Treasury Bond Yields hold at 24 month low - The 10-year treasury bond closed the week yielding 2.07%, almost unchanged from 2.09% last week. The 30-year treasury bond yield ended the week at 2.59%, unchanged from 2.59% last week. We watch treasury bond yields because mortgage rates follow bond yield yields.
Mortgage rates remain at lowest levels in 2 years - The June 13, 2019 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.84%, almost unchanged from 3.82% last week. The 15-year fixed was 3.25%, almost unchanged from 3.26% last week. The 5-year ARM was 3.48%, down slightly from 3.51% last week.
Lower mortgage rates spur more California home sales and higher home prices in May - The California Association of Realtors reported that the number of existing home sales in May totaled 406,960 on a seasonally adjusted annualized basis in May. It was the first time sales were above the 400,000 benchmark in almost a year. The statewide median price increased to $611,190, up 1.7% from last May, and a new record high. The unsold inventory index showed a 3.2 month supply of homes for sale, up from a 3 month supply one year ago.
U.S. existing home sales rebound in May - The National Association of Realtors reported that the number of existing homes sold increased 2.5% month over month in May. The nation-wide median price increased 4.8% year over year from last May. That marked the 87th straight month of year over increases in the median price. Inventory levels showed a 4.3 month supply of homes for sale, up slightly from a 4.2 month supply one year ago.