changes to the health insurance index

With the release of October 2025 data on November 13, 2025, the Bureau of Labor Statistics (BLS) will remove long-term care (LTC) insurance from the health insurance index. Changes in the market for LTC insurance have made it out of scope and ineligible for pricing in the CPI market basket.

Source: U.S. Bureau of Labor Statistics · Original release Aug 12, 2025.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read consumer inflation on a consistent basis

The Consumer Price Index measures changes in prices paid by urban consumers for a basket of goods and services. Check the index, reference month and seasonal adjustment before comparing figures. A monthly change and a twelve-month change describe different periods; the all-items index and the measure excluding food and energy cover different baskets. Consumer inflation informs the wider policy discussion, but the benchmark comparison below does not isolate this release from other information arriving during the month. BLS Consumer Price Index.

Nearest published observation on or before each target date
Benchmark30 days earlierJul 13, 2025Publication referenceAug 12, 202530 days laterSep 11, 2025
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.72%Observed 6.63%Observed −9 bps vs. earlier reference6.35%Observed −28 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.43%Observed 4.29%Observed −14 bps vs. earlier reference4.01%Observed −28 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

May 12, 2025 – Nov 12, 2025
Historical mortgage and Treasury observations around Aug 12, 2025Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.3.50%5.25%7.00%Publication date30-year fixed mortgage: 6.81% · May 15, 202530-year fixed mortgage: 6.86% · May 22, 202530-year fixed mortgage: 6.89% · May 29, 202530-year fixed mortgage: 6.85% · Jun 5, 202530-year fixed mortgage: 6.84% · Jun 12, 202530-year fixed mortgage: 6.81% · Jun 18, 202530-year fixed mortgage: 6.77% · Jun 26, 202530-year fixed mortgage: 6.67% · Jul 3, 202530-year fixed mortgage: 6.72% · Jul 10, 202530-year fixed mortgage: 6.75% · Jul 17, 202530-year fixed mortgage: 6.74% · Jul 24, 202530-year fixed mortgage: 6.72% · Jul 31, 202530-year fixed mortgage: 6.63% · Aug 7, 202530-year fixed mortgage: 6.58% · Aug 14, 202530-year fixed mortgage: 6.58% · Aug 21, 202530-year fixed mortgage: 6.56% · Aug 28, 202530-year fixed mortgage: 6.50% · Sep 4, 202530-year fixed mortgage: 6.35% · Sep 11, 202530-year fixed mortgage: 6.26% · Sep 18, 202530-year fixed mortgage: 6.30% · Sep 25, 202530-year fixed mortgage: 6.34% · Oct 2, 202530-year fixed mortgage: 6.30% · Oct 9, 202530-year fixed mortgage: 6.27% · Oct 16, 202530-year fixed mortgage: 6.19% · Oct 23, 202530-year fixed mortgage: 6.17% · Oct 30, 202530-year fixed mortgage: 6.22% · Nov 6, 202510-year Treasury: 4.45% · May 12, 202510-year Treasury: 4.49% · May 13, 202510-year Treasury: 4.53% · May 14, 202510-year Treasury: 4.45% · May 15, 202510-year Treasury: 4.43% · May 16, 202510-year Treasury: 4.46% · May 19, 202510-year Treasury: 4.48% · May 20, 202510-year Treasury: 4.58% · May 21, 202510-year Treasury: 4.54% · May 22, 202510-year Treasury: 4.51% · May 23, 202510-year Treasury: 4.43% · May 27, 202510-year Treasury: 4.47% · May 28, 202510-year Treasury: 4.43% · May 29, 202510-year Treasury: 4.41% · May 30, 202510-year Treasury: 4.46% · Jun 2, 202510-year Treasury: 4.46% · Jun 3, 202510-year Treasury: 4.37% · Jun 4, 202510-year Treasury: 4.40% · Jun 5, 202510-year Treasury: 4.51% · Jun 6, 202510-year Treasury: 4.49% · Jun 9, 202510-year Treasury: 4.47% · Jun 10, 202510-year Treasury: 4.41% · Jun 11, 202510-year Treasury: 4.36% · Jun 12, 202510-year Treasury: 4.41% · Jun 13, 202510-year Treasury: 4.46% · Jun 16, 202510-year Treasury: 4.39% · Jun 17, 202510-year Treasury: 4.38% · Jun 18, 202510-year Treasury: 4.38% · Jun 20, 202510-year Treasury: 4.34% · Jun 23, 202510-year Treasury: 4.30% · Jun 24, 202510-year Treasury: 4.29% · Jun 25, 202510-year Treasury: 4.26% · Jun 