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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7233 W Corrine Drive Peoria, AZ 85381

$644,900

4 Beds

3 Baths

1,982 SqFt

Status Active

MLS # 6510891

Property Type Single Family Residence

Price Type --

This fully renovated 4 bedm, 3 bath Luxury Home, is currently a very successful AIR.B.n.B. Walking distance to shops and restaurants. 7 miles to PHX Cardinal football Stadium / Westgate District. This Home features - Solar Heated Play Pool with connected Spa - 2 Stall Garage - Walk-in Closet - Indoor Fireplace - new front/back landscape (pavers/tuff) - Vaulted ceilings - New water heater - Freshly painted inside.

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7008 E Lynx Wagon Road Prescott Valley, AZ 86314

$644,900

4 Beds

3 Baths

2,655 SqFt

Status Active

MLS # 6733564

Property Type Single Family Residence

Price Type --

Welcome to beautiful Stoneridge. This home has it all. With plenty of space for friends and familyand all the amenities you need. Main level living with additional bedrooms upstairs. The open floor plan invites you to enjoy family gatherings, perfect for entertaining. Enjoy breathtaking views from the large open lot. Walking distance to the golf course, restaurant and parks. Call today before this home is gone!

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2826 E Victor Hugo Avenue Phoenix, AZ 85032

$644,900

5 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6769787

Property Type Single Family Residence

Price Type --

This beautifully updated home in the peaceful Shadow Mountain neighborhood is surrounded by picturesque mountain views & offers a blend of modern upgrades and serene outdoor living. The spacious, low-maintenance backyard is one of the main features of the home with newly planted citrus trees, covered patio and a newer aqua blue Pebble Tech pool making it the perfect oasis for relaxation. Step inside to find a stylish kitchen and living area with sparkling white quartz countertops, stainless steel appliances, fireplace, sit in dining room and a tankless water heater for energy efficiency. The home has been thoughtfully upgraded with brand new flooring(2024), a new septic tank system (2023), a new block wall for privacy (2023), and an upgraded main electrical panel (2023), Updated Plumbing. Other recent updates include: Refurbished HVAC unit installed in (2023), New remote-controlled ceiling fans (2023), New French patio doors (2023), New vinyl windows(2023) throughout. Also close to great shopping, & minutes from the 51 making easy commutes. This home combines modern convenience with natural beauty, making it a must-see property! Don't miss the opportunity to make it yours.

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4823 E Presidio Road Scottsdale, AZ 85254

$644,900

3 Beds

2 Baths

1,750 SqFt

Status Active Under Contract

MLS # 6737405

Property Type Single Family Residence

Price Type --

New Photos Coming, Beautiful updated home in desirable 85254. No HOA. Single level, 3BR/2BA/2CG. Formal LR/DR and family room with fireplace are great for entertaining. Updated Quartz countertops throughout. Large backyard, with new turf and putting green with plenty of room for a pool. Please inquire with any questions.

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4703 N 206th Drive Buckeye, AZ 85396

$644,900

2 Beds

2.5 Baths

2,297 SqFt

Status Active

MLS # 6722802

Property Type Single Family Residence

Price Type --

Introducing this highly desirable Lennar NextGen home, which is ONLY available as a resale in the sought-after Victory at Verrado community. Boasting 2 bedrooms, den, 2.5 bathrooms, 2 great rooms, courtyard, covered rear patio with extended pergola, and two add'l rear patio areas. This open-concept home is perfect for those who love to entertain. The gourmet kitchen is equipped with a gas range, hood, and a spacious island, flowing seamlessly into the eat-in breakfast nook. The NextGen suite has a separate entrance and features a full bathroom, bedroom, living room, and kitchen, providing a private retreat for you or your guests. Plantation shutters add a touch of elegance and privacy to this beautiful home.

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7315 E Night Watch Way Prescott Valley, AZ 86314

$644,900

3 Beds

2 Baths

2,123 SqFt

Status Active

MLS # 6779660

Property Type Single Family Residence

Price Type --

Discover the exquisite Lupine Plan in the sought-after Stoneridge Golf Community. This home is in pristine condition, boasting a new roof and fresh paint on the exterior and interior as of August 2024. 2.5-car insulated garage with two 240 outlets for car charging or hobbies. The home features 3 bedrooms plus a bonus room, and 2 baths, Remodeled kitchen includes granite island, under-counter LED lighting, updated black stainless appliances, slide-out shelves, and a walk-in pantry. High ceilings and custom barn doors. Solid surface flooring throughout. Both primary and secondary bathrooms have been beautifully remodeled. The garage has epoxy flooring, work area, and water softener, Oasis of a backyard!! Dog door leads to secure dog run with HOA approved 6' fence. See documents for feature Unique paver stone driveway and walkway. Enjoy the mornings or evenings on the extended, covered patio.

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2825 N 42nd Street Unit 11 Phoenix, AZ 85008

$644,888

3 Beds

4 Baths

2,229 SqFt

Status Active

MLS # 6671892

Property Type Single Family Residence

Price Type --

This sophisticated and contemporary residence boasts three spacious master suites in addition to generously sized rooms for office use. The main level presents an expansive open floor plan featuring a gourmet kitchen, a generously sized great room, a convenient half bath, and direct access to a two-car garage. 2 of the master suite offers substantial walk-in closets and full baths complete with dual vanities. The rooftop patio provides a delightful vantage point for glimpsing mountain views. The sought-after Edgemont community provides residents with access to a pool, a gated pet park, and a BBQ grill. Conveniently located less than two miles from Arcadia's fashionable dining venues, shops, the 202 freeway, minutes away from the Biltmore, Downtown Phoenix, and the Airport. location Location!! Location!!

