Treasury Bond Yields unchanged this week – The 10-year treasury bond closed the week yielding 2.93%, unchanged from 2.93% last week. The 30-year treasury bond yield ended the week at 3.05%, down slightly from 3.08% last week. We watch bond rates because mortgage rates follow bond rates.
Mortgage Rates higher this week – The June 14, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.62%, up from 4.54% last week. The 15-year fixed was 4.07%, up from 4.01% last week. The 5-year ARM was 3.83%, up from 3.74% last week.
May housing figures should be out next week. We expect to see California housing prices increase year-over-year about 8% with LA County prices increasing around 10%. The exact numbers will be in next week’s update.