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Monthly Economic Update | Month Ending October 31, 2023

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Recent data has shown that the economy and inflation rate have heated back. The number of new jobs created in September surged. Employers added 336,000 new jobs in September, double the number that economists expected. The CPI (Consumer Price Index), the broadest measure of inflation, has risen for three consecutive months after dropping for twelve straight months prior to June. Retail sales increased to more than double the increase that experts expected. Approximately 75% of companies have reported that their third-quarter profits have beaten expectations. The third quarter GDP (Gross Domestic Product), the broadest measure of the strength of the economy, unexpectedly jumped. The reading showed that the economy expanded at an annual rate of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter. Surging consumer spending was attributed to much of the increase. This left investors feeling that the Fed has lost control over the economy, as the jobs market, GDP, and consumer spending have continued to expand despite all of the interest rate hikes and other tightening measures that were supposed to slow the economy. Chairman Powell’s comments have been very strong about the Fed’s commitment to slow the economy to combat inflation. The Fed’s key rates are at their highest levels in 22 years. Many economists feel that there is a strong possibility of at least one rate increase and any hopes of the Fed dropping rates early next year seem out of the question now. Bond and mortgage rates have also surged. Treasury bond yields are now at their highest levels since 2008 and the 30-year mortgage interest rate hit 8%, its highest level since the year 2000.

Stock markets – The Dow Jones Industrial Average closed the month at 33,052.87, down 0.3% from 33,507.50 on August 30. It is up 1% year-to-date. The S&P 500 closed the month at 4,193.80, down 2.4% from 4,298.05 last month. It is up 9.2% year-to-date. The NASDAQ closed the month at 12,851.24, down 5.8% from 13,219.92 last month. It is up 22.7% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.88%, up from 4.59% last month. The 30-year treasury bond yield ended the month at 5.04%, up from 4.73% 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 October 26, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.79%, up from 7.31% at the end of August. The 15-year fixed was 7.03%, up from 6.72% at the end of September. These are the highest mortgage interest rates in 23 years.

Home sales data is released by the National Association of Realtors and the California Association of Realtors in the third week of the month for the previous month. Below are the September results.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 3.96 million units on a seasonally adjusted annualized rate in September, down 15.4% from an annualized rate of 4.68 million in September 2022. The median price for a home in the U.S. in August was $394,300, up 3.2% from $383,500 last September. There was a 3.4-month supply of homes for sale in September, up from a 3.2-month supply last September. First-time buyers accounted for 27% of all sales. Investors and second-home purchases accounted for 18% of all sales. All-cash purchases accounted for 29% of all sales. Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 240,940 on a seasonally adjusted annualized basis in September, down 5.4% month-over-month from August, and down 21.5% from a revised 307,000 annualized sales pace in September 2022. September marked the twelfth straight month with sales dropping under 300,000 on an annualized basis. Year-to-date, the number of homes sold was down 28.5% from the first nine months of 2022. The statewide median price paid for a home in July was $843,340, up 3.2% from $817,150 a year ago. There was a 2.8-month supply of single-family homes for sale in September.

The graph below has sales data for Southern California by region. This was compiled by the California Association of Real Estate.

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November Luxury Home Maintenance | Home Tips

For the discerning homeowner, luxury isn’t simply a matter of aesthetic appeal or expansive spaces. The true essence of luxury lies in the meticulous attention to detail, the quality of craftsmanship, and the preservation of the home’s grandeur over time. As November heralds the approach of colder months, regular maintenance checks become paramount to ensure that the home’s opulence is uncompromised and continues to reflect its original splendor.

Winter-Proofing Your Abode this November

As the adage goes, “An ounce of prevention is worth a pound of cure.” Preparing your abode for the winter months is crucial not only for comfort but also for the longevity and efficiency of various systems within the home.

Heating System Inspection: Ensure that your heating systems, whether traditional or contemporary, are operating at peak efficiency. This may involve cleaning vents, replacing filters, or scheduling professional maintenance checks.

Protection of Outdoor Furniture: The unique and exquisite nature of high-end outdoor furniture demands protection from the elements. Consider weather-resistant covers or, if space permits, storage in a climate-controlled area.

Smart Home System Updates: With technological advancements, it’s prudent to ensure that all smart home systems are updated for winter efficiency. This includes optimizing heating schedules, ensuring security systems are calibrated for shorter days, and ensuring outdoor sensors are clear of fall debris.

 

Art Care in Colder Months

Art pieces, often central to a luxury home’s decor, are susceptible to the fluctuating conditions of indoor environments during winter.

Temperature Consistency: It’s vital to maintain a stable indoor temperature, ideally between 65-75°F (18-24°C), to prevent any potential damage to artworks.

