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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2102 W Minnezona Avenue Phoenix, AZ 85015

$499,000

5 Beds

3 Baths

2,300 SqFt

Status Active

MLS # 6659321

Property Type Single Family Residence

Price Type --

Amazing investment opportunity includes 3 units! Located on a large corner lot, this property features a unique layout to fit a variety of needs. The main house is 1,600 sqft and features 2 units (Unit A - 2 bed/1bath) (Unit B - 1 Bed/1Bath)! Separated by a wood fence, the separate guest house (Unit C) is 720 sqft and comes equipped with solar panels and it's own backyard/parking featuring 2 bedrooms and 1 bathroom. Come see this home today and don't miss out!

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660 W Wind Cave Drive San Tan Valley, AZ 85140

$499,000

4 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6698386

Property Type Single Family Residence

Price Type --

Over $90,000 in upgrades in the back! Be wowed by this exquisite Home with Luxurious Pool and Patio! Step into this 2019 beautifully built home on the San Tan Valley/Queen Creek border in a quiet neighborhood near Queen Creek Olive Mill. Why buy new when you can have better than new?! This home is a standout with its recently added oversized pool at 20'x30', travertine tile entertainment patio, & easy-care synthetic lawn located on a generous lot, with the added bonus of a wide side yard and RV gate. The patio is plumbed for natural gas BBQ or outdoor stove. You will find upgrades throughout the house and amenities to create an oasis of leisure and entertainment. This meticulously cared for home has incredible curb appeal, and the front driveway has been extended for additional parkin and easy backyard access. Highlights include open-concept living and dining areas with stylish wood-look tile flooring, beautiful and functional kitchen with granite countertops, a large island, and stainless-steel appliances, modern lighting, and practical window coverings throughout. With a desirable split floorplan, the large primary suite in the back of the home offers privacy and a spacious walk-in closet and shower. The front hallway near the entrance offers two bedrooms with a shared main bathroom. The fourth bedroom is adjacent to the laundry, providing separation for houseguests or office use.

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4686 E Mia Court Gilbert, AZ 85298

$499,000

2 Beds

2 Baths

1,537 SqFt

Status Active

MLS # 6664275

Property Type Single Family Residence

Price Type --

FANTASTIC POOL!! This home sits on a choice corner N/S lot in a cul-de-sac. The model is an Azalea. Very Popular. This is a very active 55+ community of Trilogy At Power Ranch. Gorgeous clubhouse, fitness center, lap and play pools. Tennis, pickleball, Bocce, public golf course with restaurant. Very nice, mature, desert landscaping, fruit trees and relaxing pool features. 2 bed/2bath. Large primary bedroom. THIS HOME IS A MUST SEE!!!

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15286 W Linden Street Goodyear, AZ 85338

$499,000

3 Beds

2.5 Baths

1,808 SqFt

Status Active

MLS # 6664266

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous single level home in Estrella Commons! This former model home is the desirable Fairwinds layout with 3 bedrooms, 2.5 bathrooms, and a open great room. The kitchen is gorgeous with granite countertops, tile backsplash, stainless steel appliances, walk-in pantry, and a kitchen island with a breakfast bar and pendant lights. The spacious great room has a center open extended glass door opening up to a oversized paved covered patio. The generously sized primary suite features a ceiling fan and a ensuite bathroom boasting a dual sink vanity, a seperate shower and tub, and a walk-in closet. Bedrooms 2 and 3 are move-in ready! The laundry room has a sink and upper and lower cabinets for additional storage. The backyard is easy care with artificial turf and a built-in BBQ. Do not miss out on this home! Estrella commons is a amenity rich community with walking paths, parks, and sport courts. Plus close to the freeway for quick access more options for dining,shopping, and entertainment!

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608 Tiburon Drive Prescott, AZ 86303

$499,000

3 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6665821

Property Type Single Family Residence

Price Type --

In the tall, cool pines of Hassayampa Mountain Club you will find this adorable 1666 SF, 3BR/2BA cottage. Primary living, livingroom, kitchen, dining area, laundry and large 1 car garage are on the first floor. Upstairs are two bedrooms and bath, furnace room with newer water heater that doubles as storage closet too. Fenced in backyard with stairs off the back deck for your furry friend and an 8 X12 SF shed with electricity. There is an additional parking space in the front for a large truck or small RV. Make this your primary home or summer get away from the Phoenix heat!

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41a Ok Street Bisbee, AZ 85603

$499,000

3 Beds

2 Baths

1,788 SqFt

Status Active

MLS # 6669500

Property Type Single Family Residence

Price Type --

This charming property offers a unique opportunity to live in the heart of Historic Bisbee with all the modern conveniences. With three bedrooms, a renovated kitchen, and an abundance of character throughout, this home is perfect for those looking for a blend of historic charm and modern comfort. The property also includes a separate entrance for added convenience, as well as a spacious patio for outdoor entertaining. With the additional lot next door included in the sale, there is plenty of potential for expansion or outdoor space. Don't miss out on this rare opportunity to own a piece of Bisbee history with this stunning property.

