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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10633 S 44th Street Phoenix, AZ 85044

$599,800

4 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6738373

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly desirable neighborhood of Ahwatukee. This stunning, modernized residence offers a spacious great room floor plan, perfect for both entertaining and comfortable living. With numerous recent upgrades, this home is move-in ready and boasts high-end finishes throughout. Step inside to find luxurious vinyl tile flooring that is not only stylish but also waterproof and scratch-proof, providing worry-free living for families and pet owners alike. The expanded and remodeled kitchen is a chef's delight, featuring custom white cabinetry, sparkling black quartz countertops, and top-of-the-line stainless steel appliances. Enjoy the abundance of natural light that fills the home, thanks to gorgeous Anderson High Performance windows and a sleek sliding glass

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9214 W Kerry Lane Peoria, AZ 85382

$599,700

3 Beds

2.5 Baths

2,258 SqFt

Status Active

MLS # 6757552

Property Type Single Family Residence

Price Type --

Golf course gem fully renovated with nicest touch of art and harmony. 2258 square feet, 3 bed 2.5 bath gorgeous home backing to golf course with infinite beautiful views. This home has 2 car garge, room for golf cart storage, covered patio, fireplace. It's been loved from top to bottom.

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20637 W Rancho Drive Buckeye, AZ 85396

$599,590

2 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6753670

Property Type Single Family Residence

Price Type --

Ready for move in by end of year!! Experience the epitome of Mountainside living with our Turnberry design. A welcoming open courtyard offers stunning views of the White Tank Mountains and year-round sunsets. Welcome to your new oasis! This 1,528 sq. ft. single-story stunner features 2 bedrooms and 2 bathrooms of pure luxury. Experience top-tier comfort with spray foam insulation, while recessed LED lighting casts a modern glow throughout. The impressive 12' sliding glass wall effortlessly merges indoor and outdoor living, and 8' doors paired with 10' ceilings create an open, airy atmosphere. Complete with a paver driveway and walkway, this home combines sleek design with sophisticated functionality. Your perfect blend of elegance and practicality awaits!

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807 Co Rd 3144 -- Vernon, AZ 85940

$599,500

3 Beds

2 Baths

2,300 SqFt

Status Active

MLS # 6699527

Property Type Single Family Residence

Price Type --

This beautiful horse property offers breathtaking views and a range of amenities for horse enthusiasts. This property is less than a mile off the main hwy with paved access all the way. The property includes a well-maintained barn with two horse stalls, a tack room, storage room and an arena for training and riding. The spacious two-acre parcel is fully fenced and crossed fenced, providing a safe and secure environment for the horses and any other pets. Access to the property is through a gated entrance with a charming, treed circle driveway. The main residence is a spacious three-bedroom, two-bathroom home, featuring a wood burning stove, and a large master suite with two additional rooms off the master that can be used as a nursery, home gym, or office. The home boasts a large dining room and a back covered porch, both of which offer stunning views of the surrounding landscape. Whether you are a horse enthusiast or simply appreciate the beauty of nature, this property is sure to impress. Schedule your showing today.

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40721 W Georgia Avenue Tonopah, AZ 85354

$599,500

4 Beds

3 Baths

2,192 SqFt

Status Active

MLS # 6754914

Property Type Single Family Residence

Price Type --

This beautiful custom home is almost ready for a family to live in this peaceful area north of I-10. It features an RV garage, modern style double front door, matching modern garage doors, 10' ceilings, open floor plan, neutral warm colors, tile flooring and carpet in all the right places, with 6'' base boards. Kitchen will feature wood expresso color cabinets, granite or quartz counter tops, oven range, hood, plus wall oven and microwave, ss appliances and refrigerator. Split floor plan has 3 bedrooms with custom shelving and 1 of the bedrooms has a large walking closet, 1 bathroom has a large garden tub/shower with double sinks. Master bedroom has large walk-in closet, custom tile shower, and double sinks. Energy efficient home with dual pane windows, 2x6 framing, spray foam insulated ceilings and exterior walls, along with batted insulated walls. RV garage and garage are fully spray foam insulated, along with 220 amp in RV garage for a mini split ac system, lift master garage door openers, 220 amp in the 2 car garage for a future electric car charging plug. A 2000 septic tank to accommodate a future guest house. 3 share wells altogether. Must see!