Humidity Control: Too much humidity can lead to mold growth, while too little can cause materials to dry out and become brittle. Invest in a high-quality humidifier or dehumidifier and aim to maintain indoor humidity levels between 40-60%.

Avoid Direct Heat: Never position artwork directly above radiators or heating vents. The constant change in temperature can adversely affect the materials, leading to warping or other forms of degradation.

Ensuring Spa and Pool Preparedness this November

Water features, especially luxury pools and spas, are havens of relaxation and deserve special attention as winter approaches.

Outdoor Pool Care: If you’re closing your pool for the winter, ensure all equipment is cleaned and stored appropriately. Likewise, this means you should balance the water chemistry and secure a tight-fitting pool cover to keep out debris.

Indoor Spa Maintenance: For indoor facilities, consider a professional maintenance check. Ensure that water heaters are functioning optimally, inspect for any leaks, and clean or replace filters as necessary.

 

The grandeur of a luxury home isn’t simply in its initial design and furnishings. It is in its continued elegance and functionality year after year. By committing to regular maintenance checks, homeowners not only uphold the value of their property but also guarantee their comfort. After all, true luxury lies in both beauty and enduring quality.

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Weekly Economic Update | Week Ending October 28, 2023

Stock markets dropped again this week – Concerns about high interest rates continued to cause panic for investors again this week after another round of positive data was released. The third quarter GDP (Gross Domestic Product), the broadest measure about the strength of the economy, unexpectedly jumped. The reading showed that the economy expanded at an annual rate of 4.9% in the third quarter of 2023, up from 2.1% in the second quarter. Surging consumer spending was attributed to much of the increase. This left investors feeling that the Fed has lost control over the economy. The economy, jobs market, and consumer spending have continued to expand despite all of the interest rate hikes and other tightening measures that were supposed to slow the economy. Another report showed that while savings are dropping, there is still $1.2 trillion in Covid stimulus in savings. The PCE, another gauge of inflation that was released on Friday, showed inflation rose in September by the largest month-over-month percentage rate since May. Other news had tech stocks declining early in the week when Alphabet released weaker earnings than expected, but that reversed on Friday when Amazon and Intel beat expectations. Auto stocks also took a hit after Ford announced that they were pulling their future guidance due to the auto worker strike. The Dow Jones Industrial Average closed the week at 32,417.59, down 2.1% from 33,127.29 last week. It is down 2.2% year-to-date. The S&P 500 closed the week at 4,117.37, down 2.6% from 4,224.16 last week. It is up 7.2% year-to-date. The Nasdaq closed the week at 12,634.01.81, down 2.7% from 12,983.81 last week. It is up 20.7% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.84%, down from 4.93% last week. The 30-year treasury bond yield ended the week at 5.03%, down from 4.78% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 26, 2023, were as follows: The 30-year fixed mortgage rate was 7.79%, up from 7.63% last week. The 15-year fixed was 7.03%, up from 6.92% last week.

Have a great weekend!
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Weekly Economic Update | Week Ending October 21, 2023

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Stock markets dropped again this week – Recent data has shown that the economy has heated back. This has caused interest rates to rise further. Some data this month included: The number of new jobs created in August surged after falling in July. The CPI has risen for three consecutive months after dropping for twelve straight months prior to June. Retail sales jumped and increased in an amount that was more than double the increase that experts expected. Third quarter corporate profits have been stronger than expected. Jerome Powell spoke this week. Following his comments on bond yields, raising debt to finance, a tight labor market, and inflation, stocks dropped further and bond yields rose to their highest yields since the 2008 financial crisis. While economists are trying to stay out of politics, the situation in Israel and the infighting in the House of Representatives has to be looked at as well for the drop in stock prices and the rise in interest rates. The Dow Jones Industrial Average closed the week at 33,127.29, down 1.6% from 33,670.29 last week. It is down 0.1% year-to-date. The S&P 500 closed the week at 4,224.16, down 2.4% from 4,327.78 last week.  It is up 10% year-to-date. The Nasdaq closed the week at 12,983.81, down 3.2% from 13,407.28 last week. It is up 24% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.93%, up from 4.63% last week. The 30-year treasury bond yield ended the week at 5.09%, up from 4.78% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 19, 2023, were as follows: The 30-year fixed mortgage rate was 7.63%, up from 7.57% last week. The 15-year fixed was 6.92%, up from 6.89% last week.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 3.96 million units on a seasonally adjusted annualized rate in September, down 15.4% from an annualized rate of 4.68 million in September 2022.  The median price for a home in the U.S. in August was $394,300, up 3.2% from $383,500 last September. There was a 3.4-month supply of homes for sale in September, up from a 3.2-month supply last September. First-time buyers accounted for 27% of all sales. Investors and second-home purchases accounted for 18% of all sales. All-cash purchases accounted for 29% of all sales.  Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing–home sales totaled 240,940 on a seasonally adjusted annualized basis in September, down 5.4% month-over-month from August, and down 21.5% from a revised 307,000 annualized sales pace in September 2022. September marked the twelfth straight month with sales dropping under 300,000 on an annualized basis.  Year-to-date, the number of homes sold was down 28.5% from the first nine months of 2022. The statewide median price paid for a home in July was $843,340, up 3.2% from $817,150 a year ago. There was a 2.8-month supply of single-family homes for sale in September.

