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

Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.

Home Sales Mixed in October

According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.

October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.

Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.

New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.

The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.

New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90^th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.

What‘s Ahead

Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.

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24118 S Stoney Lake Drive Sun Lakes, AZ 85248

$640,000

2 Beds

2 Baths

1,997 SqFt

Status Active Under Contract

MLS # 6766696

Property Type Single Family Residence

Price Type --

Arizona living at its best, in the gated adult community of Oakwood! Charming Milano model featuring a 2 bedroom, 2 bath split floor plan, den, great room w/ vaulted ceilings & gas fireplace, wooden shutters, wooden blinds, tile floors and ceiling fans throughout. Interior freshly painted. Beautiful pebble finished pool w/ water feature, huge covered back patio, private courtyard entry, mature landscaping, perfect for entertaining. 2 car extended garage & separate golf cart garage located on a premium nearly 10,000 sq. ft. corner cut de sac lot. Community amenities include golf, tennis, pickleball, pools/spas, fitness center, billiards, clubs, social activities & restaurants.

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3676 Gold Rush Court Wickenburg, AZ 85390

$640,000

2 Beds

2 Baths

1,959 SqFt

Status Active

MLS # 6737439

Property Type Single Family Residence

Price Type --

Welcome to 3676 Gold Rush Court! Located in a private corner of Wickenburg Ranch, this serene oasis features a stunning backyard with a calming water feature, mature plants and trees, a large stone rectangular fire pit, and dual glass walls in the great room and dining area. Remote-controlled shades with wind sensors and outdoor speakers enhance the ambiance, offering an exceptional outdoor living experience. This highly upgraded Nice floor plan boasts over $125,000 in original enhancements, with many additional improvements. These include new carpet in the bedrooms, ceiling fans throughout, new stainless steel appliances, a glass shower door in the guest bathroom, extended patio pavers, a raised garden area, and a block wall with wrought iron fencing. The gourmet kitchen is equipped with a wall oven and microwave, gas range, pullout shelves, a recycle center, granite countertops, and pendant lights. The extra-large laundry/smart space features a built-in sink, cabinets, and a desk. All window coverings operate both top-down and bottom-up for optimal comfort and lighting. The garage is complete with an epoxy floor, built-in cabinets, a brand-new garage door, outdoor lights, and a water softener. This home offers a perfect blend of comfort, style, and convenience in one of Wickenburg's most desirable neighborhoods, where every detail is designed to enhance your living experience.

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20461 W Briarwood Drive Buckeye, AZ 85396

$640,000

3 Beds

2 Baths

2,514 SqFt

Status Active

MLS # 6771287

Property Type Single Family Residence

Price Type --

Discover this stunning 2,514 sq ft home in the heart of the Verrado. Built in 2017, this beautifully updated property offers 3 bedrooms, a den, and 2 bathrooms. The spacious, open-concept floor plan features a gourmet kitchen with an oversized island, white staggered cabinets, and plenty of space for entertaining. The home has new carpet, fresh paint, and a backyard with newly planted trees, making it feel brand new. Outside, enjoy your private heated pool and built-in spa, perfect for year-round relaxation. A 3-car garage and owner's entry with extra storage add to the home's functionality. Located near several parks and Verrado's community pool, this home offers the perfect blend of comfort and convenience in one of Buckeye's most sought after neighborhoods.

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8519 E Sandalwood Drive Scottsdale, AZ 85250

$640,000

4 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6739772

Property Type Single Family Residence

Price Type --

Welcome to your first home in PRIME South Scottsdale! Ideally located just 2.5 miles from Scottsdale Fashion Square, Pavilions shopping, and Talking Stick Casino, this home also offers easy access to the 101 freeway for added convenience. You'll be in the sought-after Scottsdale School District, making it perfect for families or first-time buyers. Whether you're beginning your homeownership journey or growing your family, Sandalwood Dr is the perfect place to create lasting memories. Don't miss your chance—say yes to this address and make it yours today!

