Economic updates for the week ending March 20, 2021
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.74%, up from 1.64% last week. The 30-year treasury bond yield ended the week at 2.45%, up from 2.40% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The March 18, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 3.09%, up slightly from 3.05% last week. The 15-year fixed was 2.40%, up slightly from 2.38% last week. The 5-year ARM was 2.79%, up slightly from 2.77% last week.
California existing home sales – The California Association of Realtors reported that existing, single-family home sales totaled 462,720 on an annualized basis in February. That represented a year-over-year increase of 9.7% from the 421,670 annualized rate of homes sold in January 2020. The median price paid for a home in California was $699,000, up 20.6% from the median price of $579,770 last February. Inventory levels were lower than one year ago. There was just a 2.0-month supply of homes for sale in February, down from a 3.6-month supply one year ago.
Have a great weekend!