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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19026 W Stella Avenue Waddell, AZ 85355

$570,990

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6745705

Property Type Single Family Residence

Price Type --

The beautiful Irwin floorplan has a 3 car tandem garage, 4 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home gives you almost no energy bill and is ready now!

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23055 E Watford Drive Queen Creek, AZ 85142

$570,990

4 Beds

3.5 Baths

2,688 SqFt

Status Active

MLS # 6770743

Property Type Single Family Residence

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To Be Built of our very popular Pebble single story plan. This plan boasts a 3 car garage, 4 bedrooms, 3.5 baths and an office. Build time is approximately 7 months. We offer a full design center experience where you can colorize the home to your liking. Options and upgrades may increase the price of the home. Please ask about our special financing promotions.

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15922 W Electra Lane Surprise, AZ 85387

$570,699

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6719014

Property Type Single Family Residence

Price Type --

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15922 W Electra Lane Surprise, AZ 85379

$570,687

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6770484

Property Type Single Family Residence

Price Type --

Welcome to Escalante! New Home Ready for immediate Occupancy. This single level 2229 SF, 4 BR, 3 BA with a 3 car garage is located on an interior NS facing homesite surrounded by single level homes, NO two Stories! Exciting included features! Upgraded white cabinets, 42'' Uppers, Granite Countertops, Tile Backsplash, Plank Tile on the floors in all traffic areas! 10' ceilings, 8' interior doors,, garage service door, large extended patio, tankless water heater, front yard landscaping with drip system, PLUS so much more. Neighborhood includes tree lined streets, Parks and Aquatic Center. Energy Star & Indoor Air Plus Certified for more energy savings! 5 Star Resort Style Amenities include, hiking trails, Aquatic Center, 8 select parks, Picnic Ramada's, Basketball, 3 Pickle Ball courts, bocce ball courts, 18 hole disc golf course, and a Zip Line for the kiddos! This home is Energy Star and Indoor Air Plus qualified. Includes full Builder Warranties plus so much More..

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11169 N Par Drive Tucson, AZ 85737

$570,000

5 Beds

3 Baths

2,904 SqFt

Status Active

MLS # 6781986

Property Type Single Family Residence

Price Type --

Spacious 5 bedroom, 3 bath home with a 3 car garage. Open floorplan with family room and formal dining room/living room. Open kitchen with breakfast nook. One large bedroom downstairs and the rest of the bedrooms upstairs. Master suite upstairs with large walk in closet and balcony overlooking the backyard and pool. Landscaped front and backyard with no backyard neighbors. Come show today.

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11226 E Posada Avenue Mesa, AZ 85212

$570,000

2 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6728991

Property Type Single Family Residence

Price Type --

Live your best life in the lovely Sunland Springs Village (SSV) 55+ Adult Community. This cozy 2 bd/2bth plus den has all the right touches. Pride of Ownership on Display! Enjoy the Living Area with Electric Fireplace; Porcelain Tile Wall, Stunning Wall of Glass looks out to Extended Patio w/ Travertine Tile, Pergola and 2 firepits. Stellar landscape design; Lush yard with sweet orange and lemon trees. Solar Roof Panels provide energy saving benefits. Plantation shutters adorn the windows. Extended kitchen with granite countertops and energy efficient appliances. This is not just a house but a HOME! Enjoy resort like community amenities: Rec Center, Clubhouse, Ping Pong, Billiards, Golf, Tennis, Pickleball, Shuffleboard, Heated Pools, Jacuzzi, Exercize Rooms, Yoga; SSV has it all! This is a Must See! Please visit the SSV HOA website to learn about the many clubs and activities available in this active adult community:

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20515 N 264th Avenue Buckeye, AZ 85396

$570,000

2 Beds

2 Baths

2,095 SqFt

Status Active

MLS # 6741698

Property Type Single Family Residence

Price Type --

VALUE! PAID SOLAR LEASE, PAID CFD, NEWER HVAC AND APPLIANCES. This 2 bed/2 bath/Den Destiny model has fabulous golf course views and sets on a quiet street yet it's close to the Sage Recreation Center, the Grill and the Golf shop (location, location, location). This is a quality Del Webb built home with many upgrades. See a more complete list in the Documents tab.

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4216 N 27th Street Unit 106 Phoenix, AZ 85016

$570,000

3 Beds

2.5 Baths

1,683 SqFt

Status Active

MLS # 6756185

Property Type Townhouse

Price Type --

This stunning and spacious townhouse is situated in the Biltmore area and boasts impressive 18-foot ceilings in the main living room, a cozy fireplace, and 10-foot ceilings in each of the bedrooms as well as a two-car garage with epoxy flooring. The expansive primary bedroom includes a private balcony, a generous walk-in closet, and a bathroom featuring an oversized soaking tub and recently remodeled shower. The charming courtyard has been enhanced with turf and pavers, creating a lovely outdoor retreat. Conveniently located near restaurants, shopping, the airport, and major freeways, this home is situated in an exclusive part of Phoenix, in close proximity to Arcadia, Scottsdale, and Paradise Valley.

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1150 S Karen Lane Gilbert, AZ 85296

$570,000

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6767613

Property Type Single Family Residence

Price Type --

Beautiful, and very well-maintained home in a great location! Home features big open space with vaulted ceiling. kitchen with stainless steel appliances and lots of cabinets with granite counter tops. A nice size master suite with walk-in closet and private access to backyard, and sparkling pool with waterfall feature. Three bedrooms plus an office. Easy maintenance front and backyard landscape. Home located in a nice quiet cul de sac. Move in ready with NEW roof (2021), AC unit (2022), water heater (2024), and irrigation system (2023) throughout the lot with extra new lines for future planting. Greenfield Lakes has an executive length 18-hole golf course and driving range. Located near Santan Mall, Top Ranked Restaurants, and highly desired School District!

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20414 E Happy Road Queen Creek, AZ 85142

$570,000

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6781013

Property Type Manufactured Home

Price Type --

Fantastic breathtaking mountain views, over an acre of property and NO HOA!!! Size does allow for horses. Spacious floor plan! Master has two separate bathrooms! Kitchen open to family room, tons of cabinet space. Corner Lot. North South facing exposure. Entire property surrounded by no climb fence. This home boasts with updates throughout. This property provides a blank canvas for anyone to make this their dream property! Conveniently close to amenities.

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17416 E Windstone Trail Rio Verde, AZ 85263

$570,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6783005

Property Type Single Family Residence

Price Type --

HOME IS COMPLETE AND MOVE IN READY NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. THIS 4 BEDROOM HOME HAS 2331 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK.

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1724 W Hemingway Lane Anthem, AZ 85086

$570,000

5 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6785447

Property Type Single Family Residence

Price Type --

Nestled in the heart of the desirable Anthem Parkside neighborhood, this spacious 5-bedroom, 3-bathroom home offers a blend of comfort and convenience. Located directly across from a beautiful park, it provides serene views and easy access to outdoor recreation right at your doorstep. This home has been recently updated with a brand-new AC unit, water heater, and fresh paint throughout, ensuring energy efficiency and a fresh, modern feel. The master bathroom has also been completely renovated, providing a luxurious retreat within the home. With plenty of space for family and guests alike, this home is move-in ready and primed for memorable gatherings and everyday relaxation.

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