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

Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.

New Home Sales Rise in July as Pre-Owned Home Sales Fall

Sales of new homes jumped in July to a seasonally-adjusted annual rate of 654,000 sales, which surpassed expectations of 579,000 sales and June’s downwardly-revised reading of 582,000 sales. This was the highest reading for new home sales since 2008 and represented a 31.30 percent increase since July 2015.

Builders were seen by analysts as addressing the need for more affordable homes; this trend contributes to a healthy housing market by supplying homes for a wider range of buyers. First-time buyers play a vital part in housing markets as their purchases enable current homeowners to buy larger homes or relocate.

Sales of pre-owned homes fell 3.20 percent to a seasonally-adjusted annual rate of 5.39 million sales as compared to expectations of 5.59 million sales and June’s reading of 5.57 million sales. Year-over-year, sales were 1.60 percent lower. Limited inventories of available pre-owned homes have narrowed buyer options; increasing prices and narrow choices were seen as factors contributing to lower sales. There was a 4.60 month supply of available homes in July. Real estate pros typically consider a six months a normal reading for homes on the market.

Lawrence Yun, chief economist for the National Association of Realtors®, noted that a slowdown in home appraisals may have contributed to July’s lower sales reading for pre-owned homes. Low mortgage rates prompted a surge in refinancing which created a backlog in home appraisals. While low mortgage rates may entice home buyers, stricter mortgage requirements can also keep prospective buyers at bay.

Federal Reserve Chair Janet Yellen indicated that the stage could be set for a federal rate increase as early as next month. If the Fed hikes its target federal funds rate, interest rates for consumer credit and mortgages can be expected to rise.

Mortgage Rates Hold Steady; New Jobless Claims Fall

Freddie Mac reported that fixed mortgage rates for 30 and 15-year loans were unchanged at 3.43 and 2.74 percent respectively. The average rate for a 5/1 adjustable-rate mortgage was one basis point lower at 2.75 percent. Discount points averaged 0.60, 0.50 and 0.40 percent.

New jobless claims were lower last week. 261,000 new jobless claims were filed against expectations of 264,000 new claims and the prior week’s reading of 262,000 new claims filed. Declining jobless claims can indicate strengthening labor markets, but can also indicate that workers are leaving the labor markets.

Consumer sentiment declined slightly in August due to concerns over the upcoming presidential election. Analysts expected a reading of 91.0 for August, but the reading for August was revised from 90.4 to 89.80.

What’s Ahead

Next week’s scheduled economic news includes reports on pending home sales, inflation, construction spending and consumer confidence. National unemployment, non-farm payrolls and ADP payrolls are also scheduled.

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207 S Beaver Street Flagstaff, AZ 86001

$506,850

1 Bed

1 Bath

810 SqFt

Status Active

MLS # 6632517

Property Type Apartment

Price Type --

OWN FLAGSTAFF - DO NOT MISS THIS OPPORTUNITY! This 1-Bedroom Condo has a covered patio's, and is Move-in-ready! This 5-story community was tastefully designed to accentuate the views off each deck of the 32 luxury units! Living the high life at 7000' feet is a breeze at The Views at Butler, just a step from Northern Arizona University & the nightlife in downtown. Watch the sunset reflect off the San Francisco Peaks while BBQ'ing on the oversized Roof-Top View Deck & lounge area. Convenience & ease are built into the community w key fob elevator, a trash shoot on every level & standard A/C. Beyond the aesthetic & downtown life vibe! Location, Convenience, Views & Community. It's the perfect home for you!

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7407 W Gardinia Avenue Glendale, AZ 85303

$506,696

4 Beds

2.5 Baths

2,465 SqFt

Status Active

MLS # 6695968

Property Type Single Family Residence

Price Type --

Under Construction new build home with a July/August 2024 move-in! Amazing single family 4-bedroom 2.5-bathroom 2 car garage home on a N/S exposure corner homesite within the desirable Alto gated community!!! This Tenor floor plan features quartz kitchen countertops, modern white full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances plus much more! Plan your visit today! ^^Up to 4% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. ***Prices subject to change, photos may be of a model home or virtually staged, actual home will vary.

