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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3512 E Camelback Road Phoenix, AZ 85018

$1,345,000

3 Beds

2 Baths

2,455 SqFt

Status Active

MLS # 6782479

Property Type Single Family Residence

Price Type --

This spacious Biltmore Area home offers a fantastic opportunity with a generous 17,500 square foot lot. The kitchen features durable stainless steel appliances, and the master suite includes a large, spa-like bathroom with an expansive walk-in shower, complete with multiple shower heads and a relaxing sitting area. Convenience is key, with two laundry rooms, one conveniently located in the master suite. The garage provides an additional 120 square feet of storage space, offering plenty of room for organization. The backyard is perfect for entertaining, featuring a sparkling pool, a covered patio for year-round enjoyment, and plenty of low-maintenance artificial grass, ideal for sports and outdoor activities. The home is thoughtfully designed with functionality in mind, making it an ideal choice for those looking for a great investment in a prime location. This is a must-see property with incredible potential!

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5250 E Deer Valley Drive Unit 153 Phoenix, AZ 85054

$1,345,000

3 Beds

2.5 Baths

2,175 SqFt

Status Active

MLS # 6717025

Property Type Apartment

Price Type --

Beautiful Corner Unit Featuring a huge wrap-around patio area. Interior finishes professionally selected featuring European Oak Engineered Hardwood Floors, Custom Black Metal Glass Doors, and a relaxing jet tub in primary suite. This home feels like a model home when you walk in. Outdoor patio area truly feels like an extension of the main living area. Exclusive clubhouse features meeting spaces, a large entertaining kitchen, coffee bar and movie lounge, 4400 sqft gym, and Olympic-length pool. The Luxe residents also get to enjoy additional amenities, including access to Toscana's staff service, heated pools, spas, fitness centers, & etc. Just minutes away from Mayo Clinic, Scottsdale Quarter, & Kierland Commons, with easy freeway access to downtown Phoenix & surrounding suburbs 2 Parking spaces with a large storage area in parking garage located next to the elevator. Power has been run for EV charger as well.

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2092 S Navajo Court Chandler, AZ 85286

$1,345,000

6 Beds

4.5 Baths

4,313 SqFt

Status Active

MLS # 6760399

Property Type Single Family Residence

Price Type --

** SPECTACULAR HOME ** EXCEPTIONAL VALUE ** OASIS IN THE DESERT ** Nestled on a tranquil cul-de-sac lot within the highly-coveted, Arboleda Estates gated community, this beautifully constructed Taylor Morrison home exudes with detailed craftmanship and pride of ownership inside and out, featuring: 6 bedrooms, 4.5 baths, impressive front entry with iron/glass door, plantation shutters, built-in entertainment center, plank tile flooring, SS kitchen appliances, large loft, freshly painted interior (9/24), and a private PebbleSheen play pool. Gourmet & busy on-the-go cooks alike will LOVE the chef's kitchen, which includes white-on-white staggered cabinetry, slab granite counters, induction cooktop, dual built-in wall ovens & microwave, trash compactor, decorative SS pendant lighting, and an over-sized walk-in pantry! SPACIOUS primary suite located on the main level provides sliding barndoor access to large bathroom area having separate garden tub & shower, dual sink vanity w/personal makeup counter, and an oversized walk-in closet; all other bedrooms are generously oversized too AND there are numerous closets everywhere throughout the home to store all your household stuff & things. The 3-car garage mancave w/epoxy flooring also features additional storage including extensive built-in cabinetry, 3 large overhead storage shelves and a soft water system. There's so much storage space in this home you can probably rent your unused space to your neighbors! And there's dual RV gates as well to store your boats, trailers, and other motorized toys. And most importantly the large family room w/dramatic 18 ft soaring ceilings is the central entertainment hub for making so many fun-filled memories; and best of all it opens to an AMAZING backyard paradise where family and friends can play and relax in their own private retreat featuring sparkling heated play pool, four waterfall features, lush green landscaping, and travertine patio & pool decking; and the extended covered patio and turf areas within this 17,296 SqFt (nearly .4 acres) lot provide ample entertainment spaces for all. Finally, this South Chandler private neighborhood offers convenient access to nearby top-rated schools, parks, shopping, and quick-n-easy freeway access to the 101/202. Washer, dryer, and fridge convey to new owner. This is truly a MUST-SEE, rare DREAM HOME to own!

