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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2792 Kona Trail Flagstaff, AZ 86005

$580,000

3 Beds

2 Baths

1,300 SqFt

Status Active Under Contract

MLS # 6756366

Property Type Single Family Residence

Price Type --

Located in a quiet cul de sac in Kachina Village, this single level home offers an abundancy of privacy and forest views. The large, covered deck overlooks a scenic canyon with towering ponderosa pines. The adjacent lot provides a walking path to National Forest. Inside you will find several sizable windows bringing in natural light and providing a wonderful space to view the four seasons that Northern Arizona provides. This is an incredible opportunity to own a move in ready home that grants the right mix of seclusion and convenience. There is a bonus room downstairs that is a blank canvas for a studio, storage, exercise room etc... The furnace and hot water heater were replaced about 3 years ago and a new roof with sheathing is being completed now. Interior paint was done just last week

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1543 E Oakland Street Chandler, AZ 85225

$580,000

3 Beds

2 Baths

2,060 SqFt

Status Active Under Contract

MLS # 6769326

Property Type Single Family Residence

Price Type --

Immaculate Single-Level Home with Pool—No HOA! Don't miss this stunning 3-bed, 2-bath home, complete w/a spacious 3-car garage, Conveniently located near shopping & schools, this beautifully updated property boasts an array of features that make it feel just like new. Step inside to discover tile & wood like flooring T/O. The kitchen features gorgeous granite countertops, refinished cabinets including a new stainless steel gas stove and a large pantry. The living room showcases a tiled fireplace & elegant wood shutters, creating a warm and inviting atmosphere. The bathrooms have been beautifully remodeled, featuring wood-look tile floors & a stunning walk-in shower in the primary bath. Recent updates include a brand-new heater and pump for the sparkling PebbleTec pool and spa, Enjoy the beautifully landscaped, private backyard with a heated pool and spa, perfect for entertaining or relaxing and an extended cool deck, this outdoor space is a true oasis. Additional highlights include high ceilings, two fireplaces, double front doors. The master suite features a separate exit to the backyard and a spacious walk-in closet. The third bedroom boasts the largest walk-in closet of all! Plus, you have your choice of outstanding elementary and middle schools nearby. Walk to the park down the street. Drive around the corner to Gilbert/Chandler Community College or Chandler Hospital or Phx/Mesa Gateway Airport. This home is truly a gem.

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3401 N 37th Street Unit 16 Phoenix, AZ 85018

$580,000

2 Beds

2 Baths

1,494 SqFt

Status Active Under Contract

MLS # 6782005

Property Type Townhouse

Price Type --

This stunning 2-bedroom, 2-bathroom townhome, spanning 1,500 square feet in the highly desirable Arcadia Lite area, seamlessly combines modern design with sophisticated elegance. Upon entry, you're greeted by an expansive open floor plan with soaring ceilings, filling the home with a bright and airy ambiance. A perfect balance of natural and designer lighting enhances the luminosity throughout. The kitchen is a chef's dream, featuring premium Taj Mahal stone countertops, an LG appliance package, and a luxurious wine and coffee bar—all complemented by custom designer finishes. Recently upgraded with a new roof and windows, this home is truly move-in ready, complete with high-end amenities. Both oversized bedrooms offer spacious walk-in closets, and the primary bathroom serves as a serene retreat, complete with dual showers and an indulgent soaking tub. Additionally, a versatile flex space within the home provides the perfect setup for a home office or creative studio, adapting to any lifestyle. The private backyard invites relaxation or entertaining, while the two-car garage adds security and ample storage, making this townhome as practical as it is stylish.

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4739 S Leisure Way Gilbert, AZ 85297

$580,000

3 Beds

2 Baths

1,722 SqFt

Status Active Under Contract

MLS # 6769608

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level home in the highly sought-after Layton Lakes community, where modern living meets everyday convenience. This beautifully updated 3-bedroom, 2-bathroom home offers an open and spacious layout designed to maximize both comfort and style. The moment you step inside, you'll notice the gorgeous flooring throughout, free from any carpet, offering a sleek, low-maintenance appeal. Large windows flood the living spaces with natural light, creating a bright and welcoming atmosphere. Recent upgrades include new exterior paint (Aug/Sept 2024), new faucets, and fresh turf (Oct 2024), ensuring a move-in-ready experience. With its east-west orientation, you'll enjoy plenty of sunlight throughout the day. Nestled in a prime location, this home is close to parks... , walking trails, top-rated schools, and easy access to freeways, making it a perfect choice for both families and professionals. The kitchen is the heart of the home, boasting ample cabinetry, modern appliances, and a breakfast bar that's perfect for casual dining or entertaining guests. Retreat to the serene master suite, which features a generous walk-in closet and a private bathroom for your own personal oasis. Outside, the expansive backyard is a landscaped paradise, featuring a variety of plants and a fenced-in poolideal for relaxation.

