Terre Steinbeck Rodeo Realty Beverly Hills

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Economic update for the week ending January 9, 2021 The U.S. Economy lost 140,000 jobs in December The Department of Labor Statistics reported that 140,000 non-farm jobs were lost in December. This marked the first month of net job losses since April. As COVID-19 cases continue to spike, most states and local governments have entered more restrictive shutdowns. This has caused another round of layoffs. The unemployment rate in December was 6.7%. Stock markets surged to new ...record highs again this week Stocks had another active week as investors expect another round of stimulus, beyond the one that was just passed two weeks ago. Investors also believe that with the senate so evenly split, and the economy fragile, an increase in the corporate tax rate is unlikely. Even a disappointing December jobs report led to a rally, as it puts more pressure on congress to enact another round of stimulus and leave tax rates alone. The Dow Jones Industrial Average closed the week at 31,097.97, up 1.6% from 30,606.48 last week. The S&P 500 closed the week at 3,824.68, up 1.8% from 3,756.07 last week. The NASDAQ closed the week at 13,201.98, up 2.4% from 12,888.28 last week. U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 1.13%, up from 0.93% last week. The 30-year treasury bond yield ended the week at 1.87%, up from 1.65% last week. We watch bond yields because mortgage rates often follow treasury bond yields. Mortgage rates - The January 7, 2021 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 2.65%, almost unchanged from 2.67% last week. The 15-year fixed was 2.16%, unchanged from 2.17% last week. The 5-year ARM was 2.75%, up slightly from 2.71% last week. Unfortunately, rates increased late in the week. Next week’s mortgage rates will be higher. December housing figures will be released late next week or early the following week. You can get local figures now by going to my website and viewing market trends. Our area saw a record number of sales and new listings in December! Have a great weekend!

Economic update for the week ending December 26, 2029 Stocks almost unchanged for the week - Stock markets had a lackluster week as President Trump would not sign off on a stimulus package that everyone felt would be a done deal after it was approved by the house and senate on Monday. The package, most of which is expected to be approved included the following: 1 Direct immediate relief for individuals - payments of $600 per individual will be sent to people making under $...Continue reading

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Economic update for the week ending November 21, 2020 Stock markets unchanged this week Investors bought stocks based on positive news showing that several COVID-19 vaccines are close to being approved for distribution. They also sold stocks based on fear that surging COVID-19 cases were causing further restrictions that will curtail business growth throughout the country. Unemployment claims unexpectedly rose this week which was further evidence that the re-opening of th...e economy has begun to show some signs of reversing. The Dow Jones Industrial Average closed the week at 29,293.48, down 0.7% from 29,471.81 last week. It’s up 2.5% year-to-date. The S&P 500 closed the week at 3,557.54, down 0.8% from 3,585.15 last week. This is a record close. It’s up 10.1% year-to-date. The NASDAQ closed the week at 11,854.97, down 0.2% from 11,829.28 last week. It’s up 32.1% year-to-date. U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 0.83%, down from 0.89% last week. The 30-year treasury bond yield ended the week at 1.53%, up from 1.65% last week. We watch bond yields because mortgage rates often follow treasury bond yields. Mortgage rates - The November 19, 2020, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.72%, down from 2.84% last week. The 15-year fixed was 2.28%, down from 2.34% last week. The 5-year ARM was 2.85%, down from 3.11% last week. The California Association of Realtors reported that existing, single-family home sales totaled 484,510 on an annualized basis in October. That represented a year over year increase of 19.5% from the number of homes sold in October 2019. The median price paid for a home in California was $711,300, up 17.5% from the median price last October. Inventory levels were lower than one year ago. There was just a two-month supply of homes for sale in October. That is unchanged from September, as new listings also increased to meet demand. One year ago, the unsold inventory index stood at a 3-month supply. Have a great weekend!!