What’s Ahead For Mortgage Rates This Week – December 26, 2016

Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.

Consumer Spending Dips in November

Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.

New Jobless Claims Rise to 6–Month High

New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.

There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.

Mortgage Rates, New Home Sales Rise

Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.

What‘s Ahead

Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets are closed today in observance of the Christmas holiday.

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25057 N 172nd Lane Surprise, AZ 85387

$450,000

2 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6671352

Property Type Single Family Residence

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BETTER THAN NEW! Stunning Lennar home. The sellers have already taken care all of the extras - Fully landscaped back yard with watering system and custom Arizona panoramic wall mural. Upgraded window coverings throughout. Privacy doors added to master bathroom and den. Custom cabinetry was added to master bath toilet room and laundry room. Natural Gas stub in the kitchen and the back yard. Ceiling fans inside and out. Stunning upgraded Kitchen Cabinets, Counters and 12''x 24'' tile flooring. Extended length garage with room for golf cart parking. Asante Heritage is a gated, active adult community with a resort style pool, club house with lake and event center, fitness center, bocce ball, pickle ball, dog park, walking trails and more. Must see!

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8615 W Alvarado Road Phoenix, AZ 85037

$450,000

5 Beds

3 Baths

2,193 SqFt

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MLS # 6672619

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Cul-de-sac, Spacious 5 bed 3 bath with decent sized back yard and Rv gate. Come see it. Home will need some TLC, updating and repairs. Open to giving credit. Home won't last long.

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1113 E Glendale Avenue Phoenix, AZ 85020

$450,000

3 Beds

2 Baths

1,318 SqFt

Status Active

MLS # 6673459

Property Type Single Family Residence

Price Type --

Welcome to this recently updated 3-bedroom home with NO HOA! Ideal for a owner occupant or short term rental investor with the possibility of being rezoned for multi-family. Displaying a 1-car garage, RV gate, and a welcoming front porch. Enter to discover a perfectly flowing layout paired with a neutral palette, abundant natural light, and tile flooring throughout. The kitchen features SS appliances, quartz counters, recessed lighting, and white cabinetry w/crown moulding. The primary bedroom provides a mirrored closet and private bathroom for added convenience. Conveniently located close to Hwy 51 and in proximity to some of Phoenix's top award winning restaurants. Identical house next door with different flooring is for sale by same owner

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1107 E Glendale Avenue Phoenix, AZ 85020

$450,000

3 Beds

2 Baths

1,289 SqFt

Status Active

MLS # 6673470

Property Type Single Family Residence

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Two nearly identical, recently renovated homes both for sale by the same owner, with the possibility of being rezoned to multi-family on a half-acre lot if combined. Versatile options abound, from owner-occupancy to investment or short-term rentals. Modern upgrades include a stylish kitchen, en-suite primary bedroom, and designer bathrooms. Infrastructure updates ensure efficiency along with brand new appliances. The property's location in the Madison School District, proximity to the 51, and walking distance to Phoenix's awarding winning restaurants add to its allure. With potential for commercial rezoning, this property presents a unique blend of style and opportunity for any occupant or investor. Explore the myriad possibilities at 1107 E Glendale today.

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