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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20435 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468712

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20427 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468752

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20419 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519611

Property Type Single Family Residence

Price Type --

2023 BRAND NEW HOME! This beautiful 4 bedroom / 2 bath is on 1.2 acres of land with NO HOA! The home features an open floorplan stainless-steel appliance, large pantry, a split double vanity in the primary master with additional closet space. Large, covered patio to enjoy the mountain views with plenty of space for your RV and toys on 1.2 acres! This lot provides endless opportunities for your own landscape/design. Please contact with any questions!

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20411 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519609

Property Type Single Family Residence

Price Type --

New 4-bedroom, 2-bathroom Ranch home on 1.21 acres with beautiful mountain views, open kitchen, granite countertops, and stainless-steel appliances. The home features 9-foot ceilings and a split floor plan. Horses are allowed, and there is no HOA. The property has access to a shared well.

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20298 E Mockingbird Drive Queen Creek, AZ 85142

$605,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6780519

Property Type Single Family Residence

Price Type --

You'll love this beautiful home on a premium corner lot in Queen Creek Station that offers 3 bedrooms + study with double doors & 2.5 baths in 2320 SqFt. The open great room layout with a formal dining area was designed for entertaining and features wiring for surround sound and a built-in media wall with cabinets and shelving. The updated eat-in kitchen features granite countertops, tile backsplash, stainless appliances including a gas range, a large island with breakfast bar & pendant lighting, and butler's pantry with built-in desk and walk-in pantry. The large backyard offers a full-length covered patio with ceiling fan, extended paver patio, easy care artificial turf for kids and pets to play on, an above ground spa with pergola covering, and only single story neighbors. The primary bedroom has a tray ceiling, access to the backyard, and an en-suite bath with dual vanities, oversized shower, and roomy walk-in closet. Other features include laundry room cabinets, an oversized 2 car garage with service door to the backyard, an extended paver driveway for additional parking, and an RV gate. Fabulous amenities for the entire family at the Mary Lou Fulton Aquatic Center include a resort-style pool, playgrounds, picnic areas, sport courts, and walking trails.

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302 W Oak Avenue Unit 2 Flagstaff, AZ 86001

$605,000

2 Beds

2.5 Baths

1,098 SqFt

Status Active

MLS # 6733260

Property Type Single Family Residence

Price Type --

TO BE BUILT...Welcome to modern living in the heart of Flagstaff - a collection of contemporary detached homes that redefine luxury and convenience. Nestled against the backdrop of the stunning mountains, step into a world where architectural brilliance meets nature's beauty. The community boasts a sleek and contemporary design that seamlessly integrates with the natural surroundings. Plentiful glass allows ample natural light to flood the interiors, creating a harmonious blend of indoor and outdoor living. Clean lines, high ceilings, and thoughtfully designed spaces provide an open and airy atmosphere making each home a sanctuary of modern sophistication. Wake up to the awe-inspiring sight of the mountains right outside your window (Select Lots Only).

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19882 N Crimson Ridge Way Surprise, AZ 85374

$605,000

2 Beds

2 Baths

2,273 SqFt

Status Active Under Contract

MLS # 6780024

Property Type Single Family Residence

Price Type --

**NEW ROOF**NEW WATER HEATER**NEW AC'S 2021**This REMODELED-MODIFIED Windrose floorplan has a new light & bright floorplan w/walls removed in the living area & kitchen for a spacious open great room that flows into an ALL new kitchen. Inside this split 2 Bedroom,2 Bath, w Den home, you will find NEW beautiful wood-look tile floors in the main living areas & baths w/new carpet in the bedrooms. The kitchen is open to the great room w/new cabinets,leathered quartzite countertops,SS appliances, a large island w/breakfast bar & dining area w/new built-in buffet cabinets. The great room is for entertaining w/a gas fireplace that has elongated tile floor to ceiling, a built-in cabinet w/leathered quartzite & a new dry bar cabinet w/wine fridge & leathered quartzite countertop.Floorplan in Photos You have large windows and two patio doors to the covered patio from the great room and dining area. Primary Bath has new leathered quartzite countertop, new cabinet, new walk-in shower, sinks, faucets & lights. 2nd Bath has new cabinet, leathered quartzite countertop, sink, mirror & vanity light. ALL NEW INTERIOR PAINT with new LED ceiling lighting and fans. Laundry room has NEW LG Washer and Dryer w/new ceiling light, sink, faucet & cabinet. 2 car garage has new interior paint - new water heater. Lush landscaping provides plenty of privacy for the covered patio. This home has a new roof w/15 yr warranty and 2 Trane Air Conditioners new in 2021 w/warranty until 9/28/2031. There is a Termite Warranty with Action Termite to February 3, 2025 (there have been no termites).

