Mortgage rates faced upward pressure Wednesday despite lower than expected inflation data. This morning, the July Consumer Price Index (CPI) reportedly rose 0.1% and was a mere 0.2% higher than one year ago. Core CPI, which excludes volatile food and energy components, also rose 0.1% in July, but increased 1.8% year-over-year, just below the Fed’s target rate for inflation of 2.0%. Stock fell sharply. Detailed Minutes from the July 29 Fed meeting will be released at 2:00 PM.