Treasury Bond Yields drop to the lowest levels since 2017 - The 10-year treasury bond closed the week yielding 2.44%, down from 2.59% last week. The 30-year treasury bond yield ended the week at 2.88%, down from 3.02% last week. We watch treasury bond yields because mortgage rates follow bond yields.
30-year Mortgage rates dropped to 4% this week - The March 21, 2019 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.28%, down from 4.31% last week. The 15-year fixed was 3.71%, down from 3.76% last week. The 5-year ARM was 3.84%, unchanged from 3.84% last week. Interest rates dropped on Thursday and Friday after the Freddie Mac survey was released. By the end of the day Friday we had clients locked into 30-year fixed rates below 4%!
California existing home sales rebound in February - The California Association of Realtors released their data for February home sales. Closed escrows on existing homes rebounded from January's 10-year low level of 358,470 units, and increased 11.3% to 399,080 units on a seasonally adjusted annualized basis in February. That marked a 5.6% year over drop from 422,910 closings last February. The median price for a home in California was $534,140 up 2.2% year over year from $522,440 last February. The median price is the point at which 1/2 the homes sell for more and 1/2 sell for less. Inventory levels have risen for the 11th consecutive month after dropping for three straight years to historic lows. There was a 4.6-month supply of homes for sale in February, up from a 3.6 month supply in February 2018.
U.S. existing home sales surged 11.8% in February - The National Association of Realtors announced that the number of sales of single family homes, condominiums, townhomes, and coops increased 11.8% from January to a seasonally adjusted annual rate of 5.51 million in February. Year over year sales were down 1.8% from February 2018. The median price paid for a home nationwide was up 3.2% from last February. That marked the 84th straight month of year over year increases in the median price. Theinventory level was was at a 3.5 month supply at the current sales level. That was just barely higher than a 3.6 month supply in February 2018.