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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28524 N 102nd Way Scottsdale, AZ 85262

$635,000

2 Beds

2.5 Baths

1,711 SqFt

Status Active

MLS # 6702531

Property Type Townhouse

Price Type --

This 2br/2.5ba unit is located in the resort community of Troon North. The open floor plan includes a great room w/ high ceilings, updated kitchen and a cozy gas fireplace. Add'l features include brand new roof, appliances, hot water heater, and HVAC. Convenient direct entry 2-car garage. Upstairs you will find two primary suites with walk-in closets, dual sinks and private showers. Both rooms feature balconies for enjoying views of the desert landscape and Pinnacle Peak. Low property taxes and HOA dues make this easy desert living! Conveniently located near the Troon Clubhouse and Sonoran Mountain Preserve trail system.

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17603 N Lindgren Avenue Sun City, AZ 85373

$635,000

2 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6712021

Property Type Single Family Residence

Price Type --

Beautifully Remodeled including the windows. Open Floor Plan, Golf Course Property With Pool. Kitchen Includes Newer Upgraded Custom, Hickory Cabinets, Stainless Steel Appliances and Newer Wood Tile Flooring. Walk-in Closets In Both Bedrooms. Fully Remodeled Guest Bathroom. Air Cooled Laundry Room/pantry Off Garage With Extra Storage, Bonus Den/office off Main Bedroom. and there are 2 walk-in closets in this room. The main bedroom has a door to the outside. The Pool is Solar Heated with an additional heating feature. The Pool has a pebble-tec type coating.. There is a lovely Waterfall Feature. The backyard landscape has Astro Turf. The front courtyard is fully fenced for a cozy retreat. Come see this lovely cheerful house, just waiting For You to Call it Home! Owner/Agent

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302 W Oak Avenue Unit 1 Flagstaff, AZ 86001

$635,000

3 Beds

2.5 Baths

1,213 SqFt

Status Active

MLS # 6730466

Property Type Single Family Residence

Price Type --

TO BE BUILT...Welcome to modern living in the heart of Flagstaff - a collection of contemporary detached homes that redefine luxury and convenience. Nestled against the backdrop of the stunning mountains, step into a world where architectural brilliance meets nature's beauty. The community boasts a sleek and contemporary design that seamlessly integrates with the natural surroundings. Plentiful glass allows ample natural light to flood the interiors, creating a harmonious blend of indoor and outdoor living. Clean lines, high ceilings, and thoughtfully designed spaces provide an open and airy atmosphere making each home a sanctuary of modern sophistication. Wake up to the awe-inspiring sight of the mountains right outside your window (Select Lots Only). Whether you're sipping your morning coffee on the patio or enjoying a quiet evening indoors, the breathtaking scenery is a constant companion, creating a sense of tranquility and connection with nature. Embrace the convenience of city living without sacrificing the serenity of a mountain retreat. The community is ideally located within a short distance to downtown Flagstaff with easy access to the Urban Trail System (FUTS), allowing residents easy access to vibrant shops, eclectic restaurants, cultural attractions, and lively entertainment. Enjoy the best of both worlds - the bustling energy of city life and the peaceful seclusion of your private mountain haven. Step inside and experience a harmonious blend of form and function. The interiors are adorned with high-end finishes, contemporary fixtures, and premium materials. The open-concept layouts create a seamless flow between living, dining, and kitchen areas, perfect for both entertaining guests and cozy family nights. Invest in more than just a home - invest in a lifestyle. These bungalows offer not just a residence but a secure investment in the future. The combination of prime location, modern design, and proximity to downtown Flagstaff, Flagstaff Medical Center, Flagstaff Elks Lodge, Jay Lively Ice Arena, Buffalo Park, Basha's Grocery Store, and many schools ensures a high standard of living and potential for long-term value appreciation. There are a total of 13 available lots, any of the three attached plans will work on any of the available lots.

