Stocks have another strong week -Stock markets recovered from last week’s losses and extended one of the strongest starts of the year in history, as major indexes are up 10-16% for the year. U.S. and overseas markets surged to the highest levels since November. Low inflation data, reduced trade fears, strong economic data and lower interest rates encouraged investors. The S&P 500 bull market has now entered its 10th year. The Dow Jones Industrial Average closed the week at 25,848.87, up 1.6% % from 25,450.24 last week. It’s up 10.8% year to date. The S&P 500 closed the week at 2,822.48, up 2.9% from 2,743.07 last week. It is up 12.6% year to date. The NASDAQ closed the week at 7,688.53, up 3.8% from 7,408.14 last week. The NASDAQ is up 15.9% year to date.
Treasury Bond Yields almost unchanged this week - The 10-year treasury bond closed the week yielding 2.59%, down from 2.62% last week. The 30-year treasury bond yield ended the week at 3.02%, almost unchanged from 3.00% last week. We watch treasury bond yields because mortgage rates follow bond yields.
Mortgage rates drop to the lowest level in one year - The March 14, 2019 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.31%, down from 4.41% last week. The 15-year fixed was 3.76%, down from 3.83% last week. The 5-year ARM was 3.84%, down slightly from 3.87% last week.
February home sales figures will be released next week.