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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3432 E Strawberry Drive Gilbert, AZ 85298

$639,900

4 Beds

3 Baths

2,080 SqFt

Status Active

MLS # 6759348

Property Type Single Family Residence

Price Type --

This stunning, highly upgraded, ready-to-move-in single-level home offers 4 bedrooms, including a guest suite, and 3 bathrooms, in the highly desirable Bridges Gilbert community. Situated on a premium greenbelt corner lot, this home features an inviting built-in fireplace and an Arizona room for extra comfort and over $75K in upgrades. The kitchen is equipped with stainless steel appliances, a gas stove, and tile flooring, with carpet only in the bedrooms. The private, low-maintenance backyard with no rear neighbors is perfect for relaxation or entertaining. Ideally located near shopping, freeway access, and A+ rated schools, The Bridges at Gilbert provides bike paths, playgrounds, a splash pad, lakes, and more, all within walking distance of Gilbert Regional Park!

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4636 E Tierra Buena Lane Phoenix, AZ 85032

$639,900

3 Beds

2.5 Baths

2,020 SqFt

Status Active

MLS # 6783271

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bath home packed with features to make it the dream home you've been searching for! Spanning 2,020sf., every inch of this thoughtfully designed space offers a blend of comfort, convenience and style. Step into the bright, open kitchen, which overlooks a spacious great room - ideal for entertaining! The kitchen features a large gourmet island, quartz counters, sleek stainless steel appliances, white cabinetry and a timeless subway tile backsplash. Throughout the downstairs and bathrooms, enjoy modern tile and light wood LPV in all the bedrooms and loft which blend seamlessly to enhance the modern aesthetic - NO CARPET! Freshly painted walls (all downstairs and loft area) and stylish Fanimation 52-inch fans on both levels further elevate... the home's polished, move-in-ready appeal. Entertainment options continue upstairs in the loft area that has been transformed into a custom-designed movie room, featuring a 120-inch screen, BenQ projector, Dolby Atmos in-wall and ceiling speakers, and a Marantz audio cabinet with high-end amplifier equipment. Sink into the cozy Lovesac lounger (Included!) and enjoy family movie nights or entertain friends in style. Stay comfortable year-round with smart climate controls, including a Nest thermostat and an 18,000 BTU Mr. Cool mini-split AC in the primary bedroom - perfect for those that love to sleep cool! The two-car garage is also an organizational dream with epoxy-coated floors, ceiling storage, and a 220V outlet for electric vehicles or workshop equipment. The backyard is designed for easy living, with pavers and synthetic turf that keep maintenance low and create the perfect setting for BBQs and relaxation! The community also features a sparkling pool, walking paths, and more, adding to the lifestyle appeal. Ideally located near premier shopping, dining, and entertainment destinations such as Desert Ridge, Kierland Commons, Scottsdale Quarter, and the newly renovated PV Mall, this home offers an unmatched combination of luxury, convenience, and community. Don't miss your chance to make this stunning property your forever home!

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15677 W Campbell Avenue Goodyear, AZ 85395

$639,900

5 Beds

3.5 Baths

3,134 SqFt

Status Active

MLS # 6777332

Property Type Single Family Residence

Price Type --

Fully renovated gorgeous home. This stunning 5 bedroom, 3.5 bathroom home combines style, comfort, and modern amenities. Renovation includes but is not limited to new AC, new appliances, new carpet, tile, LVP, new paint interior/exterior, primary bath remodel, epoxy garage floors etc. Step inside to an open-concept layout, where a bright living room flows into a gourmet kitchen with stainless steel appliances, and a central island, perfect for entertaining. The spacious master suite includes a walk-in closet and an en-suite bath with a soaking tub and separate shower. Outside, enjoy a landscaped backyard and covered patio, ideal for relaxation. Located near top-rated schools, parks, shopping, and dining, this home offers both convenience and luxury.

