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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27476 N 125th Drive Peoria, AZ 85383

$629,900

2 Beds

2 Baths

1,885 SqFt

Status Active

MLS # 6765803

Property Type Single Family Residence

Price Type --

Gorgeous 2-bedroom, 2-bathroom home located in Trilogy at Vistancia, Peoria's premier 55+ community. Situated on a professionally desert-landscaped 14,205 sq ft corner lot, the home has been meticulously maintained and highly upgraded. Upon entry, you'll be welcomed into an open kitchen and great room featuring freshly painted cabinets, custom epoxy countertops, an oversized island, a pantry, a stainless-steel appliance package, and a wine fridge. The family and dining rooms showcase modern light fixtures, a fireplace, built-in surround sound, and large windows that provide plenty of natural light. The split floor plan includes an oversized den, perfect for a home office or man cave, and the primary suite, complete with a spacious walk-in closet, dual sinks, a walk-in tile shower... ...and a private toilet closet. Additional features and upgrades include a private patio with a water feature, interior laundry, a heated and cooled garage with LED lighting and custom storage shelves, a tankless water heater, and a 3-zone wireless Honeywell HVAC control system. Reach out for the full list of upgrades. This home has so much more to offerdon't miss your opportunity to own this gem! Get your private tour today and experience it for yourself.

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16111 E Kingstree Boulevard Unit 3 Fountain Hills, AZ 85268

$629,900

3 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6761289

Property Type Single Family Residence

Price Type --

Discover a rare fully-renovated gem in the heart of Fountain Hills! This stunning single-level, end-unit patio home is part of an exclusive enclave with only six units, offering a serene and private living experience. With breathtaking mountain views, this 3-bedroom, 2-bathroom property combines luxury with tranquility. Enter through a private courtyard into an expansive great room featuring a cozy fireplace, perfect for relaxing evenings. The formal dining room seamlessly flows to both the back and side patios through elegant sliding doors, ideal for indoor-outdoor living. The split floor plan provides privacy for the spacious master suite, which boasts a spa-like bath with a double-sink vanity, separate tub and shower, a large walk-in closet, and direct access to your private enclosed backyard oasis. Enjoy the community amenities, including a relaxing hot tub and pool, surrounded by the natural beauty of Fountain Hills. This vibrant community offers something for everyone, from the iconic Fountain and the winter concert series in the park to scenic walking trails, a farmers market, and dining options that will delight your family and guests. Experience the perfect blend of luxury and lifestyle in this meticulously remodeled home. Don't miss out on this rare opportunity!

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17691 W Cottonwood Lane Goodyear, AZ 85338

$629,900

3 Beds

3 Baths

2,202 SqFt

Status Active

MLS # 6722226

Property Type Single Family Residence

Price Type --

Welcome Home!!! This gorgeous 3 bedroom 3 bath home with a Casita at the desirable 55+ active community of CantaMia/Province at Estrella Mountain Ranch in in a fantastic location. Close to restaurants, shopping, parks & golfing at the Golf Club of Estrella. As soon as you step into this gated community home, you can see the pride of ownership with all that has been done. This elegant kitchen offers granite counter tops, a large island/breakfast bar for extra prep & storage, black appliances, filtered water, a pantry, full height travertine backsplashes & stunning crown molding cabinetry. Your spacious master suite offers a plethora of natural light from your bay windows, a walk in closet, dual vanity, a walk in shower & soaking tub to enjoy, as well as direct access to your backyard oasis . This gated community home also offers paid for solar (owned/no lease), upgraded ceiling fans & lighting, a casista with a full bathroom, a neutral paint scheme with accent walls, a den/office area to utilize, a 2 car garage with a water softener & central vacuum system, as well as a backyard oasis that includes a large covered patio, extended travertine pavers, mature desert landscaping & a sparkling heated pool to enjoy all year round. Your community at CantaMia has so much to offer to it residents. There is a state of the art fitness center with massage & spa rooms, an indoor & outdoor pool, a billiards room, library, lounge, numerous crafts & workshops, a cyber cafe & a demonstration kitchen, a dog park, as well as outdoor activities such as: pickleball, bocce ball, horseshoes & tennis courts are available at Estrella. This gem in the desert is a Great Buy & a Must See!!! **Furniture is available on a separate bill of sale.

