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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20033 W Turney Avenue Litchfield Park, AZ 85340

$550,000

3 Beds

2 Baths

2,270 SqFt

Status Active

MLS # 6751119

Property Type Single Family Residence

Price Type --

Beautiful newer home with great upgrades. 3 bedrooms with a den, 2 bathrooms, 2 car garage and North/South facing. Paver drive and sidewalk lead into soaring 11 foot ceilings and luxurious wood plank tile to a gourmet kitchen with upgraded tall white cabinets, gas stove, stainless steel appliances and quartz counter tops. Open living and dining concept, ceiling fans, curtains, and blinds make it feel like home. Luxurious Master bath with full glass walk in shower, huge closet and mirrors and two sinks. Edison light fixtures give a soft touch. 2 Enormous glass sliding doors extend living space into the outdoors, a short walk to 2 huge grassy parks complete with shaded tables. Verrado is one of the biggest master planned communities around with great amenities. Come see it today!

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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

Status Active

MLS # 6752994

Property Type Apartment

Price Type --

commissions

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6090 N Stratford Court Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,090 SqFt

Status Active

MLS # 6767709

Property Type Single Family Residence

Price Type --

Welcome to Beaver Creek Preserves! A gated community nestled in Northern Arizona, 30 minutes south of Sedona. Complete with community walking trails, clubhouse, community pool, and work-out facility. Brand new, never lived in home built in 2023, with 3 bedrooms plus a den, 2.5 bathrooms, 2 car garage and an RV garage. Enjoy the serenity of Beaver Creek Preserves. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas. The modern rustic charm of the finishes and mountain views, one you do not want to miss!

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22274 E Cherrywood -- Queen Creek, AZ 85142

Open House

New

$550,000

4 Beds

2.5 Baths

2,083 SqFt

Status Active

MLS # 6786964

Property Type Single Family Residence

Price Type --

Best Lot in La Sentiero! This stunning home sits on an oversized cul-de-sac lot with an RV gate that opens directly to the park! Located in Queen Creek, it's just minutes away from shopping, dining, and entertainment. Step inside this beautifully designed 4-bedroom, 2.5-bath residence, complete with a spacious 3-car garage. The open-concept layout is filled with natural light, highlighting the home's modern finishes. The upgraded kitchen is a chef's dream, featuring extended cabinetry, sleek white quartz countertops, and stainless steel appliances. Key features include: stylish wood-look tile flooring in high-traffic areas, a grand front entry with a dramatic hallway leading to a spacious great room, a generously sized laundry room with room for an extra refrigerator or freezer

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3630 W Folley Street Chandler, AZ 85226

$550,000

3 Beds

2.5 Baths

1,580 SqFt

Status Active

MLS # 6778680

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom home on a large lot with a sparkling private pool. Kitchen has been updated with white cabinets, subway tile style backsplash, butcher block countertops, open shelving, stainless steel appliances. Updated wood flooring, updated bathrooms with a tile surround walk in shower in primary bath. Large master with walk in closet. Separate office was added with AC but is not included in sf, great for remote work. Backyard has am extra large aluminum patio cover, pool kool decking has been refinished, new pebbletech finish on the pool. Large grass backyard for activities. Large RV gate with area for toys and NO HOA. Large park on side and back of home so only 1 neighbor which makes this lot very private. Great home and neighborhood, for the price. Each bathroom has been thoughtfully updated, providing a fresh and modern feel. Enjoy year round comfort with a brand new AZ system & the added benefit of a new porch cover, prefect for outdoor relaxation. The backyard oasis is a true highlight, featuring a sparkling private pool with a new pebble tech finish, refinished Kool decking and an extra large aluminum patio cover-ideal for entertaining or unwinding under the sun. The expansive grass backyard offers plenty of space for activities, while a large RV gate provides convenient access for toys or additional storage. With no HOA, you can enjoy your home and lifestyle without restrictions. Separate garage office with AC (not included in sq footage) offers a perfect set up for remote work, allowing you to maintain a work life balance effortlessly. Located close to 101 & 202 highways, within walking distance of Dutch Bros Coffee, Chandler Mall and a variety of delicious restaurants, you'll have everything you need at your fingertips. The neighborhood is family friendly, filled with kids and young families, creating a welcoming community atmosphere. This exceptional home, with its prime location next to a large park & only one neighbor, is a rare find. Don't miss your chance to create lasting memories in this beautiful space. Come fall in love with your new home.

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954 E 7th Street Mesa, AZ 85203

$550,000

3 Beds

2 Baths

1,542 SqFt

Status Active Under Contract

MLS # 6777888

Property Type Single Family Residence

Price Type --

Welcome to this stunning, fully remodeled home in the heart of Mesa where warranties abound! This 3-bedroom, 2-bath home is a perfect blend of style and functionality, ready for you to move in. Step inside to discover a bright and inviting open floor plan, featuring all-new appliances, sleek quartz countertops, and modern cabinets enhanced by a beautiful marble backsplash. The spacious primary bedroom includes an expanded walk-in closet with custom shoe rack shelving, offering ample storage space. Both bathrooms are luxuriously designed with heated porcelain tile floors. The master bathroom offers a curb-less zero entry shower. Throughout the home, you'll find durable Stone Composite Luxury Vinyl Plank flooring that combines elegance with easy maintenance. New windows and fresh paint... add to the modern appeal. Warranties include showers, floors, windows, with a service plan for the AC unit. Enjoy the new pressure-treated lumber fencing with RV gates on both sides of the house, making parking and storage are a breeze. The flood irrigated yard means lush greenery without the cost and hassle! Conveniently located near the 202 freeway, this home combines modern living with easy access to all that Mesa has to offer. Plus, with no HOA, you have the freedom to make it your own. Don't miss your chance to own this remarkable property!

