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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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$565,000

4 Beds

4 Baths

1,853 SqFt

Status Active

MLS # 6693190

Property Type Townhouse

Price Type --

Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

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9854 W Ross Avenue Peoria, AZ 85382

$565,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6678518

Property Type Single Family Residence

Price Type --

Welcome Home! This 4-bed, 2-bath home sits on a huge 15,284 Sq. Ft. lot! The home offers vaulted ceilings, a freshly painted interior, tile and laminate flooring throughout. Be greeted upon entry to a gracious amount of living space. The owner's suite boasts a walk-in closet and private bathroom offering dual sinks with a separate shower and tub. The eat-in kitchen features granite countertops, a breakfast bar, stainless steel appliances and plenty of natural lighting. Make your way out back to an above ground hot tub and a SPARKLING PEBBLE FINISH POOL entirely resurfaced in 2022. Relax comfortably under the paved and extended covered patio. Here you will be conveniently located just minutes from Peoria's most popular shopping, dining and entertainment spot

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11995 E Pivot Peak -- Gold Canyon, AZ 85118

$565,000

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6699719

Property Type Single Family Residence

Price Type --

3 car tandem garage w/ 8' door & lots of storage! 3 bed 2.5 bath energy efficient house in Master-planned community of Peralta in Gold Canyon. Immaculate w/ countless upgrades! Chef's kitchen features gas cooktop, maple cabinets w/ double roll-out shelves & soft-close drawers, granite counters, pendant lights & walk-in pantry. Every bedroom has walk-in closets w/ extra shelves. Upgrades include: 36'' vanities, fixtures, ceiling fans, tile throughout, extra storage area, dedicated laundry room, extended covered patio & more! Low maintenance yard w/ storage shed. Community parks, pickleball & basketball courts, covered picnic area w/ grill, corn hole, horseshoes, fire pits under twinkle lights, walking trails, children's play area. Peralta Trails Elementary School is in the community.

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36038 N Puente Alto Avenue San Tan Valley, AZ 85140

$565,000

2 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6717592

Property Type Single Family Residence

Price Type --

Stunning home that will deliver perfection to any buyer. Home is upscale and the sellers did many upgrades after moving into the property including glass and iron front door, upgraded springs on garage door, upgraded all appliances in property. landscaping is immaculate with fencing around property, travertine tile on patio and front entryway, electric screen enclosure on patio installed, cabinets painted, ventilation system installed. Back porch fireplace is perfect. Quiet location with privacy has a greenbelt in the back of home. Mountain views are amazing. Home is amazing please get this one while it is available.

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22663 E Rosa Road Queen Creek, AZ 85142

$565,000

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6722640

Property Type Single Family Residence

Price Type --

Charming home nestled in the lovely Spur Cross Community located on a corner lot next to a small green belt area. Don't miss this opportunity to have a home within a home! Gen Suite with separate exterior entrance, living area, kitchenette, bedroom and full bath. Home has additional 3 bedrooms, Great room, Kitchen Island, 42in upper Cabinets, Shutters throughout. Back yard includes covered patio, pavers and turf! Clean and move in ready!

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1723 E Windsong Drive Phoenix, AZ 85048

$565,000

4 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6736870

Property Type Single Family Residence

Price Type --

This two story 4-bed, 2.5-bath home is located in the Ahwatukee Foothills. The prime location offers an idyllic backdrop for relaxation and leisure. The fresh interior, high ceilings, ample windows create an airy and bright feel. Enjoy the comfort of the backyard with the built-in pool. Noteworthy enhancements done in 2024 include new roof, water heater, stove, showers and vanities in both bathrooms, pool resurfacing, carpet, quartz countertops, interior paint, blinds, fixtures, and landscaping. Situated within the esteemed Kyrene School District, renowned for its exceptional educational opportunities, and in close proximity to The Foothills Golf Club, this property offers access to top-tier amenities and recreation, catering to a lifestyle of sophistication and convenience.

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1631 N Lynch -- Mesa, AZ 85207

$565,000

3 Beds

2 Baths

1,753 SqFt

Status Active

MLS # 6740039

Property Type Single Family Residence

Price Type --

Tucked away in the serene community of Montecita at Mountain Bridge, this residence is charming throughout. With three spacious bedrooms and two well-appointed baths, the split floorplan gives everyone the space they need - all located on a premium lot with no neighbors behind. The private pool with water feature calls to you from the backyard oasis for the perfect cool-off - any day, any time. Community amenities galore, and less than 20 minutes' drive to Valley airports, Saguaro Lake, Canyon Lake & the Salt River as well as hiking trails and mountains everywhere you look. You'll find so many amazing opportunities for enjoying life in the Valley of the Sun here.

