What’s Ahead For Mortgage Rates This Week – October 3, 2016

Last week’s economic releases included reports on new and pending home sales, S&P Case-Shiller Home Price Indices and regularly scheduled weekly reporting on mortgage rates and weekly jobless claims. Readings on consumer sentiment and confidence were also released.

New and Pending Home Sales Lower as Peak Sales Season Winds Down

August readings for new and pending home sales were lower than for July; analysts said that slim supplies of available homes and rising home prices contributed to slower home sales. Peak home sales typically occur during spring and summer. Homebuyers with school-aged children prefer to be settled into a new home when school starts in August and September.

According to the Commerce Department, new home sales achieved their second highest reading since the Great Recession. Although lower than July’s reading, August sales of new homes reached 609,000 on a seasonally-adjusted annual basis. Analysts expected a reading of 600,000 new home sales based on July’s reading of 659.000 new homes sold. August’s reading was 20.60 percent higher year-over-year. High demand for homes appears to be kicking home builders into higher gear as they strive to ease slim inventories of available homes.

The impact of short inventories of available homes was reflected in August’s reading for pending home sales. Home sales awaiting closing fell in August from July’s reading of +1.20 percent in July to 2.40 percent in August. The National Association of Realtors® said that home sales are declining due to very limited inventories of available homes. Rapidly rising home prices and strict mortgage qualification requirements also contributed to slipping sales. After home buyers sign a purchase contract, they are at the mercy of changing mortgage rates their ability to qualify for a mortgage. Pending home sales supply an indication of future closings and mortgage loans.

According to the S&P Case-Shiller 20-City Home Price Index for July, home price growth dipped from June’s seasonally adjusted annual rate of 5.10 percent to 5.00 percent. Slim inventories of homes for sale and high demand were again cited as primary reasons for slower home price growth. While demand is high, slim supplies of available homes can cause would-be buyers to postpone their home search until more homes are on the market.

Mortgage Rates Fall, New Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac’s weekly survey of rates. The average rate for a 30-year fixed rate mortgage fell six basis points to 3.42 percent; the average rate for a 15-year fixed rate mortgage was four basis points lower at 2.72 percent. 5/1 adjustable rate mortgages had an average rate of 1.81 percent, which was one basis point lower than the previous week’s reading Discount points were also lower and averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose last week to 254,000 claims, but new claims were lower than the expected reading of 259,000 new claims which was based on the prior week’s reading of 251,000 new jobless claims. New jobless claims have stayed below 270,000 new claims for three months for the first time since 1973.

In prepared testimony before the Financial Services Committee, Federal Reserve Chair Janet Yellen discussed problems facing two major banks and said the Fed’s goal was managing its regulatory stance to support financial stability.

September’s Consumer Confidence Index reading rose to 104.1, which exceeded analysts’ estimated reading of 99.3 and August’s reading of 101.1.

What’s Next

Next week’s scheduled economic reports include readings on construction spending and several labor-related releases including ADP Payrolls, Non-Farm Payrolls and the National Unemployment Rates. Weekly reports on mortgage rates and new jobless claims are set for release as usual.

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$1,985,000

1 Bed

2 Baths

1,521 SqFt

Status Active

MLS # 6552938

Property Type Apartment

Price Type --

This unique loft style home features 20' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, ..... Sub Zero-Wolf appliance package, window coverings, washer and dryer are also included. A private rooftop terrace and the Mountain Club pool and fitness facility are amenities Ascent homeowners will enjoy.

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2449 W Sunrise Drive Phoenix, AZ 85041

