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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24173 N 160th Avenue Surprise, AZ 85387

$640,484

5 Beds

4.5 Baths

3,444 SqFt

Status Active

MLS # 6765432

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 5 BEDROOM PLUS LOFT, 4.5 BATH , 3 CAR GARAGE 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , QUARTEZ KITCHEN TOPS, SPA SHOWER IN MASTER BATH, LUXURY VINYL FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE

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17126 W Hackamore Drive Surprise, AZ 85387

$640,244

4 Beds

3 Baths

2,665 SqFt

Status Active

MLS # 6776842

Property Type Single Family Residence

Price Type --

MLS#6776842 March Completion! Welcome to the Everglade at Asante Passage! Enter through the porch into a warm and inviting foyer. To one side, you'll find two bedrooms sharing a bathroom, while across the way lies a laundry room, an additional bedroom with its own bathroom, and access to the two-car garage. Move deeper into the home to uncover gorgeous open-concept living, where the great room seamlessly connects to a casual dining area, a kitchen with an island, and a covered outdoor space—perfect for entertaining. The private primary suite offers a serene retreat, complete with a spa-inspired bathroom and a spacious walk-in closet. Structural options include: paver front porch, 12'x8' sliding glass door, garage service door & study in lieu of bed 2.

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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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134 W Crimson Sky Court Casa Grande, AZ 85122

$640,000

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6743294

Property Type Single Family Residence

Price Type --

Exquisite, updated Coyote Ranch home on .38 acre with side entry 3 car garage, sparkling pool, plus Casita with bathroom and heat/cooling. Expansive chef's kitchen with upscale appliances. Great room with a gas fireplace. Split primary suite for owner privacy. Drive thru gate with RV storage slab with full hookups. Outdoor kitchen, fire-pit, citrus trees. An easement along the north lot line ensures no structures behind. Beautifully decorated and maintained.

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1023 W Ingram Street Mesa, AZ 85201

New

$640,000

5 Beds

3 Baths

2,816 SqFt

Status Active

MLS # 6788487

Property Type Single Family Residence

Price Type --

Beautiful single family home featured in the private community of Riverview Village located in Mesa, AZ. This home incorporates a subtle balance of contemporary finishes with a modern design while featuring 5 bedrooms and 3 full bath(s) in a 2,816 sq ft open concept floor plan. The upgraded kitchen offers granite countertops, large [eat-in] island, raised panel cabinetry, ss appliances, and pantry. Additional home features include 10ft+ ceilings, downstairs living areas, upstairs living space, wood plank tile flooring, modern plumbing/lighting fixtures [fans], dual pane [low-e] windows, 2'' blinds, designated dining space, and a dedicated master retreat featuring a spacious sleeping quarters, large shower, dual sinks, and walk-in closet. Lastly, the home features a 2-car garage, an..

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1640 W Clarendon Avenue Phoenix, AZ 85015

$640,000

3 Beds

2.5 Baths

1,897 SqFt

Status Active

MLS # 6782539

Property Type Single Family Residence

Price Type --

Welcome to your dream home in a quiet, central Phoenix neighborhood! This remodeled, 3-bedroom, 2.5-bath home offers an inviting open-concept, split-floorplan design with contemporary finishes. The huge kitchen, complete with stainless appliances including a wine fridge, gas cooktop, wall oven, and large island with breakfast bar, flows seamlessly into the dining and family room, perfect for gatherings. A double-sided gas fireplace opens to both the dining area as well as separate den or office The primary bedroom opens boasts a walk-in closet, ensuite bath with custom tile, and a separate Japanese soaking tub and opens to the pool area. The large backyard features a sparking pool and covered patio. Walking distance to Phoenix Christian, Clarendon Elementary, & St. Gregory's Elementary.

