What’s Ahead For Mortgage Rates This Week – November 29, 2016

Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.

Home Sales Mixed in October

According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.

October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.

Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.

New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.

The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.

New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90^th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.

What‘s Ahead

Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.

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907 W Sherwood Drive Payson, AZ 85541

$499,000

3 Beds

2 Baths

1,556 SqFt

Status Active

MLS # 6702675

Property Type Single Family Residence

Price Type --

Well maintained 3BR/2BA home located in one of the best neighborhoods in Payson. Great room design. Extra large master closet. Large 3-car garage, fenced back yard and extra shed for storage and yard tools. Painted outside in 2021, inside painted 2024, new water heater in 2023 and new kitchen appliances in 2024. Leased Solar System to help with the electric bills. THIS HOME IS IN MOVE-IN CONDITION!

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4147 E Walatowa Street Phoenix, AZ 85044

$499,000

3 Beds

2 Baths

1,664 SqFt

Status Active

MLS # 6696203

Property Type Single Family Residence

Price Type --

Welcome to this charming renovated home nestled in the heart of Ahwatukee! This spacious 3-bedroom, 2-bathroom residence has been fully remodeled and upgraded in March of 2021. The recent updates include a new HVAC system, water heater, fresh interior and exterior paint, and new low-maintenance landscaping. The well-appointed kitchen with a pantry showcases brand-new stainless steel appliances, quartz countertops, and soft-close cabinets. The open floor plan highlights new wood plank tile flooring, modern shaker doors, updated lighting and fans, as well as a cozy wood-burning fireplace. The master bedroom boasts a generous closet and a fully remodeled en-suite bathroom with a walk-in shower, vanity, lighting, and toilet. The remodeled guest bathroom features a new bathtub with modern tile surround, a vanity, lighting, and a toilet. Step through the new French doors to the expansive backyard, complete with a large covered patio, artificial grass, and a tranquil waterfall pond. Additionally, for the enthusiastic hiker and lover of outdoor nature, this home's backyard gate leads to a greenbelt that takes you to South Mountain's extensive hiking trails, the largest municipal park in the USA, offering over 16,000 acres and more than 50 miles of trails for hiking and mountain biking.

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6935 N Valley Road Eloy, AZ 85131

$499,000

4 Beds

4 Baths

2,722 SqFt

Status Active

MLS # 6701201

Property Type Single Family Residence

Price Type --

Stunning ranch-style home, ideally located near the golf course yet free from the constraints of HOA rules and fees. This property sits on a generous double lot facing open desert land. As you step through the foyer, the attention to detail is immediately apparent, from the elegant arches to the beautiful tile flooring that flows seamlessly throughout the home into the open living space and gourmet kitchen equipped with ample storage granite counters and breakfast bar, perfect for entertaining. This home boasts 4 generous sized bedrooms and 3 full bathrooms which include granite counters and tiled showers. Additionally, an extra room complete with a full bathroom and kitchenette, providing the perfect space for a man cave, office, or a private mother-in-law suite. Don't miss this home!

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7647 E Montecito Avenue Scottsdale, AZ 85251

$499,000

3 Beds

2.5 Baths

1,656 SqFt

Status Active

MLS # 6697074

Property Type Townhouse

Price Type --

HUGE OLD TOWN SCOTTSDALE opportunity! 3 Bedroom spacious Townhome! 2 Covered Parking Spots, Back Yard, Shed, Community Pool and Playground, Walking to Old Town and all the benefits of one of Scottsdale's most desirable areas!

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4524 E Shomi Street Phoenix, AZ 85044

$499,000

3 Beds

2 Baths

1,420 SqFt

Status Active

MLS # 6697283

Property Type Single Family Residence

Price Type --

This is It a Complete Remodel, that backs up to the golf course, with a New A/C, New Roof, New Appliances All Included Refrigerator, Washer, Dryer, Microwave, Dishwasher, Wine Cooler, Range/Oven, Electric Fireplace, T.V. Open Kitchen Area with New Cabinets with crown molding, New Marble Countertops, Gold water faucet, Electric Fireplace with custom chimney, Beautiful Tile throughout the home, Vaulted Ceiling with new ceiling fans, New Windows and all new doors. Marble Showers in both bathrooms, New Vanities in each bathroom with Large custom closets space. Bay window in the master bedroom. The yard backs up to the Golf Course with spectacular views, Desert Landscape with a large fountain. Bar-b-que area with patios area. Two Car Garage, Great Location close to shopping. Must See home!!

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1102 W Shawnee Drive Chandler, AZ 85224

$499,000

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6699171

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and convenience in this charming 1-story, 3-bedroom, 2-bathroom home. Nestled in a serene neighborhood, this residence boasts a refreshing pool and a fenced-in patio, ideal for outdoor relaxation and entertaining. With its prime location, you'll enjoy the ease of walking to the near elementary school, park, sports field and dog park providing endless opportunities for recreation and leisure. Inside, the spacious layout offers ample room for living and dining, while the well-appointed bedrooms with updated bathrooms ensure peaceful retreats for everyone in the household.

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4601 N 15th Avenue Phoenix, AZ 85015

$499,000

4 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6699317

Property Type Single Family Residence

Price Type --

Discover this updated NO HOA profitable Airbnb in a great location!!! This charming 4 bed, 2 bath residence now on the market is for you! Featuring a large front yard, slab parking, and a welcoming porch! Inside you'll find a spacious dining & living area w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The kitchen is comprised of espresso cabinetry w/quartz counters, tile backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Enjoy a good night's sleep in the primary bedroom, boasting a walk-in closet and a pristine ensuite for added convenience. Finally, the backyard includes a cozy covered patio where you can spend a relaxing summer evening!