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20021 W Pasadena Avenue Litchfield Park, AZ 85340

$605,000

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6753893

Property Type Single Family Residence

Price Type --

This is your chance to own a fantastic 3-bed, 2-bath horse property sits on an oversized lot! Its charm starts with a cozy front porch, 2 RV gates, & a 2-car garage w/extended driveway. Inviting interior features abundant natural light, high ceilings, a two-tone palette, and tile flooring w/soft carpet in bedrooms. You'll love the spacious open floor plan paired with French doors to the back! The impressive kitchen boasts SS appliances, granite counters, ample wood cabinetry, a pantry, recessed lighting, and an island w/breakfast bar. All bedrooms with walk-in closets! Main bedroom also has outdoor access and an ensuite with dual sinks & a separate tub/shower. HUGE! Unlimited potential can be explored in the backyard with a covered patio to relax. Enjoy beautiful mountain views! Just WOW!

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5652 N 188th Lane Litchfield Park, AZ 85340

New

$605,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6787823

Property Type Single Family Residence

Price Type --

Home, sweet home! This stunning residence in Zanjero Trails features a 3-car garage, eye-catching stone accents, and breathtaking mountain views. You're welcomed by a spacious great room with a soothing palette, recessed lighting, classic plantation shutters, and attractive wood-look flooring. The spotless kitchen comes with quartz counters, crisp white cabinetry with crown moulding, a stylish tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. You'll also find a den ideal for a workspace or lounge. The main bedroom offers plush carpeting, an ensuite with double sinks, and a walk-in closet. Venture out onto the lovely backyard, which includes a covered patio, a charming ramada for al fresco dining, well-laid pavers, and pristine artificial turf. Make it yours!

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3831 W Lanham Drive New River, AZ 85087

$605,000

4 Beds

2.5 Baths

2,356 SqFt

Status Active

MLS # 6761751

Property Type Single Family Residence

Price Type --

NEW A/C AND CARPET This immaculate home boasts a host of desirable features, including a brand new A/C system and fresh carpeting. With 4 bedrooms, 2.5 baths, a separate dining area, and a den/office, this residence offers ample space for comfortable living and entertaining. As you walk up to the home, you're greeted by charming stone accents and a private courtyard, setting the tone for the inviting atmosphere within. The heart of the home is the stunning kitchen, designed with entertainers in mind. Granite counters, a spacious island with breakfast bar, and stylish tile backsplash complement the stainless steel appliances and wall oven. Plus, the kitchen is equipped with a large walk-in pantry and convenient sliding pullouts, ensuring storage and organization are effortless.French doors lead you to the beautifully landscaped backyard, featuring artificial turf for easy maintenance and additional space for outdoor enjoyment. The master bedroom is a serene retreat, boasting a bay window perfect for a cozy reading nook and a sizable walk-in closet. With its thoughtful design, modern amenities, and prime location near Great Hearts Academy, this home offers the perfect blend of comfort and sophistication. Don't miss your chance to make this dream home yours! CARPET INSTALLED AFTER PICS TAKEN. *Most bedrooms have new carpet and it all matches.

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1311 S Ponderosa Drive Gilbert, AZ 85296

$605,000

4 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6738445

Property Type Single Family Residence

Price Type --

Higley Park is Gilbert living at its finest. Your Children get the best education, a community splash pad and swimming pool. You get the finest in restaurants, nightlife, shopping at Epicenter and the San Tan Mall. All of this in a safe clean centrally located community with great highway access and an easy commute to anywhere. This home has a unique floorplan downstairs where the 2 smaller rooms have been turned into one great room that makes the home feel much larger. Recent upgrades include. All new backyard with synthetic grass 2023, Interior paint and carpet 2023, Travertine in Master bath 2023, New light fixtures and ceiling fans 2023, new hot water heater 2021, 2 new high end A.C. units 2020.

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29277 N 70th Lane Peoria, AZ 85383

$605,000

4 Beds

3 Baths

2,172 SqFt

Status Active

MLS # 6754671

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bed, 3-bath home in the sought-after Sonoran Mountain Ranch! Great curb appeal with a split 3-car garage, stone accent details, & a manicured desert landscape. You'll love the desirable open layout paired with plantation shutters, abundant natural light, tall ceilings, designer paint, and tile flooring w/plush carpet in bedrooms. The gourmet kitchen features granite counters, staggered Cherry cabinetry, a pantry, recessed & pendant lighting, a prep island w/breakfast bar, and SS appliances w/cooktop gas. Enter the main bedroom to find an ensuite that boasts dual sinks, a large walk-in closet, & a shower w/dry-off area. The charming backyard is the best spot for relaxing or entertaining, offering a paver-covered patio & artificial turf! What a GEM!

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