What’s Ahead For Mortgage Rates This Week – December 19, 2016

Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

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705 W Village Parkway Litchfield Park, AZ 85340

$469,900

3 Beds

2.5 Baths

1,955 SqFt

Status Active

MLS # 6678968

Property Type Single Family Residence

Price Type --

This gently-lived in single family home in the Village at Litchfield Park has been meticulously maintained by the original owners, and offers 3 bedrooms and 2.5 baths in 1955 SqFt. Nicely upgraded throughout, the spacious kitchen offers an abundance of raised panel ''Cranberry'' maple cabinetry, granite countertops, center island, and stainless appliances. The primary bedroom is on the main floor and has access to the patio, and an en-suite bath with dual sink vanity, separate tub and shower, and walk-in closet. Upstairs is a charming loft area with access to the balcony, and two secondary bedrooms that share a Jack & Jill bath. Recent updates include a Trane 14-SEER A/C unit with warranty, new soft water and R/O system, new smoke/CO2 detectors, newer Zone Board, and much more! Other * upgrades include a premium homesite siding the greenbelt, surround sound pre-wire with speakers, upgraded carpet and 18x18 tile floors, window coverings throughout, and a 2 car garage. Refrigerator, washer, and dryer are included, making this home move-in ready for you! With just a short walk to the pool, spa and playground, multiple grocery/drug stores, schools, churches, etc. within walking distance; and a short drive to Wigwam and Palm Valley golf courses, this house is a must see. See today!

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8743 E Greenview Drive Gold Canyon, AZ 85118

$469,900

2 Beds

2 Baths

2,115 SqFt

Status Active

MLS # 6658769

Property Type Townhouse

Price Type --

This residence epitomizes perfection and is prepared for immediate occupancy! Featuring 2 bedrooms, 2 bathrooms, and an additional den, this home is nestled in the scenic Gold Canyon area. The kitchen boasts quartz countertops, upgraded cabinets, and top-of-the-line stainless steel appliances. Gorgeous ceramic plank tile throughout the living spaces, complemented by plush carpeting in the bedrooms. The master bathroom is adorned with custom tile in the shower & includes a spacious walk-in closet. Fairway Views stands out as Gold Canyon's exclusive newer gated townhomes, a well-kept secret that ensures a tranquil living experience. This gated community comes complete with a pool, clubhouse, and open common areas, providing the perfect setting to savor the splendid Arizona weather!

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914 Leisure World -- Mesa, AZ 85206

$469,900

2 Beds

2 Baths

1,964 SqFt

Status Active

MLS # 6659938

Property Type Single Family Residence

Price Type --

You are going to love this completely remodeled, modern home, in Leisure World. The private covered front courtyard is perfect for entertaining or a relaxing cup of coffee in the morning. The moment you open the front doors, you will be impressed by the open concept living with a huge kitchen with tons of cabinets for storage and an enormous island you could have a party around. Both bathrooms are tastefully updated, and the 2 bedrooms are enormous with huge walk in closets. The bonus room has a Murphey bed plus room for an office or workout area. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

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306 W Rim View Road Payson, AZ 85541

$469,900

3 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6662934

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a beautifully renovated home perfect for families or investors. Numerous upgrades incl. fresh paint, new flooring, cabinets, fixtures, HVAC, etc. Conveniently located just a mile from Green Valley Park and Lakes this 3-bedroom property (with an optional 4th BR that can be used as a den) also features 3.5 baths. Versatile downstairs space for 2nd living area or game room. One master BR on main level, along w/kitchen and living room and basement too. Spectacular mountain and town views from balconies. Just 1.5 hrs. from the city, this home offers a peaceful escape while providing investment potential. Come see this gorgeous home to experience all its possibilities.

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3550 W Whispering Wind Drive Glendale, AZ 85310

$469,900

3 Beds

2.5 Baths

1,557 SqFt

Status Active

MLS # 6680224

Property Type Single Family Residence

Price Type --

3 bedroom, 2.5 bath Great size home with private backyard and covered entry. Huge open living room with lots of natural light. Bedrooms are upstairs for extra privacy. Mature landscaping in front and back. Quick walk to the community pool and hot tub. 2 car garage. Watch the hot air balloons in the am over the mountains. Great location with easy access to get out of town and explore up North.

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12201 W Rio Vista Lane Avondale, AZ 85323

$469,900

4 Beds

2.5 Baths

2,267 SqFt

Status Active

MLS # 6680815

Property Type Single Family Residence

Price Type --

Stunning 4 bedroom 2.5 bath in the heart of Avondale! A 3-car garage and a mature landscape are just the beginning. Discover an inviting interior showcasing a neutral palette, abundant natural light, & tile flooring downstairs. You'll love the formal dining room and the welcoming living room adorned with high ceilings & a fireplace! Adjacent is the gourmet kitchen, boasting SS appliances, recessed & pendant lighting, ample cabinetry & counter space, and a peninsula w/breakfast bar. Main bedroom is downstairs! It has a cozy fireplace, a bay window, and an ensuite with dual sinks & a walk-in closet. Transitioning upstairs, soft carpet comforts the versatile loft & secondary bedrooms. Enjoy the spacious backyard offering covered & open patios, fire pit, Ramada, and a play area. Welcome Home!

