What’s Ahead For Mortgage Rates This Week – October 17, 2016

Last week’s economic news included reports on job openings, retail sales and weekly readings on average mortgage rates and new jobless claims.

Job openings were lower in August after hitting an all-time high in July according to the federal government. Job openings fell to 5.44 million in August as compared to July’s reading of 5.83 million job openings, Job openings reached 5.31 million in August of 2015. Job quits were unchanged in August with a reading of 3.0 million quits; the quits rate was 2.20 percent. There were 5.4 million hires in August as compared to 5.8 million hires in July. The hiring rate held steady at 3.60 percent.

Weekly jobless held steady from the prior week’s reading of 246,000 new claims, although analysts expected a reading of 252,000 new claims. September retail sales increased by 0.60 percent in September and fell short of expectations of 0.70 percent growth. August’s retail sales reading was negative at -0.20 percent. Retail sales excluding the automotive sector were as expected with an increase of 0.50 percent.

Mortgage Rates Rise, Consumer Sentiment Slips

Freddie Mac reported higher rates for fixed rate mortgages. The rate for a 30-year fixed rate mortgage rose five basis points to 3.47 percent. The average rate for a 15-year mortgage was four basis points higher at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.84 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Consumer sentiment was lower in October with an index reading of 87.90 percent. Analysts expected a reading of 91.70 percent based on September’s reading of 91.20 percent. November’s presidential election was viewed by analysts as unsettling to consumers’ feelings about current and expected economic conditions. The index reading for consumer sentiment for current economic conditions rose from 104.20 percent in September to 105.50 in October, but fell sharply for expected economic conditions to an index reading of 76.60. Analysts noted that consumers with lower incomes expressed less assurance about post-election economic conditions.

What‘s Ahead

This week’s scheduled economic reports include the NAHB/Wells Fargo Home Builders Market Index, Sales of Pre-Owned Homes and Commerce Department readings on housing starts and building permits issued. In addition to weekly readings on mortgage rates and new jobless claims, reports on consumer spending will also be released.

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4220 N 32nd Street Unit 39 Phoenix, AZ 85018

$638,000

3 Beds

3 Baths

1,487 SqFt

Status Active

MLS # 6741865

Property Type Townhouse

Price Type --

Introducing the epitome of modern patio home living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony

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17550 S Thunder Ridge Drive Peeples Valley, AZ 86332

$638,000

3 Beds

2.5 Baths

1,582 SqFt

Status Active

MLS # 6761342

Property Type Single Family Residence

Price Type --

YOU'LL FEEL LIKE YOU'RE LIVING ON VACATION! Gorgeous home in beautiful Peeples Valley, AZ on 4.8 acres with stunning, panoramic views. Tongue & groove ceiling, a wood burning fireplace and rough sawn wood beam add rustic charm while plentiful amenities bring modern conveniences. Split floor plan boasts an oversized owner's suite, secondary bedrooms w/ Jack & Jill bathroom & a much desired powder room for guests. Finished loft offers addt'l flex space, as does the separate garage room. Open Kitchen w/ abundant cabinets. French doors & windows provide fantastic natural light & picturesque views of the landscape. Loads of storage both in the home, as well as in the 39 x 39 garage. This garage is a standout! CLICK 'MORE INFO' for a list items which convey and additional important information! 3,000 gallon water storage is already plumbed for a 2nd tank and conveys. Chicken coop, raised garden beds convey. You'll be all set to launch your mini farming op! ** NEW SOLAR SYSTEM will be paid off at close of escrow. ** NO HOA! Agents, see back notes for full list of items which convey / don't convey. This home is truly turnkey and ready to go. Peeples Valley boasts blue skies, fresh mountain air and 4 mild seasons. Close to Prescott, Wickenburg and Phoenix. Agents live in area. ** Check out the video in slide 2 of the PHOTOS TAB. **

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28428 N 65th Lane Phoenix, AZ 85083

Open House

$638,000

5 Beds

3 Baths

3,184 SqFt

Status Active

MLS # 6780195

Property Type Single Family Residence

Price Type --

Come by and tour this weekend! Virtual tour available. Beautiful Maracay home located in Summit at Boulder Mountain North. This fabulous home features a 3 car wide garage plus a 4th tandem garage with full access door to the back yard. Downstairs guest bed/office and full bath on the main level. Walk in closets in generous secondary bedrooms. Extended covered patio. Kitchen boasts beautiful cherry cabinets, granite kitchen counter tops , SS steal appliances , double oven and gas cooktop with brushed nickel fixtures. Virtual tour available please request the link.

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17425 W Tara Lane Surprise, AZ 85388

$637,900

4 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6737950

Property Type Single Family Residence

Price Type --

Seller is offering a $10,000 credit toward rate buy-down or closing costs with a full-price offer! This stunning, one-of-a-kind home has been fully remodeled with over $100K in upgrades, making it an entertainer's paradise! Located on a massive 12,000 sq ft lot, enjoy your private pool and spa in a resort-like setting. The home features 4 spacious bedrooms, 2 luxurious baths, a versatile bonus room, and a secured large dog run with a convenient doggie door for your furry friends. Host gatherings in the fabulous great room with bifold doors that seamlessly open to the outdoors, a formal dining room, and an eat-in kitchen perfect for entertaining. Step outside to find a built-in BBQ under a stylish shade structure, a putt-putt green, and a pergola with a projection system for games or.... family movie nights. The backyard is the ultimate retreat for both relaxation and entertainment! This home truly has it all.

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5771 W Cinder Brook Way Florence, AZ 85132

$637,500

3 Beds

2.5 Baths

2,590 SqFt

Status Active

MLS # 6777576

Property Type Single Family Residence

Price Type --

JOURNEY TO RESORT STYLE LIVING w/ Private heated POOL & SPA!! Only the best w/ over $130k in builder upgrades featuring a Private Courtyard w/beautiful iron security gate & ornate glass door to designer tile entry & Plantation Shutters, Den w/ gorgeous French Doors, Chef Lux kitchen w/ Gas Cooktop & dbl ovens, Luxurious Black Stainless built-in appliances, u/c lighting, Pendant lighting over a spacious unpolished Granite Island, soft close staggered raised panel cabinets w/ Pots & Pans drawers, pull outs, tiled backsplash, spacious walk-in pantry & Butler's pantry. Owner's Suite features bowed window, stunning walk-in tile shower & Granitex vanities. 2 Guest Bedrooms w/ shared en-suite. Extended Patio w/ Pergola, Private Pool w/ Water Feature & Spa! Poston Butte Golf Course & Grille!!!

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2201 N Iowa Street Chandler, AZ 85225

Open House

$637,400

4 Beds

3 Baths

2,408 SqFt

Status Active

MLS # 6775852

Property Type Single Family Residence

Price Type --

Brand New Home Alert! Welcome to Arbor Square, where luxury and convenience meet in the heart of Downtown Chandler. Nestled within walking distance to the vibrant Downtown Chandler Entertainment District, our community provides the perfect balance of urban living and peaceful escape. Each home at Arbor Square boasts top-of-the-line amenities, designed with your comfort and convenience in mind. From elegant quartz countertops to luxury vinyl plank flooring, every detail has been carefully selected to provide you with a high-end yet modern living experience. Our homes also feature pre-wiring for EV chargers, making it easy for you to stay connected and eco-friendly. Our community is designed to give you all the perks of luxurious living without the hassle of upkeep. Experience the best of urban living in a peaceful and modern setting at Arbor Square. Come find your perfect home today! *HOA Fees are an estimate today, the builder has a conditional public report. Photos are of the builder's model of a similar floor plan, actual home is under construction. Contact listing the agent for additional incentives. Agents Must accompany their clients upon their first visit.

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7933 E Queensborough Avenue Mesa, AZ 85212

$637,370

4 Beds

3 Baths

2,358 SqFt

Status Active

MLS # 6783391

Property Type Single Family Residence

Price Type --

MLS#6783391 February 2025 Completion! The Paisley is a thoughtfully designed 2-story floorplan offering 2,358 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a loft, and a 2-car garage. Perfect for hosting guests, the main level features a private bedroom and an open-concept great room, dining area, and kitchen that flow seamlessly into the outdoor living space, ideal for entertaining or relaxing. Upstairs, the versatile loft can be transformed into a playroom, home office, or secondary living area. The primary suite includes a walk-in closet and dual sinks for added convenience. We're confident you'll love calling the Paisley home! Structural options include: gourmet kitchen, soft water loop, pavers on porch and driveway.

