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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17033 E Bobwhite Way Rio Verde, AZ 85263

$574,900

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6774586

Property Type Single Family Residence

Price Type --

Now complete, move-in ready, Just off 172nd (paved road). Minutes from trails, w/great hiking and Biking. Enjoy horseback riding with easy access to trails. The beautifully designed Durango Plan offers 10 ft high ceilings and polyurethane spray foam insulation for exterior house walls and attic. Open floor plan, great for entertaining. The kitchen features SS Appliances, White shaker-style cabinets with Soft Close Drawers and Doors, a nice-sized pantry, and a large Island for extra seating. Electric built-in cooktop with separate oven. Jack-N-Jill bedrooms with full bathroom. Tile-plank flooring throughout the home. The primary bedroom boasts a private exit to the back patio, a large closet, dual vanities, and a large easy access enclosed tiled shower. 3 car attached garage.

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23012 N Giovota Drive Sun City West, AZ 85375

$574,900

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6769607

Property Type Single Family Residence

Price Type --

Discover the epitome of retirement luxury in this exceptional 1,904 sq ft home, perfectly positioned on a larger lot with no direct rear neighbors, offering maximum privacy and serenity. Embrace the elegance of a lushly landscaped front yard featuring a private courtyard complete with a cozy fireplace, setting the scene for unforgettable gatherings. Step inside and be greeted by the impressive rotunda foyer leading to an open-concept living space. Seamlessly connecting the living, dining, and kitchen areas, this layout is ideal for entertaining and everyday living. The kitchen boasts granite countertops, raised panel cabinets with both under and upper lighting, and a breakfast bar island for your culinary explorations. The primary suite is a sanctuary of comfort, offering ample room for a sitting area or office workspace, a walk-in closet, dual sinks, a vanity counter with granite tops, and a beautifully remodeled master walk-in custom shower. Across the home, find two additional spacious bedrooms with easy access to a second bathroom featuring a walk-in shower. This residence is further enhanced by plantation shutters, 18 southwestern tiled flooring, newer tile plank flooring in bedrooms, upgraded lighting fixtures, a newer hot water heater, and a water softener system. The rear yard is a private retreat with a raised conversation firepit area, built-in BBQ, extended patios, and rear awning  all designed for your relaxation and enjoyment. Experience active adult living at its finest in one of Corte Bella's most exquisite homes. Don't miss out on this unique opportunity to own a piece of paradise!

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520 S Roosevelt Street Unit 1009 Tempe, AZ 85281

$574,900

2 Beds

2.5 Baths

1,483 SqFt

Status Active

MLS # 6743200

Property Type Apartment

Price Type --

Tempe Urban Living, now ''Skye 15 Lofts'', nestled within the Riverside-Sunset Neighborhood just west of Mill Avenue in Downtown Tempe, is truly an architectural gem. Designed by the Baldinger Studio, this large 2 bed, 2.5 bath loft shares a common modern DNA: open floor plans, exposed block construction, Rooftop Terraces, urban Backyard w/synthetic grass, and European style cabinetry. But most importantly, they share modern minimalist architecture that is unique not only to Downtown Tempe, but to the entire Valley of the Sun. This dwelling is walking distance to the Metro light rail, Tempe Town Lake, Mill Ave Streetcar, Whole Foods Marketplace, Mill Avenue with tons of shops and restaurants, ASU and everything else downtown Tempe has to offer!

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3426 W Carter Road Phoenix, AZ 85041

$574,900

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6773448

Property Type Single Family Residence

Price Type --

This stunning home has it all! 4 y/o Woodside home with endless upgrades in gated community. Kitchen is perfect for preparing & sharing meals and memories, Gas stove with stainless range hood, wall oven and microwave, upgraded refrigerator, step in pantry, extended island and beautiful backsplash. Home has large den/office; upgraded shutters throughout the home. The backyard is a beach lover's dream with a gorgeous pool that has a fountain and a large Baja step. The backyard also has a custom Palapa and a putting green. Extended patio with ceiling fan and turf for easy maintenance. Surround sound is installed in the home. House was set back further than others to allow for a longer driveway for room to park an extended vehicle. Home neighbors beautifully landscaped greenbelt.

