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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

656 W Johnson Drive Gilbert, AZ 85233

$674,900

4 Beds

2 Baths

2,374 SqFt

Status Active

MLS # 6739611

Property Type Single Family Residence

Price Type --

Discover your dream home in this exceptional property, boasting a spacious three-car garage and a host of upscale features. The beautifully designed primary bathroom offers a tranquil retreat, while the expansive kitchen is a chef's delight, featuring a wine cellar and a high-end Sub-Zero refrigerator/freezer. Set on a generous lot, this residence includes a sparkling pool with a diving board, perfect for entertaining and relaxation. Plus, enjoy the benefits of a solar savings! This home seamlessly combines luxury, comfort, and efficiency, making it a must-see!

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2329 E Turney Avenue Phoenix, AZ 85016

$674,900

3 Beds

2 Baths

1,816 SqFt

Status Active Under Contract

MLS # 6798949

Property Type Single Family Residence

Price Type --

This beautifully updated home features an inviting open floor plan, showcasing a spacious living area with stylish finishes and abundant natural light. The gourmet kitchen boasts new stainless steel appliances, quartz countertops, and contemporary cabinetry, perfect for both cooking and entertaining. The remodeled bathrooms offer luxurious touches, including modern fixtures and elegant tile work. The bedrooms provide a cozy retreat, with ample closet space. Outside you'll find both the front and back landscaped, ideal for outdoor gatherings and relaxation, along with a large detached 2 car garage. This home is walking distance to Biltmore's fine dining and shopping making it a perfect blend of modern comfort and community convenience.

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215 Sheffield Drive Prescott, AZ 86303

$674,900

3 Beds

2 Baths

1,773 SqFt

Status Active Under Contract

MLS # 6794996

Property Type Single Family Residence

Price Type --

This brand-new construction home is nestled on a premium corner homesite with landscaped front and rear yards enhanced by mature trees. The property offers long-distance views of Mingus Mountain and the Bradshaw Mountains, creating a picturesque setting. Upon entry, the open great-room concept welcomes you with an abundance of natural light streaming through numerous windows, highlighting the spacious layout. The kitchen is a culinary masterpiece, featuring crisp white plantation-style cabinetry with soft-close doors and drawers in a staggered height design, gleaming granite countertops, and a centerpiece island adorned with stylish pendant lighting. A stainless steel appliance package completes the space, including a five-burner gas range with convection oven, dishwasher, and microwave. The great room's focal point is a stunning floor-to-ceiling dry-stack stone gas fireplace, blending warmth and sophistication. The master suite is a private sanctuary, showcasing captivating views, a generously sized walk-in closet, and a spa-like bathroom. The en-suite features raised-height double vanities with granite countertops, an oversized floor-to-ceiling tiled walk-in shower, and modern fixtures. The guest bathroom mirrors the luxurious feel, with a raised-height vanity, a tub/shower combination, and a roomy linen closet. This home has two additional spacious bedrooms, each equipped with ceiling fans, walk-in closets, and pre-wiring for wall-mounted TVs. Raised-panel interior doors and low-maintenance wood laminate flooring throughout ensure a seamless and allergen-friendly environment, while the bathrooms and laundry room feature beautiful tile flooring for added durability and style. The laundry room is practical with integrated upper and lower cabinetry and extra storage space. The oversized two-car garage boasts an insulated 8-foot overhead door, a WiFi-enabled LiftMaster opener with a built-in camera for added security, a soft water loop, and a 50-gallon hot water heater with a recirculating pump. Beneath the home, you'll find expansive storage space, ideal for seasonal items or even a potential workshop. Outdoor living is a delight with a welcoming covered front porch and a sprawling 200-square-foot covered rear deck, perfect for entertaining or enjoying the spectacular mountain vistas. A paver driveway adds to the home's curb appeal, while the property's surrounding mature native trees provide privacy and natural beauty. This home truly offers a harmonious blend of modern luxury and timeless comfort.

