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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19620 W Cambridge Avenue Buckeye, AZ 85396

$464,146

4 Beds

3 Baths

2,070 SqFt

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MLS # 6676071

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Explore this must-see Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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12528 W Marguerite Avenue Avondale, AZ 85323

$464,114

5 Beds

2 Baths

2,407 SqFt

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MLS # 6683503

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Discover the difference in this home and buying experience! Under construction Laredo design at Highland Ridge by Brookfield. 5 bedrooms! 7000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the two-car garage leads you into the drop zone. This home offers a fourth bedroom option in lieu of the flex space. $41,000 in upgrades. Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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2720 W Cholla Street Apache Junction, AZ 85120

$464,000

4 Beds

2 Baths

1,548 SqFt

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MLS # 6669619

Property Type Single Family Residence

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Brand New Construction! 4 bedrooms with 2 full baths. Modern kitchen with island open to great room. Master walk in shower. Late May 2024 anticipated completion date. Still time to customize some finishes. Tile to be installed throughout entire home. Spray foam insulation in walls and ceiling adding to great energy efficiency in home. Great sized backyard and no HOA! Great location near freeways and shopping.

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20066 N Golden Barrel Drive Surprise, AZ 85374

$464,000

2 Beds

2 Baths

1,936 SqFt

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MLS # 6612237

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''Welcome to this meticulously maintained single-owner residence, boasting an expansive layout that exudes an airy ambiance. Featuring two generously sized bedrooms, this home offers an entertainer's delight with its seamless open concept design. The kitchen is adorned with stainless steel appliances, ample countertop space, and abundant cabinet storage, complemented by a formal dining area. Additionally, the generously proportioned office/den presents versatility, potentially serving as a third bedroom. Step outside to the inviting back patio, perfect for unwinding and savoring the serene beauty of Arizona winters. Completing this exceptional property is a spacious two-car garage, providing ample storage and convenience.''

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