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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1371 N Alison Way Chandler, AZ 85226

$629,000

3 Beds

3 Baths

2,037 SqFt

Status Active Under Contract

MLS # 6754121

Property Type Single Family Residence

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* CHANDLER STUNNER * PREMIUM CORNER LOT * FORMER MODEL * ACROSS FROM COMMUNITY POOL * LIKE LIVING IN A RESORT * LOFT-STYLE HOME * QUARTZ COUNTERS * STAINLESS APPLIANCES * UPGRADED CABINETS * OVERSIZED SLIDER * WRAPAROUND BALCONY * UPGRADED RAILINGS * LOFT WITH VIEWS * MASTER SHOWER WITH TILE SURROUNDS * CASITA WITH HALF BATH * VIEWS OF SOUTH MOUNTAIN * GET IT BEFORE ITS GONE! *

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8215 W Gardenia Avenue Glendale, AZ 85303

$629,000

4 Beds

2 Baths

2,643 SqFt

Status Active Under Contract

MLS # 6761936

Property Type Single Family Residence

Price Type --

Welcome to the home that checks every box! This stunning residence offers a spacious split floor plan with 3 bedrooms, a versatile den, and a large bonus room—ideal for work, play, or relaxation. You'll have plenty of parking for all your vehicles and toys, RV Parking plus a generous 3-car garage for additional storage. Inside, the open layout connects the gourmet kitchen, with premium appliances and ample counter space, to the sunlit great room and living room. Step outside to your own resort-style oasis featuring a private pool, patio, and beautifully landscaped yard—perfect for entertaining or unwinding. With owned solar, enjoy energy savings year-round!

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14104 W Cottontail Lane Surprise, AZ 85387

$629,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active Under Contract

MLS # 6779366

Property Type Single Family Residence

Price Type --

Come explore this beautiful 3 bed 2 1/2 bath cul de sac home with a massive 17, 082 sq. foot lot to build your dream yard. This home has over $100k in upgrades including iron front door, large sliding glass doors in great room, extended covered patio, quartz contertops in kitchen and bathrooms, custom backsplash in kitchen, reverse osmosis water filtration for drinking water, gas line for outdoor kitchen, upgraded kitchen cabinets, additional cabinets throughout home, GE gourmet gas cooktop, additional electrical outlets added inside and outside the home, under cabinet lighting in kitchen, surround sound, free standing tub in primary bathroom and custom tile shower with rainshower head, additional insulation in ceiling, garage and plumbing walls, custom tile, new carpet and paint.

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3582 N 160th Avenue Goodyear, AZ 85395

$629,000

2 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6781415

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION!! Sits on a very unique lot located in the highly sought after Tuscany side of Pebble Creek. This lovely and well cared for home sits on a very unique lot. Featuring 2 bedrooms plus a den, fresh interior 2 tone paint, UPDATED KITCHEN AND BATHS, granite counters throughout, custom plantation shutters, newly installed soft water system, 3 car garage with epoxy floor and built in cabinets, golf course views from the back AND front with neighbors on only one side!! PLUS, BRING US AN ACCEPTABLE OFFER AND WE'LL THROW IN THE GOLF CART, recently serviced with all new batteries!! MOTIVATED SELLERS BRING US AN OFFER!

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368 S 172nd Drive Goodyear, AZ 85338

$629,000

5 Beds

4 Baths

4,019 SqFt

Status Active

MLS # 6754016

Property Type Single Family Residence

Price Type --

Discover plenty of space and comfort in this stunning 5-bedroom, 4-bathroom Canyon Trails home. It features a gourmet kitchen with stainless steel appliances and center island, perfect for any cook. Enjoy privacy in the attached guest casita with its own living room and entrance. PRE-PAID Solar panels offer eco-friendly living and lowered electric bills for years to come. The backyard is an oasis with a private pool, huge extended covered patio, and BBQ area, all overlooking the community green belt with no neighbors behind. Plus, enjoy community amenities like a recreation room, parks, and community pool.

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1145 N 293rd Avenue Buckeye, AZ 85396

$629,000

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6758593

Property Type Single Family Residence

Price Type --

Discover the ultimate in custom home, unencumbered by HOA fees or regulations. This stunning new build ranch-style residence boasts 2,067 square feet of living space on a serene 1.2-acre lot. The sophisticated open-concept living area features stylish paneled walls, vaulted ceilings, and an abundance of natural light and recessed illumination. A sleek white kitchen, complemented by a spacious island, provides an ideal setting for culinary pursuits. The serene master suite offers a tranquil retreat, complete with a spacious en-suite bathroom and ample closet space. Three additional bedrooms provide versatility for family, guests, or a home office. The expansive, backyard, boasts block fencing valued at over $60,000, and dual RV gates, perfect for accommodating large vehicles or horses.

