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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2740 S Equestrian Drive Gilbert, AZ 85295

$499,000

3 Beds

2.5 Baths

1,491 SqFt

Status Active

MLS # 6704023

Property Type Townhouse

Price Type --

This stunning WATERFRONT home has unobstructed lake and fountain views from the house and patio. Located in the highly sought after GATED community of The Lakes at Annecy, with mature trees along the lighted walking paths and piers over lake make you feel like you are on vacation every day! The well-appointed kitchen comes with slate stainless-steel appliances, modern cabinetry, an island with beautiful quartz countertops, soft water and reverse osmosis systems. The 2-car garage is custom painted with Epoxy flooring for easy cleaning, Wi-Fi garage door opener and added shelves for extra storage. This home features an array of upgrades: neutral porcelain tile flooring throughout with plush carpeting upstairs, full size upgraded washer/dryer, upgraded lighting and fans with dimmers and power remote control blinds, luxurious primary suite offers room for a king-sized bed and a spa-like en-suite bathroom with a subway-tiled shower, and walk-in closet. The home is a smart home with an APP to check the front door, open and close the garage door remotely, control the temp lighting and other features. Amenities include 3 community pools, spas, several lakes, basketball court, playground and open greenbelts. Living in this townhome means enjoying the best of both worlds, with easy access to the San Tan Village shopping center and historic downtown Gilbert's unique blend of shopping and restaurants. This is the perfect home for those seeking privacy, security, and exclusivity in a thriving and vibrant community.

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45269 W Jack Rabbit Trail Maricopa, AZ 85139

$499,000

5 Beds

3.5 Baths

3,432 SqFt

Status Active

MLS # 6596194

Property Type Single Family Residence

Price Type --

Seller willing to offer seller concessions towards buy down or closing costs. Stunning two-story home on a large lot in a HOT neighborhood. What makes this property unique is the AC workshop + 4 1/2 car garage + 6 Rooms. From the open-concept kitchen and living space to the 3 panel sliding glass door looking out to the large shaded backyard, there is plenty of room for the whole family to enjoy. Love to read? Head up stares to get lost in a book in the coziest loft. Updates include: Chef's kitchen, upgraded maple cabinets, granite counter-tops, walk-in pantry, mosaic back-splash, high-end gas stove & appliances. New 2 stage AC train units, sun screens on all windows, surround sound through the house. OWNER OWNED water SOFTENER & SOLAR. NO LEASES HERE. Situated in a family-friendly

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16245 W Mercer Lane Surprise, AZ 85379

$499,000

4 Beds

3.5 Baths

2,810 SqFt

Status Active

MLS # 6596078

Property Type Single Family Residence

Price Type --

Presenting this spacious 4-bed, 3.5-bath home in Greer Ranch South Community! Exuding warmth, comfort, & timeless elegance. Upon entering, you're greeted by the large living & dining room, which promises to host countless memories. Great room sits cozily between the kitchen and the outdoor patio for the ultimate indoor/outdoor lifestyle living. The kitchen was updated in 2020. There you'll find recessed lighting, a pantry, honey oak cabinetry, stainless steel appliances, granite counters, an island, & a breakfast bar. Privately tucked away, the main bedroom is a haven of relaxation, complete w/an ensuite w/dual sinks, soaking tub, & a walk-in closet. Discover the spacious backyard offering a covered patio, pavers, fire pit, storage shed, & play area. New AC Units and water softener in 2023. Interior and exterior paint and gravel landscaping in 2020.

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5430 W St Kateri Drive Laveen, AZ 85339

$499,000

5 Beds

3 Baths

4,040 SqFt

Status Active

MLS # 6616801

Property Type Single Family Residence

Price Type --

NEED LOTS OF SPACE? How about a home with over 4000 sq ft? 5-bedroom, 3-bathroom home featuring a 3-car garage and a large loft. The main level offers a living room, a front room, a large bedroom, and a full bathroom. All bedrooms come with walk-in closets, and the master bedroom is particularly roomy with an extra large walk-in closet. The kitchen is equipped with a large island and an extra-large walk-in pantry. The island provides great space for entertaining and there is plenty of extra cabinet space. For added comfort, both AC units were replaced in March 2023. Conveniently located, there are three parks with playground equipment/toys, gazebos and a basketball court, making it a perfect place for outdoor activities and fun.

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25220 N 131st Drive Peoria, AZ 85383

$499,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6624740

Property Type Single Family Residence

Price Type --

Welcome to The Views at Rancho Cabrillo! A new north Peoria Community! This is the 4411 plan from Scott Communities. This one is done as a 3 bedroom 2 bathroom with a den, and a 3 car garage. The split great room plan is amazing on this house! This one is upgraded with a premium kitchen that has quartz counter tops and Benton Birch staggered cabinets. GE stainless steel appliances. This plan also has a large master suite! The master bath has an executive height vanity and a walk-in shower. A big multi slide door opens to the extended patio. The patio looks out to nice size backyard!

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18232 W Raymond Street Goodyear, AZ 85338

$499,000

4 Beds

2.5 Baths

2,396 SqFt

Status Active

MLS # 6626813

Property Type Single Family Residence

Price Type --

This Beautiful home on a premium lot with great views is ready for you! Home Boast Large Formal Dining and Living area at entry, Tastefully designed kitchen and primary living area. Upstairs has loft with primary bedroom and 3 additional bedrooms as well as laundry. Views out the windows for days. If you are looking for a large yard your are in luck, this lot is huge has plenty of room for a pool, outdoor kitchen and entertainment.

