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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7837 N 6th Street Phoenix, AZ 85020

$620,000

3 Beds

2 Baths

1,839 SqFt

Status Active Under Contract

MLS # 6730822

Property Type Single Family Residence

Price Type --

Welcome to this delightful 3-bedroom, 2-bath gem in north central Phoenix! With its spacious layout, convenient location, and abundant outdoor space, this home offers the perfect blend of comfort and convenience. Three generously sized bedrooms provide ample space for relaxation and rest. Whether you're looking for a cozy retreat or a home office, these rooms offer versatility and comfort. Two well-appointed bathrooms ensure convenience for your daily routines. The bright and airy eat-in kitchen is perfect for casual meals. Imagine sipping your morning coffee by the window overlooking the lush backyard and diving pool. For special occasions or intimate gatherings, the formal dining room awaits. Relax in the formal living room or head to the family /entertainment room The spacious family room provides a cozy spot for movie nights or simply unwinding after a long day. Natural light floods the room, creating a warm and inviting atmosphere. Centrally located, this home offers easy access to shopping, dining, entertainment, and more. You'll love being part of this vibrant community. The laundry room doubles as a workshop, providing space for DIY projects, crafts, or storage. Lace-up your sneakers and explore the nearby walking and biking trails. Plus, the Piestewa Freeway is just minutes away, making your commute a breeze. Conveniently park your vehicles or use the garage for additional storage. Don't miss out on this fantastic opportunity to own a piece of Phoenix paradise. Make this house your home!

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7608 N 17th Avenue Phoenix, AZ 85021

$620,000

4 Beds

2 Baths

1,612 SqFt

Status Active Under Contract

MLS # 6760382

Property Type Single Family Residence

Price Type --

This fully remodeled home rivals any HGTV makeover. The beautiful and functional kitchen / greatroom has a 16 foot wide wall of sliding glass doors that open to the large covered patio, backyard, and the gorgeous pool. Truly connecting indoor and outdoor living. The kitchen is equipped with stainless steel appliances and a beautiful waterfall edge island. The home also has a walk-in pantry and a generous laundry room. This bright, happy home brings functional style to a great location.

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2509 E Darrel Road Phoenix, AZ 85042

$620,000

3 Beds

2.5 Baths

2,835 SqFt

Status Active

MLS # 6765409

Property Type Single Family Residence

Price Type --

Seller will consider contributing to buyer's loan costs and/or interest rate buy down with the right offer! Gorgeous golf course lot makes a perfectly serene backyard escape to enjoy! Spacious 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. The master bedroom is conveniently located downstairs, offering privacy and ease of access. Nestled on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends.

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6346 N 14th Street Phoenix, AZ 85014

$620,000

2 Beds

3 Baths

2,283 SqFt

Status Active

MLS # 6703109

Property Type Townhouse

Price Type --

Welcome to your dream home! This stunning Uptown house with 2 bedrooms, 3 full bathrooms, and office space, and separate den offering ample space for comfortable living. With spacious bedrooms, walk in closet, an open-concept kitchen, separate laundry room, and a private pool, luxury meets functionality here. This house is situated in gated area with a private street. Located in the greatly desired Madison School District only minutes away from Biltmore, PHX airport, downtown Phoenix, and Scottsdale. Enjoy the convenience of a 2-car garage. HOA covers: COX cable with all the movie channels ($130 value), landscaping and maintenance in common areas, as well as landscaping of grass along the front of the house. Don't miss out on the opportunity to make this your new home.

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18182 W Young Street Surprise, AZ 85388

$620,000

5 Beds

3.5 Baths

3,636 SqFt

Status Active

MLS # 6739794

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!! Home Sweet Home! This exquisite 5-bedroom, 3.5-bathroom residence features a 2-car garage, elegant stone accents, and a welcoming front patio. Inside, the living/dining room boasts a cool palette, plantation shutters, and attractive wood-look flooring. The great room features double French doors that open to the backyard for seamless indoor-outdoor living. The impeccable kitchen comes with granite counters, wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The versatile bonus room is perfect an office or study. The cozy loft upstairs provides a peaceful retreat. Discover a sizeable main bedroom offering plush carpeting, a quaint sitting nook, an ensuite with dual sinks, and a walk-in closet. Outside, the backyard oasis showcases a covered patio, stylish pavers, a ramada, a firepit for evenings under the stars, and a sparkling pool. Make this gem yours!

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5419 E Grove Avenue Mesa, AZ 85206

$620,000

4 Beds

2.5 Baths

2,681 SqFt

Status Active

MLS # 6771187

Property Type Single Family Residence

Price Type --

Awesome home for sale in Stonegate Estates! This corner-lot home greets you charming with beautiful curb appeal from the moment you drive up. The interior is airy and bright, featuring vaulted ceilings and a great floorplan that's perfect for entertaining! The kitchen is spacious, with plenty of cabinetry for storage, kitchen island, and lots of additional counter space. It opens up to the dining area and large family room, plus an additional dining room or den! The master bedroom is massive, capable of fitting even larger furniture, and has a bay window with automatic privacy blinds. The master bathroom has a separate garden tub and walk-in shower, with a massive walk-in closet. All secondary bedrooms are spacious, with access to a secondary bathroom and powder room. The backyard has a covered patio that can be completely enclosed with automatic patio cover, a paver extended patio, grass, and view fencing to the park behind, meaning no rear neighbors! If that's not all, there's interior laundry with plenty of space for folding table or additional cabinetry, additional cabinets in the garage, and located in a well-maintained neighborhood! Minutes to the freeway without freeway noise, and near Dana Park for all the shopping, dining, and entertainment needs! Welcome home

