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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9451 E Becker Lane Scottsdale, AZ 85260

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$460,000

3 Beds

2 Baths

1,259 SqFt

Status Active

MLS # 6692644

Property Type Apartment

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RARE FIND. Ground floor condo with garage and 1 covered parking space. Home features granite countertops, stainless steel appliances, full-size washer & dryer, 20'' tile and wood look laminate flooring, walk-in master shower, raised vessel sinks, glass shower doors, window coverings. New HVAC in 2018, water heater 2019, Windows replaced in 12/22, resurfaced patio in 3/24, Retractable door screens front and back in 2024, Dry bar and cabinets added in 2/23. HOA includes tennis courts, swimming pools, hot tubs, clubhouse with fitness room. Walk to shopping, restaurants, and grocery stores. Entertainment venues and golf courses close by. Short drive to Mayo Clinic and MLB Spring Training, near Scottsdale Greenbelt Trail. Near church and schools.

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17719 N 113th Avenue Surprise, AZ 85378

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$460,000

3 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6663313

Property Type Single Family Residence

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Welcome to the Gated Community of Canyon Ridge West! This stunning home offers privacy with no neighbors behind and boasts a sparkling pool with a soothing waterfall feature, along with a convenient RV gate and added parking for all your outdoor storage needs. Inside, vaulted ceilings with tubular skylights and neutral tile floors create a spacious ambiance. The flexible layout includes a private den and ample living space. New HVAC in 2024! *Edited Neutral paint photos added.

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10718 E Secret Canyon Road Gold Canyon, AZ 85118

$459,999

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6685607

Property Type Single Family Residence

Price Type --

Nestled near the Superstition Mountains this property offers a variety of special features and accommodations like: flexible floor plan, plantation shutters, mountain view, quiet gated community, ***sparkling pool (w/mesh child safety pool fence included)***, automatic sun shade, office den, newly remodeled kitchen and floors throughout the house, ***quality slab granite countertop***, farmhouse kitchen sink and faucet, ***new bathroom vanity countertop & faucet***, 2 car garage, ***new roof***, fireplace AND its a corner lot so no neighbors to the right of this property. Single story homes surround this lot so those looking for privacy this is where it's at! It's also near hiking trails so for those looking to do some desert exploring its perfect! Don't wait too long!

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20599 W Nelson Place Buckeye, AZ 85396

$459,999

3 Beds

2 Baths

1,623 SqFt

Status Active

MLS # 6677655

Property Type Single Family Residence

Price Type --

You don't want to miss out on this move-in ready beauty. Located in the stunning and sought after subdivision of Verrado in Buckeye. The home is in immaculate condition from ceiling to floor. Wood-like tile flooring though all the main living & walking areas. Your new kitchen offers granite countertops, breakfast bar, contemporary light fixtures, upgraded cabinetry with lots of storage space, and stainless steel appliances. The backyard has no maintenance landscaping, covered patio, and plenty of room to relax and entertain. Don't miss out on this one! It won't last long on the market. Thanks for stopping in.

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