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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9381 E Vah Ki Inn Road Coolidge, AZ 85128

$1,475,000

3 Beds

2 Baths

3,241 SqFt

Status Active

MLS # 6672171

Property Type Single Family Residence

Price Type --

A unique luxury horse property that offers both a serene lifestyle and an exciting investment opportunity. 12 irrigated acres with a custom fully remodeled 3-bed, 2-bath home that seamlessly blends modern luxury with rustic charm. The interior has custom wood flooring, marble countertops and fireplaces throughout. The estate doesn't stop at the main house. A cozy 2-bed 1-bath guest house provides comfortable accommodations, while an 8-bed bunk house awaits your creative touch to transform it to additional living space or unique rental opportunity. 8 fully covered 30x15 stalls, complete with a tack room, lighted arena equipped with an automatic roping chute. This property has tons of potential to provide you income or enjoy as your own cowboy paradise.

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10248 E San Salvador Drive Scottsdale, AZ 85258

$1,475,000

5 Beds

3 Baths

2,798 SqFt

Status Active

MLS # 6765057

Property Type Single Family Residence

Price Type --

This beautifully remodeled Scottsdale Ranch home offers the perfect blend of modern luxury, thoughtful design, and a welcoming atmosphere. Step inside and fall in love with the light and bright open floor plan, complemented by luxury finishes and spacious rooms. The recent 2022 remodel spared no details, featuring new roofing, windows, doors, HVAC, and a water heater—making this home completely turnkey and ready for you to enjoy. The guest casita (br 5 plus bath) featuring its own backyard entrance, completely independent from the main house, ensures privacy for you and your guests. The multiple outdoor spaces are perfect for alfresco dining, entertaining, sunbathing by the pool, or enjoying a cozy moment with a good book The neighborhood offers an array of community amenities, including an extensive trail system, activities organized by the HOA like food trucks and movies, and even boat rentals on Lake Serena. You'll love the convenient access to the gym, dentist, medical facilities, and all the best spots in Scottsdaleincluding Old Town and Fashion Square.

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22222 N 36th Way Phoenix, AZ 85050

$1,475,000

4 Beds

4 Baths

4,507 SqFt

Status Active Under Contract

MLS # 6784225

Property Type Single Family Residence

Price Type --

RARE Opportunity in highly sought after area - Resort style backyard, remodeled kitchen, huge lot. Be prepared to fall in love with this beautiful forever home! Located in the prestigious Aviano at Desert Ridge community, this home boasts an incredible position near parks and the Aviano clubhouse. It provides so much flexibility with living spaces--4 bedroom, 4 bathroom, office, theater room, and workout room with stone flooring throughout. 2 carport and 3 car garage. The primary suite is absolutely gorgeous including a private roof top deck and extra custom closet for 200+ shoes. Gourmet kitchen w/ brand new ss appliances, butler's pantry, breakfast nook, and granite countertops. Backyard is an absolute oasis with a built in BBQ, gas log fireplace, dining area, large

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6323 N 10th Drive Phoenix, AZ 85013

Open House

$1,475,000

4 Beds

3.5 Baths

2,680 SqFt

Status Active

MLS # 6769981

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO PACIFICA at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes .. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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6305 N 10th Drive Phoenix, AZ 85013

Open House

$1,475,000

4 Beds

3.5 Baths

2,680 SqFt

Status Active

MLS # 6750076

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO INDIGO at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom home offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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6658 E Whispering Mesquite Trail Scottsdale, AZ 85266

Open House

$1,475,000

3 Beds

2.5 Baths

3,009 SqFt

Status Active

MLS # 6776179

Property Type Single Family Residence

Price Type --

Welcome home to this serene sanctuary on Whispering Mesquite Trail in the highly sought-after Terravita neighborhood. Located on a spacious lot with no rear neighbors, this pristinely landscaped home comes with breathtaking mountain views! Head inside you will instantly notice the soaring ceilings, bright color scheme, plantation shutters and amazing natural light streaming throughout the house. The heart of the home boasts an open concept kitchen and family room space. The newly remodeled kitchen has an oversized island with extra storage as well as, upgraded SS GE Cafe Series appliances, recessed lighting and under cabinet lighting . The family room has a cozy gas fireplace with a clear view of the backyard. ((CONTINUED)) The master suite was made with relaxation in mind. The spacious suite has a recently remodeled en suite that doubles as a dressing room. The en suite has a walk in shower with an extra wide, zero grade entrance, double sinks with ample storage space and a vanity section. This home boasts two additional multi use spaces. Whether you need a den space, office area or prefer a formal sitting room and dining space, you have to option to create the home perfect for you! Head outside to your backyard desert oasis. The low maintenance area will be a prime location to watch a breathtaking Arizona sunset.

