What’s Ahead For Mortgage Rates This Week – December 5, 2016

Last week’s economic news was plentiful with releases on Case-Shiller Home Price Indices and pending home sales. Readings on government and private sector jobs created, the national unemployment rate and weekly readings on new jobless claims and Freddie Mac’s mortgage rates survey were also released.

Case–Shiller: Western Cities Dominate Home Price Growth

Case-Shiller’s 20-City Home Price Index reported that Seattle Washington topped year-over-year home price growth with an increase of 11.00 percent. Portland, Oregon followed closely with a reading of 10.90 percent, and Denver Colorado held third place with year-over-year home price gains of 8.70 percent.

San Francisco, California, which had posted high home price gains in recent years, posted a month-to-month reading of -0.40 percent and a year-over-year gain of 5.70 percent. Analysts said that this reading was evidence that home prices in high cost areas were topping out. Affordability, strict mortgage requirements and low inventories of available homes continued to present obstacles to home buyers.

Mortgage Rates Rise, Pending Home Sales Dip

According to the U.S. Commerce Department, pending home sales dipped in October to 0.10 percent as compared to a growth rate of 1.50 percent in September. Winter weather and holidays can cause would-be home buyers to postpone their home searches until spring.

Freddie Mac reported higher mortgage rates last week, although the 10-year treasury rate, which is tied to mortgage rates, was unchanged from the prior week. The average rate for a 30-year fixed rate mortgage was five basis points higher at 4.08 percent; the average rate for a 15-year fixed rate mortgage rose by nine basis points to 3.34 percent and the average rate for a 5/1 adjustable rate mortgage rose by three basis points to 3.15 percent. Mortgage rates have risen by 51 basis points in three weeks. This trend, coupled with high home prices, doesn’t bode well for first-time and modest income home buyers.

Consumer spending for October increased by 0.30 percent as compared to predictions for a reading of 0.50 percent and September’s 0.70 percent reading. The core inflation reading for October was unchanged and in line with analyst expectations at 0.10 percent. The core reading excludes volatile food and fuel sectors.

Labor Reports: Job Creation Grows, Unemployment Rate Lower

According to the Labor Department’s Non-Farm Payrolls report for November, 178,000 government and private sector jobs were created as compared to expectations of 200,000 jobs created and October’s reading of 142,000 jobs created in October. According to the Commerce Department, the national unemployment rate for November was 4.60 percent as compared to the expected reading of 4.90 percent and October’s reading of 4.90 percent. Analysts noted that while a lower reading could indicate good news, it was also the result of fewer workers in the work force. The unemployment rate is based on unemployment claims filed by those actively seeking work; it does not include those underemployed or those who have stopped seeking work.

First-time jobless claims rose to 268,000 as compared to expectations of 250,000 new claims and the prior week’s reading of 251,000 new claims filed.

In spite of higher mortgage rates and dubious labor reports, the Consumer Confidence Index rose to 107.1 in November from October’s reading of 100.8; Analysts had expected an index reading of 102.5.

What‘s Ahead

Next week’s economic reports include releases on job openings and consumer sentiment along with weekly readings on mortgage rates and new jobless claims.

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3935 E Rough Rider Road Phoenix, AZ 85050

$465,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6669384

Property Type Townhouse

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Villages at Aviano is like living in a resort year round. Perfect lock & leave lifestyle. Extremely well cared for SINGLE LEVEL Amici model. No stairs, 2 bedroom/2 bathroom with 2car tandem garage. ORIGINAL owner who has occupied a fraction of the time as it has served as a second home. NEVER used as a rental! Finishes include new LV flooring (2022) and tile in all major spaces and walkways with carpet in the two bedrooms. Granite counters in the kitchen and primary bathroom, stainless appliances, solid wood doors, arched entryways, full laundry w/newer units (2022), newer HVAC (2022) new W/H (2024) split floor plan, and wired for surround sound. Minutes from the Desert Ridge Marketplace, Mayo Clinic, Wildfire Golf Club, Top Restaurants and High Street, and easy access to the 51 &101

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18798 N Piccolo Drive Maricopa, AZ 85138

$465,000

5 Beds

3 Baths

2,722 SqFt

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MLS # 6670388

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PRICE IMPROVEMENT! STUNNING Single Level Built in 2021 w Over 2700 Sq Ft! Boasting 4 spacious beds with walkin closets + enclosed den, 3 FULL baths (second master with on suite!) & formal dining room! Gorgeous kitchen overlooks the great room & features staggered White cabinetry, granite countertops, subway tile backsplash & SS appliances w GAS range! UPGRADES include soaring 10+ ft ceilings, 5 in baseboards, wood plank tile, plush carpet, modern fixtures, designer paint, gas hookup to dryer, extended garage w epoxy flooring & more! Palatial master features dual sinks, oversized walk-in shower & soaking tub & huge walkin closet! Step through the oversized doors to your own BACKYARD OASIS with sparkling pool, extended paver & travertine deck, large pergola & shed with NO NEIGHBORS BEHIND!

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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

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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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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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