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6101 E Kenilworth Road Coolidge, AZ 85128

$499,000

3 Beds

2 Baths

1,537 SqFt

Status Active

MLS # 6630090

Property Type Single Family Residence

Price Type --

Looking for country living w/an appreciation for a 100+ year home with no HOA? Business opportunity? Located outside the city limits (county address) w/a total of 4 acres to make into your dream property. This cozy home is open & bright w/antique door hardware & light fixtures. Home recently upgraded to include NEW -paint inside and out, windows, flooring, and kitchen to include cabinets and appliances! Upstairs room is a perfect bedroom/office opportunity. Detached garage has workroom and storage room area. This home was also used for filming a movie in 1987! Come take a look today, you won't be disappointed! *ALL info pertinent to purchase should be verified/investigated by Buyer to include subdividing, etc. See Documents Tab for additional information.

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4122 S 185th Lane Goodyear, AZ 85338

$499,000

3 Beds

2.5 Baths

2,688 SqFt

Status Active

MLS # 6631109

Property Type Single Family Residence

Price Type --

Rates are too high client is willing to help with a 2/1 buy down. Ask your agent for details. This beautiful home check a lot of boxes. Owned solar panels, home over 2600 square feet, , wood flooring throughout. This beautiful home is made to entertain with the gourmet kitchen with open sight lines into the living room. Large walk-in closets and convenient upstairs laundry.

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6081 W Estancia Way Florence, AZ 85132

$499,000

4 Beds

2.5 Baths

3,737 SqFt

Status Active

MLS # 6636271

Property Type Single Family Residence

Price Type --

Amazing home in the beautiful resort community of Anthem at Merrill Ranch! Yard has a gorgeous heat pump heated pool, patio with custom finishes, lots of LED lighting. A true place to relax and unwind. The house has hard flooring throughout. Fabulous kitchen with SS appliances, gas cook top, granite, island, pot rack. Great room plus formal living room/dining room. Den with double doors on 1st floor. Huge laundry room. Lots of storage. Beautiful loft area. All bedrooms have walk-in closets and master has an attached bath and 2 huge walk-in closets. 3 car garage has a mini-split and very upgraded electrical. There is an elevator from the living room to the loft for those who may struggle with stairs. And all in the resort community of Anthem at Merrill Ranch. Amenities galore.

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17832 W Voltaire Street Surprise, AZ 85388

$499,000

5 Beds

2.5 Baths

2,950 SqFt

Status Active

MLS # 6666853

Property Type Single Family Residence

Price Type --

Buy this amazing home for as little as 1% down. The home was recently painted inside and out. New carpet throughout. Lots of space for your growing family. 5 bedrooms and a huge loft to call home.. 3 car garage for all of your toys. Sarah Ann Ranch, a totally quiet neighborhood at the end of Waddell Road....

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3199 N Desert Horizons Lane Casa Grande, AZ 85122

$499,000

5 Beds

3 Baths

3,554 SqFt

Status Active

MLS # 6646010

Property Type Single Family Residence

Price Type --

Villago near the Lake, Discover this exquisite 5+ bed, 3-bath residence boasting a 2-car garage, extended driveway, and elegant brick veneers. The living room showcases high ceilings, a neutral palette, and sleek tile flooring. The family room provides a cozy setting for intimate moments. The formal dining room is perfect for hosting dinner parties. The kitchen comes with granite counters, cabinets with crown molding, SS appliances, recessed lighting, a walk-in pantry, a center island, and peninsula with a breakfast bar. The loft is ideal for a media room Master bedroom offers vaulted ceilings, plush carpeting, and an ensuite with dual sinks and a walk-in closet. The backyard is complete with a covered patio, low-maintenance turf, and a refreshing private pool. High speed for your office.

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7127 N 23rd Lane Phoenix, AZ 85021

$499,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6688213

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in the heart of Phoenix! This charming 3-bedroom, 2-bathroom home offers the perfect blend of modern convenience and timeless appeal. Featuring 1,817 square feet of thoughtfully designed living space, this gem sits on a spacious lot, enveloped by lush greenery for your enjoyment. Step inside and be greeted by a beautifully remodeled interior, meticulously crafted by the previous owner in 2017. The open-concept layout seamlessly connects the living, dining, and kitchen areas, creating an inviting atmosphere for gatherings and everyday living. The kitchen features sleek stone countertops, stainless steel appliances, ample cabinetry, and a convenient breakfast bar for casual dining. Retreat to the spacious master suite, complete with a private ensuite bathroom and plenty of closet space, offering a peaceful sanctuary to unwind after a long day. Two additional well-appointed bedrooms and a second full bathroom provide versatility for guests, a home office, or whatever your lifestyle demands. But that's not all - this home also boasts a large bonus room that can be utilized as an office, playroom, or even an additional bedroom, providing endless possibilities to suit your needs. Outside, the expansive backyard beckons for outdoor entertaining and relaxation. Enjoy al fresco dining on the patio, play games on the lush lawn, or simply bask in the Arizona sunshine surrounded by mature landscaping. Conveniently located in the heart of Phoenix, this home offers easy access to GCU for students, shopping, dining, entertainment, and major freeways, making it an ideal choice for those seeking both convenience and tranquility. Only Five blocks from the Light Rail! The home is also equipped with heavy duty electrical panel, ideal for using shop type euipment.

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