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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5609 W Willow Ridge Drive Laveen, AZ 85339

$484,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6699451

Property Type Single Family Residence

Price Type --

Beautiful Brand New Corner Home in a Highly Desirable Central Location - Featuring countless upgrades such as 9' ceilings, Shaw - Milan - Surf 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White cabinets. Energy-efficient features throughout, Programmable thermostat, gas heater, gas range. Spacious walk-in closet in owners suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! Minutes from downtown Phoenix in a master-planned community featuring walking trails, greenbelts, neighborhood parks and playgrounds. Conviniently located off the Loop 202 and near schools, shopping and dining!

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1004 Avenida Ciervo -- Rio Rico, AZ 85648

$484,900

3 Beds

2.5 Baths

2,362 SqFt

Status Active

MLS # 6664459

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS! Embrace the opportunity to become the proud owner of this meticulously maintained haven in Rico Rico! Prepare to be impressed by the inviting interior, featuring tile flooring, vaulted ceilings, designer paint, & surround sound. Flawlessly flowing open layout offers large sliding glass doors that lead to the back patio, creating an effortless indoor/outdoor connection. Chef's kitchen is a highlight, boasting recessed & pendant lighting, ample cabinets, a walk-in pantry, stainless steel appliances, granite counters & backsplash, & an island w/a breakfast bar. Romantic main retreat includes direct outdoor access, an ensuite w/dual sinks, & a walk-in closet. Lastly, the serene backyard provides a full-length covered patio & a convenient storage shed. Don't wait any longer!

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8841 W Watkins Street Tolleson, AZ 85353

$484,900

4 Beds

3 Baths

2,363 SqFt

Status Active

MLS # 6693968

Property Type Single Family Residence

Price Type --

You don't want to miss this beautiful two-story home awaiting its new owners! Offering a low-care landscape, a 2-car garage, & a delightful front porch. The welcoming interior boasts a living/dining room w/high ceilings, designer's paint, charming light fixtures, & wood-style vinyl flooring t/out. Sizable open layout has a media niche & access to the backyard. Kitchen is equipped w/ample counter space, wood shaker cabinetry, recessed lighting, a pantry, & an island w/a breakfast bar. Find a cozy loft ideal for a hobby space! Primary bedroom has balcony access, a full ensuite w/dual sinks & a walk-in closet. The entertainer's backyard invites you to unwind & have fun! It provides a covered patio, a built-in BBQ, a fire pit, & a crystal blue pool & spa. Hurry! This gem will not disappoint!

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3719 E Inverness Avenue Mesa, AZ 85206

$484,900

3 Beds

2.5 Baths

1,935 SqFt

Status Active

MLS # 6697264

Property Type Single Family Residence

Price Type --

Must see this beautiful home conveniently located off the 60 freeway & minutes away from DANA PARK VILLAGE SQUARE for excellent shopping and dining experience! Freshly painted inside & new carpet this month 4/2024! 3 bedrooms plus a loft & 2 bathrooms upstairs. You will fall in love with the vaulted ceilings in the spacious living room. The kitchen offers granite countertops, freshly painted white cabinets with SS appliances. Gorgeous neutral colored wood look plank tile. Epoxy flooring in the garage Plus newer roof and air conditioning unit makes this home move in ready! You will also love the cul-de-sac street that it sits on & the north-south exposure. Enjoy Summer fun at the community pool & then lunch at near by restaurant's! This home is CLEAN and BEAUTIFUL, MAKE IT YOURS TODAY!

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13245 N 37th Way Phoenix, AZ 85032

$484,900

3 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6697702

Property Type Single Family Residence

Price Type --

This delightful 3-bedroom, 2-bath home is the one you're looking for! The updated interior boasts an inviting living room with a soothing palette and attractive wood-look flooring. The eat-in kitchen is equipped with quartz counters, a blend of pendant and recessed lighting, sleek white shaker cabinets, stainless steel appliances, a pantry, and a peninsula with a breakfast bar for casual dining. The main bedroom is complete with a mirrored closet and a private bathroom for added comfort. Outside, the backyard includes a covered patio and ample space to design your dream oasis. This value won't disappoint!

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3341 N Brooklyn Drive Buckeye, AZ 85396

$484,900

4 Beds

3 Baths

2,579 SqFt

Status Active

MLS # 6703418

Property Type Single Family Residence

Price Type --

Step into this meticulously maintained 4-bedroom, 3-bathroom haven boasting a den, family room, and media room, all refreshed with contemporary flair. This corner-lot gem, complete with leased solar panels, welcomes you with its sun-soaked open-concept design, where airy spaces blend seamlessly with updated vinyl floors and plush carpets installed in 2022. Whether you're entertaining in the formal dining area or enjoying casual meals in the eat-in kitchen, every corner exudes warmth and comfort. Embrace indoor-outdoor living on the back covered patio overlooking the expansive 14,050 sqft private yard, offering endless possibilities for relaxation and recreation!