26, 202510-year Treasury: 4.29% · Jun 27, 202510-year Treasury: 4.24% · Jun 30, 202510-year Treasury: 4.26% · Jul 1, 202510-year Treasury: 4.30% · Jul 2, 202510-year Treasury: 4.35% · Jul 3, 202510-year Treasury: 4.40% · Jul 7, 202510-year Treasury: 4.42% · Jul 8, 202510-year Treasury: 4.34% · Jul 9, 202510-year Treasury: 4.35% · Jul 10, 202510-year Treasury: 4.43% · Jul 11, 202510-year Treasury: 4.43% · Jul 14, 202510-year Treasury: 4.50% · Jul 15, 202510-year Treasury: 4.46% · Jul 16, 202510-year Treasury: 4.47% · Jul 17, 202510-year Treasury: 4.44% · Jul 18, 202510-year Treasury: 4.38% · Jul 21, 202510-year Treasury: 4.35% · Jul 22, 202510-year Treasury: 4.40% · Jul 23, 202510-year Treasury: 4.43% · Jul 24, 202510-year Treasury: 4.40% · Jul 25, 202510-year Treasury: 4.42% · Jul 28, 202510-year Treasury: 4.34% · Jul 29, 202510-year Treasury: 4.38% · Jul 30, 202510-year Treasury: 4.37% · Jul 31, 202510-year Treasury: 4.23% · Aug 1, 202510-year Treasury: 4.22% · Aug 4, 202510-year Treasury: 4.22% · Aug 5, 202510-year Treasury: 4.22% · Aug 6, 202510-year Treasury: 4.23% · Aug 7, 202510-year Treasury: 4.27% · Aug 8, 202510-year Treasury: 4.27% · Aug 11, 202510-year Treasury: 4.29% · Aug 12, 202510-year Treasury: 4.24% · Aug 13, 202510-year Treasury: 4.29% · Aug 14, 202510-year Treasury: 4.33% · Aug 15, 202510-year Treasury: 4.34% · Aug 18, 202510-year Treasury: 4.30% · Aug 19, 202510-year Treasury: 4.29% · Aug 20, 202510-year Treasury: 4.33% · Aug 21, 202510-year Treasury: 4.26% · Aug 22, 202510-year Treasury: 4.28% · Aug 25, 202510-year Treasury: 4.26% · Aug 26, 202510-year Treasury: 4.24% · Aug 27, 202510-year Treasury: 4.22% · Aug 28, 202510-year Treasury: 4.23% · Aug 29, 202510-year Treasury: 4.28% · Sep 2, 202510-year Treasury: 4.22% · Sep 3, 202510-year Treasury: 4.17% · Sep 4, 202510-year Treasury: 4.10% · Sep 5, 202510-year Treasury: 4.05% · Sep 8, 202510-year Treasury: 4.08% · Sep 9, 202510-year Treasury: 4.04% · Sep 10, 202510-year Treasury: 4.01% · Sep 11, 202510-year Treasury: 4.06% · Sep 12, 202510-year Treasury: 4.05% · Sep 15, 202510-year Treasury: 4.04% · Sep 16, 202510-year Treasury: 4.06% · Sep 17, 202510-year Treasury: 4.11% · Sep 18, 202510-year Treasury: 4.14% · Sep 19, 202510-year Treasury: 4.15% · Sep 22, 202510-year Treasury: 4.12% · Sep 23, 202510-year Treasury: 4.16% · Sep 24, 202510-year Treasury: 4.18% · Sep 25, 202510-year Treasury: 4.20% · Sep 26, 202510-year Treasury: 4.15% · Sep 29, 202510-year Treasury: 4.16% · Sep 30, 202510-year Treasury: 4.12% · Oct 1, 202510-year Treasury: 4.10% · Oct 2, 202510-year Treasury: 4.13% · Oct 3, 202510-year Treasury: 4.18% · Oct 6, 202510-year Treasury: 4.14% · Oct 7, 202510-year Treasury: 4.13% · Oct 8, 202510-year Treasury: 4.14% · Oct 9, 202510-year Treasury: 4.05% · Oct 10, 202510-year Treasury: 4.03% · Oct 14, 202510-year Treasury: 4.05% · Oct 15, 202510-year Treasury: 3.99% · Oct 16, 202510-year Treasury: 4.02% · Oct 17, 202510-year Treasury: 4.00% · Oct 20, 202510-year Treasury: 3.98% · Oct 21, 202510-year Treasury: 3.97% · Oct 22, 202510-year Treasury: 4.01% · Oct 23, 202510-year Treasury: 4.02% · Oct 24, 202510-year Treasury: 4.01% · Oct 27, 202510-year Treasury: 3.99% · Oct 28, 202510-year Treasury: 4.08% · Oct 29, 202510-year Treasury: 4.11% · Oct 30, 202510-year Treasury: 4.11% · Oct 31, 202510-year Treasury: 4.13% · Nov 3, 202510-year Treasury: 4.10% · Nov 4, 202510-year Treasury: 4.17% · Nov 5, 202510-year Treasury: 4.11% · Nov 6, 202510-year Treasury: 4.11% · Nov 7, 202510-year Treasury: 4.13% · Nov 10, 202510-year Treasury: 4.08% · Nov 12, 2025May 12, 2025Aug 12, 2025Nov 12, 2025
30-year fixed mortgage26 observations10-year Treasury127 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,921.92/month

6.63% · Aug 7, 2025

At the later reference$1,866.71/month

6.35% · Sep 11, 2025

The illustrative principal-and-interest payment is $55.22 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

How policy and mortgage rates connect →See current advertised mortgage options →