Author: Rodeo Realty Media Team

Posted on

The Best August Garden Plants to Add this Summer! | Home Tips

August is usually one of the quieter months for planting. With autumn closing in, many think it’s best to wait until the return of spring to begin planting again. But nothing is further from the truth, and August is still a great time for gardening if you want to look forward to colorful blooms and delicious crops for the colder months. Read on to find out what are the best August garden plants for August in California.

August Garden Vegatables

1. Carrots

When it comes to August garden plants, carrots keep your kitchen well stocked. Keep in mind you should plant carrots in areas that get a lot of sunshine, and don’t forget to add manure to the soil before you plant the seeds. This will ensure your carrots are in optimal condition for winter harvesting.

2. Cabbage

Nothing is tastier than a tender head of spring cabbage. Planting these delicious veggies in August will ensure you start harvesting soon after the new year. Don’t forget you must provide ample space for your cabbages to grow, so allow about 19 inches of spacing around each head. Additionally, make sure your seeds are well protected and don’t dry out during the growing season. Keep in mind you should provide the plants with a mesh covering to keep them protected from insects and other pests that might be looking for a yummy morsel to feed on during the winter months.

August Garden Flowers

3. Hydrangeas

If you are looking for a colorful autumn garden, hydrangeas are a great option for August garden planting. These beautiful blooms, with their large flowerheads, are great for flower beds and are available in different shades of pink, blue, white, and more. Don’t forget to plant hydrangea seeds with enough mulch or compost and add enough water to keep the soil moist.

4. Honeywort

With delicately colorful hanging bells, honeywort will add a fantastic touch of color to your fall garden if planted in the early days of the month of August. This amazing annual foliage plant grows beautifully when planted in the direct soil after soaking the seeds for 12 hours. It can be planted both in your garden and in individual pots. Honeywort flowers are great for attracting bees and hummingbirds well into the autumn months, which makes them a great addition to your garden at any time.

5. Polyanthus

Great for creating colorful borders to your garden, polyanthus flowers also add some much-needed color each autumn. One of its great benefits is that once you plant them, they will continue to grow back year after year. Remember to provide some shade as they grow because they don’t do well in the direct California sunlight.

Posted on

Economic Update | Week Ending August 16, 2024

Economic news this week – It was a big week for economic news. On Tuesday, the Producer Price Index (PPI), a gauge of wholesale prices, was released. It showed that producer prices in July had increased 2.2% from one year ago. That was a sharp drop from a 2.7% year-over-year increase in June. Wholesale prices are often an indicator of the future of consumer prices as wholesale costs get passed on to consumers. On Wednesday, the Consumer Price Index (CPI) was released. Consumer prices in July were 2.9% higher than they were last July. That marked the lowest inflation rate since March 2021. Bond yields and mortgage rates dropped following these reports. On Thursday, new unemployment claims and the July retail sales report were released. New unemployment claims fell for the second straight week signaling that the labor market is better than expected and that the August unemployment rate may be lower than current expectations. That report comes out on the first Friday of September. Retail sales unexpectedly jumped in July. Because consumer spending fuels inflation we saw bond yields and mortgage rates end the week higher than they were after the inflation reports were released in the middle of the week. Stock markets now have recovered from their sell-off at the beginning of the month when it looked like unemployment was rising faster than expected and the economy was stalling.

The graph below shows the CPI rate from 2021 to now

Stock markets posted their best week since November 2023 – Strong retail sales data and lower first-time unemployment claims offset investors’ concerns about the economy. The Dow Jones Industrial Average closed the week at 40,659.79, up 2.9% from 39,497.54 last week. It is up 7.9% year-to-date. The S&P 500 closed the week at 5,554.25, up 3.9% from 5,344.15 last week. The S&P is up 16.5% year-to-date. The Nasdaq closed the week at 17,631.72, up 5.3% from 16,745.30 last week. It is up 17.5% year-to-date.

U.S. Treasury bond yields dropped sharply this week – The 10-year treasury bond closed the week yielding 3.89%, down from 3.94% last week. The 30-year treasury bond yield ended the week at 4.15%, down from 4.23% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 15th, 2024, were as follows: The 30-year fixed mortgage rate was 6.49%, up from 6.47% last week. The 15-year fixed was 5.66%, up from 5.63% last week.

