Treasury Bond Yields at lowest level in 3 years - Bond yields dropped sharply on recession fears - The 10-year treasury bond closed the week yielding 1.52%, down slightly from 1.55% last week. The 30-year treasury bond yield ended the week at 2.02%, unchanged from 2.01% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates near record lows - The August 22, 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 3.55%, downfrom 3.60% last week. The 15-year fixed was 3.03%, down slightly from 3.07% last week. The 5-year ARM was 3.32%, almost unchanged from 3.36% last week.
July 2019 nationwide home sales report - Lower rates lead to more home sales and higher prices nationwide - The National Association of Realtors announced that the number of total existing home sales jumped 2.5% in July from the number of homes sold in June. Year over year the number of sales were up 0.6% from last July. Total existing home sales include re-sale single-family, condominiums, town-homes, and co-ops. The median price increased 4.3% from July 2018. That marked the 89-straight month on year over year increases in the median price. Inventory levels were slightly below one year ago. There was a 4.2 month supply of homes for sale in July, down from a 4.3 month supply last July.