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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17063 W Butler Avenue Waddell, AZ 85355

$468,777

3 Beds

3 Baths

2,162 SqFt

Status Active

MLS # 6695624

Property Type Single Family Residence

Price Type --

Open-concept living is the name and Antelope is the place. Step inside this 2,162 sq. ft. two-story, 3 bedroom, 3 bath home that includes a downstairs study with double doors and a spacious upstairs loft area, perfect for all your entertaining needs. A beautiful Kitchen with quartz counter-top and 42 Inch Benton stone gray cabinets put the finishing touches on this home. Our High-Performance Homes come standard with home automation technology, a REME HALO Air Purification system and they are designed with you in mind, to stay healthier & more comfortable in your new home.

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1082 W Morelos Street Chandler, AZ 85224

$468,500

3 Beds

2 Baths

1,326 SqFt

Status Active

MLS # 6695158

Property Type Single Family Residence

Price Type --

Welcome to this peaceful charming 3 beds, 2 baths, 2-car garage single-level home. 220 power outlet for electric car charging is available in the garage. A semi-open layout with vaulted ceilings with a neutral palette. New carpet and tile flooring throughout. The kitchen boasts SS appliances with new granite kitchen & bath countertops. Cozy dining area with a bay window! The main bedroom has outdoor access and an ensuite with dual granite sinks, a separate tub/shower, & a walk-in closet. One other bedroom, w/double-door entry, can be used as an office. Home is plumbed for soft water and reverse osmosis in the kitchen. Check out the tranquil backyard with a covered patio, lush green lawn, mature tree landscape and a new irrigation system.

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Yuma Prooving Guard AZ 85365

$468,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6660419

Property Type Manufactured Home

Price Type --

ARMLS Brand Team's Test Listing - DO NOT EDIT

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43307 W Askew Drive Maricopa, AZ 85138

$468,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6679513

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home with a spacious 3-car garage,and pool.This home features tile floors,plantation shutters,and a cozy living room.The spacious great room is perfect for relaxing and entertaining with lots of kitchen storage,SS appliances,skylights,tile backsplash,granite counters,pantry,and a center island & extended breakfast bar.Primary bedroom has direct backyard access and a private bathroom with dual sinks,shower,tub and a walk-in closet.Backyard is an entertainer's dream featuring a covered patio,built-in BBQ,artificial turf,and sparking pool.This home has new HVAC system,hot water heater,water softener,pool pump & salt cell,resurfaced pool & cool decking to name a few (check docs for full list).A perfect blend of comfort & luxury. Come and make it yours today!

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325 W Gina Marie Boulevard Paulden, AZ 86334

$468,000

2 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6680004

Property Type Single Family Residence

Price Type --

Wow you won't want to miss out on this completely remodeled home on 5 acres. New appliances. Open floor plan with a country flare. Barn doors open floor plan. Large master bedroom and master bath. Detached shop with a bar. Dog run, horse stalls and shelter. Private well with whole house filtration system. Completely fenced with lots of frost-free water spickets. All usable land. Amaizing views! Rv hook ups. Hot water heater, stove and dryer are set up for electric or propane services.

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2937 W Anderson Drive Phoenix, AZ 85053

$468,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6682918

Property Type Single Family Residence

Price Type --

Highly upgraded 3-bed, 2-bath home! New RV gates on both sides of property w/concrete driveway & 2-car garage w/epoxy floor, new cabinetry, & new door/motor. Brand new synthetic turf w/pathways & elegant fountain is the cherry on top! New roof & fresh in/out paint. Discover new windows, tile flooring throughout, new chandeliers, upgraded recessed lighting, new custom plantation shutters, & new doors. The comfortable living room offers a surround sound system for convenience! The remodeled eat-in kitchen has new shaker cabinets, granite counters/backsplash, SS appliances, new sink, island w/breakfast bar, & new handles. The main bedroom features a private bathroom & walk-in closet. Both bathrooms are upgraded! The paver backyard boasts covered patio, storage shed, & boulder pond. Stop by!

