Economic update for the week ending June 30, 2017

For the week ending June 31, 2017 – The Dow Jones Industrial Average ended the week at 21,349.63, down slightly from 21,394.76 last week. The S&P 500 closed the week at 2,423.41, down from its close last week of 2,438.30. The NASDAQ closed the week at 6,140.42, down from last week’s close of 6,265.25.

Bond yields up in last week of month – The 10-year Treasury bond closed the week at 2.31%, up from 2.15% last week. The 30-year treasury yield ended the week at 2.84%, up from 2.71% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully.

Mortgage Rates almost unchanged this week – The June 29, 2017, Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.88%, almost unchanged from 3.90% last week. The 15-year fixed was 3.18%, almost unchanged from 3.17% last week. The 5-year ARM was 3.18%, also unchanged from 3.14% last week. Unfortunately, rates rose late in the week so next week’s rates will be higher.

Have a great holiday weekend!