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6735 N 10th Street Phoenix, AZ 85014

$629,000

3 Beds

2 Baths

1,703 SqFt

Status Active

MLS # 6763810

Property Type Single Family Residence

Price Type --

Vintage meets contemporary in this delightful home in the heart of north central Phoenix. Remodeled in 2019 to add new A/C, electrical panel, and all new kitchen, complete with stainless steel appliances and soft close modern cabinetry. Tons of additional upgrades added over the last 3 years, including new epoxy sewer lining, lighting/fans, roman shades, paint, baseboards, contemporary black door hardware, storage shed, block fence, side gate & front door. Abundant natural light throughout the home through efficient dual-pane windows. Huge great room with vaulted ceilings and built in fireplace. Dreamy primary suite has 2 closets including a spacious luxury walk-in. Mature fruit trees grace the private, quiet back yard, with the perfect patio for entertaining. Top rated schools.

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535 S Barnwood Trail Munds Park, AZ 86017

$629,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6764043

Property Type Single Family Residence

Price Type --

Your private, dream home on large lot in the cool pines of Munds Park awaits your arrival! Rather year-round or seasonal, this spacious 3bed, 2 bath home has a/c, wood burning fireplace, 10x16 shed, carport, metal roof, upgraded flooring, bathrooms, ceiling fans, lighting, etc. Kitchen has plenty of cabinet and counter space, as well as an island. Enjoy relaxing on the large custom deck that was newly added on, with NO neighbor to the north! The yard is fenced in and perfect for your pets. No HOA. Come and be a part of this special, desirable Munds Park community! You will be walking distance to the well-known Pinewood Country Club, close to the national forest, lake, hiking/ biking trails, tennis and pickleball courts, park, restaurants, convenient store, and more. Munds Park is only 17 miles South of Flagstaff and a 2-hour drive from Phoenix to escape the heat. Come see your new home in our neck of the woods!

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2078 E Donner Drive Tempe, AZ 85282

$629,000

4 Beds

2 Baths

2,005 SqFt

Status Active

MLS # 6779043

Property Type Single Family Residence

Price Type --

Beautiful Corner Lot Home in the Heart of Tempe with Private Pool! No HOA! Welcome to this stunning 4-bedroom, 2-bathroom home, perfectly situated on a spacious corner lot in the heart of Tempe. With its beautiful open floor plan and a large private pool, this home is an entertainer's dream. Inside, you'll find a modern kitchen with an inviting living area, and an enclosed laundry room for added convenience. Brand NEW AC and Brand New roof (2024). Enjoy the added benefit of no HOA! Located just minutes from ASU, major freeways, and an array of restaurants and shopping, this home offers the perfect blend of comfort and convenience. BOOK a tour today.

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4318 E Smokehouse Trail Cave Creek, AZ 85331

$629,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6721909

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this charming property that combines modern amenities with elegant charm. Recently updated with fresh interior paint and new flooring in parts, the neutral color scheme creates a calming atmosphere for all who enter. The kitchen is a cook's delight, featuring an inviting island and stainless steel appliances. Relax or entertain on the covered patio or enjoy privacy in the fenced backyard. This sought-after addition provides ample space for daily routines. From indoor comfort to outdoor luxuries, this property blends modern comfort with classic charm. If you seek a meticulously maintained home with exceptional attention to detail, don't miss the chance to make this beautifully updated property yours. It's the perfect plac

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795 E Reindeer Drive Munds Park, AZ 86017

$629,000

3 Beds

2 Baths

1,305 SqFt

Status Active

MLS # 6764913

Property Type Single Family Residence

Price Type --

Imagine your electric bill being 1.09. Yes, it's true. This home includes a 65,000-dollar Tesla solar electric power system! It powers the like new, 220-volt hot tub and the rest of the entire home! Beautiful year-round home on a quiet street in a desirable area of Munds Park, lots of mature trees, 2 car garage and a separate, new 1 car garage, wood/pellet burning stove, tongue and groove wood throughout, stainless appliances, new refrigerator, new trex front deck, covered deck in back with fenced yard, large shed and new landscape gravel, newer roof (2020) new exterior paint front (2024) updated laminate flooring, updated bathrooms, kitchen, doors, lighting, fixtures, walk-in pantry, newer electrical panel, circuits and furnace, new mini-split in loft, newly painted deck (9-2024) Vaulted ceilings, This home can park 7 cars total, no HOA! Come and be a part of our wonderful Munds Park community! You will be walking distance to the well-known Pinewood Country Club and very close to the national forest, lake, hiking/ biking trails, tennis and pickleball courts, park, restaurants, convenient store, and more. Munds Park is only 17 miles South of Flagstaff and a 2-hour drive from Phoenix to escape the heat. Come see your new home in our neck of the woods!

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1834 N Mitchell Street Phoenix, AZ 85006

$629,000

3 Beds

2 Baths

1,218 SqFt

Status Active

MLS # 6775620

Property Type Single Family Residence

Price Type --

This historic bungalow is truly as good as it gets, and on one of the best streets in Coronado Historic District. The original 1937 bungalow has been carefully preserved, but just about all the major systems have been recently upgraded to modern (over $120K). The house is cozy, but flows bigger with the original two bedrooms and bath on the front side of the house, and the split addition of the master suite on the rear. The front room features updated floors (2024), fireplace and gorgeous light. Modern kitchen features custom cabinets, exposed brick wall and all new appliances. Completely remodeled master suite. OWNED SOLAR!!! Multiple hospitals close by as well as close to freeways, Downtown Phx and much more.

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