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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9374 W Sandstone Mountain Drive Casa Grande, AZ 85194

$599,000

4 Beds

2 Baths

2,425 SqFt

Status Active

MLS # 6785934

Property Type Single Family Residence

Price Type --

Stunning New 2024 home features 4 bedrooms, 2 bathrooms, and a dedicated office, along with a spacious 3-car garage, all set on a full-acre lot in a highly sought-after area just minutes from I-10. Experience the open & inviting layout designed to make the most of every square foot. The kitchen shines with elegant Shaker-style white cabinets, luxurious Quartz countertops, modern stainless steel appliances & pantry. Relax in the bright Great room, which offers flexible options for dining or entertainment. Stylish neutral tile flows through the main high-traffic areas, while cozy carpeting enhances the bedrooms. Retreat to the expansive Primary suite, complete with a primary bathroom featuring a walk-in shower. Other features include fully fenced yard with block walls. Back shady patio and an expansive enclosed back yard with endless possibilities. HOA permits R.V.'s, Boats and other recreational vehicles for a low 30 per month. This treasure is ready for immediate occupancy.

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2118 E Voltaire Avenue Phoenix, AZ 85022

$599,000

3 Beds

2.5 Baths

1,754 SqFt

Status Active

MLS # 6772448

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. The Wren showcases a generous backyard and second floor deck to bring the outside in.

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10556 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,312 SqFt

Status Active

MLS # 6666831

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning semi-custom residence spans over 2,300 sqft and is nestled on a generous 1-acre lot, free from HOA restrictions. Inside, you'll find a beautifully designed split floor plan featuring 4 spacious bedrooms and 3.5 baths. Each room offers direct bathroom access with premium showers, ensuring comfort and convenience for everyone. The gourmet kitchen is a chef's delight, equipped with SS appliances and elegant finishes. Step outside to enjoy the charm and privacy provided by the farm-style fencing. We warmly invite all buyers and buyer's agents to tour this remarkable property. Experience unmatched elegance and comfort!

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4380 W Eagle Street Show Low, AZ 85901

$599,000

3 Beds

2 Baths

1,632 SqFt

Status Active

MLS # 6730924

Property Type Single Family Residence

Price Type --

Experience the beauty of White Mountain living in this furnished cabin located in the exclusive Eagle Mountain Estates. Built in 2020, this home showcases exceptional craftsmanship throughout its 3-bedroom, 2-bath layout. Set on a naturally landscaped lot with engineered drainage for peace of mind, this cabin offers oversized covered porches both in the front and back—ideal for taking in the serene surroundings and outdoor living year round. Inside, you'll find splendid features including granite countertops, custom cabinets, and elegant tile work. The vaulted ceilings add a sense of spaciousness to the home. Located in a peaceful, gated community, this cabin provides a perfect blend of tranquility and stylish amenities. Welcome home!

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20590 W Daniel Place Buckeye, AZ 85396

