Economic update | Week Ending October 12, 2024

Economic news – This week the September Consumer Price Index (CPI) and the Producer Price Index (PPI) were released. The CPI, one of the broadest measures of inflation showed that consumer prices increased 2.4% from one year ago, down from a 2.5% annual increase in August. The 2.4% increase in September marked the smallest annual increase in inflation since February 2021. The PPI, a measure of wholesale prices, showed prices for goods and services that producers pay increased by 1.8% from last September. These reports were quite favorable to investors and stocks rallied to end the week higher. After last week’s jobs report that showed employers added 254,000 new jobs in September and that wages rose more than 4% year-over-year investors feared that inflation could reignite. More people working and higher wages lead to more consumer spending which can cause higher inflation. At least for September, inflation continued to cool. Bond yields and mortgage rates continued to increase. Investors and lenders will need to see more evidence that the jobs market is not heating back up again and that inflation is not about to pick back up before those long-term rates come back down.

The graph below shows the history of the Consumer Price Index since 2021.

Stock markets – The Dow and the S&P 500 closed the week at record highs, while the Nasdaq closed just off its record high set in July as investors reacted to positive inflation data. The Dow Jones Industrial Average closed the week at 42,863.86, up 1.2% from 42,352.75 last week. It is up 13.7% year-to-date. The S&P 500 closed the week at 5,815.03, up 1.1% from 5,751.07 last week. The S&P is up 21.9% year-to-date. The Nasdaq closed the week at 18,342.94, up 1.1% from 18,137.85 last week. It is up 22.2% year-to-date.

U.S. Treasury bond yields jumped on Friday after the September jobs report was released – The 10-year treasury bond closed the week yielding 4.08%, up from 3.89% last week. The 30-year treasury bond yield ended the week at 4.39%, upfrom 4.26% 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 October 10, 2024, were as follows: The 30-year fixed mortgage rate was 6.32%, up from 6.12% last week. The 15-year fixed was 5.41%, up from 5.25% 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 Rate Update | October 10, 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 October 10, 2024, were as follows:

The 30-year fixed mortgage rate was 6.32%, up from 6.12% last week. The 15-year fixed was 5.41%, up from 5.25% 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.

From a Nintendo Alarm to Zoom AI and More! | Tech News

Stay connected with the latest tech news from across the World Wide Web. From a Nintendo Alarm to Zoom AI and more, we have you covered! Check out the top tech and media headlines of the week below.

Nintendo Unveils Motion-Controlled Alarm Clock, “Alarmo”

Nintendo has announced a new gadget, Alarmo, a motion-controlled alarm clock set to release in early 2025 for $99.99. This unique Nintendo device allows users to snooze with a gesture or stop the alarm by getting out of bed. In addition, the Nintendo gadget features sounds from popular Switch games like Breath of the Wild and Super Mario Odyssey. It also includes sleep tracking, customizable alarm modes, and soothing bedtime sounds. While not a new console, the Nintendo Alarmo adds an interactive twist to waking up, with Switch Online subscribers getting early access to the device.

X Shifts Creator Payout Model to Focus on Premium User Engagement

X is changing how creators earn money by shifting from ad revenue based on verified users to payouts tied to engagement with content from Premium subscribers. This new system means the more Premium users interact with each other’s content, the more creators can earn. However, with Premium subscribers already prioritized in replies, it’s unclear if this will lead to higher payouts. Starting November 8th, revenue from verified ad impressions will no longer count, and up to 25% of Premium subscriptions will go directly to creators.

Amazon Introduces AI-Powered Shopping Guides for Tailored Product Recommendations

Amazon has launched AI-powered “Shopping Guides” on its mobile website and apps, designed to help users quickly find products based on specific features. Available for over 100 product types, including TVs, headphones, and skincare, these guides offer educational content and customer insights to assist in making informed purchases. By selecting a guide, shoppers receive personalized product recommendations based on factors like brand, use case, and connectivity, offering a more visual and intuitive way to filter options compared to traditional menus.

