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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1830 W Alta Vista Road Phoenix, AZ 85041

$555,000
5 Beds
3 Baths
1,554 SqFt
Status Active
MLS # 6717285
Property Type Single Family Residence
Price Type --
🏡 **Investment Opportunity: Tenant-Occupied Gem!** Welcome to your next lucrative real estate venture! Nestled in a sought-after neighborhood, this remarkable 5-bedroom, 3-bathroom house with a spacious backyard offers an irresistible investment opportunity. Here's why you should seize the chance: **Key Features:** 1. **Tenant Occupied:** Sit back and watch your investment grow effortlessly! This property is already generating substantial rental income, with tenants paying well above market rates. A stable income stream awaits you from day one. 2. **Prime Location:** Located in a desirable neighborhood, this property promises enduring value and high demand. Enjoy the convenience of proximity to schools, shopping centers, parks, and more, ensuring maximum 5 Bedroom Three Bath w/ Large Backyard Tenant in place at $3,495.00 per month 1830 West Alta Vista Road, Phoenix AZ 85034 ReModel Year 2024 New Roof: New Shingles / Roof Boards/ HVAC: 3 ½ Ton (Duct Cleaned ) 2024 by George Brazil Certificate of Service 2024 (George Brazil) Mini Split: 1 ton Brand New 2024 (ReCamera 5) ELECTRICAL: New Wiring throughout Lighting/Ceiling lights; Ceiling Fans (new) Plumbing: New Plumbing (with PEX-A) throughout FLOORING: Brand New (Bruce Hardwood flooring in Bedrooms) Porcelain Tile in Bathrooms Bathrooms: New Vanity Sinks, New Shower heads, New Hollywood LED mirror nEW Medicine Cabinets, New Bidet, Hand Held showers Paints: New interior painting (all rooms ; living rooms) New Exterior Paints + Stone Tiles in the front PAVERS: Brand new Pavers both in Front and Back Laundry Room: New General Electric Combo (Washer/Dryer) Home Depot Water Heaters: Instant Water Heater (Natural Gas) / Tankless Kitchen + Living Room: New Kitchen Island + New Kitchen with New Appliance Dishwasher/Garbage Disposal; Double Oven Range (not brand new) New Kitchen Cabinets Drawers/ Drawer pul Prime Location: Located in a desirable neighborhood, this property promises enduring value and high demand. Enjoy the convenience of proximity to schools, shopping centers, parks, and more, ensuring maximum tenant satisfaction and retention. Modern Upgrades: Say hello to worry-free ownership! With a brand-new roof, washer, dryer, and appliances included, you can rest assured knowing that maintenance costs are minimized, and tenant satisfaction is maximized. Expansive Backyard: Embrace the outdoors! The large backyard provides ample space for relaxation, recreation, and entertainment, making it an attractive feature for potential tenants seeking a lifestyle of comfort and leisure. New Paver Driveway: Impress at first sight! The newly installed paver driveway enhances curb appeal and sets the stage for a warm welcome, leaving a lasting impression on both tenants and visitors. Investment Highlights: Income Potential: Benefit from immediate cash flow with tenants already in place, offering an attractive return on investment. Low Maintenance: With recent upgrades and meticulous upkeep, enjoy hassle-free ownership and minimal expenses. Value Appreciation: Capitalize on the potential for long-term appreciation in property value, fueled by the property's prime location and enduring appeal. Don't Miss Out! This tenant-occupied treasure presents an exceptional opportunity for savvy investors seeking steady returns and long-term wealth accumulation. Act now to secure your future in real estate! Buyer to verify all facts and figures. Explore Your Investment Opportunity: Rental Property Perfectly Situated near South Mountain Park and Light Rail Access! Looking for an investment property that combines location, convenience, and income potential? Welcome to your next venture at the prime location of South Mountain Park and Light Rail Access! **Strategic Location** Nestled in the thriving area near South Mountain Park, this rental property offers the perfect blend of urban convenience and natural beauty. South Mountain Park, one of the largest municipal parks in the country, provides residents with endless opportunities for outdoor recreation, from hiking and biking to picnicking and enjoying scenic views. **Easy Access to Light Rail** With the convenience of nearby light rail access, commuting has never been easier for tenants. The new light rail line provides seamless connectivity to downtown Phoenix, making it ideal for tenants who work in the city center or nearby employment hubs. **Thriving Employment Opportunities** Located in close proximity to major employment centers, including downtown Phoenix and surrounding business districts, this property offers tenants convenient access to a wide range of job opportunities. Whether they work in healthcare, technology, education, or hospitality, tenants will appreciate the short commute times and easy access to employment options. **Investment Potential** With its desirable location, proximity to employment centers, and easy access to recreational amenities, this property presents a lucrative investment opportunity in the thriving Phoenix real estate market. Whether you're a seasoned investor or a first-time buyer, don't miss out on the chance to add this gem to your portfolio.

