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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11021 W Buchanan Street Avondale, AZ 85323

$599,000

5 Beds

2.5 Baths

2,830 SqFt

Status Active

MLS # 6764601

Property Type Single Family Residence

Price Type --

An AMAZING OPPORTUNITY for a spacious NEW HOME in a FAMILY FRIENDLY COMMUNITY near the heart of New Downtown The BLVD in Avondale. Seller will consider up to a 3% allowance towards buyer's closing costs/rate buy down with a full price offer. Expansive community green belt on one side gives the feel of a corner lot with extra privacy. Luxurious upgraded kitchen with GE Profile appliances and quartz countertops. Huge master bedroom with a private retreat space, beautiful custom built-in closet and large shower. 2 bedrooms with a Jack-and-Jill bathroom. 2 flex rooms that can turn into extra bedrooms, guest spaces, playrooms, or home offices. Additional Interior Features: Ceramic tile flooring, Hunter ceiling fans with remotes and custom motorized blinds throughout the home. Future school planned next to the community for families. Additional Interior Features: Ceramic tile flooring, Hunter ceiling fans with remotes and custom motorized blinds throughout the home. Additional Exterior Features: Insulated 3-car garage, Tankless Hot Water Heater, Pre-Plumbed utility sink and Soft Water loop.

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4780 Starlight Drive Happy Jack, AZ 86024

$599,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6769681

Property Type Single Family Residence

Price Type --

Welcome to your cozy getaway, where modern comforts meet rustic charm in a captivating single-family haven. Nestled amidst beautiful trees on a desirable lot with graveled circular drive, this home offers the perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect sitting area to watch the beautiful flames with a glass of wine, perfect for cozy evenings in. Transition effortlessly from indoor to outdoor living with the expansive deck, surrounded by great trees that provide a serene and picturesque backdrop. Enjoy outside dining, morning coffees, or simply unwind while taking in the beauty of your natural surroundings .The kitchen is accented with modern conveniences, including recessed lighting that enhances the chic and functional design ideal for crafting culinary delights as you entertain. a built-in wine cooler, reach in pantry and a breakfast bar. Storage and organizational needs are effortlessly met with a detached garage, providing ample space for vehicles and hobbies alike.This gem at Starlight Drive promises more than just a home; it's a lifestyle of tranquility with the convenience of modern living. Don't miss your opportunity to own this unique property that blends comfort, style, and nature creating the perfect setting for cherished memories. This home is great for a weekend getaway or full time living. Escape the heat and come watch the wildlife from your deck, jump in your side by side or go for a hike.

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19733 N 79th Avenue Glendale, AZ 85308

$599,000

4 Beds

2 Baths

2,272 SqFt

Status Active

MLS # 6769879

Property Type Single Family Residence

Price Type --

Charming single-story home with a spacious, open-concept layout and high ceilings, offering an abundance of natural light and elegant tile flooring throughout. Original owners have lovingly maintained the property ideal for hosting gatherings, this home boasts an extended, covered patio and a serene garden-like backyard. The generous primary suite features a separate tub and shower, a private water closet, and a large walk-in closet. A well-designed split floor plan includes 3 additional bedrooms and a full bathroom. The exterior was freshly painted this year, enhancing its curb appeal. The three-car garage is equipped with insulated door and ample storage cabinets. Conveniently located near golf courses, lakes, parks, and easy access to freeways, shopping, and medical facilities.

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1849 E Northview Avenue Phoenix, AZ 85020

$599,000

2 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6770374

Property Type Single Family Residence

Price Type --

Location! Location! Location! Act fast before its gone. Beautiful home in Skyline Heights. This home is in the High Demand Pointe area. Brand New Roof just replaced with underlayment and brand-new tiles. New electrical panel box, New Garage door opener, New Security System, and New Dishwasher! Front and Backyard Brand New pet friendly artificial turf installed for low maintenance. Open and bright floorplan with fireplace and Atrium. Across the street from the park with mountain views and minutes from the Biltmore with restaurants, shopping and entertainment.