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4413 W Box Canyon Drive Eloy, AZ 85131

$550,000

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6700890

Property Type Single Family Residence

Price Type --

Partially FURNISHED & STUNNING! This 2 bedroom + DEN, 2 bath home is on highly desired VIEW lot. Garage is 30 ft. deep. The backyard will wow you w/GORGEOUS water feature, firepit, pergola, landscaping lights, Travertine patio, artificial grass & large potted Palm trees. You will love this home from the gated paver courtyard to the amazing backyard & everything in-between! Kitchen has Quartz counters, 2-tone Cabinets w/knobs, roll-out shelves, tile backsplash, SS appliances, Gas range, convection oven, pendant & under cabinet lights. So many upgrades from the wood look tile flooring, Plantation shutters, tiled showers, comfort height toilets, Valet area w/upper & lower cabinets. HUGE Garage has 8ft. door, Storage Space/exercise area, Cabinets, Shelving & Epoxy Floors.

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4572 W Main Street Joseph City, AZ 86032

$550,000

4 Beds

2 Baths

2,791 SqFt

Status Active

MLS # 6722308

Property Type Single Family Residence

Price Type --

Discover a rare opportunity to own a beautiful home coupled with a thriving RV park business. This unique property offers a blend of comfortable living and lucrative investment potential, ideal for those seeking a dynamic lifestyle and income stream. Main home to be sold with RV park parcel. MLS # 6722349

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1103 W Pebble Beach Drive Tempe, AZ 85282

$550,000

4 Beds

2 Baths

1,731 SqFt

Status Active

MLS # 6737458

Property Type Single Family Residence

Price Type --

Location, Location very good center location close to Arizona state university only 2-3 miles , easy access to major freeways and sky Harber airport. 4- bedroom high ceiling new flooring in all bedrooms. Freshly painted, perfect rental or family home large cozy back yard remodeled with brand new artificial Graas, low maintenance. short drive to mill Ave, Tempe town lake and Papago hiking and golfing. Night life restaurants shops Ets.

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41333 N Belfair Way Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6746580

Property Type Single Family Residence

Price Type --

If you are looking for a remodeled home for under the average list price in Anthem Country Club, stop right here, you have found it! With three bedrooms and two bathrooms, this home is perfect for a small family or a couple who needs room for visitors. The remodeled kitchen and bathroom, and the updated flooring ensure that the home is move-in ready. You will love the storage space in the kitchen, which includes a large pantry. The updated stainless-steel appliances, quartz countertops and natural light from both large and small windows give the kitchen and family room a fresh, bright, and cheery feel and look. This home is a private oasis within the spectacular community of Anthem Country Club which offers anything you could ask for in a Country Club setting. Two Club Houses with restaurants, two fitness centers, tennis, pickleball, bocce ball, two private heated pools and so much more. Come see for yourself, we are certain you will love it!

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5020 E Morning Star Drive Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6760957

Property Type Single Family Residence

Price Type --

ENJOY LIVING IN AHWATUKEE'S ACTIVE ADULT COMMUNITY IN THIS COMPLETELY RENOVATED HOME. INVITING OPEN FLOOR PLAN WITH ABUNDANT UPDATES. EAT-IN KITCHEN FEATURES QUARTZ COUNTERTOPS, TILED BACKSPLASH, UPGRADED CABINETRY, GRANITE SINK, PANTRY & STAINLESS-STEEL APPLIANCES. GAS FIREPLACE IN FAMILY ROOM. MASTER SUITE BATHROOM INCLUDES GRANITE COUNTERTOP & WALK-IN SHOWER WITH GRAB BARS. WALK-IN CLOSETS IN SECONDARY BEDROOMS PLUS HALL BATH CONNECTS TO BEDROOM TWO. LAMINATE WOOD FLOORING THROUGHOUT WITH TILE IN THE BATHS. ADDITIONAL ELEMENTS OF REMODEL INCLUDE RECESSED LIGHTING, RAISED-PANEL 3-HINGE DOORS, CUSTOM BASEBOARDS/MOLDING, DUAL-PANE WINDOWS TANKLESS WATER HEATER, SOFT WATER SYSTEM WITH ENTIRE HOME WATER FILTRATION, FRONT & BACK ARTIFICIAL GRASS & COVERED PATIO WITH MISTING SYSTEM.

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3600 W Cobalt Court San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6752633

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 4-bedroom, 2.5-bath residence in The Preserve at San Tan! Discover an inviting great room with high ceilings, recessed lighting, a soothing palette, blinds, and stylish wood-look flooring. The delightful kitchen boasts quartz counters, ample white shaker cabinets, chic pendant lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and an island with a breakfast bar. You'll also find a versatile den, ideal for an office or study. Upstairs, the cozy loft offers additional living space. The serene main bedroom includes plush carpeting, an ensuite with dual sinks, and a walk-in closet. Venture outside to the backyard, featuring a covered patio for al fresco dining and ample space to create your dream oasis. The community also offers a dog park, pickleball court, community grills, outdoor theater/amphitheater, fire pits, walking/biking trails and SO MUCH MORE! Come see it today!

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