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This week stocks fell and interest rates rose to their highest levels since last November. Rates have increased steadily since the beginning of the year as economic data has shown that the economy is heating up and inflation has begun to rise since the start of the year. This week retail sales for March were announced. Consumers spent well over what experts had anticipated, another sign of the economy heating up. Several Fed members spoke this week. Investors now fear that it’s possible that there may be no rate cuts this year. In January experts expected four cuts in 2024. Oil prices dropped from last week’s highs as it appears that tensions between Israel and Iran are not going to spread into a larger conflict. Stock markets – The Dow Jones Industrial Average closed the week at 37,986.49, unchanged from 37,983.24 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 4,967.23, down 3.1% from 5,123.41 last week. The S&P is up 4.2% year-to-date. The Nasdaq closed the week at 15,281.01, down 3.5% from 16,175.09 last week. It is up 1.8% year-to-date. U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.62% up from 4.50% last week. The 30-year treasury bond yield ended the week at 4.72%, up from 4.61% 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 April 18, 2024, were as follows: The 30-year fixed mortgage rate was 7.1%, up from 6.88% last week. The 15-year fixed was 6.39%, up from 6.16% 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. Year-over-year home prices jumped almost 8% in March. – The California Association of Realtors reported that existing home sales totaled 267,470 in March, down 7.8% from 290,470 closed sales in February, and down 4.4% from a revised 279,700 homes sold on an annualized basis last March. There was a 2.6-month supply of homes on the market in March, down from a 3-month month supply of homes in February and up from a 2.1-month supply one year ago. T he statewide median price paid for a home in March was $854,490 up 7.9% from a revised median price of $793,260 last March. 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 April 18, 2024, were as follows: The 30-year fixed mortgage rate was 7.1%, up from 6.88% last week. The 15-year fixed was 6.39%, up from 6.16% 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.

It was another tough week for stocks and interest rates. The March Consumer Price Index was released on Wednesday. It showed that consumer prices rose 3.5% year-over-year, up from 3.2% year-over-year in February, and 3.1% in January. Inflation was trending down at the end of 2023 but has begun to trend higher. That added fuel to last week’s jobs report which showed that the country added almost double the number of jobs that analysts expected in March and the unemployment rate dipped again, leading investors to feel that the economy was heating up. More people working leads to higher consumer confidence and more people spending, which fuels inflation. Mortgage interest rates and bond yields have risen steadily to their highest levels since November after beginning the year at their lowest levels. Oil prices rose as well over the past two weeks. Experts fear that a conflict between Israel and Iran could cause oil prices to rise another 20%. Stock markets – The Dow Jones Industrial Average closed the week at 37,983.24, down 2.4% from 38,904.04 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 5,123.41, down 1.6% from 5,204.34 last week. The S&P is up 7.4% year-to-date. The Nasdaq closed the week at 16,175.09, down 0.4% from 16,248.52 last week. It is up 7.8% year-to-date. U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.50%, up from 4.39% last week. The 30-year treasury bond yield ended the week at 4.61%, up from 4.54% 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 April 11, 2024, were as follows: The 30-year fixed mortgage rate was 6.88%, up from 6.82% last week. The 15-year fixed was 6.16%, up from 6.06% 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. Home sales data for March will be released next week by the National Association of Realtors and the California Association of Realtors. We have that data tabulated now and you can view that data for your city or zip code at RodeoRe.com. 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 April 11, 2024, were as follows: The 30-year fixed mortgage rate was 6.88%, up from 6.82% last week. The 15-year fixed was 6.16%, up from 6.06% 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.