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114 W Smoketree Street Apache Junction, AZ 85120

$599,000

4 Beds

3 Baths

2,000 SqFt

Status Active

MLS # 6773540

Property Type Manufactured Home

Price Type --

**MOUNTAIN VIEW**HIGHLY UPGRADED HOME on a 1.25 LOT**Additionally, a 1.25 acre lot next door, MLS # 6773504, is also available** Step inside to a meticulously maintained home showcasing 9' ceilings, crown molding & gorgeous LVP floors. The mountian views from the spacious great room are breathtaking! The gourmet kitchen is equipped with generous counter space, recessed & pendant lighting, a tile backsplash, RAISED PANEL 42'' cabinets with uppers, spacious walk-in pantry, range hood, & stainless appliances. Your feet will love the comfort of the PLUSHLY CARPTETED owners' suite. Luxurious bath has WALK-IN SHOWER with seat, dual sinks, raised dual vanity & walk-in closet. There are 3 more bedrooms, 2 with en-suite baths. The generous laundry has a second refrigerator & ample storage.... ...You'll the private patio for dining & relaxing evenings. A front circular drive provides easy parking and there is room for RVs, boats & lots of toys! Location, views & a beautiful, highly appointed home - you can have it ALL!

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18627 N 43rd Place Phoenix, AZ 85050

$599,000

3 Beds

2.5 Baths

1,963 SqFt

Status Active

MLS # 6776064

Property Type Single Family Residence

Price Type --

Must see this spacious yet charming updated home featuring heated spa/pool and solar (owned not leased) on a cul de sac lot. This desirably situated North Phoenix Home has so many updates including Kitchen w/Stainless Steel Appliances including Refrigerator, Countertops, Breakfast Bar, Sink, Faucet, Remodeled Baths w/Tiled Shower Surrounds, Oil Rubbed Bronze Fixtures, Designer Mirrors, Countertops, Sink Bowls, Faucets, Hardware, Light Fixtures, Fireplace, Ceiling Fans w/Lights, Washer & Dryer Included. The beautifully updated backyard recently had $35k spent on the pool/heated spa & cool decking and is perfect for entertaining. You'll love the mountain view from the backyard and master bedroom. Close to everything - High Street, Desert Ridge, Kierland, Scottsdale Quarter, PV Golf, Reach 11 park, CREST. EZ freeway access to 51 & 101. Don't miss it before its gone.

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51123 N 297th Avenue Wickenburg, AZ 85390

$599,000

3 Beds

2 Baths

1,458 SqFt

Status Active Under Contract

MLS # 6681768

Property Type Manufactured Home

Price Type --

Front porch sittin at its finest with wonderful mountain views overlooking your entire 3+ acre parcel. Beautiful home with both rustic and modern touches. Enjoy a split master bedroom with a beautiful en-suite with a large garden tub and separate shower. Wood look vinyl plank floors throughout the home for easy cleanup and a great look. The large detached barn and garage gives you more options for animals as well as a great storage and parking facility. The horse setup includes 7 covered stalls with a turnout and an arena (140' X 250') equipped with a steer pen and round pen. Home and property are move-in ready and waiting for your enjoyment! Ride out from this property all the way to Box Canyon to work your horses as needed!

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4628 N Desert Stream Way Litchfield Park, AZ 85340

$599,000

3 Beds

2.5 Baths

2,513 SqFt

Status Active Under Contract

MLS # 6701011

Property Type Single Family Residence

Price Type --

Corner view lot with only one immediate neighbor! Property backs to pond with tranquil water and sunset views! 3 Bedrooms + Huge Loft, 2.5 baths, Great Room with dramatic ceiling. Roof redone 2016, 2 New Trane HVAC's 2019, 2 1/2Car Garage updated Nov 2022 with side mount garage door openers, epoxy floor, garage cabinets, 5 overhead storage racks, lighting, wired for EV charging & tankless hot water heater. Neutral tile, carpet and paint. Primary spacious bedroom features vaulted ceilings, window seat and separate door to back patio & lush backyard. Kitchen with backyard/pond views has granite counters, professional appliances, trash compactor and pantry. Private balcony for stunning views! Loft is versatile for office/play room/game room. Front entry with extensive paver patio and steps. Nearby: Wigwam Resort and Country Club featuring 3 renowned golf courses offering 54 holes of championship-level play, tennis, spa, & 3 on site restaurants. From the Litchfield Greens community there are 2 tunnels connecting to Litchfield Park Proper, featuring 4 Parks,1 Lake, miles and miles of walk ways friendly for walking and cycling. Residents enjoy a high quality of life, with access to parks, libraries, and award-winning schools. The city's vibrant community life is reflected in major events like the Litchfield Park Festival of the Arts and Christmas in the Park. Upcoming New Litchfield Square Development~At the heart of Litchfield Park is the Litchfield Square projecta 26-acre mixed-use urban hub that will serve as new downtown. Designed with a walkable, community-oriented layout.

