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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25158 N 159th Drive Surprise, AZ 85387

$499,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6690420

Property Type Single Family Residence

Price Type --

WOW!!! Best selling Pearl Floorplan is now ready for quick move in at the brand new Mason Ranch! This home is a stunner w/giant kitchen island, White Shaker 42 inch kitchen cabinets, under cabinet lighting, 12X24'' tile, and QUARTZ kitchen countertops, 4 bedrooms, 3 bath w/ porcelain shower walls and vanity tops w/ undermount sinks, Dining Rm, & enlarged den. Prewired for kitchen pendant lights & surround sound speakers in Great Rm. ALL of our homes include SMART Home technology. Ready for delivery!

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32204 N Sonny Jim Road San Tan Valley, AZ 85140

$499,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6679026

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 2-story home with 4 bedrooms, 3.5 bathrooms, large den and a loft, with a 3 car tandem car garage. Ashton Woods offers a spacious owner's suite, stainless steel appliances, granite kitchen countertops and classic white shaker style cabinets makes this a place to call home. Conveniently located off of Combs Rd and Schnepf Rd. As with all of our homes, this one is also constructed as ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability!

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3610 E Peralta Canyon Lane San Tan Valley, AZ 85140

$499,990

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6688521

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#6688521 Ready Now! Model home sale! The Edmonton at the new Combs Ranch Discovery community is a thoughtfully designed single story home offering 4 bedrooms, spacious owner's suite, and outdoor living space. Just off the foyer is the dining room that opens to the beautifully upgraded kitchen. There is plenty room to entertain or relax in the gathering room that overlooks the outdoor living. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub.

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2919 W Woodridge Drive Phoenix, AZ 85053

New

$499,990

3 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6696632

Property Type Single Family Residence

Price Type --

It's hard to say who's going to have more fun at this incredible house, the adults or the kids? This one of a kind home sits on a sprawling quarter-acre of joy with no HOA, and endless outdoor entertainment. Inside, the heart of this home beats with a bright, open living space, adorned with quartz countertops and shining stainless steel appliances in the well appointed chef's kitchen. Stunning flooring throughout, and crystal-clear new Anderson windows, framing views of your private outdoor resort. Outside, life is an endless summer! With your very own dazzling pool, a poolside bar for sunset cocktails, a waterfall pond for serene moments, and an 8-hole mini-golf course that blends seamlessly into the beautiful landscape for spontaneous family fun! The magic continues with ... beautifully lit, well established plants, an oversized covered patio for al fresco dining, and ample space for your RV, plus extra storage sheds for all your gear. Nestled in a convenient location with quick access to freeways, shopping, dining, and schools, this home is not just a place to live, it's a lifestyle upgrade! And with a maintenance-free front yard, you have more time to enjoy your very own vegetable garden and all the outdoor pleasures waiting right at your doorstep. Ready for fun in the sun and endless enjoyment at home? Dive into your new life today, because this slice of paradise won't wait forever!

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41030 W Agave Road Maricopa, AZ 85138

$499,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6632214

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN.. It's the very popular Belice with 3 bedrooms, + flex space to use as you wish, 2 baths and a 3 car tandem garage. Large walk in shower at owner's bath with 4x16 Ice gloss in shower surrounds. 12x8 sliding glass door off the great room that leads out to your extended covered patio. Stainless steel gas range. Benton Birch ''Sarsaprarilla stain'' cabinets throughout the home with 42'' kitchen uppers. Himalaya white granite countertops in kitchen and on the extended kitchen island. EMS Casino Ice Matt 4x16 backsplash in kitchen. Upgrade flooring includes 12x24 Astra tile in all areas of the home except bedrooms/closets which has a level 9 carpet. Dual sinks in bath 2. Gas stub for future BBQ, soft water loop, interior two-tone paint in ''Agreeable Gray''.

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9920 E Tamery Avenue Mesa, AZ 85212

$499,990

3 Beds

2.5 Baths

1,965 SqFt

Status Active

MLS # 6668527

Property Type Single Family Residence

Price Type --

Ready for you to move in! This beauty has all the upgrades you could want. Bright and Beautiful neutral colors throughout. Kitchen highly upgraded, with quartz, white 42'' cabinets and gas stove! Home also includes electrical upgrades and soft water loop! Awesome loft area perfect for office, workout room, play area...whatever you want! Second bedroom upstairs has a nice walk in closet. Come see today!

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9918 E Tamery Avenue Mesa, AZ 85212

$499,990

3 Beds

2.5 Baths

1,965 SqFt

Status Active

MLS # 6671137

Property Type Single Family Residence

Price Type --

AVAILABLE IMMEDIATELY! Discover the charm of this newly constructed 3-bedroom, 2.5-bathroom plus loft single-family home in the most desirable neighborhood around! Step into a world of contemporary living featuring stainless steel kitchen appliances, elegant quartz countertops, and white cabinetry among other designer touches. Benefit from the practicality of a laundry room on the second floor and the spaciousness of a 2-car split garage. Eastmark offers exceptional amenities, including parks, a serene sparkling pool, clubhouse, the unique orange monster play area, a skatepark, a splash pad, and fields for baseball, softball, and soccer. Convenient connectivity to major highways and shopping. Embark on your new lifestyle adventure today - immediate move-in available.