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14027 N 32nd Street Phoenix, AZ 85032

$635,000

4 Beds

3.5 Baths

2,197 SqFt

Status Active

MLS # 6742734

Property Type Single Family Residence

Price Type --

Welcome to this charming Phoenix home! With its inviting curb appeal, RV gate, and delightful fountain, you'll feel right at home from the start. Inside, you'll find stylish wood-look floors and a soothing color palette in a spacious great room featuring a chic chandelier and cozy fireplace. The pristine white kitchen boasts shaker cabinets, stainless steel appliances, a beautiful tile backsplash, quartz counters, and a breakfast bar island. The romantic primary suite offers a walk-in closet and a private bath. Relax on the covered patio with mountain views and entertain in the expansive backyard

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15571 W Prairie Dunes Drive Surprise, AZ 85374

New

$635,000

2 Beds

2.5 Baths

2,290 SqFt

Status Active

MLS # 6789147

Property Type Single Family Residence

Price Type --

WOW!!! Nestled in the heart of the desirable 55+ community of Sun City Grand, this stunning corner lot gem offers unparalleled charm and comfort. From the moment you arrive, you'll be greeted by a desert landscaping, a welcoming courtyard, stone accents, and a 2-car garage with a dedicated golf cart bay. Step inside to discover sleek tile flooring, pre-wired surround sound, and a cozy great room with custom wall niches and a fireplace - perfect for entertaining. The formal dining area is ideal for hosting festive gatherings. The chef's kitchen boasts stainless steel appliances, wall ovens, granite counters and backsplash, ample white cabinetry, a center island, and a peninsula with a breakfast bar... Retreat to the luxurious primary suite featuring a sitting area, an ensuite with dual sinks, a make-up vanity, a soaking tub, and a spacious walk-in closet. The second bedroom also includes a walk-in closet, and the den offers the perfect space for a home office or media room. Outside, the backyard oasis awaits with a covered patio, a serene water feature, and a refreshing pool - your private retreat for relaxation. Don't miss this incredible opportunity to live the Sun City Grand lifestyle!

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15530 N 78th Avenue Peoria, AZ 85382

$635,000

5 Beds

3 Baths

3,026 SqFt

Status Active

MLS # 6769251

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home, featuring many desirable attributes. The neutral color scheme and fresh interior paint create a calming ambiance. The kitchen is a cook's delight with a central island. The primary bedroom includes a walk-in closet and an en-suite bathroom with double sinks, a separate tub, and a shower. Enjoy cozy evenings by the fireplace. The fenced backyard is perfect for entertaining, with a private in-ground pool, a covered patio, and a storage shed. Our lawn is adorned with low maintenance landscaping, allowing you to enjoy the aesthetics without the additional work. This home offers comfort, convenience, and style in equal measure.

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26233 N 133rd Avenue Peoria, AZ 85383

$635,000

4 Beds

3.5 Baths

3,005 SqFt

Status Active

MLS # 6776183

Property Type Single Family Residence

Price Type --

Built in 2022! 4 bed 3.5 bath home w/ a loft & a 3 car garage located in Rancho Cabrillo community in North Peoria. Paver driveway & double side gate. Wood-like tile in the main traffic areas. The kitchen is open to the family room & includes a huge island, quartz counter tops, gas range, premium stainless steel appliances & a pantry. The primary suite is over-sized & the primary bathroom includes a huge shower, dual sinks, quartz counters & a large walk-in closet. Backyard is a blank canvas, plenty of room for a pool. Open greenspace across the street & beautiful mountain view from the backyard! Walking distance to A+ schools & parks.

