The Dow Jones Industrial Average closed the week at 24,946.51, down from last week’s close of 25,335.74. It is up 0.9% year-to-date. The S&P 500 closed the week at 2,752.01, down from 2,786.57 last week. It’s up 2.9% year-to-date. The NASDAQ closed at 7,484.99, down from 7,596.81 last week. It is up 8.4% year-to-date.
Treasury Bond Yields – Bond yields lower this week – The 10-year treasury bond closed the week yielding 2.85%, down from 2.90% last week. The 30-year treasury bond yield ended the week at 3.08%, down from 3.16% last week. We watch bond rates because mortgage rates follow bond rates.
Mortgage Rates slightly lower this week – The March 15, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.44%, down slightly from last week’s 4.46%. The 15-year fixed was 3.90%, down from 3.94% last week. The 5-year ARM was 3.67%, up from 3.63% last week.
Next week’s report will include both housing sales data for February and the results of the Federal Reserve Open Market Committee meeting, where it is expecting that The Fed will increase short term interest rates.