The graph below includes sales data by county in Southern California.

Have a great weekend!
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Weekly Economic Update | Week Ending October 14, 2023

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Stock markets were relatively unchanged this week – Despite the war in the Middle East, stock markets ended the week about the same as they were last week. We did see stocks drop following the September CPI report which showed that inflation picked up slightly in September with consumer prices increasing 3.7% from one year ago. That marked the third consecutive month of the key inflation reading increasing after dropping steadily from 9.1% year-over-year in June 2023 to 3% year-over-year in June of 2023. Unfortunately, that trend ended in July and consumer prices increases have ticked up steadily in the past three months. The Dow Jones Industrial Average closed the week at 33,670.29, up 0.8% from 33,407.58 last week. It is up 1.6% year-to-date. The S&P 500 closed the week at 4,327.78, up 0.4% from 4,308.54 last week. It is up 12.7% year-to-date. The Nasdaq closed the week at 13,407.28, down 0.2% from 13,431.34 last week. It is up 28.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.63%, down from 4.78% last week. The 30-year treasury bond yield ended the week at 4.78%, down from 4.95% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 12, 2023, were as follows: The 30-year fixed mortgage rate was 7.57%, up from 7.49% last week. The 15-year fixed was 6.89% up from 6.78% last week.

Real estate sales figures for September closings will be released next week by the California Association of Realtors and the National Association of Realtors. You can get that data now for your city or zip code at RodeoRe.com.

Have a great weekend!
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From Threads Edit Feature to Starlink’s Cell Plan and More! | Tech News

Connect with this week’s major tech news headlines! From Threads Edit Feature to Starlink’s Cell Plan and more, we have you covered. Check out this week’s blog below for the tech news you won’t want to miss.

Threads Introduces an Edit Feature

Meta is introducing two significant updates to its Threads platform, according to CEO Mark Zuckerberg. The first is an edit feature that allows Threads users to modify their posts within five minutes of publication, without requiring a subscription fee like Twitter’s Blue service. Edited posts will be indicated with an icon next to the timestamp, although an edit history feature is not currently available. The second feature is “Voice Threads,” enabling users to create voice posts. This feature, available on the iOS app, allows users to record their voice, with the spoken text highlighted in the post as it plays. Meta has been consistently expanding Threads’ capabilities since its launch, including adding a chronological following feed, a web client, and post search functionality.

Adobe Develops Generative AI for Video Manipulation

Adobe unveiled Project Fast Fill, an experimental AI tool for video manipulation, showcased at the MAX conference. It can add or remove objects in videos with ease, akin to Google’s Magic Editor but for video. This feature is being considered for integration into Premiere Pro and After Effects. Adobe is actively developing AI editing tech for various media, including audio, 3D design, and voice translation. With AI tools for both photos and videos becoming more accessible, questions about media authenticity arise. Fast Fill marks a significant step toward broader AI-driven video manipulation.

Google’s AI-Enhanced Search Can Now Generate Images

Google is introducing its Search Generative Experience (SGE), allowing users to generate images from text prompts starting Thursday. This move follows Microsoft’s introduction of a similar feature in Bing Chat using OpenAI’s DALL-E model earlier this year. With SGE, users opted into Google’s Search Labs program can enter a query in the search bar, and the AI-powered tool generates images based on the prompt. The tool is powered by the Imagen family of AI models. Google also emphasizes responsible use, embedding metadata and watermarking to denote AI-generated images and preventing violations of its prohibited use policy. Additionally, Google is introducing draft generation tools using SGE for written content, allowing users to export drafts to Google Docs or Gmail.

