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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1701 W Frier Drive Phoenix, AZ 85021

$635,000

4 Beds

3 Baths

2,310 SqFt

Status Active Under Contract

MLS # 6761449

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded 4-bedroom, 3-bathroom home nestled in the heart of Northern Star. This property boasts an open-concept floor plan, perfect for entertaining, with a spacious new kitchen and wine bar area featuring granite countertops, stainless steel appliances, and a large island. The primary suite offers a private retreat with a walk-in closet and luxurious en-suite bathroom with a custom wet room. Step outside to enjoy the patio, ideal for relaxing or hosting summer barbecues. Located just minutes from Phoenix Mountains Preserve, Light rail system and Orangewood Elementary School, this home offers the perfect balance of comfort and convenience. Don't miss out on this fantastic opportunity. Listing Agent is Part Owner of LLC. Spacious secondary living room featuring a cozy fireplace, perfect for relaxing on chilly days while enjoying your favorite shows. This versatile space also provides an ideal setting for hosting large gatherings and entertaining guests or making the perfect office space. All wood flooring has been freshly refinished and cleared coated that will last a long time.

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9060 E Captain Dreyfus Avenue Scottsdale, AZ 85260

$635,000

3 Beds

2 Baths

1,440 SqFt

Status Active Under Contract

MLS # 6761855

Property Type Single Family Residence

Price Type --

Seller offering $5,000 in closing cost. Welcome to this beautifully updated 3-bedroom, 2-bathroom home, complete with a 2-car garage featuring a new garage door installed just a year ago. As you step inside, you'll be greeted by soaring vaulted ceilings and a spacious great room, highlighted by a cozy wood-burning fireplace with an elegant stone mantel that extends to the ceiling. The new vinyl flooring adds a modern touch throughout. The updated kitchen boasts Quartz countertops, brand-new stainless steel appliances, recessed lighting, and self-closing drawers for added convenience. The primary suite offers a serene retreat with high ceilings, a sliding door to the backyard, and an ensuite bathroom featuring a dual-sink vanity, a tiled shower, and a walk-in closet. Bedrooms 2 and 3 feature ceiling fans, new vinyl flooring and closet space. The second bathroom has been tastefully updated with a tiled shower, new vanity, and toilet. Outside, the backyard offers a covered patio, a grass area, and a second patio with an above-ground jacuzzi just off the primary suite. Additional highlights include a 5-year-old roof and a backyard drip system. Don't miss out on this stunning, move-in-ready home! This home has a fantastic North Scottsdale location! You'll enjoy a vibrant mix of outdoor recreation and upscale amenities. Just minutes away, explore hiking and biking trails in the McDowell Mountain Preserve or golf at renowned courses like TPC Scottsdale. The area also offers top-notch shopping at Kierland Commons and Scottsdale Quarter, as well as dining at a variety of high-end restaurants. With easy access to cultural hotspots like Old Town Scottsdale and the Taliesin West architecture tour, there's always something to experience nearby.

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1954 E Missouri Avenue Phoenix, AZ 85016

$635,000

3 Beds

2 Baths

1,492 SqFt

Status Active Under Contract

MLS # 6775008

Property Type Single Family Residence

Price Type --

Probate settled - seller ready to sell! 20th ST & Missouri Ave! Complete renovation of this red brick, 3 bed, 2 bath home situated an oversized 10K SF irrigated lot. This floor plan is a true entertainer's delight! The wall of glass is a beautiful transition to the outdoor living space surrounding a sparking pool nestled amongst mature fruit bearing citrus trees. The home boasts stained concrete floors, quartz countertops, re-finished cabinetry, new stainless appliances. Even a water softener! New recessed lighting and fixtures throughout the home. New garage door, entrance and interior doors, exterior gates and all fixtures. Flood irrigation keeps grass green year round for $150/yr! Panel upgrade. Treat yourself to a twilight sunset showing, views of Piestewa Peak are breathtaking

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5473 N Dakota Drive Eloy, AZ 85131

Open House

$635,000

2 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6778944

Property Type Single Family Residence

Price Type --

Highly upgraded Fresco model with partial mountain views. Enjoy soaring 10- and 12-foot ceilings, tile flooring, 8-foot doors, and plantation shutters, with views of the beautifully landscaped backyard. The kitchen features upgraded cabinets, stainless steel appliances, a farmhouse sink, full-height backsplash, and quartz countertops. The spacious family room includes a built-in bar area, perfect for gatherings. Additional storage is built into the laundry room and garage. Step out back to a private oasis with a built-in BBQ area, Blackstone grill, extended pergola, and 15x30 turf for relaxation and entertainment. Don't miss this gem!