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275 E Bracciano Avenue San Tan Valley, AZ 85140

$1,345,000

2 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6754422

Property Type Single Family Residence

Price Type --

Stunning golf course Chroma model w/ fabulous upgrades in Encanterra Golf & Country Club! You'll appreciate the pride of ownership that matches one of the best unobstructed lake views in the community featuring greens, water & mountains. Quick close OK. Most furnishings negotiable! Gourmet kitchen showcases shaker cabinets to the ceiling w/ glass displays, pull-out drawers & soft-close features. Built for entertaining - island w/ gas cooktop, JennAir refrigerator & b/i wine fridge. Wood-like tile throughout the house w/ carpet in the bedrooms. Private den w/ French doors. Bonus room that can easily become a 3rd sleeping area. Captivating primary suite w/ ensuite featuring walk-in shower & double vanities w/custom storage. Separated 2nd bedroom & bathroom. Plantation shutters. Incredible laundry room & extra half-bath. These are just some of the timeless interior features of this home. With an oversized 2.5 car garage providing room for storage or golf cart, this property is as practical as it is beautiful. EV charging outlet. Smart home. As if this wasn't enough, breathtaking views take center stage thanks to the expansive rolling wall of glass. Outdoor gas BBQ & extended travertine paved patio. Surround sound in & outside. This lot is unusually large for the neighborhood. Must see to truly appreciate the friendly & upscale resort-lifestyle of Encanterra! All-age community! Arizona living is waiting for you!

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8425 S 10th Lane Unit 1 Phoenix, AZ 85041

$1,340,000

4 Beds

3.5 Baths

3,063 SqFt

Status Active

MLS # 6748754

Property Type Single Family Residence

Price Type --

Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live.

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311 W Monterosa Street Phoenix, AZ 85013

$1,340,000

6 Beds

4 Baths

4,372 SqFt

Status Active

MLS # 6727196

Property Type Single Family Residence

Price Type --

Appraised at $1,450,000 Looking for tons of square footage , open spaces and a large lot just off central in phoenix!? This is your chance. Experience unparalleled luxury in this exquisite brand new modern home. With 6 bedrooms, 4 baths, and a separate casita featuring a full kitchen and bath, this property offers versatility and comfort. Enjoy expansive living spaces adorned with high-end finishes and one of a kind design. Designed for both relaxation and entertainment, this home exemplifies contemporary elegance and sophistication, promising a lifestyle of unparalleled refinement and convenience.

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8105 E Plymouth -- Mesa, AZ 85207

$1,340,000

8 Beds

3.5 Baths

6,046 SqFt

Status Active

MLS # 6744382

Property Type Single Family Residence

Price Type --

Under the backdrop of Thunder and Usery Mountain Regional Park, resides an east valley equestrian estate with over 6,000 sqft of livable space, heated pool & spa, 4 horse stalls, tack room, and walker. Located on over an acre and a half in a non-HOA community of a Maricopa County Island. This Santa Fe custom basement home has 8 bedrooms, spacious living area with fireplace, and private entrances. The estate can accommodate various uses such as multi-generational living, home businesses, investment opportunities (short term rental) and assisted living or behavioral health as well. This special property in the heart of the Sonoran Desert is surrounded by mountain ranges, luxury golf communities, parks and recreation, and Red Mountain Freeway for ease of commute and endless opportunities.

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2991 S Morningside Lane Gold Canyon, AZ 85118

$1,340,000

4 Beds

3 Baths

3,300 SqFt

Status Active Under Contract

MLS # 6765021

Property Type Single Family Residence

Price Type --

Spectacular Superstition Mountain views from gated custom single level home on 1.99 acres. Private oasis features 2019 pool and spa with wave machine/lazy river, baja shelf, fire & water features & stunning stone treatments. This 3331SF energy efficient solar powered home offers 4 bedrooms (one shown as office), 3 baths, 3+ car over-sized garage. Highly upgraded Tuscan Desert design presents acacia, bamboo, travertine flooring, impressive stone fireplace in owner's suite and living room. Gourmet kitchen features expansive granite counters, island, breakfast bar, walk-in pantry & oodles of alder cabinetry. Enjoy truly tremendous Superstition Mountain, city lights, golf course & sunset views from turret observation deck. Generous covered patio boasts built-in barbeque, fridge, bar & misting system. Lovely landscaping includes mature fruit trees orange, grapefruit, lemon, Mexican lime, pomegranate and fig! Raised vegetable garden & 2 irrigation systems. Entire home is solar powered, including solar hot water heater. High tech water filtration system. Private well has 2,000 gallon under-ground storage tank. 2024 & 2021 Trane A/C units. Huge yard is fully enclosed-- half an acre unfenced is privacy buffer or available for new owner projects. No HOA, easy access for all vehicles & toys. 35 minutes to Phx Sky Harbor, close to 5 Gold Canyon golf courses, restaurants & world class hiking. Come experience the ultimate private resort.

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36850 N Pfeifer Lane San Tan Valley, AZ 85140

Open House

$1,339,900

3 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6745345

Property Type Single Family Residence

Price Type --

Dive into the luxury of resort-style living with this beautifully designed golf course estate. Enjoy the breathtaking views of lush fairways that provide a serene backdrop, complemented by a spacious outdoor area perfect for relaxation, social gatherings, and enjoying the mountain scenery. The interiors are bright and expansive, featuring high-end finishes. The gourmet kitchen, a dream for those who love to cook, is equipped with quartz countertops and top-of-the-line appliances. The master suite is an opulent retreat with a lavish ensuite bathroom. Additionally, there is another 2 bedrooms, one and a half more bathrooms, and a den, making this home one of the most desirable locations on the course. Encanterra in Queen Creek offers more than just a home—it's a way of life.

