Treasury Bond Yields lower this week – The 10 year treasury bond closed the week yielding 2.85%, down from 2.90% last week. The 30-year treasury bond yield ended the week at 2.89%, down from 3.04% last week. We watch bond rates because mortgage rates follow bond rates.
Mortgage Rates stable this week – The June 28, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.55%, down from 4.57% last week. The 15-year fixed was 4.04%, unchanged from 4.04% last week. The 5-year ARM was 3.87%, up from 3.83% last week.
Nationwide home sales fall 0.4% in May as prices continue to increase – Extremely low inventories of homes for sale were blamed by The National Association of Realtors for a 0.4% month-over-month decrease in the number of existing homes sold in May. The number of existing home sales in 2018 up to the end of May are 3% below the first five months of 2017. Prices have continued to rise. The median price paid for a home in May increased 4.9% from May 2017. Its 75th consecutively month of year-over-year increases.