The graph below shows the trajectory of mortgage rates over the past year

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

California home affordability – The California Association of Realtors released its second quarter affordability index this week. It showed that 14% of households could afford to purchase a $906,000 median-priced home, down from 17% in Q1 2024, and down from 16% in the 2nd quarter of 2023. Year-over-year the median price had jumped 9% from the second quarter of 2023. A household income of $236,800 was required to qualify for a monthly payment of $5,920, assuming a 20% down payment on a 30-year fixed at a 7.10% rate. They found that 22% of households were able to afford a $690,000 median price condo, down from 24% in Q1 and 25% one year ago. A household income of $180,000 was needed to qualify for a $4500 monthly payment. Fortunately, interest rates are significantly lower than they were in the second quarter and inventory levels have risen so affordable will be higher in the third quarter, but still near historic low levels.

Have a great weekend!
Posted on

From Meta Quest to Apple Robotics and More! | Tech News

Stay connected with what’s going on in the world of tech, from Meta Quest to Apple Robotics and more! This week’s blog wraps up the leading headlines from across the web. Check it out below!

Sonos Enhances App Experience with Continuous Improvements and Innovation

Sonos is making significant strides in enhancing its mobile app experience, responding to customer feedback with frequent updates and improvements. CEO Patrick Spence highlighted the company’s commitment to innovation, explaining that the app redesign is paving the way for future growth and new product categories. As Sonos focuses on delivering the best possible user experience, the company remains dedicated to refining its offerings and maintaining its reputation as a leader in whole-home audio solutions.

Meta Introduces Quest HDMI Link App for Expanded Screen Use

Meta has launched a new app for Quest 3, 2, and Pro headsets, allowing users to repurpose their devices as screens for consoles, laptops, and other video sources. The free Meta Quest HDMI Link app, paired with an affordable capture card, provides a versatile and cost-effective alternative to single-purpose video glasses. With the ability to display video in 1080p at 60fps on a floating, resizable screen, the app offers a big-screen experience without the need for a projector. This innovation adds flexibility and new functionality to existing Quest hardware.

Meta Enhances Threads with New Features for Users and Brands

Meta is testing exciting new features on Threads, its rapidly growing platform with over 200 million monthly active users. Among the updates, users can now save up to 100 drafts and customize their homepage by reordering pinned columns, enhancing the user experience. For brands, a new Insights page offers detailed analytics on follower demographics and content performance, with post scheduling soon to follow. These enhancements position Threads as a versatile platform for both casual users and marketers, further solidifying its appeal.

Rivian Launches Compact Travel Kitchen for Outdoor Cooking

Rivian has introduced the Travel Kitchen, a compact and lightweight accessory designed for outdoor cooking on the go. This innovative kitchen setup unfolds on a vehicle’s tailgate. The device features two induction burners, a stow-away cutting board, and an LED lighting kit. Powered by any vehicle with a 120V outlet, including Rivian’s own models, the Travel Kitchen offers convenience and safety with features like a touchscreen power button and nine heat levels. Priced at $1,400, it’s now available as part of Rivian’s expanding Adventure Gear line.

Google Enhances AI Overviews with Improved Citations and Expanded Features

Google is expanding its AI Overviews to six new countries. The countries include the UK, India, and Japan, while also introducing a new citation display format. The updated design prominently features cited webpages to the right of AI-generated summaries, making it easier for users to access relevant content. Additionally, Google is adding features like saving AI Overviews for later reference and simplifying summaries. These improvements aim to enhance user experience and drive more traffic to publisher sites, reflecting positive early results in testing.

Apple Develops Innovative Home Robotics Device with Smart Display

Apple is reportedly working on an advanced home robotics device featuring an iPad-style display. The device would be attached to a robotic arm that can tilt and rotate 360 degrees. The device, led by Apple’s VP of Technology Kevin Lynch, aims to serve multiple functions. These functions include smart home control, video conferencing, and home security monitoring. Expected to launch around 2026 or 2027, the device will likely cost around $1,000. Additionally, it would utilize Siri and Apple Intelligence for responsive commands. This project marks Apple’s latest venture into home robotics, following the Vision Pro launch earlier this year.

Posted on

Weekend Events | August 16 – 18

Dive into what’s happening locally with our weekend round-up of fun happening August 16 through August 18! From the HollyShorts Film Festival to the OC Fair and more, we have you covered on the best local activities this weekend. Check it out below!!

