From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 4/21/2026
U.S. equity markets are higher Wednesday following news that the United States extended its ceasefire arrangement with Iran on Tuesday. No specific duration for the extension was provided, with the president indicating that the ceasefire would remain in place to allow Iranian leadership time to present a unified proposal aimed at ending the conflict. However, the outlook for negotiations remains uncertain after Iranian officials reportedly characterized further talks as unproductive and seized two vessels following the ceasefire announcement. Alongside geopolitical developments, investors are also turning attention toward the earnings season, which has begun on a generally strong note and is providing additional support to market sentiment.
Mortgage application activity increased in the latest report from the MBA, supported by lower interest rates. Total mortgage applications rose 7.9% from the prior week, with purchase applications jumping 10% and refinance applications increasing 6%. The average contract interest rate for a 30-year fixed conforming loan declined to 6.35%, down 7 basis points from the previous week.
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