What’s Ahead For Mortgage Rates This Week – October 31, 2016

Last week’s economic reports included S&P Case-Shiller Home Price Indexes, along with readings on new and pending home sales. Recurring weekly reports on mortgage rates and new jobless claims were also released.

Case-Shiller: Pacific Northwest Shows Fastest Home Price Growth

According to the Case-Shiller 20-City Home Price Index for August, home prices in Portland, Oregon and Seattle, Washington grew fastest year-over-year. Portland posted an August index reading of 11.70 percent and Portland followed closely with a reading of 11.40 percent. Denver, Colorado rounded out the top three cities with the fastest rates of home price growth with a year-over-year reading of 8.80 percent. The 20-City Home Price Index rose 0.30 percent year-over-year to 5.30 percent in August.

Low inventory of available homes poses challenges for housing markets, but Case-Shiller reported that the national home price index was 0.60 percent lower than its peak reading in 2006. The 20-City Home Price Index was 7.10 percent lower than the 2006 peak. This provides a positive context for healthy home price growth, but concerns linger about a repeat of the housing bubble that burst and caused home prices to crash.

David M. Blitzer, Chairman of the S&P Index Committee said that a new housing bubble is unlikely. Home buyers are not taking out huge mortgages as was common prior to the Great Recession; mortgage lenders have adopted stricter qualification standards to help ensure that borrowers can afford their mortgages.

New Home Sales Rise in September

Sales of new homes rose to a seasonally-adjusted annual rate of 593,000 sales in September according to the Commerce Department. Although lower than analysts’ expected reading of 600,000 sales, September’s reading surpassed August’s reading of 575,000 sales. August’s reading was downwardly revised from its original reading of 609,000, which suggests that new home prices are growing at a slower rate than expected.

High demand for homes boosted September’s reading for pending home sales, which represents homes under contract for sale that have not closed. Pending home sales increased in September with a reading of 1.50 percent growth as compared to August’s negative rate of -2.50 percent. Pending home sales provide indications of future completed sales and mortgage loan volume.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates were lower last week according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year fixed rate mortgage fell five basis points to 3.47 percent; rates for a 15-year fixed rate mortgage averaged 2.78 percent, which was one basis point lower than the prior week’s reading. The average rate for a 5/1 adjustable rate mortgage was also one basis point lower at 2.84 percent. Average discount points were 0.60, 0.50 and 0.40 percent respectively.

In spite of growth in home prices and volume of sales, consumer confidence slowed in October. October’s index reading of 98.60 as compared to an expected reading of 101.00 and September’s reading of 103.50. Analysts said that uncertainty over the upcoming presidential election contributed to October’s lower reading.

What’s Ahead

Next week’s scheduled economic reports include readings on inflation, construction spending core inflation, and labor reports. Non-farm payrolls, ADP employment, national unemployment rates will also be released. Freddie Mac’s mortgage rates report and new jobless claims will also be released.

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17621 W Caribbean Lane Surprise, AZ 85388

$489,888

3 Beds

2 Baths

2,091 SqFt

Status Active

MLS # 6673621

Property Type Single Family Residence

Price Type --

This beautifully maintained home was given a fresh coat of exterior paint in April 2023 and new exterior lighting, to go along with fresh interior paint, updated kitchen appliances, new blinds, light fixtures, carpet and main living area tile in 2022. It features an open concept floor plan with a formal living and dining room, spacious kitchen with TONS of storage and island. The kitchen opens to a large family room. There are 2 bedrooms off the kitchen along with an indoor laundry room that opens to the garage and separate guest bathroom. Off the family room is a large office with built-in shelves. The large primary bedroom features a large linen closet, dual sinks, private water closet and large walk in closet. Outside there is a covered patio, play pool and large yard. MOVE-IN READY!

