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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1144 E Sesame Street Tempe, AZ 85283

$589,000

3 Beds

2 Baths

2,028 SqFt

Status Active Under Contract

MLS # 6716194

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home featuring 3 Bedrooms + Home Office - where elegance meets functionality. The rich Brazilian Walnut floors create a warm and inviting ambiance throughout. Key Features: Open Floor Plan: The layout has been thoughtfully designed to provide a spacious great room, perfect for an active family and ideal for hosting gatherings. Flexible Space: The home office space can easily be returned to the original 4th bedroom, accommodating your changing needs. Modern Kitchen: The kitchen has been tastefully updated, offering both style and practicality. Bonus Amenities: Enjoy the convenience of an air-conditioned workshop in the backyard, along with a separate storage house. No HOA Hassles: Say goodbye to homeowner association headaches.

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1402 E Briarwood Terrace Phoenix, AZ 85048

$589,000

4 Beds

2.5 Baths

2,061 SqFt

Status Active Under Contract

MLS # 6726149

Property Type Single Family Residence

Price Type --

Nestled in the Augusta gated community, this recently renovated, charming home features newer kitchen with quartz counters and shaker cabinets, master bathroom, tile flooring in the common areas, new interior paint as well as vaulted ceilings creating an open and airy feeling. And not only does it look inviting but renovations also include recent roof underlayment and one AC unit replacement. For those with an electric car, the newly epoxied, three car garage is wired for a car charger. With neighbors on only one side, the private backyard and pool provide an ideal spot for relaxing and entertaining. All this and easy access to the Foothills Golf course and South Mountain hiking trails make this a must see for those looking for a cozy, convenient, and move-in ready home.

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36095 N Desert Tea Drive Queen Creek, AZ 85140

$589,000

4 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6585436

Property Type Townhouse

Price Type --

Welcome to this tastefully decorated and designed property located in the highly desired gated community of Encanterra! Downstairs, this home offers the primary room, a guest bedroom, bathroom and laundry. Upstairs, you're greeted with a cosy loft, two bedrooms and third bath. The kitchen is complete with quartz countertops, modern cabinetry, glass tile backsplash and GE Monogram stainless steel appliances with built in refrigerator, dual ovens and warming drawer. You want it furnished, 'lock & leave' status... Sure! Relax and enjoy yourself under the covered back patio with a built-in BBQ looking out to a large grassy area. Welcome home!

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513 E Angela Drive Phoenix, AZ 85022

$589,000

3 Beds

2 Baths

2,308 SqFt

Status Active Under Contract

MLS # 6747667

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this beautiful 3-bed, 2-bath home with custom-like charm! Great curb appeal highlighted by a 2-car garage & a mature landscape w/lush lawns. Fabulous interior showcases tons of natural light, a neutral palette, recessed lighting, & shiny tile floors w/wood-look in bedrooms. You'll love the spacious living room & the open-concept family room! The gourmet kitchen boasts SS appliances, granite counters & backsplash, oversized island, and a plethora of cabinetry. Cozy dining area w/bay window Double-door main bedroom has a walk-in closet and French doors that open to the ensuite w/dual sinks, jetted tub, & a tiled shower. Enjoy the entertainer's backyard offering a grassy area, covered patio w/extended pergola, & a fenced pool for year-round enjoyment! Just WOW!

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1620 N San Marcos Drive Apache Junction, AZ 85120

$589,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6766124

Property Type Manufactured Home

Price Type --

WOW! Look at this home, 1820 sq ft and 1758 sq ft garage/workshop. This property is over an acre and has a beautiful view of the Superstition Mountains . Home is a 4 bedroom, 2 bath with a½ bath in the shop. All appliances convey with the purchase, including washer/dryer. The granite countertops are beautiful and the wood look flooring was added in 2023 . The low-e windows were installed in 2023 as well. Home boasts a spacious kitchen, large pantry, pull-out shelves and an island. The master bedroom has an on suite with an oversized shower . The garage is a car buff's and/or handy-person's dream . Large door is 8' and has ample storage above . In the large part of the garage you will find a vehicle lift that can hold up to 9000lbs . Two 50 amp, one 30 amp plugs and a compressor for your toys or whatever you may have. You will see a low maintenance property the desert landscape and gardening shed. Heating and cooling were updated in 2018 in both the home and garage. Solar panels are 1/2 paid for, loan is assumable for the remainder. Keys are ready for a new adventure for you!

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915 E Cobble Stone Drive Queen Creek, AZ 85140

$589,000

3 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6716595

Property Type Townhouse

Price Type --

Start enjoying Encanterra today! This spacious resort home is situated on a premium homesite overlooking a walking trail and stunning mountain views. This home offers a bright and open floorplan with 3 bedrooms, 3 bath, den and spacious loft. Step inside and you'll find upgraded tile plank flooring. The kitchen has beautiful maple cabinets and gorgeous quartz countertops and custom backsplash. All the bathrooms are upgraded with tile surrounds and upgraded fixtures. The garage is spotless with an epoxy finish, R/O and soft water system. The home is situated on a premium homesite and steps away from La Casa as well as the new Algarve, adult pool and restaurant. The Resort collection at Encanterra is perfect for the seasonal resident or year-round homeowner!