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2276 W Periwinkle Way Chandler, AZ 85248

$640,000

4 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6777924

Property Type Single Family Residence

Price Type --

Single level home in Ocotillo near the Ocotillo golf course. Home was remodeled in 2020 with beautiful flooring, light fixtures, & baths. Corner lot with 3 car garage which includes wiring for EV charging. Inside you'll find beautiful wood like floowing throughout the home, bright and open formal dining & living space that continues into the family room / kitchen area. Beautiul granite counters, white cabinetry, stainless steel appliances, pendant lights, and an island. The family room has a fireplace. Large sliding glass door opens to a covered patio, pool and backyard space. Primary bedroom faces the backyard and the primary bath, has a separate tub, beautilful shower with separate toilet area. One of the secondary bedrooms could double as an office w/french doors, Solar panels

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50910 W Long Rifle Road Aguila, AZ 85320

$640,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6780527

Property Type Manufactured Home

Price Type --

This meticulously maintained, fully furnished 2-bedroom, 2-bathroom home offers both comfort and versatility, complete with an office space for all your work-from-home needs. Outdoors, enjoy the convenience of a full RV hookup, while the expansive 7.5-acre lot provides the perfect canvas for your dream horse pens and arena, designed exactly how you envision it. A container is included, ready to be transformed into a practical tack room or additional storage space. The property is securely enclosed with an 6-foot tall chain-link fence and features easily operable gates for seamless access. Surrounding the home, you'll find a variety of mature trees, including California-imported palms and a unique Australian Willow that maintains its lush foliage year-round, offering plenty of shade for the grand Arizona room. The room itself boasts vaulted beam ceilings and a ceiling fan, creating a relaxed, breezy atmosphere. An automatic drip irrigation system ensures easy maintenance, keeping the landscape beautiful with minimal effort. Additionally, the spacious two-car garage features a concrete floor and automatic doors, providing ample storage. Attached to the garage is a game/party room with a beautiful pool tableideal for entertaining, or easily converted into a guest casita. Don't miss the chance to unwind and take in breathtaking sunsets over the mountains from your new home!

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7163 E Grass Land Drive Prescott Valley, AZ 86314

$640,000

3 Beds

2 Baths

1,811 SqFt

Status Active

MLS # 6782324

Property Type Single Family Residence

Price Type --

Experience luxury at StoneRidge w/ This Beautiful 3-bedroom, 2-bathroom Open Floor plan home, Features elegant pecan color wood flooring thru-out, making this home a cozy setting for Entertaining . The Modern kitchen boasts convenience w/ like New KitchenAid appliances, ideal for gourmet cooking. Recent upgrades include a Brand New HVAC system and 40g Water Heater, ensuring comfort and efficiency. The backyard is fully paved for a low-maintenance outdoor living, The 3-car garage offers ample space for all Kinds of Storage and Vehicles . This is the ultimate blend of style and functionality with only a few blocks from the prestigious StoneRidge Golf Course Clubhouse. A MUST SEE!

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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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3305 S Stanley Place Tempe, AZ 85282

$640,000

5 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6786544

Property Type Single Family Residence

Price Type --

**TURNKEY INVESTMENT PROPERTY**Discover this beautifully remodeled 5-bedroom, 2-bath property, ideal for homeowners or investors looking to capitalize on its prime location. Situated just minutes from ASU, this home features brand-new flooring and fresh, modern paint throughout, creating a bright and inviting atmosphere. With its generous layout, this property offers ample space for families or students. Currently utilized as a successful airbnb, it boasts strong rental potential thanks to its proximity to ASU, local dining, shopping and entertainment options. Whether you are seeking a turnkey investment or a comfortable residence near the heart of Tempe, this property checks all the boxes.

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3455 Turkey Track Road Pinetop, AZ 85935

New

$640,000

3 Beds

2.5 Baths

1,924 SqFt

Status Active

MLS # 6777423

Property Type Single Family Residence

Price Type --

This sharp looking cabin in the woods is fully furnished with everything you need down to the coffee maker. If you are looking for an investment property, full time or part time living, this cabin is perfect for you! It's an open concept living area, so you won't miss out on anything while entertaining and vaulted ceiling. A nice size loft that is large enough for a game room, extra living room, workout area, or an extra sleeping area. The master bedroom is downstairs, perfect for comfort at the end of a long day. Both the front and back decks are covered and perfect for sipping on your morning coffee or a glass of wine in the evening. With the amenities of the clubhouse, pool, workout facility, tennis, hiking and more are here for you in the Pinetop Lakes Country Club.

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