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10842 W Grant Street Avondale, AZ 85323

$506,344

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6694065

Property Type Single Family Residence

Price Type --

Explore this Emerald home, ready for quick move-in. Included features: a charming covered entry; a well-appointed kitchen boasting quartz countertops, stainless-steel appliances and 42'' upper cabinets; an open dining area and an adjacent great room with a bonus window; a guest suite with a living room, bedroom and private bath; a lavish primary suite showcasing an attached bath and a walk-in closet; a convenient laundry room; three secondary bedrooms and another full bath. This home also offers a covered patio with a gas connection, concrete driveway pavers and front yard landscaping.

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15926 W Bronco Trail Surprise, AZ 85387

New

$505,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6703963

Property Type Single Family Residence

Price Type --

This is an amazing home, this quick move-in Pearl floor plan is indeed one of our best-selling homes, it boasts a stunning design with upgraded kitchen cabinets, quartz countertops and a stylish backsplash, the master bathroom includes a spacious shower, the home is equipped with Smart Home Technology, and is also Energy Star Certified, ensuring energy efficiency, the oversized sliding glass door provides abundant natural light and easy access to the outdoors, the upgraded electrical package and recessed can lighting enhance the overall ambiance of the home, window coverings are included for privacy and aesthetics, and of course the home comes with a garage door opener for convenience and security, it's a perfect combination of style, functionality and modern features, come and see!

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9726 W Albeniz Place Tolleson, AZ 85353

$505,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6701782

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est Completion August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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24099 N 147th Drive Surprise, AZ 85387

$505,774

4 Beds

3 Baths

2,204 SqFt

Status Active

MLS # 6703239

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply; details available from Selling Agent. MLS#6703239 October Completion. Experience contemporary living at Los Cielos at Rancho Mercado with our 40-2 floorplan—a single-story oasis featuring 4 bedrooms and 3 baths. The open design effortlessly connects the dining room, kitchen, and great room. Delight in the kitchen with tiled backsplash, recycle center, and beautiful soft close cabinets and drawers. Three secondary bedrooms and 2 bathrooms adorn the front for added seclusion, while the primary bedroom at the rear offers a generous walk-in closet, spa-like shower, and dual vanities—blending opulence with functionality.

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10266 W Piccadilly Road Avondale, AZ 85392

$505,480

3 Beds

2 Baths

1,949 SqFt

Status Active

MLS # 6642636

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS# 6642636 April Completion! Experience contemporary living at Parkside Los Cielos with our 40-1 floorplan—a single-story oasis featuring 3 bedrooms, a flex room and 2 baths. The open design effortlessly connects the dining room, kitchen, and great room. Delight in the kitchen's 42'' upper cabinets, gas range, quartz countertops, and stylish recessed panel cabinets. Two secondary bedrooms and a bathroom adorn the front for added seclusion, while the primary bedroom at the rear offers a generous walk-in closet, spa-like super shower, and dual vanities—blending opulence with functionality. Embrace a lifestyle of comfort and elegance in your new home. Structural options include: paver front porch, RV gate, upgraded square corners, 5 baseboards, 8' interior doors, soft water loop, and complete reverse osmosis system.

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16893 N Christensen Road Florence, AZ 85132

$505,000

3 Beds

2.5 Baths

2,087 SqFt

Status Active

MLS # 6677212

Property Type Single Family Residence

Price Type --

Welcome to this stunning new home!!! You won't want to miss an opportunity to see this beauty! Open the front door to 10-foot ceilings, extended to 14-foot ceilings in the great room area, for that extra grand Welcome Home vibe! You will quickly take note of the Luxury Vinyl Flooring leading way to you Gorgeous Kitchen, with its Custom Cabinets, Quartz Countertops, Complimentary Backsplash and Center Island with its stylish pendant lighting... Top it off with a walk-in pantry and you will have ample storage. Primary suite features oversized custom rain shower, dual niches, dual sinks and expansive walk-in closet. In addition to 3 bedrooms, you have your own home office...Walking in from the 2 car Garage you enter the extended Oversized Laundry Room with additional cabinetry. So many features to mention... AND VIEWS FOR MILES! Yet still so close to town. 2 x 6 construction, fully sheathed, foam insulation including garage, 8ft door package, Low E windows, Tile Roof.

