What’s Ahead For Mortgage Rates This Week – November 29, 2016

Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.

Home Sales Mixed in October

According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.

October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.

Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.

New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.

The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.

New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90^th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.

What‘s Ahead

Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

8415 N 47th Drive Glendale, AZ 85302

$460,000

5 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6683949

Property Type Single Family Residence

Price Type --

Beautify and well-kept 5-bedroom 2-bathroom home with Split Plan, Porcelain tile floors throughout, spacious living room, Dining Area, Family Rooms plus hallways. Huge pebble diving pool recent replastered, Kitchen with plenty of natural light, Double Pantries. Backyard with a covered patio. Split bedroom plan offers privacy. Close to School and I-17 Freeway and NO HOA.

View Property

630 Ringtail Road Wickenburg, AZ 85390

$460,000

4 Beds

2 Baths

1,805 SqFt

Status Active

MLS # 6686092

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the heart of Wickenburg, where modern elegance meets comfort. This stunning 4-bedroom residence boasts a perfect blend of contemporary design and timeless charm, offering an exceptional living experience. Step inside to a spacious living area that welcomes you with abundant natural light, creating an inviting ambiance for gatherings and relaxation alike. Enjoy the convenience of updated appliances in the sleek, gourmet kitchen, where culinary adventures await. Outside your oversized lot offers endless possibilities for outdoor entertainment, from al fresco dining to tranquil moments basking in the Arizona sun. Marvel at fantastic views of the mountains. Conveniently located in the heart of Wickenburg, this residence offers easy access to a wealth of amenities, including shopping, dining, arenas and entertainment options. Explore the vibrant local community and discover why Wickenburg is beloved for its small-town charm and rich western heritage. Seize the opportunity to make this exceptional property your own and experience the epitome of modern living in Wickenburg.

View Property

650 W Trellis Road Queen Creek, AZ 85140

$460,000

3 Beds

2.5 Baths

2,136 SqFt

Status Active

MLS # 6688880

Property Type Single Family Residence

Price Type --

Perfectly kept, move in ready home now available in the highly desirable community of Ironwood Crossing. Fresh interior/exterior paint, new carpet and prepped to sell this home will not disappoint. Floorplan offers an oversized owners suite, huge loft area, laundry and 2 nice sized spare bedrooms up, plus den and powder room downstairs. Lots of driveway space and functional double gate. HVAC system upgraded less than 2 years ago. Plenty of back yard and back porch space for entertaining or just relaxing. Ironwood Crossing features community pool complex, loads of parks and trails, bocci ball, b-ball and playgrounds throughout. Newer Safeway on the corner and new shopping and dining coming in all the time. Check this beautiful home out today!

View Property

6950 S Musgrove Road Skull Valley, AZ 86338

$460,000

2 Beds

1.5 Baths

1,260 SqFt

Status Active

MLS # 6690740

Property Type Single Family Residence

Price Type --

Views and Horse Property just 30 minutes from Downtown Prescott! This home offers 2 bedrooms, 1.5 bathrooms and an office (or potential bedroom). It sits on 4 (splitable) acres and has some absolutely beautiful views. Not only can you enjoy your morning coffee and the sunrise from the front patio you can also embrace the beautiful sunsets Skull Valley has to offer off the back patio as well! This property backs to BLM land which is a perfect place to take your horses for an evening ride at the end of a long day or fire up your outdoor toys and go exploring. The living room has a beautiful custom wood burning fireplace that will heat the home and the kitchen has new appliances and walk-in pantry! The potential this property has to offer is endless and just awaits your personal touch.

View Property