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10730 N Linda Lane Flagstaff, AZ 86004

$1,474,999

4 Beds

4.5 Baths

4,285 SqFt

Status Active

MLS # 6738049

Property Type Single Family Residence

Price Type --

The electric gate opens. You take in the glorious ponderosa pines, the beautiful front yard, the circular driveway, the sprawling, welcoming single-level home, and the barn. The Alpacas come closer, curious. The mountains glow and shimmer as a stunning backdrop on one side, the national forest invites you on the other. As you breathe in and process this beauty, you know. You are home. Welcome. This is a unique opportunity to live your dream in a single-level home on almost 4 treed acres, backing national forest on 2 sides, with a separate guest house/apartment and a 6 stall barn with a workshop. The design of the home is fabulous. Family and friends will gather in the newly upgraded kitchen and dining area, or spill over into the greatroom. The wall of windows in the greatroom allows you to feel like you are surrounded by nature while relaxing inside. Behold the ponderosas, blue skies and the ever changing colors of the mountains in the near distance. The sunroom on the side of the kitchen is a perfect office or, why not? Use it as a sunroom. Do you need privacy? There is a bedroom and bathroom behind the kitchen, perfect as a guest suite, exercise area, or your office. The entry room is that highly desired second living area or play area. With a spacious primary bedroom and two additional bedrooms and bath, live and entertain with ease. Start every day peacefully waking to the mountain's dazzling and subltly changing hues in the morning sunlight. You may never want to leave. But wait. There is a detached apartment above the garage! House your teenager, your guest or rent it out! Equestrian? You will adore the 6 stall steel barn in excellent condition that now includes a full workshop. Toys? When you see the three car garage and additional breezeway you will want to buy more - there is plenty of space to store them. The breezeway lends itself to many uses. Imagine! RV? Hook it up! (septic for RV is not permitted). Let's walk the property. Breathe in the tranquility of the pines and enjoy the views of the mountains on your back deck. Listen to the soothing sounds of your water feature, the calming whispers of the wind in the trees and the birds chirping. Time to explore! Mount your horses, put on your hiking shoes or get your bike ready - lose yourself in the National forest from your back yard. You must spend time here to understand the peace, tranquility and opportunities offered by this unique home. Let us inpsire you. The home inspection has been completed. This home is in excellent condition. Owners are meticulous. Welcome.

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8702 E San Daniel Drive Scottsdale, AZ 85258

$1,474,925

4 Beds

3.5 Baths

2,081 SqFt

Status Active

MLS # 6605563

Property Type Single Family Residence

Price Type --

Custom upgrades abound in this beautifully appointed 4 Bedroom, 3.5 Bath, 2 car garage home located in the sought after McCormick Ranch community of Vista De Cielo. Rich warm neutral tones give this home a modern, comfortable feel. Upon entry through the frosted glass paneled door, you are greeted by open concept living spaces w/ an exquisite electric fireplace in the living room flanked by 2 large windows showcasing the beautiful, lush backyard, extended patio and sparkling pool! Adjacent to the large dining room w/ elegant chandelier is the custom island kitchen w/quartz countertops, 2 tone cabinetry, waterfall island, new Monogram appliances including double ovens, microwave drawer, hooded ss vent, 6 burner stove top and a 36-inch built-in fridge. Large double-door office off the kitchen (could be used as a 4th bedroom) with a stunning floor to ceiling tile walled powder room across from the office. Don't miss the master with walk out, large walk-in closet, frosted glass barn door entry to the master bath with opulent free-standing tub and multi-head shower behind glass partition...stunning. If that wasn't enough...all secondary bedrooms are ensuites with their own private baths! Large laundry comes with a washer and dryer, custom cabinets and a sink! No expense spared! New windows, new roof, new a/c unit, new landscaping, interior & exterior completely remodeled, new custom-made garage door, synthetic smooth stucco finish throughout, custom iron gates throughout yard. Don't miss an opportunity to own this one-of-a-kind home ideally located near award winning golf courses, famed shopping malls, renowned hiking paths & more!

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16244 N 21st Street Phoenix, AZ 85022

$1,472,000

3 Beds

2.5 Baths

2,829 SqFt

Status Active

MLS # 6750356

Property Type Single Family Residence

Price Type --

Discover unmatched versatility and potential in this custom-built MIXED USE property, designed for both residential and commercial needs. Built in 2020, the main home offers 2,869 sq ft of modern living space with 3 bedrooms, 2.5 bathrooms, a dedicated office, and a formal dining area. The spacious kitchen is equipped with two pantries, ideal for culinary enthusiasts, while the primary bedroom includes dual closets for added convenience. An 870 sq ft guest house with 2 bedrooms and 1 bathroom offers a private entrance and generates $1,600/month in rental income, providing immediate cash flow through April 2025. The property includes an attached 3-car garage plus a stand-alone 2-car garage/workshop behind the main home, along with a circular driveway and RV gates for easy access and ample space for large vehicles. Set on a spacious lot with no HOA restrictions, the property accommodates horses, RVs, commercial trucks, and equipment. Two sewer outflow pipes in the side yard provide flexibility for future expansion or commercial use. This prime investment opportunity combines modern comfort with endless potential, offering immediate income and a range of possibilities. Don't miss the chance to own a truly versatile property with both residential charm and commercial adaptability

