| Stock markets surged, and oil prices fell after President Trump announced a ceasefire with Iran. That included an agreement from Iran to reopen the Strait of Hormuz. They have threatened to attack any ship that crosses, which has essentially stopped about 20% of the world’s oil and natural gas supplies, as well as other goods that had regularly passed through the Strait. Experts rate this as the largest disruption of oil supply ever. That caused energy prices to spike, threatening economies around the world. Investors welcomed the news, which led to a surge in stock market values.
Mortgage rates – Every Thursday, Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of April 9, 2026, were as follows: The 30-year fixed mortgage rate was 6.37%, down from 6.46% last week. The 15-year fixed was 5.74%, down slightly from 5.77% last week. The graph below shows the trajectory of mortgage rates over the past year. Consumer prices spiked in March as energy prices jumped – The consumer price index (CPI) was released on Friday. It showed that consumer prices grew at an annual rate of 3.3% in March, up 0.9% from an annual increase of 2.4% in January and February. That marked its highest inflation rate in over 2 years. The core (CPI), which excludes food and energy, ticked up to 2.6% from one year ago, up just 0.1% from at 2.5% in February. That’s an indication that if energy prices subside, the headline CPI could adjust back down quickly. The Bureau of Economic Analysis released the February Personal Consumption Expenditures Price Index (PCE), the Fed’s favorite gauge of inflation. It showed that PCE increased 2.8% from one year ago, unchanged from January. Core PCE, which excludes food and energy rose 3% from one year ago, down from 3.1% in January. The report was delayed due to the government shutdown, and February was before the Iran conflict began so it’s hard to gauge today’s PCE rate. Hopefully, it won’t follow the March CPI number. Below is a chart of the CPI rate since 2021 Stock markets – The Dow Jones Industrial Average closed the week at 47,915.57, up 5.3% from 45,504.67 last week. It is down 0.3% year-to-date from 48,063.29 on December 31, 2025. The S&P 500 closed the week at 6,816.89, up 3.6% from 6,582.69 last week. The S&P is down 0.5% year-to-date from 6,845.50 on December 31, 2025. Nasdaq closed the week at 22,902.90, up 4.7% from 21,879.18 last week. It is down 1.5% year-to-date from 23,241.99 on December 31, 2025. U.S. Treasury Bonds – The 10-year treasury bond closed the week yielding 4.31%, down slightly from 4.35% last week. The 30-year treasury bond yield ended the week at 4.91%, unchanged from 4.91% last week. We watch bond yields because mortgage rates follow bond yields. Next week the California Association of Realtors will release its March home sales report. We tabulate a little quicker, and you can get the same data today by city or zip code at RodeoRe.com. Have a Great Weekend! |
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