From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 7/22/2026
U.S. equity markets are trading mixed this morning as investors balance rising oil prices against a busy corporate earnings calendar. The S&P 500 is hovering near unchanged levels, the Nasdaq is lower, and the DJIA is outperforming after recent gains. Market sentiment is being influenced by higher energy prices following continued U.S. strikes against Iran and ongoing concerns about potential disruptions to shipping through the Strait of Hormuz. At the same time, investors are focused on second-quarter earnings reports from several large technology companies. Elevated oil prices have also renewed concerns about inflation and the possibility of additional Federal Reserve tightening later this year.
The latest MBA survey showed mortgage demand improved modestly during the week ending July 17, despite mortgage rates moving higher. Total mortgage applications increased 1.9% from the prior week, reversing two consecutive weekly declines. Purchase applications rose 6.0%, while refinance applications fell 2.0%. The average rate on a 30-year fixed-rate conforming mortgage increased to 6.69%, up from 6.65%, the highest level since August 2025.
Subscribe to our daily From the Desk newsletter to get economic commentaries and updated market rates sent directly to your inbox.
Subscribe Here