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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9441 N 80th Place Scottsdale, AZ 85258

$1,350,000

4 Beds

3 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6763355

Property Type Single Family Residence

Price Type --

From Frank Lloyd Wright's Architects and one of only two subdivisions from Fellow John Rattenbury. Exuding serenity while integrating seamlessly into the streetscapes of the neighborhood was Rattenbury's primary goal for his Mountain View East project within McCormick Ranch. Utilizing principles of Taliesin West, these homes are simple, while elegant, sophisticated, and spacious. This model features 2 master suites split from each other while also split from 3rd and 4th bdrms. Wright-inspired design features of multi-level ceilings with clerestory windows and skylights keep the home awash in natural lighting and visual interest making it architecturally unique. Lush & mature landscaping, relaxing pool and a patio with commercial misting draws one to outdoor living and entertaining.

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22787 E Quintero Road Queen Creek, AZ 85142

$1,350,000

4 Beds

3.5 Baths

3,740 SqFt

Status Active

MLS # 6763524

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3.5-bathroom luxury home in an exclusive gated community offers elegance and comfort on a sprawling 14,783 sq. ft. lot with breathtaking panoramic views. Highly upgraded and a former model home, it features a den, great room, and an attached casita—perfect as a multi-generational suite with its own kitchenette, laundry room cabinets with sink. The exterior boasts incredible curb appeal with an iron entry door, while the elegant interior impresses with two-tone accent walls, high ceilings, and an airy, inviting atmosphere. The gourmet kitchen is complete with granite countertops, a walk-in pantry, quartz counters, a large island, and formal and casual dining spaces, including a breakfast bar. Step outside to a covered patio overlooking the beautifully designed backyard with a private pool, paver pathways, and lush plants. Community amenities include a playground, pool, and more, making this home a luxurious retreat!

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7113 E Mcdonald Drive Paradise Valley, AZ 85253

$1,350,000

2 Beds

2 Baths

1,830 SqFt

Status Active

MLS # 6707837

Property Type Townhouse

Price Type --

Welcome to your dream home in the heart of Paradise Valley! This newly renovated townhome with new custom designer flooring and baseboards in the prestigious Villa Serena community offers an unparalleled blend of luxury, comfort, and modern living. Boasting 2 spacious bedrooms plus a den and 2 beautifully appointed bathrooms, this home is perfect for those seeking a serene and sophisticated lifestyle. Step inside to discover a stunning open-concept floor bathed in natural light, high ceilings, with large windows to enjoy the lush landscaping. The brand-new gourmet kitchen features top-of-the-line stainless steel appliances, including Wolf gas cooktop, quartz countertops, and custom contemporary cabinetry, making it a chef's paradise. The adjoining dining and living areas flow seamlessly, ideal for entertaining guests. Relax in the inviting den that looks on to the patio with large new sliders and plenty of room for a desk. The luxurious master suite is a private retreat complete with an en-suite bathroom featuring a dual vanity, shower, and walk-in closet. The additional bedroom offers ample space next to a fully renovated bathroom with modern fixtures and finishes. Enjoy Arizona's beautiful weather on your private patio, perfect for morning coffee or evening relaxation. This home also includes a two-car garage, providing convenience and additional storage. Villa Serena is known for its lush landscaping, tranquil ambiance, and exceptional amenities. Residents enjoy access to a sparkling community pool, spa, fitness center, and clubhouse, all within a secure environment. Located in the heart of Paradise Valley, you are minutes away from the new Ritz Carlton Resort Hotel, world-class dining, shopping, golf courses, and hiking trails.

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11519 E Blue Wash Road Cave Creek, AZ 85331

$1,350,000

3 Beds

2.5 Baths

2,655 SqFt

Status Active Under Contract

MLS # 6612853

Property Type Single Family Residence

Price Type --

Heavenly views and a custom home in Tonto Hills surrounded by the National Forest, direct views of Mighty Four Peaks, Weavers Needle and beyond. Intelligent floor plan with 3 bedrooms and 3 baths, formal dining and great room that opens to the picturesque patios. Detached horse stable has electricity and could be easily converted to a casita. Rear patios offer the perfect shape and ideal location/site for a negative edge pool, see photos of renderings for a virtual pool. The views and privacy here are unrivaled.

