Bond yields stable this week – The 10-year Treasury bond closed the week at 2.19%, unchanged from 2.19% last week. The 30-year treasury yield ended the week at 2.78%, almost unchanged from 2.79% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully.
Mortgage Rates down slightly this week – The August 17, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.89%, down slightly from 3.90% last week. The 15-year fixed was 3.16%, down slightly from 3.18% last week. The 5-year ARM was 3.16% up slightly from 3.14% last week.
Existing home sales and prices higher in July than last July – Sales of existing homes in California totaled a seasonally annualized rate of 421,460 units in July, according to the California Association of Realtors. The number of sales of existing homes was down 4.9% from June’s sales pace. July’s sales pace was still 0.9% higher than last July. The statewide median price was $549,460, up 7.4% from July 2016. There was a 3.2 month supply of homes for sale, up from 2.7 months in June, but down from 3.6 months in July 2016.