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9151 W Paradise Lane Peoria, AZ 85382

$489,880

4 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6693242

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2-bathroom home boast an open concept floor plan, with spacious living areas featuring high ceilings in both the living room and master bedroom, creating a bright natural light and welcoming ambience. Recently updated with fresh paint and new carpeting and padding, this home exudes a perfect balance between modern style while maintaining a cozy atmosphere. The interior features white cabinets, Corian countertops, and a kitchen island, along with a pantry and laundry room cabinets which adds to the functionality of the space. With tile flooring in common areas, this home strikes a perfect balance between style and practicality. Outside, a refreshing pool and expansive covered patio create the perfect setting for outdoor relaxation and entertainment. Complete with an RV gate and no HOA restrictions, and ideally situated near major amenities such as the freeway, shopping centers, Peoria Stadium, and Rio Vista Park and Recreation Center, this home offers a lifestyle of comfort, convenience, and endless possibilities.

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1741 W Paisley Drive San Tan Valley, AZ 85144

$489,800

4 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6673545

Property Type Single Family Residence

Price Type --

Stunning and upgraded move in ready home with pride of ownership both inside and out. Directly across from a LARGE Green Belt this home has an extended garage,. Beautiful HEATED POOL and Entertaining centric back yard with low maintenance features. The designer interior features a stone accented wall, beautiful den perfect for an office or game room, tile & carpet flooring, tons of natural light. The gorgeous kitchen includes granite counters, island with breakfast bar, plenty of cabinets AND a pantry. The master bedroom features a HUGE walk-in closet, a charming bath with a large walk in shower, and double sinks . EXTENDED Garage gives additional storage and larger vehicle options. Minutes from shopping, entertainment, and restaurants.

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207 S Beaver Street Flagstaff, AZ 86001

$489,600

1 Bed

1 Bath

805 SqFt

Status Active

MLS # 6632519

Property Type Apartment

Price Type --

OPPORTUNITY DOWNTOWN FLAGSTAFF! This 1-Bedroom Condo has a covered patio's, and is Move-in-ready! This 5-story community was tastefully designed to accentuate the views off each deck of the 32 luxury units! Living the high life at 7000' feet is a breeze at The Views at Butler, just a step from Northern Arizona University & the nightlife in downtown. Watch the sunset reflect off the San Francisco Peaks while BBQ'ing on the oversized Roof-Top View Deck & lounge area. Convenience & ease are built into the community w key fob elevator, a trash shoot on every level & standard A/C. Beyond the aesthetic & downtown life vibe! Location, Convenience, Views & Community. It's the perfect home for you!

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5040 S Equestrian Avenue Sierra Vista, AZ 85650

$489,500

4 Beds

2 Baths

2,580 SqFt

Status Active

MLS # 6677420

Property Type Single Family Residence

Price Type --

Panoramic MOUNTAIN AND WATERFALL views from this fabulous 4 bdrm/2 bath, 2580 sqft upgraded home on 1.35 acres! Majestic sunsets from expansive covered patio & fenced backyard oasis. Enclosed courtyard for sunrises/gardening. Stone fireplace accents two large living areas and open floor plan perfect for relaxation/entertaining. Great rm boasts natural sunlight w/stunning quartz countertops atop dark wood cabinetry in kitchen. Tile backsplash, stainless appliances, stainless topped island and fabulous farmhouse sink! Bdrms are generously sized, baths remodeled & upgraded. Gorgeous tile/carpet flooring, earth-tone paint. Too much to list! Circular drive, extra garage pad, and RV space/gate and inner courtyard garden. Country luxury near everything!

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11245 S Shoshoni Drive Phoenix, AZ 85044

$489,500

2 Beds

2 Baths

1,892 SqFt

Status Active

MLS # 6683560

Property Type Single Family Residence

Price Type --

Beautiful 2bd/2ba upgraded home with lots of extras! Enclosed Arizona room. In 55+, golf course community with Recreation center that has activities year-round; Fitness Center with daily classes, indoor & outdoor pools, pickleball courts, clubs and groups, dances and entertainment. Close to freeway & Costco. Seller motivated!! All reasonable offers will be considered.