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1314 E Mckellips Boulevard Apache Junction, AZ 85119

$1,350,000

5 Beds

4.5 Baths

6,336 SqFt

Status Active

MLS # 6603009

Property Type Single Family Residence

Price Type --

Boasting a sprawling 6,000+ square foot layout, this property perfectly marries luxury with functionality. Nestled in a picturesque location, it offers breathtaking of views the Superstition Mountains to the east and the Tonto National Forest to the North, providing an unparalleled blend of natural beauty and refined living. The main portion of the house features 3 bedrooms, 2.5 baths, a den, and spacious living areas, including an impressive Chef's Kitchen that provides ample room for comfortable living. The property's versatility is further enhanced by a second wing or multi-generational space with 2 more bedrooms/baths, ideal for accommodating extended family or offering extra living space for guests. The private 10-seat movie theater is a standout feature, perfect for entertaining. Additionally, the six-car garage, equipped with 50 cabinets, along with abundant storage space, provides practical solutions for homeowners with multiple vehicles or extensive storage needs. The outdoor amenities, such as the expansive paver back patio, RV gate, and ride-in/ride-out equestrian trails, make this property perfect for enjoying the area's natural beauty and engaging in outdoor activities like horseback riding and ATV riding. Situated in unincorporated Pinal County, WITH NO HOA, on an acre and a quarter, this single-story home offers a rare combination of luxury, space, and functionality in a breathtaking location, making it an exceptionally desirable property.

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2609 N 81st Way Scottsdale, AZ 85257

$1,350,000

4 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6767278

Property Type Single Family Residence

Price Type --

Beautiful custom home in the heart of South Scottsdale minutes from Old Town, spring training, and amazing shopping, dining, & entertainment. Located in the quiet, friendly community of Scottsdale's Village Grove neighborhood, this charming mid-century Allied home has been completely reimagined, rebuilt, & made ready to be called home once again. Thoughtfully designed & professionally built from top to bottom, this 4 bedroom, 2.5 bath, 2,385 sf. residence is 90% new construction & comes with a 2-year builder warranty. Portions of the foundation, exterior walls, & roof framing are all that remain of the original structure. Wonderfully functional and flowing split floor plan designed for hosting, gathering, entertaining, and making the most of life with friends, family, & neighbors. Beautiful but low maintenance landscaping front and back featuring artificial turf, pavers, putting green, and diving pool. A great life awaits you here.

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7658 E Pasaro Drive Scottsdale, AZ 85266

Open House

$1,350,000

2 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6781306

Property Type Single Family Residence

Price Type --

Step into this luxury home in a prestigious guard-gated community of Bellasera. It features 2 bedrooms, 2.5 baths, and a bonus room that can be converted into a third bedroom. Recent updates of over $300K enhance the elegance, with 24'' Spanish porcelain tile, Brushed Oak engineered wood floors, and 5.5'' base molding. The open kitchen is a gourmet's dream, boasting a Bosch 5-burner gas cooktop, SubZero side-by-side fridge, Koehler cast iron farmhouse sink, and a wine fridge. An expanded island offers extra storage, while custom cabinetry and countertops elevate the space's sophistication. The backyard is a private oasis with a newly designed pool and spa featuring Baja shelves, a custom white tile wall, and sheer descent waterfalls. Enjoy seamless indoor-outdoor living with thoughtfully designed landscaping, low-water plants, limestone pavers, and raised garden beds. This retreat is perfect for year-round enjoyment, complete with an app-enabled pool system and built-in heaters. Additional highlights include Hunter Douglas shades, a brand new roof, dual HVAC units with room sensors, and custom California Closets in the master and office. The attention to detail in this move-in-ready home promises comfort and styledon't miss the opportunity to make it yours!

