Treasury Bond Yields at lowest rate since 2017 - The 10-year treasury bond closed the week yielding 2.00%, down from 2.07% last week. The 30-year treasury bond yield ended the week at 2.52%, down from 2.59% last week. We watch treasury bond yields because mortgage rates follow bond yield yields.
Mortgage rates continue to drop - The June 27, 2019 Freddie Mac Primary Mortgage Survey 30-year fixed mortgage rate average was 3.73%, down from 3.84% last week. The 15-year fixed was 3.16%, down from 3.25% last week. The 5-year ARM was 3.39%, down from 3.48% last week.
Lower mortgage interest rates lifted Nationwide home sales in May - The National Association of Realtors reported that the number of homes sold jumped 2.5% month over month in May from April’s resale home numbers. Year over year sales were down 1.1%. The median price paid for a home in the U.S. was up 4.8% from last May, the 87th straight month of year over year increases in the median price. The unsold inventory index stood at a 4.3 month supply of homes for sale. That was just slightly higher than a 4.2 month supply last May. Pending sales also increased 1.1% in May from the number of homes that went under contract in April.