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6301 E Redfield Road Scottsdale, AZ 85254

$1,470,000

5 Beds

3 Baths

2,895 SqFt

Status Active

MLS # 6754911

Property Type Single Family Residence

Price Type --

This remodeled modern farmhouse home in the highly sought after 85254 zip code is turnkey and ready for a new owner. It has an open concept kitchen to living floor plan, large island, stainless steel appliances, and a custom-built in breakfast nook that makes this home perfect for entertaining family and friends. This 5 bed 3 bath, with a dedicated office ( currently used as a bunk room) is ideal for a family, great second home or investment property. With a full cosmetic update and luxury finishes this home is truly turnkey. The dream backyard comes complete with a large, covered patio with an outdoor tv, sparkling pool, putting green, bocce ball, hot tub, RV gate, upgraded pool equipment, and an a outdoor shower. Fantastic location just minutes from the Scottsdale Quarter, Golf, Kierland Commons, and not far from events like the Waste Management Open and the Barrett Jackson car show. Home is being used as a short-term rental and is being sold fully furnished.

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760 N Ithica Street Gilbert, AZ 85233

$1,470,000

5 Beds

3.5 Baths

4,418 SqFt

Status Active

MLS # 6769874

Property Type Single Family Residence

Price Type --

Immerse yourself in the epitome of luxury living at this fully remodeled masterpiece nestled within the prestigious Eldorado Lakes Community in Gilbert, Arizona. Available furnished or unfurnished, this extraordinary residence is tailored to the discerning individual seeking an unparalleled living experience. The chef-inspired kitchen exudes elegance with its pristine white quartz stone countertops, top-of-the-line profile appliances, and a versatile breakfast bar for casual dining. The adjacent formal dining area sets the stage for unforgettable gatherings with friends and family. For a more intimate dining experience, the charming eat-in kitchen provides an additional inviting space. The inviting formal living room boasts soaring ceilings and an abundance of windows that invite natural sunlight to fill the space. The heart of the home lies in the expansive great room, where a cozy fireplace and generous space offer an idyllic setting for both entertaining and relaxation. Retreat to the tranquil master suite, where a two-way fireplace casts a warm and inviting ambiance between the bedroom and master bathroom. Step onto the private deck to revel in the captivating panoramic views of the pool and golf course, creating a true sanctuary within your home. Three additional guest bedrooms accompany the master suite on the same floor, along with an exquisitely remodeled bathroom. The main floor presents a second master suite, perfect for guests or an office, adorned with custom built-in cabinetry. The ground-floor master bedroom can be easily transformed into a tailored professional haven, featuring a fully remodeled ensuite bathroom with custom sliding glass barn-style doors for a touch of modern elegance. Car enthusiasts will appreciate the expansive 4-car garage, which features epoxy floors and ample storage space. The private and secure fourth stall currently houses an executive desk and matching shelving, ideal for an executive retreat or the ultimate man cave. The home is equipped with a monitored security system and is pre-wired for cameras and whole-house entertainment, offering a theater experience in the living room. Step outside to discover a meticulously landscaped backyard oasis, complete with a stunning diving pool and serene water feature. Don't miss this rare opportunity to experience luxurious living in Gilbert, Arizona. Immerse yourself in the unmatched opulence that awaits.

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Phoenix AZ 85014

Open House

$1,469,000

4 Beds

3.5 Baths

2,377 SqFt

Status Active

MLS # 6762202

Property Type Single Family Residence

Price Type --

Discover urban luxury in this low maintenance 2022-built home by Boyer Vertical in North Central Phoenix's smart home community, KARMA. Designed with sustainability in mind, this energy-efficient home boasts a 49-point HERS certification, SPAN electrical panel, Nest thermostats, EV charger, and Energy Star appliances. The heart of the home is a sleek, open kitchen with modern cabinetry, high end appliances, and a spacious waterfall island. The open-concept living room is flooded with natural light while large triple sliding glass doors seamlessly lead to two private patios for ultimate indoor-outdoor living. The first-floor primary suite offers built in office space, oversized walk in closet, and luxurious bath. Located in the highly sought after Madison School District with access to restaurants, coffee shops, shopping and major freeways.

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