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1358 E Joseph Way Gilbert, AZ 85295

$499,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6671319

Property Type Townhouse

Price Type --

Welcome to the Spectrum community at Val Vista! This completely renovated and newly updated two-story home offers a perfect blend of modern amenities and serene surroundings. As you step inside, you'll notice the fresh, new, and clean finishes. The home has been meticulously renovated inside and out! Upstairs, you'll find comfortable bedrooms filled with natural light. Nice new designer ceiling fans snd new carpet. The bathrooms have also been updated with sleek fixtures and framed mirrors. But the beauty of this home doesn't stop at the front door. Step outside into your private backyard. A perfect space for intimate gatherings, or moments of quiet reflection. Whether you're sipping your morning coffee on the patio or enjoying a cozy evening, you'll love the tranquility that surrounds you including a nice water features, artificial turf and mature landscape. There's a lot more in this home like epoxy garage floors, beautiful vinyl wood plank floors and other custom designer features. You owe it to yourself to see this home before it is gone!!

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21422 W Almeria Road Buckeye, AZ 85396

$499,000

3 Beds

2.5 Baths

2,246 SqFt

Status Active

MLS # 6674940

Property Type Single Family Residence

Price Type --

Welcome Home to this beautifully upgraded single level! Nicely upgraded kitchen with upgraded maple cabinetry ($20k), quartz counter-tops, upgraded appliances and island open to large Great Room with wood flooring & cozy fireplace. 3 bedrooms PLUS a Den/Study with built-in desks. 2.5 baths. Luxury Owner's bath with dual vanities, soaking tub, separate shower and spacious walk-in closet. Backyard features covered patio, extended brick pavers, lighted pergola and shed for lots of extra storage. 3 car split garage, both with epoxy floors. The double garage is extended length plus oversize garage door. Water softener & R/O system included. --- Can be available furnished if buyer wants. --- Sienna Hills next to Verrado. Community Pool. Fitness Center. Parks / playgrounds. Walking trails.

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11041 W Irma Lane Sun City, AZ 85373

$499,000

3 Beds

2 Baths

2,231 SqFt

Status Active

MLS # 6681886

Property Type Single Family Residence

Price Type --

Welcome to this beautiful age restricted community. As you walk up to this home, you will find a welcoming entry way. Inside you have a quaint living and dining area. To the right, there is a room which can be used for either a sitting area or office space. There are wood shutters throughout. The home offers 3 bedrooms and 2 baths and lots of storage. The main bedroom is spacious with a sitting area and private exit to the patio. The main bath has two sinks, 2 walk in closets with a separate tub and shower. The kitchen offers a large open area with a breakfast area. The exterior has several fruit trees, a private backyard great for entertaining, lots of mature trees and beautiful landscaping. Corner lot on a cul-de-sac street. 3 car garage with a service door and built in storage cabinets

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16630 S 14th Place Phoenix, AZ 85048

$499,000

3 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6678875

Property Type Single Family Residence

Price Type --

Simply BEAUTIFUL single-level 2-Bed/2-Bath PLUS Den with built in Shelves, 2-Car Garage and Pool ~ located in highly desirable OASIS AT THE FOOTHILLS Golf Course Community! Double front entry doors open to large Living & Dining areas with vaulted ceilings & hardwood floors. Kitchen boasts antique-styled Cabinets, granite Countertops, stainless steel appliances. Master Bedroom has walk-out to extended covered full-length covered Patio and a resort-style backyard with Pool & Fireplace, great entertainment area! Full Master Bathroom with Double Sinks, Separate Shower, Tub, two Closets. Hardwood floors & Tile thru-out - NO CARPET. Garage Workbench with and lots of built-in cabinets providing good storage, 220-volt outlet too! Energy-efficient Sunscreens. Great Ahwatukee location!!

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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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14803 W Buttonwood Drive Sun City West, AZ 85375

$499,000

3 Beds

2 Baths

2,550 SqFt

Status Active

MLS # 6679820

Property Type Single Family Residence

Price Type --

Welcome home to this updated San Simeon model with 2550' of spacious living. 3 bedrooms, 1.75 baths. New tile/baseboards throughout with carpet in bedrooms. New master shower, lighting upgrades, pull-out shelves in kitchen and master bath. Water treatment system and R/O system are owned. The large laundry room is set up with abundant storage w/ a great craft/hobby area. New interior paint 2024 Enjoy two private outdoor retreats w/ a front courtyard off the master bedroom or the covered back patio with built-in outdoor kitchen. The oversized garage includes a separate golf cart garage. The landscaping system was reworked with new valves, controls and backflow. To add to the mature plantings the landscape rock was just replenished. The home has solar to keep your electric bills low! See full list of improvements in Documents tab.

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