Los Angeles Weekend Events | August 16 – August 18 

HollyShorts Film Festival

When: Until August 18 

Where: Hollywood

What: The HollyShorts Film Festival offers a dynamic week and a half of networking opportunities, filmmaker Q&As, and screenings of short films from around the globe. Most of the festival’s events will take place at the TCL Chinese 6, the multiplex behind the iconic theater. Expect a wide range of short films, each running 40 minutes or less, with screenings from early afternoon until midnight. An all-access badge costs $160, but single-day passes are available for $60.

Roaring Nights at the L.A. Zoo

When: July 13 – September 14, 2024

Where: L.A. Zoo

What: Experience the zoo like never before at this special after-hours exploration series, returning for two nights featuring ’80s cover bands and a silent disco. Exclusively for guests 21 and over, you can explore the zoo at your leisure or gain insights from pop-up zookeeper talks and live animal encounters. Let loose at live performances by local bands and dance the night away at the carousel. Enjoy popular local food trucks and a full bar to keep the festivities lively.

Nisei Week Japanese Festival

When: Until August 18, 2024

Where: Little Tokyo

What: This two-weekend celebration of Japanese culture features martial arts displays, tea ceremonies, flower arranging, and more. The festivities attract crowds of nisei—first-generation Japanese Americans—culminating in a grand parade and the coronation of the Nisei Week Queen.

 

Westside and Beach Communities Weekend Events  | August 16 – August 18 

LearnAboutWine Presents: CHAMPAGNE CHALLENGE

When: August 18 

Where: Culina | Beverly Hills

What: Who doesn’t love Champagne? At these luxurious tasting events, you’ll sample 18-21 different bottlings blind, experiencing the thrill as top producers are revealed. Led by Host Educator Ian Blackburn, the tasting delves into the history, legends, and laws of the Champagne region, offering a deep dive into house styles and philosophies—an event designed to elevate the wine enthusiasts of Los Angeles.

OC Fair

When: Until August 18 

Where: Costa Mesa

What: Combine fried food, carnival attractions, and the occasional rodeo or demolition derby, and you get the OC Fair. What began as a quaint event in 1889 has evolved into a nearly month-long festival.

Roll @ Santa Monica

When: Until October 14 

Where: Huntington Beach 

What: Ahead of Fifth Street and Arizona Avenues icy winter transformation, the location will feature a roller rink. From August 10 to October 14, Roll @ Santa Monica invites you to enjoy two-hour skating sessions with rental skates available.

 

San Fernando Valley Weekend Events  | August 16 – August 18 

East Meets West: An Ikebana Workshop

When: August 16 

Where: Theodore Payne Foundation

What: Ikebana, a beautiful Eastern practice, incorporates organic materials beyond flowers, including branches and plants with unique aesthetics. Participants are invited to join a workshop led by Japanese artist Hiromi Sutton, where they will learn the basics of Ikebana using California native plants, followed by a simple tea ceremony.

In Between Time presents: Flowers, Sip, and Shop

When: August 16 

Where: 4350 Tujunga Ave

What: Guests are invited to an enjoyable evening of floral design with Kathryn McRitchie of Handpicked Floral Co. Participants will learn sustainable design techniques, receive a new pair of floral shears to take home along with their beautiful arrangements, and shop the latest summer and fall collections at Verona by Jeni B, with a special 10% discount on purchases.

Movies on the Roof

When: Until August 31 

Where: Sherman Oaks

What: Grab a seat on the rooftop of Westfield Fashion Square’s parking garage for this outdoor film series. Every Friday and Saturday throughout the summer, enjoy a variety of classic movies like Top Gun, La La Land, The Sandlot, Clueless, and more.

 

Conejo Valley Weekend Events  | August 16 – August 18 

24th Annual Pooch Parade Dog Walk and Pet Expo

When: August 18

Where: 1538 Spinnaker Dr, Ventura

What: The Canine Adoption and Rescue League (C.A.R.L.) will host its 24th Annual Pooch Parade on Sunday, August 18, from 10 a.m. to 3 p.m. at Ventura Harbor Village, 1583 Spinnaker Drive in Ventura. Join C.A.R.L. and their adoptable rescue dogs for a fun-filled day under the sun, celebrating this year’s theme: “Fun, Sun, Sand, and Supporting Rescue Dogs!” Feel free to dress yourself and your pup in your best beach-inspired attire for the occasion!

