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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11489 W Deanne Drive Youngtown, AZ 85363

$459,900

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6683451

Property Type Single Family Residence

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3 bedrooms, 2 bath, and all of the space you could imagine makes this floor plan the perfect home for you! This new home comes filled with upgrades including a full suite, stainless steel energy-efficient kitchen appliances, beautiful granite countertops, stunning wood cabinets, designer light fixtures, and an attached two-car garage. The Prescott floor plan also showcases a private master suite complete with a walk-in closet, as well as a spacious kitchen with walk-in pantry, fully fenced backyard, covered patio and front yard landscaping. As an added bonus, this home has a separate den off the entryway, giving you space for a formal dining room or home office. Whatever your heart desires, the Prescott is sure to have it! Enjoy the view of the White Tank Mountains from your NEW home!

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3005 E Portland Street Phoenix, AZ 85008

$459,900

3 Beds

2 Baths

1,905 SqFt

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MLS # 6671604

Property Type Single Family Residence

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Brand new roof! This remodeled property near a freeway in Phoenix offers a combination of modern upgrades, convenient access, and a desirable location. New cabinets, new paint inside and out, new bathrooms, new fans, new windows, etc. A perfect home for you!

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5739 N Thornberry Drive Prescott Valley, AZ 86314

$459,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6679725

Property Type Single Family Residence

Price Type --

Much desired Granville master planned community. Subdivision amenities: 3 pools/ clubhouses, fitness centers, library, tennis/pickle ball, dog park, and more. 10' ceilings, corner lot with private backyard. Upgraded front and rear landscaping with artificial grass. Seller design finishes when built (2017) are top notch in this upgraded home, including: *Granite counter kitchen and bathroom cabinets. *Extended length & width epoxy floored garage (20k builder upgrade) w/garage windows & multi temp LED lighting. *Vessel sinks in bathrooms. *High end front security door. *Custom window coverings, patio door sliding panels & recently painted exterior. *18'' Travertino tile & designer carpeting (bedrooms). 3rd Bedroom set up as a den/flex space, can be converted back as bedroom w/closet.

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14207 N 51st Drive Glendale, AZ 85306

$459,900

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6682072

Property Type Single Family Residence

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Welcome to this lovely 4-bedroom, 2-bathroom home that boasts a 2-car garage and an RV gate. This home features new floors, a fully remodeled kitchen, and updated bathrooms, all completed in 2024. The roof, windows and A/C were all replaced in 2022, so there's no need to worry about any major repairs. The best part? There's no HOA, giving you the freedom to enjoy your home as you please. This property is conveniently located near shopping centers and freeways. All that's left to do is move in and make it your own!

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