This Market Update is written by our Capital Market specialists each week to bring you insight into what's happening in the market and how it may affect mortgage rates and real estate trends.
Rates are provided by Mortgage News Daily. The MND Rate Index is the best way to follow day-to-day movement in mortgage rates. The index is driven by real-time changes in actual lender rate sheets. This has two huge advantages, timeliness and accuracy. A "top tier" scenario is used as a baseline (75 LTV, 780 FICO, etc.). We use proprietary methodology to adjust the rate to account for points. That can mean that lenders are quoting 6.125 with points while our index is at 6.25, hypothetically.
Market Commentary:
Interest rates for the week of April 17th to April 23rd centered on steady Fed policy, cooling inflation signals, and modest movement in mortgage rates. Despite the economic risks posed by the Middle East conflict, J.P. Morgan Global Research expects the Fed to remain on hold at its next meeting on April 28–29. It will then likely continue holding rates steady for the rest of 2026, before hiking 25 basis points in the third quarter of 2027. However, the Fed could cut rates if the labor market weakens significantly or if the economic fallout from higher energy prices becomes more severe.
FedWatch: Target rate (in bps) possibilities, according to the CME Group (as of 04/23/2026 – 12:00 PM EST):
State-Level Employment Situation: February 2026
Population Growth and Housing Supply Dynamics at the County Level in 2025
Zillow forecast for metro-level home price change between March 2026 and March 2027
Nearly 1 in 5 Homes Sell Within a Week - Zillow Research
Market Movement
Since the Iran War began, the stock market has been unusually volatile, right? Wrong! US equities have been less volatile than usual. The S&P 500 has swung at least 1% between its intraday high and low on 49 days YTD. Over the same period, it occurred 49 times in 2023 and 2025, and it occurred 63 times in 2022. What you recall happening may well never have happened. Remember that. - Elliot Eisenberg, Economist
News You Can Use:
· Fannie and Freddie To Allow Credit Scores Based on Rent and Utilities Payments
· Mortgage rates sink again, and homebuyers jump back in
· Pending Home Sales Increased in March Despite Rising Mortgage Rates
· Warsh to tell Congress he's committed to ensuring monetary policy is strictly independent
*Communication is intended for Industry Professionals only and not intended for Consumer Distribution
Interest rate and annual percentage rate (APR) are based on current market conditions as of 04/23/2026, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend. Actual interest rate, APR, and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Prosperity Home Mortgage, LLC. Not available in all states. Rate is as of 04/23/2026 and is subject to change at any time without notice. Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac’s economists and other researchers, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac’s business prospects or expected results. Although the authors attempt to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current, or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution.