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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9518 W Menadota Drive Peoria, AZ 85382

$575,000

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6755883

Property Type Single Family Residence

Price Type --

PRICED TO SELL & MOTIVATED SELLER: Experience resort-style living in this immaculate move-in ready home situated in the desirable active adult community of Westbrook Village. Boasting 3 bedrooms, 2.5 baths, and a private pool, this well-appointed residence is perfect for those seeking a luxurious and low-maintenance lifestyle. Enjoy the open great room with soaring ceilings, perfect for entertaining, and the spacious eat-in kitchen designed with the chef in mind. The lavishly remodeled master bathroom and expansive walk-in shower are sure to impress. The beautifully landscaped front and backyards add to the home's excellent curb appeal. Westbrook community offers numerous amenities including rec. centers, golf courses, a restaurant, pools, tennis/pickleball courts, and much more. Located near an array of shopping, dining, and entertainment options and just 20 minutes from the Westgate entertainment district, this home offers the perfect combination of comfort and convenience. UPGRADES: New Roof and AC both with warranties, Sunscreens, security door, 80gal water heater, exterior painted, kitchenAid dishwasher, refrigerator, handicap accessible and more!

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3125 W Whitman Drive Anthem, AZ 85086

$575,000

4 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6758961

Property Type Single Family Residence

Price Type --

RARE CORNER LOT OPPORTUNITY in ANTHEM Parkside offers a unique lot in that it is adjacent to the grass common area AND no home in front. The N & S sun exposure makes this desirable for the hot summer months. The upgrades and meticulous condition this place has been kept in will provide an easy move in ready opportunity. 3 CAR garage, 6 person Dr. Wellness spa, water feature, built in BBQ with a view fence and so much more! The ultimate entertaining space for friends and family. THIS oasis extends its backyard presence into the MASTER bedroom with NEW Dual pane sliding glass Arcadia doors. If you are someone who appreciates attention to detail, consideration for lower sun exposure, and a more private lot while getting the amenities an HOA community has to offer this could be your match

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21527 N 78th Lane Peoria, AZ 85382

$575,000

4 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6768859

Property Type Single Family Residence

Price Type --

WHAT COULD HAVE BEEN THE FORMER MODEL IS NOW AVAILABLE AND LOADED WITH EXTRAS/ EXCELLENT FLOORPLAN WAS DESIGNED FOR FAMILY LIVING W/ SPACIOUS FAMILY & LIVING ROOMS/ BAY WINDOWS IN BOTH DR & LR/ CUSTOM DISTRESSED WOODWORK AND DECORATIVE STONE ACCENTS GIVE THIS HOME THE ''FLETCHER FARMS FEEL''/ CUSTOM PLANTATION SHUTTERS COVER ALL OF THE WINDOWS/ TILE AND LAMINATE COVER THE FLOORS EXCEPT THE CARPETED BEDROOMS/ KITCHEN HAS UPGRADED CABINERTY, GRANITS TOPS, SS APPLIANCES, GAS STOVE, W/I PANTRY AND GREAT BREAKFAST BAR/ OTHER EXTRAS INCLUDE FANS IN ALL ROOMS, 9' CEILINGS, SECURITY SYSTEM, R/O & SOFT WATER, GAS HOT WATER & HEAT & SUNSCREENS/ THE 3CGARAGE HAS EPOXY FLOORS AND ATTACHED GARAGE CABINETS/ EASY CARE DESERT FRONT YARD AND GRASS REAR FOR THE KIDS/ NICE STORAGE SHED W/ ELECTRIC/ SPACIOUS PAVER PATIO WITH OVERSIZED GAZEBO/ YOUR OWN PARK IS DIAGONAL TO THE HOME A BALL THROW AWAY/ THIS HOME IS MOVE IN READY

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341 E Constitution Drive Gilbert, AZ 85296

$575,000

4 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6765967

Property Type Single Family Residence

Price Type --

Welcome to your dream home, ideally located in a quiet cul-de-sac near Ray and Gilbert Rd in the heart of Gilbert! This stunning single-story, 4 bedroom, 2 bathroom home offers a bright and airy interior with hardwood floors and tile in the main living areas, and carpet in the bedrooms for maximum comfort. The inviting great room features a cozy fireplace with a custom mantel, perfect for relaxing evenings. The open kitchen is great for entertaining, equipped with stainless steel appliances, updated light fixtures, and a charming eat-in breakfast nook. Step outside to your backyard oasis, complete with a PebbleTec pool, spa, and real grass for outdoor enjoyment. A custom mural adds an artistic touch to the space. The home also boasts a 3-car garage, complete with an extra electrical sub-panel, ideal for a workshop. Plus, there's an RV gate with a cement pad for all your storage needs. With solar panels to keep electric bills low, this home is as efficient as it is beautiful. Don't miss your chance to own this exceptional property in a prime Gilbert location!

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12568 W Chucks Avenue Peoria, AZ 85383

$575,000

4 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6767402

Property Type Single Family Residence

Price Type --

BACK ON MARET! Welcome to Vistancia! NEWLY UPDATED Kitchen, Countertops, Bathrooms, Paint, and Flooring Throughout The Home. This 4-bed, 2-bath home offers a wonderful opportunity to live in a top ranking master planned community, with pools, playgrounds, schools, shopping, dinning, sports, and entertainment options nearby. This is a well-maintained single level home with rare 3-car garage, with mountain views & no neighbors behind you. The open concept, split floor plan ensures privacy and easy entertaining. Conveniently located near amenities in Peoria and twenty minutes from Lake Pleasant.