17473 W Elizabeth Avenue Goodyear, AZ 85338

$555,000
4 Beds
3 Baths
2,549 SqFt
Status Active
MLS # 6717971
Property Type Single Family Residence
Price Type --
What a deal! PAID OFF SOLAR PANELS!! and one of the bedrooms located on the first floor for guests or mother in law. Resort like backyard and beautiful balcony that overlooks the pool! This 4 bedrooms and 3 bathrooms home has it all from soaring ceilings, spacious family room, 3 car garage and much more! Don´t miss out this opportunity and make this home yours today!

237 N Cottonwood Drive Gilbert, AZ 85234

$555,000
4 Beds
2 Baths
2,298 SqFt
Status Active
MLS # 6749131
Property Type Single Family Residence
Price Type --
BACK ON THE MARKET!!! Welcome to Stonebridge Lakes! Your 4 bedroom, 2 bathroom home in a prime location in Gilbert awaits you. The 4th bedroom is set up as an office, perfect for remote working or running your business! Walk or bike to downtown Gilbert for plenty of entertainment nearby. You will fall in love with the open floorplan that this home has to offer. Just wait until you see the tranquil backyard with plenty of shade, storage and room for outdoor grilling. Stonebridge Lakes offers catch and release fishing, a playground, a community pool and spa. This home is also located in the top A-rated Gilbert Unified School District.

3121 N 21st Place Phoenix, AZ 85016

$555,000
3 Beds
2 Baths
1,557 SqFt
Status Active
MLS # 6740406
Property Type Single Family Residence
Price Type --
This beautifully remodeled mid-century gem offers a perfect blend of modern amenities and classic charm. Enjoy a spacious split floorplan that provides privacy and comfort for all. Your private oasis awaits with a covered pergola and extended patio, ideal for outdoor entertaining and relaxation. Experience tranquility in this secluded setting with excellent access to the Biltmore/Camelback area and downtown Phoenix. The recently remodeled kitchen features quartz countertops, 42'' cabinets, R/O faucet and modern fixtures. Upgraded bathrooms offer both comfort and convenience. Enjoy updated flooring throughout the home, interior doors, and a newer A/C unit. Don't miss the chance to own this stunning mid-century home that perfectly balances modern upgrades with classic style!

9722 E Tungsten Drive Mesa, AZ 85212

$555,000
3 Beds
2 Baths
1,803 SqFt
Status Active
MLS # 6751256
Property Type Single Family Residence
Price Type --
This immaculate lightly lived Eastmark residence feels brand new and is packed with desirable upgrades. Featuring 3 bedrooms + a dedicated office, this home is perfect for modern living. Soaring 10-ft ceilings, wood-look tile flooring, and ample natural light create a bright and airy ambiance. The well appointed kitchen features KitchenAid stainless steel appliances, a gas range, and quartz countertops. It seamlessly flows into the spacious great room featuring an ample dining space and a living room complete with a view of the covered patio thru the builder installed sliding glass door. The large backyard is an oasis complete with green grass and a healthy ficus hedge providing privacy as well as many other lush plants including various young citrus trees This meticulously maintained home is truly move in ready with all appliances including a water softener staying. More than a neighborhood, Eastmark is a vibrant community. Eastmark isn't just about houses; it's about fostering genuine connections and nurturing community. Here, diverse residents actively shape a welcoming environment where neighbors become friends. Living in Eastmark means enjoying a resort-inspired lifestyle, including a luxurious pool, splash pads, numerous parks including the City of Mesa Great Park with a stocked fishing pond, farm-fresh fare at the Steadfast Farm, The Handlebar Diner, and The Mark, the state-of-the-art clubhouse with year-round events and family-friendly games

