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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4259 W Jasper Drive Chandler, AZ 85226

$605,000

3 Beds

2.5 Baths

2,272 SqFt

Status Active

MLS # 6766947

Property Type Single Family Residence

Price Type --

This diamond in the rough 3-bedroom, with an office that can be made into a 4th bedroom 2-bathroom, with a powder room and a pool in Chandler is waiting for your updates! The well-maintained property offers comfortable living spaces, a functional layout, and a convenient location just minutes from shopping centers, the 10 & 101 freeways, and the airport. This is the perfect opportunity to own a home in a vibrant and accessible community.

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4407 E Gold Poppy Way Phoenix, AZ 85044

$605,000

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6748634

Property Type Single Family Residence

Price Type --

NEW CARPET IN BEDROOMS just installed! Welcome to Mountain Ranch Estates, where this beautifully upgraded 2-story home offers the perfect blend of luxury and comfort. Featuring 4 spacious bedrooms and 3 full baths, this residence is designed for modern living. Enjoy the elegance of plantation shutters throughout, adding a touch of timeless sophistication. The gourmet kitchen and living areas have been recently updated, creating a fresh and contemporary atmosphere. The home boasts a 3-car garage, ideal for extra storage or a workshop. Step outside to your private oasis with a sparkling pool, perfect for Arizona summers. Situated in one of the few Ahwatukee neighborhoods with natural gas, this home is a rare find.

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5993 S Rockwell Court Gilbert, AZ 85298

$605,000

4 Beds

2 Baths

2,348 SqFt

Status Active

MLS # 6748295

Property Type Single Family Residence

Price Type --

Welcome this beautiful home in the highly sought-after Shamrock Estates! This single-story home is perfectly situated on a premium oversized lot that offers an abundance of privacy, backing up to a serene greenbelt. Located on a quiet cul-de-sac street with a small community park right behind, this home provides a peaceful and family-friendly environment. Boasting 2,348 square feet of thoughtfully designed living space, this 4-bedroom, 2-bath home includes a versatile den, perfect for a home office or additional guest room. The open great room layout is ideal for entertaining, featuring stunning granite countertops, upgraded cabinets, and stainless steel appliances. The low-maintenance backyard is perfect for relaxation and play, with a combination of pavers and grass. Located in a desirable neighborhood, Shamrock Estates is known for its excellent community atmosphere and proximity to top-rated schools, including Chandler Traditional Academy. Amenities include children's play area, basketball and volleyball courts, BBQ area and walking paths throughout the community. Don't miss out on the opportunity to own this exceptional home in one of the best locations in the area.

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9510 W Menadota Drive Peoria, AZ 85382

$605,000

2 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6754942

Property Type Single Family Residence

Price Type --

REDUCED ANOTHER 10K Bring offers! I'm beautiful inside! Pride of ownership! Amazing 2+2 updated home in the adult 45+ community of Westbrook Village. 2147 SF home with a huge low maintenance yard. The kitchen, bathrooms and flooring were all updated in 2016. Roof was replaced in 2022. Garage door opener 2023. Water heater 2021. New air conditioning 2018. Front patio tile in 2024. Low monthly HOA of 64.70 for loads of ammenities. 2 clubhouses and pools. Tennis and Pickleball. 2 restarants with bars. Golf course community. Some of the furniture and decorator items can be purchased on a seperate bill of sale. Close to all shopping and restaurants. This will not last long!

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27167 W Marco Polo Road Buckeye, AZ 85396

Open House

$605,000

3 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6786340

Property Type Single Family Residence

Price Type --

GOLF COURSE LOT with excellent view of #4 green. Furniture available outside of Escrow. 2332 square feet with casita, 3 bedrooms + den that is set up as a bedroom. This Destiny model shows like a new model, 1 owner and lived in less than 6 months a year. Elevated view of the 4th green with the beautiful White Tanks in the background. Very private patio with cart path on the other side. Must see document section for details on upgrades.