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1207 N Velero Street Chandler, AZ 85225

$639,900

4 Beds

3 Baths

2,316 SqFt

Status Active

MLS # 6782367

Property Type Single Family Residence

Price Type --

Check out this stunning 4 bed 3 bath home in highly desirable Chandler! Brand new flooring throughout the house, new hardware, paint and more. Large living ares and an expansive backyard with a pool make this home great for entertaining. Take advantage of the opportunity to own one of the biggest homes in the subdivision at a great value.

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11000 N 77th Place Unit 2085 Scottsdale, AZ 85260

New

$639,900

2 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6788768

Property Type Townhouse

Price Type --

Luxury living at the Starfire Golf Club community, Sovanna Condominiums offers a clubhouse with attached gym, a resort style heated pool and spa. Sovanna Condominiums is a gated community in the heart of Scottsdale, the central location is close to many amenities, enjoy the convenience of nearby shopping, restaurants, sports bars, hiking, biking, near by casino and of course playing golf at Starfire's 27-hole golf course. The large 1571 square foot condo is a end unit with no one above you, it offers two bedrooms plus den/office (den can easily be converted into a 3rd bedroom), large kitchen with built in appliances, granite countertops,two large private patios, gas fireplace and attached is a two-car garage. The Perfect 'Lock and Leave' Lifestyle.

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1202 W Random Way Payson, AZ 85541

New

$639,900

3 Beds

2 Baths

2,900 SqFt

Status Active

MLS # 6788589

Property Type Single Family Residence

Price Type --

There is room for your toys and RV on this .96 acre, flat, all use able, partly fenced lot near Green Valley Park. There is a 2-car attached garage and 2 car detached garage, plus a storage shed with finished interior. The spacious, split floor plan, 3 BR,2BA, all one level home has a wood burning fireplace in the living room, a full-size kitchen offers lots of storage. The master bedroom has separate access to the large screened porch. Master bath has a jetted tub, walk-in shower and large walk-in closet. There is a large patio and many large trees to enjoy the outdoor living. Year around activities at Green Valley Park including fishing on the lakes, playgrounds, concerts in the park in the summer and Fireworks on the 4th of July.

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10260 E White Feather Lane Unit 2003 Scottsdale, AZ 85262

$639,900

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6591799

Property Type Townhouse

Price Type --

Gorgeous mountain and golf course view from this 2 bd townhome in the coveted Troon Ridge gated community. Excellent quality in the upgraded rich cabinetry with granite tops and nicely appointed kitchen. Split bedroom layout perfect for guests or office, ample great room with space for large dining table and hutch. Bright and clean this property has been a single owner home and very lightly used. A convenient way to sojourn in the desert surrounded by green golf fairways, mountain vistas, abundant desert landscape and the unique rocky boulder formations specific to Troon. This private gated hidden community has a heated pool, spa, workout facility, tennis clubhouse, plus easy access to Troon North Golf. Close to 101 and the plentiful Scottsdale amenities, restaurants & shopping

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22908 N Las Vegas Drive Sun City West, AZ 85375

$639,900

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6739579

Property Type Single Family Residence

Price Type --

REDUCED!! Welcome to this exceptional Lakeside model featuring three bedrooms and a spacious 2.5-car garage. Ideal for owners with full-size trucks, this home boasts stacked stone accents trimming the front, along with a pergola and a covered back patio. Numerous updates throughout provide modern convenience. Additional amenities include an extra refrigerator in the garage and a prepaid solar lease. Positioned along the 5th hole of the Desert Trails golf course, this residence is nestled within Sun City West, renowned for its nine golf courses, four recreation centers, and numerous pickleball courts.

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1408 Vista Montana Road Unit 10 Sedona, AZ 86336

$639,900

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6732197

Property Type Townhouse

Price Type --

Location Location Location! Vista Montana is one of the most desirable subdivisions to live in due to accessibility to amenities yet is quiet & peaceful at the same time. This beautiful two-story home has an airy, open feel, with high ceilings & three outdoor spaces: back patio, front patio, & upstairs primary balcony. Home has ample parking with an oversized single car garage, an uncovered spot, plus right in front of garage. Popping into Whole Foods, ACE Hardware, Sky Rock for a cocktail to take in the lovely views, Airport Mesa for hiking, or up to Posse Grounds Park for mountain biking, hiking trails, the Dog Park, & events at the outdoor amphitheater has never been easier or faster. This well-maintained subdivision has a community pool and clubhouse in addition to friendly neighbors. There are amazing sunsets from the living room window, upstairs primary balcony and upstairs guest/office window that look to the west.

