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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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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19631 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6657110

Property Type Single Family Residence

Price Type --

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

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2905 W Shanley Avenue Apache Junction, AZ 85120

$469,990

4 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6693714

Property Type Single Family Residence

Price Type --

Welcome to Radiance at Superstition Vistas, a brand new master planned community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! The JUSTIN-1863 sq ft, 4 bed/2 bath adorable, energy efficient single level home in which you will find tile in all common areas, 9 foot ceilings and on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island. Located close to the 24, 60 & 202.

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16076 W El Cortez Place Surprise, AZ 85387

$469,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6669090

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home ready NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. White cabinets with white granite countertops, and greyish brown carpet in our Distinct package. Five brand new designer-decorated models now open at Paloma Creek. Future residents will enjoy floorplans featuring covered back patios, private primary suites and ample storage. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and future fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features.

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32783 N Slate Creek Drive San Tan Valley, AZ 85143

$469,990

4 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6654901

Property Type Single Family Residence

Price Type --

This newly updated home showcases stunning new updates, tons of versatile space, a redesigned kitchen, and all new backyard landscaping. The goodies don't stop there. It also boasts a 3-car stacked pull through garage to the backyard and NO REAR NEIGHBORS. As you make your way into the home you are greeted to all new vinyl flooring, 5-inch upgraded baseboards, and freshly painted walls for a sleek finish. The downstairs library provides an enclosed sanctuary that can be used as a fourth bedroom for guests, and the upstairs loft provides additional versatile space. The updated kitchen opens up to the family room and provides a large center island with drop-in sink, quartz countertops, updated cabinets with hardware, and stainless-steel appliances. Upstairs, you will find the comfort of all NEW CARPETING and three additional bedrooms, all equipped with walk-in closets. The main bedroom offers a large retreat with a reading nook as well as an en-suite that boasts a JACUZZI tub and separate shower. One of the most appealing attributes about this home is its lot location - no homes behind you, ensuring privacy and an unobstructed view of the Superstition Mountains. Don't miss the chance to call this home yours.

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2416 E Wagon Wheel Lane San Tan Valley, AZ 85140

$469,900

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697607

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with an amazing guest retreat and farmhouse exterior. The 2 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. 4 panel slider off the great room. This home has been upgraded with 8 foot interior doors, 6x36 inch ceramic tiles, backsplash, modern black cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout!

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16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

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9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

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