Starlink Unveils New Page to Promote Upcoming Cellular Service in 2024

SpaceX has launched a new webpage to promote its upcoming “Starlink Direct to Cell” service, which aims to provide cellular connectivity to existing LTE phones using satellite technology. Initially, the service will focus on texting in 2024, with voice and data functionality planned for 2025, along with support for IoT devices. The service will work with existing LTE phones without the need for hardware, firmware changes, or special apps, offering seamless access to text, voice, and data. While the service may have relatively slower speeds of two to four megabits per second compared to terrestrial networks, it will provide extensive coverage, including remote areas in the continental US, Hawaii, parts of Alaska, Puerto Rico, territorial waters, and beyond T-Mobile’s network signal. Satellite connectivity for smartphones is becoming increasingly important, with companies like Apple and AST SpaceMobile exploring satellite-based solutions for emergency communication and 5G connectivity.

TikTok Revamps Payment System for Creators of Popular Filters and Effects

TikTok is introducing significant changes to its creator fund. This will be specifically for those who develop popular filters and effects on the platform. The Effect Creator Rewards program, is expanding to more regions, including Australia, Brazil, Canada, Japan, and the Philippines. The eligibility requirements have also been revised. Now creators can join with just five published filters, with at least three of them used in 1,000 videos. The payment structure will shift from a flat fee to a variable rate depending on factors like the region. These changes aim to make it easier for a wider range of effects creators to participate and potentially earn money from their creations. Previously, creators were often making filters without compensation, and the new system seeks to improve their monetization opportunities.

Uber Eats Introduces Multi-Store Ordering Feature

Uber Eats has introduced a new feature called “multi-store ordering.” The feature allows customers to order from two different stores or restaurants simultaneously without an extra fee. This feature comes in handy when, for example, one person craves tacos while another wants pizza. Customers can select items from a store’s menu. At the bottom of the menu, they will find a button to bundle their order with items from another store. This feature, while convenient for customers, may pose challenges for delivery drivers.

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Weekly Economic Update | Week Ending October 7, 2023

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Job growth unexpectedly surged in September – The Department of Labor and Statistics reported that 336,000 new full-time jobs were added in September. That was almost double the 170,000 new jobs that economists expected. The unemployment rate increased to 3.8% in September, up from 3.5% in August, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.2% year-over-year, down from 4.4% the previous five months.

The Dow Jones Industrial Average closed the week at 33,407.58, up 0.3% from 33.507.50 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 4,308.54, up 0.2% from 4,298.05 last week. It is up 12.2% year-to-date. The Nasdaq closed the week at 13,431.34 up 1.6% from 13,219.22 last week. It is up 28.3% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.78% up from 4.59% last week. The 30-year treasury bond yield ended the week at 4.95% up from 4.73% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 5, 2023, were as follows: The 30-year fixed mortgage rate was 7.49%, up from 7.31% last week. The 15-year fixed was 6.78% up from 6.72% last week.

Have a great weekend!

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Monthly Economic Update | Month Ending September 30, 2023

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Stock markets dropped and interest rates moved higher in September – Recent data released this month has indicated that inflation may be picking back up. Treasury bond yields rose to their highest levels since 2007 and mortgage rates hit a 23-year high in September. The CPI (Consumer Price Index), the broadest measure of inflation, rose for the second straight month. It had dropped every month for a year from a high of 9.1% in June 2022 to 3% in June of 2023. That streak ended in July when the CPI increased to 3.2%. It increased again to 3.7% in August. The Fed has increased interest rates over the past year and a half to combat inflation. They had hoped that these increases would slow the economy, curtail consumer spending, and reduce the rate of inflation. Fed Chairman Powell left rates unchanged in September but singled that there would be another rate increase this year. He also reiterated his commitment to bringing inflation down to the Fed’s 2% target. The latest jobless claims, people going on unemployment for the first time, dropped to the lowest level of the year. The Fed has also been trying to get the unemployment rate up, because a shortage in labor pushes wages up and encourages consumer spending, which are both inflationary. Economists are waiting for the September jobs report which will be released next Friday. That will signal how companies are responding to higher borrowing costs which so far have not discouraged many from cutting back on the number of employees. The U.S. credit rating downgrade and the massive amount of debt that needs to be financed has caused an oversupply of treasury bond sales which has also contributed to higher interest rates.