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15551 N 179th Drive Surprise, AZ 85388

$599,500

5 Beds

3 Baths

3,300 SqFt

Status Active

MLS # 6784550

Property Type Single Family Residence

Price Type --

Welcome to your new spacious 3,300 sq. ft. Surprise Farms gem! This fantastic five-bedroom, three-bathroom home features a sparkling pool and three-car garage! The main floor showcases stylish vinyl plank flooring, while the kitchen shines with stainless steel appliances and brand-new granite countertops, ideal for hosting gatherings and/or family meals. With a light, bright and flexible layout this home is designed to adapt effortlessly to your lifestyle. The expansive primary suite offers a luxurious en suite, creating the ultimate relaxing retreat. Step outside to your private backyard oasis with a covered patio, lush grass lawn, and an inviting pool—perfect for warm days and serene evenings. Nestled on a large corner lot with no neighbor to the south, this home truly has it all! Great location close to community parks and fields with EZ access to the Loop 303!

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8855 W Northview Avenue Glendale, AZ 85305

$599,500

5 Beds

3 Baths

2,545 SqFt

Status Active

MLS # 6779939

Property Type Single Family Residence

Price Type --

This beautifully maintained home in the desirable Rovey Farm Estates is a true gem! With 5 spacious bedrooms, including a convenient downstairs bedroom, it offers plenty of room for the whole family. Featuring large Kitchen with granite countertops, a center island, and stainless steel appliances — perfect for the home chef! Open-concept living with a cozy family room, ideal for entertaining. Fresh interior paint and tile flooring throughout the entire first floor for a clean low-maintenance look. Expansive master suite with a private walk-out balcony, offering serene views of the greenbelt behind the home. Spacious, well-sized bedrooms ensuring comfort and privacy. Sparkling private pool, paved backyard, and plenty of space for lounging and dining, making it a perfect outdoor retreat! Minutes from Westgate District, where you can shop, dine and entertain!

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1110 E Phoenix Street Payson, AZ 85541

$599,500

4 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6711716

Property Type Single Family Residence

Price Type --

Beautiful one of a kind custom built 4 bedroom home in the highly desirable Rim View Heights Estates. Perfect for full time living or for a family getaway - there is plenty of room for everyone! It has a Great Room concept with vaulted ceilings, there is a family room as well as a formal living room. One bathroom has a walk in tub with jacuzzi jets. The home boasts 2 en-suite bedrooms with bathrooms. There is a large deck and patio to sit and enjoy the cool mountain evenings. Tall pine trees on the lot and wonderful views. Come see the brand new flooring throughout the entire house! The roof is only 5 years old. This is a lot of house for the money!

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21033 W Skinner Road Wittmann, AZ 85361

$599,500

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6726891

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Wittmann, AZ! This 2023 Grote new build is a testament to quality construction and thoughtful upgrades throughout. Step inside and be captivated by the elegance that surrounds you, from the beautiful granite countertops to the upgraded bathrooms and stunning tile work. The spacious and well-designed floor plan welcomes you, offering both comfort and style. Imagine entertaining guests in the heart of your home, the upgraded kitchen, where culinary creations come to life amidst the luxurious granite surfaces. Bathrooms have been meticulously designed, offering a blend of functionality and sophistication, perfect for your daily retreats. But the beauty of this home isn't confined to its interior. Outside, on your 1.3 acre, spacious lot, you'll witness beautiful views and room for growth. Paved road access ensures convenience and less wear on your vehicles. Zoned for horses and plenty of room for corrals and trailer parking. Property will be fully fenced with two large gates making it easy to pull trailers in and out. Don't miss the opportunity to make this exquisite new build in Wittman, AZ, your forever home.

