What’s Ahead For Mortgage Rates This Week – August 29, 2016

Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.

New Home Sales Rise in July as Pre-Owned Home Sales Fall

Sales of new homes jumped in July to a seasonally-adjusted annual rate of 654,000 sales, which surpassed expectations of 579,000 sales and June’s downwardly-revised reading of 582,000 sales. This was the highest reading for new home sales since 2008 and represented a 31.30 percent increase since July 2015.

Builders were seen by analysts as addressing the need for more affordable homes; this trend contributes to a healthy housing market by supplying homes for a wider range of buyers. First-time buyers play a vital part in housing markets as their purchases enable current homeowners to buy larger homes or relocate.

Sales of pre-owned homes fell 3.20 percent to a seasonally-adjusted annual rate of 5.39 million sales as compared to expectations of 5.59 million sales and June’s reading of 5.57 million sales. Year-over-year, sales were 1.60 percent lower. Limited inventories of available pre-owned homes have narrowed buyer options; increasing prices and narrow choices were seen as factors contributing to lower sales. There was a 4.60 month supply of available homes in July. Real estate pros typically consider a six months a normal reading for homes on the market.

Lawrence Yun, chief economist for the National Association of Realtors®, noted that a slowdown in home appraisals may have contributed to July’s lower sales reading for pre-owned homes. Low mortgage rates prompted a surge in refinancing which created a backlog in home appraisals. While low mortgage rates may entice home buyers, stricter mortgage requirements can also keep prospective buyers at bay.

Federal Reserve Chair Janet Yellen indicated that the stage could be set for a federal rate increase as early as next month. If the Fed hikes its target federal funds rate, interest rates for consumer credit and mortgages can be expected to rise.

Mortgage Rates Hold Steady; New Jobless Claims Fall

Freddie Mac reported that fixed mortgage rates for 30 and 15-year loans were unchanged at 3.43 and 2.74 percent respectively. The average rate for a 5/1 adjustable-rate mortgage was one basis point lower at 2.75 percent. Discount points averaged 0.60, 0.50 and 0.40 percent.

New jobless claims were lower last week. 261,000 new jobless claims were filed against expectations of 264,000 new claims and the prior week’s reading of 262,000 new claims filed. Declining jobless claims can indicate strengthening labor markets, but can also indicate that workers are leaving the labor markets.

Consumer sentiment declined slightly in August due to concerns over the upcoming presidential election. Analysts expected a reading of 91.0 for August, but the reading for August was revised from 90.4 to 89.80.

What’s Ahead

Next week’s scheduled economic news includes reports on pending home sales, inflation, construction spending and consumer confidence. National unemployment, non-farm payrolls and ADP payrolls are also scheduled.

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22427 E Oriole Way Queen Creek, AZ 85142

$643,645

3 Beds

2.5 Baths

1,951 SqFt

Status Active

MLS # 6767276

Property Type Single Family Residence

Price Type --

BEAUTIFUL GREAT ROOM HOME THAT IS READY TO MOVE IN! FULLY LANDSCAPED FRONT AND BACK, WITH ARTIFICIAL TURF AND PERGOLA IN THE BACKYARD. 3 BEDROOM , 2.5 BATH, 3 CAR GARAGE. BEAUTIFUL BRIGHT FINISHES, PLANK TILE FLOORING EVERYWHERE EXCEPT BEDROOMS, GRANITE TOPS, TILE BACKSPLASH, SPA SHOWER IN MAIN BATH, INCLUDES WINDOW COVERINGS , CEILING FANS,, GAS TANKLESS WATER HEATER ENERGY STAR RATED,, ETC.! . ALL THIS IN THE NEW PREMIER MASTER PLAN COMMUNITY, LOCATED IN QUEEN CREEK. FEATURING A 22 ACRE LAKE, THAT IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING, CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL, SPLASH PAD, BOCCE BALL, PICKLE BALL. BOARDWALKS AND RAMADAS AROUND THE LAKE AND MUCH MORE...KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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24393 N 169th Drive Surprise, AZ 85387