Stock markets – The Dow Jones Industrial Average closed the month at 33,507.50, down 3.5% from 34,721.91 on August 30. It is up 1% year-to-date. The S&P 500 closed the month at 4,298.05, down 4.6% from 4,507.66 last month. It is up 12% year-to-date. The NASDAQ closed the month at 13,219.92, down 5.8% from 14,034.97 last month. It is up 26.2% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.59%, up from 4.09% last month. The 30-year treasury bond yield ended the month at 4.73%, from 4.20% last month. We watch bond yields because mortgage rates often follow treasury bond yields. Both the 10-year and 30-year closed the month about .25% below their highest levels for the month after dropping in the last week of the month.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of September 28, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.31%, up from 7.18% at the end of August. The 15-year fixed was 6.72%, up from 6.11% at the end of August.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.04 million units on a seasonally adjusted annualized rate in August, down 15.3% from an annualized rate of 4.77 million in August 2022. The median price for a home in the U.S. in August was $407,100, up 3.9% from $391,700 last August. There was a 3.3- month supply of homes for sale in August, up from a 3.2-month supply last August. First-time buyers accounted for 29% of all sales. Investors and second-home purchases accounted for 16% of all sales. All-cash purchases accounted for 27% of all sales. Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 254,740 on a seasonally adjusted annualized basis in August, down 5.3% month-over-month from July and down 19% from a revised 314,270 annualized sales pace last August. It should be noted that last August the number of sales were down about 20% from August 2021 making the number of sales about 40% lower than they were in 2021. August marked the eleventh straight month on sales dropping under 300,000 on an annualized basis. Year-to-date the number of homes sold was down 29.2% from the first eight months of 2022. The statewide median price paid for a home in July was $859,800, up 3.3% from July, and up 3.3% from $834,740 a year ago. There was a 2.4-month supply of single-family homes for sale in August, down from a 2.8-month supply one year ago.

The graph below has sales data for Southern California by region. This was compiled by the California Association of Real Estate.
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Weekly Economic Update | Week Ending September 30, 2023

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Stock markets – Interest rates rose further this week. Treasury bond yields rose to their highest levels since 2007 and mortgage rates hit a 23-year high on Wednesday. They backed off slightly on Thursday and Friday. As reported last week there has been recent data suggesting that the economy and consumer spending has heated up. Inflation has ticked up over the last two months after falling steadily every month since June. The U.S. credit rating downgrade and the massive amount of debt that needs to be financed has caused an oversupply of treasury bond sales which has contributed to higher interest rates. Friday, the Producer Consumption Expenditure Index, a key gauge of inflation, came in slightly better than expected, and rates settled slightly. Everyone is waiting for the release of the September job report next Friday. The Fed is committed to slowing hiring as the shortage in labor has pushed up wages and encouraged consumer spending which is inflationary. The Dow Jones Industrial Average closed the week at 33,507.50, down 1.3% from 33.963.84 last week. It is up 1% year-to-date. The S&P 500 closed the week at 4,298.05, down 0.5% from 4,320.08 last week. It is up 12% year-to-date. The Nasdaq closed the week at 13,219.32, almost unchanged from 13,211.81 last week. It is up 26.2% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.59%, up from 4.44% last week. The 30-year treasury bond yield ended the week at 4.73%, up from 4.53% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of September 28, 2023, were as follows: The 30-year fixed mortgage rate was 7.31%, up from 7.19% last week. The 15-year fixed was 6.72%, up from 6.54% last week.

Have a great weekend!
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Weekly Economic Update | Week Ending September 16, 2023

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Stock markets were roughly unchanged this week – Investors weighed another week of data that showed renewed strength in the economy. Key data included: The Consumer Price Index (CPI) increased by 3.7% in August from one year ago. That’s up from a 3.2% year-over-year increase in July and a 3% increase in June, marking a second consecutive monthly increase after dropping every month from July 2022 to June 2023. Oil prices hit their highest point since last November. Retail sales were also better than expected, up 2.5% from last August. Retail sales were up 2.2% in June and July from a year earlier. The economy is just not cooling the way the Fed expected when they began their tightening measures over a year ago. Investors, who felt that the Fed was done or nearly done raising rates, now feel that there will be at least one more increase in the coming months. They also feel that rates will remain high for longer than previously expected. Bond yields and mortgage rates are now at their highest levels in 20 years. Experts expect mortgage rates to drop significantly once we see some signs of slowing in the economy. The Dow Jones Industrial Average closed the week at 34,618.24, up 0.1% from 34,576.59 last week. It is up 4.3% year-to-date. The S&P 500 closed the week at 4,450.32, down 0.2%from 4,457.59 last week. It is up 15.9% year-to-date. The Nasdaq closed the week at 13,704.34, down 0.4% from 13,761.53 last week. It is up 30.9% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.33% up from 4.26% last week. The 30-year treasury bond yield ended the week at 4.42%, up from 4.33% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of September 14, 2023, were as follows: The 30-year fixed mortgage rate was 7.18%, up slightly from 7.12% last week. The 15-year fixed was 6.51%, almost unchanged from 6.52% last week.

Home sales data from the California Association of Realtors and the National Association of Realtors will be released next week.

Have a great weekend!

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