What’s Ahead For Mortgage Rates This Week – October 17, 2016

Last week’s economic news included reports on job openings, retail sales and weekly readings on average mortgage rates and new jobless claims.

Job openings were lower in August after hitting an all-time high in July according to the federal government. Job openings fell to 5.44 million in August as compared to July’s reading of 5.83 million job openings, Job openings reached 5.31 million in August of 2015. Job quits were unchanged in August with a reading of 3.0 million quits; the quits rate was 2.20 percent. There were 5.4 million hires in August as compared to 5.8 million hires in July. The hiring rate held steady at 3.60 percent.

Weekly jobless held steady from the prior week’s reading of 246,000 new claims, although analysts expected a reading of 252,000 new claims. September retail sales increased by 0.60 percent in September and fell short of expectations of 0.70 percent growth. August’s retail sales reading was negative at -0.20 percent. Retail sales excluding the automotive sector were as expected with an increase of 0.50 percent.

Mortgage Rates Rise, Consumer Sentiment Slips

Freddie Mac reported higher rates for fixed rate mortgages. The rate for a 30-year fixed rate mortgage rose five basis points to 3.47 percent. The average rate for a 15-year mortgage was four basis points higher at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.84 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Consumer sentiment was lower in October with an index reading of 87.90 percent. Analysts expected a reading of 91.70 percent based on September’s reading of 91.20 percent. November’s presidential election was viewed by analysts as unsettling to consumers’ feelings about current and expected economic conditions. The index reading for consumer sentiment for current economic conditions rose from 104.20 percent in September to 105.50 in October, but fell sharply for expected economic conditions to an index reading of 76.60. Analysts noted that consumers with lower incomes expressed less assurance about post-election economic conditions.

What‘s Ahead

This week’s scheduled economic reports include the NAHB/Wells Fargo Home Builders Market Index, Sales of Pre-Owned Homes and Commerce Department readings on housing starts and building permits issued. In addition to weekly readings on mortgage rates and new jobless claims, reports on consumer spending will also be released.

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18009 W Avenida Del Sol -- Surprise, AZ 85387

$459,180

4 Beds

3 Baths

2,476 SqFt

Status Active

MLS # 6681723

Property Type Single Family Residence

Price Type --

Come see the size of this master bedroom closet!! Trending to close at the end of March. An amazing layout with 4 bedrooms, and 3 baths w/ loft. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, good size yard, great for entertaining. Two-tone paint, 9' ceilings. Nice Flagstone cabinets, granite kitchen and baths, island, and walk in pantry. Lots of room to cook and move around!

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10335 W Romley Road Tolleson, AZ 85353

$459,035

4 Beds

2 Baths

2,091 SqFt

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MLS # 6691222

Property Type Single Family Residence

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Brand New Home w/May Move-In. This Spacious Home Is Sure To Please All Family Members with Large Secondary Bedrooms, Owners Suite w/Spacious Walk In Closet & YES Wonderful Open Kitchen/Great Room Too, ''A MUST SEE''. New Home Sweet Home. Being Built w/4Bdrms, 2 Baths & 2 Car Garage & Double Gate+GORGEOUS KITCHEN With Amazing Island with Lots of Cabinets & Countertop Space, Stainless Steel Appliances, Upgraded Flagstone Cabinets, Gorgeous Quartz Kitchen Countertops, Double Door Pantry, 6x36 Wood Look Tile throughout except bedrooms. Nice Size Backyard for Future Oasis+ Includes Blinds & Garage Opener too. Energy Star & Smart Home Features + More. Visit our exciting community in Beautiful Tolleson! Pictures Are Interior/Exterior Photos Of Same Floor Plan/Other Omni Home, Options Will Vary

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Safford AZ 85546

$459,000

3 Beds

2.5 Baths

1,572 SqFt

Status Active

MLS # 6599750

Property Type Single Family Residence

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Horse Property & home that is ready for you to bring your family & your horses. The barn has 2 stalls with runs, 4 additional runs with feeders, wash station, tack room, half bath, two hitching posts, a 50' arena ring & large pasture. Also, on this 2.7 acre property located on the North side of the Gila River is a 1572 sq ft 3-bedroom, 2 bath well-built brick home that was remodeled in 2007. Large kitchen with island and wine cooler, granite counter tops & SS refrigerator. Nice tile floors in main areas, very large laundry room, plenty of storage, double pane windows and indoor shutters. There's a nice large workshop, fenced backyard, a fenced-in garden & raised garden beds as well. Plenty of parking areas too. This is certainly a must-see property to appreciate all that it has to offer!

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7950 E Starlight Way Scottsdale, AZ 85250

$459,000

2 Beds

2 Baths

1,266 SqFt

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MLS # 6608238

Property Type Apartment

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Great investment with Tenant in Place! Close to Old Town Scottsdale! Super clean updated unit has wide plank flooring, built-ins, walk-in closet, and a wood burning and updated fireplace. This open floor plan is all on one level. Full size washer and dryer, newer AC unit, remodeled master bathroom w/ jetted tub & separate shower. Rare to find a condo with this much outdoor space. living room & bedroom have exits on to large covered patio & backyard. Community boasts resort-style sparkling pool & spa. BBQ & ramada surrounded with deck chairs and tables. Across from 100-acre Chaparral Park & community center that features a fishing pier. There is also walking and bike pathways, a nearby dog park, sports courts, playground, and so much more!

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