Financial Markets- Bonds (Mortgage Rates)
The S&P 500 remained flat this month, mainly taking most of October to regain what the market lost on October 10th when POTUS Trump threatened more tariffs on China. After the nearly 200 pt decline, the market steadily rose to its pre 10-10 levels, today, sitting at 6,738.
https://www.cnbc.com/quotes/.SPX
The Tariff threat had the opposite effect on mortgage rates, as is often the case, when stocks sell off, bonds rally, and mortgage rates drop. The 10 year US Treasury continued to drift down throughout the month, and the end result is the 10 year US Treasury is right around 4% on the button today. This marks the lowest mortgage rates have been in over a year, with the average 30 year fixed rate mortgage sitting at around 6.2% ish.
Southern Nevada Real Estate
September sales were nearly identical to August, but the median priced home fell to $470,000 (from $480,000 the month prior) and down $15,000 from the peak of $485,000. When you combine the lower rates and drop in price, the median priced home now translates into a lower mortgage payment by about $325 per month.
August Sales:
- Total: 2,627
- Condos: 315
- Townhomes: 307
- Single Family Residences: 2,005
- Inventory 9,567…when divided by resale SFRs, we come up with 4.8 month supply
- Median-priced home $470,000
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Homebot brief description video:
Rate Plug brief description video: