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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 December 19th, 2024, were as follows:

The 30-year fixed mortgage rate was 6.72%, up from 6.6% last week. The 15-year fixed was 5.92%, up from 5.84% 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.

Reports released this week showed that inflation had ticked up in November – The Consumer Price Index (CPI) showed that consumer prices increased 2.7% year-over-year in November, up from a 2.6% year-over-year increase in October. The CPI peaked at 9.1% in June 2022 and worked its way down to a 2.4% year-over-year increase in September. Core CPI, which excludes volatile food and energy costs rose 3.3% year-over-year in November for the fourth consecutive month. The Produce Price Index (PPI) showed that wholesale prices increased 3% year-over-year in November, up from a 2.4% year-over-year increase in October. Core PPI increased 3.4% year-over-year in November, up from 3.1% in October. The Federal Reserve’s mandate is to control inflation and maximize employment. Their target inflation rate is a 2% year-over-year increase. While inflation has moved down considerably, it has begun to move up in the last two months. While many experts believe that the Fed may still drop interest rates at their meeting next week, future drops will be less often and not as low and as fast as expected in September when inflation rates were lower. Other data showed that jobless claims increased last week. The Fed does want to get the unemployment rate up, as we are still in an environment where there is a shortage of workers pushing wages up. They want wages to rise, but not at the rate they are currently rising, as consumer spending fuels inflation. Mortgage rates and bond yields rose this week.

The graph below shows the CPI rate since 2021

Stock markets – The Dow Jones Industrial Average closed the week at 43,828.06 down 1.8% from 44,642.52 last week. It is up 16.3% year-to-date. The S&P 500 closed the week at 6,051.09, down 0.6% from 6,090.27 last week. The S&P is up 26.9% year-to-date. The Nasdaq closed the week at 19,926.72, up 3.7% from 19,218.17 last week. It is up 32.7% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.49%, up from 4.15% last week. The 30-year treasury bond yield ended the week at 4.61%, up from 4.34% 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 December 12th, 2024, were as follows:

The 30-year fixed mortgage rate was 6.6%, down from 6.69% last week. The 15-year fixed was 5.84%, down from 5.96% last week.

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

Have a great weekend!

 

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 December 12th, 2024, were as follows:

The 30-year fixed mortgage rate was 6.6%, down from 6.69% last week. The 15-year fixed was 5.84%, down from 5.96% 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.

Economic news this week This week the Labor Department’s November jobs report was released. Even though the number of new jobs was higher than expected and job gains for September and October were revised higher, bond yields and mortgage rates remained at their lowest levels in six weeks. The unemployment rate ticked up a little and wage increases were higher than the Fed target. Several Fed governors and Fed Chairman Powell also spoke this week. They all spoke of the strength of the economy and cautioned that while rates may drop it will not be as quickly as expected in September, as the economy has picked up steam and inflation has risen recently. Next week the November Consumer Price Index and the Producer Price Index will be released. That will show the trend of inflation. November home sales figures will be released the week after next from the California Association of Realtors and the National Association of Realtors. Local November home sales data will be available Sunday for your city or zip code at RodeoRe.com. It’s compiled from the same data source that the California Association of Realtors uses.

U.S. job growth rebounded in November – The Department of Labor and Statisticsreported that 227,000 new jobs were added in November, up from the revised 36,000 new jobs added in October when two hurricanes and strikes stalled hiring. Economists surveyed expected 214,000 new jobs in November. The unemployment rate ticked up to 4.2% in November from 4.1%, in September and October. Average hourly wages increased 4% year-over-year in November, matching October’s increase.

Stock markets -The Dow Jones Industrial Average closed the week at 44,642.52, down 0.6% from 44,910.65 last week. It is up 18.4% year-to-date. The S&P 500 closed the week at 6,090.27, up 1% from 6,032.38 last week. The S&P is up 27.7% year-to-date. The Nasdaq closed the week at 19,859.77, up 3.3% from 19,218.17 last week. It is up 32.3% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.15%, down slightly from 4.18% last week. The 30-year treasury bond yield ended the week at 4.34%, down slightly from 4.36% 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 November 21st, 2024, were as follows: The 30-year fixed mortgage rate was 6.69%, down from 6.81% last week. The 15-year fixed was 5.96%, down from 6.10% last week.

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

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 December 5th, 2024, were as follows:

The 30-year fixed mortgage rate was 6.69%, down from 6.81% last week. The 15-year fixed was 5.96%, down from 6.10% 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.

