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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2180 S Winchester Road Apache Junction, AZ 85119

$599,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6776558

Property Type Manufactured Home

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One-of-a-kind 1.25-acre property with detached 70x26' 6+ car garage w/ 4 automatic garage doors. Plus, 31x40' covered 2 RV parking structure w/ 14' clearance & RV hookups, and additional 46x29' 4+ car covered parking area. Owned 14.22kW Solar system. The entire property is fenced by block and currently divided to have a large front and back yard, and the 1.25-acre lot leaves plenty of space for a horse set-up. Commercial-grade electronic gate separates the front and back detached garage, RV, and parking/utility areas. The home has 3 beds, 2 baths, and 1960 sqft. The interior features vaulted ceilings, new dual-pane windows, excellent mountain views, a remodeled Kitchen with high-end cabinetry, soft close pull-out drawers, large pantry cabinets, and a vast island.

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18387 W Brookwood Drive Goodyear, AZ 85338

$599,000

5 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6776393

Property Type Single Family Residence

Price Type --

Discover your private sanctuary in this nearly new 5-bedroom, 3-bath, 2,770 sq. ft. luxury home. Lightly lived in—just 6 months over the past 3 years—this home promises both exclusivity and tranquility with stunning mountain views and a peaceful setting away from the city's hustle. Experience the epitome of modern elegance in the gourmet kitchen, featuring granite countertops, sleek stainless steel appliances, and a spacious walk-in pantry. Every detail speaks of refined comfort, from the expansive living spaces to the serene bedrooms designed for ultimate relaxation. Picture yourself unwinding with breathtaking sunsets in this immaculate retreat where sophistication meets nature's beauty. Welcome to a lifestyle of serene luxury—welcome home!

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1315 E Gemini Drive Tempe, AZ 85283

$599,000

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6778194

Property Type Single Family Residence

Price Type --

Charming updated block home with a pool, no HOA and RV gate. Bright and open remodeled kitchen with white shaker cabinets, quartz countertops, breakfast bar, stainless steel appliances including a fridge. Luxury vinyl flooring throughout including the bedrooms. Real fireplace in the living room. The roof was replaced 3 years. HVAC replaced in 2018. Primary suite bathroom remodel with walk in shower, white vanity and quartz countertops. Entertainers backyard. Covered patio, Pebble Tec diving pool, pavers and a pergola for shade. RV Gate. Located in a desirable Tempe neighborhood with no HOA, this home is within walking distance to all three schools and conveniently close to freeways, shopping, and dining. North/South exposure

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1712 E Chelsea Lane Gilbert, AZ 85295

$599,000

3 Beds

2.5 Baths

2,166 SqFt

Status Active

MLS # 6781270

Property Type Townhouse

Price Type --

Welcome to a highly upgraded, detached 3 story townhouse-style home located at a beautiful, gated community Lakes at Annecy in Gilbert! This Maracay Home was built with Modern custom statement walls on each level and upgraded fixtures throughout the entire home along with an attached 2 car garage. Enter the lower level where you will find a large living space you can set up as a guest meeting area, home office or even a gym. Follow the custom oak open rail staircase up to your bright, open concept living space with an amazing gourmet kitchen. All bedrooms are on the third level, you will always have a quiet and calm environment when you rest. It is the seller's secondary home and has barely been used for less than 6 months. The entire house has top-tier builder upgrades over $65k, real hardwood flooring, Arabescato Como Quartz countertop, GE Gourmet Appliance etc., everything is like new. Perfect location, walking distance to shopping and school, less than 5 mins get on highway, top school district. If you are looking for a luxury, modern and easy-care home, this is a must see!

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5423 W Range Mule Drive Phoenix, AZ 85083

$599,000

3 Beds

2.5 Baths

2,175 SqFt

Status Active

MLS # 6781710

Property Type Single Family Residence

Price Type --

Rarely do you find a true premium view lot with mountain views in Stetson Valley. This 3-bedroom, 2.5-bath home features an open study/den/living room, with the master bedroom conveniently located on the main level. Enjoy a beautifully designed kitchen with 42'' cabinets, granite countertops, a large breakfast bar/island, and stainless steel appliances. Open floor plan, with custom stair railings, a built-in credenza on the upper landing, along with 12'' accent windows that fill the home with natural light. The curb appeal is fantastic, with lush mature landscaping, a sparkling pool, synthetic lawn, extended cool decking, multiple seating areas, with a true view fence overlooking the meticulously maintained greenbelt. Within walking distance of two trailheads for walking and biking.

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6321 S Teresa Drive Chandler, AZ 85249

$599,000

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6784569

Property Type Single Family Residence

Price Type --

This lovely 4-bedroom home features 1 bedroom & full bath downstairs + loft upstairs, new roof w/warranty 2019, newer AC, remodeled pool & pump 2024, therapeutic jacuzzi w/bluetooth, water heater 2022, brand new smart appliances (never used 2024 w/ThinQ Tech), new carpet 2024, new interior & exterior paint, new turf, new bathroom fixtures, hardware & blinds T/O & epoxied garage w/radiant barrier. This home has it all! Discover an inviting living room w/tons of natural light. The spotless kitchen comes w/tile counters, white cabinetry & breakfast bar. Upstairs, you'll find a large loft w/closet, ideal for a workspace or playroom. The cozy primary bedroom offers an ensuite w/double sinks & a huge walk-in closet. Enjoy your backyard oasis w/new covered patio, pool & spa. Don't miss this gem!