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10133 S Bickwell Trail Apache Junction, AZ 85120

$644,823

5 Beds

4 Baths

3,094 SqFt

Status Active

MLS # 6768151

Property Type Single Family Residence

Price Type --

Discover a unique home and buying experience at Laurel at Blossom Rock! This 2-story Heritage design is currently under construction and features a spacious, open-concept floorplan. The inviting kitchen flows seamlessly into a bright great room that opens to a private, covered outdoor space, perfect for relaxing or entertaining. The 3-car garage includes a convenient drop zone, and the home offers 5 bedrooms, 4 bathrooms, a great room, and a kitchen with an island. Plus, $61,000 in premium upgrades are already included, and special financing options are available. The home is anticipated to be completed by September. Blossom Rock is designed for outdoor living, with community parks, miles of scenic trails, beautiful lakes, and signature events that bring the community together.

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8413 E Hubbell Street Scottsdale, AZ 85257

$644,000

3 Beds

2 Baths

1,475 SqFt

Status Active

MLS # 6749186

Property Type Single Family Residence

Price Type --

Become the proud owner of this charming fully remodeled 3-bedroom, 2-bath residence on a desirable corner lot, no expenses spared! All new plumbing and sewer lines as of 2024. Featuring a garage, a convenient RV gate, a low-maintenance yard, and a cozy front patio. Inside, the great room boasts a soothing palette, blinds, and stylish wood-look flooring. The spotless kitchen showcases quartz counters, abundant wood soft closing cabinetry, pendant/recessed lighting, a chic tile backsplash, stainless steel appliances, and a center island with a breakfast bar for casual dining. The main bedroom offers a private bathroom with dual sinks. Venture outside to the lovely backyard, complete with a covered patio, artificial turf for year-round greenery, drip system to all exterior plants, alley access, and a shed for additional storage. Make this gem yours or turn it into the perfect air bnb or VRBO!

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18602 E Avenida Del Ray -- Rio Verde, AZ 85263

$644,000

3 Beds

2 Baths

1,886 SqFt

Status Active Under Contract

MLS # 6760968

Property Type Single Family Residence

Price Type --

Built in 1990 this well maintained Santa Fe Territorial is comfortably tucked into the active adult golf community of Rio Verde. This home is move in ready and boasts 14 foot ceilings a split 3 bed 2 bath open concept floor plan. View the beautiful Mazatzal mountain tops from the covered back patio living space, accessed by a living room slider and primary bedroom which has its own private patio access. Spacious kitchen with extra long granite bar and a dining room area. A cozy Fireplace to keep you warm on crisp desert nights. Large mature desert landscaped corner lot with a long driveway providing even more privacy. 2 car garage with a separate side entrance golf cart garage. Golf membership information available upon request. Social membership included with purchase. Rio Verde's active adult Golf Course community offers an array of activities for all. There is a private gate to access all of McDowell Regional Parks 21,000 acres of hiking and mountain biking trails. Rio Verde has a very active Tennis and Pickle Ball community. Bocce Ball parties every Wednesday and Friday afternoons, A brand new 2700 sq/.ft workout facility, lap and social pool which offers water sports and class activities, a community art room, resort style library and a separate Billiards Room - all makes for an enjoyable part of the Rio Verde lifestyle. All the above mentioned amenities are included with home ownership in Rio Verde. Golf membership information available upon request- Rio Verde has two different 18 hole courses within the community.

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20254 W Hollyhock Street Buckeye, AZ 85396

$643,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6718219

Property Type Single Family Residence

Price Type --

Welcome Home to the Estates at Arroyo Seco, our newest Buckeye Community. This Deacon floorplan includes an attached RV garage, plus a tandem two car garage, a 220 V 50AMP, pre-plumb for utility sink, soft water loop, garage service door and an RV cleanout. Inside a well-appointed gourmet kitchen with 42'' upper white cabinets, brushed nickel cabinet pulls, quartz countertops, tile backsplash and GE Plus Stainless-steel appliances with a chimney hood and 36'' gas cooktop, also includes a walk-in pantry and is flanked by a great room and a dining room with center meet sliding doors leading out to a covered patio. You'll also appreciate the versatile flex-room, two secondary bedrooms with shared access to a full bath with dual vanities, and a primary suite with a private bathroom featuring a deluxe tiled shower with rain shower, dual vanities and ample walk-in closet space. A mudroom and walk-in laundry room round out the interior of the home. This home also includes two-tone paint, 9 x 35 tile flooring throughout and carpet in the bedrooms only. Ceiling fan prewires at all bedrooms, great room, flex room and covered patio; a gas stub at the patio; pre-plumb for a sink at the laundry room; pendant lighting at the kitchen island; exterior coach lights; paver driveway and walkway and front yard landscaping complete the home. This home is situated on an 8760 square foot South facing lot with a double side gate.

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26403 S 231st Way Queen Creek, AZ 85142

Open House

$643,698

4 Beds

2.5 Baths

2,918 SqFt

Status Active

MLS # 6673328

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Spanish elevation. 4 bed, 2.5 bath, plus flex room and den. Stainless Steel Gourmet Whirlpool kitchen appliances include 36'' gas cooktop, stainless chimney hood, built-in microwave and oven, and dishwasher. White 42'' cabinets with quartz countertop and tile backsplash at the kitchen, along with upgraded wood-look tile and carpet. 12 ft center slide at great room. Move in anticipated for Sept/Oct. Please ask about our special financing incentives!

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