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3448 W Sunshine Butte Drive San Tan Valley, AZ 85144

$574,900

4 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6777185

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bath home, nestled near the beautiful San Tan Mountains in a wonderful neighborhood. This 3,290 square foot home features large vaulted ceilings and newer flooring throughout. The updated kitchen is perfect for any home chef, and the pebble tech pool offers a refreshing retreat. With solar panels and a Tesla charger connection in the 3-car garage, this home is both eco-friendly and convenient. Enjoy the spacious layout and all the modern amenities this home has to offer. The community also boasts a park, schools, walking paths, and plenty of shopping and restaurant amenities nearby.

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4307 E Jesse Street Gilbert, AZ 85295

$574,900

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6784518

Property Type Single Family Residence

Price Type --

To be built: This beautiful Blue Streak plan, 1693 sf single story home with 2 car garage side entry garage is beautifully laid out with 3 bedrooms and 2 baths off a spacious great room with open kitchen. The master bedroom features a roomy walk in closet and a beautiful appointed master bath highlighted by a separate bath and shower. Come visit Cooley Station by Fulton Homes, you won't be disappointed!

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2545 E Vista Bonita Drive Phoenix, AZ 85024

$574,900

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6768128

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2.5-bathroom home in the highly sought-after Crescent Butte neighborhood (perfect for an AIRBNB or personal residence). As you approach, you'll be greeted by a charming exterior with stunning curb appeal, setting the tone for what lies inside. Step through the front door and into a light-filled space, featuring large arched windows that flood the home with natural light. The newly remodeled kitchen is a showstopper, complete with crisp white shaker cabinets, elegant quartz countertops, stainless steel appliances, and under-cabinet lighting. Luxury vinyl plank flooring flows throughout, offering both style and durability. The spacious primary suite offers a peaceful retreat, boasting a spa-like bathroom with modern finishes and a large walk-in closet. The additional three bedrooms provide ample space, perfect for a growing family or those who need a home office or guest room. The backyard is a true oasis, with lush green grass that's perfect for relaxing evenings or entertaining friends and family. With a newer HVAC system (2021), this home is move-in ready, ensuring your comfort year-round. Located in the heart of Crescent Butte, you'll enjoy the best of both worlds: a serene neighborhood with easy access to local amenities, parks, and schools. Don't miss the opportunity to make this stunning home yours!

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1309 E Ellis Drive Tempe, AZ 85282

$574,900

3 Beds

2 Baths

1,852 SqFt

Status Active Under Contract

MLS # 6767556

Property Type Single Family Residence

Price Type --

No HOA!!! This beautiful 3-bed, 2-bath home w/ pool in a highly desirable area of Tempe offers all the convenience with easy access to the 101 & 60 freeways, Sky Harbor, ASU and all the dining and shopping you need! It gets even better with a complete remodel in 2018 including new wood-look tile flooring, new AC, new roof, new paint, new windows and new cabinets and countertops. This home is move-in ready with a washer/dryer and refrigerator as well as a neutral palette to suit any style. When you want to entertain, step outside to the expansive backyard where you will find an oasis ideal for entertaining, cooling off in the pool or simply enjoying the Arizona sunshine. The covered patio offers shade for those warm afternoons, while the low maintenance yard allows for more leisure time and less upkeep. Don't miss out on this incredible opportunity to own a piece of Tempe real estate! Come take a tour today and fall in love with everything this home has to offer. **Please note that the large cactus in the front yard was removed on 11/16/24.

