Key Takeaways
- 30-year fixed rate fell to 6.30% (Freddie Mac PMMS) -- a four-week low, down from 6.37% the prior week and well below 6.83% one year ago
- Existing home sales hit a 9-month low -- March dropped 3.6% to 3.98M SAAR, the slowest March since 2009
- Mortgage applications rose 1.8% -- driven by a 5% surge in refinance activity as rates dipped; purchase apps fell 1%
- The Iran war and Fed independence fears dominated markets -- Trump's threat to fire Fed Chair Powell spiked the 10-year Treasury back to 4.31% Thursday
- The 10-year Treasury closed near 4.31% -- elevated by geopolitical uncertainty and oil price pressures despite modest rate relief
This Week's Numbers
| Metric | Rate / Value |
|---|---|
| 30-Year Fixed (Freddie Mac PMMS) | 6.30% |
| 15-Year Fixed (Freddie Mac PMMS) | 5.65% |
| 30-Year Fixed (MBA Survey, wk of 4/10) | 6.42% |
| 15-Year Fixed (MBA Survey) | 5.85% |
| 10-Year Treasury Yield (4/16 close) | ~4.31% |
| 2-Year Treasury Yield | ~3.78% |
| MBA Mortgage Applications (wk of 4/10) | +1.8% WoW |
| Refinance Applications | +5.0% WoW |
| Refinance Share of Total Apps | 45.5% |
| Purchase Apps (seasonally adjusted) | -1.0% WoW |
| Existing Home Sales (March SAAR) | 3.98M (-3.6% MoM) |
| Existing Home Inventory | 1.36M (+3.0% MoM) |
| Median Existing Home Price (March YoY) | +1.4% |
What Moved the Market This Week
Rates drifted lower early in the week as bond markets sought safety amid easing tensions -- the Freddie Mac PMMS printed at 6.30% Thursday, the lowest in four weeks and a notable drop from the 6.57% high just two weeks ago. For brokers with hesitant buyers on deck, this is the clearest opening in over a month.
The relief wasn't clean. Trump escalated his Fed standoff, threatening to fire Chair Powell if he doesn't vacate his governor seat after his chairmanship ends May 15. That threat pushed the 10-year Treasury back to 4.31% Thursday -- political interference with Fed independence creates direct rate volatility. Markets don't like uncertainty about who controls monetary policy.
The Iran conflict continues to keep energy prices elevated, feeding inflation expectations directly into bond pricing. New York Fed President John Williams warned this week of a classic supply shock scenario: inflation rising while economic activity slows. That's the stagflation dynamic that freezes Fed rate cut timing and makes the path to lower mortgage rates complicated.
NAR's March existing home sales hit 3.98M SAAR -- the worst March since 2009 -- as five weeks of rising rates prior to this relief wiped out spring buyers. The silver lining: inventory climbed to 1.36 million homes, giving buyers who do enter the market more options than they've had in years.
The refi signal is unmistakable: MBA data showed applications jump 5% in a single week the moment rates dipped to 6.42%. The pipeline is coiled. Borrowers are watching, and small rate moves are producing immediate action -- which means brokers need to be ready with fast, clean solutions.
3 JET Products Built for This Runway
Bank Statement -- For Self-Employed Borrowers Who Can't Wait
With purchase apps softening but refi intent rising sharply, self-employed borrowers are among the most motivated right now -- many are sitting on higher-rate primaries they want to refinance, or eyeing investment properties while competition is lighter. Jet Mortgage's Bank Statement program qualifies on 12 or 24 months of deposits -- no tax returns, no W2s, no employer verification. In an environment where conventional lenders are tightening, this is a wide-open runway for brokers with a self-employed client base.
Jet Prime+ DSCR -- For Investors Who Don't Need Personal Income
March existing home sales may have hit a nine-month low, but real estate investor activity tells a different story. With inventory rising and motivated sellers in the mix, investors are shopping -- and they don't qualify with personal income. The Jet Prime+ DSCR product qualifies on the rental income of the property itself, with no personal income docs required. With rates easing and competition light on the buy side, this is the kind of week investors move. Our 48-hour average underwrite means you're not waiting in line.
VA -- 100% Financing With No Monthly PMI
FHA and VA purchase apps declined together this week, but the underlying opportunity for veterans hasn't changed. Jet Mortgage's VA loan program offers 100% financing with no monthly PMI, and the streamlined IRRRL option means any veteran with a rate above 6.30% today has a legitimate refinance conversation. With the refinance share of applications now sitting at 45.5%, the refi wave is building -- VA streamlines are one of the fastest and cleanest transactions in the market.
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Sources
- Freddie Mac Primary Mortgage Market Survey, April 16, 2026 -- GlobeNewswire
- "Mortgage applications up 1.8% as refinance jumps 5%" -- HousingWire, April 15, 2026
- "NAR Existing-Home Sales Report Shows 3.6% Decrease in March" -- NAR Newsroom, April 13, 2026
- "NAR March existing home sales hit slowest pace since 2009" -- HousingWire, April 13, 2026
- "U.S. Treasury yields rise after jobless claims data as Trump takes aim at Powell" -- CNBC, April 16, 2026
- "Trump threatens to fire Powell if he doesn't exit Fed" -- The Spokesman-Review, April 15, 2026
- "The war in Iran hits home as housing rebound stalls" -- Politico, April 14, 2026
- "Refinance Surge Lifts US Mortgage Applications As Buyers Wait" -- Evrimagaci/MBA, April 15, 2026
© 2026 Jet Mortgage, a DBA of Home Mortgage Alliance Corporation (HMAC). NMLS #1165808. This report is for informational purposes only and does not constitute financial advice or a commitment to lend. All rates subject to change without notice.