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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12708 W Lewis Avenue Avondale, AZ 85392

$489,900

3 Beds

2 Baths

2,276 SqFt

Status Active

MLS # 6703784

Property Type Single Family Residence

Price Type --

Step into this beautifully refreshed sanctuary where fresh interior paint revitalizes every space. A den with vaulted ceilings and a grand double door entry sets the stage for the elegance found throughout the home, accentuated by high vaulted ceilings that amplify the sense of spaciousness and serenity. Bay windows adorn the eating area, living room, and dining room, casting natural light and framing picturesque views. With 3 bedrooms, 2 baths, and the added luxury of a tranquil pool, this residence seamlessly combines comfort, style, and resort-like living, offering the ultimate retreat for modern lifestyles.

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1123 S 351st Avenue Tonopah, AZ 85354

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$489,900

4 Beds

2 Baths

1,810 SqFt

Status Active

MLS # 6706454

Property Type Single Family Residence

Price Type --

Custom-built with a highly coveted open floor plan, This property boasts four bedrooms and two baths, alongside a spacious great room, all nestled on over an acre of land. Conveniently situated just a brief stroll from Winters Well elementary school, it resides outside any flood plains on a level lot, with effortless access to I-10 via the paved Buckeye Road. Ideal for horse enthusiasts, the property features vaulted ceilings, tile flooring throughout, an upgraded kitchen with countertops, enhanced insulation, and an extended two-car garage. LED lighting, a flat tile roof, synthetic stucco, and a large patio complement the charm, with the master bath showcasing a custom tile shower. Buyer to verify all pertinent information, school, sq. ft, fwy.

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28420 S Rain Valley Road Elgin, AZ 85611

$489,900

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6614323

Property Type Manufactured Home

Price Type --

With breathtaking mountain views, a private well, and a septic system, this property has everything you need for a quiet countryside getaway. Parcel #306-34-035-F included in the sale Internet tower lease provides 400.00 a year in income. The road into the property is paved and county maintained. Well was recently deepened and had a new well pump installed. Enjoy the federal recreation land nearby that includes Las Cienegas National Conservation Area, endless outdoor OHV, bird watching, and many more hiking opportunities. Furnishings in the home are available for purchase on a separate bill of sale. With breathtaking mountain views, a private well, and a septic system, this property has everything you need for a quiet countryside getaway. Parcel #306-34-035-F included in the sale Internet tower lease provides 400.00 a year in income. The road into the property is paved and county maintained. Well was recently deepened and had a new well pump installed. Enjoy the federal recreation land nearby that includes Las Cienegas National Conservation Area, endless outdoor OHV, bird watching, and many more hiking opportunities. Furnishings in the home are available for purchase on a separate bill of sale.

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7710 E Gainey Ranch Road Scottsdale, AZ 85258

$489,900

2 Beds

1 Bath

785 SqFt

Status Active

MLS # 6642147

Property Type Apartment

Price Type --

Top Scottsdale location! The Courts in Gainey Ranch. Nicely updated 2 bedroom unit with hardwood flooring. The gorgeous kitchen features newer cabinets, countertops and stainless steel appliances. Soak up the beautiful Arizona weather on your private balcony. Enjoy access to all of the best amenities. Walk to the clubhouse, heated pool & spa, pickelball courts, tennis courts, and state of the art fitness center! 24 hour guard gated entry - this is the perfect winter getaway or year-round home!

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1274 E Waterview Place Chandler, AZ 85249

$489,900

2 Beds

2 Baths

1,582 SqFt

Status Active

MLS # 6647390

Property Type Single Family Residence

Price Type --

This light & bright home is nestled on a spacious, golf course lot in the desirable, active adult community of Springfield. Home has an open, primary bedroom split floor plan. The kitchen has upgraded white cabinets with pull-outs, under cabinet lighting, bevel edge countertops with navy trim, breakfast bar, pantry & the refrigerator is included. The primary bedroom suite has a walk-in closet and dual sink vanity in the bathroom. Inside laundry room has sink, storage cabinets & the washer and dryer are included. More great interior features include bay windows in the living room/dining room & second bedroom and ceiling fans throughout. Low maintenance backyard has spacious patio overlooking the golf course. There's an option for 40-55 years young residents subject to Buyer verification. Springfield Adult Resort Community amenities include golf course, recreational pool, lap pool, hot tub, hobby rooms, fitness room, library and movie room. The recreation center has sport courts for tennis, pickleball, horseshoes, shuffleboard, bocce ball and basketball. The Springfield community calendar is full of activities, club meetings and many events. There is an adjoining restaurant with lounge and dining area that is a popular gathering place for residents. You are not just buying a home, you are buying a lifestyle!

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3536 E Oak Street Phoenix, AZ 85008

$489,900

4 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6658684

Property Type Single Family Residence

Price Type --

Rent to Own OR Seller Financing Opportunity with low Downpayment. 4 Bedrooms/2 Bathrooms, 1850 SF home that has been completely renovated and is MOVE IN READY. Spacious Kitchen with gas cook top, all appliances and ample storage. Second kitchen outdoors with barbecue island. Wood tile plank flooring throughout. Separate laundry room with utility sink and Washer/drier.

