U.S. treasury bond yields moderated to lower levels following last week’s sharp rise - The 10-year treasury bond closed the week yielding 1.84%, down from 1.94% last week. The 30-year treasury bond yield ended the week at 2.31%, down from 2.43% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates slightly higher this week - The November 14, 2019 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.75%, up from 3.69% last week. The 15-year fixed was 3.20%, up from 3.13% last week. The 5-year ARM was 3.44%, up from 3.39% last week.
Home prices rose in 93% of the nation’s housing markets in the third quarter of 2019 - The National Association ofRealtors reported that single family median prices increased year over year in 93% of its measured markets in the third quarter of 2019. That was up from a year over median price increase in 91% of the U.S. markets in the third quarter of 2018. The national median price paid for a home increased 5.1% in the third quarter of 2019 from the third quarter of 2018.