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4512 W Stoneman Drive Anthem, AZ 85086

$635,000

5 Beds

3 Baths

2,822 SqFt

Status Active

MLS # 6775656

Property Type Single Family Residence

Price Type --

**Stunning 5-Bedroom Home with Solar and Pool!** Welcome to your dream home! This beautifully recently painted residence boasts 5 spacious bedrooms and 3 full baths, offering plenty of room for everyone. Enjoy the convenience of two new AC units, ensuring year-round comfort, and a central vacuum system for easy cleaning. Step outside to your private oasis featuring a refreshing pool, perfect for relaxing and entertaining. The excellent layout includes a loft that can be customized to fit your lifestyle—think home office, playroom, or media space! Located within walking distance to a highly-rated middle school and a fantastic park, this home combines tranquility with accessibility. Plus, with solar panels, say goodbye to high APS bills and hello to energy savings!

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16420 N Thompson Peak Parkway Unit 1009 Scottsdale, AZ 85260

$635,000

2 Beds

2.5 Baths

1,640 SqFt

Status Active

MLS # 6783419

Property Type Townhouse

Price Type --

Prime elevated location within the complex, this 2-story end-unit townhome boasts picturesque, views of lush landscaping. An inviting great room, complete with a cozy fireplace, flows effortlessly into the dining area & sliding doors open to a private patio, ideal for outdoor relaxation. On the lower level, a versatile office space can double as an additional sleeping area. The primary bedroom offers a private balcony overlooking the beautifully curated desert landscape, while an en-suite guest room provides comfort and privacy. The community offers exceptional amenities, including a well-maintained pool, spa, & workout facility, along with access to the renowned McDowell Mountain Ranch community amenities. Cachet is conveniently located close to the 101 and popular dining spots.

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10736 W Paso Trail Peoria, AZ 85383

$635,000

3 Beds

2 Baths

2,190 SqFt

Status Active

MLS # 6781741

Property Type Single Family Residence

Price Type --

Impeccable home In great area. All new plank tile flooring installed in 2023 - Large walk in master shower remodeled with tile in 2023 - Great room concept with island kitchen and granite counter tops - Build in upgraded stainless steel appliances - Stainless steel refrigerator - 36'' gas cooktop - 42'' staggered cabinets - Double door exit into back yard - Split floor plan - Large master suite with double sinks - walk in shower - private toilet room - very large walk in closet - Large laundry room with extra cabinets and laundry sink - Paver drive way in front and paver patio in back yard - Backs up to common area with view fencing

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13325 W Luke Avenue Litchfield Park, AZ 85340

$635,000

3 Beds

2.5 Baths

2,432 SqFt

Status Active

MLS # 6782771

Property Type Single Family Residence

Price Type --

This home in the gated Dreaming Summit community of Litchfield Park is move-in ready! The property features 3 bedrooms, 2.5 baths, a separate den, and an inviting front courtyard. The main living area boasts upgraded plank flooring, fresh paint, and plantation shutters. The stylish kitchen includes recessed lighting, ample cabinetry, stainless steel appliances, a stunning upgraded island with breakfast bar, and plenty of counter space. The primary suite has a private exit, luxurious bath with dual sinks, a tub, shower, and walk-in closet. The large backyard offers an extended patio, built-in gas BBQ, private pool, and double gate—perfect for Arizona living! Located near Luke AFB. Just 7 miles from Westgate entertainment district, State Farm Stadium, and 4 Spring training stadium

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1612 E Julie Drive Tempe, AZ 85283

$635,000

4 Beds

2 Baths

2,204 SqFt

Status Active

MLS # 6784114

Property Type Single Family Residence

Price Type --

This beautifully updated home, in the heart of Tempe welcomes you with wood-look tile flooring throughout. Updates include removal of popcorn ceiling, installation of flush mount lighting in formal and informal living and dining areas, updated bathrooms and bright, open, updated, kitchen. The primary suite is spacious and boasts a bath with a separate vanity/dressing area, as well as a private exit to the backyard. The den/office is crafted with double French doors for privacy. The no-maintenance, spacious, backyard features a beautiful, sparkling, pool, as well as plenty of space for playing or lounging. New windows & electrical panel 2021, new HVAC 2022. All of this in a spectacular location convenient to shopping, dining, golf, ASU, the Loop 101, the SR 60, I-10 and the Loop 202!

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