Zoom to Launch AI Avatars for Sending Messages in 2024

Zoom is set to introduce AI avatars that can attend meetings for you by delivering brief messages on your behalf. To create an avatar, users record a video of themselves, which Zoom’s AI uses to generate a digital likeness that looks and sounds like them. This feature, available through Zoom’s Clips, will be part of a custom AI Companion add-on launching next year for $12 per month. Zoom is addressing concerns about deepfakes with advanced authentication and watermarking technology, ensuring secure use of the avatars.

NYT Beta Testing New Word Puzzle Game “Zorse”

The New York Times is beta testing a new puzzle game called “Zorse”. The phrase-guessing game blends two phrases into one, focusing on wordplay. Currently available only in Canada, Zorse offers clues and a series of blank tiles. Players use the tiles to reveal and solve the puzzle. Likewise, the format resembles a mix of Wheel of Fortune and word games like Wordle. The game is part of the NYT’s ongoing expansion into puzzle games, with hopes of a wider release soon.

Rare Twiggy Macintosh Prototype Heads to Auction

A rare prototype of the original Apple Macintosh is set to be auctioned. The prototype features a 5.25-inch disk drive instead of the later 3.5-inch model. The auction will occur through Bonhams’ History of Science and Technology collection. This prototype is one of less than five known to exist and carries the model number #M0001. It is known as the “Twiggy Macintosh” because it uses the unreliable 5.25-inch drives from the Apple Lisa. Previously sold for $150,075, the prototype is expected to fetch between $80,000 and $120,000 this time.

Weekend Events | October 11 – October 13

When it comes to fall fun, we have the perfect weekend batch of things to do! From bites to brews, and frights, we’re rounding up the top local events from around town. Check out what’s happening from October 11 through October 13. 

Los Angeles Weekend Events | October 11 – October 13 

Color in Motion: Chromatic Explorations of Cinema

When: October 6 – July 13, 2024

Where: Academy Museum | Museum Row

What: “Color in Motion” showcases nearly 150 objects, including technology, costumes, props, and film posters, spanning from the 1890s to the present. Divided into six thematic sections, the exhibition explores the relationship between color, music, and movement, as seen in early dance performances and animated shorts. It delves into the evolution of color technologies, from Technicolor and Disney’s women-led Ink & Paint Department to modern digital techniques. The exhibition also highlights monochrome silent films, the narrative significance of color, and experimental art. The final gallery, the Color Arcade, is an interactive, neon-lit space featuring a corridor inspired by the stargate sequence from 2001: A Space Odyssey.

Boo-ze, Bites & Frights

When: October 11 – October 19 

Where: Heritage Square Museum

What: Similar to its Yuletide Cinemaland series, Street Food Cinema is transforming Heritage Square Museum into a spooky, cinematic wonderland for Halloween. Each night, you can enjoy a different double feature, with movie selections like Paranormal Activity and The Ring or X and Pearl. Alongside the films, you’ll have the chance to explore haunted home tours, indulge in adult trick-or-treating, and browse food trucks, a bar, and various market vendors.

Hans Zimmer

When: October 11 

Where: DTLA

What: Hans Zimmer, the renowned composer takes the stage with a full orchestra and soloists, delivering a powerful live performance of his most famous film scores. Expect to hear sweeping medleys from blockbuster favorites like The Lion King, Pirates of the Caribbean, The Dark Knight, and Inception, all brought to life in an unforgettable cinematic concert experience.

Westside and Beach Communities Weekend Events | October 11 – October 13 

Off the Hook Seafood Festival

When: October 13 

Where: Downtown Santa Monica

What: Save the date for the annual oceanside festival at the Santa Monica Pier. This lively event highlights some of the city’s top restaurants and seafood delights, featuring everything from shrimp and sushi to oysters and mussels. Enjoy cocktails, live music, games, and chef demonstrations as part of the celebration.

Celebrating Indigenous Peoples’ Day

When: October 12 

Where: Getty Museum

What: In celebration of Indigenous Peoples’ Day, the Getty will host an afternoon of free events and performances, featuring music, dance, and poetry. The event offers a chance to explore Southern California’s Native American cultures and gain Indigenous perspectives on the native flora found in the museum’s garden.