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9246 W Molly Lane Peoria, AZ 85383

$1,339,000

5 Beds

3.5 Baths

3,620 SqFt

Status Active

MLS # 6787211

Property Type Single Family Residence

Price Type --

This amazing property is located in the highly sought after subdivision of Cibola Vista! Beautiful mature neighborhood with most lots on half acres and a few lots on an acre. This property has the most desirable North facing backyard with a view fence featuring the Lennar Tamarack model. Five full bedrooms and 3.5 bathrooms. Room for an office and a game room with a full size pool table or could be used as a formal dining and living area. So many options with this floor plan! Curb appeal begins at the front yard with the extended driveway and an additional paver driveway at the RV gate. Enter through the gated front courtyard into the front door. You will be greeted with amazing mountain views! Outside patio features a two-way fireplace. Great yard for entertaining and a barbeque! Complete with an elevated Ramada located behind the play pool, sport court and a sand volleyball court for endless fun!! Ramada boasts a built-in wet bar, fireplace and a TV.

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7563 W Electra Lane Peoria, AZ 85383

$1,339,000

4 Beds

3 Baths

3,080 SqFt

Status Active

MLS # 6647195

Property Type Single Family Residence

Price Type --

Welcome Home to this BREATHTAKING PROPERTY situated in a quiet Cul-De Sac lot in a prestigious GATED Community!! This HOME is sure to AMAZE You! Immediately upon entering this Well-Designed SPACIOUS Home, you will FALL IN LOVE with the Open Concept Living Space, Boasting ELEGANCE and STYLE throughout. Highlighting a GORGEOUS Kitchen, Well-Equipped with Tons of BEAUTIFUL Cabinets, AWE-STRIKING Granite Countertops, Massive ISLAND, Double Ovens, Stainless Steel Appliances, Built-In Wine Fridge, Eat-In Kitchen and Breakfast Bar with Beautiful Pendant Lighting. The Kitchen Opens to the LIGHT & BRIGHT Great Room where you will Find the Formal Dining Area HIGHLIGHTING a Modern Lighting Fixture, Beautiful Flooring and soaring ceilings. Continue to be IMPRESSED as you enter the Exquisite Owner's Suite. This Spacious bedroom offers a LAVISH En-Suite with Spa Inspired Bath, Beautifully Tiled STEP-IN Shower, STUNNING Staggered Dual Vanities and the Well-Appointed Walk-In Closet. This Home is Perfect for Entertaining or Relaxing Outside. Invite your guests outdoors to Indulge in Relaxation Under the Covered, SUNKEN RAMADA with Built-In BBQ and Fireplace while you Adore the Beautiful low-maintenance Landscaping and Sparkling Pool. Enjoy tons of Garage Space with Additional RV Parking. Close to Shopping, Dining, Freeways, and So Much More!! Hurry to see this one, you are sure to be IMPRESSED!!!

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2020 S Pleasant View Drive Show Low, AZ 85901

$1,335,000

6 Beds

4 Baths

4,503 SqFt

Status Active

MLS # 6759922

Property Type Single Family Residence

Price Type --

This luxurious freshly remodeled and updated hideaway nestled in Sierra Pines offers unparalleled tranquility and stunning natural beauty, providing the perfect escape from the hustle and bustle of daily life. Tucked away at the end of a long private driveway, this expansive home is enveloped by mature ponderosa pines, ensuring your peace and privacy. Imagine waking up to breathtaking treetop views and ending your day with stunning sunsets that paint the sky in vibrant hues. With abundant outdoor space, this property invites you to explore and reconnect with nature. Step inside to discover a spacious main level that seamlessly integrates the living, dining, and kitchen areas. Large picture windows fill the space with flowing natural light, bringing the beauty of the outdoors inside. The open kitchen is a chef's delight, featuring a gas stove, stainless steel appliances, gorgeous bamboo hardwood flooring, ample cupboard space, and a huge granite island with custom cabinetry. Whether you're hosting a large gathering or enjoying an intimate dinner, this space is designed for functionality and style. The upper level boasts four bedrooms, each offering serene treetop views, and a spacious loft perfect for relaxation or a home office. A conveniently located laundry room adds to the home's functionality. The lower level is ideal for multi-generational living, with two additional bedrooms, a living area, a guest kitchenette, and a second laundry room, providing comfort and privacy for all. The attached two-car garage, finished with durable waterproof LVP flooring that's offers versatile use as an additional bunkhouse or a standard garage. The beautifully landscaped circular paver driveway enhances the property's curb appeal and functionality. Living in the White Mountains offers a slower pace and cooler temperatures, making it an ideal location for those seeking both relaxation and adventure. Embrace the four-season weather with activities like hiking, biking, and fishing right at your doorstep. Enjoy abundant wildlife viewing opportunities and immerse yourself in the unique landscape that characterizes this region. Despite its secluded feel, this home is just minutes from the amenities of Show Low. Low HOA fees ensure that property values are maintained with minimal expense or hassle, giving you peace of mind and more time to enjoy your beautiful surroundings. OWNER MAY CARRY!

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