Treasury Bond Yields slightly lower – The 10-year Treasury bond closed the week yielding 3.05%, down slightly from 3.07% last week. The 30-year Treasury bond yield ended the week at 3.19%, almost unchanged from 3.20% last week. We watch Treasury bond yields because mortgage rates follow bond yields.
Mortgage rates higher this week – The September 27, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.72%, up from 4.65% last week. The 15-year fixed was 4.16%, up from 4.11% last week. The 5-year ARM was 3.97%, up from 3.93% last week.
Consumer Confidence at highest level hits 18-year high in September – The U.S. Consumer Confidence Index hit its highest level since 2000 this week, according to data from the Conference Board’s September survey.
New home sales rebound in August – The Commerce Department reported that sales of new homes increased 3.6% in August from July on a seasonally adjusted annualized rate. Year-over-year the number of new homes sold in August increased 12.7% from August 2017. The median price paid for a new home increased 1.9% from one year ago.