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12414 N 33rd Street Phoenix, AZ 85032

New

$574,900

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6787192

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath home on a spacious lot with no HOA in Paradise Valley West! Enjoy east-west exposure and a remodeled interior featuring a formal living room, a family room, and wood laminate flooring. The updated kitchen boasts an Alexa-enabled Smart Faucet, island breakfast bar, quartz countertops, stainless steel appliances, and white shaker cabinets. The primary bedroom offers French doors to the backyard and a stylish en suite bathroom with touch-screen mirrors. Bonus: A separate guest house (single-wide) offers Airbnb potential or extra living space. The enclosed carport serves as a 2-car garage, complete with 220 EV charging, and the property includes two RV gates, a dog wash tub in the laundry room, and owned solar that conveys at no cost. cost, adding energy efficiency. Located near freeways, shopping, dining, schools, parks, and hiking trails, this home offers unbeatable convenience. Schedule your showing today!

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2166 S 217th Lane Buckeye, AZ 85326

$574,900

4 Beds

2.5 Baths

3,523 SqFt

Status Active

MLS # 6729300

Property Type Single Family Residence

Price Type --

This spectacular two-story home is perfect for a large family with plenty of room to spread out! Enjoy New Paint outside, new carpet, a water softener, and OWNED solar panels for energy efficiency. Downstairs offers eat in kitchen to entertain your guests with ease. Upstairs boasts four spacious bedrooms with ample closet space. The master bedroom has French doors, walk-in closet and garden tub plus separate shower. Step outside to find your own private oasis complete with brand new sparkling pool, landscaping and views of the desert green belt! Plus there's an extended driveway, three car garage, RV gate and plenty of slab parking. This home is located conveniently close to shopping, restaurants, easy freeway access, hiking & more!

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12384 W Hazelwood Street Avondale, AZ 85392

$574,900

8 Beds

4 Baths

3,900 SqFt

Status Active

MLS # 6746885

Property Type Single Family Residence

Price Type --

Welcome to this spacious 8-bedroom, 4-bath home with a 3-car garage, featuring the quality craftsmanship of a DR Horton floor plan. The heart of this home is the enormous kitchen, complete with cherry cabinets, stainless steel appliances, granite countertops, and a large island—perfect for cooking and entertaining. The master suite offers a luxurious retreat with dual vanities, a separate garden tub, shower, and a huge walk-in closet. Step outside to the spectacular private backyard, where a covered patio spans the entire width of the home, ideal for outdoor gatherings. With dual AC units and a desirable North/South exposure, you'll enjoy comfortable indoor temperatures year-round while keeping utility costs low. Don't miss out on this exceptional property!

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33395 N 132nd Drive Peoria, AZ 85383

$574,900

4 Beds

2.5 Baths

1,940 SqFt

Status Active

MLS # 6748045

Property Type Single Family Residence

Price Type --

MOVE IN NOW! Welcome to your brand NEW HOME in Villages at Vistancia, North Peoria. With a premium oversized lot and a north-facing view, you are surrounded by the natural beauty of the Sonoran desert and the mountains. Step inside this elegant Shiloh Model by Beazer Homes. 1942 sq.ft. of living space, 4 BED + 2.5 BATHS + 2 CAR Garage with a Double RV Gate! Open concept main living area with classic herringbone-natural wood look porcelain tile floors, 12' great room double sliding doors, LED recessed canned lighting, oil rubbed bronze fixtures and hardware, upgraded designer wood shutters, blinds, trim, and doors throughout. The open-concept kitchen features beveled edge warm-tone granite countertops and an island, rich walnut cabinets, under-cabinet lighting,... stylish smoked glass pendant lighting, stainless steel Whirlpool appliances with double ovens, and a pantry for all your storage needs. Spacious master suite with wood shutter and can-lighting, master bath features porcelain tile floors, executive height granite vanity, double sinks, oil rubbed bronze fixtures, large walk-in shower with dark trim, and a walk-in closet. 3 additional bedrooms, a full bathroom, and a convenient powder room offer plenty of space throughout the home. Pre-wired for cameras, security flood lights, electric car, solar, and ceiling fans. Step out back and enjoy the scenic mountain views, bring your decorating ideas, and create your perfect Arizona oasis on this premium oversized lot. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. Full list of updates available.

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