Movies in the Park

When: Until September 14 

Where: 4550 Tierra Rejada Rd, Moorpark

What: The City of Moorpark presents Movies in the Park at Arroyo Vista Community Park, 4550 Tierra Rejada Road. Movies start at dusk, with gates opening an hour earlier. Bring lawn chairs and blankets to enjoy the show. Vendors will be available, or you can bring your own snacks. No animals allowed, except service animals. 

43rd Annual Wings Over Camarillo Airshow

When: August 17 

Where: Ventura County Fairgrounds | 10 West Harbor Boulevard

What: The air show features thrilling aerobatic performances by classic warbirds from the CAF, military aircraft, experimental planes, and more. On the ground, visitors can enjoy a classic car show, aircraft displays, food vendors, craft beer, a STEM Pavilion, robotics exhibitions, and much more.

Posted on

Mortgage Rate Update | August 15, 2024

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 15th, 2024, were as follows: The 30-year fixed mortgage rate was 6.49%, up from 6.47% last week. The 15-year fixed was 5.66%, up from 5.63% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

Posted on

Top Local Wine Bars | L.A. Eats

Los Angeles is a city where the wine bar culture is as diverse as its neighborhoods. From the sun-drenched streets of Santa Monica to the artistic vibes of Highland Park, each spot offers a unique experience for both the casual sipper and the connoisseur. Below is a curated list of some of the city’s most distinctive wine bars, each bringing its own flavor to the table, whether you’re seeking a lively atmosphere, a quiet retreat, or a place to discover new favorites.

Holcomb

Location: 5535 York Blvd, Los Angeles, CA 90042

Highland Park’s Holcomb defies the expectations of a typical wine bar with its relaxed and welcoming vibe. The natural, organic, and biodynamic wines are perfectly complemented by dishes like the mussel escabeche. Whether you choose to sit indoors, on the cozy patio, or take in the neighborhood energy from a sidewalk table, Holcomb is all about savoring the moment.

Wife and the Somm

Location: 3416 Verdugo Rd, Los Angeles, CA 90065

In Glassell Park, Wife and the Somm feels like a hidden gem. This intimate wine bar offers a well-curated selection of wines paired with simple yet satisfying bites. From cheese and charcuterie to hearty dishes like braised short ribs, it’s a go-to spot for both a relaxed evening or a leisurely brunch on the patio.

Good Clean Fun

Location: 868 S Olive St, Los Angeles, CA 90014

Downtown’s Good Clean Fun is anything but your standard wine bar. The focus on natural wines pairs seamlessly with the vibrant atmosphere, where you might find a DJ spinning tracks while you indulge in a plate of seasonal white pesto rigatoni or pasta pomodoro. Wednesdays bring an added treat—a $15, three-glass wine flight that draws in both locals and visitors.

Adams Wine Shop & Wine Bar

Location: 5357 W Adams Blvd, Los Angeles, CA 90016

Adams Wine Shop & Wine Bar, established by the late sommelier Ruben Morancy, is a tribute to diversity in winemaking. With a focus on wines crafted by women and BIPOC, the selection ranges from splurge-worthy to budget-friendly. Regular happy hours make it a neighborhood favorite, with food available from Alta Adams whenever the kitchen is open.

Stanley’s Wet Goods

Location: 9620 Venice Blvd., Culver City, CA 90232

Stanley’s Wet Goods in Culver City is as much a social hub as it is a wine bar. Regular tastings and events, often featuring producers from esteemed regions like Sonoma or Spain, keep things lively. Pair your glass with a charcuterie board or meatballs, and grab a seat—whether indoors or out—on a first-come, first-served basis.

Esters Wine Shop & Bar

Location: 1314 7th St, Santa Monica, CA 90401

A decade since opening, Esters Wine Shop & Bar remains a Santa Monica favorite. Whether you’re in the mood for an informative chat at the bar, a joyful happy hour with friends, or a simple yet satisfying dinner, Esters offers a welcoming space to enjoy great wine and good company. Choose your own adventure, and let the evening unfold.

1010 Wine and Events

Location: 1010 N La Brea Ave, Inglewood, CA 90302

Sisters Leslie and LeAnn Jones have brought Inglewood its first wine bar with 1010 Wine and Events, creating a gathering place for locals to stay close to home while enjoying sips. With nearly 90 percent of bottles coming from Black-owned producers, the selection is thoughtful and inclusive. The menu also boasts Champagne, beer, and dishes like salmon sliders and Creole-style shrimp risotto.

