Stock markets closed the week at record highs – Stocks rebounded in October as investors were encouraged by a number of factors. Among the most notable was a drop in COVID-19 cases across the country, third quarter corporate profits mostly exceeding expectations, and a proposed increase of the corporate tax rate was removed from the latest spending plan. The Dow Jones Industrial Average closed the week at 35,819.56, up 0.4% from 35,677.02 last week. It is up 16.9% year-to-date. The S&P 500 closed the week at 4,605.38, up 1.3% from 4,544.71, last week. It is up 22.7% year-to-date. The NASDAQ closed the week at 15,498.39, up 2.7% from 15,090.20 last week. It is up 20.3% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.55%, down from 1.66% last week. The 30-year treasury bond yield ended the week at 1.93%, down from 2.08% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The October 28, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 3.14%, up from 3.09% last week. The 15-year fixed was 2.37%, up slightly from 2.33% last week. The 5-year ARM was 2.56%, almost unchanged from 2.54% last week. Rates dropped at the end of the week. The 30-year was close to 3% on Friday.
- Rodeo Realty, Inc.