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18610 W Alice Avenue Waddell, AZ 85355

$580,000

3 Beds

2 Baths

2,131 SqFt

Status Active

MLS # 6787167

Property Type Single Family Residence

Price Type --

Owner/Agent. This stunning 3 bed, 2 bath, +den, single story home offers high-end features and a spacious lot with your own desert oasis to enjoy gorgeous MOUNTAIN VIEWS. Located 3 miles from the incredible White Tank Mountain Regional park with extensive Sonoran Desert TRAILS, nature center, and library with picturesque views, you can truly experience the beauty of the southwest only minutes away while still having easy access to Loop 303 freeway, as well as premier entertainment and dining. Featuring a split floorplan with the primary suite tucked away in the back of the home, the open living space includes a great room, kitchen, and dining room overlooking the extended, covered back patio. Low maintenance landscaping, complete with a custom pergola and crystal blue POOL with water features provide the perfect outdoor retreat. The custom RV GATE makes projects from front to back a breeze. Your modern, light and bright kitchen features quartz countertops, pendant lighting, and a large island with farmhouse sink & breakfast bar. You're sure to appreciate the gas cooktop and upgraded cabinets with under and over cabinet lighting and a walk in pantry. Relax in the primary suite with oversized, custom tiled shower, dual vanity/sinks, and a large walk-in closet. Expansive wood look tile flooring compliments most of the home and in the bedrooms, find newly installed luxury carpet with transferable lifetime warranty. Windows throughout have beautiful custom shutters, and the multi-panel 9-foot sliding door has custom shades for full sunlight or privacy when you need it. You'll love the home's ENERGY SAVING features and a healthier and quieter lifestyle. The 3-CAR GARAGE is insulated and complete with a mini split heating/cooling unit, professionally installed for year-round comfort. White Tank Foothills is a short 10 mile drive from the Westgate Entertainment District and 5 miles south of Prasada Shopping and Dining, close to numerous employers, and top-rated schools, including AMERICAN LEADERSHIP ACADEMY less than 2 miles from home. Come see why this is the home you've been looking for!

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19591 W Lincoln Street Buckeye, AZ 85326

$580,000

4 Beds

2.5 Baths

3,428 SqFt

Status Active

MLS # 6748422

Property Type Single Family Residence

Price Type --

This beautifully upgraded home is the one you've been looking for! Step inside to be greeted by an expansive interior, where soaring ceilings and a calming, contemporary color scheme create a serene ambiance. The sleek tile flooring and modern recessed lighting enhance the sophisticated atmosphere. The kitchen is a true chef's delight, featuring ample cabinetry with elegant crown molding, luxurious quartz countertops, and state-of-the-art stainless steel appliances. The large island, with its breakfast bar, serves as the centerpiece of this culinary haven, complemented by a walk-in pantry that offers plenty of storage. Upstairs, a versatile loft space is ideal for a home office, media room, or play area. The primary suite is a sanctuary of comfort, bathed in natural light and offering a pristine ensuite with dual vanities and a spacious walk-in closet. The impressive outdoor space is designed for entertaining. The extended patio provides a perfect setting for gatherings, whether for a quiet evening or a lively celebration. This is a rare opportunity to own a truly exceptional home, don't miss out!

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2823 Willow Creek Road Prescott, AZ 86301

$580,000

4 Beds

3 Baths

2,376 SqFt

Status Active

MLS # 6783195

Property Type Single Family Residence

Price Type --

This home is a perfect blend of comfort and future potential, offering a versatile canvas for any lifestyle. nestled on nearly 1/2 acre, it provides ample space for family gatherings and room to grow. The 4th bedroom, complete with its own ensuite, adds a touch of luxury and privacy. Thoughtfully updated with stylish barn doors, a sleek gas stove, and a cozy wood-burning fireplace. It seamlessly combines modern elements with a welcoming, timeless charm. The 2-car garage offers storage flexibility, and with no HOA restrictions, your creative possibilities are limitless. Whether you're seeking relaxation or expansion, this home is ready for whatever you envision.

