Treasury Bond Yields – Bond yields lower this week – The 10-year treasury bond closed the week yielding 2.82%, down from 2.85% last week. The 30-year treasury bond yield ended the week at 3.06%, down from 3.08% last week. We watch bond rates because mortgage rates follow bond rates.
Mortgage Rates stable this week – The March 22, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.45%, unchanged from last week’s 4.44%. The 15-year fixed was 3.91%, unchanged from 3.90% last week. The 5-year ARM was 3.68%, unchanged from 3.67% last week.
California existing home sales pick up in February – The California Association of Realtors announced that existing home sales totaled 422,910 on a seasonally adjusted annualized rate in February. That represented a 3.3% increase from the number of sales in January, and a 5.4% increase from last February’s number of sales. Prices also increased with the statewide median price $522,440, an increase of 8.8% from one year ago. After hitting a 14 year low in December, the number of homes for sale increased for a second straight month. The unsold inventory index rose to a 3.9 month supply of homes in February, up from a 3.6 month supply in January. There was a 4 month supply of homes for sale in February 2017.