November marked the best month of the year for stock markets. Ending the month at all-time highs, stock markets began to surge when President Trump won the election, as Investors expect easing regulations and lower corporate tax rates. At the same time bond yields and mortgage rates increased as fears of tariffs and deportations could fuel inflation; however, bond yields and mortgage rates dropped in the last week of the month. Inflation gauges did rise slightly in October. The Consumer Price Index (CPI) showed that consumer process increased 2.6% year-over-year in October, up from a 2.4% year-over-year increase in September. Core CPI, which excludes food and energy prices, increased 3.3% year-over-year, unchanged from September’s annual increase. The Producer Price Index (PPI) also increased in October. It measures wholesale prices which increased 2.4% year-over-year in October, its highest level in 4 months, and up from a 1.9% year-over-year increase in September. The Core PPI level came in at a 3.5% year-over-year increase in October, up from a 3.3% increase in September. The Personal Consumption Expenditure Price Index (PCE) showed a 12-month inflation rate of 2.3%, up from a 2.1% annual rate in September. Core PCE increased 2.8% year-over-year. These increases were in line with analysts’ expectations as increased retail sales, consumer confidence, and other data pointed to the economy picking up.

 

The chart below shows the CPI rate since 2021. Even though it moved up last month, it’s still much lower than it has been over the past two years.

 

Stock Markets -The Dow Jones Industrial Average closed the month at 44,910.65, up 7.5% from 41,763.46, on October 30, 2024. It is up 19.2% year-to-date. The S&P 500 closed the month at 6,032.38, up 5.7% from 5,705.45 last month. It is up 26.5% year-to-date. The NASDAQ closed the month at 19,218.17, up 6.3% from 18,085.15 last month. It is up 28% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.18%, down from 4.28% last month. The 30-year treasury bond yield ended the month at 4.36%, down from 4.47% last month. We watch bond yields because mortgage rates often follow treasury bond yields.

Mortgage rates – Mortgage rates jumped in October on fears of inflation picking up in future months based on stronger economic reports. 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 November 27, 2024, were as follows: The 30-year fixed mortgage rate was 6.81%, up from 6.72% at the end of September. The 15-year fixed was 6.10%, up from 5.99% last month.

Home sales data is released on the third week of the month for the previous month by the California Association of Realtors and the National Association of Realtors. These are October’s home sales figures.

U.S. existing-home sales October 2024 – The National Association of Realtors reported that existing-home sales totaled 3.96 million units on a seasonally adjusted annualized rate in October, up 2.9% from an annualized rate of 3.85 million units last October. That marked the first year-over-year increase in sales in 3 years. The median price for a home sold in the U.S. in October was $407,200, up 4% from $391,600 one year ago. There was a 4.2-month supply of homes for sale in October, up from a 3.6-month supply one year ago. First-time buyers accounted for 27% of all sales. Investors and second-home purchases accounted for 17% of all sales. All cash purchases accounted for 27% of all sales. Foreclosures and short sales accounted for 2% of all sales.

October California existing-home sales report – The California Association of Realtors reported that existing-home sales totaled 264,870 on an annualized rate in October, up 4.7% from 253,010 homes on an annualized rate in September, and up 5.8% from a revised 241,910 homes sold on an annualized basis last October. The statewide median price paid for a home in October was $888,740, up 2.4% from $868,150 in September, and up 5.8% from $839.990 one year ago. There was a 3.1- month supply of homes for sale in October, down from a 3.6-month supply of homes for sale in September, but up from a 2.7-month supply in October 2023.

The graph below lists home sales data by county in Southern California.

November marked the best month of the year for stock markets. Ending the month at all-time highs, stock markets began to surge when President Trump won the election, as Investors expect easing regulations and lower corporate tax rates. At the same time bond yields and mortgage rates increased as fears of tariffs and deportations could fuel inflation; however, bond yields and mortgage rates dropped in the last week of the month. Inflation gauges did rise slightly in October. The Consumer Price Index (CPI) showed that consumer process increased 2.6% year-over-year in October, up from a 2.4% year-over-year increase in September. Core CPI, which excludes food and energy prices, increased 3.3% year-over-year, unchanged from September’s annual increase. The Producer Price Index (PPI) also increased in October. It measures wholesale prices which increased 2.4% year-over-year in October, its highest level in 4 months, and up from a 1.9% year-over-year increase in September. The Core PPI level came in at a 3.5% year-over-year increase in October, up from a 3.3% increase in September. The Personal Consumption Expenditure Price Index (PCE) showed a 12-month inflation rate of 2.3%, up from a 2.1% annual rate in September. Core PCE increased 2.8% year-over-year. These increases were in line with analysts’ expectations as increased retail sales, consumer confidence, and other data pointed to the economy picking up.

Stock markets -The Dow Jones Industrial Average closed the week at 44,910.65, up 1.4% from 44,296.51 last week. It is up 19.2% year-to-date. The S&P 500 closed the week at 6.032.38, up 1.1% from 5,969.34 last week. The S&P is up 26.5% year-to-date. The Nasdaq closed the week at 19,218.17, up 1.1% from 19,003.65 last week. It is up 28% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.18%, down from 4.41% last week. The 30-year treasury bond yield ended the week at 4.36%, down from 4.60% 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 November 21st, 2024, were as follows: The 30-year fixed mortgage rate was 6.84%, up from 6.78% last week. The 15-year fixed was 6.02%, up from 5.99% last week.

