Economic Update for Week Ending June 27, 2020

June 27, 2020

Stocks drop on Coronavirus fears - As Coronavirus cases increased dramatically in 31 states, investors sold off stocks, and all indexes dropped sharply. Many governors and mayors announced a pullback in the speed of reopening. A couple of towns even went back to a shelter in place order. A pullback in reopening will stall the economy further, and slow the pace of workers returning to work.  

  • The Dow Jones Industrial Average closed the week at 25,015.55, down 3.3%  from 25,871.46 last week. It’s down 12.3% year to date. 
  • The S&P 500 closed the week at 3,009.05, down 2.9% from 3,097.74 last week. It’s down 6.9% year to date. 
  • The NASDAQ closed the week at 9,757.22, down 1.9% from 9,946.12 last week. It’s up 8.7% year to date. 

 U.S. Treasury bond yields:

  • The 10-year treasury bond closed the week yielding 0.64%, down from 0.71% last week. 
  • The 30-year treasury bond yield ended the week at 1.37%, down from 1.45% last week.

 Mortgage rates - The Freddie Mac Primary Mortgage Survey released on June 25, 2020, reported mortgage rates for the most popular loan products as follows: 

  • The 30-year fixed mortgage rate average was 3.13%, unchanged from 3.13% last week. 
  • The 15-year fixed was 2.59%, unchanged from 2.58% last week. 
  • The 5-year ARM was 3.08% unchanged from 3.09% last week. 

California Pending Home Sales - Leslie Appleton Young the chief economist and VP of The California Association of Realtors announced that pending sales increased 67% in May from April’s pending sales figures. Pending sales are new contracts signed and reported to MLS systems. They take on average 30-60 days to close. May’s existing-home sales marked a historic low number, down over 41% of the number of homes sold last May. Fortunately, judging by the number of pending sales, and the escrow cancellation rate, June and July’s existing sales numbers will be significantly higher, and much closer to last year's figures. 

Have a great weekend

#econimicupdateJune2020 #stockmarketupdate #realestatecalifornia #marketwatch

1593267316

Kommentarer

Dela denna post

Click here!

Tina Lucarelli

Regents logo
LRE®-profil Fler bloggposter Spara favorit

Arkiv

Nya bloggposter

Just Sold In Tequesta!

Echo Fine Properties, Echo Fine Properties — Jul 08

As Seen in "Elevated Luxury Real Estate" Magazine - 34 Sandstone Cove in Park...

Kelly Rogers, Summit Sotheby's International Realty — Jul 07

Just Listed in Park City, Utah. Light & Bright Home in a Great Neighborhood!

Suzanne Pretorius, Summit Sotheby's International Realty — Jul 07

Announcing Exclusive Representation of Pacific Bay Luxury Residential

Engel & Völkers Snell Real Estate, Engel & Völkers Snell Real Estate — Jul 06

Record Surge

Patricia Garrity, Russ Lyon Sotheby's International Realty — Jul 06

Twitter