$643,500

4 Beds

3 Baths

2,862 SqFt

Status Active

MLS # 6759147

Property Type Single Family Residence

Price Type --

**NEXT GEN HOME BY LENNAR GIVES YOU 2 HOMES IN 1!** Immaculate home we know you are going to love. The first thing you'll notice is the fantastic curb appeal & great landscaping. This gem has 3 bedrooms & 2 baths in the main home & a casita with its own entrance, living room, kitchen, bedroom, laundry, & bath. The main house has an open floor plan with a huge living room. The kitchen offers island with breakfast bar, granite countertops, pantry, contemporary cabinets, & stainless steel appliances. Spacious bedrooms, neutral color paint, and wood-like tile flooring through the main living areas. Water softener & custom fans have been added. The backyard features a covered patio & is ready for your dream vision of landscape. Located on a Huge Lot in the stunning community of Asante!

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19725 N Leisure Lane Prescott, AZ 86305

$643,205

2 Beds

1 Bath

1,162 SqFt

Status Active

MLS # 6787320

Property Type Single Family Residence

Price Type --

Discover a serene 18-acre property in Crossroads Ranch, featuring a grandfathered cozy 1,161 sq. ft. two-bedroom, one-bath home with an open layout and abundant natural light. Highlights include a large laundry room, a charming covered front porch with breathtaking views, and a 256 sq. ft. horse shelter, ideal for equestrian enthusiasts. Bordering K-4 Ranch and with easy access to State Trust Land, the property offers endless riding and outdoor opportunities. Perfect for self-sufficient living or future expansion, this peaceful retreat provides privacy and convenience, capturing the essence of countryside living.

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8026 E Quartet Avenue Mesa, AZ 85212

$642,999

3 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6636868

Property Type Single Family Residence

Price Type --

MLS#6636868 Ready Now! The Windsor at Hawes Crossing. This residence comprises 3 bedrooms, 2 bathrooms, a 3-car tandem garage, and a versatile study. An inviting porch welcomes you into the entry, where a study on one side and secondary bedrooms with a full bath on the other provide a balanced layout. Progressing beyond the study, you enter the expansive kitchen, dining, and great room area. The open-concept living ensures seamless integration of cooking, dining, and relaxation, allowing you to enjoy family time or catch up on your favorite shows. The kitchen is a culinary haven with a gas cooktop, double oven, 42 upper kitchen cabinets adorned with maple cabinets, and quartz counters. A hallway off the kitchen leads to the primary suite, showcasing an upgraded super shower and ample closet space. Your dream home awaits! Structural options added include: Gourmet kitchen, garage service door, paver front porch, super shower at owner's bath, soft water loop, and gas line for future outdoor kitchen.

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23680 N 168th Lane Surprise, AZ 85387

$642,900

4 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6781921

Property Type Single Family Residence

Price Type --

MULTI-GEN LIVING SPACE!! 3-CAR GARAGE! Welcome to the epitome of modern elegance and spacious living in this Aurora floor plan, located in the desirable community of Asante in Surprise, AZ. This immaculate home features 4 bedrooms, 3 full bathrooms, and an ADDITIONAL DEN area perfect for a teen wing or guest quarters. As you approach the home, you'll be struck by its stunning curb appeal and METICULOUS LANDSCAPING on a desirable corner lot. The PRIVATE COURTYARD entrance sets the tone for this beautiful home. Upon entering, you'll be greeted by an abundance of natural light pouring in from the TWO LARGE SLIDING DOORS in the Great Room and Dining Area, creating a bright and welcoming atmosphere. Every window in the hoam showcases gorgeous PLANTATION SHUTTERS! ... The open concept layout seamlessly connects the living area, dining area, and kitchen, making it ideal for entertaining or a busy household. Holiday cooking will be easy in this sleek kitchen that boasts GRANITE COUNTERTOPS, stylish cabinetry, a large island, and modern stainless steel appliances. The home features THREE FULL BATHROOMS, each with their own unique design and luxurious finishes. The primary suite is a peaceful retreat, complete with a SPA-LIKE WALK IN SHOWER, dual sinks, and spacious dual closets. Nestled between two bedrooms split from the primary suite, the den area offers a versatile space for a teen wing or entertainment zone for guests. Practical features such as EPOXY GARAGE FLOORING and ATTACHED GARAGE STORAGE make organizing and storage a breeze. Step outside into the BEAUTIFULLY MANICURED YARD, with mature trees and low maintenance turf, providing a serene outdoor space for relaxation and gatherings. This home has been meticulously maintained and is move-in ready, offering a high-quality living experience in the vibrant Asante community. Don't miss the opportunity to make this your dream home.

