What’s Ahead For Mortgage Rates This Week – October 3, 2016

Last week’s economic releases included reports on new and pending home sales, S&P Case-Shiller Home Price Indices and regularly scheduled weekly reporting on mortgage rates and weekly jobless claims. Readings on consumer sentiment and confidence were also released.

New and Pending Home Sales Lower as Peak Sales Season Winds Down

August readings for new and pending home sales were lower than for July; analysts said that slim supplies of available homes and rising home prices contributed to slower home sales. Peak home sales typically occur during spring and summer. Homebuyers with school-aged children prefer to be settled into a new home when school starts in August and September.

According to the Commerce Department, new home sales achieved their second highest reading since the Great Recession. Although lower than July’s reading, August sales of new homes reached 609,000 on a seasonally-adjusted annual basis. Analysts expected a reading of 600,000 new home sales based on July’s reading of 659.000 new homes sold. August’s reading was 20.60 percent higher year-over-year. High demand for homes appears to be kicking home builders into higher gear as they strive to ease slim inventories of available homes.

The impact of short inventories of available homes was reflected in August’s reading for pending home sales. Home sales awaiting closing fell in August from July’s reading of +1.20 percent in July to 2.40 percent in August. The National Association of Realtors® said that home sales are declining due to very limited inventories of available homes. Rapidly rising home prices and strict mortgage qualification requirements also contributed to slipping sales. After home buyers sign a purchase contract, they are at the mercy of changing mortgage rates their ability to qualify for a mortgage. Pending home sales supply an indication of future closings and mortgage loans.

According to the S&P Case-Shiller 20-City Home Price Index for July, home price growth dipped from June’s seasonally adjusted annual rate of 5.10 percent to 5.00 percent. Slim inventories of homes for sale and high demand were again cited as primary reasons for slower home price growth. While demand is high, slim supplies of available homes can cause would-be buyers to postpone their home search until more homes are on the market.

Mortgage Rates Fall, New Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac’s weekly survey of rates. The average rate for a 30-year fixed rate mortgage fell six basis points to 3.42 percent; the average rate for a 15-year fixed rate mortgage was four basis points lower at 2.72 percent. 5/1 adjustable rate mortgages had an average rate of 1.81 percent, which was one basis point lower than the previous week’s reading Discount points were also lower and averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose last week to 254,000 claims, but new claims were lower than the expected reading of 259,000 new claims which was based on the prior week’s reading of 251,000 new jobless claims. New jobless claims have stayed below 270,000 new claims for three months for the first time since 1973.

In prepared testimony before the Financial Services Committee, Federal Reserve Chair Janet Yellen discussed problems facing two major banks and said the Fed’s goal was managing its regulatory stance to support financial stability.

September’s Consumer Confidence Index reading rose to 104.1, which exceeded analysts’ estimated reading of 99.3 and August’s reading of 101.1.

What’s Next

Next week’s scheduled economic reports include readings on construction spending and several labor-related releases including ADP Payrolls, Non-Farm Payrolls and the National Unemployment Rates. Weekly reports on mortgage rates and new jobless claims are set for release as usual.

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8245 E Bell Road Scottsdale, AZ 85260

$499,900

2 Beds

2 Baths

1,487 SqFt

Status Active

MLS # 6674350

Property Type Apartment

Price Type --

This super tidy Condo has been gently used by owner occupants since 2011. Soaring ceilings on this upstairs unit add to its grand open floor-plan. The huge North facing patio is a natural extension of the living space. The attached garage offers additional storage cabinetry. Stunning views of Pinnacle Peak. Montana Del Sol is in close proximity to the 101, Scottsdale Airpark and all that Kierland has to offer... world class dining, shopping and entertainment. A golfers dream, located 100 yards from the main entrance to the WM Phoenix Open at the Scottsdale TPC and the new Draftkings Restaurant and Sportsbook.

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21838 N Scott Court Maricopa, AZ 85138

$499,900

4 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6673046

Property Type Single Family Residence

Price Type --

Golf course lot! iIncredible 3-bed + Den home sitting on a golf course lot of a quiet cul-de-sac in the desired Rancho El Dorado Community! RV gate, 2-car garage, and manicured landscaping welcome you. Enter to see a formal living & dining room, designer paint, a double-door entrance den, and high vaulted ceilings. You will love the family room boasting wood floors, built-in niches, a gas fireplace, and backyard access! The eat-in kitchen features an island w/breakfast bar, a walk-in pantry, oak cabinets, a chic backsplash, granite counters, and SS appliances. The oversize main bedroom has access to the backyard and an ensuite w/dual sinks & walk-in closet. Oasis-style backyard highlights a blue pool w/water feature, a covered patio, a storage shed, and multiple seating areas. Close to schools and shopping.

