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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3550 E Edna Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,157 SqFt

Status Active

MLS # 6659931

Property Type Single Family Residence

Price Type --

Your dream home awaits! Meticulously cared-for Pulte gem, ready for its next chapter. Second owners, captivated by its charm. Mature landscaping, citrus trio, and a pergola create a private retreat. AMPLE STORAGE, 2 car garage with a Brand-new garage overhead storage, custom blinds, and windows, and fresh paint amplify interior allure. * Updated paint, light & plumbing fixtures and a stove with built-in air fryer! Make it your own or move in hassle-free. Proximity to top-notch dining, shopping, and seamless freeway access. Ideal timing for Spring Training! Embrace an active lifestyle with nearby trails. Modern convenience and security with a smart lock, new ADT system, and cameras. **Your peace of mind assured until July 2025 with an included home warranty. Come see your home in perso

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17852 W Jessie Lane Surprise, AZ 85387

$499,900

4 Beds

2.5 Baths

2,821 SqFt

Status Active

MLS # 6671520

Property Type Single Family Residence

Price Type --

Beautiful move-in ready home with 4 spacious bedrooms, 2.5 baths w/ loft and study. Primary bedroom is downstairs with an en suite bath that connects to the laundry room. Open floor plan with a great room and eat-in kitchen. Large island and a Butler's Pantry. Gorgeous tile downstairs. Upstairs has a large loft with 3 bedrooms and a bath. Low maintenance backyard w/pavers, artificial grass and an RV gate. Perfect home for entertaining!

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8119 W Lane Avenue Glendale, AZ 85303

$499,900

4 Beds

2 Baths

2,012 SqFt

Status Active

MLS # 6675271

Property Type Single Family Residence

Price Type --

WELCOME HOME! A CHARMING SINGLE-STORY RANCH-STYLE HOUSE. NESTLED IN A QUIET, WELL-MAINTAINED GATED COMMUNITY. THE EXTERIOR FEATURES A COVERED PORCH, AND WELL MANICURED LANDSCAPE. ENTERING THE INTERIOR, YOU WILL SEE SHOWCASE TILE THROUGHOUT THE ENTRY-WAY, LIVING SPACE, KITCHEN & BATHROOMS. THIS HOME OFFERS AN OPEN FLOOR PLAN BETWEEN THE KITCHEN & LIVING AREA. UPDATED WITH STAINLESS-STEEL APPLIANCES, GRANITE COUNTERTOPS, & TALL CABINETS. HEADING TO THE BACKYARD, YOU WILL EXIT THROUGH A LARGE DOUBLE SLIDING GLASS DOOR. LEADING TO A COVERED BACK PATIO, & LUSH GREENERY. THE BACK ALSO INCLUDES ELECTRICAL DISCONNECT BOX FOR A SPA! IN ADDITION, BOTH BATHROOMS OFFER DOUBLE SINKS! THE PRIMARY BATHROOM BOASTS A GARDEN TUB & WALK IN SHOWER! THIS 2012 SQ. FT. 4 BED, 2 BATH IS MOVE IN READY!

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17866 W Villa Chula Lane Surprise, AZ 85387

$499,900

4 Beds

3 Baths

2,204 SqFt

Status Active

MLS # 6680598

Property Type Single Family Residence

Price Type --

Seller is offering $10,000 towards buyers closing cost incentive with full price offer! This stunning residence, built in 2021 is ready for a new owner. Boasting 4 bedrooms plus a den and 3 full bathrooms, there's ample space for your family and guests to enjoy. Featuring a open concept layout, the kitchen steals the show with granite countertops, modern cabinetry, and a stylish backsplash. Enjoy the 3-car tandem garage, while the backyard oasis awaits with lush turf, elegant pavers, and a double gate for added convenience with custom paver steps down the oversized side yard. The community is renowned for its amenities such as a pool, baseball fields, racket/tennis courts, playgrounds, hiking trails, dog park, and access to the 303, shopping, and the thriving area of Surprise

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701 W Marlboro Drive Chandler, AZ 85225

$499,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6678423

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3/2 with a pool in a great chandler neighborhood. Remodel was just finished including new quartz counters, laminate wood flooring in bedrooms, new shower in hall bath, new vanity, interior and exteror paint, new backyard landscaping with turf. new plaster in pool and much more...

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3100 W Black Oak Loop Show Low, AZ 85901

$499,900

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6680021

Property Type Single Family Residence

Price Type --

Brand-new home. MOVE IN READY. Located in the desirable Torreon Golf Villas II. This stand-alone Villa is just what you've been looking for. Tall Ponderosa Pines surround this pristine new build. Enjoy granite countertops, a walk-in shower, open concept living area, with T&G ceilings. Luxury vinyl plank and 2'' wood blinds throughout. Spacious Kitchen. Gas Fireplace. Insta hot water heater w/filter. 2 garages. This split, Three-bedroom floorplan is ideal for a primary residence, or a place to get away. Just a short ride to the Clubhouse for a nice meal or a round of Golf. Don't forget to bring your fishing pole, to enjoy one of the beautiful lakes on the mountain. At the end of the day, watch the beautiful sunset in the crisp, mountain air. Owner/Agent and may benefit from proceeds