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3609 W Summit Walk Drive Anthem, AZ 85086

$642,500

3 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6768388

Property Type Single Family Residence

Price Type --

REDUCED FOR FAST SALE Best in class Majesty Model, outstanding features abound... Shows like a model. New paint and new wood look tile floor throughout. Great Kitchen with Granite Counters and Huge Island, new gas range, upgraded pullout cabinets and large pantry. From the private gated courtyard entry this home shows like a model! Main bedroom features great walk-in closet, and an upgraded bath with Separate tub and shower and his and hers vanities. This open floorplan features a huge kitchen over-looking the family room. The family room has surround sound in place. A great home office looks out on to the private gated courtyard and make this one of Anthem's best! Did I mention completely paid off solar system...

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17134 W Hackamore Drive Surprise, AZ 85387

$642,456

4 Beds

3 Baths

2,660 SqFt

Status Active

MLS # 6776830

Property Type Single Family Residence

Price Type --

MLS#6776830 February Completion! Experience true multigenerational living with the Zion plan at Asante! Step through the welcoming porch into the foyer. To one side, discover a private multi gen suite featuring a bedroom, a dedicated living area, bathroom, a one-car garage, and a separate entry from the outside as well as into the main home. In the main home, you'll find a formal dining area, a powder room, a laundry room, and entry to your two-car garage. At the heart of the home, a spacious great room seamlessly connects to a kitchen with an island, casual dining space, and covered outdoor living area. Tucked away in the back, the primary suite offers a spa-inspired bathroom and a large walk-in closet—your perfect retreat. Structural options include: paver front porch, garage service door, exterior door at primary suite, interior door at mulit-gen living, super shower in primary and pre plumb for laundry sink.

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21048 E Arroyo Verde Drive Queen Creek, AZ 85142

$642,031

4 Beds

3 Baths

2,198 SqFt

Status Active

MLS # 6766872

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus Builder/Lender Financing Incentive Available when financing with builder's preferred lender(s) of up to $25K towards closing costs or interest rate buydown. Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful Cul-De-Sac home backs to 8-Mile Walking Trail with no homes behind! Beautiful upgrades include Smoke cabinets, Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave, Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Plank Tile Flooring, & Window Blinds. Final Chance to Own Backing to the Trail! Don't Wait, See This Home Today.

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35612 N Lodestone Drive San Tan Valley, AZ 85144

$642,000

4 Beds

2.5 Baths

2,433 SqFt

Status Active

MLS # 6779171

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Toll Brothers home! This brand new 2024-built residence has been thoughtfully upgraded throughout. Offering 4 beds, 2.5 baths, 3-car garage, & a low-care landscape. Home exudes elegance with stylish light fixtures, tall ceilings, wood-look tile flooring in common areas, Berber carpet in bedrooms, a neutral palette, and tons of natural light. You'll love the open layout paired with sliding doors to the back! The gourmet kitchen features quartz counters, tile backsplash, and a large island w/breakfast bar. The walk-in pantry & gray shaker cabinetry ensure ample storage. The owner's suite has an ensuite with dual quartz sinks & a walk-in closet. Outback, you have artificial turf and a covered patio to relax or enjoy BBQ. Just WOW

