What’s Ahead For Mortgage Rates This Week – February 13, 2017

Last week’s scheduled economic readings were limited and included new jobless claims and Freddie Mac’s mortgage rates survey. In other news, all types of mortgage applications rose by 2.30 percent this week as compared to the prior week.

Mortgage Rates Lower, Home Loan Applications Rise

Freddie Mac reported lower mortgage rates for fixed rate and 5/1 adjustable mortgages; the average rate for 30-year fixed rate mortgages dropped two basis points to 4.17 percent. Average rates for 15-year mortgages also dropped two basis points to 3.39 percent. 5/1 adjustable mortgage rates averaged 3.21 percent, which was also two basis points lower than the previous week. Discount points averaged 0.40 percent for the three types of mortgages tracked in Freddie Mac’s weekly Primary Mortgage Market Survey.

According to the Mortgage Bankers Association, this small drop in mortgage rates caused all types of mortgage applications to rise by 2.30 percent on a seasonally-adjusted basis. Refinance applications rose two percent from the prior week, but remain 40 percent lower year-over-year. The dearth of refinancing applications was caused by two factors including many refinances were completed recently when rates were lower and homeowners currently discouraged by higher mortgage rates.

Weekly Jobless Claims Fall

Last week’s initial jobless claims fell to 234,000 as compared to expectations of 249,000 new claims and the prior week’s reading of 246,000 new claims. This was the lowest reading since 1973 and when compared to the benchmark of 300,000 new claims, shows that the economy continues to strengthen. Last week’s reading was the second lowest since recovery from the recession got underway in 2009 and represented the 101^st consecutive week that new jobless claims were lower than the 300,000 new claims benchmark. According to Labor Department data, this week’s reading sustained the longest-running consecutive period of new jobless claims below the benchmark level.

The four-week average of new jobless claims is viewed by analysts as less volatile than the week-to-week reading, but it showed similar results last week as it fell by 3750 new claims to 244,250 initial claims and reached the lowest level of new claims filed in 44 years.

What‘s Ahead

Next week’s scheduled economic releases include readings on inflation and core inflation, the National Association of Home Builders Housing Market Index and Commerce Department reports on housing starts and building permits issued.

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2.5 Baths

1,614 SqFt

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$520,000

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2.5 Baths

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$520,000

4 Beds

2 Baths

1,280 SqFt

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Great investment property /or Owner occupied that will live in the Main house and can rent the separated bed room with private kitchen & Bath and entrance Horse property With no HOA 1/3 Acre Corner Lot House, 4 Bedrooms, 2 Baths + 1 Car Port & R.V. Gate, Remodeled house with newer kitchen, HVAC & painted inside/out. New quartz counter tops & SS appliances, Great Suburban life style in the heart of the city, Lots of room to accommodate your pets & animals as well. Great location with access to SR-51 that will take you south to airport/ downtown or north to Loop-101... close to the PV Mall and Desert Ridge shopping. Newer roof 5 years old and AC is 5 years old, the whole house has been remodeled within three years, water heater is 2 months old, appliances about 3 years old.

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$520,000

3 Beds

3 Baths

1,686 SqFt

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No HOA w/ near quarter-acre! Dream life home w/ 11' RV gate & RV parking w/ electric; even a tree house & swing to play. Huge grass backyard for camping, movie projectors, private coffee moments, & late night firepits. Allowed up to 5 chickens on lot! Orange & lemon trees line the back fence for seasonal fruit & privacy. White kitchen cabinets w/ sparkle backsplash & glass pulls to brighten your day as you overlook the grass yard. Flooring was updated w/ cherry engineered hardwood & diagonal porcelain tile & sealed grout to last & compliment all your furniture. Bump-out bay window with view of tree house to keep an eye on everything or enjoy a book w/ the view. Third-car-garage separately fenced so you can run a business, park a boat, or store cars w/o ruining the view. Loft for extra rm. Balcony on master to have a private outdoor living area or easy to enclose for add-on master space. Big enough to build on to make more rooms, as neighbors have done, without changing the floorplan but enough unrestricted space to do so for decades of growth. Kitchen sink overlooks backyard so you can view the greenery or sunset as you're using the kitchen. Minutes to Chandler Mall, movie theatre, and restaurants for a convenient and entertaining lifestyle. Quick access to highways so you don't waste time getting across the valley so you can spend more time on work or friends. Upper bedroom has low e window and wooden plantation shutter to keep the room cool, quiet, and dark for anyone that sleeps during the day. Ceiling fans or pre-mounted boxes for fans in bedrooms so you can sleep individually in comfort. All bedrooms have direct access to a bathroom so any guests can have their own bathroom. City has public green-belts one street over that connect schools & large park so you can walk/ride/jog in safety and comfort. Down the street from city pool and dog park make relaxing an easy decision. Windows have separate 90%-blocking sunscreens to keep the heated summers to a minimum inside; currently removed for better view. Front door has separate security door that can be used as a screen door to let cool spring/fall air in without, well, leaving the door open; currently removed for easier entry. Olive tree in the front and Honey-bell orange tree in the back is the best producer of sweet seasonal harvest.

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19643 W Palo Verde Drive Litchfield Park, AZ 85340

$520,000

4 Beds

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531 E Sack Drive Phoenix, AZ 85024

$520,000

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$520,000

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21109 W Sunrise Lane Buckeye, AZ 85396

$520,000

2 Beds

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$520,000

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22483 E Creosote Drive Queen Creek, AZ 85142

$520,000

3 Beds

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