Treasury Bond yields sharply higher this week – The 10-year treasury bond closed the week yielding 2.96%, up from 2.82% last week. The 30-year treasury bond yield ended the week at 3.14%, up from 3.03% last week.
Mortgage Rates higher this week – The April 19, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.47%, slightly above last week’s 4.44%. The 15-year fixed was 3.94%, up from 3.87% last week. The 5-year ARM was 3.67%, up from 3.61% last week. Rates were higher at the end of the week, so next week’s rates will be higher.
California home sales up slightly – Home prices show year-over-year double digit increases in Los Angeles – The California Association of Realtors reported that existing, single-family home sales totaled 423,990 in March on a seasonally adjusted annualized rate. That represented a 1.6% increase from last March’s sales pace.
The median price of a home in March in California was $565,830, up 8.9% from March 2017. The median price in Los Angeles County rose 13.6% year-over-year from last March. It was the fourth straight month of double digit year-over-year increases. Ventura Countyshowed the smallest year-over-year increase in the state with the median price growing just 1.8%. Inventory levels statewide remained at historic lows. The unsold inventory index dropped to a 2.9 month supply in March, down from a 3-month supply in March 2017. This historic low inventory is pushing prices higher.