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1432 E Culver Street Phoenix, AZ 85006

Open House

$620,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6787058

Property Type Single Family Residence

Price Type --

Looking for a quality renovation with location and charm? This home has a downtown adjacent neighborhood in Greater Coronado with easy freeway access, walking distance to Banner University Medical Center all in an established, charming historic neighborhood (without the designation) but completely renovated with everything new including a primary suite addition (fully permited) that could easily be utilized as a mother-in-law suite or an Airbnb to help supplement a mortgage! This gorgeous renovation has an open living/dining great room with a spacious eat in kitchen island, gas range, farm sink, under the counter built in microwave, walk-in pantry, tile backsplash, mud room and so much more like a tankless on-demand gas hot water heater, new HVAC/roof/electric/plumbing with luxury vinyl plank flooring throughout and tiled bathrooms.

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16403 W Baden Avenue Goodyear, AZ 85338

Open House

$620,000

5 Beds

4 Baths

4,166 SqFt

Status Active

MLS # 6760403

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 2-story residence, located in the desirable Canyon Trails community, offers 5 spacious bedrooms, 4 full bathrooms, and a bright, open floor plan. 1 bedroom and full bath on first floor. The grand entry boasts vaulted ceilings and a versatile den, while the inviting family room features a cozy fireplace — perfect for relaxing evenings. The open-concept kitchen is a chef's delight, showcasing granite countertops, a breakfast bar, new stainless steel appliances, and dual wall ovens. The expansive master suite is a true retreat, complete with an en-suite bathroom featuring a glass block shower, separate double vanities, and a large walk-in closet. Upstairs, enjoy additional living space in the loft/bonus room. Step outside to a backyard oasis. The covered patio leads to a sparkling pool and an outdoor kitchen, creating the perfect setting for gatherings. There's even an RV gate. Plus, save on energy bills with the solar panels! This home is a must-see to fully appreciate all its features and charm.

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4020 N Scottsdale Road Unit 2010 Scottsdale, AZ 85251

$619,999

1 Bed

1 Bath

937 SqFt

Status Active

MLS # 6679065

Property Type Apartment

Price Type --

Boutique building right in the heart of Old Town Scottsdale. This contemporary loft style studio has stainless steel appliances, concrete countertops, floor to ceiling windows, tastefully updated bathroom and with views of Camelback mountain from the patio. The location of this 21 unit building offers endless options of fine dinning, shopping and recreational activities. Its not often units come for sale here at 4020 Lofts, so act now!

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11613 S 218th Avenue Buckeye, AZ 85326

$619,999

4 Beds

3.5 Baths

2,313 SqFt

Status Active

MLS # 6741705

Property Type Single Family Residence

Price Type --

Single-story home with a 3-car garage and no HOA! This stunning 4-bedroom, 3.5-bath residence sits on a generous 1-acre lot—perfect for your RV or boat. The charming exterior boasts brick accents and breathtaking mountain views. Inside, the great room captivates with vaulted ceilings, a neutral color palette, recessed lighting, and wood-look flooring. The chef's kitchen shines with quartz countertops, ample cabinetry, tile backsplash, stainless steel appliances, pantry, and a peninsula with a breakfast bar. The main suite is a true retreat, featuring dual sinks, a soaking tub, raindrop shower, and a walk-in closet. The sprawling backyard offers limitless possibilities: build your dream oasis, equestrian facilities, or park all your toys. This home is ready for your vision!

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9929 E Timpani Lane Mesa, AZ 85212

$619,999

4 Beds

2.5 Baths

2,264 SqFt

Status Active

MLS # 6770757

Property Type Single Family Residence

Price Type --

Wecome home. This home offers a great room, dining space and kitchen with large center island, an ideal layout for having friends and family over and entertaining. THREE CAR TANDEM! A covered patio offers additional outdoor living space to enjoy those cooler evenings. Fall in love with the sophisticated owner's suite boasting an owner's bathroom with dual sinks and walk-in closet. There is also a second living area by the foyer that is perfect for the kids to hang out at. This Cadence community offers amenities including a play pool, water slides, etc. This place has it all!

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4061 E Carriage Way Gilbert, AZ 85297

$619,999

4 Beds

2.5 Baths

2,902 SqFt

Status Active Under Contract

MLS # 6728060

Property Type Single Family Residence

Price Type --

Welcome to Power Ranch, one of the most desirable communities in Gilbert, Arizona! In the community of Power Ranch, you'll enjoy access to incredible community amenities, including 13 parks, walking trails, 2 fishing lakes, 2 pools, splash pads, playgrounds, tennis, softball, soccer fields, basketball & more! This location is ideal sitting in between Queen Creek Marketplace & The San Tan Mall. You're just minutes away from shopping, dining, & top-rated schools, making this the perfect place to call home. This exquisite 4 bedroom home, complete with an upstairs loft is full of natural light that accentuates the open floor plan & high ceilings. The home features two distinct living areas, providing plenty of room for everyone to relax & entertain. The kitchen has a gas stovetop, an island, upgraded countertops & matte black appliances. The spacious owner's suite is located downstairs & has views of the mountains out the window. The bathroom has a separate shower & soaking tub, double vanities, & a spacious walk in closet with a washer & dryer. Upstairs you'll discover 3 additional bedrooms, a full bathroom & a huge loft that has views of the golf course & mountains. Don't miss out on the opportunity to own an incredible house like this in Gilbert, Arizona. Welcome home!

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