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5388 N Sonora Lane Eloy, AZ 85131

$484,900

3 Beds

3.5 Baths

2,489 SqFt

Status Active

MLS # 6623103

Property Type Single Family Residence

Price Type --

Nestled in Robson Ranch Resort, this amazing Integra Block home is thoughtfully designed featuring a Great Room floorplan, 2 bedrooms and 2.5 baths, a den, and a 3-car garage. But that's not all - there's a charming casita w/ 1 Bedroom, and 1 bath, providing space perfect for guests, a private retreat, or your favorite hobby haven. The heart of this home is the spacious kitchen, adorned with granite countertops and ample cabinet space. Step outside to a low-maintenance landscaped yard, spacious enough that a pool can be built on the large corner lot. Come see this home today! The sellers are motivated and its priced to sell! Robson Ranch offers an array of resort features and amenities designed to enhance your lifestyle. Community amenities include the 18-hole golf course, onsite restaurant, state-of-the-art pickleball courts, and heated indoor and outdoor pools and spa, and much more.

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2016 N Mcallister Avenue Tempe, AZ 85288

$484,900

3 Beds

2 Baths

1,547 SqFt

Status Active

MLS # 6673485

Property Type Single Family Residence

Price Type --

Indulge in the perfect blend of modern convenience and classic charm in this inviting 3-bedroom home, complete with a family room and bonus room, nestled in a community without the constraints of an HOA. Revel in the warmth of updated wood flooring that graces the interior, complemented by a kitchen transformation in 2019. A newer roof and HVAC system speak to the meticulous care and thoughtful upgrades this home has received. Embrace the beauty of natural light through sunscreen and dual-pane windows and the practicality of an RV gate adds to the appeal. Enclosed by block fencing, the backyard becomes a private retreat. This residence is not just a home; it's a testament to thoughtful updates, no HOA restrictions, and a lifestyle that seamlessly blends comfort and style!

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8331 W Palmaire Avenue Glendale, AZ 85305

$484,900

3 Beds

2 Baths

1,787 SqFt

Status Active

MLS # 6683629

Property Type Single Family Residence

Price Type --

Discover this inviting 3-bed, 2-bath home in the sought-after gated community of Positano. Enjoy a spacious primary bedroom with a walk-in closet and large shower. The den/office adds flexibility. The great room opens to a kitchen with granite countertops and stainless steel appliances. Neutral tones and wood tile floors create a cozy atmosphere. Outside, an extended patio overlooks the low-maintenance backyard. Community perks include a park/playground. Minutes from the 101 Loop freeway, State Farm Stadium, and the vibrant Westgate Entertainment District. Exciting developments await nearby. Don't miss out!

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1250 N Abbey Lane Chandler, AZ 85226

$484,900

2 Beds

2.5 Baths

1,956 SqFt

Status Active

MLS # 6681966

Property Type Townhouse

Price Type --

BONUS BUYER INCENTIVE: SELLER to prepay 18 MONTHS of HOA dues on behalf of buyer! Welcome to the epitome of modern living at Rhythm, a gated community designed for resort-style luxury. Step into this impeccable move-in-ready condo boasting 2 bedrooms plus a loft and 2.5 baths. Upon entry, you're greeted by an expansive open great room seamlessly blending the kitchen, dining, and family areas. The kitchen is a chef's dream with its spacious island, corner window, and sleek stainless steel appliances. Entertain effortlessly in the family room, equipped with surround sound and offering access to one of two balconies, perfect for enjoying your morning coffee or evening breeze. Upstairs, discover a versatile loft area leading to the second balcony, strategically dividing the master suite from the second bedroom and bathroom. Your two-car garage boasts epoxy floors, adding a touch of sophistication to your parking space. Indulge in the community's lavish amenities, including lap and additional pools, a splash pad, full gym, basketball court, and outdoor entertainment areas featuring dining spaces, lounging areas, BBQs, fire pits, and TVs. Plus, there's even a dedicated dog park for your furry friends to enjoy. Convenience meets luxury with this prime location offering swift access to top-notch restaurants, shopping destinations, and major freeways. Experience the ultimate in resort-style livingwelcome home!

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106 N 132nd Place Chandler, AZ 85225

$484,900

3 Beds

2 Baths

1,304 SqFt

Status Active

MLS # 6694549

Property Type Single Family Residence

Price Type --

Discover serene living in this 3BD, 2BA home, unencumbered by HOA restrictions. Inside, dual-pane windows and luxury vinyl plank flooring pave the way to a welcoming living room featuring a beautiful wood-burning fireplace as its centerpiece. In the kitchen you'll find white shaker cabinets, new stainless steel appliances, and casual dining at the breakfast bar. Adjacent to the kitchen, an inviting backyard presents the ideal setting for entertaining featuring a stunning pool and slide, jacuzzi, and new planter boxes awaiting a gardener's touch. Additional recent upgrades include a newer AC unit (2020) and water heater (2023) for added efficiency. Also enjoy the convenience of walking to Chandler Traditional Academy - Humphrey Campus and San Tan Park.

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629 E Elm Lane Avondale, AZ 85323

$484,900

3 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6700431

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful 3-bed, 2.5-bath home in the peaceful Marbella Park. Stone accent details, 2-car garage, & a delightful landscape are just the beginning. Fabulous interior showcases plantation shutters, tons of natural light, neutral paint, tasteful flooring - soft carpet & wood-look plank tile. The open layout is perfect for both everyday living and entertaining. The kitchen boasts SS appliances, granite counters, subway tile backsplash, a pantry, ample wood cabinetry, and an island w/breakfast bar. Completing the downstairs, you have a versatile den for an office. Upstairs, you'll find the cozy loft along with the bedrooms. En Suite in the main bedroom with dual sinks & a walk-in closet. Enjoy relaxing in your large backyard, extended covered patio & artificial turf.

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