Stock markets slightly higher this week – The Dow Jones Industrial Average closed the week at 34,798.00, up 0.6% from 34,584.88 last week. It is up 13.6% year-to-date. The S&P 500 closed the week at 4,455.48, down 0.4% from 4,432.99 last week. It is up 18.6% year-to-date. The NASDAQ closed the week at 15,047.70, unchanged from 15,043.97 last week. It is up 16.8% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.47% up from 1.37% last week. The 30-year treasury bond yield ended the week at 1.99%, up , from 1.91% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The September 25, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 2.88% up slightly from 2.86% last week. The 15-year fixed was 2.15% up slightly from 2.12% last week. The 5-year ARM was 2.43% down from 2.51% last week.
U.S Existing-home prices increased for the 113th straight month in August – The National Association of Realtors reported that the number of existing-home sales decreased 2% in August from the number of homes sold in July. Year-over-year sales were 1.5% below the number of sales last August. The median price paid for a home in the U.S. in August was $356,700, up 14.9% from last August’s median price of $310,400. August marked the 113th straight month of year-over-year increases in the median price. The unsold inventory level is at a 2.6-month supply of homes for sale, down from a 3 month supply in August 2020. First-time buyers accounted for 29% of all purchases. Second-home and investor purchases accounted for 15% of all homes sold. Foreclosures and short sales accounted for less than 1% of all homes sold.
- Rodeo Realty, Inc.