30-Year Mortgage Rates Fall to 6-Month Low

30-year mortgage rates have been falling since early February, and fell to a six-month last week of 4.63%, the lowest level since early December last year (data here).  If rising inflationary pressures are building up in the economy, wouldn't we expect rising, not falling, 30-year mortgage rates?  

The chart above shows the historical relationship between 30-year mortgage rates and annual CPI inflation over the last 35 years.  One clear market signal that inflationary expectations are increasing will be rising, not falling, 30-year mortgage rates.