What’s Ahead For Mortgage Rates This Week – October 31, 2016

Last week’s economic reports included S&P Case-Shiller Home Price Indexes, along with readings on new and pending home sales. Recurring weekly reports on mortgage rates and new jobless claims were also released.

Case-Shiller: Pacific Northwest Shows Fastest Home Price Growth

According to the Case-Shiller 20-City Home Price Index for August, home prices in Portland, Oregon and Seattle, Washington grew fastest year-over-year. Portland posted an August index reading of 11.70 percent and Portland followed closely with a reading of 11.40 percent. Denver, Colorado rounded out the top three cities with the fastest rates of home price growth with a year-over-year reading of 8.80 percent. The 20-City Home Price Index rose 0.30 percent year-over-year to 5.30 percent in August.

Low inventory of available homes poses challenges for housing markets, but Case-Shiller reported that the national home price index was 0.60 percent lower than its peak reading in 2006. The 20-City Home Price Index was 7.10 percent lower than the 2006 peak. This provides a positive context for healthy home price growth, but concerns linger about a repeat of the housing bubble that burst and caused home prices to crash.

David M. Blitzer, Chairman of the S&P Index Committee said that a new housing bubble is unlikely. Home buyers are not taking out huge mortgages as was common prior to the Great Recession; mortgage lenders have adopted stricter qualification standards to help ensure that borrowers can afford their mortgages.

New Home Sales Rise in September

Sales of new homes rose to a seasonally-adjusted annual rate of 593,000 sales in September according to the Commerce Department. Although lower than analysts’ expected reading of 600,000 sales, September’s reading surpassed August’s reading of 575,000 sales. August’s reading was downwardly revised from its original reading of 609,000, which suggests that new home prices are growing at a slower rate than expected.

High demand for homes boosted September’s reading for pending home sales, which represents homes under contract for sale that have not closed. Pending home sales increased in September with a reading of 1.50 percent growth as compared to August’s negative rate of -2.50 percent. Pending home sales provide indications of future completed sales and mortgage loan volume.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates were lower last week according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year fixed rate mortgage fell five basis points to 3.47 percent; rates for a 15-year fixed rate mortgage averaged 2.78 percent, which was one basis point lower than the prior week’s reading. The average rate for a 5/1 adjustable rate mortgage was also one basis point lower at 2.84 percent. Average discount points were 0.60, 0.50 and 0.40 percent respectively.

In spite of growth in home prices and volume of sales, consumer confidence slowed in October. October’s index reading of 98.60 as compared to an expected reading of 101.00 and September’s reading of 103.50. Analysts said that uncertainty over the upcoming presidential election contributed to October’s lower reading.

What’s Ahead

Next week’s scheduled economic reports include readings on inflation, construction spending core inflation, and labor reports. Non-farm payrolls, ADP employment, national unemployment rates will also be released. Freddie Mac’s mortgage rates report and new jobless claims will also be released.

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6701 E Azure Hills Drive Cave Creek, AZ 85331

$1,450,000

3 Beds

2.5 Baths

2,355 SqFt

Status Active

MLS # 6782559

Property Type Single Family Residence

Price Type --

360 degree unobstructed mountain views abound from this unique southwest home which includes views of Continental Mountain, Black Mountain, Seven Sisters,Skull Mesa,Elephant Butte, and Black Mesa. Over 2.2 acres of peace and serenity in this 3 bedroom + den, 2.5 bath property The enormous lush courtyard is nicely shaded with large trees ,raised landscape, gas fireplace and putting green. This charming property with new appliances, saltillo and wood floors, and tastefully remodeled baths, has high ceilings, new pool with fencing, the cutest potting shed, and citrus trees.The house is almost entirely surrounded by a paved patio and plenty of outdoor seating areas to enjoy the never ending views from every angle.

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2175 E Champagne Place Chandler, AZ 85249

