Consumer prices rebound in April – The Labor Department reported that consumer prices rose 0.2% in April. This followed a surprising decline of 0.3% in March, which scared investors. Year over year consumer prices were up 2.2% in April. That is in line with the Fed’s inflation target.
Treasury Bond yields – The 10-year Treasury bond closed the week at 2.33%, down from 2.36% last week. The 30-year treasury yield ended the week at 2.98%, unchanged from 2.99% last week.
Mortgage Rates – The May 11, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.05%, almost unchanged from 4.02% last week. The 15-year fixed was 3.29%, almost unchanged from last week’s 3.27%. The 5-year ARM was 3.14%, also almost unchanged from 3.13% last week.
Foreclosures at lowest level since 2005 – Foreclosure filings dropped 23% from one year ago. The number of homes in default have hit their lowest level since November 2005.