$1,985,000

5 Beds

5 Baths

4,034 SqFt

Status Active

MLS # 6762451

Property Type Single Family Residence

Price Type --

Escape the hustle and bustle of the city just minutes from the heart of it all! Nestled on over 5 acres this 5-bed, 5 bath estate backs up to the Phoenix Preserve, with direct access to South Mountain's hiking trails from your backyard. Panoramic 360-degree mountain views, enjoy peace and tranquility as you gaze out over the city in this serene desert retreat. This home is an entertainer's dream, with a sparkling diving pool, built-in BBQ, and an expansive backyard designed for hosting family and friends. Step inside to find a beautifully updated interior with a chef's dream of a kitchen. Adding to its appeal, the property includes a separate 1-bedroom, 1-bath suite with its own kitchen, living room, and views. Experience resort-style living & close to everything Phoenix has to offer! This exceptional estate spans three separate parcels totaling 224,118 sq ft (5.14 acres), providing ample space for outdoor activities and privacy. With individual parcel sizes of 81,108 sq ft, 55,896 sq ft, and 87,114 sq ft, there's plenty of room for your imagination. The guest attached guest suite is 622.5 sq ft of the total 4,034 sq ft. There are 1,261 sq ft of outdoor covered living area. The expansive lot allows for parking toys, housing horses, or creating customized landscaping. The interior boasts newer flooring and fresh paint throughout, enhancing the home's appeal. This property truly offers a unique combination of tranquility and convenience, all while being just minutes from the vibrant offerings of Phoenix!

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12328 E Black Rock Road Scottsdale, AZ 85255

$1,983,995

3 Beds

3.5 Baths

2,860 SqFt

Status Active

MLS # 6708931

Property Type Single Family Residence

Price Type --

*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Interior Finishes have been added!* Stunning Callum floor plan with Modern exterior under construction on an elevated home site! Gorgeous 13' ceilings, a casita with private entrance and 3 outdoor spaces are some of the reasons this plan is a top seller. Professionally designed, tasteful neutral color scheme. Additional upgrades include SS Wolf appliances, a double oven, 48'' Sub Zero Fridge & extended Kitchen island. The great room has a 72'' linear fireplace & a 16' multi-slide pocket door, perfect for cozy nights at home. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!

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6762 W Hombre Road San Tan Valley, AZ 85144

$1,975,000

4 Beds

3.5 Baths

4,100 SqFt

Status Active

MLS # 6768203

Property Type Single Family Residence

Price Type --

Welcome to ''The Resort''. This CUSTOM HORSE PROPERTY will capture your heart from the moment you walk into the custom iron gated PRIVATE courtyard. Property boasts 4 over-sized bedrooms (office could be the 5th) with walk in closets in each with their own private bathroom. Just minutes away from the Equestrian center and downtown Queen Creek. Amazing views of the San Tan Mountains, Superstitions and Four Peaks with city lights. When you bring your horses and toys they deserve THE VERY BEST-this home is a must see! 4 car+ attached garage, plus a 28' X 50' RV garage, fully insulated with both having epoxy flooring and a 12 x 16 storage loft area with ladder and safety railings. 2 large covered Horse stalls, paddock and large tack/feed room for the equestrian enthusiast.

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3430 E Kachina Drive Phoenix, AZ 85044

$1,975,000

7 Beds

5.5 Baths

6,048 SqFt

Status Active

MLS # 6781862

Property Type Single Family Residence

Price Type --

Located on Phoenix's stunning South Mountain preserve w/ expansive mountain views. The paradise perfect backyard is complete w/ a gazebo, built-in BBQ, fireplace, pebble finished pool & spa & private gate to access the mountain for your morning hike. The gourmet kitchen features high-end stainless-steel appliances & gas cooking. Over 20' vaulted ceilings & Travertine flooring. 2 bedrooms, 2 full baths & a powder room down. The primary bedroom is upstairs featuring a 2-way fireplace, balcony, 2 walk-in closets & additional washer & dryer. One of the secondary bedrooms upstairs has its own kitchenette, a total of 5 bedrooms & 3 full baths up, including a separate staircase for secondary rooms. Recent updates include; exterior paint, full roof underlayment replaced, carpet, blinds & more!

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5327 E Pinchot Avenue Phoenix, AZ 85018

$1,975,000

5 Beds

4.5 Baths

3,066 SqFt

Status Active Under Contract

MLS # 6772922

Property Type Single Family Residence

Price Type --

This stunning, newly constructed home offers 3,066 square feet of luxurious living space, featuring 5 bedrooms, 4.5 bathrooms, pool and an attached 2-car garage. The modern design includes high-end finishes throughout, ensuring both comfort and style. The master suite is a true retreat, boasting an oversized walk-in shower with rainfall showerhead, built-in bench, and LED accent lighting. The large walk-in closet offers custom-built organizers, while the elegant bathroom features a 70'' soaking tub and backlit vanity mirrors. The spacious kitchen is a chef's dream, complete with a 9' quartz waterfall island, luxury appliances, and a 48'' dual-oven gas range. The custom range hood and solid oak floating shelves add a sophisticated touch, while the expansive pantry and temperature-controlled wine cellar provide ample storage. Designed for privacy and entertainment, the backyard includes a 20'x20' pergola, a built-in grill with a granite eat-in bar, and a firepitperfect for hosting gatherings. The newly refinished pool with a PebbleTec surface, in-pool bar table, and Baja shelf offers resort-like living. Plus, all new smart pool equipment allows for easy control of features via smartphone. Additional highlights include:

