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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22752 S 226th Place Queen Creek, AZ 85142

$1,285,000

4 Beds

2.5 Baths

4,225 SqFt

Status Active

MLS # 6733802

Property Type Single Family Residence

Price Type --

Elegance Meets Opulence: A Must-See Gem! Step into the epitome of luxury living with this architectural marvel. Beyond being a house, it's a sanctuary promising an elevated lifestyle filled with comfort and convenience. Here are some standout features: Designed Landscaping: Meticulously landscaped surroundings set the tone for opulence. Natural-Stone Covered Backyard Patio: Entertain or unwind in your private oasis. Big Pool with Water Features: Dive into crystal-clear waters with enchanting water features. Gazebo with Outdoor Furniture: Relax in the shade, surrounded by elegant outdoor furniture. Whole-House Six-Zone Audio System: Rich music flows seamlessly throughout. 13kW Tesla Solar System with Four Power Walls: Sustainable energy backup keeps you powered. 3-Car Air-Conditioned Garage with Level 2 Tesla EV Charger: Ideal for car enthusiasts. 16-Camera Video Security System: Comprehensive security for peace of mind. Home Security Alarm System: Ensures safety for you and your loved ones. Fireplace: Cozy up by the warm glow, unmatched in comfort. This masterpiece caters to every aspect of modern living.

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36460 N Secret Garden Path San Tan Valley, AZ 85140

$1,285,000

3 Beds

3.5 Baths

2,658 SqFt

Status Active Under Contract

MLS # 6705640

Property Type Single Family Residence

Price Type --

Rare and very desirable Cordoba floor plan with 3 bedroom suites plus powder room, separate office AND a gorgeous golf course lot! Light and bright open great room concept with views of the 6th tee! Enter through custom iron front door into this beautiful home, with light wood floors in the main rooms, shutters , and cozy fireplace for those chilly Arizona winters! The dream kitchen offers B/I Monogram appliances, with elec cooktop that could easily convert to gas and huge W/I pantry!! Light stone counters with subway tile and light cabinets make this home a canvas to add your own color accents and style! The main bath has double sinks, a walk in shower, separate oval tub and large walk in closet. Location, view and floor plan make this one all the best of the Encanterra lifestyle!

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15772 E Tumbleweed Drive Fountain Hills, AZ 85268

$1,280,000

5 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6767181

Property Type Single Family Residence

Price Type --

Stunning Mountain Views!! This incredible single level 5 bedroom, 3.5 bath redesigned home is truly one of a kind. Its a perfect split floor plan and checks off all the major boxes. Plenty of natural light. This professionally designed home will give you the feeling you are walking into a magazine cover vacation home. A perfect blend and use of textures. The kitchen features a large custom blue island topped with a stunning brushed natural stone top that changes coloring in the light. It also boasts two sinks for those busy chef days. The back white shaker cabinets offer over sized 42'' uppers , soft close hardware and set above a stunning marble full back splash. All new stainless appliances with the always desired pot filler above the cooktop. The bar prep area makes its own statement. Features include a built in microwave drawer as well a custom cabinetry, wall paper and lighting. The main living space is centered on a floor to ceiling fireplace, luxury vinyl plank flooring and a wall to wall custom beam with one of the largest ceiling fans you will ever see. Primary suite is massive and features a real working fireplace and its own separate sitting room that could also be used as a private office or den. The primary bath suite is a European style wet room. Large walk in shower, soaking tub, floating vanity and a LED mirror all conveniently located next to the large walk in closet. Each of the other 3 bathrooms are individualized so that they make their own statement. One of the bedrooms even has a fun loft. Great chill space to read a book. The garage is an oversized 3 car design with a ton of room for extra storage. The laundry has a large amount of storage with its custom cabinetry. Exterior notes- there is a pool designed for the home with a pool contractor ready to build if so desired. The home was professionally painted, a brand new paver driveway and walkway were just added, new custom garage doors , lighting, reclaimed wood ceiling, all new rock hardscape, waterless plant design, a built in BBQ eat in area, fire pit and plenty of room to add more outdoor entertainment. You will not find another home as unique and amazingly functional as this one. No HOA

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21206 N 53rd Avenue Glendale, AZ 85308

