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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13537 W Banff Lane Surprise, AZ 85379

Open House

$470,000

4 Beds

2 Baths

2,261 SqFt

Status Active

MLS # 6702209

Property Type Single Family Residence

Price Type --

Welcome to this cozy home, designed with a neutral color scheme. Enjoy the warmth of a fireplace on chilly evenings and relax in the primary bathroom with double sinks and a separate tub and shower. The spacious primary bedroom includes a walk-in closet for ample storage. The kitchen, featuring an island and stainless steel appliances, is perfect for cooking enthusiasts. A walk-in pantry ensures plenty of storage space. Step outside to the covered patio and fenced backyard for outdoor dining or relaxation. Recent updates like new flooring and fresh paint enhance the appeal of this home. Experience comfortable and stylish living with convenient features for a modern lifestyle.

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141 W Latona Road Phoenix, AZ 85041

$469,999

4 Beds

2.5 Baths

1,456 SqFt

Status Active

MLS # 6686504

Property Type Single Family Residence

Price Type --

Ask about how to qualify for $0 down and a 4.99% interest rate! Ascend Communities proudly unveils Latona Fontaine, where 11 meticulously crafted lots offer unparalleled vistas of the majestic South Mountain. The two story Juniper floor plan features a welcoming ambiance with a cozy half bath on the ground floor for convenience. The open concept living space with 9' ceilings seamlessly blends the living, dining and kitchen areas, perfect for gatherings. Upstairs, four bedrooms offer flexibility for a growing family or a home office. The master bedroom includes a walk-in closet and en-suite bathroom with dual vanities. The remaining bedrooms share a conveniently located bathroom ensuring practicality and comfort for all occupants. Enjoy the convenience of upstairs laundry. Finishes in this home include luxury vinyl plank flooring throughout, can lighting, 40 soft-close white shaker cabinets in the kitchen, quartz countertops, gourmet kitchen backsplash, custom tile shower in the primary bathroom, black hardware throughout and pre-wiring for ceiling fans. This vibrant community boasts an unbeatable location within walking distance of picturesque hiking trails at South Mountain, perfect for adventurous family outings. As an added delight, an exclusive pedestrian gate offers seamless access to the scenic highline canal, just a stone's throw away from your residence. Nestled at the intersection of Central Ave. and Baseline Rd. Beyond nature's doorstep, enjoy seamless access to public transportation, urban conveniences, and easy connections to major freeways: Interstate 10, Interstate 17, and the 202. Embrace the best of both worlds - serene natural escapes and city accessibility, making Latona the ultimate choice for families seeking adventure and convenience.

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6228 N Jessie Road Casa Grande, AZ 85194

$469,999

3 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6692828

Property Type Single Family Residence

Price Type --

Incredible New Build with NO HOA! This beautiful modern desert home includes 1,651 SQFT, 3 Bed 2 baths, Oversized 3 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, farmers sink, modern cabinets, built in soaking tub with double vanities in the primary bathroom, and upgraded brick on the exterior! This home is to be built. Build time is 6 - 8 months.

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7211 W Southgate Avenue Phoenix, AZ 85043

$469,999

5 Beds

2.5 Baths

2,938 SqFt

Status Active

MLS # 6682019

Property Type Single Family Residence

Price Type --

Step into luxury with this meticulously maintained 5-bedroom, 2.5-bathroom residence, featuring not only a spacious formal living room and cozy family room but also a versatile loft perfect for any lifestyle. Enjoy the serenity of the lush backyard oasis, complemented by the convenience of a 2-car garage and RV gate. Plus, take advantage of the included solar panels, ensuring both energy efficiency and cost savings. Nestled within the desirable Sienna Vista community, this home offers the perfect blend of comfort and convenience.''Paid Solar''

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4764 E Sage Brush Avenue San Tan Valley, AZ 85140

$469,999

3 Beds

2 Baths

1,857 SqFt

Status Active

MLS # 6694562

Property Type Single Family Residence

Price Type --

Welcome to your rustic retreat on a sprawling 2-acre property, where two kitchens provide ample space for culinary adventures. This 1857 square foot home offers versatility and comfort in equal measure. Outside, a sturdy corral awaits, perfect for tending to your horses or indulging your outdoor hobbies. Embrace the essence of country living with all the modern amenities you desire in this charming yet inviting sanctuary.

