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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6631 E Jasmine Street Mesa, AZ 85205

New

$549,900

3 Beds

2.5 Baths

1,858 SqFt

Status Active

MLS # 6787199

Property Type Single Family Residence

Price Type --

Impeccably Remodeled Home with RV Gate, New Roof and No HOA! This stunning home offers modern updates, a spacious layout, and a prime location! Situated on a large lot with an RV gate, this property has been thoughtfully upgraded to provide both style and convenience. Step inside to find a welcoming interior featuring 3 generously sized bedrooms, 2.5 updated bathrooms, and a cozy family room complete with a charming fireplace. The kitchen and bathrooms have been fully remodeled with brand-new cabinetry, sleek quartz countertops, and elegant tile flooring. The primary ensuite is a true retreat, showcasing a beautifully tiled shower, ample storage, and private access to the backyard. Outdoors, enjoy the extended covered patio—perfect for entertaining or relaxing while overlooking your expansive backyard. Recent updates include a new roof (2024) and new A/C unit (2022) for added peace of mind. Conveniently located just minutes from the Loop 202, shopping, and dining, this home truly has it all!

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5117 N 81st Street Scottsdale, AZ 85250

New

$549,900

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6785248

Property Type Townhouse

Price Type --

Oasis by definition is a peaceful place in the desert or it can also be defined as 5117 N. 81st St. This designer remodeled, 2 bed/2 bath home with just over 1,200 sqft. is located in the best location in of all of Chateau De Vie and a heartbeat away from the popular attractions of Fashion Square and Old Town. This home boasts a luxury chefs kitchen highlighted by modern oak thin shaker cabinets, top tier quartz countertops with waterfall edges, and Stainless Steel Samsung Smart appliances. Luxury vinyl wood plank flooring and Berber carpet accentuate the space. Baths have been tastefully done. Take in many beautiful sunsets while relaxing on your covered patio. New dual pane windows, roof, water heater, and newer AC. Airbnb/STR approved. Don't miss out on this one of a kind property!

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13608 W Remuda Drive Peoria, AZ 85383

$549,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6781006

Property Type Single Family Residence

Price Type --

The price includes $20,000 for a rate buy-down and closing costs. This beautiful, move-in-ready home features a spacious great room that opens to a covered patio. The outdoor area boasts a heated pebble tech and travertine pool with a waterfall and jets, surrounded by palm and citrus trees. Inside, you'll find three generously sized bedrooms, each with its own full bathroom, along with a spacious dining room and plenty of storage. The main bedroom provides ample space for a sitting area or personal office, as well as a large walk-in closet and a super shower. The kitchen features granite countertops and white shaker cabinets, while plank tile flooring extends through high-traffic areas. An RV gate and a tandem four-car garage enhance the home's functionality.

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20391 N 53rd Avenue Glendale, AZ 85308

$549,900

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6779897

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the highly desirable Arrowhead Lakes! This stunning 3-bedroom, 2-bath home with a pool is situated on a premium corner lot. The vaulted ceilings create an airy atmosphere with tile and wood floors throughout the home. The kitchen features granite countertops, a nice size island, tile backsplash and stainless-steel appliances. Spacious primary en-suite has a walk-in closet, dual sinks, separate shower & roman style tub. Perfect for entertaining, the backyard features a beautiful pool with a new pool pump, a waterfall feature and a mountain view! Newer Roof & HVAC, two high-cost updates have been done! This sought after neighborhood is close to everything! Enjoy walks day or night, hiking trails nearby. Don't miss this one, move in before the holidays!