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7226 W St Charles Avenue Laveen, AZ 85339

$499,000

4 Beds

2.5 Baths

2,935 SqFt

Status Active

MLS # 6700679

Property Type Single Family Residence

Price Type --

Come see this gorgeous 4 bedroom property awaiting its new owners! Discover spacious living areas adorned with designer's palette, ideal for welcoming & entertaining guests. Enjoy a delightful feast in this modern kitchen dining area. With its tall ceilings, fresh paint, decorative ceiling fans, & wood-style vinyl flooring, the home emanates elegance. Remodeled white cabinetry, granite counters, center island, & high-end newer SS appliances. New Vinyl flooring through out home except master room. Retreat to the main suite upstairs its so big that current seller made a bedroom space for her toddlers. Perfect space for you to make a gym, office or baby sleeping area in your own suite room. The big backyard with pavers, artificial turf and a big shed that is used as business office.

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4083 Prairie Schooner Road Wickenburg, AZ 85390

$499,000

2 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6701529

Property Type Townhouse

Price Type --

This captivating Wickenburg Ranch townhome boasts a modern aesthetic adorned in soothing neutral hues, creating an ambiance of contemporary sophistication. As you step inside, be prepared to be enchanted by an abundance of natural light flooding through the numerous windows. The seamless integration of indoor and outdoor spaces invites the breathtaking beauty of the surrounding landscape to become a part of your everyday living experience. Situated on a coveted corner lot, this residence offers unparalleled vistas of the majestic Vulture Peak, serving as a constant reminder of the tranquility and serenity that defines life in this exclusive enclave. Whether you're enjoying a morning coffee on the patio or entertaining guests in the spacious living area, the panoramic views will undoubtedly leave you in awe. Designed for those who appreciate both luxury and convenience, this home promises a low-maintenance lifestyle, allowing you to spend less time on upkeep and more time indulging in the myriad of amenities that Wickenburg Ranch has to offer. With golf enthusiasts in mind, this property serves as the perfect sanctuary for those seeking to elevate their game on the pristine greens just moments away. Welcome home to Wickenburg Ranch, where unparalleled beauty and unparalleled luxury converge to create an unparalleled living experience.

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9342 W Atlantis Way Tolleson, AZ 85353

New

$499,000

4 Beds

3 Baths

2,525 SqFt

Status Active

MLS # 6704345

Property Type Single Family Residence

Price Type --

Highly desired 4-bedroom home in Sunset Farms is finally on the market! Inside, you will find the expansive open floor plan showcasing plush carpet, bountiful natural light, and a neutral palette throughout. Spotless kitchen displays recessed lighting, plenty of cabinets with crown moulding, stainless steel appliances, quartz counters, subway tile backsplash, and a peninsula with a breakfast bar. Sizable primary bedroom includes an ensuite with dual sinks, a sit-down shower, and a walk-in closet. PLUS! This value also have a guest's quarters with a fully-equipped kitchen and direct outdoor access. The backyard has a covered patio where you can unwind and enjoy your favorite cool drink. This gem is the one for you!

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22431 N Celtic Avenue Maricopa, AZ 85139

$499,000

3 Beds

2 Baths

2,797 SqFt

Status Active

MLS # 6702085

Property Type Single Family Residence

Price Type --

This well-maintained former model home by the original owner offers 3 bedrooms, den, bonus room & 2 full bathrooms. The interior features 10 ft ceilings, formal living & dining rooms, a separate den ideal for a home office/library and a BONUS room with pool table, perfect for entertaining! The spacious master suite is split from the 2 additional bedrooms providing privacy. Lush greenery and professionally designed landscaping create a welcoming curb appeal from the street, while the backyard transforms into a tranquil retreat with mature trees and a covered patio offering the perfect space to unwind during the warm AZ winters! Cobblestone Farms is a lake community offering a community pool with splash pad, park with playground, basketball courts and covered ramadas with BBQ grills.

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6698 S Fairway Drive Gold Canyon, AZ 85118

$499,000

2 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6702297

Property Type Single Family Residence

Price Type --

Experience the awe-inspiring beauty of this remarkable golf course residence, showcasing panoramic vistas of the Superstition Mountains and captivating Arizona sunsets. The coveted Saguaro model is offered fully furnished, inclusive of kitchen essentials and linens, poised for its fortunate new owner. Revel in the unique charm of a custom-crafted stained-glass window in the entryway, complemented by a host of interior upgrades including a welcoming gas fireplace, lofty vaulted ceilings, stylish designer paint, a soft water system, sunscreens, and a convenient built-in BBQ in the outdoor oasis. The dining room affords unparalleled views of the Superstition Mountains and the serene expanse of the Mountain Brook fairway. Nestled within the vibrant Mountain Brook Village community, residents enjoy access to an array of amenities, including a heated pool, expansive activity center, tennis and pickleball courts, as well as an abundance of clubs and activities. Just minutes away lie some of the area's finest hiking trails, while the allure of Saguaro Lake, offering a plethora of water sports, beckons approximately 30 miles away. Don't miss your chance to call this exceptional property home.

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