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337 N Mount Vernon Avenue Prescott, AZ 86301

$674,900

5 Beds

3 Baths

3,054 SqFt

Status Active

MLS # 6787323

Property Type Single Family Residence

Price Type --

This enchanting 1917 Queen Anne-style Victorian home is a true testament to early 20th century elegance. Nestled on a corner lot, this 3,054-square-foot residence offers 5 bedrooms, 2.5 baths, a 2-car garage, an attached workshop, and two storage sheds providing ample space and functionality. As you approach, the home's timeless character welcomes you with a picturesque bay window, a charming front porch, and a classic brick and wrought iron fence lining the front yard. Situated on renowned Mt. Vernon Avenue, this home is steeped in history and surrounded by some of Prescott's most beautiful and significant properties. Short Sale Opportunity! The bank offers an easy approval process for a quick turnaround, making this an unparalleled opportunity to own a piece of history.

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5450 N Globe Drive Eloy, AZ 85131

Open House

$674,900

3 Beds

3.5 Baths

2,450 SqFt

Status Active

MLS # 6819582

Property Type Single Family Residence

Price Type --

WOW! This Talavera model is one of a kind!! Built with energy efficient Integra block construction this home is located on the #2 green in the beautiful community of Robson Ranch. Enjoy the incredible sunsets from the over sized patio with water feature and built in BBQ! Inside you will find a lovely open layout with fresh updates! The fireplace has been lovingly updated along with a wonderful color palette on the walls and custom tile backsplash! Peace and serenity flow in this gorgeous primary suite as well!! There are so many wonderful touches including plantation shutters and a tiled shower! Make this oasis your year round residence or winter retreat!!

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14325 W Via Tercero Drive Sun City West, AZ 85375

Open House

$674,900

3 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6788605

Property Type Single Family Residence

Price Type --

Stylishly updated Prescott model, expanded with rear AZ room (375 SF) and separate casita (350 SF) on #4 Tee Box of Deer Valley Golf Course. Split floorplan with primary bedroom & guest bedroom plus office/den-perfect for guests. Enter through the front courtyard featuring refreshing spa, awning & fountain to the open & spacious living & dining areas w fresh paint, plantation shutters & tile flooring. Updated kitchen w abundance of white cabinets, granite countertops & Whirlpool S/S appliances. (2017). Primary & guest bath-granite countertops, guest bath updated tiled shower. Expanded rear gallery & AZ room (separate HVAC). Large rear covered patio & spiral staircase for amazing views. Expanded, tiled casita (Extra 8 FT) w full bath, closet, HVAC. Ext length garage. Fruit trees. Roof 2015

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17312 W Royal Palm Road Waddell, AZ 85355

$674,850

3 Beds

3 Baths

2,541 SqFt

Status Active

MLS # 6824962

Property Type Single Family Residence

Price Type --

RV Garage, plus 2-car garage, Large Lot, 3 Bedrooms, Den, 3 Baths with Large Covered Patio, 42'' Skylar Shale Cabinets, Oceana Quartz Countertops, Oceanside Cottage 6x36 tile with Bit of Gray carpet, Built-in LG Gourmet SS Appliances, Micro/Wall Oven, Gas cooktop, Laundry Cabinets with Sink, Barn Door at Master Bedroom, Interior Paint Faded Grey, Gas Stub at Patio, Soft Close Doors & Drawers, Security System, RV Dump, Both RV and 2 Car Garages fully insulated, Large Drive way.

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16813 S 37th Way Phoenix, AZ 85048

$674,800

4 Beds

2 Baths

2,162 SqFt

Status Active Under Contract

MLS # 6802750

Property Type Single Family Residence

Price Type --

This gorgeous 4-bed, 2-bath home is a true gem! Featuring a 3-car garage, manicured landscape, & a courtyard. Inside, the large & airy living room adorned w/surround sound is perfect for entertaining. Travertine flooring, vaulted ceilings, & ceiling fans enrich the overall ambiance. A cozy fireplace & French doors to the back patio complement the desirable great room. Fabulous kitchen includes recessed & pendant lighting, abundant cabinetry, SS appliances, a prep island w/a breakfast bar, tile backsplash, granite counters, & a bay window in the dining area. Romantic main retreat boasts wood-look floors, outdoor access, an ensuite w/two vanities, & a walk-in closet w/mirrored doors. Dreamy backyard showcases a covered patio, paver seating area, & a pool ideal for summer days. Don't miss!