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2310 W Stella Lane Phoenix, AZ 85015

$469,900

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6684168

Property Type Single Family Residence

Price Type --

Looking for a remodeled home to call your own? Check out this charming 3-bed, 2-bath with new Renewal by Andersen windows, New HVAC with a 10-year transferable warranty, white shaker cabinets, and quartz countertops—beautifully updated bathrooms. Stainless steel appliances. Corner lot w/ a relaxing covered patio. Large covered storage area/workshop. The seller is willing to help buyers with concessions for closing costs or to buy down their rate!! This location offers swift access to Uptown, entertainment arenas, and the lively downtown scene

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14851 S 179th Avenue Goodyear, AZ 85338

$469,778

3 Beds

2 Baths

1,845 SqFt

Status Active

MLS # 6661915

Property Type Single Family Residence

Price Type --

Absolutely beautiful 3 bedroom 2 bathroom home on corner lot in the exclusive master planned community of Estrella Mountain at Vidrio. Step into this open concept home, entertaining kitchen with lots of counter space, walk in pantry and SS appliances. The 9ft ceilings and abundance of windows makes this home bright and spacious! The home has been designed by our professional design team. Come in today and see why this home really does stand apart from all the rest!! Gourmet kitchen with a separate gas cook top, and white quartz counter tops, 42 inch cabinets with decorative back splash. Primary bathroom has a large walk-in shower and large walk-in closet. Two guest bedrooms and a full bathroom complete the home. Builder is offering closing costs incentive to buy down interest rate

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27421 W Pontiac Drive Buckeye, AZ 85396

$469,700

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6617757

Property Type Single Family Residence

Price Type --

START LIVING THE DREAM! This Like New Hideaway Model Has It All! Enter the open concept, split floorplan w/wood plank like tile flooring, designer lighting features & custom window treatments througout. Inviting gathering space offers plenty of room for dining & entertaining. Chefs kitchen features upgraded cabinets, stylish quartz counters, SS appliances, walk-in pantry, island w/seating & pendant lighting. The master bedroom has a private bath w/quartz counters, dual sinks, vanity, walk-in, tile surround shower & large walk-in closet. Charming guest bedrrom w/adjacent bath. Den is perfect for office or hobbies. Extended Utility room has additional storage cabinets. Enjoy outdoor living on the expansive, paved patio overlooking this oversized, low maintenance private, walled backyard.

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1468 E Torino Court Casa Grande, AZ 85122

$469,668

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6657634

Property Type Single Family Residence

Price Type --

The ranch-style Pewter floor plan includes a very exciting feature—an attached RV garage! The interior of the home is just as attractive, centering around an open layout with a great room and center-meet doors leading to a covered patio. You'll also love the dining area and kitchen with a center island and a large walk-in pantry. The primary suite showcases a walk-in closet and a private bath. Two additional bedrooms and a bath round out the residence. Designer Curated finishes included!

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14762 S Country Club Drive Arizona City, AZ 85123

$469,500

4 Beds

2.5 Baths

2,597 SqFt

Status Active

MLS # 6682192

Property Type Single Family Residence

Price Type --

LOOK NO FUTHER, BEAUTIFUL MOVE IN READY HOME IN ARIZON CITY. This 4 bedroom and 2.5 bath has 10 feet high ceiling with porcelain tile all through house. Wide open great room that flows into kitchen for an amazing open feel to the home. Spacious master bedroom with walk-in closet and double sink master bathroom.

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890 Oasis Drive Wickenburg, AZ 85390

$469,500

3 Beds

2 Baths

1,672 SqFt

Status Active

MLS # 6617271

Property Type Single Family Residence

Price Type --

BRING ALL OFFERS! You are going to love the privacy & serenity of this beautifully updated 3BD 2BA home built in 2002 right in the heart of Wickenburg. Updates include, brand new shingle roof, installed Oct. 2023, all new exterior paint, all new vinyl windows in 2023, all appliances are 2 years new along with washer & dryer 1 yr old. Kitchen has been updated and features rustic wood countertops, fantastic coffee bar area w/ floating shelves, updated cabinet doors and plenty of storage. Tile floors throughout. Both bathrooms have been updated and feature lovely all tile walk-in showers. Fantastic additional garage/workshop added that allows for an additional 2+ cars to be housed. Woodworker or crafter will love the additional storage/workspace in this home. Backyard is a paradise! Live your very best life in this peaceful backyard. Ramada added for BBQ area, mature landscape w/ shade trees, fully fenced too! The front features a niche' for sitting and enjoying the peace & quiet of your own little slice of the Wickenburg lifestyle. Remember, we love Wickenburg because of our amazing Fall, Winter & Spring weather, this property allows you wonderful space to enjoy every minute!

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