What’s Ahead For Mortgage Rates This Week – December 12, 2016

As 2017 winds down, analysts are forecasting economic developments for 2017. Forbes identified three indicators that the U.S. housing market has recovered. Mortgage rates rose again last week; jobless claims fell and consumer sentiment jumped rose five points. The details:

Housing Market Recovery Complete: Forbes

Three conditions were cited by Forbes as evidence that the housing market has recovered:

Analysts said that homeowners are putting their homes on the market after years of waiting for home prices to peak. On the flip side, mortgage rates are expected to rise further and home buyers may be taking a “now or never” plunge into buying homes before market conditions and mortgage rates combine to make home prices unaffordable.

The Federal Reserve reported that U.S. mortgage debt increased by 1.90 percent in Q3 2016; this was the highest growth rate for mortgage debt since Q3 2008. While population growth and household formation are lower, the overall ratio of mortgage debt to disposable income is near historically low levels. Stricter mortgage qualification standards are keeping home buyers from borrowing mortgage loans that they can’t repay.

After years of high demand for short supplies of available homes, home builders are ramping up construction. Housing starts rose by 25 percent in October and matched construction rates not seen since mid-2007.

Mortgage Rates Rise, New Jobless Claims Dip

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.13 percent. The average rate for a 15-year fixed rate mortgage was two basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage also rose by two basis points to 3.17 percent.

New jobless claims fell last week to 258,000 new claims, which matched expectations and was lower than the prior week’s reading of 268,000 new claims. Job openings held steady in October with a reading of 5.50 million.

What’s Ahead

Next week’s economic calendar includes readings on retail sales and inflation along with the Federal Reserve’s Federal Open Market Committee Statement and a press conference by Federal Reserve Chair Janet Yellen. The National Association of Home Builders Housing Market Index will be released in addition to Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.

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3336 S 155th Lane Goodyear, AZ 85338

$462,490

4 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6692746

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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17913 W Addie Lane Surprise, AZ 85374

$462,000

2 Beds

2 Baths

2,302 SqFt

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MLS # 6644538

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NEW ROOF, NEW CARPET, Fully Paid Solar and so much more (See Supplement for additional Comments) makes this 3-bed, 2-bath, and AZ Room in the 55+ guard-gated & golf course Community of Arizona Traditions the one for you! 2-car garage, desert front yard with a front patio that includes a decorative Table and Benches. The kitchen has ample cabinets, Stainless Steel Appliances, center island, and dining area w/bay window. The owners' suite is spacious! Owners' Bath consists of a walk-in closet, storage cabinets, Tub, shower, and dual sinks. Enjoy the Beautifully enclosed heated & cooled Arizona Room. The Landscaping Water System uses PVC. A feature you can't ignore is fully paid solar with electric bills avg. $20 per month. BRAND NEW ROOF - Installed December 2023, Exterior Paint 2015. Other features that benefit the buyer include - AC Unit 2014, Mini Split 2019. BBQ -2021, New Carpet - December 2023, Wood Floor - 2017, Dishwasher - 2018, Microwave - 2020, Stove - 2018.

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15715 N 168th Avenue Surprise, AZ 85388

$462,000

4 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6662476

Property Type Single Family Residence

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Nicely appointed home in the attractive Surprise community of Surprise Farms. 4 bedrooms, 2 bathrooms, with a sought after kitchen greatroom open concept along with a separate formal living and dining room. Light and bright kitchen comes with corian countertops, stainless appliances, large island with sink, and upgraded white cabinets. Master bedroom has a large walk-in closet, double sinks, step-in shower, soaking tub, and private toilet room. The 3 other bedrooms are generously sized and all have a dedicated closet. Convenient location to neighborhood parks, shopping, dining, entertainment, and all the amenities that up and coming Surprise has to offer. VA loan is assumable to Veterans, Non-Veterans, and Investors! $2692 Monthly, 5% Interest Rate, $443,562 Balance as of 4/10.

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5432 W Beverly Road Laveen, AZ 85339

$462,000

3 Beds

2.5 Baths

2,170 SqFt

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MLS # 6670221

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AZ Resort Living at its Best! This gorgeous 3 bedrm, 2.5 bathrm, 2 car garage home is in the heart of Laveen (202 corridor). Newly painted interior,exterior & garage floor! Beautiful tile floors & new carpet T/O! Open floor plan makes for an entertainer's paradise. Kitchen has new quartz countertops,lowered counter/breakfast bar,new undermount stainless sink,new dishwasher,upgraded cabinetry. Some new lighting fixtures. Ground floor ensuite primary bedroom w/spa bathroom:separate shower,Garden tub & huge walk-in closet. Stepping outside onto the newly painted patio floor,bordered grass area ready for your personal touch,room for a pool! Located just moments away from shopping,dining, beautiful,parks & 202 freeway access (202 corridor). Easy access to Downtown Phoenix & Surrounding areas.

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