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12535 W Marguerite Avenue Avondale, AZ 85323

Open House

$467,656

4 Beds

2 Baths

2,207 SqFt

Status Active

MLS # 6677110

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Move in ready Lantana design at Highland Ridge by Brookfield. 6000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the 3-car garage leads you into the drop zone. 48,000 in upgrades. Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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9430 W Minnezona Avenue Phoenix, AZ 85037

Open House

$467,500

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6683540

Property Type Single Family Residence

Price Type --

Charming 3-bedroom home with a spacious great room and stunning mountain views, with the added privacy of no neighbors in front of the home. Nestled within a gated community offering park amenities, children's playgrounds, and scenic walking trails, this residence is designed for both comfort and convenience. Just outside the gated community you will find Westgate Entertainment District, which includes shopping, dining, sports and music. Want to stay inside? No problem, the chef's kitchen is a culinary delight, featuring stainless steel appliances, a gas stove, subway tile backsplash, white quartz countertops, and ample cabinetry with sleek handles, centered around a large island perfect for entertaining. Enjoy the seamless flow of large tile flooring throughout the living spaces. With a split floorplan and open layout, including a large slider leading to the back yard. This home offers versatility and elegance, enhanced by modern amenities such as a soft water loop, tankless water heater, and contemporary square sinks in the bathrooms with marble countertops and white cabinets. Additional highlights include a low-maintenance backyard with pavers, a covered patio for outdoor relaxation along with a very low-maintenance backyard. This home also features can lights throughout, a Ring doorbell for added security, and fresh interior paint for a polished finish. Experience the epitome of modern living in this meticulously crafted residence, where every detail is thoughtfully designed to elevate your lifestyle and create a sanctuary you'll be proud to call home.

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4966 N 205th Glen Buckeye, AZ 85396

$467,499

2 Beds

2.5 Baths

1,681 SqFt

Status Active

MLS # 6682555

Property Type Single Family Residence

Price Type --

Welcome to genuine small-town charm in the heart of esteemed Victory at Verrado! This charming home boasts 2 large master-sized bedrooms w/ spacious walk-in closets, 2.5 baths & 3-car garage spanning 1,681 sf. on a generous 5,170 sf lot! Enjoy upgraded wood-look porcelain floors, plush carpets, 9' ceilings, open floor plan, recessed lighting & an abundance of natural light & high-quality finishes. Expansive & inviting living room welcomes you in & flows effortlessly into the eat-in kitchen featuring a large island w/ seating, plenty of storage, s/s appliances, large walk-in pantry & dining area opens to double wide sliding patio doors leading to the paved covered patio. Master retreat is complete w/ a resort-style bathroom w/ dual sinks, extra-large shower & walk-in closet. Welcome Home! lead to the outdoor patio, offering scenic views and a perfect spot for relaxation or entertainment. The spacious master suite is a true retreat, complete with a resort-style full bathroom, dual sinks, an extra-large shower, and a walk-in closet. The guest suite also offers comfort and convenience with its own well-appointed bathroom and private toilet room. Additional highlights include a complete laundry room with counter space, sink, and cabinets, ensuring functionality meets style. This home is perfectly situated near restaurants, shopping destinations, easy freeway access, and a variety of other amenities, making it an ideal place to call home.

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17410 W Fulton Street Goodyear, AZ 85338

New

$467,120

3 Beds

2.5 Baths

1,939 SqFt

Status Active

MLS # 6696778

Property Type Single Family Residence

Price Type --

Welcome to El Cidro, where luxury living meets vibrant outdoor spaces. Our home features a spacious three-car garage, ideal for storage and convenience. Inside, discover a deluxe gourmet kitchen and a laundry room with ample storage. Offering spacious backyards and a wonderful community park with picnic tables, a basketball court, and two playgrounds. Gather with neighbors for picnics, games, and leisurely strolls along scenic pathways. Experience the perfect blend of modern comforts and natural beauty in our welcoming community. Welcome home.

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792 E Cowboy Cove Trail San Tan Valley, AZ 85143

$467,000

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6660207

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom, 2.5-bathroom energy-efficient residence nestled in the charming Johnson Ranch. As you step inside, a grand formal living room welcomes you with neutral paint, 2-inch blinds, and luxurious vinyl plank flooring. The family room seamlessly connects to the kitchen, creating an ideal space for entertaining. The gourmet kitchen is a highlight, featuring stainless steel appliances with wall ovens, granite counters, glass backsplash, a pantry, recessed lighting, ample white cabinets, and a two-tier island with a breakfast bar. Upstairs, all bedrooms and a generously-sized loft await. The main bedroom, accessible through double doors, boasts an ensuite with dual sinks and a walk-in closet. Enjoy the expansive backyard with a blend of artificial and natural gras

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6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

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