Economic update for the week ending April 25, 2015

Economic update for the week ending April 25, 2015

 
Stock markets rise to record high levels –  More companies reporting first quarter profits above analysts’ expectations, a rise in home sales, and rising oil prices lifted the markets this week.  The Dow Jones Industrial Average closed the week at 18,080.14 up from last week’s close of 17,826.30.  The S&P 500 closed at 2,117.69 well above last week’s 2,081.18. The NASDAQ closed at 5,092.09, a record high, up from last week’s close of 4,931.82. 
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Treasury Bond yields rise slightly – The 10 year Treasury bond closed the week at 1.93%, up from 1.86% last week. The 30 year treasury yield ended the week at 2.62%, up from 2.51% last week.
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Mortgage Rates remain stable –  The 30 year fixed rates are just above 3.75% for loans up to $417,000 and at or just above 4% for loans over $417,000.  15 year fixed loans are about 3% for loans up to $417,000 and about 3.25% for higher loan amounts. The Freddie Mac Primary Mortgage Survey which comes out early in the week reported that the 30 year fixed mortgage rate average for the week was 3.65%, they were about the same as last week’s 3.67%. The 15 year fixed was 2.92% this week and 2.94% last weekThe 5 year ARM was 2.84% and the 1 year ARM was 2.44%. 

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U.S. Home Sales up 6.1% in March – The National Association of Realtors reported that the number of existing home sales increased 6.1% in March from February. The number of homes sold were also 10.4% higher than last March. The number of homes sold in March marked the highest level since September 2013 and the month over month increase was the largest increase since December 2010. 

Pending sales jump for third straight month in California – The California Association of Realtors reported that the number of pending home sales, homes under contract, increased 16.3% from February. Year over year home sales are up 13.8% from March 2014.

New home sales plunge in March – The number of new homes sold in the U.S. unexpectedly dropped in March. The number of new homes sold in March was 11.4% below February’s home sales level. Most of the drop in new home sales occurred in the northeastern portion of the country where sales declined over 33%.

Have a great weekend!

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