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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7807 E Main Street Mesa, AZ 85207

$24,000

1 Bed

1 Bath

624 SqFt

Status Active

MLS # 6646632

Property Type Manufactured Home

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Newly renovated move in ready home! This 55+ gated community of Agave Village offers over 20 group activities, club house, billiards room, community kitchen, heated pool/spa, pickle ball, shuffleboard, pet park and work out facility. In this beautifully updated home, you will see all new kitchen cabinets, granite countertops, appliances, flooring throughout, interior/exterior paint, bathroom plus walk-in ceramic tile shower, new dual pane windows, sliding glass door and HVAC. Don't miss out! Professional photos coming soon!

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345 S 58th Street Mesa, AZ 85206

$22,000

1 Bed

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624 SqFt

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MLS # 6676524

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This beautiful home in the Broadway Estate 55+ Community features a carport, new deck, and a French door entry. The interior boasts easy-care wood laminate floors, an open floor plan with a good size family room, and a kitchen with plenty of drawers, storage, and a pantry. The bedroom is large with a nice size closet and built-in drawers, while the bathroom includes a walk-in shower with safety handles. The home also offers a big back patio with a stackable washer and dryer and storage. Additionally, the mobile home has been weatherized by the Department of Housing for energy efficiency, with all appliances and A/C designed to be energy efficient, which is a plus in Arizona. The Broadway Estate community, provides a quiet and welcoming environment for residents. The Broadway Estate community, with only 122 mobile homes, offers amenities such as billiards, a club house, gym, laundry, pickleball, pool/spa, fire pit, and more.

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11100 W Alsdorf Road Arizona City, AZ 85123

$19,999

2 Beds

1 Bath

840 SqFt

Status Active

MLS # 6630543

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Very well maintained 2 bed 1 bath unit in this 55+ Community. Land lease includes water, sewer and trash. Low maintenance yard. This unit has inside laundry. Community pool. Grilling area and coined laundry. Short driving distance to local shopping and medical facilities.

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9447 E Kedron Drive Hereford, AZ 85615

$19,900

2 Beds

1 Bath

1,462 SqFt

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MLS # 6480354

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Fix it up! Clean it up! Live it up! A severe fixer upper located in a quiet neighborhood. Owner will carry.

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659 N Utah Avenue Hayden, AZ 85135

$19,000

6 Beds

3 Baths

1,870 SqFt

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MLS # 6643836

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This property provides a great start to a multifamily building.

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265 S Smelter Road Hayden, AZ 85135

$19,000

1 Bed

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840 SqFt

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MLS # 6647911

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This is a great place to create a ranch and have all the off road devices you possibly want. Come take a look at the possibilities today!

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5201 W Camelback Road Phoenix, AZ 85031

$18,000

2 Beds

1 Bath

600 SqFt

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MLS # 6610629

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***Highly Motivated Seller***55+Park***You will enjoy the spacious feeling in this 2 bedroom 1 bathroom home, a super cute home, and a bargain to boot! This adorable place could be either your primary home or your Arizona getaway! Boasts an beautiful Arizona room, which is where the second bedroom is. The interior of this darling place has been well taken care of, with upgrades galore: New wall unit style AC/Heating units remotely controlled as well in Front room, bedroom and 2nd bedroom. Freshly painted inside recently inside. The refrigerator and dryer stay. Low maintenance yard. Buyer to verify schools. New hot water heater as of Jan 2024! The water and sewer are also included in the lot rent! Lot rent is approximately $855.00, Live in a great 55+ park with many amenities to enjoy. Heated pools and spas, or enjoy your days playing pool or reading from the vast library. The walking and biking path winds through the community. This place is bargain paradise!

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16005 N 32nd Street Phoenix, AZ 85032

$18,000

1 Bed

1 Bath

800 SqFt

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MLS # 6635032

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Seller Financing Available! This one bedroom, one bath is located within the 55+ age restricted community of Paradise Valley Ranch. Freshly painted, this home features central AC and heat, gas cooking and all appliances including W/D. It features two extended covered carports offering privacy and shade. Located at Paradise Valley Ranch 55+ Community operated by Treehouse Communities. Community amenities include, pool, spa, fitness, recreation center, outdoor dining and laundry. The lots are spacious and private.

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9421 E Apache Trail Mesa, AZ 85207

$17,500

1 Bed

1 Bath

672 SqFt

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MLS # 6662675

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MOTIVATED SELLER!! BRING OFFERS!! Economical 1bed/1bath home located is 55+ Desert Valley Oasis. Spacious Living Room with Eat In Kitchen Counter space. Spacious Kitchen with plenty of cabinet space for dining. Gas Stove and Oven. Appliances Included. Many Updates Including NEW AC and ROOF 2020, New Flooring 2021, New Awning 2023. Large FENCED lot. Storage Shed includes Washer & Dryer. Easy Commute To Shopping, Entertainment, and Freeways. A MUST SEE!!

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