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14150 W Boca Raton Road Surprise, AZ 85379

$489,900

6 Beds

3 Baths

2,673 SqFt

Status Active

MLS # 6665776

Property Type Single Family Residence

Price Type --

Spacious home with 2 downstairs bedrooms and 4 upstairs bedrooms. This home has been a well kept up rental property for many years and owners want to retire. Needs new carpet or vinyl flooring and a little TLC. Seller may give a cash credit back to buyer at COE for new flooring. All offers will be reviewed. Seller may carry back loan short term with 35% down, competitive rate OAC. Currently tenant occupied until February 28 2024.

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7230 W Townley Avenue Peoria, AZ 85345

$489,900

4 Beds

2.5 Baths

2,624 SqFt

Status Active

MLS # 6669847

Property Type Single Family Residence

Price Type --

Welcome to 7230 W Townley Ave! Nestled in a prime location, this charming residence offers an exceptional living experience in the heart of Peoria. Boasting a versatile layout, the home features a spacious den downstairs, providing the perfect space for a home office, study area, or entertainment hub. Additionally, convenience abounds with a half bath on the main level, ensuring comfort for residents and guests alike. The open kitchen layout enhances the sense of space and connectivity. Upstairs, four generously-sized bedrooms await along with a large den. Outside, the property offers low-maintenance turf and elegant pavers. Solar loan for assumption as well. Ring doorbell to convey.

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4697 N 204th Lane Buckeye, AZ 85396

$489,900

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6674327

Property Type Single Family Residence

Price Type --

MOVE RIGHT IN to this Kennedy on the corner! Situated in a quiet little niche of Victory, this Lennar floorplan is super popular - two bedrooms PLUS den, two baths, open kitchen/dining/great room. These original owners have maintained perfectly and upgraded - from custom metal screen security door to new lighting, ceiling fans, professionally painted throughout, epoxy garage floor, permanent heavy duty shelving & overhead storage in garage, professional landscape install extensive pavers in back & side yards. Ready to enjoy Victory living in a charming Victory neighborhood! FHA loan at 3.625 is Assumable!

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2992 N Miller Road Scottsdale, AZ 85251

$489,900

2 Beds

2 Baths

1,268 SqFt

Status Active

MLS # 6680864

Property Type Townhouse

Price Type --

Highly upgraded 2 bedroom condo in sought after Bellagio complex. Close to shopping and old town Scottsdale. Newer appliances (2 years), new floors in bathroom and laundry, new vanities and fixtures in both bathrooms by Jacuzzi Co. Large laundry room with new cabinets, sink and flooring. New water softener, new garage cabinets in double garage. Furniture available under separate bill of sale.

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29417 N 123rd Glen Peoria, AZ 85383

$489,900

4 Beds

2.5 Baths

2,622 SqFt

Status Active

MLS # 6682362

Property Type Single Family Residence

Price Type --

Fantastic opportunity for this beautiful original-owner home in Vistancia Village that offers 4 bedrooms + den and loft in a spacious 2622 SqFt. The kitchen features 42'' white shaker-style cabinetry with hardware, granite countertops, subway tile backsplash, contemporary stainless/white Samsung appliances including a gas range and the matching refrigerator is included! Sliding doors lead out to the side patio with new pergola covering, pavers, and easy-care artificial turf, perfect for outdoor entertaining. Bedrooms and laundry are upstairs. The oversized primary bedroom has a step-out balcony and en-suite bath with extended dual sink granite vanity, framed mirrors, and large tiled shower with rain showerhead and glass surround. Upstairs bath also has granite counters and dual sinks,* and all bedrooms have walk-in closets. Other features include a den/office on the main level, under-stair storage, stone exterior elevation, and a 3 car garage. Community amenities include a private pool for the Village residents, and the Mountain Vista Club includes lap and resort pools, splash pad, tennis/pickleball courts, fitness studio, indoor basketball court, game room, and Vistancia's 3.5 mile Discovery Trail. See today!

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4320 Buffalo Ridge Wickenburg, AZ 85390

$489,900

2 Beds

2 Baths

1,580 SqFt

Status Active

MLS # 6684581

Property Type Single Family Residence

Price Type --

This charming home in Wickenburg Ranch boasts a spacious and inviting layout perfect for comfortable living. This 2 bed, 2bath residence features a welcoming ambiance with a seamless blend of functionality and style. Upon entering, you're greeted by wood-look tile flooring that exudes warmth and durability throughout the home. The open floor plan is ideal for both relaxation and entertaining. The kitchen is a focal point, adorned with granite countertops, a large island, and ample cabinetry providing both elegance and practicality. Whether you're preparing meals or hosting gatherings, this kitchen is sure to inspire culinary creativity. In addition this, thoughtfully designed home includes an office/den with french doors for privacy. Outside, the low-maintenance desert landscaping adds to the home's curb appeal while minimizing upkeep. Completing the property is a three-car garage, providing convenient parking and extra storage. Offering comfort and style in equal measure, this Wickenburg Ranch residence is the epitome of desert living at its finest.

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