South Coast Botanic Garden’s Dogtoberfest

When: October 12 – October 27 

Where: Rancho Palos Verdes

What: South Coast Botanic Garden’s popular dog-walking hours expand to every weekend in October for the new Dogtoberfest. Along with dog-friendly walking paths, the event features an Oktoberfest-inspired pub crawl for humans, offering free beer samples at four stations (with full pours, pretzels, and bratwurst available for purchase). The fun continues for pups with a “dance pawty,” obstacle course, and a marketplace.

 

San Fernando Valley Weekend Events | October 11 – October 13 

Song in Residence: Tea Bar

When: October 12 – October 19 

Where: Glendale

What: Join Peter Song of Song Tea for an intimate pop-up tea bar experience this weekend in Montrose and ROW DTLA. Enjoy a guided tasting of artisanal loose-leaf teas, with each 50-minute session limited to six guests. Tickets are $50 and include expert insights into tea history.

House of Spirits: A Haunted Cocktail Soirée

When: October 4 – November 2

Where: Glendale

What: Step into a Glendale theater (324 N Orange St, Glendale) for a supernatural soirée filled with magic, hauntings, and mystery that will send shivers down your spine. House of Spirits offers a two-hour immersive experience where you can explore eerie performances and macabre pop-ups, all while sipping on themed drinks. Each ticket includes four mini cocktails to accompany your chilling adventure.

Dark Library: Edgar Allan Poe

When: October 12 

Where: 5628 Vineland Ave

What: Prepare for an immersive 75-minute journey through the haunting works of Edgar Allan Poe, where his poems come to life through movement, scent, and a captivating original score. Each poem is paired with a specially crafted cocktail, creating a sensory experience like no other. This chilling performance offers a unique blend of literature, art, and mixology in an unforgettable evening.

Conejo Valley Weekend Events | October 11 – October 13 

Fall Harvest Festival at Underwood Farms – Antique Tractor Weekend

When: October 12 

Where: 3370 Sunset Valley Rd, Moorpark

What: The 27th Annual Fall Harvest Festival returns to Underwood Family Farms in Moorpark from Saturday, September 28 to Thursday, October 31, 2024. The farm will become a sprawling Pumpkin Patch and Fall Harvest experience. Enjoy games, rides, photo opportunities, live entertainment, themed weekends, bands, and more. Festival hours are from 9am to 6pm daily.

Seaside Highland Games in Ventura

When: October 12 

Where: Ventura County Fairgrounds

What: On the weekend of October 12-13, 2024, the Seaside Highland Games bring the vibrant spirit of Scotland to the Ventura County Fairgrounds. Enjoy a festive celebration filled with massed pipe bands, Highland dancing, and traditional Celtic activities. With music, food, shopping, and family-friendly events, there’s something for everyone at this exciting weekend honoring Scottish heritage with a modern twist!

“Voices of Old Conejo” Living History Performances

When: October 13, 7:30pm – 9:00pm

Where: 51 S Ventu Park Rd, Thousand Oaks

What: Join the Stagecoach Inn Museum for a magical evening of time travel as two visitors from 2024 stumble upon an antique lantern and, with a genie’s help, are whisked back in time to explore the rich history of Conejo Valley. Under the stars, you’ll journey through encounters with the ancient Chumash, Hispanic settlers, and notable figures. This enchanting, genie-led experience offers a whimsical glimpse into the past, filled with fascinating characters and stories.

The Best Local Candy Shops | L.A. Eats

Halloween is fast approaching, bringing with it a celebration of all things sweet! If you’re looking to treat your spooky visitors and trick-or-treaters to something a bit more upscale, Los Angeles has a fantastic selection. Discover some of the top candy shops around the city below.

Los Angeles | Local Sweet Shops

Sockerbit

Location: Los Angeles

Just a short distance from the LACMA, Sockerbit is a haven for Scandinavian treats. The name itself means “Sugar Cube” in Swedish, and the shop lives up to its name with a wide selection of sweets. You’ll find gummies in every flavor, shape, and color, alongside hard candies, chocolates, marshmallows, and more. Sour candy lovers will find plenty to enjoy as well.

Original Farmers Market

Location: Los Angeles

The Original Farmers Market in LA boasts not just one, but two incredible spots for sweet treats! Candy enthusiasts should make sure to visit Littlejohn’s English Toffee House and Dylan’s Candy Bar. Littlejohn’s is known for its irresistible hand-crafted toffees and more.

