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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2425 W Bronco Butte Trail Phoenix, AZ 85085

$495,000

2 Beds

2 Baths

1,662 SqFt

Status Active

MLS # 6686312

Property Type Apartment

Price Type --

Absolutely stunning, highly upgraded condo in beautiful gated Desert Village at Sonoran Foothills. Prime location in the center of the complex, this gorgeous home has a spacious, peaceful covered patio and is located just steps from the sparkling community pool & clubhouse offering lots of recreation. Home is very open w/ lots of natural light, 9 ft ceilings, beautiful wood-look plank tile floors. Comfortable, inviting family room w/ stacked stone fireplace. Elegant, spacious kitchen, rich granite counters, gleaming SS appliances, gas range, custom tile backsplash. Large primary suite, plush carpeting, stunning primary bath w/ large glass & tile shower, huge closet. Secondary bedroom very large, den serves as ideal home office. Large inside laundry plus spacious 2 car garage. Don't miss! Spacious den is currently serving as home office, but could easily serve as a great third bedroom. Great views of the nearby community pool from the primary bedroom and from the large, comfortable patio. Nearby Sonoran Hills Community Park offers even MORE opportunities for recreation, and features a large clubhouse, workout facility, refreshing pool, tennis courts, basketball court, ramadas, BBQ facilities, and scenic park. A truly beautiful home in an ideal location offering an active, enjoyable lifestyle. Don't miss the chance to see this home!

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14137 W Evans Drive Surprise, AZ 85379

$495,000

5 Beds

3.5 Baths

2,714 SqFt

Status Active

MLS # 6684281

Property Type Single Family Residence

Price Type --

Situated in a family-friendly neighborhood, you'll love the sense of community and convenience that surrounds you. From nearby parks to attractions like Uptown Alley and Surprise Stadium. Downstairs, discover a bedroom, a spacious family room, living room, and a well-appointed kitchen - ideal for gatherings and quality family time. Upstairs, 4 more bedrooms and a loft offer plenty of space for everyone to spread out and relax. But the real highlight of this home? The backyard oasis! With an extended patio providing ample space for outdoor dining and lounging, and a sparkling pool just in time for summer.

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17185 S Mescalero Drive Munds Park, AZ 86017

$495,000

3 Beds

2 Baths

1,238 SqFt

Status Active

MLS # 6685198

Property Type Single Family Residence

Price Type --

The original home, constructed in 1969, underwent expansions in 2005 and has since received updates, including a repainted exterior and interior, as well as the addition of a 50-amp Tesla charging station. Inside, this spacious residence features a generous living area with new vinyl flooring. Three sizable bedrooms. Upgraded bathrooms, a wood stove, and a covered front porch contribute to the property's charm. Convenience and security are ensured with ample parking, a chain-linked backyard, and a rebuilt back deck. Both the front and back yards boast mature trees, creating a serene ambiance. An enclosed back porch provides a cozy retreat, complete with an on-demand water heater for chilly days. Additionally, a spacious shed in the backyard offers ample storage space for tools and toys.

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7844 E Meseto Avenue Mesa, AZ 85209

$495,000

3 Beds

2 Baths

2,128 SqFt

Status Active

MLS # 6700241

Property Type Single Family Residence

Price Type --

Beautifully updated home in the active 55+ community of Sunland Village East! The desirable Model 215 with 2,128sf has 3 bedrooms and 2 baths. As you enter through the front door you will notice the beautiful Tile floor that is throughout the whole home!! The spacious dining/living room has plenty of room for entertaining! The open kitchen has a large island, Granite counters, Stainless Steel Appliances, Pull-Out Drawers, and ALL the Kitchen Cabinets as well as the Bathrooms and Hall Cabinet were just resurfaced and painted April 2024! Primary bathroom has a NEW Walk-in Shower! Inside laundry room has newer (8/2021) GE Front Load Washer & Dryer, 50 gallon Water Heater in 11/2021 & a hot water recirculating pump was added for instant hot water! Backyard has a covered patio as well as a screened in patio!! There are ceiling fans throughout the home. NEW ROOF 4/2023 - INSTALLING 2 LAYER #40LB UNDERLAYMENT and NEW TILE BATONS over all house roof. Replaced broken tiles and coated back patio roof with Elastomeric roof coating! The 2-car garage has cabinets, work bench and window AC unit. ENJOY ALL the amenities offered including Golf, Tennis, Swimming Pools, Fitness Center, Pickleball, Library, Woodshop and so much more!! Don't Miss This One!!

