Last week the National Association of Realtors posted April statistics on sales of previously owned homes as well as new single-family home sales. While both were higher than the previous month, both were down year-over-year.
“While housing sales figures are being reported as lower than last year at this time, it’s interesting to see how the mortgage rates have changed since the Fed’s announcement of its bond buying program. 30-Year fixed mortgage rates are currently above 4.1%, up from 3.6% this time last year,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 2.60% since Friday’s close. Year-to-date performance for the index is up 6% after being up above 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was down 5.50% as of noon on Wednesday. The price of gold is currently $1,258 per ounce, down $34 this week.
- PHLX OIL SERVICE SECTOR (OSX) was up 0.14% as of noon on Wednesday. The price per barrel of crude is currently $103.70, down $1 this week.
INDEX TO WATCH
- The internet space has been heating up of late with returns close to 10% during the past three weeks. Track the space by monitoring NASDAQ Internet (QNET). The index is up 0.89% this week.