Stocks higher this week – Stocks rallied after Friday’s jobs report. After a lackluster week in which disappointing auto sales, weakness in “brick and mortar” retail, and pressure on tech firms, stocks rebounded as more workers than expected were hired in June. The Dow Jones Industrial Average ended the week at 21,414.34, up from 21,349.63 last week. The S&P 500 closed the week at 2,425.18, unchangedfrom its close last week of 2,423.41. The NASDAQ closed the week at 6,153.08, up from last week’s close of 6,140.42.
Bond yields higher again this week– The 10-year Treasury bond closed the week at 2.39%, up from 2.31% last week. The 30-year treasury yield ended the week at 2.93%, up from 2.84% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully.
Mortgage Rates higher this week– The July 6, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.96%, up from 3.88% last week. The 15-year fixed was 3.22%, up from 3.18% last week. The 5–year ARM was 3.21%, up from 3.18% last week. Unfortunately, rates rose late in the week so next weeks rates will be higher.