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74 S Cypress Court Chandler, AZ 85226

$469,999

3 Beds

2 Baths

1,407 SqFt

Status Active

MLS # 6703150

Property Type Single Family Residence

Price Type --

Home, sweet home! This charming 3-bedroom property awaits new owners! Nestled on a peaceful cul-de-sac, this gem offers a lush front yard and a 2-car garage. Come inside to find a welcoming living room, vaulted ceilings, a warm palette, tile flooring, wood-style vinyl flooring, a warm fireplace for cold evenings, and bountiful natural light. The eat-in kitchen provides plenty of wood cabinetry, stainless steel appliances, chic light fixtures, and sliding glass doors to the back patio. You'll love the cozy main bedroom, boasting two mirrored door closets and a private bathroom with dual sinks. Continue onto the generous backyard with a covered patio, a mature shade tree, a verdant landscape, and a refreshing pool ready to enjoy. This value won't disappoint!

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17843 N 46th Drive Glendale, AZ 85308

$469,999

3 Beds

2 Baths

1,911 SqFt

Status Active

MLS # 6690903

Property Type Single Family Residence

Price Type --

Meticulously maintained 3-bedroom home situated on a golf course lot! With owned solar ensuring energy efficiency, this residence embraces a split floor plan, providing privacy and convenience. Enjoy the leisure of a pool and open spa, creating the perfect oasis for relaxation. The kitchen is a culinary delight with its island/breakfast bar and a formal dining area for elegant entertaining. A large patio area adjacent to the pool adds to the outdoor charm. This home is not just a sanctuary but also offers access to a host of community features, including biking/walking paths, a clubhouse, tennis courts, pool and spa, a golf course, and easy proximity to a bus stop. Experience the pinnacle of gracious living in a community that caters to both leisure and lifestyle.

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29798 N 121st Drive Peoria, AZ 85383

$469,999

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6677098

Property Type Single Family Residence

Price Type --

Stunning residence featuring 3 bedrooms plus a den and family room, offering a spacious and flexible living environment. The interior is adorned with elegant 9+ flat ceilings creating an airy and inviting ambiance. The kitchen features granite countertops, a convenient kitchen island, and a walk-in pantry. Enjoy meals in style with the choice of formal dining, an eat-in kitchen, or the breakfast bar. Outside is a covered patio, perfect for al fresco dining and entertaining. This home is nestled in a community that offers a plethora of amenities, including a biking/walking path, children's playground, clubhouse, and a refreshing community pool and spa. Indulge in the perfect blend of comfort, luxury, and community living - your forever home awaits!

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6291 W Victory Way Florence, AZ 85132

Open House

$469,999

3 Beds

2.5 Baths

2,658 SqFt

Status Active

MLS # 6698944

Property Type Single Family Residence

Price Type --

This home has gorgeous curb appeal. You'll be in awe of the impeccable features and upgrades this home has to offer. Featuring 3 bedrooms, a den, and 2.5 bathrooms, this home has plenty of space for you to enjoy! 10' Ceilings and 8' Doors throughout. Imagine making delicious meals in your gourmet kitchen that features a double oven and ample counter space. Stainless steel appliances. RO and Soft Water System is installed. Plantation Shutters throughout, Furniture negotiable, Hot Tub included (only 2 years old), Enjoy the beautiful Arizona Sunrises and Sunsets in your backyard under the extended rear covered patio. Take advantage of $1,500 Lender credit when approved financing through Blanco Mortgage.

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18570 W Honeysuckle Drive Surprise, AZ 85387

$469,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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15933 W Hackamore Drive Surprise, AZ 85387

$469,995

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6667705

Property Type Single Family Residence

Price Type --

Come to Mason Ranch II in Surprise and discover our GRAND OPENING INCENTIVES!! Come and see this beautiful 3501 floor plan. This home features 3 Bedrooms, 2 Baths, 3-Car Garage. Nestled on an oversized end lot with an extended driveway. This home is enriched with numerous upgrades and ALL appliances included!!! You will find white shaker cabinets, granite kitchen countertops, large kitchen island, custom full kitchen backsplash, large single bowl sink, stainless steel kitchen appliances, gas range, carpet and tile flooring, tankless hot water heater, 9' ceilings, 8' interior doors, pre-plumb for soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, and more! Est. completion June 2024.

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19565 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6697392

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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