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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4929 S 103rd Drive Tolleson, AZ 85353

$463,445

5 Beds

3 Baths

2,241 SqFt

Status Active

MLS # 6665601

Property Type Single Family Residence

Price Type --

''BRAND NEW HOME SWEET HOME'', Private Backyard w/No Neighbors Behind. Spacious & New Single story w/5 Bedrooms, 3 baths, Open Floorplan that effortlessly blends comfort and functionality. Beautiful Kitchen w/White Cabinets, Gorgeous Granite Kitchen Counters, & Finishes of SS Appliances in this Open Kitchen overlooking Great Room & Large Patio. Lot's Of Tile In All the right places, Plush carpeted bedrooms; Two-Tone Paint, marble tops in bathrooms w/square modern bowls, Large Walk In Shower at Owners Bath & Bath 3+Energy Star Features & Smart Home Technology pkg, As a bonus, we've included the Blinds & Garage Opener too! Visit our exciting NEW community in Beautiful Tolleson! Interior Photos Of Model Home, Options Will Vary. ''ALL APPLIANCES INCLUDED'' With March Move-In.

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19604 W Cambridge Avenue Buckeye, AZ 85396

$463,010

3 Beds

2 Baths

2,070 SqFt

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MLS # 6683060

Property Type Single Family Residence

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Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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15576 W Coral Pointe Drive Surprise, AZ 85374

$463,000

2 Beds

2 Baths

1,712 SqFt

Status Active

MLS # 6672695

Property Type Single Family Residence

Price Type --

Your garden oasis awaits! Surrounded by mature foliage which comes live under the sun offering plenty of shade. Well-lit for entertaining or enjoy relaxing in this peaceful garden. Professionally maintained 8-person hot tub also instills relaxation. Custom tile floors enhance this 2 bedrm, 2 bath home. Spacious kitchen looks toward the backyard; beverage ''bar'' included. Gas: stove, heat, dryer & custom BBQ. Primary bedrm & bath boasts a walk-in, standard wall & linen closet, 2 sinks, & step-in shower. 2 hallway closets. Indoor laundry leads to extended 2 car garage w/ double sided wall cabinets. Owned water softener. Irrigation upgraded & automated. Backyard fenced w/ 2 gates. Front enclosed courtyard is gated. Roof inspection 2/24. Come live a lush, relaxing Grand lifestyle!

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17798 W Running Deer Trail Surprise, AZ 85387

$462,995

4 Beds

3 Baths

2,040 SqFt

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MLS # 6658921

Property Type Single Family Residence

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This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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