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Economic update for the week ending October 12, 2019
Stocks end three week slide after potential China trade deal -
President Trump announced that The U.S. and China have agreed on a trade deal. He called it a “phase one deal which now needs to be put in writing.” Stocks rose sharply in reaction. Unfortunately, bond yields also rose and mortgage interest rates were higher on Friday.
The Dow Jones Industrial
Average closed the week at 26,816.59, up 0.9%
26,573.73 last week. It is up 15% year to date.
The S&P 500
closed the week at
2,970.27, up 0.6%
from 2,952.79 last week. It is up 18.5% year to date.
closed the week at 8,057.04,
from 7,982.47 last week. The NASDAQ is up 21.4% year to date.
U.S. treasury bond yields higher for the week -
10-year treasury bond
closed the week yielding
1.76%, up from
1.52% last week.
The 30-year treasury bond yield
ended the week at
2.22%, up from
2.01% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates lower this week - The October 10, 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
from 3.65% last week.
The 15-year fixed was 3.05%, down
from 3.14% last week. The 5-year
ARM was 3.35%, almost unchanged
from 3.38% last week.
Unfortunately, rates rose Friday and will be about 1/8% - 1/4% higher next week.
I have lived in West Hills Ca for 13 years and decided it was time to sell my home. I interviewed several agents and decided to g
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21031 Ventura Blvd #100
Woodland Hills CA 91364
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