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2946 N 21st Place Phoenix, AZ 85016

New

$549,900

3 Beds

3 Baths

1,746 SqFt

Status Active

MLS # 6787545

Property Type Single Family Residence

Price Type --

Looking for a new home? This fabulous 3 bed 3 bath home with a large casita in Olive Manors is the one for you! Beautiful curb appeal, a manicured landscape w/lush natural turf & swaying shade trees, a 1 car garage w/built-in cabinets, RV gate, and a paver walkway are just the beginning! Discover a spacious dining & living area w/elegant wood flooring, modern light fixtures, and crisp palette throughout. Continue into the cozy great room, bathed in natural light & boasting a fireplace to keep you warm during the coming winter months. The fabulous kitchen is comprised of white cabinetry w/granite counters, stainless steel appliances, a breakfast nook, and a serving window w/a breakfast bar. Relax & unwind in the primary bedroom, showcasing vaulted ceilings, a mirrored closet, pristine ensu You'll also find a sizeable bonus/sitting room w/sliding barn doors, ideal for entertaining! Don't forget about the detached guest house, which features its very own kitchenette! Also including a lovely backyard w/a covered patio, a convenient storage shed, and a sparkling blue pool, this home is a dream come true! Hurry and act now before it's gone!

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25799 S 226th Street Queen Creek, AZ 85142

$549,900

4 Beds

2.5 Baths

2,407 SqFt

Status Active

MLS # 6606963

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite single-family residence boasts 4 beds and 2.5 bath, providing ample space for comfortable family living & entertaining. Step inside to discover a well-appointed interior that combines modern elegance with timeless design. The open-concept floor plan seamlessly connects the living, dining, & kitchen areas, creating a warm & inviting atmosphere. The kitchen is a chef's delight, featuring top-of-the-line appliances, granite countertops, & a generous island that serves as the focal point for culinary creations & casual gatherings. The four bedrooms are thoughtfully designed, offering privacy & comfort to all occupants. Outside, the property continues to impress with a huge backyard space. It's a blank canvas awaiting your personal touch. Built in 2021 & situated minutes away from Queen Creek's entertainment hub, you'll enjoy the convenience of nearby amenities, excellent schools, & easy access to shopping, dining, movie theaters and a variety of entertainment options. This property truly offers the best of both worlds - a peaceful suburban retreat with a front-row seat to all the entertainment you desire. surrounded by lush green areas, amazing playgrounds, & a super cool community pool area!

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12926 S 218th Avenue Buckeye, AZ 85326

$549,900

4 Beds

3 Baths

2,100 SqFt

Status Active

MLS # 6713249

Property Type Single Family Residence

Price Type --

AMAZING NEW HOME WITH A TASTE OF COUNTRY LIVING. Check Out This Flat Prime Rural Horse Proberty That Screams Arizona living At it Finest. This NEW 2024 Built Home Is in Magical Buckeye Arizona And Is the perfect Size At 2,100 Square Feet With 4 Bedrooms & 3 Bathrooms. The Home Sits On A Flat Acre of Land And Is Perfect For Both Raising Horses Or A Family. Step Through The Double Front Doors into Your Main Living Space with Chefs Kitchen And Large Pantry. Clean Wood Looking Composite Flooring Through out With No Carpet. All Three Bathrooms have Been Updated With Custom Tile Showers. Bedrooms Have Added Custom Storage/Shelving and Multiple Walk-in Closets. Spray Foam Insulation Along The Roof In The Attic Make this Home Extra Energy Efficient. The Builder Spared No Expense On This Semi Custom Home. Rural Living At Its Finest That Includes, Mountain Views, Shared Well, Private Septic, Perimeter Fence, No HOA, Covered Patio and A Oversized 2 Car Garage.

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3218 N Ravine -- Mesa, AZ 85215

$549,900

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6752209

Property Type Single Family Residence

Price Type --

No HOA! This charming 3-bedroom, 2-bath home features elegant travertine floors throughout and plantation shutters for a touch of sophistication. The central vacuum and water softener make for carefree maintenance and vaulted ceilings enhance the open, airy feel, while the play pool in the backyard offers a perfect retreat. The fireplace in the family room, breakfast bar seating in the kitchen, ceiling fans throughout the home & 220V access in the garage for EV charging are just a few of the features that make this the home of your dreams. Located in a desirable Mesa neighborhood, this home blends style and functionality seamlessly and is ideal for both relaxation and entertaining. It's a true gem in a prime location with easy access to the 202 freeway, shopping and schools.