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11135 W Levi Drive Tolleson, AZ 85353

$499,990

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6678125

Property Type Single Family Residence

Price Type --

MULTI-GEN HOME!!! This single-story home has such a smart layout that is perfect for families who like their personal space. Two bedrooms located at the front of the home, kitchen and dining area, versatile open livingroom, while the owner's suite is in the back for added privacy. The ensuite features its own kitchen, washer/dryer hookup, living room, bedroom, bathroom, and separate entrance. Built in 2022! Front and back landscaping. Custom paint that is out of this world! Beautiful Quartz countertops, stainless steel appliances, and gas stove! 220 V outlet in the garage! RO system and water softner. Enjoy the covered back patio while admiring the mountain views. Stone veneer and paver driveway out front, at 2375 sq ft., this could make an amazing investment/income property!

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108 N 236th Avenue Buckeye, AZ 85396

$499,990

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6678396

Property Type Single Family Residence

Price Type --

Recently remodeled 4 bed 3 bath with 3 car garage on a view lot with all new soft close kitchen/bathroom cabinets, quartz counters, designer tiled backsplash, modern cabinet hardware, stainless upgraded appliances, large farmhouse sink with commercial sprayer faucet, tile throughout main home, lush carpet and upgraded padding in bedrooms, new chrome interior door hardware, custom walk in tiled oversized master shower, his and her sinks, large master closet, walk out slider doors from master to back patio, blinds, ceiling fans, designer lighting, LED recessed lights, HUGE laundry room, new water heater, newly painted interior/exterior, huge covered patio with a professionally landscaped back yard with built in BBQ area, mountain views, and so much more to see in person!!

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10810 W Luxton Lane Tolleson, AZ 85353

$499,990

5 Beds

4 Baths

2,945 SqFt

Status Active

MLS # 6682076

Property Type Single Family Residence

Price Type --

New home under construction. Estimated completion is June 2024. - 2,945 sq ft, Two story home with 5 bedrooms, loft, Den, 4 full baths, 3-car Tandem garage and covered back patio. Includes professionally designed features and finishes with our AW Collections Rockwell Essential! Beautifully landscaped front yard with pavers on driveway. This home also includes 9FT ceilings, kitchen Island with granite kitchen countertops, white cabinets in kitchen and bath, walk-in pantry, stainless steel appliance package, ceiling fan prewire in all bedrooms and den, ceramic wood-looking plank tile throughout, carpet in bedrooms and den, pendant light prewires, blinds throughout, garage door opener, and so much more! This home also offers a 2-panel sliding glass door to the back patio so you can enjoy the backyard from your kitchen and family area. Located close to the I-10 and the new Loop 202 Highways. Great location close to dining, freeways, parks, and entertainment.

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40990 W Agave Road Maricopa, AZ 85138

$499,990

4 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6692805

Property Type Single Family Residence

Price Type --

READY FOR MOVE-IN!!! It's the stunning Castellano with 4 bedrooms + flex space for den, craft room or as you wish . 2.5 baths and 3 car tandem garage. Yes, this home has a large multi slide door that leads out to the covered patio. Stainless steel gas appliance package. Benton white painted kitchen cabinets with 42'' uppers and roll outs at pantry. DT One Quartz countertops in kitchen and at the large kitchen island. 8' interior doors throughout. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. 5'' baseboards and 3 1/4'' door casings. Owner's bath has 6x18 tile surrounds at shower. Prewire for pendant lights, additional recessed can lights and ceiling fan prewires. 8' garage door, garage service door and so much more.

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158 W Winterberry Avenue San Tan Valley, AZ 85140

$499,990

3 Beds

2 Baths

2,199 SqFt

Status Active

MLS # 6643292

Property Type Single Family Residence

Price Type --

NEW GRASS in BACKYARD (April 15th) Queen Creek-San Tan Border! This meticulously maintained beauty features a lush grass backyard, perfect for outdoor enjoyment. 3 bedrooms plus a convertible den, upgraded granite countertops, and modern amenities like 8' doors throughout, 3cm thick granite countertops, upgraded cabinetry, kitchen island, dual primary bath sinks, a separate shower and bathtub, 3 zone A/C, a 3-car tandem garage w/upgraded 4Ft Extension, OWNED solar panels and an EV Charging Station, side Gate, Pavers and more. Community perks include parks, playgrounds, and a pool. Don't miss out! Full-price offer includes security cameras, video doorbell, refrigerator, washer, dryer, Tesla charging station, and projector. projection wall coated with projection screen paint ready for family entertainment, just plug in your devices. Reverse osmosis system to kitchen faucet and refrigerator, water softener. The community provides access to children's playgrounds, basketball courts, volleyball courts, greenbelt with Disc Golf, Aquatic Center, and many more amenities. The location is just minutes from grocery stores, restaurants, coffee shops, Queen Creek Marketplace, Queen Creek Olive Mill, Legacy Sports Arena, and Schnepf Farms.

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