Financial Markets- Bonds (Mortgage Rates)
The S&P 500 is on an unprecedented run since it bottomed out in mid April, currently at 6,370 and has continued to break its all time highs over the past week and is now up 8.5% for 2025.
https://www.cnbc.com/quotes/.SPX
Over in the bond market, where we like to monitor the 10 year US Treasury, we all still wait for the yield to get back to below 4%. We are now coming up on a year since that false glimmer of hope where the 10 year US Treasury reached 3.6%, and bringing the average 30 year fixed down to around 6.125%. Remember that currently the approximate spread between the 10 year US Treasury and average 30 year fixed is around 2.5%. So, with the 10 year US T at 4.4% we find ourselves working with an average 30 year fixed of around 6.9% today. If the 10 year US T can get back to last fall’s levels of 3.6% and we can get back to a more historic average gap of 2% between the 10 year US T and the average 30 year fixed, we can see mortgage rates in the mid 5’s which is a goal for Treasury Secretary Bessent.
Southern Nevada Real Estate
6 months down, 6 to go. 2025 sales are starting to fall behind the sales paces of 2023 and 2024 and we could be experiencing the least amount of home sales in Clark County in ¼ century, YET, the median priced home still holds at $485,000. Not to mention there are 1 million more people in Clark County today than in 2000. Nuts! The pent up demand could be tremendous.
June Sales:
- Total: 3,021
- Condos: 314
- Townhomes: 406
- Single Family Residences: 2,301 (includes new construction)
- Inventory 9,331…when divided by resale SFRs, we come up with 4.7 month supply
- Median-priced home $485,000
- Average priced home $636,617
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List Reports brief description video:
https://listreports.wistia.com/medias/u3n951yoyu
Homebot brief description video:
Rate Plug brief description video: