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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2747 N Fairview Drive Flagstaff, AZ 86004

$615,000

2 Beds

2 Baths

1,476 SqFt

Status Active Under Contract

MLS # 6785006

Property Type Townhouse

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HURRY! These golf course lot Townhouses don't come on the market that often. This is your opportunity to own a home in the popular Continental Country Club community. Literally step off your back deck onto the golf course, located adjacent to the 9th green. Also, a very short walk to all the amenities, pool, pickle ball & tennis courts, golf shop, fitness center, including remodeled - The Oakmont restaurant. HOA membership includes the Bear Paw Recreation Center. In 2021 new roof and remodeled kitchen with stainless steel appliances, white cabinets and granite countertops and luxury vinyl tile. Sit and relax on your private deck or from the inside next to your cozy fireplace, while enjoying the beautiful panoramic golf course and mountain views. Vaulted ceilings! Furnished! Hiking trails!

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2696 N 162nd Lane Goodyear, AZ 85395

$615,000

3 Beds

2.5 Baths

2,962 SqFt

Status Active

MLS # 6664666

Property Type Single Family Residence

Price Type --

Wow! Incredible deal on this stunning home located in the #1 rated active adult community in all of AZ! Walking up you're greeted by a beautiful courtyard, wrought iron door, & luxurious rotunda entry way are sure to impress. Soaring vaulted ceilings, w/ new LVP flooring & plush carpet through out. Fresh interior & exterior paint. Kitchen features beautiful new stainless steel full size frige/freezer combo! 3 spacious bedrooms + office. Master suite features seating area, large tiled in shower, & jetted tub. Golf course views from the master bedroom, great room, & back patio. Located right across the street from the award winning Tuscany Clubhouse w/ restaurant, gym, pools spas, tennis, golf course, ball room... the list just goes on! Save tons of $$$ with your PAID OFF solar system!!!

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1415 E Princeton Avenue Gilbert, AZ 85234

$615,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6701061

Property Type Single Family Residence

Price Type --

Spacious home located near Gilbert's renowned downtown. Tons of dining and shopping just down the street. Bright living room featuring carpet flooring & on-trend palette throughout. The perfectly flowing great room provides backyard access & an inviting fireplace. Gorgeous, updated kitchen with built-in appliances, shaker cabinetry w/crown moulding, a stylish backsplash, granite counters & pantry. Double doors reveal the primary retreat, boasting large picture windows & an ensuite w/dual sinks, a separate shower/tub, & two walk-in closets. Newer AC! The charming backyard showcases a relaxing covered patio, a spa, & sparkling pool, offering the perfect setting for enjoying the warm Arizona weather.

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10420 E Cedar Waxwing Court Sun Lakes, AZ 85248

$615,000

2 Beds

2 Baths

2,116 SqFt

Status Active

MLS # 6768486

Property Type Single Family Residence

Price Type --

Gorgeous custom home with expansive water views in the Active Adult Community of Ironwood in Sun Lakes. Enjoy the resort lifestyle in this 2 BR, 2 BA home with full updates in kitchen and baths. Huge Arizona room/Lanai overlooking the water. Large private covered patio and a bonus room with patio access. Perfect for an office/den or craft room. You won't want to miss this one-of-a-kind home. Come, enjoy all the amenities Sun Lakes has to offer.

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1202 W Davis Way Flagstaff, AZ 86001

$615,000

4 Beds

2 Baths

1,667 SqFt

Status Active

MLS # 6730477

Property Type Single Family Residence

Price Type --

Welcome to your home in Coconino Estates close to downtown, schools, skiing, and the Flagstaff Urban Trail System! This charming single-level home has 4 bedrooms & 2 baths, an inviting open floor plan, a wood-burning stove and huge windows for tons of natural light. In the backyard you'll find mature trees, Koi pond and covered patio. Other features include new roof in 2019, large storage shed, tons of parking and a view of the beautiful San Francisco Peaks. A perfect place to call home, whether it's your full-time residence or a vacation home in the mountains. Walking distance to downtown Flagstaff, parks, Coconino Center for the Arts, bus stop, schools and Flagstaff Urban Trail system. Access to the ''Ditch Pool'' with voluntary HOA.

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17427 N Lindgren Avenue Sun City, AZ 85373

$615,000

3 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6759962

Property Type Single Family Residence

Price Type --

Location, location, north of Bell Rd and Lindgren. This golf course home with pool features many upgrades. From tiled drive way, cozy front court yard with new aluminum patio, ceiling fan, security door, and ring door bell. This home has many spaces for your hobbies without loosing space to entertain and has great lighting. As you enter will notice the vinyl wood planks through out, and plush carpet in the bedrooms. Remodeled kitchen has lots of cabinets and counter top space, new quartz counter tops, dark grey cabinets with white upper cabinets. Ss appliances including a convection microwave oven, wall convection oven & air fryer. This has a split floor plan with master bedroom having a his and her closet along with a custom tile shower and sliding door to go into the AZ room. Hobby/craft room features built in cabinetry, window shutter, and a custom light fixture. Also has an area for formal dinning or office space. New upgrade can lighting through out the home. The large Arizona room is air conditioned as home has 2 ac units one is 4 years old. You will love the plush berber carpet and all the lighting. Window have been tinted to reduce heat. As you go to the back yard you will love the amazing golf course views and large pool with the easy to upkeep landscaping, turf, and gravel. Side of yard has a new aluminum patio with pavers. Pool pump was recently replaced, new pool vac, and the diesel pool heater has not been in use. Garage has ample storage and has an air conditioned small work shop. You will not be disappointed with this home, as it has so many entertainment areas through out! Solar loan assumption payment of $277 monthly.

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12518 W Skylark Drive Sun City West, AZ 85375

$615,000

3 Beds

2 Baths

2,694 SqFt

Status Active

MLS # 6754723

Property Type Single Family Residence

Price Type --

:Incredible lowered price on this stunning Remodeled Home Backing to the 18th Hole of Stardust Golf Course This meticulously crafted gem in the heart of Sun City West boasts nearly 2700 square feet of living space, offering a harmonious blend of elegance, comfort, and modern sophistication. Every detail has been thoughtfully addressed, resulting in a seamless fusion of style and functionality. The kitchen features a waterfall granite island, perfect for entertaining or enjoying family meals. Top-of-the-line LG appliances elevate your culinary experience. The spacious layout seamlessly connects living, dining, and kitchen areas, creating an inviting atmosphere for gatherings. Don't miss this opportunity to own a slice of paradise in Sun City West

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1202 E Palo Verde Drive Phoenix, AZ 85014

$615,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6762575

Property Type Single Family Residence

Price Type --

Discover this classic, single level, 3 bed, 2 bath home with no interior steps located in the desirable Escondido Hermosa neighborhood of North Central Phoenix. Beautifully remodeled throughout in 2021, the spacious floor plan features a large kitchen with an open eating area, flowing seamlessly into the expansive outdoor patios perfect for entertaining. The primary suite offers a cozy seating area, wood-beamed ceilings, walk-in closet, remodeled bathroom, and direct patio access through sliding doors. Highlights include skylights, block construction, a 2-car garage, and Tesla leased solar panels, keeping monthly energy costs low. Ideally located within walking distance of local dining and retail, and just minutes from the airport, hiking trails, and the Biltmore and Arcadia corridors. and the Biltmore and Arcadia corridors! The HVAC unit is an eight year old Trane and the flat roof was re-coated in 2022. Also, the tile roof underlayment was replaced in 2020!

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1775 W Green Tree Drive San Tan Valley, AZ 85144

$615,000

5 Beds

2.5 Baths

3,577 SqFt

Status Active

MLS # 6763012

Property Type Single Family Residence

Price Type --

Welcome home to this spacious 3576 sqft 2 story house with 5 bedrooms and 2.5 bathrooms. Brand new carpet and vinyl floors throughout the house. Separate living room and family room, formal dining. Kitchen with solid wood cabinets, kitchen island, brand new microwave and range. Shutters throughout the house. Huge loft upstairs. It's located next to the community park. Schools nearby. Within 30 minutes from Queen Creek Olive Mill.

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10520 W Patrick Lane Peoria, AZ 85383

$615,000

5 Beds

2.5 Baths

3,094 SqFt

Status Active

MLS # 6764118

Property Type Single Family Residence

Price Type --

Get ready to make this beautifully maintained home in a well sought after Peoria neighborhood your new home! Priced below appraised value, featuring a 3 car garage & RV Gate, this unique layout will not disappoint. Walk into your open floor plan with upgraded granite kitchen counters. Relax in your downstairs master suite with a deep closet & custom master bath. Upstairs boasts a well laid out floorplan to include a landing that can be used as a second family or game room. 4 oversized bedrooms with walk in closets, access to the above attic with standing room & a roomy full bath make this second floor feel custom built! Did I mention the solar that is paid in full, the brand new AC's or that there is no HOA?! One of the largest homes in the neighborhood is move-in ready & priced to sell!

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5449 E Roanoke Avenue Phoenix, AZ 85008

$615,000

3 Beds

2 Baths

1,468 SqFt

Status Active

MLS # 6764788

Property Type Single Family Residence

Price Type --

Fabulous Mid-Century Modern home in Papago Seventy Six, a quiet neighborhood nestled in the foothills of Papago Buttes. This architectural gem includes a welcoming a front courtyard and wood beamed entryway that beckons further discovery. A large foyer with high ceilings greets you into this 3 bedroom, 2 bath (plus den) home. Natural light abounds with soaring vaulted ceilings in the large living room replete with wood-burning fireplace. The large kitchen opens to a dining room with exposed wood beams, clerestory windows, wet bar, stainless appliances, tile backsplash, and a truly expansive cabinet package with stone countertops. Dining room opens to a large den/family room, with French doors leading out to the sparkling swimming pool, set within a saltillo tile deck and mountain views

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2123 E Torrey Pines Place Chandler, AZ 85249

$615,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6765321

Property Type Single Family Residence

Price Type --

Come and explore this beautiful single-level home in Cooper Commons! You'll be captivated by its inviting charm, featuring wood-look floors & an open-concept living/dining area. Complete with built-in surround sound, this home is perfect for entertaining. The bright family room is ideal for creating lasting memories, while the cozy den offers a quiet space for an office. The kitchen is a chef's delight, complete with stainless steel appliances, quartz counters & a center island. Retreat to the main bedroom, which boasts a private bath with dual vanities, a soaking tub, and a walk-in closet. The backyard oasis includes a covered patio, a rejuvenating spa, & a sparkling heated pool, perfect for relaxation. You'll love everything about this home so check it out before it's gone!

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