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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256 S Hobson -- Mesa, AZ 85204

$465,000

2 Beds

2 Baths

1,155 SqFt

Status Active

MLS # 6674970

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunningly remodeled single-story gem in Mesa, AZ boasts 2 beds, 2 baths, a den, and a spacious great room. Step inside to discover a model-home-worthy interior, featuring new lighting, plumbing fixtures, and energy-efficient windows, complemented by beautiful vinyl plank flooring. The large kitchen dazzles with quartz counters, backsplash, and stainless appliances, including a refrigerator. Plus, washer and dryer are included for your convenience! Outside, the new front yard pavers and turf enhance curb appeal, while the new roof with foam-sealed attic ensures lower electric bills. Relax in the expansive backyard surrounded by mature trees. Perfectly situated in Mesa, enjoy easy access to freeways, light rail, and the Cubs training facility. Click ''More' Don't miss out on this impeccable home! (Note: Pictures feature virtual staging). ¡Bienvenido a la casa de tus sueños! Esta joya de un solo piso increíblemente remodelada en Mesa, AZ, cuenta con 2 dormitorios, 2 baños, una sala y una gran sala espaciosa. Ingrese para descubrir un interior digno de una casa modelo, con nueva iluminación, accesorios de plomería y ventanas de bajo consumo, complementados con hermosos pisos de tablones de vinilo. La gran cocina deslumbra con encimeras de cuarzo, placa para salpicaduras y electrodomésticos de acero inoxidable, incluido un refrigerador. Además, ¡la lavadora y la secadora están incluidas para tu comodidad! En el exterior, los nuevos adoquines y el césped del patio delantero mejoran el atractivo exterior, mientras que el nuevo techo con ático sellado con espuma garantiza facturas de electricidad más bajas. Relájate en el amplio patio trasero rodeado de árboles añosos. Perfectamente ubicado en Mesa, disfrute de un fácil acceso a las autopistas, el tren ligero y las instalaciones de entrenamiento de los Cubs. No se pierda esta casa impecable! (Nota: Las imágenes presentan una puesta en escena virtual).

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2101 E Oak Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,188 SqFt

Status Active

MLS # 6679967

Property Type Single Family Residence

Price Type --

Exquisitely remodeled from top to bottom. This modern home boasts 3BR, 2BA, and an array of upgrades. This home features a new kitchen with plenty of cabinet space, Quartz Countertops. Nicely done Bathrooms, some new plumbing and electrical, New Roof, New Windows, New AC, Fresh Paint inside and out, and more. Entertain effortlessly in the backyard oasis featuring a sparkling pool and RV gate for added convenience. Desirable location, close to everything. Immediate access to freeways, minutes from Sky Harbor Airport and Downtown Phoenix. No HOA. Don't miss this opportunity!

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1502 E Garfield Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,032 SqFt

Status Active

MLS # 6685102

Property Type Single Family Residence

Price Type --

Beautifully updated 3 bed-2 bath home on spacious lot in Historic Garfield. Walk to vibrant downtown Phoenix restaurants, art, festivals, and more! Natural light floods all rooms creating bright + airy ambience. Home has an open floor plan with high ceilings, split bedrooms, indoor laundry, + all new luxury vinyl plank flooring. Kitchen has freshly painted cabinets, quartz counters, + ss appliances. You can live in an adorable historic home w/ all the modern conveniences. Low maintenance desert landscaping in front. Large backyard provides option for casita or office space for those who WFH. 2016 - roof replaced, HVAC replaced, new Pella windows, updated bathrooms & kitchen. 2024 - all flooring + baseboards replaced, all fresh interior paint, and more. This home is an absolute gem!

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1925 W Joan De Arc Avenue Phoenix, AZ 85029

$465,000

4 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6675275

Property Type Single Family Residence

Price Type --

We've heard you! Now you can get $5,000 toward closing costs or to buy dn your interest rate. The front courtyard has a ton of potential just waiting your creativity (see idea pics). Don't let the curb appeal detour you. Once inside, you'll enjoy a 4 bdrm, remodeled home with lot's of space and natural light shining through a south facing wall of newer double-pane windows and beautiful sliding glass door. This was not a flip. Both baths were renovated all the way down to the underground flex-pipe and sewer-line. Carpet is brand new and the interior tastefully painted. Other upgrades include 16-seer HAVC system, ductwork, gas-range with dual-ovens, newer dishwasher, Corian countertops, and beautiful brand new cabinet faces. Outside..... ...has Tex-Coat cool wall heat reflective coating, and 50yr-rated heat-reflective shingle roof. Even the attic has been upgraded with xtra thick insulation for more energy efficiency and built out for additional storage. Want an RV gate? How about TWO RV gates? And if all that's not enough, enjoy the mountain practically in your backyard while you sit under the extended covered patio with grill area and raised planter bed.

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