Dylan’s Candy Bar is a lively, artistic paradise for candy lovers. Step into this colorful shop and you’ll be greeted by an array of candy-filled jars and boxes, as well as beautifully packaged gift sets. In addition to the sugary treats, the store also offers sweet-themed non-edible items like stationery, clothing, and home decor.

Westside & Beach Communities | Local Sweet Shops

Lady Chocolatt  

Location: Brentwood

Lady Chocolatt specializes in exquisite, hand-crafted Belgian chocolates, perfect for those who appreciate the rich flavors of European confections. The shop offers a wide range of fillings and toppings, allowing you to savor options like Champagne truffles, coffee-infused pralines, and Earl Grey tea ganache. With such an extensive selection, there’s sure to be something that satisfies your cravings. Each treat comes beautifully boxed, adding an extra touch of luxury to every purchase.

John Kelly Chocolates

Location: Santa Monica

This delightful Santa Monica chocolatier specializes in a variety of hand-crafted chocolates. Step into the cozy boutique and explore over 100 kinds of delicious and visually stunning treats. The shop also caters to different preferences, offering vegan options and unique signature specialties.

Candy ASAP

Location: Santa Monica

Candy ASAP in Santa Monica is a must-visit for anyone looking to satisfy their sweet tooth with a twist. This unique candy shop offers all kinds of treats, from the quirky Dr. Pepper cotton candy to the impressive three-inch-long Snake Bitez gummy. If you’re feeling adventurous, you can even tackle a giant Gummi Bear. For those who prefer classic treats, the shop also stocks theater boxes and popular brands like Shari, Mrs. Fields, and Muddy Bears.

San Fernando Valley | Local Sweet Shops

Valerie Confections

Location: Glendale

Since its founding in 2004, Valerie Confections has earned a reputation as one of the nation’s top artisan chocolatiers. Over the years, they’ve expanded their offerings to include a wide array of other delicious sweet treats.

Cocoa and Candy

Location: Studio City

Cocoa and Candy offers a wide selection of well-loved mainstream chocolates and candies. Whether you’re in the mood for a Lion Bar, Yorkie, Galaxy, or a pack of Chewits, you’ll find them all inside this charming, old-fashioned candy shop.

Lolli and Pops

Location: Sherman Oaks | Glendale | Canoga Park

You’ll discover a branch of the beloved Lolli and Pops in Sherman Oaks on Riverside Drive, among its many locations. This delightful shop offers an extensive range of candies, from licorice and jelly beans to popping candy and their signature lollipops, making it easy to satisfy any sweet tooth. In addition to these goodies, you’ll also find chocolates, cookies, macarons, and an assortment of international treats.

Grando Cioccolato

Location: Sherman Oaks

Grando Cioccolato is one of the top chocolatiers in the San Fernando Valley, situated in Sherman Oaks. The shop focuses on artisan Italian chocolates made right in the USA, all crafted from a cherished family recipe handed down through the generations. You can enjoy the delightful flavors with a chocolate bar or select from a variety of exquisite gift boxes.

Conejo Valley | Local Sweet Shops

Ex Voto Chocolates and Confections

Location: Ventura

Located in Ventura, Ex Voto Chocolates and Confections is a hidden treasure that creates artisan treats daily. Step into a realm where chocolate meets artistry, with hand-painted bonbons that are as visually stunning as they are delicious. Committed to using fair trade chocolate and fresh ingredients, Ex Voto delivers exceptional flavors in every bite.
Tifa Chocolate and Gelato

Location: Agoura Hills | Porter Ranch | Westlake Village

Tifa Chocolate and Gelato, a family-owned gem in Agoura Hills, is nestled within Whizin Market Square in Conejo Valley. This delightful shop offers a range of homemade candies, chocolates, and gelatos, featuring an abundance of seasonal flavors and unique signature creations.

Pumpkin Patches, Apple Orchards, and Fun | Out & About

As the air grows crisper and the leaves turn to hues of orange and gold, Southern California’s countryside transforms into a fall wonderland. For those seeking a charming day trip filled with seasonal activities, the region’s apple orchards and pumpkin patches offer the perfect escape. Whether you’re picking fresh apples in Oak Glen or enjoying a scenic stroll through a pumpkin patch at Underwood Family Farms, these elevated farm experiences blend rustic charm with sophisticated fall fun.