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21275 N 65th Avenue Glendale, AZ 85308

$629,900

4 Beds

2 Baths

2,164 SqFt

Status Active Under Contract

MLS # 6781942

Property Type Single Family Residence

Price Type --

Gorgeously renovated 4 bed 2 bath home in Arrowhead Ranch with stunning golf course views! This house has everything - newly installed luxury vinyl plank floors throughout, an entertainer's dream kitchen, and bright & airy spaces to dine, relax and watch the Arizona sunsets. Open concept kitchen features vaulted ceilings, new shaker cabinets, white quartz countertops, & large peninsula complete with breakfast bar & extra storage. Spacious primary bedroom has large walk-in closet and spa-like renovated bathroom. 2+ car garage will fit all your toys. Backyard is an outdoor oasis with covered patio, new irrigation, and steps from the driving range. Big ticket items completed recently include full roof replacement (2016) & HVAC (2023).

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18228 N 60th Drive Glendale, AZ 85308

$629,900

4 Beds

3 Baths

2,362 SqFt

Status Active Under Contract

MLS # 6778436

Property Type Single Family Residence

Price Type --

***RARE FIND*** RV Garage with LIFT Plus a 3 Car Garage, Large Lot, Pool & NO HOA!!! Don't miss out on this fantastic tri-level home with excellent location at Sunset Vista! Showcasing great curb appeal, RV gate, and a no-fuss landscape. PLUS! A detached RV garage with a lift and split AC unit! The interior boasts vaulted ceilings, wood-look floors, carpet in the right places, and plantation shutters. Discover bright living and dining rooms. Continue into the impeccable kitchen to find track lighting, ample wood cabinets, tile backsplash, granite counters, SS appliances, and an island. The lovely breakfast room overlooks the spacious family room, outfitted with a wood burning fireplace, wet bar, and backyard access, promoting easy entertaining. The owner's suite has a lavish ensuite featuring high-end details, including a granite vanity, freestanding tub, and a walk-in shower with a double wall-mounted shower panel. Outside, the side yard hosts a workshop with epoxy floor. The backyard offers a cozy covered deck, multiple covered patios, fire pit, artificial lawn, a fenced pool with grotto/waterfall, and a hot tub under the pergola. This beauty has it all! Run, don't walk to see this gem!

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10919 S Dreamy Drive Goodyear, AZ 85338

$629,900

4 Beds

3 Baths

2,328 SqFt

Status Active

MLS # 6782189

Property Type Single Family Residence

Price Type --

Spacious two-story home just steps from the scenic South Lake in Estrella Mountain Ranch! Perfectly situated on a premium view lot backing to a natural wash, this 4-bedroom, 2.5-bath home offers luxurious outdoor living with a heated pebble-tec pool. Inside, enjoy soaring vaulted ceilings in the Grand Entry and Master Suite, where breathtaking sunrise and sunset mountain views await from a private balcony. An expansive 3-car garage provides ample parking and storage. Explore a scenic 2.3-mile lakeside path, plus thrilling hiking, mountain biking, community pools, and workout facilities. Nearby, the world-class Golf Club of Estrella—a Troon-managed, Nicklaus Design course—completes this exceptional lifestyle.

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20417 W Bradley Road Wittmann, AZ 85361

$629,900

4 Beds

2 Baths

2,191 SqFt

Status Active

MLS # 6721052

Property Type Single Family Residence

Price Type --

Beautiful home in West Bradley Road, Wittmann, Arizona.

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3800 S Cantabria Circle Unit 1067 Chandler, AZ 85248

$629,900

3 Beds

3 Baths

2,218 SqFt

Status Active

MLS # 6782150

Property Type Townhouse

Price Type --

Experience COUNTRY CLUB living in this stunning gated community! This home boasts breathtaking views of the Community Lake and Golf Course. Enjoy the scenery from inside or the back patio and master balcony, perfect for morning coffee or evening relaxation. Upstairs, you'll find a spacious loft, a guest room(2nd master), and the master suite. Each room boasts it's own balcony. Downstairs features a gorgeous great room with soaring ceilings and a gas Fireplace. Luxury kitchen with Stainless Steel appliances and view. One HVAC unit is only 6 years old, while the other remains original but works great. Units have been serviced annually. Live in luxury and comfort with the best of both worlds! The roof was replaced in 2021 and the HOA will be painting the exteriors of all units in 2025. the downstairs bedroom is being used as a Den and has no closet. But with a full bath downstairs, this is an easy bedroom for guests or mom on the ground floor!

