From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 4/15/2026
U.S. stocks are mixed Wednesday morning as investors continue to monitor developments related to the conflict involving Iran. The DJIA is lower, while the Nasdaq and S&P 500 are higher. The S&P 500 is closing in on a new record intrada high. All three major averages saw sizable increases yesterday.
U.S. import prices rose 0.8% in March, following a 0.9% increase in February, and were up 2.1% from a year earlier, marking the largest year-over-year gain since late 2024. Higher prices for both fuel and nonfuel imports contributed to the advance. Excluding fuel, import prices were up 0.6% for the month. Export prices also increased in March, rising 1.6% for the month and 5.6% over the last 12 months, the largest yearly increase since late 2022.
Homebuilder confidence remained subdued in April, as elevated mortgage rates and affordability challenges continued to weigh on demand. The NAHB/Wells Fargo Housing Market Index was unchanged at 38, remaining well below the neutral threshold of 50 that signals positive sentiment. Builders reported modest improvement in current sales conditions and buyer traffic, though expectations for future sales remained cautious. The survey also showed that a sizable share of builders continued to rely on price reductions and sales incentives to attract buyers, reflecting ongoing sensitivity to financing conditions and economic uncertainty.
Mortgage application activity increased modestly in the latest MBA report, snapping a multi-week decline as lower mortgage rates provided some near-term support. Applications rose 1.8% in the week ending April 10, driven by a 5% increase in refinancing activity, while purchase applications edged down 1% and remained below year-ago levels. The average contract rate for a 30-year fixed mortgage declined nine basis points to 6.42%, the lowest level in about a month.
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