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2930 E Leland Street Mesa, AZ 85213

$589,000

4 Beds

2 Baths

1,796 SqFt

Status Active

MLS # 6749119

Property Type Single Family Residence

Price Type --

This newly painted home w/garages & parking galore!! NO HOA!! 3 car garage, a 12 ft RV gate, & a 60 ft long by 15 ft wide concrete pad behind the gate. A 46 ft long by 5 ft wide concrete walk leads from the garage walk door to back yard. Front door is under a covered pergola seating space & opens to a large front living room & then into the spacious kitchen, great room & breakfast nook. 42'' wood cabinets glow, accented by the beautiful granite and tile work. Master and 3 bedrooms complete the package. Lg master w/walk door to back patio, walk-in closet & beautiful bath w/custom tiled shower. Newer appliances. Interior just painted/freshened up, as well as exterior and trim painted. Large back yard is an open canvas & sale includes the 10 ft x 8 ft shed. Convenient NE Mesa location

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1178 E Sabino Drive Chandler, AZ 85286

Open House

$589,000

3 Beds

3.5 Baths

2,239 SqFt

Status Active

MLS # 6687681

Property Type Single Family Residence

Price Type --

Just steps from the beautiful community pool and Tumbleweed Park and Rec Center. Bright, airy and open is the best description for this home. An island , breakfast bar and large pantry highlight the entertainer's kitchen with Stainless Steel Appliances. A sizable walk in closet, large private bath and dual sinks show off the primary bedroom. Located very close to shopping, schools and the freeway access. Lease expired and tenants left.

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3677 E Park Avenue Gilbert, AZ 85234

$588,900

3 Beds

2 Baths

1,450 SqFt

Status Active

MLS # 6757367

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly desirable Gilbert neighborhood of Higley Groves! Nestled on a lush tree-lined street across from the local school, this home offers both charm and convenience. Inside, you'll find a beautifully upgraded kitchen with quartz countertops, new stainless steel appliances, a stylish farm sink, abalone backsplash, and refinished cabinets with new hardware. The master suite features double sinks and a walk-in shower, while upgraded tile flooring throughout, 5-inch baseboards, and fresh paint enhance the modern feel throughout the home. New ceiling fans with remotes are hung in every room. Garage floors have beautiful epoxy finish. Wood shelving in garage will convey, however, wood workstation will not convey. Step outside to your backyard oasis with new pavers, a sparkling pool, and a heated Jacuzzi perfect for relaxing or entertaining. Both the pool pump and spa heater were replaced within the last year for worry-free enjoyment. The front courtyard, also with new pavers, offers an inviting space to unwind. Additional newly poured concrete slab in the driveway offers extended parking to the future homeowner. Blackout sunscreens on the windows provide relief from the beautiful Arizona sun when enjoying the calm interior of your new home. This low-maintenance home is ready for you to move in and enjoy! TVs and TV mounts do not convey.

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624 E Laguna Drive Tempe, AZ 85282

$588,500

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6759953

Property Type Single Family Residence

Price Type --

Solar Powered Energy Efficient Mid Century Modern 3 Bedroom 2 Bath Home located in a quiet cul-de-sac. 2 Car Attached garage with a brand new EV Charger. Extra Large Old Fashioned Pool with a 9' depth, a new filter and pump, with new decking. Remodeling: new master bath, new flooring throughout house with baseboard, new light fixtures, new HVAC duct work and vent system. Plumbing, electrical landscaping, and painting upgraded. It is a work in progress. You can finish to your tastes. Profitable rental and you can have an ADU. No HOA for your friends who have motor homes. Near schools and parks in an up and coming area of Tempe, 2 miles from the ASU campus. The lot is huge with alley access. Extra tall block wall in backyard for maximum privacy.

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1114 N Velma Court Gilbert, AZ 85233

Open House

$588,500

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6769960

Property Type Single Family Residence

Price Type --

Discover this exceptional ADA-accessible 4-bedroom, 2-bathroom home in Cooper Ranch, Gilbert, perfectly designed for comfortable living and entertaining. Enjoy the inviting atmosphere with fresh interior and exterior paint, solid wood doors, and brand new tile flooring throughout. The spacious, brand new extended porch is ideal for relaxing by the pool, while two charming barn doors add a unique touch to the open layout. The home boasts a well-maintained AC system (only 4 years old) and a brand new roof and fascia boards (2021). Outdoor spaces feature stunning travertine pavers, pet-friendly artificial turf, and a professional putting and chipping area designed by Celebrity Greens. With recent upgrades including a new power panel box (2022), water heater for the hot tub (2021)... and a modern kitchen remodel (2020) with new appliances (2022), this home blends style and functionality. Amazing solar powered pool lift for easy access to enjoy the sparkling pool. A 220 outlet in the garage is perfect for EV charging, while an accent wall installed in 2021 adds a stylish flair. This beautifully updated home is ready for you to make lasting memories!

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932 W Macaw Court Queen Creek, AZ 85142

$588,005

4 Beds

3.5 Baths

2,303 SqFt

Status Active

MLS # 6782320

Property Type Single Family Residence

Price Type --

Ready End of December! Located Near all the amenities and park area.4 Bedrooms 3.5 baths, plus Study, beautiful White cabinets with Quartz Counter tops, Gas range, wood look tile, Herringbone tile backsplash and two-tone paint throughout!! View fenced backyard with covered patio to enjoy. Just steps away from all the amazing Amenities North Creek has to offer.

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