Apple Picking in Oak Glen: A Slice of Autumn Bliss

Nestled in the foothills of the San Bernardino Mountains, Oak Glen is a picturesque town famous for its apple orchards and quaint, small-town charm. Just an hour and a half from Los Angeles, this idyllic spot offers the perfect setting for a fall day trip. The apple harvest in Oak Glen begins in early September and continues through November, making autumn the ideal time to visit.

Step into any of Oak Glen’s many orchards, and you’ll feel transported to a different time. Apple picking at places like Los Rios Rancho and Riley’s Farm allows visitors to wander through orchards dotted with ripening apples, choosing from heirloom varieties like Arkansas Black, Rome Beauty, and Winesap. The experience is a sensory delight— the crisp mountain air, the vibrant colors of the apples, and the satisfying snap of an apple freshly picked from the tree.

In addition to apple picking, Oak Glen offers a variety of other sophisticated fall activities. Many of the orchards have their own farm-to-table restaurants, where you can enjoy fresh apple pie, cider, and seasonal dishes. You can even try your hand at pressing fresh cider at places like Willowbrook Apple Farm, adding a hands-on element to your visit. For a more refined experience, book a farm tour and learn about the history of apple growing in the region while enjoying the stunning mountain views.

Underwood Family Farms: A Luxury Pumpkin Patch Experience

For those in search of the perfect pumpkin, Underwood Family Farms offers a pumpkin patch experience that’s far from ordinary. The family-owned farm has become a beloved destination for fall enthusiasts looking for a fun, upscale outing. Underwood’s annual Fall Harvest Festival, running from late September through October is not to be missed! See the farm transform into a festive, colorful wonderland of pumpkins, hay bales, and harvest-themed displays.

What sets Underwood Family Farms apart is its variety of pumpkin patch experiences. You can stroll through rows of pumpkins! From tiny gourds to massive, prize-worthy pumpkins, there are plenty of choices. Likewise, all set against the backdrop of rolling hills and vibrant fall foliage. The farm offers both traditional pumpkin picking as well as special heirloom varieties.

Underwood Family Farms also offers more than just pumpkins. For a more curated experience, guests can enjoy tractor rides, a corn maze, and a pick-your-own vegetable garden. The farm’s produce section offers a bounty of fresh, seasonal produce, perfect for bringing a taste of fall home. In the mood to elevate your farm day experience? The farm offers weekend events featuring live music, farm-to-table dining, and local artisan markets.

A Perfect Fall Day Trip for All

From picking apples to selecting the perfect pumpkin, these harvest hubs offer more than just seasonal fun. Each destination provides a chance to slow down, savor the moment, and experience the simple pleasures of autumn. These day trips blend the rustic charm of the countryside with the elevated experiences that Southern California’s luxury lovers seek.

Pack your favorite cozy sweater, grab a basket, and head out for a sophisticated fall outing!

Fall Luxury Landscaping Trends | Home Tips

As fall rolls into Southern California, luxury homeowners have a unique opportunity through landscaping to enhance their outdoor spaces with seasonal beauty. While the region may not experience the vivid autumn transformations seen in other parts of the country, Southern California offers its own distinctive fall foliage options that can bring warmth, texture, and elegance to luxury landscapes. With the right plant selections and design strategies, your garden can embody the spirit of the season while thriving in the local climate.

Here are some key insights and recommendations for creating a stunning fall garden with luxury foliage that suits Southern California’s Mediterranean-like conditions.

1. Embrace Drought-Tolerant, Fall-Friendly Plants

Southern California’s dry fall season makes it essential to choose plants that can handle limited water while still offering rich colors and textures. Many drought-tolerant species, such as California fuchsia (Epilobium canum), come into bloom during fall, providing a pop of vibrant orange-red flowers that contrast beautifully with neutral landscaping elements.

Other great options include succulents, particularly those that shift color during the fall months. For instance, sedum varieties, such as Autumn Joy, develop warm copper hues as the weather cools, adding a touch of seasonal charm to garden beds or container arrangements.