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12434 N 25th Place Phoenix, AZ 85032

$495,000

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6698145

Property Type Single Family Residence

Price Type --

This North Phoenix , John F Long home offers quick access to freeways, upscale shopping, and fine dining. Offering 3 bedrooms, 2 bathroom, and a spacious living room with built-in cabinets and large patio slider, flooding the home with natural light. The kitchen has been updated with modern appliances and ample cabinetry. Recent updates include a new roof (2020), and AC unit (2019). Solar panels, and added insulation/ sealed ductwork, earning Energy Star certification in 2022, ensuring year-round comfort. Additional improvements include a new mini-split in the garage, new pergola and pavers on the patio, elevating outdoor living. The main plumbing line was replaced, and plumbing cleanouts were added in 2023, further enhancing the property's value and functionality. Don't miss this one.

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11872 S Tomi Drive Phoenix, AZ 85044

$495,000

3 Beds

2 Baths

2,152 SqFt

Status Active

MLS # 6693283

Property Type Single Family Residence

Price Type --

This very popular 3 bedroom floor plan is now available on the Ahwatukee Country Club Golf Course! Expansive golf course and mountain views greet you from your back patio where you will enjoy the best of Arizona living. This home has a formal living room with full wall fireplace, spacious dining room, open concept kitchen with granite counters and pull-out cabinets, open to large, light and bright family room perfect for entertaining or peaceful relaxation. Secondary bedrooms are good sized for guests or a home office, and the sizeable primary bedroom includes a dressing area. All this and a beautiful recreation center with indoor outdoor pools, pickleball, fitness classes, wood shop, travel opportunities, clubs and activities for all! This is a must see home!

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40954 N Wild West Trail Anthem, AZ 85086

$495,000

3 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6695861

Property Type Single Family Residence

Price Type --

Premium view lot! The backyard faces a large open wash with unobstructed mountain views and features a paver patio seating area, synthetic grass, covered patio with extended slab, accent lights, natural vegetation and a gazebo. The interior has neutral tones throughout, vaulted ceilings, built-in cabinetry, travertine flooring in heavy traffic areas and crown molding. The large primary bedroom includes a walk-in closet. You will have plenty of storage with an oversized 2.5 car garage. Exterior of home was painted in 2021. Walking distance to Gavilan Peak Elementary School. The SOLAR WILL BE PAID OFF at close of escrow. The Solar system generates income from APS to the owner. In the last 12 months owner paid no APS bills and in fact received a check in January of 2024 from APS for $1,275. Anthem is an unincorporated master planned community in north central Maricopa County. It was founded by Del Webb in 1999 and initially built out in 2008; a new development recently added 202 homes to the community. It was awarded Best Master Planned Community in 2001, named one of Phoenix Magazine's Best Family Friendly Neighborhoods in 2012 and awarded Best Master Planned Community for Children in 2016. Anthem is home to residential, commercial, office, industrial and public uses, making it unique as a master planned community. From award-winning parks to quality landscaping, sports programs for all ages to trails, golf courses and more, Anthem is home to more than 27,000 residents and nearly 300 store-front businesses. Anthem is called a master planned community because it is self-contained and self-sustaining, allowing residents to share common resources and contribute to the common good of the community and region. Del Webb's design philosophy can be seen in every detail of Anthem's design plan, from the width of streets to the type of landscaping options, high number of recreational amenities to pre-set purposes of commercial plazas. After initial buildout, governance of the community was turned over to an executive staff and homeowner-led Board to carry Del Webb's master plan forward. Anthem by the numbers 27,000 residents (approx.) 10,305 homes 3 homeowners' associations 2 senior living communities 5,920 acres (9.25 sq. miles) of land 15 miles of walking, biking and pedestrian trails 60 acres of turf 350 acres of desert landscaped area 1,400 acres of protected washes and open space 20,000+ trees 4.4 million sq. ft. of common walls and view fences