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156 E Leverenz Avenue San Tan Valley, AZ 85140

$599,500

2 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6734411

Property Type Single Family Residence

Price Type --

This two-bedroom, two-bath home, plus DEN, offers everything you could want in a gated community. The community provides incredible amenities, including TWO resort clubs, pools, restaurants, golfing, and a variety of activities, athletics, and classes. The kitchen boasts ample space with granite countertops, perfect for cooking and entertaining. Adjacent to the kitchen, the utility room includes a washer and dryer, with additional space that can be used as a workroom or for extra storage. The garage also features built-in cabinets for even more storage options. The large, covered patio provides plenty of space to relax or barbecue while enjoying beautiful Arizona sunsets. Experience comfort and convenience in this wonderful home and the vibrant community. *One year warranty included.

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1945 E Behrend Drive Phoenix, AZ 85024

$599,500

3 Beds

2 Baths

1,960 SqFt

Status Active Under Contract

MLS # 6760080

Property Type Single Family Residence

Price Type --

Charming Fmly hm with Bonus Flex Rm! Ft security screen door! Open floorplan! Beautiful Tile floors, vaulted ceilings & arched doorway. Bright Kitchen has refinished cabinets, breakfast bar & secondary pantry storage-great for kitchen appliances! Mstr Bdrm has vaulted ceilings and plant decorator shelf. Private exit with security screen door leads to cozy patio & Inviting Salt Water Pebbletech Pool. Formal Dining Area has new Sliding Glass Doors leading to E facing 30-ft covd patio with Pull Down Sun Screens & Grill Pad. Great for Entertaining! Incredible ''Flex Room'' has vaulted ceiling, closet and private exit. Could easily convert to Income generating Guest Quarters, Mother In Law Suite or Game Rm. SOLAR! Side yd has Plum, Pomegranate & Kumquat trees! 5-Ton A/C installed in 2021. WO

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15418 W Big Sky Drive Surprise, AZ 85374

$599,500

2 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6760536

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of The Grand! Discover the Mission model home, displaying a desert front yard and a 2-car garage. The immaculate interior features a spacious living/dining room, pre-wired surround sound, plantation shutters, tile flooring, a media niche, and a cozy fireplace. The kitchen is fully equipped with a gas cooktop, a wall oven, recessed lighting, solid surface counters, rich wood cabinetry, an island with a breakfast bar, and a dining area with a bay window. Don't miss the sizable den with built-in cabinets & Murphy bed. and a desk! Primary retreat has plush carpeting, a pristine ensuite, a walk-in closet, and outdoor access. Enjoy delightful BBQs in the peaceful backyard, showcasing a covered patio, seating area, and built-in BBQ. This gem will impress!! Indoor gas fireplace Ceiling fans in all rooms Dimmable lighting switches, Tile throughout main house, berber carpet in bedrooms and office Cesarstone counters and cabinets with pull-out shelving throughout Gourmet kitchen with updated stainless-steel appliances Upgraded sink with a no-touch faucet Kitchen island with shelving Breakfast bar Extended dining area with bay windows Soft water system R/o system Washer and dryer with gas or electric option Lots of storage/pullouts in laundry rm along with cesarstone countertop Utility sink in the laundry room Two car garage with coated flooring Storage cabinets and work bench in garage Updated water heater Hot water recirculation system Updated trane air conditioning units (2019) Office/bedroom custom office desk with a murphy bed Extended master bedroom with bay windows Upgraded closet shelving in master Extended second bedroom with bay windows Custom closet shelving in second bedroom Plantation shutters throughout Custom front walkway with flagstone and lighting Back patio has two ceiling fans Built in custom natural gas bbq, patio lighting, and bench seating area with lighting accents, finished with flagstone Exterior of home painted in 2020 Front and back drip system with a timer Transferrable termite treatment (expires in 2027) Community golf courses, fitness center, and many other amenities

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