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921 E Becker Lane Phoenix, AZ 85020

$549,900

3 Beds

3 Baths

1,925 SqFt

Status Active

MLS # 6747960

Property Type Single Family Residence

Price Type --

ELEGANCE STYLE CONVENIENCE Discover the seamless blend between modern and classic in this Phoenix home. Featuring breathtaking mountain views from the 2nd story master balcony, this stunning home offers a sprawling pie-shaped backyard. Inside, inviting living space with vaulted ceilings and a choice of master bedroom on either the lower or upper floor. Enjoy the warmth of hardwood flooring and tile. Gather around the Saltillo accented beehive fireplace in the great room. The kitchen shines with white cabinets, granite countertops, new appliances including dishwasher, stove, microwave and even our very own wine fridge. Cul de sac lot surrounded by well maintained homes and yards. Nestled into seclusion yet close to all conveniences include the Hilton Tapatio Cliffs resort

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18663 W Vogel Avenue Goodyear, AZ 85338

$549,900

5 Beds

3.5 Baths

3,543 SqFt

Status Active

MLS # 6744673

Property Type Single Family Residence

Price Type --

****MOTIVATED SELLER***** BRING YOUR OFFERS AND Don't miss this large, ready to move into 2 story home at the end of a peaceful street. This stunning 5 bed 3.5 bath house offers all the space and privacy you might need. Rv gate leading to a HUGE backyard, 11,398 sq ft. of big for you to add a pool or make it all you dreamed of. The main floors primary suite is great for accessibility, and seclusion from the other bedrooms. Open floor plan with lots of natural light and space for everyone. Kitchen has granite counters, stainless Steel appliances, walk in pantry, and 42'' upper cabinets with beautiful crown molding. Front Office and formal dining room are in soaring vaulted ceilings with tons of windows and light pouring in. The Kitchen is a chef's dream, featuring granite countertops, stainless steel appliances, a walk-in pantry, and 42 upper cabinets with elegant crown molding. The front office and formal dining room have soaring vaulted ceilings and an abundance of windows. The previous owners smartly converted the tandem portion of the 3 car garage into a versatile office or workshop, with a sperate exterior entrance. This thoughtful modification adds to the home's square footage and provides a functional space for remote work or hobbies. With fresh interior and exterior paint, newer appliances, and pre-wired surround sound, this home is in excellent condition and ready for its new owners. Don't let this opportunity pass you by.

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19801 W Badgett Lane Litchfield Park, AZ 85340

$549,900

4 Beds

3.5 Baths

2,605 SqFt

Status Active

MLS # 6744804

Property Type Single Family Residence

Price Type --

Not often a Pulte home is for sale! This home offers 4 beds, 3.5 bathrooms with a Jr Suite upstairs! The tastefully designed interior features soothing paint tones, tall ceilings, wood-plank tile flooring, and a formal living room perfect for entertaining guests. Step into the impeccable great room filled with abundant natural light through expansive windows & two sliding glass doors. Spotless kitchen has a gas cooktop, a wall oven, quartz counters, recessed lighting, gray wood cabinetry, and an island with a breakfast bar. Upstairs, the well-sized loft is ideal for a hobby space! The main retreat showcases a soft carpet, a private bathroom, and a walk-in closet. The home's elegance extends outdoors to the tranquil backyard with a covered patio. Don't miss out

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9859 W Potter Drive Peoria, AZ 85382

$549,900

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6748059

Property Type Single Family Residence

Price Type --

Welcome to your beautiful, corner lot home located in the highly popular Parkridge community. This gorgeous home features an updated kitchen with new quartz countertops, matching stainless steel appliances with built-in microwave, freshly painted cabinets, a large island with breakfast bar, and high vaulted ceilings. The primary suite features a double door entry, vaulted ceilings, bay window, a full bath with dual sinks, a separate tub and shower set up, and spacious walk-in closet. The backyard features a sparkling dive pool, an entertaining area with an outdoor fireplace, and covered patio. This one is move-in ready.

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