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2614 N 15th Street Phoenix, AZ 85006

$639,900

3 Beds

2.5 Baths

1,972 SqFt

Status Active

MLS # 6735434

Property Type Single Family Residence

Price Type --

This exceptional home offers quality and low-maintenance living in the heart of Coronado. Completely rebuilt in 2016, the home was taken down to the studs and updated with all-new electrical, plumbing, insulation, and premium finishes throughout. The thoughtfully designed floor plan includes an inviting library with raised ceilings and floor-to-ceiling bookshelves, a spacious primary suite with vaulted ceilings and a luxurious en suite bath, and a gourmet kitchen equipped with a breakfast bar, pantry, and high-end AGA range. Modern upgrades include dual HVAC systems with WiFi thermostats, energy-efficient dual-pane windows, hardwood flooring, a tankless water heater, and a robust whole-house water filtration system. Additional features include a dedicated laundry room, an upgraded garage with a 220V line for EV charging, hanging storage, and extra outlets. Enjoy entertaining on the wraparound porch amidst lush landscaping, including fruit-bearing trees and large shade trees, or retreat to the custom-designed great room with a hardwood bar and ample amenities. With paid-off solar panels, an average electric bill of only $120, and a prime location near parks, restaurants, and the Oak Street Alley Murals, this home offers the perfect blend of charm, convenience, and efficiency. Don't miss out on this standout property, recently featured in the 2024 Coronado Home Tour!

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17724 W Ocotillo Avenue Goodyear, AZ 85338

$639,900

3 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6754137

Property Type Single Family Residence

Price Type --

Experience mountain living in this beautiful, gated semi-custom TW Lewis home in Estrella Mountain Ranch. Located on a spacious corner lot just under 1/3 acre, this home is filled with luxury upgrades. The master bedroom offers an extended patio and elegant single lite door, while the master bath features a tiled snail shower. The cozy living area includes a fireplace with custom media niches, and the 3-car garage provides ample space with a service door. Enjoy energy-efficient solar shades, security doors, and a pebble stone driveway. The expansive backyard is ready for your dream pool or oasis.

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7805 W Noble Prairie Way Florence, AZ 85132

$639,900

2 Beds

2.5 Baths

2,541 SqFt

Status Active

MLS # 6757218

Property Type Single Family Residence

Price Type --

**This is the one!!** You'll be hard pressed to find another home like this in Anthem at Merrill Ranch. Absolutely immaculate with amazing upgrades and a private Oasis for a backyard. You can tell as you pull up to this house that it stands out...amazing custom design landscape with a front courtyard to enjoy your morning coffee. Enter through a high-end custom front door to a large, open floor plan with designer finishes. Everything from the flooring to the ceiling presents custom finishes and top of the line hardware. The open floor concept combines the kitchen, eating and living space that opens up to a beautiful, over-sized backyard with resort style finishes and no neighbors behind! This includes extras such as outdoor LED lighting... WIFI controlled landscape irrigation, natural gas fire-pit and outdoor covered kitchen with grill, lighted water feature, custom remote controlled fans, custom windows coverings, Quartz countertops and oversized kitchen island, crown moulding, ceramic tile backsplash, custom pendant lighting, walk-in pantry and Butler pantry, extensions for more room in the eating and master bedroom space, and much more. This floor plan also features a den/office that could be utilized as a 3rd bedroom. This is a must see home if you are looking for one of the premier homes in the community. Combine this home with the award winning community of Anthem at Merrill Ranch and all of it's amazing amenities and you have absolute paradise! BONUS...this home can be purchased furnished.

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