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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3381 S 177th Drive Goodyear, AZ 85338

$471,990

4 Beds

3 Baths

2,079 SqFt

Status Active

MLS # 6700850

Property Type Single Family Residence

Price Type --

MOVE IN READY WITH LOW RATES TO BOOT! Welcome to your new home! This charming 4 bedroom/ 3 bathroom home offers spacious and luxurious living just for you! Featuring a beautiful open floor plan, perfect for entertaining and spending time with guests. The kitchen is equipped with stainless steel appliances, gas range, granite countertops, darker shaker style cabinets and plenty of storage. Carpet in bedrooms with wood look tile throughout. 9 ft ceilings and 8 ft interior doors. Only single story homes around you! Double gate for easy access to backyard. Endless opportunities for outdoor recreation and fun. Conveniently located near shopping and dining options. Don't miss your chance to make this yours!

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18157 W Navajo Street Goodyear, AZ 85338

$471,990

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6604053

Property Type Single Family Residence

Price Type --

This single-story home features an open concept floor plan that includes 9-ft. ceilings and a large great room. You'll also find Emser® tile flooring throughout the great room, dining space and kitchen, and Shaw® carpeting in the bedrooms. The expansive kitchen offers 42-in. upper cabinets, granite countertops, a center island and Whirlpool appliances. The private primary suite at the back of the home includes an oversized closet, and the primary bath boasts a separate tub and shower, a dual-sink vanity, and a door at the water closet. This home also includes a 40-gal gas water heater.

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12126 W Luxton Lane Avondale, AZ 85323

$471,990

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6625862

Property Type Single Family Residence

Price Type --

Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.

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6308 W Villa Linda Drive Glendale, AZ 85310

$471,950

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6685499

Property Type Single Family Residence

Price Type --

This is your opportunity to own this incredible home in a desirable neighborhood surrounded by beautiful mountain views. 3 bed 2 bath home with a large family room. The kitchen has dark wood cabinets and new granite countertops. All stainless steel appliances convey and the washer and dryer. Laminate flooring in all the main areas except the bedrooms. Large master bedroom with room for all your needs. The other 2 bedrooms are also spacious. The garage has epoxy flooring and storage cabinets with a workbench. Enjoy the mountain views in your backyard while you entertain your guests. Don't miss this opportunity to make it yours!

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2311 W Claremont Street Phoenix, AZ 85015

$471,900

5 Beds

4 Baths

2,081 SqFt

Status Active

MLS # 6621326

Property Type Single Family Residence

Price Type --

Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***

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17428 W Fulton Street Goodyear, AZ 85338

$471,488

4 Beds

3 Baths

2,257 SqFt

Status Active

MLS # 6700486

Property Type Single Family Residence

Price Type --

Discover our dynamic community with a move-in ready home featuring 4 bedrooms, 3 baths, and a 3-car tandem garage. Inside, enjoy a teen room/loft, cabinets in the laundry, and quartz kitchen counters. Outside, engage in fun with sand volleyball, basketball courts, and two playgrounds for all ages. Welcome to your new home and vibrant community!

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7818 N 79th Avenue Glendale, AZ 85303

$471,435

4 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6696046

Property Type Single Family Residence

Price Type --

Beautiful single-story home conveniently located in desirable Glendale, minutes to shops, restaurants and entertainment! This home offers our ''LOFT LOOK'' selections with White Shaker 42' cabinets, quartz countertops, and Brushed nickel hardware in the kitchen. Beautiful upgraded faux wood 6x24 Light gray tile flooring with lush carpet in bedrooms. The Modern Spanish exterior provides great curb appeal! See this home today!!! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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827 W Howe Street Tempe, AZ 85281

$471,000

3 Beds

1 Bath

1,340 SqFt

Status Active

MLS # 6699123

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and convenience at this charming 3-bedroom, 1-bathroom ranch home nestled in the historic district of Tempe. Ideal for both quiet living and lively entertaining, the floor plan seamlessly blends indoor and outdoor spaces. The kitchen overlooks the family room meaning you'll never miss out on the action. Gather your friends and family or a game night or kickback and relax in the family room or living room for a movie night in. With 3 bedrooms you have the opportunity to host guests or start growing your family! The bedrooms could also be used as flex space for a home office or workout room! The options are endless! Step outside to enjoy the expansive, custom-covered patio overlooking a spacious backyardperfect for gardening or just relaxing under the Arizona sun. Creativity flourishes here with a large detached workshop, offering ample space for an artist's studio or an expansive workspace. Parking and storage are a breeze thanks to the convenient RV gate, making it easy to keep a boat or RV with no HOA restrictions. Located just minutes from Arizona State University and the vibrant downtown Tempe, this home places you in the center of it all. Enjoy easy access to a variety of shops, restaurants, and entertainment options. Outdoor enthusiasts will appreciate the proximity to Tempe Town Lake, Tempe Beach Park, and extensive nearby trail systems for hiking or biking. With Loop 101 and 202 nearby, your commute or weekend getaway is always within easy reach. Experience the best of Tempe living at 827 W Howe Street.

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6337 W Valencia Drive Laveen, AZ 85339

$471,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active

MLS # 6700691

Property Type Single Family Residence

Price Type --

This stunning two-story home offers the perfect blend of elegance and functionality. With 4 bedrooms and 3 bathrooms, there's ample space for comfortable living. As you step inside, you're greeted by a bright and spacious interior, featuring tasteful finishes and modern amenities throughout. The open-concept layout seamlessly connects the living, dining, and kitchen areas, making it ideal for both relaxing and entertaining. One of the standout features of this home is its solar panels, providing energy efficiency and cost savings. Say goodbye to high utility bills and hello to sustainable living! Step outside into the beautiful backyard oasis, complete with lush turf and plenty of space for outdoor enjoyment. Whether you're hosting gatherings with friends and family or simply unwinding after a long day, this backyard retreat is sure to impress. Conveniently located in a desirable neighborhood, this home offers easy access to amenities, schools, parks, and more. Don't miss your chance to own this truly exceptional property.

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8449 W Rockwood Drive Peoria, AZ 85382

$470,999

2 Beds

2 Baths

2,203 SqFt

Status Active

MLS # 6636533

Property Type Single Family Residence

Price Type --

Price Reduction ,Spacious home in wonderful ''Westbrook Village'' Adult community 20% 40 years to 55 years, 80% 55 years plus, no children under 19 years of age. Located in the newer Phase 2, close to The Vistas Recreation Center. Large bedrooms, huge master bath with tub & shower. Newer A/C. Solar $139. per month. Looking for lots of room, this home has a large Arizona Room, could be heated & cooled for a work out room or area for pets or ?? Come see your dream home today !!

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17798 W Running Deer Trail Surprise, AZ 85387

$470,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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4124 S 244th Lane Buckeye, AZ 85326

$470,990

4 Beds

3 Baths

2,238 SqFt

Status Active

MLS # 6700709

Property Type Single Family Residence

Price Type --

What CAN YOU DO with a Multi Gen Home? This multi gen space has a separate living area, kitchenette, and bedroom from main part of the home. FORMER MODEL HOME! This popular Winchester floor plan features 4 bedrooms total (including multi gen space) and 3 baths. Expresso Cabinets, beautiful tile through main living areas, upgrade carpet in bedrooms only. Granite kitchen countertops. Gourmet kitchen has upgraded stainless steel appliances, range/oven, microwave and dishwasher. Window blinds throughout with verticals on Sliding Glass Door. The front and backyard are professionally landscaped and ready for entertaining your friends and family! The furniture is also available to purchase!

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