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7468 E Baker Drive Scottsdale, AZ 85266

$1,975,000

5 Beds

4 Baths

4,276 SqFt

Status Active Under Contract

MLS # 6786273

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of North Scottsdale! Discover modern luxury in Trovia! This 5-bed, 3.5-bath home boasts a fully updated kitchen with granite countertops and new appliances. Outside, enjoy a basketball court, putting green, raised garden beds, fruit trees, and a heated pool/spa. The split floorplan offers a spacious main suite. Perfectly located near schools, shopping, and outdoor activities, this property epitomizes Arizona living.

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2203 E Scenic Drive Payson, AZ 85541

$1,975,000

4 Beds

5 Baths

5,618 SqFt

Status Active

MLS # 6726593

Property Type Single Family Residence

Price Type --

EXQUISITE MODERN MOUNTAIN RETREAT located within the desirable community of Chaparral Pines, with expansive mountain and golf course views! This stunning four-bedroom, five-bath home, including a dedicated office, offers luxurious living both indoors and out. Completely updated and move-in ready, this home boasts a spacious, open floor plan spread across three levels, all accessible by a 3-stop elevator or gentle stairs, perfect for hosting family and friends. The main level welcomes you with a jaw-droppingly grand great room, drenched in natural light from expansive windows that blend indoor elegance with breathtaking views of hole #7 and the Granite Dells in the background. The floor-to-ceiling stone fireplace and a wet bar add to the sophisticated atmosphere, while the radiant heated floors add an additional touch of comfort and luxury. The recently remodeled kitchen, updated in 2020, features quartz countertops, new appliances, and custom cabinetry, and the large breakfast bar and adjacent dining area are ideally situated to enjoy the magnificent views. The main-level master suite opens to an expansive deck, perfect for morning relaxation, and includes a luxurious en suite bath with a sizable walk-in closet. Also on the main level, you'll find a beautifully designed office with built-ins and a sink, a laundry room, and a powder room for guests. Split from the master suite, a short ascent of stairs leads to two private guest bedrooms, each with walk-in closets and en suite baths. The lower level offers a generous living area with a theater setup, wet bar, and outdoor access to a patio featuring a fireplace and hot tub. The fourth bedroom, a spacious guest master suite, is situated for maximum privacy. This home also provides ample storage and flexible spaces to suit your needs with a basement level workshop, multiple closets, an indoor/outdoor dog kennel, and a potential wine cellar that's currently used as a kids toy/play area. The oversized 3.5-car garage accommodates three vehicles, a golf cart, and includes additional storage space.

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12839 S 34th Court Phoenix, AZ 85044

$1,975,000

3 Beds

3.5 Baths

4,952 SqFt

Status Active Under Contract

MLS # 6747486

Property Type Single Family Residence

Price Type --

Immaculate Custom Pueblo Santa Fe Retreat in Ahwatukee Foothills Nestled into your private 1.5 acres in the stunning Ahwatukee Foothills, this custom Pueblo Santa Fe style home offers unparalleled mountain views from every window in every direction. Spanning nearly 5,000 square feet, the home is a masterpiece of design, featuring natural wood beams, flawless Mexican Saltillo tile, and pristine hardwood flooring. The Interior Santa Fe style's characteristic elements include round walls and edges, corner fireplaces, vigas, and a series of rooms fronted by covered porches, called portales, echoing the Pueblo rooms designed around a central plaza. Large custom iron & solid wood doors, adobe-inspired built-in lighting fixtures, every detail speaks to its exceptional craftsmanship. The multi-level resort-style backyard is an entertainer's dream, boasting balconies, patios, heated pool, in-ground jacuzzi, and pergola, all framed by a natural desert landscape. All outdoor planters will convey, enhancing the home's serene outdoor ambiance. You'll find 5 fireplaces strategically placed throughout, providing warmth and elegance. The primary retreat upstairs offers a private sitting area, a large walk-in closet, and a luxurious bathroom with a separate shower and jetted tub. Every bedroom provides direct outdoor access and its own private balcony, ensuring a seamless indoor-outdoor living experience. This home has been meticulously cared for by the original owner. Recent upgrades include a new Mexican tile roof (2024) and replacement of all 4 AC units within the last 7 years. The windows are in excellent condition, further underscoring the home's attention to detail and quality maintenance. No corners have been cut in this well-loved property, making it a truly unique opportunity in the heart of Ahwatukee. This home offers luxury, privacy, and timeless beauty.