Mirabelle Wine Bar

Location: 12518 Burbank Blvd, Valley Village, CA 91607

For a touch of romance in the Valley, Mirabelle Wine Bar in Valley Village is a charming choice. Owned by David Gibbs, the bar leans towards Old World wines that exude classic elegance. Whether inside at the bar or outside on the expansive patio, it’s an ideal spot for an intimate evening under the glow of string lights.

Baby Battista

Location: 3111 Glendale Boulevard, Los Angeles, CA 90039

Tucked beneath Nico’s in Atwater Village, Baby Battista offers a cozy escape with its vintage decor and laid-back atmosphere. The build-your-own meat and cheese plates are a highlight, perfectly complementing the eclectic wine list. Keep an eye on their event calendar for community gatherings that make this underground spot a true neighborhood favorite.

Posted on

Our Favorite Local Libraries | Out & About

Libraries are often seen as serene places, but they’re more than just rows of books; they’re community hubs, places of learning, and for many, an ideal spot for remote work. The Los Angeles area boasts an array of libraries that are perfect for getting lost in a book or for getting work done. Here’s a glimpse at some of the top ones:

Los Angeles Central Library (Downtown LA):

This iconic library in the heart of downtown LA isn’t just a haven for book lovers, but it’s also an architectural wonder. With its rich history and expansive reading areas, it’s no surprise that many choose it as their remote working spot.

 

Westwood Branch Library (West LA):

A quieter retreat in bustling West LA, this library offers a comfortable workspace, complete with reliable WiFi and plenty of power outlets.

 

Studio City Branch (San Fernando Valley):

Located in one of LA’s most vibrant neighborhoods, this library is a favorite amongst locals for its cozy ambiance and extensive collection.

Thousand Oaks Library (Conejo Valley):

Beyond its massive collection of books, the library also hosts regular events, making it a hub for community engagement.

Santa Monica Public Library (West LA):

A stone’s throw away from the beach, the Santa Monica Public Library is a modern establishment that offers state-of-the-art facilities, including dedicated study rooms and spaces for workshops.

Woodland Hills Branch Library (San Fernando Valley):

Situated in the Valley, this library provides a peaceful atmosphere, ample workspaces, and plenty of resources.

Malibu Library:

While slightly away from the main areas mentioned, Malibu Library deserves mention for its beautiful location and up-to-date facilities. Plus, it’s hard to beat the idea of working with a view of the Pacific Ocean in the distance.

Our Take:

Libraries are more than just repositories of knowledge. In today’s fast-paced world, they provide a quiet refuge for those looking to work, study, or simply unwind. The Los Angeles area is fortunate to have such a diverse and robust library system. Whether you’re in the heart of the city or nestled in the valleys, there’s a library waiting to welcome you.

Posted on

Garden-Friendly California Birds and How to Attract Them | Home Tips

If you enjoy unwinding outdoors while watching birds and listening to their melodies, why not create a garden that attracts California birds right to your doorstep? We’ve compiled a list of common backyard birds in Southern California, along with tips to entice them closer to your home.

Allen’s Hummingbird

With vibrant shades of orange and green, the small and dainty Allen’s hummingbird is especially common close to California’s coast. Plant nectar-rich flowers to attract these birds into your California garden.

Morning Dove

Gentle and pretty with a soft cooing call, morning doves often appear in pairs. You’ll spot them pecking around a bird feeder and on the ground, and they prefer to feast on nuts, seeds, and berries.

Anna’s Hummingbird

Another nectar-loving California bird, Anna’s hummingbird, with its green and pink plumage, creates colorful flashes as it flits from flower to flower. When you plant tube-shaped flowers like scarlet gilia, chuparosa, and penstemon, it’s relatively easy to attract these lovely birds into your garden.

Plumbeous Vireo

The migratory plumbeous vireo is a small gray songbird who likes to hang out in the treetops. They eat an array of common garden insects, which typically live on native flora. Plant trees and bushes to attract the plumbeous vireo’s favorite food.

American Robin

Known for its striking orange chest feathers, the American robin sings a joyful song all day long. They eat diverse foods, from earthworms and insects to seeds, fruit, and nuts.

White-Crowned Sparrows

Most commonly spotted during the winter months, white-crowned sparrows take their name from the striking white and black stripes on their heads. The small California birds will sometimes come to a feeder, though you’ll also see them on the ground picking up seeds dropped by other birds.