22624 E Spyglass Boulevard Queen Creek, AZ 85142

$555,000
4 Beds
3 Baths
2,031 SqFt
Status Active
MLS # 6758944
Property Type Single Family Residence
Price Type --
Wonderful, Move in Ready Richmond American single level floor plan in SPUR CROSS that is only four years old. Super curb appeal with stunning ledgestone across the front of this home. This model has a few flexible options with 4 bedrooms and a den or bonus flex room. This home has beautiful wood plank tile flooring throughout and carpet in the bedrooms. You will love the open gourmet kitchen that looks out to the dining and living areas. Gorgeous chocolate cabinets with creamy white quartz and finished with a nice white subway tile backsplash. Plenty of extra seating at the kitchen island too, SS appliances and a large pantry for storage. The bathrooms all have marble countertops and white cabinets. The master bedroom has 2 separate walk-in closets, a master bath with... double sinks and a large walk-in shower. Elegant lighting, hardware, fans, plantation shutters and wood blinds are found t/o this home. For your convenience, an R/O system and water softener are already in place. Low maintenance living in the backyard with covered patio, pavers, and a large turf area to enhance the outdoor entertainment. This is a unique neighborhood that features many winding paths for walks and bike rides, a community pool for your enjoyment, ramadas throughout, a basketball court and so much more. Put this home on your list to see!

22939 E Pummelos Road Queen Creek, AZ 85142

$555,000
2 Beds
2 Baths
1,897 SqFt
Status Active
MLS # 6767687
Property Type Single Family Residence
Price Type --
The seller is open to considering concessions with your offer! Step into extraordinary living with this stunning 2021 home, where space and charm exceed expectations. Situated in Queen Creek's sought-after Harvest community, you'll enjoy resort-style amenities including two heated pools, a splash pad, scenic trails, parks, and a beautiful 1.5-acre lake. Indulge in local flavors at nearby Queen Creek Olive Mill and Schnepf Farms. Inside, you'll find bright, inviting spaces with a kitchen designed for gatherings and a primary suite that serves as your personal retreat. The backyard is an oasis for tranquil afternoons. Your dream lifestyle awaits!

2511 W Queen Creek Road Unit 164 Chandler, AZ 85248

$555,000
2 Beds
2 Baths
1,466 SqFt
Status Active Under Contract
MLS # 6648361
Property Type Apartment
Price Type --
Located in the sought-after Downtown Ocotillo area. Built in 2023.This property boasts a comprehensive range of high-end amenities and upgrades designed to offer an exceptional living experience. A significant 950 square foot patio accessible from both the living room and master bedroom, offering extensive outdoor private space, which is a rare find in urban living environments. Gourmet Kitchen: Equipped with upgraded KitchenAid stainless steel appliances, white maple cabinetry, and two pantries—one with pullout shelving and another with custom shelves. The presence of quartz countertops and a spacious island enhances both its functionality and aesthetic appeal. An additional room that can serve as a den or office, featuring a Jack and Jill bathroom, providing a practical and flexible living space that can be tailored to various needs. Large laundry room complete with cabinets, shelving, and a soft water system, indicating a thoughtful consideration towards practicality and convenience in home design. High pH reverse osmosis (RO) water system is a notable feature, emphasizing the property's commitment to health and wellness. Wood-look style porcelain tiles offer a durable yet aesthetically pleasing flooring option, while upgraded light fixtures and a coat closet add to the property's luxurious feel. The inclusion of smart home security and the ButterflyMX system highlights the modern and secure living environment, catering to the increasing demand for integrated technology in residential spaces. A private gated garage and locked bike room storage suggest a high level of convenience and security for residents, addressing common urban living concerns. Proximity to restaurants, entertainment options, farmers markets, and more, underscores the appeal of urban living, with essential amenities and leisure activities within walking distance. This property appears to offer a blend of luxury, convenience, and modern amenities, making it an attractive option for those seeking a high-quality living experience in Downtown Ocotillo. With over $70,000 in upgrades, it reflects a significant investment in creating a space that is both comfortable and stylish, catering to the needs and preferences of discerning residents. Near INTEL, Price Technology Corridor, Restaurants, Shopping, Entertainment and Freeways.

