Treasury Bond yields higher this week – The 10-year treasury bond closed the week yielding 3.00%, up from 2.96% last week.The 30-year treasury bond yield ended the week at 3.18%, up from 3.14% last week.
Mortgage Rates higher this week – The April 26, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.58%, up from last week’s 4.47%. The 15-year fixed was 4.02%, up from 3.94% last week. The 5-year ARM was 3.74%, up from 3.67% last week. Rates were lower at the end of the week, so next week’s rates should be slightly lower.
First reading of the first quarter Gross Domestic Product weaker – The Commerce Department reported that their first reading of the first quarter GDP grew at just a 2.3% annualized rate. The economy was dragged down by sluggish consumer spending, which grew by just 1.1% for the first quarter of 2018. That was the slowest pace since the second quarter of 2013. Economists expect growth to pick up in the second quarter.
U.S. home sales and prices higher in March – The National Association of Realtors reported that existing home sales increased 1.1% in March from February levels, but were down 1.2% year-over-year from last March’s sales numbers. Existing home sales include all 1-4 unit single family homes, condominiums, town-homes, and coops. The median price rose on a year-over-year basis for the 73rd straight month, increasing 5.8% from one year ago. The unsold inventory level was at a 3.6 month supply of homes for sale, down from a 3.8 month supply one year ago. Inventory levels have fallen year-over-year for 34 straight months.