$1,450,000

5 Beds

4.5 Baths

4,737 SqFt

Status Active Under Contract

MLS # 6670635

Property Type Single Family Residence

Price Type --

PRICE REDUCED!!! Gorgeous CUSTOM Home in a distinguished, private, GATED South Chandler community! Tierra Linda is all Cul de Sac 1/2 acre properties & this home features so many unique touches! Split floor plan with 5 spacious bedrooms + den/office & 4.5 baths. You will be greeted in grandeur with the large courtyard & seating area, enter through the elegant Glass & Iron front door to the custom inlay mosaic entry. To the right proceed to the gourmet kitchen with top end granite, huge island, gas cook top, high end stainless steel appliances. With a seamless flow from the living area to the chef's kitchen, the open-concept layout is an entertainer's dream with ample space to gather. Private primary suite on opposite wing features an access door to back patio, cozy fireplace CLICK MORE for the cool desert nights, a large ensuite with soaking tub, custom tile shower, dual vanity. Primary closet features built-in shelving and drawers & ironing station. Neutral travertine flooring with all new carpet in great room, all bedrooms & office, ceiling fans throughout, tons of storage/ closet space and so much natural light from the frameless windows! Step out back into a private, resort-style oasis ~ covered patio w/ceiling fan, salt chlorinated pool & spa, outdoor BBQ area , gas fire-pit & putting green. Paver stone driveway to the 10 ft RV gate and 3-car Garage features built-in cabinets & epoxy floors.

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9328 E Quarry Trail Scottsdale, AZ 85262

New

$1,450,000

4 Beds

2 Baths

2,430 SqFt

Status Active

MLS # 6788248

Property Type Single Family Residence

Price Type --

Experience the perfect blend of modern design and timeless elegance in this fully updated home in Troon North. The open-concept layout with a split floor plan and lofty ceilings ensures a bright and spacious living environment. Glass sliders lead to a private backyard with a putting green, fire table, built-in BBQ, maintenance free turf, travertine decking, and a remodeled pool with a custom water feature. The kitchen is a masterpiece of design and functionality, featuring a coffee bar with cooling drawers, an induction cooktop, custom cabinetry with pull-out shelving, and a stunning full-slab quartz island. Renovated bathrooms and oak flooring enhance its timeless appeal. Recent upgrades include a newer roof, HVAC systems, plumbing, electrical, and more. Minutes from Troon North Golf. Course and easy 101 access, this home suits any lifestyle.

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35264 N 72nd Place Scottsdale, AZ 85266

$1,450,000

3 Beds

3 Baths

2,490 SqFt

Status Active

MLS # 6657279

Property Type Single Family Residence

Price Type --

Boasting luxury finishes and impeccable attention to detail, this home is being sold completely turn key. Potential buyers can have bragging rights as living in the ''Best of Tour'' winner for the luxury Scottsdale/Cave Creek Home Tour! Designed by an American Society of Interior Designer, located on a premium lot, and amazing surrounding views this home truly is one of a kind... Inside you will find real oak wood floors throughout, designer shutters, built in office desk and shelving, floor to ceiling built in closet system in the primary, a custom barn door leading into the office, and many thoughtful upgrades. The outside patio has been considerately improved with sun shades providing an optional additional outdoor living space as well as protection for the home from the hot summer sun. A serene and stunning desert gated community Enclave on the Eighth offers fine dining within walking distance, The Boulders Resort, beautiful trails, shopping and so much more. Enclave residents may join the Boulders club as golf members for an additional fee. Whether you are a primary resident or looking for a low maintenance second home this is not to be MISSED!

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1024 E Buena Vista Drive Tempe, AZ 85284

$1,450,000

4 Beds

3 Baths

3,409 SqFt

Status Active

MLS # 6674888

Property Type Single Family Residence

Price Type --

Privately located at the end of a cul-de-sac, this spectacular contemporary home was rebuilt from the foundation up in 2016. Enjoy a cozy, warm living area with a double fireplace, an entertainer's dream great room, massive island, gorgeous cabinetry and giant sliding glass doors opening to a sparkling lap pool. Exquisitely landscaped with native Palo Blanco, purple blooming Jacaranda, Chinese Talo and Coral, Pine and Tangerine Trees and pink Mexican Primrose. Located in prestigious Buena Vista Ranchos, the subdivision has beautiful horse facilities and deeded to this particular home is a stall for your horse. There are miles of horse trails, a beautiful sparkling pool, children's playground, basketball court and ramada. The home is near shopping, restaurants and 4 major freeways. The home is near Chandler Fashion Center, shopping, restaurants and to the South 4 major freeways.

