Stock markets finis week near all time highs - Stocks finished the week close to record high levels as investors feel trade talks will resume with China, and interest rates hover near 2 year lows. Friday’s strong jobs report was considered a mixed bag to investors. While certainly a strong report, the flip side is that it gives The Fed a strong argument not to lower its benchmark rates. The Fed floated the possibility of a rate drop in May. Since then stocks have finished higher in 4 out of the last 5 weeks, and major indexes have gained over 8%. The Dow Jones Industrial Average closed the week at 26,922.12, up 1.2% from 26,599.96 last week. It’s up 15.4% year to date. The S&P 500 closed the week at 2,990.41, up 1.7% from 2,941.76 last week. It is up 19.3% year to date. The NASDAQ closed the week at 8,161.79, up 1.9% from 8,006.24 last week. The NASDAQ is up 23.0% year to date.
Treasury Bond Yields - The 10-year treasury bond closed the month yielding 2.04%, almost unchanged from 2.00% last week. The 30-year treasury bond yield ended the week at 2.54%, unchanged from 2.52% last week.
Mortgage rates remain at 2 year lows - The July 3, 2019 Freddie Mac Primary Mortgage Survey showed mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.75%, almost unchanged from 3.73% last week. The 15-year fixed was 3.18%, unchanged from 3.16% last week. The 5-year ARM was 3.45%, up slightly from 3.39% last week.