This week investors were very unsure of what to expect from the economy due to several factors. One was inflationary pressure due to the strength of the economy. At the end of 2023, it appeared that the economy was finally slowing, inflation was dropping, and the labor market was beginning to cool. Investors were expecting the Fed to shift from a restrictive monetary policy to a more neutral one and begin to cut rates in March. In the first three months of the year, the economy has picked up steam. Inflation reports show that the inflation rate which had steadily worked its way down from its peak 9.1% year-over-year increase in June 2022 to about a 3% year-over-year increase by the end of 2023, has now stalled remaining mostly unchanged through the first quarter. Hiring has picked up and job gains have far outpaced expectations. Experts have given up hopes of four rate cuts this year and now expect one to three without the first cut until June or July. That has increased bond yields and mortgage rates to their highest levels since last fall. Oil prices have also risen to their highest levels in over six months due to geopolitical tensions in the Middle East. Employers added another 303,000 new jobs in March – The Department of Labor and Statistics reported that 303,000 new jobs were added in March. That blew away the 200,000 new jobs that analysts expected, and it marked the fourth straight month with job gains above 200,000 and the 39th consecutive month of job growth. The unemployment rate dropped to 3.8% in March, down from 3.9% in February, marking 26 straight months of unemployment below 4%. That has not happened since the 1960s. Investors are puzzled as to how the economy and labor market have remained so strong after 11 rate hikes and the highest Fed interest rates in 24 years. Average hourly wages increased 4.1% year-over-year in March, down from 4.3% in February, which was the only part of the report that does not put pressure on inflation. Bond yields and mortgage rates ended the week at their highest levels since last October. Stock markets – The Dow Jones Industrial Average closed the week at 38,904.04, down 2.3% from 39,807.37 last week. It is up 3.2% year-to-date. The S&P 500 closed the week at 5,204.34, down 1% from 5,254.46 last week. The S&P is up 9.1% year-to-date. The Nasdaq closed the week at 16,248.52, down 0.8% from 16,379.46 last week. It is up 8.2% year-to-date. U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.39%, up from 4.22% last week. The 30-year treasury bond yield ended the week at 4.54%, up from 4.39% 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 April 4, 2024, were as follows: The 30-year fixed mortgage rate was 6.82%, up from 6.79% last week. The 15-year fixed was 6.06%, down from 6.11% 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.

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 April 4, 2024, were as follows: The 30-year fixed mortgage rate was 6.82%, up from 6.79% last week. The 15-year fixed was 6.06%, down from 6.11% 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.

Los Angeles is a haven for diverse culinary experiences, and the city’s gluten-free scene is no exception. Here’s a list of the top 10 gluten-free restaurants in the city that cater to diverse palates and dietary needs.

Luv2Eat Thai Bistro

Location: 6660 Sunset Blvd, Los Angeles, CA 90028

This iconic spot offers a wide range of gluten-free options, such as pad ka prao noodles, sour Issan sausage, and spicy-sour tom kha soup, ensuring a flavorful and authentic Thai experience for gluten-sensitive diners.

Crossroads Kitchen 

Location: 8284 Melrose Ave, Los Angeles, CA 90046

An upscale vegan paradise, Crossroads Kitchen offers gluten-free pizzas, breakfast sandwiches, and even stuffed French toast. Chef Tal Ronnen ensures that 90 percent of the menu can be made gluten-free.

Honey Hi 

Location: 1620 Sunset Blvd, Los Angeles, CA 90026

With a bright and inviting dining room, Honey Hi provides an all-day menu. Highlights include chive-flecked eggs with buckwheat sourdough, caramelized fennel and onion breakfast sandwich, and a smoky-sweet potato hash breakfast bowl.

Birdie G’s

Location: 2421 Michigan Ave, Santa Monica, CA 90404

This sleek indoor-outdoor restaurant in Santa Monica offers a gluten-free-friendly menu that doesn’t sacrifice creativity. Must-try dishes include rice flour-battered king trumpet mushrooms and crispy pickle fried chicken.

Cinque Terre West Osteria

Location: 970 Monument St #110, Pacific Palisades, CA 90272

Owned by a husband and wife team, this Italian restaurant offers amazing gluten-free pizzas and pasta. Don’t miss their pasta with rock shrimp and zucchini blossom or the Tartufo pie with goat cheese and shaved black truffle.

