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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8944 E Red Mountain Lane Gold Canyon, AZ 85118

Open House

$453,995

2 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6669170

Property Type Single Family Residence

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This spectacular home offers 1982 sqft of spacious living space. The main bedroom features a large sitting area or office space, walk in closet, bath w/ double sinks, & walk-in shower. Oversized 2nd bedroom This model was designed as a 4 bedroom home and could easily be converted if that's what your looking for. Screened in patio (20x13). Lots of upgrades and update to include no carpet through-out. Water heater replaced 2023, Roof Replaced 2021, Exterior painted 2019, Soft water and R/O system in 2019, Sun screens 2014, HVAC was replaced in 2010. Extended garage 24ft long ,stainless steel appliances with Bosch washer & induction/ convection oven, Top/down/bottom window coverings & so much more. HOA only $42.60 monthly includes Trash

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1993 E Georgia Ruth Lane San Tan Valley, AZ 85140

$453,990

4 Beds

3 Baths

2,435 SqFt

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MLS # 6678708

Property Type Single Family Residence

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New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 4 bedroom 3 bathroom home with a 2 car garage plus storage. Our Ashton Woods Artisan Collection, spacious owner's suite, stainless steel appliances, granite kitchen countertops and shaker style cabinets makes this a place to call home. Conveniently located off of Combs Rd and Schnepf Rd. As with all of our homes, this one is also constructed as ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability!

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3180 W Juniper Canyon Drive Phoenix, AZ 85083

New

$453,990

3 Beds

2 Baths

1,232 SqFt

Status Active

MLS # 6692863

Property Type Single Family Residence

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Below Market Financing Available!!!!!!!!!! This single-level home showcases a spacious open floorplan where the Great Room, kitchen and dining room share a footprint that helps maximize the low-maintenance interior. Three bedrooms provide comfort and privacy for household members and overnight guests. Among those bedrooms is the luxurious owner's suite, which features a restful bedroom, en-suite bathroom and a walk-in closet. Photos are renderings of a model home, not the actual home.

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2245 E Flower -- Phoenix, AZ 85016

$453,900

3 Beds

1 Bath

1,511 SqFt

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MLS # 6664508

Property Type Single Family Residence

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ANOTHER GREAT CORNER LOT PROPERTY THAS IS BEEN REMODEL WITH NEW PAINT EXTERIOR AND INTERIOR!!!!NEW TILE FLOORS THROUGH OUT,NEW KITCHEN CABINETRIES,NEW COUNTER TOPES,CEILING FANS AND MORE. COENER LOT WITH RV GATE AND POSSIBILITY TO BUILT A GUEST HOUSE

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