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4525 E La Mirada Way Phoenix, AZ 85044

$599,000

4 Beds

3 Baths

2,250 SqFt

Status Active Under Contract

MLS # 6733584

Property Type Townhouse

Price Type --

Why drive to your next hike or ride? Live tucked in the hills of 16,000-acre South Mountain Park, with over 100 miles of pathways. Access the trailhead right at the corner of your cul-de-sac. Your next home is also nestled with Arizona Grand Golf Course, so your sunset strolls come with a green oasis. The Pointe is truly resort-like living 365 days a year. You can relax in your private pool or head to one of 4 community swim spots. Like to work out? Arizona Grand Athletic Club is 20,000 sf of the latest in fitness & it's right around the corner. When it comes time for work, The Pointe has great access to freeways, including their own gate that only homeowners can use to bypass traffic. This enclave allows you to be close to it all yet surrounded by views. The vistas are calling you!

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1888 W Dion Drive Phoenix, AZ 85086

$599,000

3 Beds

2 Baths

2,080 SqFt

Status Active Under Contract

MLS # 6741209

Property Type Single Family Residence

Price Type --

Your patience is about to pay off! This beautiful, meticulously maintained Telluride perched on a private, elevated, golf-course lot has long-range views of mountains in every direction. Lowered view-fence provides unobstructed sunrise vistas that truly ease the soul. EZ-care turf & landscape. Tastefully updated: New appliances include induction stove sure to improve your cooking experience. Extended solid wood cabinets, some with textured glass fronts. Slab granite counters + backsplash. Plantation shutters and new blinds. Contemporary frosted-glass barn door to walk-in closet. Updated light fixtures + fans. Office w/ glass French doors could be 3rd bedroom. Extended garage with EV CHARGING OUTLET. Fully enclosed, shady front patio extends outdoor living. Move in now! Features List: EXTERIOR Elevated lot with east-facing backyard View-fence dropped to 26 for unobstructed views Soul-soothing vistas in all directions Fully enclosed front courtyard, spacious & shaded Side gate has electronic access Easy-care landscape Artificial turf in backyard New sculptural fan on covered patio (2024)

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575 E Turkey Trail Munds Park, AZ 86017

$599,000

3 Beds

2 Baths

1,932 SqFt

Status Active Under Contract

MLS # 6756369

Property Type Single Family Residence

Price Type --

Nestled in the serene pines of Munds Park, this charming cabin offers a perfect mountain retreat w/3 spacious bdrms, loft, & 2 baths (4 bed plus). The classic A-frame design features soaring ceilings & large windows offering views of the surrounding forest. Step inside to a warm, inviting living space centered around a cozy fireplace, perfect for chilly evenings. A wood-burning stove adds a rustic touch & warmth. Each of the bedrooms is generously sized, providing plenty of room for family & guests. Wrap-around porch invites you to enjoy the crisp mountain air, whether you're sipping your morning coffee, dining, or taking in the peaceful surroundings. With ample space to entertain, relax, & explore, this cabin is a true gem offering the perfect blend of rustic charm & modern comfort.

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3721 E Catalina Drive Phoenix, AZ 85018

$599,000

3 Beds

2.5 Baths

1,977 SqFt

Status Active Under Contract

MLS # 6751178

Property Type Townhouse

Price Type --

This stunning 3-bedroom, 2.5-bath townhome, built in 2019, is located in the highly sought-after Arcadia neighborhood within a gated community. The home features a spacious 2-car garage and beautiful wood plank tile flooring throughout the first floor. The modern kitchen boasts elegant grey cabinets, quartz countertops, stainless steel appliances, and a convenient island with seating. Upstairs, you'll find a large loft, perfect for a home office or additional living space. The expansive master suite is filled with natural light and includes a luxurious master bath with a double vanity and a walk-in shower. Outside, enjoy the small private yard with pavers and low-maintenance artificial turf—ideal for relaxation. Additionally, this home comes equipped with a water softener and an alarm system, adding to your comfort and peace of mind.

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