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4254 S Winter Lane Gilbert, AZ 85297

$640,000

4 Beds

3 Baths

2,869 SqFt

Status Active

MLS # 6757979

Property Type Single Family Residence

Price Type --

Premium Location and corner lot right across from the park. No neighbors on 3 sides of the home. 4 bedrooms and 3 full bathrooms. There is a large bonus room with real wood flooring. Kitchen has 42 inch Cherry cabinets, kitchen island, and stainless steel appliances. Master bedroom is upstairs with a huge walk in closet, dual sinks, separate tub and shower. Two secondary bedrooms upstairs and one bedroom downstairs with a full bathroom. Epoxy flooring in the garage Beautiful backyard sitting area with view fence over looking the grassy area in the back

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1596 High Country Drive Heber, AZ 85928

$640,000

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6703861

Property Type Single Family Residence

Price Type --

Stunning mountain retreat in High Country Pines nestled on a heavily treed .50-acre homesite on a private cul-de-sac. This 3 BR/ 2.5 BA is more than just a home; it's a sanctuary where nature's beauty surrounds this beautiful cabin. This home boasts a great room with a wood burning fireplace embraced by floor to ceiling river rock, chiseled slab granite in the kitchen with an island, gas stove, tiled backsplash, spacious laundry room with cabinets and sink, bathrooms are stone counters, travertine tiling in the baths/shower, knotty pine interior doors and ceiling, bay windows, central heat /AC, the master has dual vanities and a private balcony. The exterior offers a 2 car garage, flagstone and a firepit. The spacious rear deck brings breathtaking treetop vistas with panoramic views.

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15413 W Alexandria Way Surprise, AZ 85379

$640,000

4 Beds

3 Baths

2,906 SqFt

Status Active

MLS # 6713660

Property Type Single Family Residence

Price Type --

A must see. This 4-bed, 3-bath home in Marley Park! Displaying a 2-car garage, manicured landscape, & a cozy front porch. Fabulous interior features tons of natural light, designer paint, & wood-look tile flooring w/carpet in bedrooms. Discover the welcoming living room, formal dining room, and an inviting family room that opens to the kitchen! SS appliances, granite counters, a walk-in pantry, mosaic tile backsplash, a breakfast bar, & staggered cabinetry w/crown Moulding make up the culinary space. Main bedroom has outdoor access and an ensuite with two vanities, separate tub/shower, & a walk-in closet. Laundry room w/sink & cabinetry. Side patio for a morning coffee! Enjoy the entertainer's backyard with a covered patio, pavers, firepit, hot tub, & a refreshing pool & owned solar.

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1715 W Satinwood Drive Phoenix, AZ 85045

$640,000

5 Beds

3 Baths

2,904 SqFt

Status Active

MLS # 6721969

Property Type Single Family Residence

Price Type --

Welcome to the desirable Ahwatukee Foothills Club West! Step into this beautifully upgraded 5 bedroom home that immediately feels inviting, functional and spacious. Bedroom and full bathroom downstairs. Three separate living spaces including formal, family room and loft area. Open kitchen with granite counters, stainless steel appliances, gas range, and large island. 4 generously sized bedrooms and convenient laundry room upstairs. Primary bedroom with large closet & beautiful walk-in shower. Newer Pergo waterproof laminate flooring throughout! Enjoy the refreshing play pool with Baja shelf & table/umbrella stand, surrounded by travertine tile. Misters, pergola and artificial turf are a plus!. Great schools including highly accredited Kyrene Altadena! Transferable HVAC maintenance plan.

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17320 E Pinnacle Vista Drive Rio Verde, AZ 85263

$640,000

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6731827

Property Type Single Family Residence

Price Type --

Charming Single-Story Home on Over an Acre in Beautiful Rio Verde Welcome to this delightful single-story residence, nestled on just over an acre of pristine land in Rio Verde. This property has participated in the EPCOR water solution and has been thoughtfully updated to offer both modern conveniences and timeless appeal. Recent updates enhance the home's charm and functionality, including fresh interior and exterior paint, an expanded back paver patio, new artificial turf, and a fenced-in backyard. The front and rear landscaping has been designed to enhance the home's curb appeal, creating a welcoming environment for you and your guests. The gourmet kitchen is a highlight of the home, featuring top-of-the-line GE stainless steel appliances. A brand-new GE washer and dryer have also been installed, making laundry chores a breeze. The home's 2x6 construction ensures superior energy efficiency, contributing to lower utility costs and a comfortable living environment. Through participation in EPCOR's long-term water solution the property will enjoy reliable and sustainable water service. The property is also located within the SRP service area, ensuring dependable electricity. Experience the serene lifestyle of Rio Verde with this exceptional home that seamlessly blends modern updates with sustainable living. Don't miss this opportunity to own a piece of Rio Verde's charm!