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944 S Grand -- Mesa, AZ 85210

$604,999

5 Beds

3.5 Baths

2,711 SqFt

Status Active

MLS # 6766857

Property Type Single Family Residence

Price Type --

This stunning custom-built Mesa home will impress from the moment you enter. With 5-bedrooms with 2 full baths and 2 half baths, this home offers an exceptional living experience. The spacious interior boasts soaring ceilings, a gourmet chef's kitchen, and abundant natural light throughout. The primary suite, conveniently located on the main floor, features an en-suite bathroom with a jacuzzi tub. Upstairs, you'll find four additional guest bedrooms, one of which includes a private powder room and a large balcony that overlooks the beautifully landscaped backyard. Outside you'll discover your own private oasis, complete with a sparkling pool w/ a grotto. The oversized Ramada with a fully-equipped outdoor kitchen sets the stage for unforgettable memories. No HOA, with an RV gate! unforgettable gatherings. With an RV gate and no HOA, this property offers both convenience and freedom.

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2410 N 40th Street Street Phoenix, AZ 85008

$604,999

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6776591

Property Type Single Family Residence

Price Type --

Arcadia-lite living at an affordable price. This 3-bedroom, 2-bathroom home sits on a large lot near the great shops and restaurants of Arcadia. This mostly remodeled home--including a new AC--features quartz countertops, stainless steel appliances, and new flooring throughout most of the common areas. In addition to the main home, there is a fully furnished 196 square foot office/studio with electricity and AC overlooking the pool and back yard. The one-car garage is equipped with a TESLA home charger on a dedicated breaker. Professionally installed turf and pavers are in the front yard and pool area.

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1291 W Treasure Trail Apache Junction, AZ 85120

$604,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750806

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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32000 N 117th Avenue Peoria, AZ 85383

$604,990

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6754803

Property Type Single Family Residence

Price Type --

It's the Clover with 3 bedrooms + flex space to use as you wish, 2 baths. This home has a large walk-in shower at owner's bath with tile surrounds. Multi slide door that leads out to the covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 36'' cooktop, wall oven and glass canopy hood. Maple linen-off white cabinets with 42'' uppers in kitchen with pull out trash drawers. AZT Steel gray granite in kitchen and much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3. Estimated completion April. PHOTOS IN THIS LISTING ARE OF THE CLOVER MODEL HOME.

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16430 W Desert Mirage Drive Surprise, AZ 85388

$604,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6754292

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Topaz - 4 bedrooms with walk in closets + study and 3 full baths. Plenty of counter space and large walk in pantry. Pavers at drive, walk and entry. Large extended covered patio. Beautiful kitchen includes gas appliance package with stainless steel 30'' cooktop, wall oven and hood. Sonoma maple ''Linen-off white) cabinets with 42'' kitchen uppers with pull out trash drawer. AZT Tawny quartz countertops at kitchen. Black single bowl under mount sink. Upgrade flooring includes Beaumont Olmo 7x24 plank tile with 5'' baseboards and 3 1/4'' door casings throughout. Two tone interior ''Great Gray'' paint throughout. 8' tall garage doors and so much more. Please verify all information with onsite agent. Thank you!

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37645 W Padilla Street Maricopa, AZ 85138

$604,990

4 Beds

3.5 Baths

2,652 SqFt

Status Active

MLS # 6697374

Property Type Single Family Residence

Price Type --

Introducing luxury living, embrace the opulence of a new home previously exclusive to Scottsdale and the East Valley. Experience the versatility of our Flagstaff plan, featuring the Extra Suite Plus - a dedicated space ideal for multi-generational living! Your gourmet kitchen boasts stacked cabinetry, double ovens, and a gas cooktop. Relax in your spacious Spa Shower, entertain on the patio, or use the FOUR CAR GARAGE for all your toys! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, K. Hovnanian Homes stands out! Move in by late summer and start your luxurious lifestyle! ^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3294 E Saddletree Way San Tan Valley, AZ 85140

$604,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6766622

Property Type Single Family Residence

Price Type --

Welcome to Wales Ranch! San Tan Valley's newest master planned community with a wealth of amenities to enjoy. Conveniently located with easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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