U.S. treasury bond yields unchanged this week - The 10-year treasury bond closed the week yielding 1.78%, unchanged from 1.77% last week. The 30-year treasury bond yield ended the week at 2.21%, unchanged from 2.22% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates remain near historic lows - The November 27, 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 3.68%, unchanged from 3.66% last week. The 15-year fixed was 3.15%, unchanged from 3.15% last week. The 5-year ARM was 3.43%, slightly up from 3.39% last week.
California October 2019 existing home sales report - The California Association of Realtors reported that existing single-family home sales totaled 402,240 on a seasonally adjusted annualized basis in October. That was 1.9% higher than last October. The statewide median price was $605,280, up 6.0% from October 2018. The unsold inventory index stood at a 3 month supply of homes for sale, down from a 3.6 month supply one year ago. Inventory levels have shrunk to the 2017 record low levels. On a regional basis: Los Angeles County home existing home sales were up 2.8%, and the median price was up 5.4% from October 2018. Orange County existing home sales were up 12.9%, and the median price was up 1.2% from last October. Ventura County existing home sales were up 14.5%, and the median price was up 1.5% from October 2018.
Nationwide home sales and prices rose in October - The National Association of Realtors reported that total existing home sales in October increased 4.6% from the number of homes sold last October. The median price paid for a home in the U.S. also increased 6.2% from one year ago. That marked the 92nd straight month of year over year increases in the median price. Inventory levels were lower than one year ago. There was a 3.9 month supply of homes for sale in October, down from a 4.1 month supply in October 2108.