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255 E Thurber Road Wickenburg, AZ 85390

$640,000

3 Beds

2 Baths

1,864 SqFt

Status Active Under Contract

MLS # 6674765

Property Type Single Family Residence

Price Type --

Welcome to your own slice of paradise in the heart of Wickenburg, Arizona! Perched atop a hill on nearly 2 acres of picturesque land, this stunning Santa Barbara style home offers unparalleled views of the Hassayampa River and the surrounding mountains. Step inside this recently remodeled oasis and prepare to be dazzled by its elegant charm and modern amenities. Brand new roof in 2024!! The spacious living areas feature vaulted ceilings with exposed beams, and wood fireplace, creating an airy and inviting atmosphere. Beautiful tile floors and granite countertops add a touch of luxury to the open-concept kitchen, which boasts updated appliances and ample space for entertaining. With multiple bedrooms and bathrooms, including a separate guest quarters or hobby room, there's plenty of room for family and friends to relax and unwind. And when it's time to escape the Arizona heat, you'll love cooling off in the refreshing pool while taking in the breathtaking sunset views. But the beauty of this property doesn't end thereoutside, you'll discover desert landscaping and expansive outdoor living spaces perfect for enjoying the stunning 360-degree vistas. Whether you're lounging on the patio, gardening in the backyard, or tinkering in the workshop, every moment spent here is sure to be filled with tranquility and serenity.

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1050 E Indigo Drive Chandler, AZ 85286

$640,000

6 Beds

3 Baths

2,634 SqFt

Status Active

MLS # 6770445

Property Type Single Family Residence

Price Type --

Welcome to your new home in Lantana Ranch! This stunning 6BR/3BA is situated on a spacious and beautiful lot, complete with an RV gate. Impeccably maintained, this home boasts tile flooring throughout the first floor which includes a Living room and a family room. The open concept kitchen featuring an abundance of cabinetry and a convenient pantry for all your storage needs. One of the bedrooms is conveniently located on the ground floor next to a full bathroom, making it an ideal guest suite. Head upstairs to discover 5 additional bedrooms, including a spacious Primary bedroom with 2 walk- in closets. The secondary bedrooms offer ample space. The property also includes a 2 car garage with exceptional storage options. Step outside to your vast backyard that is perfect for entertaining with additional storage solutions. Don't miss your chance to see this remarkable home!

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23919 W Pinnacle Vista Lane Wittmann, AZ 85361

$640,000

4 Beds

3 Baths

2,484 SqFt

Status Active

MLS # 6757913

Property Type Single Family Residence

Price Type --

Discover your dream homestead on over 1 acre of land, stunning mountain views and just a short drive to Surprise for all your daily needs. This property is perfect for those seeking space and freedom, with no HOA restrictions. Fenced yard closest to the house, the back RV/carport comes equipped with water and 220 AMP electric service, ready for all your vehicles and projects. A car enthusiast's dream, the 5-car garage features extra-tall doors for over height vehicles, a 220 outlet, and climate control, making it comfortable year-round. Inside, the chef's kitchen boasts granite countertops, upgraded maple cabinets with accent lighting, a walk-in pantry, and ample counter space for all your culinary adventures. The spacious primary suite offers a double-door entry, a private exit to the back patio, a huge walk-in closet, and a luxurious bathroom with a spa tub and walk-in shower. Additional highlights include two secondary bedrooms with walk-in closets, and a fourth bedroom with a separate entrance to the front of the home. The open floor plan is designed for entertaining, with seamless flow to the large covered patio, perfect for enjoying the breathtaking views of the White Tank Mountain Range. Don't miss this rare opportunity to own a unique, spacious property in a peaceful setting!

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