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549 W Sweet Shrub Avenue Queen Creek, AZ 85140

$642,000

5 Beds

3 Baths

3,317 SqFt

Status Active

MLS # 6741014

Property Type Single Family Residence

Price Type --

This large, beautiful 5 bedroom, 3 bathroom Fulton home located in Ironwood Crossing features an extended 306 square foot balcony with private master access and mountain views, view fencing to the greenbelt, no neighbors behind, a SUPER-SIZED 4.5 car garage, SOLAR PANELS that will be PAID IN FULL by sellers at closing, artificial turf, LIME & RUBY GRAPEFRUIT trees. Interior has new carpet and paint, wood tile flooring, Havana tile stairs with iron scroll railing, 2'' faux wood blinds, dual pane low-e windows, paneled doors and closets, ceilings fans and lots of storage space throughout! Surround sound speakers installed in family room.Spacious gourmet kitchen has a large island, granite counter tops, extended maple cabinets with 3 crown molding, recessed lighting, under mount stainless steel sink, and stainless steel appliances, and new convection stove top. There is a GAS STUB at the cook top! Master bedroom has views of the lush greenbelt overlooking the backyard, private sliding door to the balcony, a HUGE closet AND bathroom with an extra long counter, double sinks, and a Graniterra garden tub/separate shower. The spacious loft is central to the upper level living area and is a flex space for office, entertainment, whatever suits you! The 5th bedroom is located downstairs and has access to the all bathroom just one door down. Brand new water heater! Solar is owned and will be paid in full at closing. Soft water loop already installed. 210 breaker box professionally installed for an above ground pool! Gas available at cooktop, dryer, and BBQ! Home is turnkey ready with all appliances conveying, including washer/dryer/fridge! Platinum Plan warranty will be provided by sellers through Select Home Warranty. Sellers can paint accent walls and kitchen to match rest of house if buyers desire. They will work with you! The aquatics center with a heated community pool and splash pad is nearby, as is Legacy Traditional Charter School. One of many playgrounds is just a few houses down the street. There are walking paths, parks with ramada covered picnic areas and gas grill throughout the community, basketball courts, and a soccer field!

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1449 W Saddle Run Apache Junction, AZ 85120

$641,990

4 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6750835

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Casoria floor plan presents a sophisticated two-story layout featuring four bedrooms, an upstairs loft, and a versatile flex space perfect for an office, TV room, or study. Enhanced by professionally landscaped front yard, this home will be ready for occupancy in October or November. Ideally situated near community parks, grocery stores, and a variety of restaurants.

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234 E Avenida Sierra Madre -- Gilbert, AZ 85296

$641,000

3 Beds

2 Baths

1,915 SqFt

Status Active Under Contract

MLS # 6706250

Property Type Single Family Residence

Price Type --

Welcome to this charming Downtown Gilbert abode, a spacious sanctuary boasting 3 bedrooms and 2 baths. RV gate and NO HOA! Step inside to discover a modern haven where every detail exudes elegance. The heart of the home is the updated kitchen, featuring sleek countertops, stainless steel appliances, and an oversized island perfect for culinary creations and casual dining. Natural light pours in through large windows, illuminating the open-concept living and dining areas, creating an inviting atmosphere for gatherings. Retreat to the tranquil master suite, complete with a luxurious ensuite bath and ample closet space. Outside, paradise awaits in the expansive backyard oasis. Dive into the sparkling pool on hot summer days or unwind on the large patio, ideal for al fresco dining and entertaining under the Arizona sky. Located in the vibrant Downtown Gilbert area, this home offers the perfect blend of comfort and convenience, with trendy shops, eateries, and entertainment options just moments away. Embrace the epitome of suburban luxury in this impeccable residence.

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