Mortgage rates are related to mortgage-backed securities. When mortgage bond pricing declines, mortgage rates increase. When mortgage bond pricing increases, rates get better. Seeing overall inflation start to come down is a good sign for the bond market and a great indicator that mortgage rates will start to come down. After all, inflation is the arch enemy of the bond market and typically high inflation erodes mortgage bond pricing resulting in higher mortgage rates. As the Federal Reserve increases the Fed Funds Rate to slow the economy, bonds will view this as deflationary and mortgage rates typically improve in this environment.
Source : https://www.bls.gov/cpi/