Treasury Bond Yields higher this week –Bond yields dropped this week after reaching multi year highs last week. The 10-year treasury bond closed the week yielding 3.20%, up from 3.15% last week. The 30-year treasury bond yield ended the week at 3.38%, up from 3.32% last week. We watch treasury bond yields because mortgage rates follow bond yields.
Mortgage rates off last week’s eight year high –The October 18, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.85%, down from 4.90% last week. The 15-year fixed was 4.26%, down slightly from 4.29% last week. The 5-year ARM was 4.10%, up from 4.07% last week.
Next week we will have September housing sales numbers, and California job numbers for September.