6146 E Quartz Circle Mesa, AZ 85215

$555,000
4 Beds
2 Baths
2,115 SqFt
Status Active Under Contract
MLS # 6731888
Property Type Single Family Residence
Price Type --
Spacious 4 bedroom 2 bath home with an outstanding floor plan is located on a cul de sac street with less traffic and NO HOA. As you enter the home, you'll notice the openness with vaulted and 9 ft. ceilings throughout. There are 2 large living areas and dining rm. The kitchen includes a refrigerator and opens to the family rm with a cozy fireplace, 2 skylights, and breakfast dining area with views of the yard. Dual pane windows, ceiling fans and plantation shutters help keep you cooler in the summer. There are split bedrooms, with the primary being on the opposite side of the house from the others. The 4th bedroom is also separated and would make a great office, etc. The primary has access to the patio and yard, and has a good-sized bathroom with dual sinks and walk-in closet. The private backyard with no homes behind, boasts a large tiled covered patio, relaxing gazebo, and views of beautiful Red Mountain. On the way to the garage, you will notice the inside laundry room that includes a washer and dryer. The 3 car garage has a 9 ft ceiling, cabinets, overhead storage, and water softener. This well kept neighborhood is convenient to shopping, schools, and the 202 freeway.

10433 E Tesla Avenue Mesa, AZ 85212

$555,000
2 Beds
2 Baths
1,694 SqFt
Status Active Under Contract
MLS # 6750655
Property Type Single Family Residence
Price Type --
2bdrm/2bth home located in an active adult community. 1,694 sq ft home features an extended den, & great rm which boasts an open-concept plan with a 12' multi-slider off the nook, allowing ample natural light to flow through. The kitchen is equipped with SS appliances including a gas stove, staggered maple cabinets, granite counters, & a lg island, complemented by a W-I pantry & a laundry rm with a utility sink. Primary bath offers a raised vanity with dble sinks, W-I shower, & W-I closet adding a touch of luxury. This home has a 2 car garage, on a corner lot that backs to a common area. The extended covered patio boasts travertine overlay, gas fire pit & turf providing a low maintenance yard! Community offers pickle ball, tennis, bocci ball, a club house with workout facility & much more

33002 N Pebble Creek Drive San Tan Valley, AZ 85143

$555,000
4 Beds
3 Baths
3,293 SqFt
Status Active
MLS # 6742840
Property Type Single Family Residence
Price Type --
Awesome two-story property ready to go! Fall in love with the manicured landscaping, 3-car tandem garage, and sweet curb appeal. The immaculate interior has pre-wired surround sound, ample living spaces with endless entertainment possibilities, sizable bedrooms, and an updated A/C unit for convenience. The open-concept kitchen features new stainless steel oven refrigerator and dishwasher, an island with a breakfast bar, granite counters, plenty of cabinets, and a walk-in pantry. In the oversized main retreat, you'll find a walk-in closet and a private bathroom for added comfort. Discover a serene backyard boasting a grassy area, covered patio, and sparkling blue pool. Electrical hookup also available for detached hot tub. ****Buyer failed to fulfill contingency, back on market****

5521 W Butler Drive Chandler, AZ 85226

$555,000
3 Beds
3 Baths
1,410 SqFt
Status Active
MLS # 6767050
Property Type Single Family Residence
Price Type --
Totally upgraded from top to toe ,in and out the last 2 yrs! Quartz counters in kitchen and island bar, all new appliances, Vaulted ceiling, fireplace and wood shutter in great room with access to side yard for early morning coffee. New air conditioner ,new water heater, new shingles, new windows and doors. Pavers and turf front & back 3 bedrooms,3 bath rooms. Downstairs bedroom & 3/4 bath...ideal guest room! Cozy loft upstairs adds space. Balcony too. Generous oasis back yard with pool, pavers tiled patios and tile surrounding pool! Grassy turf in the right places front and back for low maintenance.. The sparkling pool is so refreshing. Extra lighting invites you out after dark to enjoy and entertain .Double RV gate for boat or trailer or bikes. Storage shed., stuccoed block wall too

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