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22063 E Via Del Rancho Avenue Queen Creek, AZ 85142

$499,900

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6689348

Property Type Single Family Residence

Price Type --

Nestled in the charming Villages at Queen Creek, this meticulously maintained 4-bedroom, 2-bathroom is a dream come true. Boasting a refreshing play pool, perfect for those warm Arizona days, this gem sits proudly on a corner lot. Step inside to discover a thoughtfully designed split floor plan, providing ample room for relaxation and entertainment. You'll immediately notice the updates throughout, from the fresh coat of paint to the plush new carpeting. The heart of the home shines with brand new kitchen appliances, including a refrigerator that awaits your culinary creations. With neutral decor as your canvas, this home eagerly awaits your personal touch to transform it into your own oasis. And with the washer and dryer already included, moving in will be a breeze.

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733 N May Street Chandler, AZ 85226

$499,900

3 Beds

3 Baths

1,709 SqFt

Status Active

MLS # 6685501

Property Type Single Family Residence

Price Type --

Introducing this fabulous home in Chandler! Tastefully renewed interior showcases a welcoming living room, formal dining room, and a large family room complemented by a cozy fireplace. Highlights include fresh paint, neutral palette, a blend of wood-look & tile flooring, and vaulted ceilings. The kitchen provides ample cabinets, stainless steel appliances, quartz counters, a pass-through window, and a peninsula that adds to the counter space. The main bedroom is downstairs for convenience, boasting outdoor access, an ensuite with dual sinks, and a walk-in closet. . Lastly, the spacious backyard has a covered patio where you can enjoy a peaceful afternoons with a cool drink. This rare find will sell fast!

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4389 E Hartford Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6690031

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home nestled in a quiet neighborhood. step into a spacious living room with tile floors and large windows that fill the space with natural light, living room flows seamlessly into the kitchen and dining area. The kitchen is equipped with stainless steel refrigerator, oven, microwave, and dishwasher. Ample cabinet space to provide plenty of storage. The kitchen island offers additional counter space and doubles as a breakfast bar. Adjacent to the kitchen is the dining area, featuring a sliding glass door that opens to the backyard patio. This space is ideal for indoor-outdoor entertaining and enjoying meals al fresco. Backyard is fully fenced and offers a peaceful retreat with lush greenery and room for gardening or outdoor activities.

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15252 N 100th Street Scottsdale, AZ 85260

$499,900

2 Beds

2 Baths

1,607 SqFt

Status Active

MLS # 6688772

Property Type Apartment

Price Type --

MOVE IN READY! 2 HUGE BEDROOMS AND A HUGE DEN. OPEN FLOOR PLAN WITH PLANTATION SHUTTERS THROUGHOUT. 2 HUGE PATIOS AND ONE OF THEM IS TOTALLY SCREENED IN. CORNER UNIT SO LESS NEIGHBORS. GRANITE, STAINLESS AND BEAUTIFULLY UPGRADED THROUGHOUT. TILE THROUGHOUT, NO CARPET!!! THIS ONE WONT LAST!!!

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2558 E Juanita Avenue Mesa, AZ 85204

$499,900

4 Beds

2 Baths

1,908 SqFt

Status Active

MLS # 6695413

Property Type Single Family Residence

Price Type --

Located on a premium corner lot in an established neighborhood with no HOA, this recently remodeled home offers 4 bedrooms plus office space and 2 baths in just over 1900 SqFt with two living spaces. The front living area has a feature wall with electric fireplace and built-in cabinets and shelving, and a separate great room opens to the kitchen. The kitchen features grey custom shaker style cabinets with soft close doors, quartz counters, stainless appliances, subway tile backsplash, and island for additional storage. Barn doors lead to the large walk-in pantry, access to an insulated, air-conditioned 186 SF attic for storage, and a room perfect for a quiet home office. The primary bedroom has a walk-in closet and beautiful en-suite bath with a tile shower offering bench seating and * multiple shower heads. The backyard has block fencing, a patio with built-in firepit, large 8' ceiling storage shed with electric stub out, grass for kids & pets to play on, mature sweet navel orange trees, and three double gates. Other features include luxury vinyl plank flooring throughout living areas, tankless RO drinking system, carpet in bedrooms, recessed lighting, surround sound wiring, and much more! See today!

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2233 E Nathan Way Chandler, AZ 85225

New

$499,900

4 Beds

2 Baths

1,713 SqFt

Status Active

MLS # 6697249

Property Type Single Family Residence

Price Type --

Large Lot in highly sought-after community of Kempton Crossing. Offering an abundance of natural light, The open floor plan is both flowing & functional. Large kitchen opens to the family room with upgraded Corian counters, generous sized island w/ breakfast bar & NEW appliances. Home boasts Gorgeous wood laminate flooring, neutral interior paint and new lighting fixtures in main living areas. Spacious primary suite is complete w/ large walk in closet & views of a lush back yard flourishing with mature shade trees-(including orange & lemon trees) and a generous covered patio. The garage is well-appointed abundant storage cabinets, a work bench, yard entrance & pull-down ladder for attic storage. Great Chandler Schools! Close to Freeways, Shopping and Restaurants! Don' Miss This!

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