US mortgage rates fell last week to their lowest level since April 2023, prompting potential homebuyers to apply for loans at a faster clip.

U.S. wholesale prices showed a mild increase in August and reinforced the idea the rate of inflation is returning to low prepandemic levels. The producer-price index rose 0.2% last month, the government said Thursday.

The Consumer Price Index report shows inflation slowed for a fifth consecutive month in August as gas, used car prices decline.