What’s Ahead For Mortgage Rates This Week – December 12, 2016

As 2017 winds down, analysts are forecasting economic developments for 2017. Forbes identified three indicators that the U.S. housing market has recovered. Mortgage rates rose again last week; jobless claims fell and consumer sentiment jumped rose five points. The details:

Housing Market Recovery Complete: Forbes

Three conditions were cited by Forbes as evidence that the housing market has recovered:

Analysts said that homeowners are putting their homes on the market after years of waiting for home prices to peak. On the flip side, mortgage rates are expected to rise further and home buyers may be taking a “now or never” plunge into buying homes before market conditions and mortgage rates combine to make home prices unaffordable.

The Federal Reserve reported that U.S. mortgage debt increased by 1.90 percent in Q3 2016; this was the highest growth rate for mortgage debt since Q3 2008. While population growth and household formation are lower, the overall ratio of mortgage debt to disposable income is near historically low levels. Stricter mortgage qualification standards are keeping home buyers from borrowing mortgage loans that they can’t repay.

After years of high demand for short supplies of available homes, home builders are ramping up construction. Housing starts rose by 25 percent in October and matched construction rates not seen since mid-2007.

Mortgage Rates Rise, New Jobless Claims Dip

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.13 percent. The average rate for a 15-year fixed rate mortgage was two basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage also rose by two basis points to 3.17 percent.

New jobless claims fell last week to 258,000 new claims, which matched expectations and was lower than the prior week’s reading of 268,000 new claims. Job openings held steady in October with a reading of 5.50 million.

What’s Ahead

Next week’s economic calendar includes readings on retail sales and inflation along with the Federal Reserve’s Federal Open Market Committee Statement and a press conference by Federal Reserve Chair Janet Yellen. The National Association of Home Builders Housing Market Index will be released in addition to Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.

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9555 E Raintree Drive Scottsdale, AZ 85260

$489,450

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6682683

Property Type Apartment

Price Type --

Refined elegance awaits in this tastefully updated ground floor condo nestled within the tranquil enclave of Ladera Vista, ideally situated in prestigious Scottsdale. You'll find convenience and luxury with a host of upscale amenities including a private 1-car garage, a chef's kitchen adorned with stainless steel appliances, and dual inviting patios. Impeccably appointed bathrooms, including a relaxing master suite boasting a double vanity and newly refurbished shower, offer sanctuary and style. Unwind in the lush, manicured grounds of the gated community, complemented by a heated pool for year-round relaxation. Enjoy the epitome of Scottsdale living in this sophisticated oasis!

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4940 N Badger Road Prescott Valley, AZ 86314

$489,000

3 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6648669

Property Type Single Family Residence

Price Type --

Come see stunning forever views of the Mingus Mountains all the way to the San Francisco Peaks! Welcome home to this 3 bedroom 2 bath home with a dramatic stone fireplace housing a Vermont Castings stove that just about heats the entire house, providing for low, low utility bills. It even has a catalytic converter so you can burn it anytime! Larger kitchen with reverse osmosis system. Whole house exhaust fan helps keep the house cool in summer. Spacious primary bedroom with a roomy walk in closet and ensuite featuring two shower heads. The roof is only 6-7 years old. Outside, there is a huge raised garden bed and two large Tuff sheds, one of which is only four years old. You'll just love the gorgeous views out the living room and dining room windows.

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1600 N Mclane Road Payson, AZ 85541

$489,000

4 Beds

4 Baths

1,906 SqFt

Status Active

MLS # 6688868

Property Type Manufactured Home

Price Type --

Owner/Agent This 1.75 Acre Property currently has 2 single wide mobile homes on it. Great views Hillside lot. All utilities on property. Including a 220 and sewer hook up for a motor home or charging your electrical vehicle. The West home A was remodeled in 2020 the East Home B is currently under renovation. Property is dividable into multiple lots check with P&D. Would be a great Multi-family Property. Both mobiles converted to Bunkhouses (no double sinks, dishwasher, or stove/ovens. Just use hot plates and convection microwave) so that there could be a home also built on the property (no impact fee). Check with local Zoning and building for clarification. The Values in the detail is the combined values of both homes... so each 2b2b home.