Suncafe Organic

Location: 10820 Ventura Blvd, Studio City, CA 91604

A perfect spot for a gluten-free brunch near Universal Studios, Suncafe Organic serves organic, dairy-free, and mostly gluten-free comfort food.

Lucifers Pizza

Location: 11266 Ventura Blvd, Studio City, CA 91604

With multiple locations, Lucifers Pizza allows diners to choose from traditional, gluten-free, and cauliflower crusts for any pie. Their pepperoni pizza is a must-try.

Rosti Tuscan Kitchen

Location: 23663 Calabasas Rd, Calabasas, CA 91302

Offering a dedicated gluten-free menu, Rosti Tuscan Kitchen serves sandwiches on thin bread and customizable pizzas, with standout dishes like the spaghetti di mare.

Nobu Malibu

Location: 22706 E Pacific Coast Hwy, Malibu, CA 90265

This high-end Japanese restaurant offers numerous gluten-free options, including their popular miso-glazed black cod. Tamari is always available, making it a perfect destination for gluten-sensitive diners.

With these diverse and delicious options, Los Angeles proves that it’s a city that caters to everyone’s tastes and dietary needs. Bon appétit!

Economic news this month was largely in line with expectations. Inflation news showed that inflation indexes showed that both consumer and producer prices held steady at just over a 3% year-over-year increase. That was what analysts expected. Inflation is above the Fed’s 2% target, but well off its highs of a 9% year-over-year peak in June 2022. Unfortunately, it has hovered above 3% since last June. That last 1% to get to the Fed’s target of 2% has been very stubborn despite the highest interest rates in 24 years. The labor market has remained tight although the unemployment rate ticked up above its 60-year low to a 50-year low in February. Investors who felt that the Fed would soon begin to lower rates have been disappointed by the strength of the economy and labor market. It was widely felt that the Fed would begin lowering rates in March just a few months ago. Some investors felt that it was possible to not see a drop this year, but the Fed stated that they still expect to make three .25% rate reductions this year. The latest poll of economists had about 65% expecting the first drop in June. Real Estate sales have picked up as buyer sentiment has increased from its low levels last year, and more sellers are beginning to put their homes on the market.

Stock Markets – The Dow Jones Industrial Average closed the month at 39,807.37 up 2% from 38,996.39 on January 31, 2023. It is up 5.6% year-to-date. The S&P closed the month at 5,254.35, up 3.1% from 5,096.27 last month. It is up 10.2% year-to-date. The NASDAQ closed the month at 16,379.46, up 1.8% from 16,091.92 last month. It is up 9.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.20%, down from 4.25% last month. The 30-year treasury bond yield ended the month at 4.34%, down from 4.38% last month. We watch bond yields because mortgage rates often follow treasury bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of March 28, 2024, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 6.79%, down from 6.94% at the end of February. The 15-year fixed was 6.11%, down from 6.26% last month.

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 National Association of Realtors and the California Association of Realtors. These are February’s home sales figures.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.38-million units on a seasonally adjusted annualized rate in February, down 3.3% from an annualized rate of 4.53 million in February 2023. The median price for a home in the U.S. in January was 384,100, up 5.7% from $363,600 last February. There was a 2.9-month supply of homes for sale in February, up from a 2.6-month supply one year ago. First-time buyers accounted for 32% of all sales. Investors and second-home purchases accounted for 21% of all sales. All-cash purchases accounted for 33% of all sales. Foreclosures and short salesaccounted for 3% of all sales.

Year-over-year home prices jumped almost 10% in California – The California Association of Realtors reported that existing-home sales totaled 290,020 in February, up 12.8% from 257,040 closed sales in January and up 1.3% from a revised 286,290 homes sold on an annualized basis last January. There was a 3-month supply of homes on the market in February, down up from a 3.2-month month supply of homes in January and down from a 3.1-month supply one year ago. The statewide median price paid for a home in February was $809,460, up 9.7% from a revised median price of $789,480 last February.

The graph below shows home sales figures by county in Southern California.