2. Opt for Native Grasses for Texture and Movement

Native grasses are a luxurious yet low-maintenance way to introduce texture and a sense of movement to your fall landscaping. Deer grass (Muhlenbergia rigens), for example, offers elegant, feathery plumes that turn a soft golden shade in fall, blending effortlessly into high-end landscape designs.

Ornamental grasses like purple fountain grass (Pennisetum setaceum ‘Rubrum’) also work well, adding a bold, modern aesthetic with their dark reddish-purple foliage that lasts through the season. These grasses are ideal for creating a dynamic landscape that sways gracefully in the autumn breeze, enhancing the tranquil atmosphere of your outdoor space.

3. Incorporate Fall-Blooming Perennials

For luxury homeowners who want a garden that comes alive in the fall, selecting perennials that bloom during this season is key. Mexican sage (Salvia leucantha) is a fantastic choice, with its vibrant purple flowers blooming profusely through late fall. Not only does this plant attract beneficial pollinators like hummingbirds, but it also creates a stunning visual contrast when paired with more neutral or earth-toned elements in your landscaping.

Japanese anemone is another elegant addition, offering soft white or pale pink flowers that bring a refined, romantic feel to any luxury garden.

4. Choose Trees and Shrubs for Seasonal Color

While Southern California doesn’t experience dramatic tree color changes, certain trees and shrubs offer beautiful fall foliage. The Chinese pistache (Pistacia chinensis) is one of the few trees that provide a true autumnal palette of red, orange, and yellow leaves, making it a perfect centerpiece for a fall-themed garden.

Crape myrtle (Lagerstroemia), known for its long-lasting summer blooms, also displays striking foliage in shades of red and orange as fall progresses. This tree’s smooth, sculptural bark adds year-round visual interest, enhancing the overall luxury feel of your landscape.

5. Maximize the Use of Planters and Containers

For homeowners seeking flexibility in their fall garden, luxury planters and containers offer an elegant solution. Consider filling them with a mix of ornamental kale, pansies, and chrysanthemums, which thrive in the cooler temperatures of Southern California’s fall.

By strategically placing these containers around patios, entryways, and outdoor living areas, you can easily refresh your garden’s look and feel while incorporating a rich, seasonal color palette.

Conclusion

Creating a luxury garden that reflects the beauty of fall in Southern California is all about selecting the right plants and design elements. By focusing on drought-tolerant species, native grasses, fall-blooming perennials, and trees that offer seasonal color, homeowners can enjoy a sophisticated and elegant outdoor space that thrives in the local climate. With careful planning, your garden can be a true celebration of the season, adding beauty and value to your home.

Economic Update | Week Ending October 5, 2024

U.S. Hiring Surges – Employers added a quarter of a million jobs in September – The Department of Labor and Statistics reported that 254,000 new jobs were added in September, which exceeded the revised 159,000 new jobs that were added in August. It also blew away economists who were surveyed and forecasted 150,000 new jobs. The unemployment rate ticked down to 4.1% in September from 4.2% in August. Average hourly wages increased 4% year-over-year in September, up from a 3.8% annual increase in August. More people working, lower unemployment, and higher wages are inflationary. Bond yields and mortgage rates rose after the jobs report was released.

Stock markets – Stock markets were on track for their first weekly loss in five weeks, but surged again on Friday after the September jobs report was released to end the week higher. The Dow Jones Industrial Average closed the week at 42,352.75, up 0.1% from 42,313.00 last week. It is up 12.4% year-to-date. The S&P 500 closed the week at 5,751.07, up 0.2% from 5,738.18 last week. The S&P is up 20.6% year-to-date. The Nasdaq closed the week at 18,137.85, up 0.1% from 18,119.59 last week. It is up 20.8% year-to-date.

U.S. Treasury bond yields jumped on Friday after the September jobs report was released – The 10-year treasury bond closed the week yielding 3.98%, up from 3.75% last week. The 30-year treasury bond yield ended the week at 4.26%, up from 4.10% 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 October 3, 2024, were as follows: The 30-year fixed mortgage rate was 6.12%, up from 6.08% last week. The 15-year fixed was 5.25%, up from 5.16% 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.

Have a great weekend!