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21520 W Watkins Street Buckeye, AZ 85326

$629,900

3 Beds

2 Baths

1,644 SqFt

Status Active

MLS # 6730156

Property Type Single Family Residence

Price Type --

Beautiful well-cared for 3-bed/2-bath on 1-ACRE, IRRIGATED LOT WITH HORSE PRIVILEGES. Quality constructed CUSTOM HOME with 2 x 6 framing, NEWER ROOF (2020), ALL NEW LOW-E WINDOWS (2024), TRANE 18-SEER Variable Speed A/C (2016), Porcelain faux-wood tile throughout living space, upgraded custom closets in all closets. Fully fenced back yard with a fenced off area and shade structure for horses. Water available at horse shade with conduit run for electric. RV Parking w/30-AMP hook-up. 3-Car Extended Length Garage. 10' X 14' Tuff Shed Storage w/ upgraded floor and radiant roof barrier for extra insulation. Nestled in a quiet, established neighborhood with *NO HOA*. A short drive from Costco, New Banner Hospital (planned for 2025), schools and I-10 freeway. See Docs for nearby horse arenas.

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3122 E Windmere Drive Phoenix, AZ 85048

$629,900

4 Beds

2.5 Baths

2,104 SqFt

Status Active

MLS # 6753762

Property Type Single Family Residence

Price Type --

Welcome home! This beautiful residence is in the gated Estates at the Ranch, an exclusive single-story home Community in the award-winning Mountain Park Ranch. Offering 4 beds, 2.5 baths, 2-car garage, & a low-care landscape. Discover a large living/dining room combo and a separate family room w/fireplace & surround sound! Tall ceilings add to the airy feel, complemented by plantation shutters, & tile flooring in common areas. The kitchen boasts built-in appliances w/cooktop elec, granite counters, recessed lighting, ample wood cabinets, and a breakfast area. Carpeted double-door main bedroom has outdoor access and an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Enjoy the entertainer's backyard with a covered patio, firepit, built-in BBQ, & a sparkling pool!

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12375 S 181st Drive Goodyear, AZ 85338

$629,900

4 Beds

2.5 Baths

2,700 SqFt

Status Active

MLS # 6764643

Property Type Single Family Residence

Price Type --

FURNISHED home! GATED community 4 bed, 2.5 bath residence is the one for you! Featuring a stunning façade w/stone accents, low maintenance landscape, & a 3 car garage! Discover an elegant interior boasting graceful archways, plantation shutters, recessed lighting, soft carpet in all the right places, and warm palette throughout. The formal dining room, w/its dazzling chandelier, is sure to delight your guest! You'll also find a spacious living area w/a dry bar and a fireplace to keep you warm during the winter months. The gorgeous kitchen is equipped w/everything the aspiring chef needs, staggered cabinetry w/crown molding, a pantry, granite counters, tile backsplash, SS appliances such as a wall oven, an island complete w/a breakfast bar, and a breakfast nook. #Location is ideal!! You'll love the primary bedroom, boasting private outdoor access, a large walk-in closet, and a lavish ensuite w/dual vanities & a makeup table with spa amenities- SNAIL shower and Garden tub. Laundry room includes built-in cabinetry and a convenient utility sink. Finally, the wonderful backyard showcases a covered patio, extended paver seating areas, an attached pergola, and a built-in BBQ perfect for a cookout w/friends & loved ones! Split Floor plan / with Front Courtyard & a Gated golf course community (THE FAIRWAYS at ESTRELLA MOUNTAIN). ahh.. have peace of mind with energy efficiency- Brand NEW HVAC system installed April 2024! WOW - SOLAR savings..$$$!!. Cul De Sac private street- What are you waiting for? Act now

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6780 W Yearling Road Peoria, AZ 85383

$629,900

4 Beds

2.5 Baths

2,658 SqFt

Status Active

MLS # 6776511

Property Type Single Family Residence

Price Type --

Gorgeous Fully Remodeled Home with all the upgrades: Gourmet Kitchen with Granite Counters, Brand New Stainless Steel Appliances, Gas Range and Refrigerator Included. New Interior Paint, and Carpeting. All New Light fixtures and Ceiling Fans. New Blinds. Sparkling Play Pool, Large 2.5 car garage, Fireplace. High Efficiency TRANE A/C units installed last Year. This home is a must see!!

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