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20810 N 270th Avenue Buckeye, AZ 85396

$489,000

3 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6680875

Property Type Single Family Residence

Price Type --

DESTINY MODEL WITH CASITA! Rare 3 Bed, 3 Bath, + a den on a huge 11,126 sq ft lot! Tuscon stone accents & large paver front courtyard. Tile floors in main living area & brand new carpet in all bedrooms. Huge chef's kitchen w\lots of cabinets, center island, SS appliances (some newer), pull out shelves, & breakfast nook. Owner's suite w\bay window, step in glass shower with seat, separate soaking tub, dual sinks & walk in closet. Split guest bedroom w\ adjacent bath, provides privacy for guests. Plus the Casita is perfect for a 3rd bedroom, office, etc.. This home has Plantation Shutters throughout. Laundry features tons of cabinets & a sink. Enjoy the sunsets out back on the extended Paver patio. Garage w\cabinets & plumbed for a sink. New HVAC 2022, New Hot Wtr Tank 2023, & Solar!

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10609 W Carlota Lane Peoria, AZ 85383

$489,000

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6685398

Property Type Single Family Residence

Price Type --

PRIDE OF OWNERSHIP - NO HOA - CORNER LOT, Location is everything! This Northwest Peoria home is minutes from the 303, Lake Pleasant, TSMC and offers an open floor connected with a beautiful updated kitchen, granite countertops, SS appliances, double oven gas stove, island, ample cabinet space, and eat-in-kitchen space. This split floor plan offers room for the whole family. Oversized owner suite w/double sinks and corian countertops, 3 additional nice sized bedrooms. Large covered patio and expansive backyard make this the perfect home. Exterior and Interior painted 2023, AC 10 years old, New dishwasher.

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17858 W Verdin Road Goodyear, AZ 85338

New

$489,000

3 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6706474

Property Type Single Family Residence

Price Type --

This Estrella gem on a PREMIUM GREENBELT VIEW LOT features a resort-style backyard w/lush, mature landscaping, extended paver patio, gas firepit, therapy spa & tranquil water feature - your own little piece of heaven! An expansive entry hall welcomes you into an open, social, split floor plan w/chef's kitchen: granite counter tops, lots of maple cabinetry + pantry, center island w/dual sinks, electric range/oven w/MWO above - refrigerator stays! The spacious owner's suite features an ensuite w/walk-in dual head shower, soaker tub & large walk-in closet. NEW HVAC in Sept 2021!! Smart house concept + lots of other upgrades & features - see list in ''Documents'' tab. Your personal desert oasis awaits outside all set in a stunning cactus garden. Start packing now - this is it!! Estrella's wonderful lake community offers unbeatable value-for-money amenities that include 2 man-made lakes w/walking paths, 2 residents' centers (Starpointe & The Presidio), each w/its own café/restaurant, fully equipped fitness centers & swimming pools. Also available is a lap pool, fabulous splash waterpark, basketball, volleyball, tennis & pickleball courts + multiple parks, boating, fishing, miles of hiking trails, bike paths & more! You'll find one of the valley's top golf courses in Estrella - a Jack Nicklaus designed, Troon managed course w/discounted green fees offered to residents. Be sure to put this home at the top of your list & check out this wonderful home & fabulous community today!

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4330 N Irving Street Kingman, AZ 86409

$489,000

3 Beds

2 Baths

2,018 SqFt

Status Active

MLS # 6697952

Property Type Single Family Residence

Price Type --

Total Sq Ft is 2,938. ONE OF A KIND with Casita. Large Patio, French Doors, Tankless Water Heater, Walk in Tub Jacuzzi, Vaulted Ceilings, Pocket & Barn Doors, Kitchen Sky Light, Walk in Pantry. Main Home Remodel Granite Counter Tops, Gas Double Oven, Monogram Extra Large Refrigerator. French Doors throughout home, Microwave Convection Oven, Trash Compactor, Man Cave, Bathroom with Heated Floor. Jetted Hot Tub so much to offer & much much more. Mountain Views --- A MUST TO SEE, Welcome Home!

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721 E Harwell Road Phoenix, AZ 85042

$489,000

3 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6698028

Property Type Single Family Residence

Price Type --

Are you looking for a great location with beautiful views of South Mountain? This former model home located in the sought after gated community Villages at Verona is a great find. The open floor plan on this home invites you from the vaulted entry to the relaxing backyard. The multi-slide door elegantly combines your indoor and outdoor space. Perfect for entertaining or just enjoying the beautiful weather AZ provides. The Kitchen boasts a large island with stainless steel appliances overlooking the living space. The spacious Primary Bedroom opens to an en-suite bathroom with double sinks and walk in shower. Located within a short drive to downtown Phoenix you can easily access the restaurants, events, and lifestyle you are looking for.