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2996 E Tie Down Drive San Tan Valley, AZ 85140

$489,490

4 Beds

3 Baths

2,105 SqFt

Status Active

MLS # 6677706

Property Type Single Family Residence

Price Type --

Welcome to Wales Ranch! San Tan Valley's newest master planned community. A wealth of amenities to enjoy. Homeowners will enjoy easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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Central AZ 85531

$489,000

3 Beds

2 Baths

3,768 SqFt

Status Active

MLS # 6686446

Property Type Single Family Residence

Price Type --

This private, quiet home and acreage in Central is just minutes from two public school districts, Eastern Arizona College, and the Safford Mine. Mountain vistas are enhanced by broad expanses for beautiful sunrises and sunsets. The 3 BR, 2BA home sits on more than 4 acres with irrigation rights for the hay-fields and pecan/pomegranate orchard. The primary bedroom on the second story opens onto a wrap-around balcony overlooking the orchard, desert-landscaped backyard and pergola. A full basement with 8 ft ceilings has plenty of storage shelves and potential for additional living space. The two-car garage is supplemented by a carport for more covered parking. A perfect place to raise a family, a garden or simply your spirits!

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4940 N Badger Road Prescott Valley, AZ 86314

$489,000

3 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6648669

Property Type Single Family Residence

Price Type --

Come see stunning forever views of the Mingus Mountains all the way to the San Francisco Peaks! Welcome home to this 3 bedroom 2 bath home with a dramatic stone fireplace housing a Vermont Castings stove that just about heats the entire house, providing for low, low utility bills. It even has a catalytic converter so you can burn it anytime! Larger kitchen with reverse osmosis system. Whole house exhaust fan helps keep the house cool in summer. Spacious primary bedroom with a roomy walk in closet and ensuite featuring two shower heads. The roof is only 6-7 years old. Outside, there is a huge raised garden bed and two large Tuff sheds, one of which is only four years old. You'll just love the gorgeous views out the living room and dining room windows.

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11662 W Levi Drive Avondale, AZ 85323

$489,000

4 Beds

3 Baths

2,216 SqFt

Status Active

MLS # 6673488

Property Type Single Family Residence

Price Type --

Welcome to this single story home that offers the perfect blend of comfort, style and convenience. Located on a corner lot in the master planned community of Alamar. This meticulously maintained home boasts 4 bedrooms & 3 bathrooms, providing ample space for both relaxation & entertainment. Step inside to discover a spacious & inviting interior, featuring an open floor plan with a custom kitchen that includes a waterfall edge quartz island, CAFE appliances, subway tile backsplash & walk-in pantry. The luxurious master suite is your private oasis, offering a peaceful retreat after a long day. The ensuite bathroom features dual vanity sink & shower. Split floor plan with tile in main living areas. Private covered patio & yard with fresh stone. Close to pool & parks. Mountain Views!

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6586 S Weavers Needle Trail Gold Canyon, AZ 85118

$489,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6671038

Property Type Single Family Residence

Price Type --

BEAUTIFUL 1-story home on a PREMIUM extra large LOT w/DRAMATIC MOUNTAIN VIEWS! Over $35k in upgrades in 2023! NEW wood look flooring throughout - NO carpet! NEW water heater, R/O, water softener + AC condenser! NEW paint inside/outside! NEW dimmable ceiling lighting in main living areas! Newly renovated kitchen w/newer appliances, painted cabinets w/soft close, island w/breakfast bar + breakfast room!! Main bedrooms w/ensuite bath + walk-in closet! Step outside to your PRIVATE BACKYARD OASIS with built-in BBQ, NEW roof on covered porch + view fencing w/long range MOUNTAIN VIEWS! PERFECT for year round living! Wonderful GATED neighborhood w/lots of great shopping/restaurants nearby! Welcome home

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1600 N Mclane Road Payson, AZ 85541

$489,000

4 Beds

4 Baths

1,906 SqFt

Status Active

MLS # 6688868

Property Type Manufactured Home

Price Type --

Owner/Agent This 1.75 Acre Property currently has 2 single wide mobile homes on it. Great views Hillside lot. All utilities on property. Including a 220 and sewer hook up for a motor home or charging your electrical vehicle. The West home A was remodeled in 2020 the East Home B is currently under renovation. Property is dividable into multiple lots check with P&D. Would be a great Multi-family Property. Both mobiles converted to Bunkhouses (no double sinks, dishwasher, or stove/ovens. Just use hot plates and convection microwave) so that there could be a home also built on the property (no impact fee). Check with local Zoning and building for clarification. The Values in the detail is the combined values of both homes... so each 2b2b home.

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