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6900 E 1st Avenue Unit 1 Scottsdale, AZ 85251

$1,450,000

3 Beds

3.5 Baths

2,010 SqFt

Status Active

MLS # 6685905

Property Type Townhouse

Price Type --

Seller financing available! 20% down payment (preferred) at 5.99% interest rate / 6.05% APR; 10% down payment at 6.99% interest rate / 7.06% APR. Nearly new 4-story townhome in the heart of old town Scottsdale! Level 1: Full studio suite & private bathroom; attached garage. Level 2: Living room, high-end kitchen, half bath & walk-out covered patio. Level 3: Master suite & 2nd bedroom, 2 full baths. Level 4: Wet bar, small game area, large rooftop deck. Use the entire property or live in the main home & rent out the lower-level studio to generate income (short-term vacation rental could cover as much as half your monthly payment). Located across the street (towards old town) from the iconic Hotel Valley Ho

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8148 W Avenida Del Sol -- Peoria, AZ 85383

$1,450,000

3 Beds

2.5 Baths

5,554 SqFt

Status Active

MLS # 6713008

Property Type Single Family Residence

Price Type --

Custom Basement Home on 1.6 Acres - A Blend of Luxury, Comfort, and Functionality Nestled on a serene 1.6-acre lot, this exceptional home is thoughtfully crafted with Structural Insulated Panel (SIP) walls, ensuring durability and energy efficiency. Boasting a full basement with soaring 10-foot ceilings and a 5.2KW OWNED solar system, this property is as sustainable as it is stunning. A Kitchen and Bath Designed to Impress The heart of this home has been reimagined with a completely gutted and redesigned kitchen, now featuring top-of-the-line appliances and an expansive walk-in pantry. The dining room has been extended, adding valuable square footage to the home's layout. The primary bathroom has undergone a luxury transformation, showcasing a spa-inspired wet room with a walk-in shower and soaking tub, dual sinks, and a private toilet room. The primary bedroom offers direct access to the backyard, perfect for morning coffee or moonlit evenings. Outdoor Paradise Step outside to your private retreat, complete with a covered patio that overlooks a brand-new pool and jacuzzi. This space invites both relaxation and entertaining, creating an idyllic outdoor oasis. Unmatched Garage Space For car enthusiasts or hobbyists, the property features an incredible 4,000-square-foot detached garage with room for up to 20 cars, as well as a tabled and lighted workshop area. Additionally, the attached three-car garage includes epoxy floors for a polished finish. Modern Upgrades and Convenience The home is adorned with brand-new flooring throughout most spaces and equipped with a tankless hot water heater. A convenient RV gate and a private well add to the property's functionality, while its North-South exposure ensures optimal natural light. Perfectly Located Situated just minutes from Lake Pleasant and scenic hiking trails, this home offers easy access to outdoor adventures. Enjoy the vibrant lifestyle of the area, with nearby shopping and the anticipation of a new entertainment district close by. This home combines modern luxury, thoughtful design, and practical features into a one-of-a-kind offering. Experience the perfect balance of serene living and convenient location.

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17892 E Colt Drive Queen Creek, AZ 85142

$1,450,000

4 Beds

3.5 Baths

4,007 SqFt

Status Active

MLS # 6718123

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive Dorada Estates, a gated community where luxury meets comfort. This stunning 2019 Toll Brothers residence offers 4007 sq ft of pure elegance, complete with a spacious 4-car garage and desirable north-south exposure. As you enter through the charming courtyard, you are greeted by soaring 12 ft ceilings and exquisite one-by-four-foot custom wood tile flooring throughout—no carpet here. The inviting sitting area leads into the family room, which is prewired for surround sound that extends to the patio. The 12 ft stackable sliding door offers breathtaking views of the custom pool and water feature, seamlessly blending indoor and outdoor living during those cooler days To the west of the family room, you'll find a sophisticated formal dining area. The heart of this home is the gourmet professional-grade kitchen, featuring an oversized island with barstools, gourmet kitchen, a 48-inch gas oven with hood and pot filler, and 12 ft cabinets that reach the ceiling. The extended kitchen boasts a built-in ice machine, mini fridges, and a wine fridge, perfect for entertaining. Step outside to your private oasis, complete with a sparkling pool, gazebo with grilling station, putting green, and bocce ball court. Lush landscaping along the fenceline ensures complete privacy, creating a serene retreat for everyone to enjoy. At the end of the day, unwind in your oversized master suite and luxurious bath, featuring an enormous walk-in shower with four heads. The extensive upgrades throughout the home are detailed in the attached document. Come experience the epitome of luxurious living!