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18805 E Loma Vista -- Rio Verde, AZ 85263

$499,900

3 Beds

2 Baths

1,783 SqFt

Status Active

MLS # 6678645

Property Type Single Family Residence

Price Type --

FURNISHED Move-in ready! This exquisite 3 bed, 2-bath residence features a 2-car garage with a paver driveway, a stunning desert landscape, & a welcoming front patio. The family room boasts high ceilings, exposed beams, a neutral color scheme, durable tile flooring, and a cozy fireplace. New kitchen with skylights for natural light, quartz counters, wood shaker cabinets, recessed lighting, SS appliances, & a peninsula with a breakfast bar. You'll also find a versatile third bedroom/den perfect for an office. The main bedroom offers soft carpeting, direct backyard access, a private bathroom with raised vanity, dual sinks, updated shower & a walk-in closet. The backyard is an enchanting oasis, complete with a covered patio, an outdoor fireplace, & fragrant citrus trees. This one won't last

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8783 W Lockland Court Peoria, AZ 85382

$499,900

3 Beds

2 Baths

1,669 SqFt

Status Active

MLS # 6689690

Property Type Single Family Residence

Price Type --

STUNNING! Beautifully remodeled showplace in great Peoria location. NO HOA. Premium view lot on greenbelt/playground area. Over $75,000 in recent updates. Wonderful split floorplan has formal entry. Living/Dining room. Remodeled kitchen has all new shaker cabinets, granite counters, island and new LG stainless appliances inc gas cooktop. Rear family room w/ ent. niche. All new faux wood flooring thru-out. Remodeled bathrooms w/ all new vanities, mirrors & toilets. Large Master bedroom has walk-in closet & separate shower & tub. Park like backyard has large covered patio, custom pavers, mature trees/shrubs, lush grass & gazebo. Best of locations. Near 101Frwy, Arrowhead Mall & Westgate.

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55460 N Vulture Mine Road Wickenburg, AZ 85390

$499,900

2 Beds

2 Baths

1,627 SqFt

Status Active

MLS # 6678239

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in Wickenburg, Arizona. nestled on 1.135 acres of picturesque desert landscape, with plenty of room for a horse set up to be built, or a generous sized rv garage/shop, the possibilities are endless. With its open-concept floor plan, this two bedroom/two bathroom 1,627 sq ft home is perfect for social and family gathering, along with the spacious fenced-in back yard and covered patio it is perfect for outdoor entertainment. The home also has seller-owned solar for huge saving cost! The location of this property is out of town limits yet close to town: 5 minutes from Safeway, 10 minutes to all the roping arenas in town. The Seller is also offering a $10,000 credit towards kitchen renovations.

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2602 N 70th Street Scottsdale, AZ 85257

$499,900

3 Beds

1 Bath

969 SqFt

Status Active

MLS # 6691263

Property Type Single Family Residence

Price Type --

Highly sought after corner lot in Cran Brook Manor. Really large lot for unlimited possibilities! This is a great opportunity for someone to create their new home or an investment opportunity! New windows are Energy Star in Southwest bedroom and Arcadia door. Remaining windows are dual paned also.

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11207 S Iroquois Drive Phoenix, AZ 85044

$499,900

3 Beds

2 Baths

2,143 SqFt

Status Active

MLS # 6679134

Property Type Single Family Residence

Price Type --

Fully remodeled designer home. Upgraded from top to bottom. New cabinets throughout the house, new bathrooms, new plumbing fixtures, electrical fixtures, new double-pane window, stucco, flooring, baseboards and doors, fresh paint inside and out, new landscaping and a lot more to discover.

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2229 N 21st Place Phoenix, AZ 85006

$499,900

4 Beds

3 Baths

1,746 SqFt

Status Active

MLS # 6685807

Property Type Single Family Residence

Price Type --

Are you looking for a place to call home? Discover this charming residence in the Green Gables historic district with a welcoming front porch and well-kept front yard. Inside, you'll find a living room with high ceilings, a soothing palette, attractive wood-look flooring, and an inviting fireplace for cozy moments. The eat-in kitchen boasts wood shaker cabinets with crown moulding, sleek stainless steel appliances, a pantry, and an island with a breakfast bar for casual dining. The main bedroom features soft carpeting and a private bathroom for added comfort. Upstairs, a guest room offers a separate entrance, living area, kitchenette, and a private bath, ideal for visitors, as a rental opportunity, or home office. With a covered carport and a bonus storage cellar, this home has it all... The backyard includes a covered patio and a spacious area ready for your personal touch. Only a few miles from Phoenix Sky Harbor International Airport, Downtown Phoenix, Biltmore and close to major freeways like SR-51, I-10 and Loop 202. Walking distance from the Miracle Mile featuring restaurants, coffee shops, and more. You won't want to miss this home!

