What’s Ahead For Mortgage Rates This Week – November 21, 2016

Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.

Builder Sentiment Holds Steady, Demand for Homes Pushes Builders

November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.

The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.

Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.

Mortgage Rates Rise after Election

Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.

New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.

What’s Ahead

Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.

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8917 N 65th Drive Glendale, AZ 85302

$459,000

4 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6685460

Property Type Single Family Residence

Price Type --

This is the best house in the neighborhood! It has been completely remodeled by a licensed contractor. The house features a new roof and HVAC system, as well as fresh paint both outside and inside. Additionally, there are new tile floors throughout the entire house. As you enter, you'll be greeted by a spacious living room filled with natural light. The kitchen has undergone a complete transformation with new cabinets, quartz countertops, and stainless steel appliances. Both bathrooms have also been completely redone, including new vanities, cabinets, countertops, fixtures, and tiled showers. Outside, you can enjoy the patio and the low-maintenance yard. Don't miss out on the opportunity to own this beautiful home.

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16 W Encanto Boulevard Phoenix, AZ 85003

$459,000

2 Beds

2.5 Baths

1,709 SqFt

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MLS # 6685494

Property Type Apartment

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Don't miss out on over 1,700 sqft of Midtown Luxury! This private end unit is the largest City Home floor plan and is priced to sell. There are only 4 units at Tapestry with this desirable floor plan. You will enjoy all the windows making it light and bright. Features include upgraded stainless appliances, granite counter tops, gas range and a gas fireplace. The first floor also has beautiful laminate flooring and a large patio. There are two large bedrooms upstairs with lots of closet space. The primary suite has a walk in closet and a nice private balcony that is north facing for year around use. Located just minutes from shopping via a short drive or the light rail. You can even take the light rail to Phoenix Sky Harbor Airport. This home has two assigned parking spaces in the secured underground parking too. On site amenities include a fitness center, club house, large heated pool and spa, a Walgreen's pharmacy is on site as are a nail salon and a new art studio too.

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30520 W Clarendon Avenue Buckeye, AZ 85396

$459,000

5 Beds

3 Baths

2,658 SqFt

Status Active

MLS # 6687483

Property Type Single Family Residence

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Welcome to your canvas! This beautiful move-in ready, spacious home, is ready for your personal touch. As you pull up to the home you will be grateful for the 3 car garage and RV gate perfect for storing your cars, toys and holiday decor, as well as having your own ''she shed''. As you walk inside you will not be disappointed with the open living space and gourmet kitchen that will meet your needs and more! This desirable floor plan is great for a multi generational home or someone looking for all the space, with 5 bedrooms and 3 full bathrooms. And the backyard is ready for you to turn it into your outside oasis! OH! And did I mention it has OWNED solar?! Don't miss it!

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7650 E Edgewood Avenue Mesa, AZ 85208

$459,000

2 Beds

2 Baths

1,584 SqFt

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MLS # 6688997

Property Type Single Family Residence

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Fantastic Ranch Home in Fountain of the Sun, a 55+ Community. Move-in Ready, 2 bed, 2 bath home with a private, gated, backyard pool. Updates include refaced kitchen cabinets, quartz countertops and all new LG kitchen appliances 2023. Large owner's bedroom suite, French door entry, updated bath, new vanity & walk-in closet. Guest bedroom has a new Murphy-style wall bed unit that converts to a desk ($7k) and a walk-in closet. High-quality window shutters throughout the entire home. Beautiful, private backyard with heated salt-water pool, new pump & salt cell in 2019. Newer roof & outside paint. Enjoy all the Fountain of the Sun amenities including pickle ball, bocce ball, a dog park and much more. The 18-hole executive golf course & country club make this a very special place to live.

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