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8912 N Johnson Court Maricopa, AZ 85139

$575,000

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6773783

Property Type Single Family Residence

Price Type --

**Motivated sellers!! Beautiful 1,500 sq. ft. 3 bed, 2 bath home on a 4.2-acre property. This handcrafted single-story residence offers a spacious split floor plan, a large chef's kitchen with a great room concept, and modern cabinetry. The home is filled with natural light thanks to numerous windows and an Arcadia door leading to outdoor living spaces. The master bedroom features both a walk-in closet and a linen closet. Take in the stunning mountain views with true indoor/outdoor Arizona living with front and rear covered patios. Located at the end of a cul-de-sac with no HOA, perfect for those who want to bring their toys and enjoy the serene horse-friendly environment. This property is ready to be your dream home.

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10260 E White Feather Lane Unit 2048 Scottsdale, AZ 85262

$575,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6774632

Property Type Townhouse

Price Type --

This lock-and-leave condo in Troon North has been refreshed and repriced for a quick sale, offering an unbeatable value for luxury living. The motivated seller has completely painted this 2-bed, 2-bath unit, 1 car garage making it spotless, fresh and move-in ready. Enjoy endless amenities, including a heated pool and spa, fitness center, and a BBQ area for outdoor dining steps from this unit. The community features pickleball and tennis courts, and is tucked just inside the Troon North Golf Club, ranked Top 10 public course in AZ with two championship Tom Weiskopf designed courses. Perfect for seasonal or year-round living, this is your chance to enjoy the Scottsdale lifestyle at an incredible price! Book your private tour today! Easy to show, ready for you to make North Scottsdale HOME!

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5929 N 189th Glen Litchfield Park, AZ 85340

$575,000

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6771789

Property Type Single Family Residence

Price Type --

BETTER THAN NEW!! This gorgeous home built in 2021 sits on a corner lot and is perfect for entertaining! Open and spacious floor plan with 3 bedrooms, 2.5 bathrooms, 10 ft ceilings, and a separate den/office. The gourmet kitchen features a massive island (just shy of 11 ft), quartz countertops, double wall oven, gas cooktop, built in microwave, deep farmhouse sink, walk in panty, and stainless-steel appliances. Stunning sunset mountain views from the front of the home. Primary suite has its own zone for AC and heat and a large walk-in closet. Owners have installed a water softener and epoxied the garage floor. The back yard is complete with a covered patio, pavers, palm and fruit trees, and turf. Walking distance to Canyon View High School

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7380 W Paraiso Drive Glendale, AZ 85310

$575,000

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6772726

Property Type Single Family Residence

Price Type --

What makes Hillcrest so popular is LOCATION! 4 bedroom 3 bath on over a 10,000 sq. ft cul-de-sac lot. 3 car garage with extra concrete parking, RV gate, beautiful pool with water feature and security fencing. Very private spacious backyard with covered patio, built-in BBQ, newly installed artificial grass area, and mature landscaping. New roof in 2022 with 10 warranty, freshly painted inside and out, island kitchen with granite countertops.

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1339 N Tucana Lane Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

2,274 SqFt

Status Active

MLS # 6778780

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2-bathroom home sits on a large 8,764 sqft lot in a beautiful community. With a FULLY OWNED solar system for energy efficiency, the 2,274 sqft home features a gas fireplace and neutral-tone walls, creating a warm and inviting atmosphere. Sunscreen windows help keep the home cool and bright. The kitchen boasts a spacious island, sleek countertops, plenty of maple cabinets, an eat-in area, and formal dining space. The large bedrooms, including a primary suite with a walk-in closet, provide ample comfort. The extended covered back patio overlooks a serene yard with matures trees and grass. With a 3-car garage and community amenities such as a park and basketball court, this home offers a perfect blend of comfort and convenience!

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7425 W Willow Avenue Peoria, AZ 85381

$575,000

6 Beds

3 Baths

3,596 SqFt

Status Active

MLS # 6786127

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of Peoria, offering a perfect balance of space, style, and convenience. This spacious 3,596-square-foot residence features six bedrooms, three bathrooms, and a three-car garage with built-in cabinets, plus an RV gate for additional convenience. Located close to top-rated schools, shopping, dining, and freeway access, this home offers both comfort and accessibility. Inside, the bright and open layout includes a large living room and formal dining area, perfect for gatherings. The open eat-in kitchen is a chef's dream, boasting a breakfast bar island, pantry, stainless steel appliances, and plenty of counter and storage space. Adjacent to the kitchen, the family room provides a cozy setting with sliding glass doors leading to the backyard, creating seamless indoor-outdoor living. A downstairs bedroom offers flexibility for guests, in-laws, or a home office, while the upstairs features the primary suite and additional spacious bedrooms to suit every need. Step outside to a backyard designed for relaxation and entertainment, featuring a Pebble-Tec diving pool and a covered patio ideal for outdoor dining. The large yard provides plenty of space for activities or simply soaking up the Arizona sun. With its generous space, thoughtful design, and prime location, this Peoria gem is ready to become your forever home!

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117 E Vaughn Avenue Gilbert, AZ 85234

$575,000

3 Beds

2.5 Baths

1,379 SqFt

Status Active

MLS # 6775846

Property Type Single Family Residence

Price Type --

This move-in ready gem is just steps away from vibrant Downtown Gilbert, where numerous dining, shopping, and entertainment experiences await! It is also beautifully remodeled with upgraded flooring, bathrooms, kitchen, windows, doors, paint, fixtures, and more inside. PLUS! Outside boasts new roof and paver patio. The main house features 3 bedrooms and 2 bathrooms, and a 160 sq ft detached bonus room with a half bath can be used as a playroom or office — offering endless possibilities to suit your lifestyle. The large yard has mature shade trees. Your new home perfectly blends vintage charm with modern conveniences. Don't miss your chance to own a piece of history in this fantastic location in Downtown Gilbert! No HOA.

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