The Mortgage Porter Weekly: Mortgage Rates, Inflation, War and HELOC Program

Mortgage Rate Update — Week of April 13, 2026

This week’s update covers March inflation data, a stronger-than-expected jobs report, the latest on mortgage-backed securities, and a spotlight on a powerful but underused product — the first lien HELOC, also known as an offset mortgage.

Last Week in Review

We got a double dose of inflation data last week. March’s Consumer Price Index (CPI) showed overall prices up 0.9% for the month, largely driven by higher energy costs tied to the conflict with Iran. Core CPI — which excludes food and energy — was much more subdued: up 0.2% for the month and running at 2.6% annually, just slightly above the prior month.

February’s PCE (Personal Consumption Expenditures) index — the Fed’s preferred inflation measure — also showed broad-based price increases, a mild surprise given it reflects data from before the March oil spike.

On the jobs front, March payrolls came in well above forecasts: 178,000 jobs added versus the 60,000 expected. The unemployment rate edged down from 4.4% to 4.3%. Continuing claims remain elevated, suggesting some workers are exhausting benefits while still searching for full-time employment.

For housing, Cotality now projects home values will rise 4.7% over the next 12 months, up from their previous 4.4% forecast. On a $500,000 home, that’s approximately $25,000 in equity growth — a reminder of how real estate continues to build wealth steadily over time.

Current Mortgage Rates

According to the Optimal Blue index, the average 30-year fixed rate as of Friday, April 10th was 6.267% — a slight improvement week over week.

Keep in mind: this index reflects roughly 35% of mortgage transactions nationwide, specifically lenders who use the Optimal Blue platform. It’s a useful directional benchmark, but it’s not a rate you can lock in today. Your actual rate will vary based on your credit score, loan-to-value ratio, loan type, property type, and other factors.

If you would like current mortgage rates based on your personal scenario, I’m happy to help you!

Economic Calendar: Week of April 13

Next FOMC Rate Decision: April 29, 2026 — no change to the rate is expected.

The scheduled economic data this week will likely take a back seat to the bigger story: the ongoing conflict with Iran and its impact on oil prices. That geopolitical backdrop has been the primary driver of rate volatility lately and is worth keeping a close eye on.

MBS Update

As of 10 a.m. Pacific this Monday, mortgage-backed securities are flat. Oil prices are up sharply after weekend talks in Islamabad between the US and Iran failed to produce any progress. When oil spikes, inflation concerns rise — and that tends to put upward pressure on bond yields and, by extension, mortgage rates. We’re watching this closely. No dramatic moves in rates today, but the situation remains fluid.

Spotlight: The First Lien HELOC (Offset Mortgage)

A first lien HELOC — sometimes called an offset mortgage — is a product that links your home loan directly to a checking account. Every dollar sitting in that account offsets your loan balance for interest calculation purposes. The more you hold in your checking account, the less interest you’re accruing — every single day.

How the Sweep Feature Works

• At the end of each day, funds in your linked checking account are automatically swept against your loan balance
• When you need to spend money, the HELOC draws back into the account to cover it
• Your deposits do the heavy lifting — not a separate manual payment
• Unlike a traditional amortized mortgage, where the interest portion is fixed by the lender, you control how quickly you reduce the interest you pay

Who Is This a Good Fit For?

• Self-employed borrowers
• Retirees or those approaching retirement
• Any homeowner who wants more control over the interest they pay and wants flexible access to their home equity

I’ve put together an updated guide on this program. If you’d like to explore whether it could work for your situation, reach out.

Free Homebuyer Workshop — April 29th at Noon

Grab your lunch and a laptop — I’m hosting a free homebuyer workshop on Wednesday, April 29th at noon.

Topic: From Offer Accepted to Closing Day

We’ll walk through everything that happens after your offer is accepted — the closing timeline, the people involved, common mistakes to avoid, and what closing day actually looks like — all in 60 minutes, with time for live Q&A.

This is the final class in my Homebuyer Workshop Series and it’s completely free. If you’re thinking about buying a home in Washington State, I’d love to have you there.

Register here! 

Have questions about your mortgage situation? Whether you’re buying, refinancing, or just trying to figure out your options, I’d love to help. Visit me at mortgageporter.com or reach out directly — I’m always happy to talk through your scenario.

Rhonda Porter | Mortgage Advisor | NMLS 121324 | Licensed in Washington State