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3800 E Lincoln Drive Unit 29 Phoenix, AZ 85018

Open House

$1,350,000

3 Beds

3 Baths

3,031 SqFt

Status Active

MLS # 6779980

Property Type Single Family Residence

Price Type --

Welcome to a luxurious Southwest oasis in the heart of Estate Antigua, a premier guard-gated community renowned for its iconic exterior Mediterranean architecture since 1981. Nestled on a hillside just above Lincoln Drive, this exquisite 3-bedroom, 3-bathroom home offers breathtaking views of the Valley, downtown Phoenix, and the majestic Camelback Mountain. Step inside to discover a warm and inviting interior, featuring soaring 12 foot beamed ceilings and newer custom alder wood interior doors. The recently remodeled kitchen is a chef's dream, complete with LG stainless steel appliances, custom cabinetry, and elegant granite countertops. Wood shutters throughout enhance the ambiance, while tall living room windows frame the stunning vistas that make this home truly special. See more. The primary bedroom serves as a serene retreat, boasting a spacious layout, a roomy walk-in closet, and a cozy sitting area plus an adjacent office, perfect for a quiet work-from-home space with phenomenal views of the Valley. The ensuite bathroom is a luxurious escape, featuring a soaker tub, a newer walk-in shower, and dual sinks for added convenience. Descend the spiral staircase to find a versatile separate living area ideal for a game room, exercise space, or theatre room. This level also includes an adjacent guest bedroom and bathroom, offering privacy and comfort for visitors. This property is one of a kind; an extraordinary blend of tranquility and security in the midst of a bustling city. Experience the best of both worlds at Estate Antigua.

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4625 E Garnet Circle Mesa, AZ 85206

$1,349,990

5 Beds

4.5 Baths

5,654 SqFt

Status Active

MLS # 6698697

Property Type Single Family Residence

Price Type --

Nestled inside the exclusive 46-home gated community of Sunny Mesa, this custom property perfectly combines modern touches and classic elegance. The red brick façade provides tremendous curb appeal for this corner lot sitting on just over half an acre. This recently renovated estate features 5 bedrooms and 4.5 bathrooms with a versatile layout and OWNED SOLAR. The front entry leads you to your sunken living room with gas fireplace followed by the formal dining area. The gourmet kitchen shines with custom cabinetry, a huge island, built in fridge, and high-end Bosch and Thermador appliances. The primary bedroom features an upgraded en-suite with two walk-in closets - one with its own dedicated laundry and the other was converted from a secondary bedroom for optimal size and fully customized. The west corridor of the home has the perfect guest quarters for next-gen living with 1.5 bathrooms, living room, kitchenette, plus an additional 735 sqft of flex space. The backyard features a large grass lawn, citrus trees, and an extended patio area leading to the pebbletec diving pool with pool cooler and spa. There's plenty of parking and storage with 3+ car garage, extended driveway, and RV gate/parking. Close to the highly coveted Franklin at Brimhall elementary school and US-60 freeway. This amazing property is ready for its new owners!

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10154 E Happy Hollow Drive Scottsdale, AZ 85262