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515 E Kachina Avenue Apache Junction, AZ 85119

$505,000

4 Beds

2 Baths

2,101 SqFt

Status Active

MLS # 6692745

Property Type Single Family Residence

Price Type --

RARE FIND! Fully UPDATED 4 bedroom, 2 bathroom OPEN CONCEPT home, featuring resort style backyard with POOL & NEW RAMADA w/Built-In-BBQ & DINING! Property Updates Include: ROOF, Pool Filter System, Granite Countertops in Kitchen & Bathrooms, XL Center Island, Custom Built-In Bar w/ bottle storage, Chef-Style Faucet w/under-mount Sink, Stainless Steel Appliances, Wood-Tile Flooring, Fresh Interior Paint, New Closet Doors throughout, Crown-Molding & Trim throughout, Sun Shades Screens, BONUS OFFICE-SPACE w/AC in Garage, New Block Fencing w/ RV GATE ACCESS, Electrical Panel Updated & Solar Panels added. Sheds on property convey. Property features MTN VIEWS, Wood-Burning Fireplace, 2-car Garage w/shelving & Attic storage, & multiple FRUIT TREES (Lemon, Tangerine, & Lime). NO HOA! A MUST SEE!

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1061 S Annie Lane Gilbert, AZ 85296

$505,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6692061

Property Type Single Family Residence

Price Type --

Charming 3 bed/ 2.5 bath home in the popular Gilbert location of Cooley Station North. 1,982 sq ft, functional floor plan with an open concept kitchen; ample counter space, cabinets, RO drinking water system, a large pantry & a window over the sink facing the front yard. Main living space is well-designed with a four panel sliding glass door providing abundant natural light and a seamless transition of indoor/outdoor living & entertaining. Double door entrance into the primary suite featuring a gorgeous bathroom including oversized shower, standalone tub, dual sinks & a spacious closet. Also upstairs is the laundry room & additional two bedrooms with room in between for a small home office. The best of low maintenance living in a vibrant community with tons of amenities at a great value. Resort style heated pool, spa, ramadas & BBQ grills, greenbelts & a basketball court just a 2 min walk away. Come check out this fantastic community with convenient access to shopping, dining, entertaining, award winning schools & a 2 min drive to the 202 freeway.

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9555 E Raintree Drive Scottsdale, AZ 85260

$505,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6695239

Property Type Apartment

Price Type --

Stunning 3 bed 2 bath fully remodeled ground floor condo with McDowell mountain views. Rare 3 bedroom end unit inside the highly desired Ladera Vista community. Gated property. Quick Access to 101 freeway and perfect location for all that North Scottsdale has to offer. Just minutes away from West-world, Scottsdale Quarter, DC Ranch, Kierland Commons shops & Restaurants, TPC Golf Course, Hiking & more. Split bedroom floor plan with dual AC units for zoned cooling. 2 large patios that wrap around the unit. Quiet & Private. Peaceful community. Complete remodel with new Quartz countertops & all Stainless Steel Appliances are new. Brand new solid wood plank wood floors and brand new privacy blinds in all rooms. Inside laundry room. New everything inside. Arizona luxury living at its finest.

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629 E Elm Lane Avondale, AZ 85323

$505,000

3 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6700431

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful 3-bed, 2.5-bath home in the peaceful Marbella Park. Stone accent details, 2-car garage, & a delightful landscape are just the beginning. Fabulous interior showcases plantation shutters, tons of natural light, neutral paint, tasteful flooring - soft carpet & wood-look plank tile. The open layout is perfect for both everyday living and entertaining. The kitchen boasts SS appliances, granite counters, subway tile backsplash, a pantry, ample wood cabinetry, and an island w/breakfast bar. Completing the downstairs, you have a versatile den for an office. Upstairs, you'll find the cozy loft along with the bedrooms. En Suite in the main bedroom with dual sinks & a walk-in closet. Enjoy relaxing in your large backyard, extended covered patio & artificial turf.

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