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18428 W Robin Lane Surprise, AZ 85387

New

$580,000

3 Beds

2.5 Baths

1,884 SqFt

Status Active

MLS # 6786575

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this stunning home that effortlessly blends charm and practicality. This upgraded single-story layout features 3 spacious bedrooms, a versatile den/office, and 2.5 well-appointed bathrooms. The property includes a 3-car tandem garage and a remarkable 47-foot RV garage, providing plenty of room for all your vehicles, recreational toys, and outdoor gear. Inside, you'll find a thoughtfully designed split floor plan with a convenient storage nook leading to the garage. The chef-inspired kitchen boasts elegant granite countertops, high-end stainless steel appliances, an electric cooktop, and a walk-in pantry—perfect for culinary enthusiasts. Unwind after a busy day in your private backyard oasis, complete with a custom pool and jacuzzi surrounded by stylish

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5132 W Lydia Lane Laveen, AZ 85339

New

$580,000

5 Beds

4 Baths

2,896 SqFt

Status Active

MLS # 6788167

Property Type Single Family Residence

Price Type --

FORMER Kinkade model over 140k in upgrades! This two-story home features 5 bedrooms and 4 full baths, plenty of room for your needs. The home sits on large, fully landscaped home site, close to playground and walking paths. The spacious open floor plan including large gourmet eat in kitchen, Formal Dining room, Surround sound throughout, Bedroom on 1st floor w/full bath, upstairs loft. The feature list includes hardwood floors downstairs, all new LVP flooring upstairs, slab granite countertop, stainless steel appliances, 12-foot multi slide glass door in Great Room, designer wall treatments, custom subway tile kitchen backsplash, ceiling fans and much more. Backyard gate leads to walking and biking trail, no homes behind you. Located within 2 miles of 202 freeway.

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6418 W Irma Lane Glendale, AZ 85308

$580,000

3 Beds

2 Baths

1,834 SqFt

Status Active Under Contract

MLS # 6774108

Property Type Single Family Residence

Price Type --

Brand New Roof in 2024! Absolutely Stunning 3 Bedroom, 2 Bath, Single Level Home Located on Premium Golf Course Lot, Formal Living & Dining Room w/Vaulted Ceilings, Upgraded Kitchen w/Custom Cabinets & Granite Countertops, Kitchen Island w/Breakfast Bar, Stainless Steel Appliances Included, Family Room w/Wood Burning Fireplace, Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks, Custom Walk-In Shower & Tub, Tile Throughout Home, Dual Pane Windows, Plantation Shutters, Extended Covered Backyard Patio, Professionally Landscaped Front & Backyard, Variety Of Mature Citrus Trees, Best Backyard in the Community with over Quarter Acre Lot & Wonderful Views of the Golf Course, 2 Car Garage, Cul-De-Sac Lot, Come Check It Out!

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2702 E Saddlebrook Road Gilbert, AZ 85298

$580,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6769751

Property Type Single Family Residence

Price Type --

Must see this gorgeous home in highly desirable Adora Trails! Fall in love the minute you pull up; N/S exposure, pavered drive way, wrought iron security door. Neutral colors throughout, split floorplan w/ spacious great room. Wood shutters and crown molding. Gourmet kitchen w/ gas cooktop, granite, R/O system, backsplash, pull out shelves, walk in pantry and SS appliances. 3 bdrm, 2 bath + Den with glass french doors. Garage has built in cabinets & workbench. Laundry room has built in cabinets. Owner suite has classy closet. Owner has taken excellent care of this home adding gutters & fully landscaped backyard w/ grass, trees & areas to relax/entertain in covered space. Very desirable Adora Trails is master planned to include a variety of community & lifestyle amenities! Don't Miss out!

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20627 W Luke Avenue Buckeye, AZ 85396

$580,000

2 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6752899

Property Type Single Family Residence

Price Type --

Discover this charming 1,577 sq. ft. Single story home located in the vibrant Victory District of Verrado, a premier 55+ active adult community. This beautifully designed residence features 2 spacious bedrooms, a versatile den perfect for a home office and 2 modern bathrooms. With a layout that emphasizes comfort and functionality, you'll enjoy open-concept living areas, stylish finishes, and access to the community's extensive amenities, including golf courses, pickle ball, tennis courts, pools, walking trails, and social clubs. Ideal for those seeking an active, engaging lifestyle in a welcoming neighborhood.

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