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9985 N 79th Place Scottsdale, AZ 85258

$1,975,000

3 Beds

3.5 Baths

4,550 SqFt

Status Active

MLS # 6731153

Property Type Single Family Residence

Price Type --

Finally, a resort-style home in Gainey Ranch, North Meadows community! AC unit (New Sept 2024) with a transferrable warranty to the buyer. Exceptional designs by the builder & owner add luxury and charm. First floor 2 Main bedrooms with full baths. Open kitchen and family room to enjoy fireplace. Large formal living space, dining, and office/den with custom cabinetry. The second floor has large bedroom, bath, and balcony for perfect guest quarters. Evap cooled storage and work space in the 3-car. Roof fully replaced 2021. Enjoy the private, low-maintenance backyard with a built-in BBQ. Luxury living extends to the Gainey Estate Club for all residents with state-of-the-art fitness equipment, pickleball & tennis, lap pool, spa, and luxurious gathering spaces.

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8265 E Kramer Circle Mesa, AZ 85207

$1,970,000

5 Beds

4.5 Baths

5,134 SqFt

Status Active

MLS # 6743893

Property Type Single Family Residence

Price Type --

TOTAL REMODEL on arguably the best lot in Savona! Cul-de-sac AND backs to a wash! Total Privacy! Plus CASITA, OFFICE, and THEATER rooms. Inside upgrades include: Wolf + Sub Zero appliance package, double ovens, custom cabinetry, porcelain kitchen counters, brick & stone backsplash + accents, quartz bath counters, new lighting, plumbing fixtures, & LED can lights thru out, surround sound/multiple zones, security system, 20' x 10' multi slide door, cantera stone fireplaces, + more! Outside upgrades include: new commercial grade misting system, heated pool + spa, epoxy garage floor w/soft water hose bib for car washing, new garage doors, new eave trim lighting, gas firepit, HUGE yard w/new turf + putting green, surround sound speakers, and more! Close to everything!

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30416 N 64th Street Cave Creek, AZ 85331

Open House

$1,969,995

4 Beds

3.5 Baths

4,010 SqFt

Status Active

MLS # 6770393

Property Type Single Family Residence

Price Type --

Experience the pinnacle of Arizona living in this stunning custom home located near N 64th Street, just minutes from the vibrant hubs of Scottsdale, Desert Ridge, and High Desert. Nestled on a sprawling 1.4-acre lot with no HOA restrictions, this exquisite property combines the serenity of desert living with the convenience of nearby urban amenities. The heart of this home is its resort-style backyard, featuring a sparkling pool, lush landscaping, and ample outdoor spaces designed for relaxation and entertaining. Whether hosting gatherings under the stars or enjoying a peaceful morning coffee while taking in breathtaking desert views, this backyard is your personal oasis. Inside, you'll find a meticulously crafted home with a thoughtfully designed split floor plan that provides both privacy and functionality. The open living spaces are adorned with high-end finishes, custom details, and large windows that bring in natural light and highlight the beauty of the surrounding desert landscape. With plenty of room to bring your vision to life, this property is ideal for car enthusiasts, equestrians, or anyone dreaming of adding additional amenities like a guest house or workshop. Located in Cave Creek, this home offers the perfect blend of tranquility and accessibility, with proximity to upscale shopping, fine dining, outdoor recreation, and top-rated schools. Don't miss this rare opportunity to own a luxurious retreat that embodies the freedom and beauty of Arizona living. Make this breathtaking home your desert sanctuary today!

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