U.S. treasury bond yields - The 10-year treasury bond closed the week yielding 1.80%, up slightly from 1.76% last week. The 30-year treasury bond yield ended the week at 2.29%, up slightly from 2.25% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates higher this week - The October 24, 2019 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.75%, up from 3.69% last week. The 15-year fixed was 3.18%, up slightly from 3.15% last week. The 5-year ARM was 3.40%, almost unchanged from 3.35% last week.
Nationwide existing home sales report - The National Association of Realtors reported that total existing home sales rose 3.9% year over year from the number of homes sold last September. The nationwide median price in September was 5.9% higher than it was in September 2018. That marked the 91st straight month of year over year increases in the median price.