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11 E Irene Street Pearce, AZ 85625

$565,000

3 Beds

2 Baths

2,384 SqFt

Status Active

MLS # 6743046

Property Type Single Family Residence

Price Type --

Approaching this beautiful, well maintained, Santa Fe style home sitting on 2.4 acres with fabulous views of the Dragoon Mountains, the first thing you will see are 18 pistachio tree. Entering the home you see a large great room from which you can walk out onto the covered patio with views of the Chiricahua Mountains. The large kitchen comes with granite countertops and an abundance of cabinet space. Step down into the main dining room featuring gorgeous Texas mesquite hardwood floors. The large main bedroom has an attached bath with walk in shower. This horse property includes a 48'x36' barn with 4 stalls, bathroom w/ shower and an additional 48'x12' of covered hay storage. The horse pasture is surrounded by electric fencing. Add to this a greenhouse with irrigation of sprinklers.

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16806 W Halifax Street Surprise, AZ 85374

$565,000

4 Beds

3.5 Baths

2,825 SqFt

Status Active

MLS # 6745049

Property Type Single Family Residence

Price Type --

Easily could be called a Next Gen-Home because it has 2 Very Lg Split ensuite Bedrooms. 4 Bedroom 3.5 Bathroom Single Level 2825 sq ft Home. Gourmet 21'X13' Chef's Kitchen w-built in Double Ovens & Microwave, Corian Counters, Lg Kitchen Island, Additional Cabinets+Pantry. Spacious Great Room with Lg Windows Inviting the out doors inside. Formal Dining Rm & Eat-In-Kitchen Nook. Home has a Solar System+with loan assumtion. Duct Work Reworked. Newer Sun Screens provide for Hi-Efficiency Ratings. The Entertaining Lg Back Yd has an Extra Lg Patio. Oversized Lot with RV gates. Home is on a Corner Lot in a Cul-de-Sac. Beautiful Grassy Basket Ball Park at the end of the Cul-de-s

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8844 E Charter Oak Drive Scottsdale, AZ 85260

$565,000

2 Beds

2 Baths

1,557 SqFt

Status Active

MLS # 6749595

Property Type Single Family Residence

Price Type --

The search for your new home ends here! Located in the highly sought after Pima Vista neighborhood of Scottsdale is a 2 bedroom + separate office, 2 bath, 1,557 sqft home that is priced to sell, ready for you to make it your own. The Kitchen has stainless steel appliances, living room features a charming wood burning fireplace, primary suite has a jacuzzi tub, and backyard has a covered patio with tall oleander bushes, making is feel more private. Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Don't hesitate. Put in an offer TODAY!

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7710 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$565,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6755867

Property Type Townhouse

Price Type --

* Highly Desired unit in The Courts at Gainey Ranch; Exclusive Guard-gated Community in Heart of Scottsdale * Sunset & Mountain Views from Great Room Picture Window & Balconies; Open Layout is Light & Bright Featuring Updated Kitchen, Baths, Lighting/Fans, Custom Shades, Security/Screen Doors, Trex-style Deck off Great Room, Fireplace, Large Laundry Room with Full Sized Washer/Dryer, Private Garage with Storage, Private Balconies * Amenities include Tennis, Pickleball, Renovated Estate Club w/ State of the art Fitness Center, Rec/Entertainment, Indoor/Outdoor Bar, Olympic-sized Heated Pool & Spa; Tree-lined Paths & Park, Additional Private Courts Community Heated Pool & Spa steps away * 24/7 Security, Perfect for your Lock & Leave Lifestyle * HOA covers almost everything * Don't miss it!

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310 W Pacifico Circle Litchfield Park, AZ 85340

$565,000

4 Beds

2 Baths

1,874 SqFt

Status Active

MLS # 6752715

Property Type Single Family Residence

Price Type --

Located in the heart of Old Town Litchfield Park just a short walk from The Wigwam Resort and the new Litchfield Square which is estimated to be completed in December 2024. This charming block home is in a quiet cul-de-sac with all the desirable features such as, No HOA, RV gate, private diving pool refinished in 2023, built in BBQ and a huge covered patio on a large lot. Hardwood flooring in the living areas is original to the home and it has a brand new A/C. Pitched roof redone July 2024 and flat roof redone July 2023. Patio completely redone also 2024.

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