Economic update for the month ending November 30, 2024

The chart below shows the CPI rate since 2021. Even though it moved up last month, it’s still much lower than it has been over the past two years.

Stock Markets -The Dow Jones Industrial Average closed the month at 44,910.65, up 7.5% from 41,763.46, on October 30, 2024. It is up 19.2% year-to-date. The S&P 500 closed the month at 6,032.38, up 5.7% from 5,705.45 last month. It is up 26.5% year-to-date. The NASDAQ closed the month at 19,218.17, up 6.3% from 18,085.15 last month. It is up 28% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.18%, down from 4.28% last month. The 30-year treasury bond yield ended the month at 4.36%, down from 4.47% last month. We watch bond yields because mortgage rates often follow treasury bond yields.

Mortgage rates – Mortgage rates jumped in October on fears of inflation picking up in future months based on stronger economic reports. 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 November 27, 2024, were as follows: The 30-year fixed mortgage rate was 6.81%, up from 6.72% at the end of September. The 15-year fixed was 6.10%, up from 5.99% last month.

Home sales data is released on the third week of the month for the previous month by the California Association of Realtors and the National Association of Realtors. These are October’s home sales figures.

U.S. existing-home sales October 2024 – The National Association of Realtors reported that existing-home sales totaled 3.96 million units on a seasonally adjusted annualized rate in October, up 2.9% from an annualized rate of 3.85 million units last October. That marked the first year-over-year increase in sales in 3 years. The median price for a home sold in the U.S. in October was $407,200, up 4% from $391,600 one year ago. There was a 4.2-month supply of homes for sale in October, up from a 3.6-month supply one year ago. First-time buyers accounted for 27% of all sales. Investors and second-home purchases accounted for 17% of all sales. All cash purchases accounted for 27% of all sales. Foreclosures and short sales accounted for 2% of all sales.

October California existing-home sales report – The California Association of Realtors reported that existing-home sales totaled 264,870 on an annualized rate in October, up 4.7% from 253,010 homes on an annualized rate in September, and up 5.8% from a revised 241,910 homes sold on an annualized basis last October. The statewide median price paid for a home in October was $888,740, up 2.4% from $868,150 in September, and up 5.8% from $839.990 one year ago. There was a 3.1- month supply of homes for sale in October, down from a 3.6-month supply of homes for sale in September, but up from a 2.7-month supply in October 2023.

The graph below lists home sales data by county in Southern California.

Have a great weekend!

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Stock markets – The Dow Jones Industrial Average closed the week at 44,296.51, up 2% from 43,444.99 last week. It is up 17.5% year-to-date. The S&P 500 closed the week at 5,969.34, up 1.7% from 5,870.62 last week. The S&P is up 25.2% year-to-date. The Nasdaq closed the week at 19,003.65, up 1.7% from 18,680.12 last week. It is up 26.6% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.41%, almost unchanged from 4.43% last week. The 30-year treasury bond yield ended the week at 4.60%, unchanged from 4.60% 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 November 21st, 2024, were as follows: The 30-year fixed mortgage rate was 6.84%, up from 6.78% last week. The 15-year fixed was 6.02%, up from 5.99% last week.

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

Home sales data is released on the third week of the month for the previous month by the California Association of Realtors and the National Association of Realtors. These are October’s home sales figures.

U.S. existing-home sales October 2024 – The National Association of Realtorsreported that existing-home sales totaled 3.96 million units on a seasonally adjusted annualized rate in October, up 2.9% from an annualized rate of 3.85 million units last October. That marked the first year-over-year increase in sales in 3 years. The median price for a home sold in the U.S. in October was $407,200, up 4% from $391,600 one year ago. There was a 4.2-month supply of homes for sale in October, up from a 3.6-month supply one year ago. First-time buyers accounted for 27% of all sales. Investors and second-home purchases accounted for 17% of all sales. All cash purchases accounted for 27% of all sales. Foreclosures and short salesaccounted for 2% of all sales.

October California existing-home sales report – The California Association of Realtors reported that existing-home sales totaled 264,870 on an annualized rate in October, up 4.7% from 253,010 homes on an annualized rate in September, and up 5.8% from a revised 241,910 homes sold on an annualized basis last October. The statewide median price paid for a home in October was $888,740, up 2.4% from $868,150 in September, and up 5.8% from $839.990 one year ago. There was a 3.1- month supply of homes for sale in October, down from a 3.6-month supply of homes for sale in September, but up from a 2.7-month supply in October 2023.

The graph below lists home sales data by county in Southern California.

Have a great weekend!

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 November 21st, 2024, were as follows:

The 30-year fixed mortgage rate was 6.84%, up from 6.78% last week. The 15-year fixed was 6.02%, up 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.