House Finch

A regular visitor to bird feeders in California’s gardens, the small house finch eats various fruit and seed. You can tell the males and females apart by their colors; while female house finches are brown, the males have reddish-pink heads and chests. The house finch is among the most spotted California birds.

Northern Mockingbird

One of the most beautifully sounding backyard birds in Southern California, the northern mockingbird sings almost all day long. They tweet out various ditties, putting plenty of character into their tunes. Indeed, you may at first think you’re listening to a chorus of several birds. Fruit trees and bushes are particularly appealing for northern mockingbirds, and you may see the small gray birds perched on power lines and tall shrubs.

Even More Yard-Friendly California Birds

Other enchanting avian species that may visit your SoCal garden include:

  • California Towhee
  • Nuttall’s Woodpecker
  • Lesser Goldfinch
  • Bushtit
  • California Scrub-Jay
  • Black Phoebe
  • Bewick’s Wren
  • American Crow

You may also spot California’s state bird — the California quail. You’ll have the best chances of attracting the quail if you have dense shrubbery where the bird can feel safe and if you sprinkle seed on the ground.

Tips for Attracting Cali Birds

There are several ways you can make your garden more appealing to birds:

  • Plant a variety of flowers, trees, and bushes
  • Offer mixed bird food, such as small pieces of fruit, commercial bird seed, and mealworms at a bird table
  • Hang feeders from tree branches
  • Install a bird bath
  • Install bird nesting boxes
  • Keep cats indoors

Essentially, offering food, water and shelter can help to bring a variety of charming California birds into your garden.

Posted on

Economic Update | Week Ending August 10, 2024

Economic news for the week – Following last Friday’s jobs report where the unemployment rate came in at 4.3% a panic hit global markets. This was not due to 4.3% being a high unemployment number, it was because of the speed in which the unemployment rate has risen from 3.6%, a 60-year low, to the current 4.3%. In the past, a .5% jump in the unemployment rate average in a 3-month period over the previous 3-month period was a signal of a recession starting. Global and US markets sold off on Monday due to fears that the U.S. may be heading to a recession. For example, the Dow was down 1,000 points on Monday after falling over 700 points last Friday. Fortunately, by Tuesday investors were beginning to feel that recession fears were overblown and that the Sham Rule, named after the person, who found that a .5% jump in unemployment over consecutive 3-month periods signals a recession, may not be something to rely upon when the initial 3-month period begins with near-historic low unemployment levels. On Tuesday markets began to settle. On Thursday markets jumped and made up most of Monday’s huge losses when first-time unemployment claims came in well below expectations, solidifying the feeling that unemployment fears were overblown. Next week is going to be a big week for economic news. We have two inflation gages coming out. PPI (Producer Price Index) which shows wholesale price inflation and CPI (Consumer Price Index) which shows consumer price inflation. The Fed will be lowering interest rates. Depending on the level of inflation, and the unemployment rate, it’s just a matter of how far and how fast they will come down from the current “restrictive” 25-year highs to less restrictive levels.

Stock markets dropped sharply this week on recession fears – The Dow Jones Industrial Average closed the week at 39,497.54, down 0.6% from 39,727.26 last week. It is up 5.4% year-to-date. The S&P 500 closed the week at 5,344.16, unchanged from 5,346.56 last week. The S&P is up 12.2% year-to-date. The Nasdaq closed the week at 16,745.30, unchanged from 16,776.16 last week. It is up 11.8% year-to-date.

U.S. Treasury bond yields dropped sharply this week – The 10-year treasury bond closed the week yielding 3.94%, up from 3.80% last week. The 30-year treasury bond yield ended the week at 4.23%, up from 4.11% last week. We watch bond yields because mortgage rates follow bond yields. Even though bond yields are up for the week, they are well below where they were two weeks ago. Last Friday, the 10-year dropped from 4.18% the week before to 3.8% within hours after the unemployment rate was released. On Monday, the 10-year hit 3.68%, its lowest level in a year. Unfortunately, as investors began to feel that the panic was overblown, they left the safety of bonds and went back to stocks. As stock markets recovered U.S. bond yields went back up.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 8th, 2024, were as follows: The 30-year fixed mortgage rate was 6.47%, down from 6.73% last week. The 15-year fixed was 5.63%, down from 5.99% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

July home sales figures will be released next week by the California Association of Realtors and the following week by the National Association of Realtors. You can get that data now for your county, city, or zip code at RodeoRE.com.

Have a great weekend!

Proudly powered by WordPress