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945 E Playa Del Norte Drive Tempe, AZ 85288

$489,000

2 Beds

2 Baths

1,208 SqFt

Status Active

MLS # 6700683

Property Type Townhouse

Price Type --

Step into the pinnacle of luxury with this 2-bedroom, 2-bathroom condominium nestled in the sought-after North Shore Condominiums. Ideally located a mere stone's throw from ASU, downtown Tempe, and minutes from Old Town Scottsdale, this third-floor unit is ready for immediate occupancy, offering the perfect blend of convenience and comfort. Its open floor plan exudes an airy, spacious ambiance, making it an ideal spot for both entertainment and relaxation. The contemporary, fully-equipped kitchen has been updated with gorgeous stone counters and has generous cabinet space, while the light-filled living area provides a welcoming ambiance. Savor the surrounding views from your private balcony. Both bathrooms have been tastefully updated with striking new counters and elegant subway tile. As a North Shore Condominiums resident, you'll have access to an array of amenities, including a pool, spa, fitness center, and jogging trails. Two parking spaces in the secure garage eliminate any parking worries. This condominium is perfectly suited for students, working professionals, or those looking for a peaceful retreat. It combines a prime location with top-notch amenities. Don't miss your chance to reside in one of Tempe's most desirable locations.

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3935 E Rough Rider Road Phoenix, AZ 85050

$489,000

2 Beds

2.5 Baths

1,388 SqFt

Status Active

MLS # 6701624

Property Type Townhouse

Price Type --

Don't miss out on this move in ready townhome with an Amazing Floor Plan in the sought after subdivision of Villages at Aviano!!!!! This 2 bed 2.5 bath townhome is in a secured gated community for extra safety and boasts 2 primary bedrooms with their own baths. Newer stainless steel appliances, granite counter tops, tile and wood floors, stone surrounds in bathrooms, and ceiling fans throughout. A corner unit with a 2 car attached garage with epoxy flooring. Lots of open space and green belt right outside the front door. Very well cared for clean, move in ready townhome. Enjoy all the amenities; large pool and spa, tennis courts, basketball courts, full gym including a yoga studio, clubhouse, playground, and BBQ area. This is truly a great location and very close to Desert Ridge, City North, and the 101 and 51

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6427 W Turquoise Avenue Glendale, AZ 85302

New

$489,000

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6703151

Property Type Single Family Residence

Price Type --

This Phoenix remodel is truly remarkable, featuring a completely revamped and elegant layout perfect for entertaining. Among its many upgrades are a spacious family room with a charming brick fireplace, a generously sized living area, a formal dining room, and an upgraded kitchen with new appliances and ample counter space. Additionally, there's a large utility room and beautifully modernized bathrooms, all with no expense spared. Outside, a renovated covered patio overlooks a spacious yard. Even the garage has been transformed with new finishes, lighting, and its own climate-controlled heating and AC system. Located just a short walk from the Sahuaro Ranch Sports Complex, Sahuaro Ranch Dog Park, and Glendale Community College, this property also boasts recently installed solar panels. Don't miss out on this incredible opportunity!

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5010 S Turbine -- Mesa, AZ 85212

$489,000

3 Beds

2.5 Baths

1,898 SqFt

Status Active

MLS # 6704455

Property Type Single Family Residence

Price Type --

Welcome to your beautifully updated 3-bedroom, 2.5-bathroom haven! This home surpasses new with its fresh appliances, plush carpeting, sleek hardware, and modern fixtures. Impeccably painted and spotless, it eagerly awaits your family's arrival. Outside, revel in the low-maintenance turf backyard. Nestled in Eastmark, indulge in the community's abundant amenities: meander or cycle along scenic trails, luxuriate in green spaces and the inviting community pool, and relish meals at the Handlebar Diner. With over 100 vibrant events and activities, boredom is simply not an option. From concerts at the pavilion to bustling farmers markets and the thrilling Eastmark AwesomeFest, there's always something exciting in store. Welcome home to endless possibilities!

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