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16525 E Avenue Of The Fountains -- Fountain Hills, AZ 85268

$499,900

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6685641

Property Type Apartment

Price Type --

NEW LOW PRICE!! Excellent value for this furnished condo!!Perfect location if you like downtown living!! Walk to and enjoy lots of shops, restaurants, art shows and of course the World Famous Fountain...This lightly lived in & recently remodeled upstairs condo is just right for part time living or full time residents! Being sold furnished/Spacious 1736 sf with large great room, beautifully remodeled kitchen/dining room, 3 bedrooms & 2 baths! Enjoy the mountain views from your covered balcony. You'll love the master suite with all new walk in shower & double vanity. Nice laundry room with extra storage...and a 1 car garage with built in storage cabinets & epoxy floors! Heated Community pool & spa / Exercise room/ Priced to sell...don't hesitate!!

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2080 E Greenway Drive Tempe, AZ 85282

$499,900

4 Beds

2 Baths

1,816 SqFt

Status Active

MLS # 6622214

Property Type Single Family Residence

Price Type --

Good Friday Price Reduction! Quirky 4 bed, 2 bath gem in Tempe! New roof in 2019, A/C upgraded in 2021. Spanish-style front door (with a window, of course) welcomes you to a cozy living room with rustic wood floors. Kitchen boasts tons of cabinets, a breakfast bar, and French doors leading to a spacious family room—perfect for shindigs. Main bedroom flaunts a walk-in closet and a snazzy updated ensuite bath. Inside laundry room with extra storage. Private backyard beckons your creativity with an extended covered patio. Show off your style—tour today!

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6182 E Colby Street Prescott Valley, AZ 86314

$499,900

3 Beds

2 Baths

1,668 SqFt

Status Active

MLS # 6624757

Property Type Single Family Residence

Price Type --

A former model home, graces an elevated premium homesite in the coveted Granville community. This home boasts outstanding curb appeal with meticulously landscaped front and rear yards and an oversized 2.5-car garage. As you approach, a paver driveway leads you to the inviting front covered porch. Upon entry, you step into an open great room concept, impeccably maintained and framed by a park-like backyard and distant vistas. Custom lighting accents the space, and a stunning corner gas fireplace takes center stage, its custom mantle and glass tile hearth stretching from floor to ceiling. The kitchen is a chef's dream, featuring a peninsula with seating for six, gleaming granite countertops, a sleek black appliance package including a 4-burner gas range, under-cabinet lighting and pantry. Throughout the home, the wet traffic areas are adorned with wide-plank, wood-grain tile flooring. The master suite, generously sized, offers a large walk-in closet and upgraded Berber carpeting. The master bedroom also features surround sound flush-mounted speakers and ample natural light from the backyard. The master bath is a retreat with an oversized walk-in shower boasting dual showerheads and a genuine-stone surround, a private water closet, raised double vanity, and linen closet. Two guest bedrooms, each spacious and equipped with ceiling fans, are perfect for family or guests. The house features 10-foot ceilings and raised panel eight-foot doors throughout. The guest bathroom offers a raised-height single vanity and beautiful shower. The laundry room, conveniently located off the kitchen, includes a folding desk plus upper and lower storage cabinetry. The oversized garage boasts a 20-amp workshop component and a 50-amp RV plug on the side. The home is wired for surround sound in nearly every room. The professionally landscaped backyard is a sanctuary, featuring artificial turf, covered patio, stunning long-distance mountain views including Granite Mountain and the Mingus Mountain range. A beautiful pergola offers shade, and a paver pathway leads to a gas fire pit. Fruit trees, including apple and peach, adorn the yard, all served by drip irrigation. Evergreen and deciduous trees provide privacy, and 2 raised vegetable garden beds are also on a drip system. A storage shed keeps yard implements organized.

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611 W Santa Cruz Drive Tempe, AZ 85282

Open House

$499,900

3 Beds

2 Baths

1,188 SqFt

Status Active

MLS # 6678838

Property Type Single Family Residence

Price Type --

Indulge in the ultimate urban oasis in Tempe, AZ! This beautiful home is just miles from Arizona State University, major freeways and shopping malls. Dive into the sparkling pool, a sanctuary to enjoy Arizona summers and host unforgettable family gatherings and memories; complemented by an energy-efficient pool pump. This home boasts recent upgrades including kitchen, a new roof with warranty until 2025, and new interior paint. Don't wait—and make this slice of urban oasis yours today!

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