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27248 W Mohawk Lane Buckeye, AZ 85396

$599,000

2 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6785443

Property Type Single Family Residence

Price Type --

Popular Gala model on a premium oversized golf course lot overlooking tee boxes. Enjoy outdoor living on the covered patio that runs the full length of the house ($80k in upgrades). This home is move-in ready with NEW interior/exterior paint, tile floors in all but MBed closet, NEW Silestone quartz counters in kitchen/guest bath (2022), NEW kitchen sink and pop-up outlets/phone chargers for convenience (2022), newer HVAC w/ 10 year warranty, NEW gas oven (2024), NEW Washer (2024), Sola tubes, great room & patio wired for sound, tankless hot water system, water softener in garage & R/O at kitchen sink, security screen door, garage racks/sink/shelving, gas bib for BBQ, gas line to dryer, AND an owned Solar system for savings! Too many things to list here. Come see it in person.

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3473 E Bruce Avenue Gilbert, AZ 85234

$599,000

4 Beds

3 Baths

2,127 SqFt

Status Active

MLS # 6786513

Property Type Single Family Residence

Price Type --

This beautiful home in the sought-after Gilbert community of Higley Groves, it offers a perfect blend of comfort and location. Set along a scenic, tree-lined street, it enjoys the added benefit of being across from the local school, making it an ideal choice for families. This home boasts several recent upgrades, including fresh interior paint throughout, new flooring in all bedrooms, and a brand-new master bathroom shower for a modern, luxurious feel. The kitchen features all-new appliances, providing a sleek and functional cooking space. Additionally, the AC unit is only two years old, ensuring efficient cooling for years to come.

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160 N Forgeus Avenue Tucson, AZ 85716

$599,000

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6781329

Property Type Single Family Residence

Price Type --

Prestigious Sam Hughes Neighborhood in a limited 9 lot home community on Forgues Ave. This 2 story, 3bedroom, 2 bath home is located in the heart of Sam Hughe walking distance to Sam Hughes Elementary and even the old Rincon Market now as Floras Market Run. All Garages are in the back of the homes allowing great curb appeal. This home has only been owed by one family. Large living room with built in entertainment area. The down stairs has a step down to living room area from entry. Step down to hallway to bathroom and 2 bedrooms. Stairway upstairs for split master bedroom private with master bath. Roman jacuzzi bath tub, pedestal sinks, separate shower. Large walk-in... closet. Vaulted ceilings, separate laundry room, 2 car garage entry from laundry area. Kitchen with eat in area and built in ovens. Back yard enclosed with jacuzzi and grass area. Investor property. Needs remodeling. Power of attorney is selling home and limited info. Home is being cleaned out and pictures coming soon. Selling home As Is. Nov 30th viewing available BY APPOINTMENT ONLY between 10am-2pm. Proof of funds required prior to viewing. Email to co-listing agent. See private remarks regarding access, notices. DO NOT DISTURB elderly resident! All offers are being reviewed in 30 days. No EXCEPTIONS. Offers accepted with 2 additional back ups.

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13827 N 41st Place Phoenix, AZ 85032

$599,000

6 Beds

3 Baths

2,235 SqFt

Status Active Under Contract

MLS # 6759305

Property Type Single Family Residence

Price Type --

Rare 6 bedroom home in sought after North Phoenix neighborhood. Close to Desert Ridge, High Street and new Paradise Valley Mall Development. Large covered patio and cozy gazebo for entertaining. Freshly painted exterior and low maintenance desert landscaping. All furniture included.

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902 E Le Marche Avenue Phoenix, AZ 85022

$599,000

4 Beds

2 Baths

2,124 SqFt

Status Active Under Contract

MLS # 6765470

Property Type Single Family Residence

Price Type --

WELCOME to your beautiful 4 bed, 2 bath home with a pool and stunning mountain views, located in a desirable neighborhood with no HOA. This immaculate property features a renovated kitchen and bathrooms, with the additional playroom, perfect for families. The home is equipped with owned solar panels for energy efficiency. Conveniently located close to shopping, restaurants, and more. The perfect family home, offering comfort, space, and breathtaking views. Don't miss out on this move-in ready gem!

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25409 N 40th Lane Unit 0 Phoenix, AZ 85083

$599,000

4 Beds

3 Baths

2,134 SqFt

Status Active

MLS # 6786652

Property Type Single Family Residence

Price Type --

DROP DEAD GORGEOUS PERFECT FOR ENTERTAINING ...A LARGE FAMILY...WORKING FROM HOME...CLOSE TO MANY AMENITIES

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