$1,349,950

4 Beds

3.5 Baths

3,798 SqFt

Status Active

MLS # 6756125

Property Type Single Family Residence

Price Type --

Nestled on a pristine acre of Sonoran Desert land, this exceptional residence offers captivating mountain and sunset views that perfectly embody the essence of Arizona living. Located in the coveted gated community of Cresta Norte, this well-maintained home by its original owner exudes both elegance and comfort. Boasting 4 spacious bedrooms, 3.5 bathrooms, and a versatile layout that includes two flexible office spaces, this home is designed for both luxury and practicality. The updated open kitchen, adjacent to the family room and informal dining area, features modern finishes and seamlessly flows into the living spaces. A formal dining room and inviting living room create an ideal setting for both intimate family moments and larger gatherings. (Continued ) Step outside into the meticulously designed outdoor oasis, where two covered patios offer shaded areas to relax, while a sparkling pool and two tranquil fountains provide a serene ambiance. A stone-surfaced pergola completes the outdoor entertaining space, perfect for enjoying the breathtaking Arizona sunsets. The north/south exposure ensures optimal light and comfort throughout the day. Inside, recent upgrades include a freshly painted interior and an updated master bathroom, adding a touch of modern luxury to this timeless desert retreat. Tile and wood floors flow throughout the home, enhancing its warm, sophisticated appeal. The residence also includes a detached casita, ideal for guests or additional workspace, and a 3-car garage for ample storage. Cresta Norte offers residents access to tennis and pickleball courts, a neighborhood park, and unparalleled serenity, all within the embrace of the natural desert surroundings. This is more than just a homeit's a private sanctuary in one of Scottsdale's most exclusive neighborhoods.

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19788 E Cattle Drive Queen Creek, AZ 85142

$1,349,900

5 Beds

4.5 Baths

4,002 SqFt

Status Active

MLS # 6771250

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in La Jara Farms. This beautifully maintained property has been lovingly cared for by its original owners and offers a perfect blend of luxury and comfort. This home boasts 5 spacious bedrooms and 4.5 bathrooms, ensuring plenty of space for family and guests. The luxurious primary suite features plush carpet and a spa-like bathroom. Additional guest bedrooms include Bedroom #2, which is larger than average and features a walk-in closet and a Jack & Jill bath. Bedroom #3, although cozier, is still spacious and shares the Jack & Jill bath, while Bedroom #4 includes an ensuite bathroom with a single vanity and a tub/shower combo. The attached casita offers its own entrance, living area, kitchenette, and ensuite bath, making it perfect for guests or extended family. The interior also includes a versatile den with tile flooring, ideal for a home office or study, along with an elegantly appointed formal dining room. The gourmet kitchen is a chef's delight, featuring a massive island with bar seating, granite counters, and stainless steel appliances, including an industrial gas range and a built-in fridge. A butler's pantry with a beverage fridge and ample additional cabinetry completes this impressive culinary space. The great room boasts soaring 12' ceilings and a carpeted TV area, with a sliding door that opens to your outdoor paradise. Outside you will find your private resort-style backyard, beautifully designed for relaxing, entertaining and/or playing. The heated saltwater pool and spa feature a Pebble Tec play pool, a Baja step, and a swim-up bar with seating, perfect for summer entertaining. The sunken BBQ area, equipped with an Alumawood-style pergola, is plumbed for natural gas and powered for convenience, making outdoor cooking a breeze. The travertine patio and surround create a serene atmosphere for relaxation, while the turf area has been measured specifically for your cornhole games. A covered patio, complete with fans and a TV projector, sets the stage for memorable movie nights under the stars. Additional amenities include an attached 3-car garage and detached RV garage measuring 20' x 40' with a 14' door. This garage is fully insulated and climate-controlled, featuring its own A/C unit and an alarm system. This exceptional property combines luxurious living with thoughtful design and is waiting for you to call it home. Don't miss out on this rare opportunity in the heart of Queen Creek!

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15857 E Ponderosa Drive Fountain Hills, AZ 85268

$1,349,900

5 Beds

3 Baths

4,066 SqFt

Status Active

MLS # 6779193

Property Type Single Family Residence

Price Type --

Where do you begin with a home like this!?!? nearly 4100 sq. feet on .4 acres, It seems the views go on forever! 180 degree views of the fountain, Red Mountain and Superstition Mountains, WOW! The home has so many living & hang out areas, a living room, 2 great rooms, beautiful kitchen that takes advantage of all the incredible views, there's a small bar & kitchenette downstairs as well! A huge Storage room as well as a den, two breakfast eating areas & formal dining, outside, well the outside has 2 HUGE covered patios with multiple seating areas, dining room & built-in BBQ, The private pool area with a brand new jacuzzi, is a true oasis, complete with expansive sitting areas, water features and exquisite fireplace, an RV gate & driveway are perfect for RV parking, What a Home!

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