New

$1,280,000

4 Beds

2.5 Baths

3,057 SqFt

Status Active

MLS # 6788921

Property Type Single Family Residence

Price Type --

Completely redesigned and remodeled inside and out. New roof, windows, doors and baseboards with beautiful, engineered hardwood floors throughout. The redesigned, gourmet chef's kitchen features ZLINE appliances, custom cabinetry, Calacatta quartz counters and backsplash with an oversized island. Split floorplan offers ideal privacy. Primary suite features a retreat sitting area with a coffee/wine bar, custom walk-in closet, oversized walk-in shower, separate soaking tub, and direct patio access. No detail was overlooked! Pool was completely redone and expanded, huge extended paver patio, low maintenance artificial turf in front and back. Situated on a premium waterfront lot with panoramic lake and mountain views, a private boat dock and direct lake access. Welcome home!

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5830 E Sierra Sunset Trail Cave Creek, AZ 85331

$1,280,000

4 Beds

3 Baths

3,036 SqFt

Status Active Under Contract

MLS # 6712582

Property Type Single Family Residence

Price Type --

Stunning Torrey Pines model in beautiful Lone Mountain is nicely upgraded throughout with custom finishes. Designed for views & privacy, the backyard opens to a lush wash & Black Mtn views featuring a spacious travertine paver patio, sparkling pool w/water falls, built in BBQ, and artificial turf. The interior features tile plank floors & timeless neutral tile in the main living areas, new carpet in the bedrooms, shutters throughout, & custom cabinets in the family room. The open kitchen features GE Monogram stainless appliances, including a 48'' gas range w/griddle, granite countertops, beverage fridge at the large island & dining nook. The formal dining & living room offer ample entertaining space that flows to the large shaded patio. The master is split from the 3 BR/2 BA guest wing.

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7813 N Via Del Sol -- Scottsdale, AZ 85258

Open House

$1,280,000

2 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6729199

Property Type Single Family Residence

Price Type --

This private retreat in the heart of McCormick Ranch that was voted ''Best Home on Tour'' really delivers.You will not want to miss the opportunity to see why this home won and how you can win with it too. Location & Style with amazing upgrades makes this beautifully maintained home capture your heart. The 3rd bedroom was converted to the new primary closet (it can always be undone if a 3rd bdrm is needed). Outdoor living with new Bullfrog spa, sparkling pool, built in BBQ, patios from primary & Family room, retractable awning and mature trees has loads of character and class. Office/den area can easily be used as a 3rd bedroom also. This can easily be your forever home or a Great Investment property. Come fall in love! Motivated Sellers

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36709 N Stoneware Drive San Tan Valley, AZ 85140

Open House

$1,280,000

3 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6763814

Property Type Single Family Residence

Price Type --

You'll feel like home the moment you step into this beautiful Encanterra home. This Alora Plan is perfectly situated on the 16th tee with no fences or block walls to restrict your beautiful golf course, water, and Superstition Mountain views. Sit in the morning room to start your day or step out onto the travertine patio and enjoy the serenity of your surroundings as you watch the sunrise, or sip wine in the evening watching the mountains change in the reflective colors of the sunset. Desirable north south exposure allows you just the right amount of sun or shade along with your large front courtyard. Inside you'll find an amazing open floor plan with plenty of space to entertain or enjoy in your own way. The chef's kitchen is well appointed with high-end appliances, oversized island, granite counter, and cupboard space galore. Plenty of lighting including adjustable over-under cabinet and island lighting for just the right touch and mood. The smart room laundry area is well situated providing extra office, studio, or hobby space to enjoy. Every exquisite detail was carefully considered from crown molding, plantation shutters and upgraded tile throughout. If you're not ready to downsize quite yet or you need a little more elbow room, the 3 bedrooms plus a den will be perfect for you. The master suite with tray ceiling, expansive ensuite and walk-in closet gives you the space and privacy you desire, while guests can enjoy 2 large bedrooms and bathroom. No need to worry about parking or storage for all your toys as you have a 3-car garage with new epoxy flooring with built in cabinets. This home is just a short distance from La Casa and Algarve where you'll find resort style first-class amenities to enjoy including four pools, fitness center, pro shop, boutique, spa, restaurants, bars, pickleball, bocce ball, tennis, art studio and so much more. Abundant walking paths are found throughout the entire community. If you like convenience, you'll love being surrounded by all the shopping, dining, recreation, and entertainment that Queen Creek and San Tan Valley area has to offer. Come see for yourself why it's more than an incredible lifestyle that awaits you here at Encanterra.

