What’s Ahead For Mortgage Rates This Week – November 14, 2016

Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.

Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards

As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.

According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.

What‘s Ahead

Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.

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697 E Saddle Way San Tan Valley, AZ 85143

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$465,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6696752

Property Type Single Family Residence

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Gorgeous home in a vibrant community with so many UPDATES! The resort-style backyard, installed in the last 4 years, features a stunning pool with an expansive Baja step, lush green, tropical trees, and bushes, plus a shaded patio to cool off on hot days. Inside, the house boasts stylish updates, including wood-look flooring and custom designer elements like stone and wood planks. Fresh paint, renovated kitchen cabinets, and newer kitchen appliances ensure modern comfort. The split bedroom floorplan offers privacy, while vaulted ceilings in the great room create a light, open atmosphere. The neighborhood teems with activity, offering tennis, basketball, and pickleball courts, three heated community pools, and the scenic Johnson Ranch golf course. Shopping and restaurants nearby!

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17625 W Dahlia Drive Surprise, AZ 85388

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$465,000

4 Beds

2 Baths

1,917 SqFt

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MLS # 6692113

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Beautiful single level home with desirable great room floor plan, 4 split bdrms and extended 3-car tandem garage. Kitchen upgrades include sharp quartz countertops, 42'' cabinets with raised panels and brushed nickel hardware, gas range, island and stainless steel appliances. Other upgrades include 18'' tile in walk areas, surround sound, radiant barrier roofing for energy efficiency, French doors to the patio, and cabinets in the laundry room. The south-facing backyard is easy maintenance, with a built-in grill with fridge and bar, extended patio, gas stub, dog run, and high quality artificial grass. Exterior was painted in 2023, full interior painted 4/2024. Community park with basketball and sand volleyball courts are within walking distance.

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17557 W Summit Drive Goodyear, AZ 85338

New

$465,000

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6697393

Property Type Single Family Residence

Price Type --

Immaculately kept 3 bedroom 2 bathroom split floor plan home with a den in Estrella! This 1715 sq ft home is north/south on a corner lot in cul-de-sac with mountain views while backing up to the side of a single story home for the ultimate privacy. The primary bedroom includes a huge walk in closet with a ensuite bathroom that includes a tiled rain shower, dual vanities, and a garden tub. The home features an owned 5kw solar system, wood plank ceramic tile, shutters throughout the home, upgraded granite, custom front door, and many other great features. When you walk out to the finished backyard you'll notice the huge extended aluminum patio providing shade, a gazebo, artificial turf, custom concrete work, and fire pit area while looking at the mountain views. Also included are two community pools, a clubhouse, lake access, and other amenities. Come see this beautiful home today!

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11333 N 92nd Street Scottsdale, AZ 85260

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$465,000

2 Beds

2 Baths

1,294 SqFt

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MLS # 6697373

Property Type Apartment

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**REMODELED DREAM CONDO IN THE HEART OF SCOTTSDALE !** Your perfect set up features: Engineered Wood Flooring, 6-inch Baseboards, Upgraded Carpet in Bedrooms, Custom 2-tone Paint, Shiplap Accent Walls, Recessed Lighting, Luxury Modern Fixtures & Fans, Large Living & Dining Area w/ Fireplace for those chilly nights, Remodeled Bathrooms, Beautiful Kitchen with Quartz Counterops, Upgraded Cabinets, Basin Sink, SS Appliances, Fridge included, Laundry Room w/ additional Pantry Storage, Washer/Dryer included, Huge Master Suite w/ Large Walk-in-Closet & a Dual Vanity in the Master Bath. Private Patio w/additional Storage and view of the pool just steps from your door! **RESORT STYLE LIVING** w/ POOL/TENNIS + CLUBHOUSE & FITNESS CENTER! You are close to Shopping/Restaurants/Golf & 101 Freeway!!

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