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15626 N 12th Avenue Phoenix, AZ 85023

$674,800

4 Beds

2.5 Baths

2,241 SqFt

Status Active

MLS # 6783981

Property Type Single Family Residence

Price Type --

Moon Valley, Moon Valley! One of Pulte Homes best creations is Moonlight Cove nestled in the GREAT community of Moon Valley. The 1st floor primary retreat is huge with vaulted ceilings and a bay window overlooking an oversized resort style backyard. The spa-like bathroom boasts a soaking tub, separate shower with custom tile. Designer mirrors above the oversized double vanity, customized walk-in closet, and upgraded lighting. This spectacular floorplan hosts a living/family room split with the family room open to the kitchen and breakfast room making an entertainer's dream, the chef will never miss a play in the big game. Walk out the new glass door into your oasis backyard including pool heated spa, outdoor kitchen as well as plenty of space for a game of catch on this oversized backyard

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7210 N 86th Lane Glendale, AZ 85305

$674,777

4 Beds

3.5 Baths

3,704 SqFt

Status Active

MLS # 6809941

Property Type Single Family Residence

Price Type --

This beautiful home is heavily UPGRADED on a GIANT LOT with 4 bedrooms, den, ENORMOUS LOFT, 3 CAR GARAGE, & MOUNTAIN VIEWS! Gourmet Chef's kitchen boasting GRANITE COUNTERTOPS & ISLAND, custom sink, STAINLESS STEEL APLIANCES, Butler Pantry, ENORMOUS WALK-IN PANTRY, & Barista Pantry. Giant Primary En-Suite & sitting area, oversized bathroom with dual sinks, separate shower, soaking tub, & WALK-IN CLOSET bigger than most bedrooms! Elegant entryway & CUSTOM STEEL DOOR, upgraded flooring & baseboards, upgraded lights/fans/fixtures, & generous sized bedrooms WITH WALK-IN CLOSETS!! Surround sound in living room, patio, & loft. Two covered patios, large grass backyard with low maintenance landscaping. Close to Westgate Entertainment District & State Farm Stadium-It's the one!!!! The spacious primary suite has plush carpet, a sitting area and hosts a pristine ensuite with dual sinks, soaking tub, and a walk in closet. The loft is perfect for creating a reading corner or a fun recreational area. The backyard is adorned with lush grass and offers a large space, ideal for entertaining and hosting gatherings. What's not to like? Just pack your bags & settle in!

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2462 W Rowel Road Phoenix, AZ 85085

Open House

$674,530

4 Beds

3.5 Baths

2,511 SqFt

Status Active

MLS # 6816002

Property Type Single Family Residence

Price Type --

SPECIAL FINANCING for a limited time. Terms and conditions apply. Ask sales agent for details. This home offers 2,511 sq ft of living space with 4 bedrooms, 3.5 bathrooms, large 2-car garage, walk-in closets in every bedroom and the primary and secondary bedrooms feature their own ensuite bathrooms for added privacy and comfort This home features the Elite Design package of upgrades, including burlap cabinets, quartz countertops, custom backsplash, large island in great room, stainless-steel GE Cafe kitchen appliances and single bowl sink. All bathrooms have quartz countertops with Kohler undermount sinks. Quality and energy efficiency includes tankless hot water heater, Tech Shield roof barrier & blown in wet cellulose insulation. Union Park, residents can indulge in amenities including

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219 E Palomino Court Gilbert, AZ 85296

$674,500

4 Beds

2 Baths

2,287 SqFt

Status Active

MLS # 6749829

Property Type Single Family Residence

Price Type --

Discover this Stunning Single-level Luxurious Remodeled Gilbert home, blending comfort & style. 4-bed, 2-bth, Split Floor Plan, 3 Car Garage, w/Pool! Recent renovations include Gourmet Kitchen, Quartz counters, stainless steel, ample cabinets w/pull outs. Lg Master Suite: Spa-like retreat with separate shower, freestanding tub, dual sinks. Inviting Living: Gas fireplace, fresh paint inside & out. Elegant New flooring showcasing 24x48 tile & plush new carpet. New HVAC & water heater (Aug 2024). Outdoor Oasis: Resurfaced pool, tile, synthetic grass. Cul-de-sac, corner lot, N/S exposure, new ceiling fans, covered patio, 4-inch baseboards. Conveniently located near Downtown Gilbert, Lifetime Fitness, dining & shopping. Move-in ready in a desirable neighborhood.

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