$599,000

5 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6758248

Property Type Single Family Residence

Price Type --

This beautiful 5-bedroom, 2-bath home, located in the Main Street District, offers an inviting and spacious layout, perfect for those who love to entertain and enjoy outdoor living. With a soaring vaulted entry, 10-ft ceilings, and 8-ft doors, this home feels spacious and inviting at every turn. The open-concept kitchen and great room provide a seamless flow, making it ideal for gatherings. The kitchen is equipped with granite countertops, stainless steel appliances, a newer Bosch dishwasher and disposal, large pantry, and a stylish backsplash. The fridge, freezer, washer, and dryer all convey with the home, ensuring it's move-in ready. The primary suite is a peaceful retreat with beautiful mountain views, featuring double sinks, a separate tub and shower, and a generously... sized walk-in closet. The four additional bedrooms are conveniently located near the secondary bathroom, which features double sinks and a tub-shower combo. Step outside to your own personal oasis and relaxunder the extended covered patio, complete with roller shades for added privacy and comfort. Unwind in the pergola's cozy sitting area, the perfect spot to take in stunning evening sunsets. The beautifully designed paver pathways, planters, and additional sitting areas enhance this outdoor space, offering a variety of options for entertaining or simply enjoying the peaceful surroundings. With breathtaking mountain views and view fencing that creates a sense of openness while maintaining privacy, this backyard retreat is truly a gem. Paver-lined pathways lead from the backyard to the front, providing a cohesive and outdoor space. Whether you're entertaining friends or simply enjoying a quiet evening under the stars, this home offers a balance of comfort and charm. This home is filled with thoughtful upgrades, including a new saltless water softener installed in 2023, a Chamberlain garage door opener installed in 2023, side entry door and built-in cabinets with a workspace in the garage. The A/C unit features an air scrubber filtration system for cleaner air. Additional features include exterior recently painted in 2022, rain gutters installed at front entry, a screened door on the front porch, and ceiling fans throughout for added comfort. Built by Meritage, this house is highly energy-efficient, featuring tinted UV-protected windows, climate-sealed foam insulation, and 2x6 construction. Conveniently located near Main Street, Walton Park, Verrado Elementary, and Verrado Middle School, this home is perfect for those seeking vibrant community engagement or simply to meet friends and neighbors at the park for enjoyable afternoons. Verrado offers an array of amenities, including shopping, local restaurants, hiking and biking trails, two additional outdoor pool locations, a fitness center, top-rated A+ schools, and over 78 parks. Community events are hosted throughout the year, creating a connected lifestyle. Make this your next home today!

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11915 E Magma Road Florence, AZ 85132

$599,000

4 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6763508

Property Type Single Family Residence

Price Type --

Bring horses, RV, toys, & build your dream 1500 sq. ft. workshop on the 30' x 50' poured concrete pad! Huge 1.248-acre lot, No HOA, custom fencing, 3 car 800 sq. ft. open fully insulated garage with its OWN AC, wash sink, & 220V outlets. Completed in 2022 with 2x6 construction & modern design. Super bright kitchen featuring quartz, vaulted ceiling, and plenty of storage in the island & 42'' uppers. Elegant touches are prominent throughout the home with a barn door in primary, custom closet, modern lighting, & beautiful plank tile flooring. The home has been professionally sealed for efficiency & to keep out those pesky desert bugs. Front & back irrigation includes smart timer, valve box, & easily located expansion ends. Home warranty transfers through 7/25! 100% USDA financing eligible!

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4410 Noble Drive Wickenburg, AZ 85390

$599,000

2 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6757474

Property Type Single Family Residence

Price Type --

2.75% assumable loan. This beautifully designed home within the renowned Wickenburg Ranch community offers two bedrooms, two bathrooms, and an open floor plan that seamlessly connects the living spaces for a modern, airy feel. The living area flows effortlessly into a well-appointed kitchen, complete with ample cabinetry, sleek countertops, and a layout that's perfect for both casual meals and entertaining. The large sliding glass windows not only flood the home with natural light but also provide easy access to the outdoor living spaces, creating a perfect blend of indoor-outdoor living. Outside, this home truly shines. A beautifully landscaped yard frames a stunning pool, creating a serene oasis ideal for relaxation or entertaining. The covered patio, accessed through the large sliding glass doors, extends the living space outdoors, providing the perfect spot to enjoy a morning coffee or evening sunset. The charming covered front porch adds a welcoming touch, perfect for soaking in the tranquility of the desert surroundings. This home offers an unparalleled living experience, capturing the essence of refined desert living in one of Arizona's most sought-after communities.

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1130 N 2nd Street Unit 103 Phoenix, AZ 85004