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2524 E Christy Drive Phoenix, AZ 85028

Open House

New

$635,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6789393

Property Type Single Family Residence

Price Type --

A true Shea Heights Stunner! With fresh curb appeal - new exterior paint and new 2023 landscaping, lush with aloe vera, agave, and your own rare saguaro cactus with an architectural dream front entry backdrop, additional cacti, and a pergola style coved patio, bringing in sunlight and style plus sunset views from the kitchen! Pocketed between Kierland Commons, Paradise Valley Village, and framed by Phoenix's most iconic mountain views. Inside, the mid-century modern upgrades set the tone, with wide plank wood-look tile flooring, upgraded quartz countertops, subway tile backsplash, shaker cabinets, new light fixtures and true brick floor to ceiling fireplace. Step outside to the private oasis with sparkling, pebble tec diving pool, modern pavers, turf and a gated, pool fence installed in 2021 for peace of mind. Plus, no 2 story neighbors and the perfect space for a grill with unobstructed views of Lookout Mountain and Piestewa Peak! With a re-foamed roof in 2019, new gas hot water heater and kitchen appliances in 2019, new interior paint and garage openers in 2020, this is your opportunity to get into the coveted, active Shea Heights community! Stroll the sidewalks and admire the view to Christy Cove Park and playground or the Mountain Preserve trailhead for a hike you didn't even have to drive to! This active Shea Heights neighborhood has all these perks, walkable to impressive schools, no extra costs and NO HOA! All with easy access to state route 51 and the 101 loop.

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10405 W Patrick Lane Peoria, AZ 85383

Open House

$635,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6719383

Property Type Single Family Residence

Price Type --

REDUCED! DON'T MISS THIS AMAZING UPDATED HOME! Absolute pride of ownership in the popular Ironwood community in Northwest Peoria. Open kitchen with white upgraded cabinets and quartz counters. Large and spacious bedrooms. Updated bathrooms and showers. Custom crown molding and barn door. Sparkling private pool perfect for entertaining. Spacious lot tucked back in the neighborhood. Epoxy flooring in the garage and plenty of storage. AC duct upgraded to solid to solid material. Top rated Peoria schools and close to Candeo, Great Hearts, and Basis. Don't miss this meticulously maintained home in one of the best established communities in NW Peoria. Additionally to the garage there are 3 driveway spaces.

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12122 N Finch Drive Fountain Hills, AZ 85268

Open House

$635,000

3 Beds

2 Baths

1,794 SqFt

Status Active

MLS # 6753161

Property Type Single Family Residence

Price Type --

Super clean and well maintained 3 bedroom, 2 bath patio home in the Morningside at Lakeside community.You will love the bonus room off Primary Bedroom too. Home has newer windows, updated kitchen & bathrooms. Vaulted ceilings make it feel much larger than it is. Private fenced backyard with trees. Attached 2 car garage with new epoxy flooring & direct access to home. Polished Travertine tile throughout, No Carpet. Low maintenance yard and home. Perfect for lock and leave or full time residence. You will appreciate the location to as its Close to the Fountain park, hiking trails, dog park, skate park. Community features a heated community pool, spa, ramada plus a small picnic park.

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2242 W Myrtle Drive Chandler, AZ 85248

$634,999

3 Beds

2.5 Baths

2,241 SqFt

Status Active

MLS # 6747941

Property Type Single Family Residence

Price Type --

Located in the heart of the desirable Ocotillo area, this amazing home on the double fairway offers stunning views of an award-winning golf course & your private heated spa with a waterfall. Featuring 3 bedrooms plus a loft, this home has been freshly painted inside and out using premium paint. The first floor boasts newly installed modern and durable 12mm-thick waterproof vinyl flooring, while the upstairs is outfitted with brand-new carpeting and elegant wooden shutters throughout.The gourmet island kitchen is a chef's dream, featuring classic cabinets, granite countertops, and a stylish tile backsplash. Additionally, the garage is equipped with ample storage cabinets, ceiling shelves overhead, board wall organizers, and a work station, ensuring all your organizational needs are met.

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2930 N 154th Drive Goodyear, AZ 85395

Open House

$634,999

3 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6722894

Property Type Single Family Residence

Price Type --

This gorgeous 3 bed/2.5 bath home located in the lovely adult golf course community of Pebblecreek just underwent substantial updates and renovations for you to enjoy and call home! Beautiful updates include painted kitchen cabinets, new paint throughout interior of home, new vinyl flooring, fresh New cool deck paint, landscape timer. golf cart garage was converted to an A/C controlled gym. Family room has vaulted ceilings, a fireplace, and built in niche. This home has so much space to enjoy with its over 2600sf, Sparkling private Pebble-Tec pool and above-ground hot tub. 2-car garage has built in storage cabinets, There are outside storage cabinets on one side of the home and a shed on the other for additional storage. Leased solar as an added bonus! You don't want to miss this one!

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20223 W Hollyhock Street Buckeye, AZ 85396

$634,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6698304

Property Type Single Family Residence

Price Type --

Welcome Home to the Estates at Arroyo Seco, our newest Buckeye Community. This Deacon floorplan includes an attached RV garage, plus a tandem two car garage that includes a 220 V 50AMP, pre-plumb for utility sink, soft water loop, garage service door and an RV cleanout. Inside a well-appointed gourmet kitchen with 42'' upper white cabinets, brushed nickel cabinet pulls, quartz countertops, tile backsplash and GE Plus Stainless-steel appliances with a chimney hood and 36'' gas cooktop, includes a walk-in pantry and is flanked by a great room and a dining room with center meet sliding doors leading out to a covered patio. You'll also appreciate the versatile flex-room, two secondary bedrooms with shared access to a full bath with dual vanities, and a primary suite with a private bathroom featuring a deluxe tiled shower with rain shower, dual vanities and ample walk-in closet space. A mudroom and walk-in laundry room round out the interior of the home. This home also includes two-tone paint, 9 x 35 tile flooring throughout and carpet in the bedrooms only. Ceiling fan prewires at all bedrooms, great room, flex room and covered patio; a gas stub at the patio; pre-plumb for a sink at the laundry room; pendant lighting at the kitchen island; exterior coach lights; paver driveway and walkway and front yard landscaping complete the home. This home is situated on an 8760 square foot North facing lot with a double side gate.

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21771 E Roundup Way Queen Creek, AZ 85142

$634,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702179

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pinecrest plan! This home is 2390 square feet of meticulously crafted living space. With three bedrooms, two and a half baths, and a dedicated study, every corner of this home is designed with purpose. The gourmet kitchen stands as the heart of the home, boasting quartz countertops, upgraded shaker cabinets, and a central island that doubles as a culinary hub and gathering place. The owner's suite is a serene haven, featuring dual closets, a lavish soaking tub, and the added convenience of a private door leading to the covered patio. Outside, both a single-car garage & a 2-car garage offer ample storage for vehicles, outdoor gear, and more, ensuring both convenience and practicality. With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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35568 N Lodestone Drive San Tan Valley, AZ 85144

$634,995

4 Beds

2.5 Baths

2,980 SqFt

Status Active

MLS # 6769242

Property Type Single Family Residence

Price Type --

Check out this stunning move-in ready home! The inviting entry features elegant features and vaulted ceilings that immediately makes you feel at home. A chef's dream kitchen comes complete with marble countertops, stainless appliances, and gas cooktop. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. The outdoor patio offers pristine views of the community as well as additional dining space that is perfect for social gatherings. Discover what luxury living truly means and come visit today!

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