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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14163 W Georgia Drive Surprise, AZ 85379

$465,000

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6693397

Property Type Single Family Residence

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Absolutely Beautiful 4 Bedroom + Loft, 2.5 Bathroom, Two Story Home Located On Premium Lot Bordering Common Area, Built in 2020, Upgraded Kitchen w/Custom Cabinets, Granite Countertops, Gas Range, Stainless Steel Appliances, Kitchen Island w/Breakfast Bar, Dining Room, Spacious Greatroom, Upstairs Master Bathroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, Extra Large Loft Upstairs, Covered Backyard Patio, 2 Car Garage, Come Check It Out!

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8410 E Chaparral Road Scottsdale, AZ 85250

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$465,000

4 Beds

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1,676 SqFt

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MLS # 6651453

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Spacious four bedroom townhouse in Scottsdale just minutes to the Scottsdale Greenbelt multi-use path, Chaparral Dog Park, multiple City parks, restaurants, shopping, nightlife, and entertainment. Quick, easy access to the 101 freeway. This is a unique tri-level split floor plan. Two bedrooms upstairs with a full bath and two bedrooms downstairs with 3/4 bath. Main floor has an open kitchen, dining room, and sunken living room. Kitchen has granite countertop installed in 2023 and stainless steel appliances purchased in January 2024. Private back patio with storage space/laundry area. Covered carport parking for two along with guest parking throughout the community. Property features a pool and clubhouse. HOA maintains all public areas and landscaping. Listing agent is related to seller.

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2401 E Rio Salado Parkway Tempe, AZ 85288

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$465,000

3 Beds

2.5 Baths

1,380 SqFt

Status Active

MLS # 6652290

Property Type Townhouse

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Resort style gated community! The Location can't be Beat! Walking distance to the Cubs Sloan Park Stadium. Right off of 101 & 202 FWY, ASU, Bus stops, Airport, Tempe Market Place! Popular 3 Bed & Den 2.5 Bath floorplan with a large open living area adjoining a full kitchen with island. Downstairs is the living area, spacious downstairs den/bonus room/large home office (at 126 SF!), Kitchen & breakfast area overlooking a private covered patio & backyard. Upstairs is master bedroom & master bath, laundry & 2 additional bedrooms with another bath. Two car garage and lots of additional guest parking in this beautifully maintained complex! 2 Pools and lots of area to walk your dog! Move in ready! Hurry! 3 bedroom unit sure to go quickly

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14548 W Poinsettia Drive Surprise, AZ 85379

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$465,000

3 Beds

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2,291 SqFt

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MLS # 6677396

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This designer home in the gated Copper Canyon community has no neighbors behind, offering park views. It features a gourmet kitchen with granite countertops, stainless appliances, and a large island that opens to a family room with a gas fireplace and screened-in patio. The home includes three bedrooms; the master suite has wood laminate flooring, a custom closet, and a luxurious bath. Additional amenities include a laundry room, office space, and a two-car garage with storage. Conveniently located near shopping and highways, this home combines comfort with convenience. Discover this charming home overlooking a community park, with a low-maintenance yard and two-car garage. Inside, enjoy a functional layout with three bedrooms, 2.5 bathrooms, a well-equipped kitchen, and a screened patio. perfect for Arizona's climate. The backyard features a paved seating area and view fence, ideal for relaxation and entertainment.

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