$599,000

2 Beds

2.5 Baths

1,378 SqFt

Status Active

MLS # 6762880

Property Type Townhouse

Price Type --

Experience modern urban living at its finest in this stylish 2 bed/2.5 bath condo nestled in the heart of downtown Phoenix. Step inside to discover a seamless and inviting floor plan that effortlessly blends living, dining, and kitchen spaces. The great room boasts 2 garage-door windows, blurring the line between indoors and outdoors, creating the perfect setting for entertaining. Neutral tones, soaring ceilings, wood slat wall feature and upgraded recessed lighting enhance the contemporary ambiance. The immaculate kitchen exudes an industrial chic vibe, featuring white cabinets, sleek built-in appliances, quartz counters, and a waterfall center island with a breakfast bar. Two main bedrooms offer serene retreats with walk-in closets, upstairs laundry and private bathrooms. picturesque views from both bedrooms, while the ground floor gated patio offers a tranquil space overlooking Margaret T. Hance Park. This unit also presents a unique opportunity for business or residential use, adding to its versatility. Located amidst the vibrant downtown scene, you'll relish easy access to a plethora of dining, shopping, and entertainment options, all just moments from your doorstep. All Furniture available for purchase. 1 Covered Parking space included in gated garage. 3 month minimum for rentals.

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10684 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,312 SqFt

Status Active

MLS # 6759238

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning semi-custom residence spans over 2,300 sqft and is nestled on a generous 1-acre lot, free from HOA restrictions. Inside, you'll find a beautifully designed split floor plan featuring 4 spacious bedrooms and 3.5 baths. Each room offers direct bathroom access with premium showers, ensuring comfort and convenience for everyone. The gourmet kitchen is a chef's delight, equipped with SS appliances and elegant finishes. Step outside to enjoy the charm and privacy provided by the farm-style fencing. We warmly invite all buyers and buyer's agents to tour this remarkable property. Experience unmatched elegance and comfort!

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4333 S Pony Rider Trail Gold Canyon, AZ 85118

$599,000

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6766967

Property Type Single Family Residence

Price Type --

RESORT Style Backyard with Huge Extended Covered Patio Backs to Natural Wash with Superstition MOUNTAIN Views! Enjoy the Large Lap pool & NEWER Hot Tub to Relax after a nice swim.. 2 Bdrm/2 Bath with Separate Office/Den...Kitchen has a huge Island & Breakfast Bar with Granite Counters, Copper Sink & Backsplash, Open to Great Room / Formal Dining...Large Master Suite with Bay Window, Updated Master & Guest Baths...Enjoy this Beautiful Gold Canyon East Community close to walking and hiking trails, with low HOA dues.

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2300 E Campbell Avenue Unit 129 Phoenix, AZ 85016

$599,000

2 Beds

2.5 Baths

1,462 SqFt

Status Active

MLS # 6771475

Property Type Apartment

Price Type --

Experience the perfect blend of style and convenience in this sophisticated 2-bedroom, 2.5-bathroom condo with huge RARE private outdoor patio in prime Biltmore area. Designed with modern elegance, the condo features a gourmet kitchen with top-of-the-line stainless steel appliances, ideal for entertaining. The open-concept living area flows onto a spacious inside/out living areas, perfect for relaxing or hosting friends. Enjoy two primary suites with private baths, hardwood floors, custom walk-in closets, and power shades. The building boasts exceptional amenities, including a heated pool, two-story gym, rooftop patio with Camelback Mountain views, dog wash area, secure bike storage, and a chic club room. Additional conveniences include a separate storage unit and electric car charger With 24-hour surveillance and secure entry, this home offers peace of mind for frequent travelers. Located just blocks from shopping, dining, Trader Joe's, Whole Foods, and the Biltmore, this condo is an ideal retreat for the on-the-go professional.

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6713 E Elmwood Street Mesa, AZ 85205

$599,000

5 Beds

3.5 Baths

2,474 SqFt

Status Active

MLS # 6781829

Property Type Single Family Residence

Price Type --

Discover your dream home in this charming 5-bedroom residence, perfectly designed for multi-gen living! Enjoy the convenience of a full bedroom and bathroom located on the main floor. Step into a stylish kitchen featuring beautiful granite countertops, large kitchen island, and beautiful shaker cabinets —perfect for cooking and entertaining. Upstairs, you'll find a luxurious primary en-suite, along with three additional bedrooms and a conveniently located laundry room. The spacious loft is ideal for teens, movie nights, or a cozy retreat. The backyard is ready for your creative ideas to transform it into your personal oasis. Nestled in a small gated community, this home is just minutes away from schools, dining and shopping. Don't miss out on this fantastic opportunity!

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