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28223 N 153rd Street Scottsdale, AZ 85262

$1,279,000

4 Beds

3.5 Baths

4,556 SqFt

Status Active

MLS # 6688578

Property Type Single Family Residence

Price Type --

Gorgeous home in a gated community with no HOA dues, with beautiful views of Four Peaks. 4 bedrooms plus a wood floor office, 3.5 bath, 4 car garage. 1 acre lot. Top of the line kitchen with Thermador appliances, dual range with a gas cook top and electric ovens. There are travertine floors and granite countertops throughout. This property has a shared well. No need for hauled water. You won't want to miss out on this custom built home!

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3947 E Crest Lane Lane Phoenix, AZ 85050

$1,278,880

4 Beds

3.5 Baths

3,538 SqFt

Status Active Under Contract

MLS # 6763656

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Aviano at Desert Ridge! This vibrant community offers walking trails, a resort-style pool, tennis courts, state-of-the-art workout facilities, a business center, and activities for all ages. This beautifully remodeled 4-bedroom, 3.5-bath home with 2 bonus rooms features stunning contemporary finishes. The heart of the home is the open-concept kitchen, complete with a custom quartzite waterfall island and brand-new Wolf appliances, including a gas range. Step outside to your private oasis, where you can unwind by the pool with a newly tiled water feature and gas fire pit. The luxurious primary suite offers a serene sitting area and a spa-like bath with a soaking tub. With a prime location and a 3-car garage, this home has it all!

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300 W Quartz Rock Road Phoenix, AZ 85085

$1,277,777

4 Beds

3.5 Baths

3,200 SqFt

Status Active

MLS # 6785209

Property Type Single Family Residence

Price Type --

MODEL HOME is AVAILABLE and is MOVE-IN READY (model home is located at 103 East Quartz Rock Road, 3 blocks to the east of this property). NEW HOMES ON ACRE+ LOTS with Mountain Views in a quiet neighborhood, yet just minutes from every possible amenity. Model Home & other lots are available in this same neighborhood, all on Acre+ lots ... SEE LISTER / BUILDER FOR DETAILS. List price includes standard exterior elevation, standard finishes, and allowances for utilities and site-work. Photos are of the available model home with upgraded finishes and exterior.

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5671 N 208th Lane Buckeye, AZ 85396

$1,275,074

3 Beds

3.5 Baths

3,381 SqFt

Status Active

MLS # 6779831

Property Type Single Family Residence

Price Type --

This home offers a large private homesite with mountain views from your private backyard. There is a 16' sliding glass door at the family room to the outdoor living space. There is also a private interior courtyard bringing additional natural light into the home. The kitchen island is huge and perfect for entertaining or cooking for the holidays. The family room, kitchen and owner's retreat all have gorgeous tray ceilings. This home has it all. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY; See you soon

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43909 W Us-60 Highway Wickenburg, AZ 85390

$1,275,000

3 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6725364

Property Type Manufactured Home

Price Type --

PRICE IMPROVEMENT!! Set back right off HW60 with your own private road leading to a meticulously maintained 3-bedroom, 2-bathroom home. Featuring covered porches located on opposite sides of the home, perfect for relaxation and enjoyment of the serene surroundings no matter what time of day. Live in the home permanently, or just while you build your dream home and then have the opportunity to turn it into income property! No matter if you aspire to immerse yourself in ranch life or seek the perfect horse property with ample space and privacy, this property promises the perfect blend of functionality and comfort. With opportunities to indulge in the incredible lifestyle of ranch living with this property boasting custom-built barns, outbuildings, and expansive space tailored for horses and cattle. Nestled within stunning surroundings, the property borders state land on the South and West sides and provides your own private access. The outbuildings are one of a kind, and meticulously crafted by the original and only past owners. Along with the custom brick enclosed grill, 2 smoker pits or use them for delicious dutch oven cooking, creative tack room, loading chute and all the other features that truly make this property unique and special. You will never have an opportunity to own another home like this one. With your own private well and just over 19 flat, fully fenced and flood zone free acres the possibilities are endless. The property is also split into two parcels for additional options and opportunities. Seller is also open to selling parcels separately. Seize the rare opportunity to call this stunning property HOME!

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