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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21638 E Via Del Rancho -- Queen Creek, AZ 85142

$518,000

4 Beds

2.5 Baths

2,288 SqFt

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This two-story home boasts a beautifully landscaped backyard overlooking the 16th hole on the Las Colinas golf course. The kitchen features upgraded white cabinetry, granite countertops, and stainless steel appliances. A custom entertainment center with an electric fireplace and stone wall adorn the great room, while a separate bonus room serves as a formal dining area. Upstairs, the master bedroom offers views of the yard and golf course, along with a luxurious bath and walk-in closet. Wood plantation shutters throughout. The oversized 2.5 car garage includes epoxy floors and built-in cabinets for ample storage. Enjoy lower energy bills with the leased solar system installed in 2021. The community features a heated pool, club house, onsite pickleball courts & much more!

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2502 E Jasper Drive Gilbert, AZ 85296

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$518,000

4 Beds

3 Baths

2,053 SqFt

Status Active

MLS # 6664943

Property Type Single Family Residence

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Welcome to this MOVE-IN READY residence with North/South exposure now available! Immaculately updated interior highlights soaring vaulted ceilings, new fresh paint, tasteful tile flooring, decorative light fixtures, & a generous living/dining room bathed in natural light. The well-sized great room has back patio access. The kitchen is a homemaker's delight, providing highly upgraded SS appliances, track lighting, ample counter space, wood cabinetry, a breakfast bar, & a bright breakfast nook. Ascend to the upper level to find a cozy loft, ideal for a game room! Retreat to the main suite, featuring plush carpeting, a pristine full bathroom w/dual sinks, a separate tub, a glass shower, & a walk-in closet. Secondary bedrooms also enjoy walk-in closets. Updates include new hot water heater, stove, microwave, paint, new flooring and remodeled master bathroom. This gem is meticulously maintained for 23 years by the owners! Out back, you have a covered patio, mature shade trees, & 2 large, raised beds perfect for gardening enthusiasts. Excellent location!

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18586 W Honeysuckle Drive Surprise, AZ 85387

$517,995

3 Beds

2 Baths

1,870 SqFt

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Explore this impressive Pewter home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a well-appointed kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a walk-in pantry and a center island; an elegant dining room; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath; a convenient laundry; a relaxing covered patio; an RV garage and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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21472 N Elba Road Maricopa, AZ 85138

$517,995

4 Beds

3.5 Baths

2,500 SqFt

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MLS # 6666354

Property Type Single Family Residence

Price Type --

The ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large kitchen that's ready to enjoy. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath. Two additional bedrooms flank a full bath upon entry, and the nearby fourth bedroom and third bathroom give you all the space and comfort you'll need.

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16624 E Gunsight Drive Fountain Hills, AZ 85268

$517,900

3 Beds

2.5 Baths

1,957 SqFt

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MLS # 6605861

Property Type Townhouse

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GREAT NEW PRICE!! One of a kind property you won't want to miss! Recently refreshed/Great location & views w/e-z walk to Fountain, shops, & restaurants. A rare opportunity to own this private, spacious end unit w/nearly 2000 sq ft & large 2-car garage w/storage. Main-level master en suite, large great rm w/vaulted ceilings & beehive fireplace, 1/2 bath on main level, nice kitchen w/pantry & SS appliances (fridge & W/D new in 2022), & full laundry rm off kitchen. Upstairs, 2 beds, full bath & two large balconies. 3 great outdoor spaces in total for this unit provides views of Four Peaks, Fountain, and Red Rock to enjoy AZ sunsets all around! Plus huge pet-friendly, fully enclosed outdoor yard & common area w/pool & spa. Possible temp. RV parking next to unit. Ready for immediate occupancy.

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5029 N 83rd Street Scottsdale, AZ 85250

$517,900

2 Beds

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1,896 SqFt

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Fully upgraded beauty in heart of Scottsdale. Minutes from Fashion Square Mall is sitting this gorgeous oversized townhouse with 2 bedrooms, 2 baths. Remodeled designer home to be yours now.

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20073 N Organ Pipe Drive Surprise, AZ 85374

$517,500

2 Beds

2 Baths

1,894 SqFt

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MLS # 6686999

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Beautiful Borgata on the Tees of the 13 hole of North. 3 car garage, huge private backyard. Very well maintained home with 2 bedrooms and a large den. The back patio is extended with a fountain, home also has a front courtyard for added outdoor living.

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1650 E Ponderosa Parkway Flagstaff, AZ 86001

$517,485

2 Beds

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POPULAR 2-bedroom on 2nd floor. Ponderosa Parkway is located close to downtown and NAU. The Urban Trail system will take you all over Flagstaff on foot or bike in minutes! FIRST RESPONDERS & MILITARY receive additional incentives! Call for your private tour today! Visit our Sales office/Model Home in Bldg. 3, Unit 111

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4 Walking Cane Ranch Road Flagstaff, AZ 86004

$517,350

3 Beds

2 Baths

1,456 SqFt

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Property Type Single Family Residence

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This quiet property includes 40 acres of fully fenced pinon-juniper land a number of miles northeast of Winona, AZ. Reached by a country road, here is comfortable off-grid living! The primary residence has 3 bedrooms, 2 full baths, and includes two full-length porches overlooking the San Francisco Peaks and other nearby mountains on one side and the Little Colorado River Valley and Painted Desert on the other. Inside, an alcove can be customized as desired. An efficient wood-burning stove keeps the whole house comfortable on brisk, high-desert nights, while, if ever needed, a thermostatically-controlled, forced-air propane furnace provides backup heating. The kitchen and utility room include all appliances. Vinyl flooring in the kitchen, pantry, utility, and bathrooms gives way to carpet throughout the rest of the house. The split floor-plan provides privacy, while two of three of the bedrooms have walk-in closets for storage, including the master unit, whose bathroom includes a double vanity. Across the driveway, a 40'x50' Quonset hut can hold six vehicles with enough room for a workshop, firewood storage, etc. You'll have two underground water cisterns, one with a 7,500-gallon capacity for hauled water to be used in the house and another with 10,000-gallons of rain catchment pumped by the automatic watering system to irrigate the surrounding trees. A final, but perhaps most important, feature of the property is the robust solar electricity system. You'll enjoy glimpses of a wide variety of wildlife, and furthermore, cultural landmarks of the Sinagua people.

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18450 W Villa Hermosa Lane Surprise, AZ 85387

$517,247

5 Beds

4 Baths

2,868 SqFt

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Property Type Single Family Residence

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Completed New Build Home. Below Market Interest Rate Financing Available. 5 Bedrooms, 4 Baths, Study, & Loft, 3 Car Garage with 8ft Garage Door. VERY Open Floor Plan. GOURMET Kitchen with Island and walk in Pantry. Tile throughout, carpet in bedrooms only. Patio on back of home. This home is located in North Copper Canyon that offers a community pool and many other amenities.

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$517,186

3 Beds

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$516,000

3 Beds

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