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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2226 N Shannon Way Mesa, AZ 85215

$595,000

2 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6772985

Property Type Single Family Residence

Price Type --

LOCATED ON THE 4TH TEE BOX OF APACHE WELLS GOLF COURSE. THIS EXCELLENTLY MAINTAINED 2 BEDROOM 2 BATHROOM HOME IS READY TO MOVE RIGHT INTO. NEWER KITCHEN CABINETS AND BACKSPLASH. NEW QUARTZ COUNTERTOPS. NEW FLOORING IN LIVING ROOM. PATIO HAS BEEN EXTENDED AND AN ELECTRIC AWNING INSTALLED IF IN NEED OF SHADE. BEAUTIFUL ARIZONA SUNSETS FROM BACK PATIO. THIS WILL NOT LAST LONG. SHOW AND SELL!

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8053 E Natal Avenue Mesa, AZ 85209

$595,000

3 Beds

2 Baths

1,995 SqFt

Status Active

MLS # 6773042

Property Type Single Family Residence

Price Type --

This gorgeous home has a true deep 3 car garage. The kitchen overlooks a large, vaulted living room and dining room. The kitchen also is vaulted and shows upgraded cabinets, quarts countertops, breakfast bar, designer tile backsplash, upgraded stainless steel appliances and much more. 24'' designer tile flooring in all traffic areas. Newer roof and A/C.

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16566 W Saguaro Park Lane Surprise, AZ 85387

$595,000

4 Beds

2.5 Baths

2,326 SqFt

Status Active

MLS # 6777846

Property Type Single Family Residence

Price Type --

Lifestyle is Included with this Turn-key, 4 Bedroom, 2.5 Bathrooms, 2023 New Construction home in the most desirable Asante Master-plan Community. With a Rare Sparkling Pebble-tech Heated Swimming Pool featuring a Baja Deck & Self cleaning pop-ups, this backyard features a large Turf Grassy Play-yard, White Travertine Decking, Covered Patio & Mountain Views. Large Desert Wash behind the home. Add this Lifestyle to the perfectly upgraded interiors with a Gas Stove/Oven Kitchen, Microwave, & Refrigerator/Washer/Dryer Included. 3 Car Tandem Garage, Ring Doorbell, Walk in Pantry, Split Floor-plan. Easy access to the 303, Shopping, Dining, Restaurants, Services. Location, Location, Location.

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1392 E Sierra Madre Avenue Gilbert, AZ 85296

$595,000

4 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6773240

Property Type Single Family Residence

Price Type --

Welcome to this stunning, updated two-story home situated on a prime corner lot directly across from a large community park. Enjoy easy access to a playground, volleyball courts, ramada, and open green spaces—perfect for outdoor activities and relaxing afternoons. This home offers north/south exposure, filling the interior with natural light throughout the day. All bedrooms are located upstairs, providing extra privacy from the main living areas. The kitchen has been fully updated with modern appliances and a reverse osmosis system, making it as functional as it is stylish. The backyard is a true oasis, featuring a large pebble tec pool, ideal for cooling off during hot Arizona summers or hosting weekend gatherings.

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21199 E Domingo Road Queen Creek, AZ 85142

$595,000

4 Beds

3 Baths

2,241 SqFt

Status Active

MLS # 6775346

Property Type Single Family Residence

Price Type --

Welcome to your beautiful home in Nauvoo Station! This stunning 4-bedroom, 3-bathroom home offers a light, bright and open concept layout, perfect for modern living. The spacious great room flows seamlessly into the bright and open kitchen, complete with stainless steal appliances and plenty of storage. The primary suite is a true retreat, featuring a large shower, expansive walk-in closet, and ample space to unwind. A versatile bonus room can be used as a home office, kids playroom or teen hangout space, allowing flexibility to meet your family's needs. Step outside to the entertainer's backyard, where you'll find a sparkling pool, turf, low-maintenance hardscape, a cozy fire pit area, and a built-in gas grill - perfect for gathering with family and friends. Don't miss out on this home!

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4513 Jackpot Road Wickenburg, AZ 85390

$595,000

2 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6777905

Property Type Single Family Residence

Price Type --

Discover 4513 Jackpot Rd, a gem in the Trilogy at Wickenburg Ranch! 55+ and Living Resort. Part of the rare and discontinued Maverick Collection, this 2021-built, single-level home offers 1,818 sq ft of modern living with 2 master bedrooms, each with a full bath, plus a guest half bath. The open floor plan includes a versatile den, a stylish kitchen with GE appliances, and a large island with a double basin sink. Enjoy breathtaking views of the Weaver Mountains from the backyard, featuring a built-in BBQ, firepit, and stone patio with a cover. Complete with a 2-car garage, this home is listed at a great price! Don't miss out! Home will be sold unfurnished.

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5104 N 32nd Street Unit 105 Phoenix, AZ 85018

$595,000

2 Beds

2 Baths

1,277 SqFt

Status Active

MLS # 6779143

Property Type Apartment

Price Type --

This beautifully remodeled condo in the most desirable building at The Meridian, it's just steps away from a resort-style pool, shopping, and dining. This 1277 square foot two-bedroom, two-bath condo has been meticulously reimagined. The interior boasts modern flooring, custom baseboards, unique doors, and a custom-designed media wall cabinet that enhances the living space. A custom designer kitchen with elegant cabinetry, a premium stainless Hansgrohe faucet, designer series Kitchenaid stainless steel appliances, a built-in 24'' two-zone beverage and wine center, and a stunning black satin granite countertop. Just wait if the living room and kitchen weren't enough to make your jaw drop. The large Pirmary suite includes a spa-like bath featuring a James Martin vanity, Taj Mahal quartzite countertops, a free-standing soaking tub, and designer Kohler fixtures. Additional features include custom-designed closets, designer lighting, a Nuvo water system, a new sliding glass patio door, new windows, and a solar patio sunshade. This condo offers a perfect blend of style, luxury, and efficiency in the heart of Arcadia and Biltmore living, making it an ideal place to call home.

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5711 E Greenway Street Mesa, AZ 85205

$595,000

4 Beds

3 Baths

2,201 SqFt

Status Active

MLS # 6780661

Property Type Single Family Residence

Price Type --

Welcome to the desirable Alta Mesa neighborhood! This spacious cul-de-sac home features a versatile finished split-level basement, complete with a large bedroom and full bathroom, perfect for an in-law suite, home theater, game room or gym. Enjoy energy savings with a brand-new, paid-off solar system—no complicated lease! The new roof and AC provide comfort and peace of mind year-round. The stunning kitchen boasts custom cabinets, granite island countertops, and a large pantry. Freshly painted interiors create a bright, inviting atmosphere, ready for your personal touch. The expansive private backyard is a summer oasis, adjacent to a sparkling pool for relaxation. Nestled among lush golf courses and community parks, this home combines serene living with easy access to outdoor recreation. Located just minutes from Boeing, grocery stores, Mendoza Elementary, and Shepard High School, this property has it all. Don't miss your chance to own a beautiful home in a fantastic location!

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7610 W Orangewood Avenue Glendale, AZ 85303

$595,000

3 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6782224

Property Type Single Family Residence

Price Type --

Huge lot Ranch and horse property in the middle of the West Vally. More than half an acre for your RV, boat and toys. Two way fireplace from master bedroom to living room. HOME CONVEYS AS-IS AND VERIFY ALL IMPORTANT INFORMATION NECESSARY at BUYER'S EXPENSE. HOME INSPECTION ENCOURAGED. SELLER WILL NOT DO REPAIRS OR CLEANING. NO SIGN ON PROPERTY. With some updating & proper cleanup this property will be a lot more than the asking price. Compare the price on the active listing on the same street.

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15646 S 43rd Way Phoenix, AZ 85048

$595,000

4 Beds

2.5 Baths

1,947 SqFt

Status Active

MLS # 6781941

Property Type Single Family Residence

Price Type --

This 4 bed 2.5 bath home offers ample yet cozy space. As you step in you will notice the cathedral ceilings and the pillar off of the foyer. The kitchen has the space for entertaining and cooking as it flows directly into the family room and you will find all the bedtooms upstairs. The backyard features a pool and even more room to entertain or just relax on a sunny day. The home is located close to shopping dinning and is minutes away from major freeways.

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2105 W Yucca Drive Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6783979

Property Type Single Family Residence

Price Type --

Welcome to this bright and airy home, where every room feels welcoming and filled with light. The large great room, complete with a cozy fireplace, is perfect for gatherings or quiet nights in, offering plenty of space for everyone to relax. Each bedroom is generously sized, giving you room to stretch out and create your own sanctuary. The layout flows beautifully, with natural light enhancing every corner and making the entire space feel open and inviting. Experience the ease of owned solar as you enjoy living in this fantastic home! Outside, this home continues to impress. Set on a larger lot, the property includes a fully fenced yard that offers both privacy and space to enjoy. The backyard is a true retreat, featuring a private pool for warm Arizona days and a lush grassy area ideal for greenery, adding character and charm to the outdoor space. Covered front and back porches extend your living area, perfect for morning coffee, evening unwinding, or hosting friends and family. For those with projects or hobbies, the property includes a 31' X 14' RV garage with 12' doors that includes electricity;a versatile space ready to meet any need. With room to breathe, beautiful views, and thoughtful details throughout, this home offers comfort and functionality, creating a welcoming retreat inside and out.

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7122 W Spur Drive Peoria, AZ 85383

$595,000

3 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6785445

Property Type Single Family Residence

Price Type --

Don't wait for a new build—you have it all in this 2020 built Pulte Sagebrush model! This stunning 3-bedroom, 2-bathroom home is perfectly situated on a desirable corner lot in the sought-after Aloravita neighborhood, featuring multiple playgrounds and beautiful green spaces for gathering with friends and family. The home boasts a thoughtfully designed floor plan with a stunning color palette throughout, a large covered patio for outdoor living, and a beautifully landscaped backyard with room for entertaining and children's play. Inside, you'll find a modern kitchen with quartz countertops and premium finishes, a spacious primary suite extended 2 feet in the bedroom and luxurious en-suite bathroom. The separate laundry room is complete with cabinets and a laundry sink. Additional upgrades include a tankless water heater and water softener. An ideal location near shopping, top-rated schools, and within a popular school district. This home offers comfort, style, and conveniencedon't miss this opportunity!

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