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575 Deer Pass Drive Sedona, AZ 86351

$1,450,000

3 Beds

2.5 Baths

2,193 SqFt

Status Active

MLS # 6777844

Property Type Single Family Residence

Price Type --

Discover ultimate luxury in this completely remodeled ranch-style home in the heart of VOC Sedona. With over $500K in upgrades, this home is brand new from top to bottom! The new roof, HVAC system, and 9-foot Pella sliding glass doors, along with soaring 10-foot ceilings, create an airy, modern atmosphere that flows effortlessly throughout the home. The chef's kitchen is a true masterpiece, designed with high-end finishes and perfect for entertaining. Outfitted with brand-new wood shaker cabinets, granite slab backsplash and countertops, stainless steel appliances, and an oversized island with a breakfast bar, it's the ideal space for creating and enjoying meals while soaking in the spectacular red rock views. The spacious owner's suite is a serene retreat, featuring a luxurious ensuite with meticulous attention to detail, including a granite vanity with porcelain vessel sinks, a freestanding double slipper tub, an oversized dual rain head shower, and a generous walk-in closet. Step outside to a backyard oasis where breathtaking red rock and mountain views set the scene. The expansive outdoor living area includes a large covered patio, perfect for lounging or dining, a swing bed for ultimate relaxation, and a built-in grill with an eating bar. Enjoy the travertine stone patios, cozy up by the fire pit, or take advantage of the 6-hole golf putting green. For added comfort, unwind in one of the four built-in hammocks while soaking up the desert serenity. With a spacious 3-car garage and pristine desert landscaping, this home is a true Sedona gem! Whether you're seeking luxury, relaxation, or a perfect home for entertaining, this property offers it all. Don't miss your chance to own this one-of-a-kind residence in Valley Vista Estates!

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12211 N 57th Street Scottsdale, AZ 85254

$1,450,000

5 Beds

2.5 Baths

3,093 SqFt

Status Active

MLS # 6747612

Property Type Single Family Residence

Price Type --

Fabulous territorial home in Century North, a quiet Scottsdale neighborhood nestled within the large lots of 85254! On over 1/4 acre of immaculate xeriscape, this 3,093 sq ft energy-efficient home features a large, crystal clear pool, oversized pass-through garage, separately gated RV parking, large covered front and back patios, dog run and much more! A high ceiling entryway welcomes you into this great 5 bedroom/2.5 bath single level home with an additional large bonus/flex/game room. Every square foot of home has been remodeled, included wood-look ceramic tile plank flooring throughout, gourmet kitchen with stone counters, custom cabinetry, wall oven, vaulted wood-beamed ceilings in dining and living rooms connected via a two-way fireplace. 16kW of solar = avg bill less than $100)!

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6969 E Bobwhite Way Scottsdale, AZ 85266

$1,450,000

4 Beds

2.5 Baths

3,237 SqFt

Status Active

MLS # 6769840

Property Type Single Family Residence

Price Type --

Sitting on an oversized tranquil lot, the courtyard with fountain and recently painted exterior welcome you home. As you enter, you will find fresh updates throughout including three renovated bathrooms and kitchen updates including granite countertops. The oversized center island is perfect for cooking and entertaining, as the kitchen opens to a family room with gas fireplace. The primary suite offers an escape boasting recently installed carpet and French doors that lead to a resort style backyard complete with refinished pebble tec pool. Enjoy a recently installed roof and HVAC, as well. Desirable location near shopping, dining and with easy access to the 101. Top rated Cave Creek schools. Relax and unwind in your desert oasis, perfect for Scottsdale living!

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8513 N Woodshire Place Scottsdale, AZ 85258

$1,450,000

3 Beds

2.5 Baths

2,550 SqFt

Status Active Under Contract

MLS # 6596634

Property Type Single Family Residence

Price Type --

The Property was pending on a Lease-Purchase for 6 months - newly back to market! Stunningly remodeled in 2022, this exquisite residence in McCormick Ranch, is a true masterpiece. Step inside and be greeted by the inviting engineered hardwood flooring that spans throughout. This home boasts not one, but two fireplaces, adding warmth and charm to both the family and living rooms. The expansive kitchen is a chef's dream, featuring ample storage space and equipped with all the modern amenities. Take note of the built-in wine refrigerator, perfect for entertaining guests in style. The convenience of a spacious laundry room with a sink adds to the practicality of this home. Indulge in the comfort of the primary bedroom, where backyard access creates a seamless connection to outdoor serenity. The en-suite bathroom offers a dual sink vanity, complemented by a walk-in closet presenting a perfect blend of style and functionality. The outdoor space is a true oasis, featuring a covered patio that invites relaxation. Lounge by the private pool, or seek shade beneath the inviting ramada, creating memorable moments for family and friends. The home formerly operated as an Airbnb with an annual gross income exceeding $125,000, this home offers not only luxurious living but also a lucrative venture. Don't miss out on the chance to own this remarkable residence in the heart of Scottsdale's finest.

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