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957 E Cullumber Street Gilbert, AZ 85234

$495,000

3 Beds

2 Baths

1,447 SqFt

Status Active

MLS # 6701455

Property Type Single Family Residence

Price Type --

Welcome to 957 E Cullumber, a renovated gem just 1.5 miles away from downtown Gilbert. Please see the upgrade list in the documents to see that this home truly needs nothing. Roof, AC, fixtures, Flooring, Plumbing, Electrical, Water heater, bathrooms all new! Upon entering you will enjoy vaulted ceilings, flooded with natural light, seamlessly connects living spaces. This property leaves no detail overlooked, from top to bottom, this home has been meticulously upgraded, ensuring a seamless blend of style and functionality. The master suite features a luxurious ensuite bath and dual closets. Two additional bedrooms provide versatility. Outside, a spacious backyard with a covered patio offers perfect outdoor living. Community offers a pool for those hot summer days.

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25943 W Yukon Drive Buckeye, AZ 85396

$495,000

4 Beds

2.5 Baths

3,066 SqFt

Status Active

MLS # 6703220

Property Type Single Family Residence

Price Type --

This beautifully upgraded home offers a luxurious, modern living experience w/ meticulous attention to detail. The floor coverings have been carefully selected to enhance both aesthetics and functionality. The home has been freshly repainted in stylish tones, with updates to the kitchen, family room, master bed/bath/closet, powder room, dining room & living room. The kitchen displays granite counters, repainted cabinets with new hardware, and convenient features like pull-out shelves and soft-close hinges. Outside, the landscape has been transformed w/ high-quality plants & thoughtful design elements. This home is a true sanctuary, offering a blend of luxury, comfort & functionality in every detail. SOLAR! Public/membership golf, GREAT COMMUNITY W/ softball field/basketball court & more!

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10414 W Windsor Avenue Avondale, AZ 85392

$495,000

4 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6698923

Property Type Single Family Residence

Price Type --

Discover your new home at 10414 W Windsor Ave in Avondale, AZ! This spacious single-level gem boasts over 2300 sqft, perfect for a big family. Conveniently located near I10 & 101 Freeways, plus restaurants, outlets, and the Cardinal Stadium. Enjoy easy upkeep with tile flooring throughout, a modern shower in the master bedroom, and a cozy fireplace. Beat the Arizona heat with your very own pool! Plus, a paid-off solar system means savings on energy bills. Don't miss out on this fantastic opportunity!

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35882 N Quiros Drive San Tan Valley, AZ 85143

$495,000

3 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6700398

Property Type Single Family Residence

Price Type --

Come check out this wonderful DR Horton Home. Has a 4 car garage and RV gate on the side. Home sits on large lot with a wash behind. Features an open concept with a large sliding glass door, perfect for enjoying Arizona's gorgeous weather. Home features stunning plank tile, brand new paint throughout as well as new carpet in all the bedrooms. Highly ENERGY EFFICIENT HOME comes with paid off solar system as well as radiant roof barrier in the attic!! Insulated garage doors for the summer. Come see for yourself why Circle Cross Ranch is one of the best-selling master plan communities in San Tan Valley.

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946 E Elgin Street Chandler, AZ 85225

$495,000

3 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6700368

Property Type Single Family Residence

Price Type --

Welcome to your charming oasis in Chandler! This 3 bed, 2 bath home is filled with natural light, creating a warm and inviting atmosphere. The spacious living areas flow seamlessly into the kitchen, perfect for gatherings and entertaining. The primary bedroom offers tranquility and ample space for relaxation. Plus, enjoy energy efficiency with a leased solar system and a soft water system. Outside, the quaint yard provides a private retreat for enjoying Arizona's beautiful weather. Conveniently located in the heart of Chandler, close to shopping, dining, parks, and top-rated schools. Don't miss out on this gem that combines comfort, style, and convenience!

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