March 13th, 2026 5:15 PM by T. Fanning
Hope you have a great weekend and a fun, safe St. Patrick’s Day!
Mortgage rates moved a little higher this week, mainly because oil prices kept rising. Two key inflation reports came out and matched expectations, so they didn’t move markets much. One of them was the Consumer Price Index (CPI), which measures how the prices of everyday things—like food, gas, and housing—change over time. A version called Core CPI removes food and energy to give a clearer view of inflation, and it was up 2.5% from a year ago, the lowest level since 2021. Housing costs are still a big reason inflation has been slow to fall, although rent only increased 0.1% from January, the smallest jump in over three years. The Fed’s preferred inflation measure, called Core PCE, was up 3.1% from a year ago, meaning inflation is still above the Fed’s 2% target. Meanwhile, existing home sales rose 2% in February, but housing supply remains low at about a 3.8-month supply, which is still below the 6 months usually seen in a balanced market.
Looking ahead, investors will be watching the conflict with Iran and any updates from government officials about tariffs. The Federal Reserve also meets Wednesday, and most experts don’t expect any change to interest rates. Investors will mainly be listening for clues about how rising oil prices could affect future rate decisions. On the economic side, a new inflation report called the Producer Price Index (PPI)—which tracks changes in prices that businesses pay for goods—will also be released Wednesday.
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