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4304 Stage Stop Way Wickenburg, AZ 85390

$637,000

2 Beds

2 Baths

1,969 SqFt

Status Active

MLS # 6742345

Property Type Single Family Residence

Price Type --

Discover the epitome of modern elegance in this nearly new Cypress model in Wickenburg Ranch. Meticulously updated with luxurious features, this home boasts fresh flooring in bedrooms and closets, a sleek gourmet kitchen with a large island, and a stunning sliding glass wall that opens to an expansive outdoor patio and backyard retreat. Enjoy outdoor living at its finest with a BBQ island and cozy firepit, all while backing to a serene wash for added privacy. With PAID SOLAR and a 3 CAR GARAGE, this home combines roominess and sustainability seamlessly.

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6411 S River Drive Unit 10 Tempe, AZ 85283

$636,477

2 Beds

2.5 Baths

2,589 SqFt

Status Active

MLS # 6759930

Property Type Townhouse

Price Type --

Remodeled 2 bed 3 bath townhome in the Cottonwoods Community of 68 homes. This home has an open floor plan, lots of light, high ceilings, & lots of space for entertaining. Both bedrooms have en-suites & walk-in closets. New LVP flooring in traffic areas, new carpet in bedrooms and loft & new baseboards. Interior hardwood doors, new canned lighting, new interior & exterior paint. The kitchen has lots of counter space, hardwood cabinet doors & stainless appliances. There is a fireplace, bed 2 has a walkout patio, loft has an exterior Juliet balcony, & lots of storage. The backyard is large and updated, including new exterior wall paint & gate. Close to freeway, shopping & short drive to airport.

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16978 W Canterbury Drive Surprise, AZ 85388

$636,461

3 Beds

3.5 Baths

2,870 SqFt

Status Active

MLS # 6728478

Property Type Single Family Residence

Price Type --

MLS #6728478 February 2025 Completion! Discover The Shire, a single-story floor plan in Paradisi Venture II. This home offers 2,870 sq. ft. with 3 bedrooms, 3.5 bathrooms, a 3-car split garage, and a study. Each bedroom has its own en suite bathroom, providing separate spaces for kids and guests. The open layout of the gathering room, kitchen, and dining room forms the heart of the home, perfect for hosting gatherings or family game nights. Create lasting memories, whether it's a cookout with friends or quality time with family. The owner's suite includes a spacious walk-in closet, split vanities, and a generous shower. Structural options include: interior door at laundry, gas line for future outdoor kitchen, garage service door, and chef's kitchen.

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20941 E Via Del Sol Street Queen Creek, AZ 85142

$636,237

4 Beds

3 Baths

2,537 SqFt

Status Active

MLS # 6736382

Property Type Single Family Residence

Price Type --

WOW - PRICE REDUCED $7,500. IN ADDITION, SELLER CONSESSION AVAILABLE TOWARDS CLOSING COSTS OR RATE BUYDOWN with Rates as Low as 3.875% on this Quick Move-In Home When Financing Thru Builders Preferred Lender(s). Beautiful Cul-de-sac Home Located close to Queen Creek Market Place Shopping, Dining & Entertainment with Community Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and Just Steps to the 8-Mile Walking Trail. All Appliances Including Stainless Refrigerator, Stainless Gas Cooktop, Dbl Wall Ovens, Microwave, Dishwasher, White Washer/Dryer. Too Many Beautiful Upgrades to List Here. Primary & Two Secondary Bedrooms Upstairs. One Secondary Bedroom and Full Bath Downstairs. Don't Wait, Come See This Home Today

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14655 N Kings Way Fountain Hills, AZ 85268

$636,000

2 Beds

2 Baths

1,267 SqFt

Status Active

MLS # 6784020

Property Type Single Family Residence

Price Type --

BACK ON MARKET: Don't miss this cute 2 bedroom, 2 bath detached home plus bonus room in the Courtside Villas community. Features include vaulted ceilings, sliding doors to large covered back patio, private pool with water feature. Backyard is super private as it backs to a wash area. Kitchen features granite counters, SS Fridge & Stove and is open to the dining & living room. The Living room also has wood burning fireplace. Bonus room is currently being used as an office/den but could be used as a game room or Formal dining. You have options! Inside laundry room, attached garage with direct access. Home sits in the back of the community so super quiet. Perfect for lock & leave or full time residence.

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