Weekly Mortgage & Market Update
Home Sales Slip, Wholesale Inflation Cooler Than Expected
Week of April 13, 2026 in Review
Existing Home Sales Slip in March
After a rebound in February, existing home sales slowed in March, falling 3.6% according to the National Association of REALTORS®. At the same time, housing inventory improved, rising 3% from February to 1.36 million homes, which is 2.3% higher than this time last year.
Even with this increase, inventory remains tight compared to historical norms, which continues to put pressure on the market. According to NAR Chief Economist Lawrence Yun, limited supply has helped support home prices, and that price growth has added meaningful value for homeowners over time. He notes that the typical homeowner has gained about $128,100 in housing wealth over the past six years. Even modest appreciation can make a difference—for example, a $500,000 home gaining 3% in a year would add about $15,000 in value, reinforcing how homeownership can build wealth over time.
Builder Confidence Weaker in April
Home builder sentiment fell 4 points to a seven-month low of 34 in April, remaining in contraction territory. This decline is largely driven by concerns around rising mortgage rates, geopolitical tensions, and increasing construction costs, all of which are putting pressure on builder margins and slowing momentum heading into the spring market. Buyer traffic, along with both current and future sales expectations, also declined from the previous month. Overall, builders are pulling back as higher costs and ongoing uncertainty continue to weigh on demand and outlook.
At a Glance: Wholesale Inflation and Unemployment
Wholesale inflation increased in March, but not as much as expected. The Producer Price Index rose 0.5% for the month and 4% year over year, both coming in below forecasts. Core PPI, which excludes food and energy, was even softer, rising just 0.1% monthly and 3.8% annually. While inflation remains elevated, these readings were better than the market anticipated.
On the labor side, initial jobless claims fell by 11,000 to 207,000. However, continuing claims rose by 31,000 to 1.82 million, suggesting that many job seekers are taking longer to find full-time work. Some individuals may also be shifting toward gig or part-time roles, which are not fully captured in the data.
What to Look for This Week
It’s a lighter week overall for economic data, but there are still a few key updates to watch. On Tuesday, March Pending Home Sales and Retail Sales will be released, followed by Thursday’s Jobless Claims report. In addition to scheduled data, ongoing movement in oil prices and geopolitical developments may continue to influence market activity.
Technical Picture
Mortgage bonds ended the week higher after Iran announced the reopening of the Strait of Hormuz until the ceasefire with the U.S. expires on April 22. Meanwhile, the 10-year Treasury yield moved lower and is approaching a key area of support formed by the 50-, 100-, and 200-day moving averages. Looking ahead, continued developments in U.S.–Iran talks over the weekend could play a role in market direction, with positive news potentially acting as a catalyst for further improvement.
Home Life Tip of the Week
In celebration of National Picnic Day on April 23, a simple Greek pasta salad makes an easy option for a picnic or lunch. Cook 1 pound of farfalle pasta according to package directions, then drain and transfer to a large bowl. In a separate bowl, whisk together 1/4 cup olive oil, 3 tablespoons red wine vinegar, 1/2 teaspoon oregano, and 1/2 teaspoon garlic powder. Add 2 chopped Persian cucumbers, 1 cup halved cherry tomatoes, 1/3 cup chopped Kalamata olives, and 1/2 chopped red onion to the pasta. Pour the dressing over and toss to combine, then season with salt and pepper. Finish with 2 tablespoons chopped dill and 1/2 cup crumbled feta cheese before serving.
Source - MBSHighway
