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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5100 E Rancho Paloma Drive Cave Creek, AZ 85331

$524,900

2 Beds

2 Baths

1,420 SqFt

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MLS # 6654665

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$524,900

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$524,900

3 Beds

2.5 Baths

2,487 SqFt

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Exquisite expanded Truxton Premier Series model is an entertainers dream. 3 bed, 2.5 bath plus an office. This beauty is 2500 sq ft of luxury situated on an over-sized cul-de-sac lot. Excellent solar system with fixed $77 monthly payments. Inside is an updated kitchen w/gorgeous granite countertops & a backsplash that really pops. The center island has room for seating, as well as an eating area. There are formal living & dining rooms. Ceilings are 10' w/plenty of remote operated ceiling fans throughout. The primary bathroom was updated a few years ago with a recent HUGE primary closet addition. There is so much here to love, but not enough room, see list in the documents section. Out back is an entertainers delight with a huge patio and built in outdoor kitchen. See list in Docs t

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$524,900

3 Beds

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20287 N 51st Drive Glendale, AZ 85308

$524,900

3 Beds

2 Baths

1,679 SqFt

Status Active

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Property Type Single Family Residence

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Welcome to your dream home located in Arrowhead Lakes, a desirable neighborhood w/easy access to a plethora of amenities, including 101 fwy, shopping & more. This remodeled home features a spacious layout w/ 3 beds, 2 bath, New Roof & AC. Formal Living/Dining Front Room, vaulted ceilings, Tile in common areas & modern upgrades throughout. The Kitchen boasts navy cabinetry, quartz countertops, stainless-steel appliances & breakfast bar. The family room provides the perfect spot to gather & enjoy each other's company. Expansive primary suite is a true retreat w/ full ensuite, separate tub & tile shower, walk-in closet & a private backyard access. The backyard offers a covered patio, RV Gate, refreshing pool & hillside views, making it an ideal atmosphere for gatherings & memorable moments.

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1207 N William Tell Circle Payson, AZ 85541

$524,900

3 Beds

2 Baths

2,468 SqFt

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825 W Samantha Way Phoenix, AZ 85041

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16249 W Copper Point Lane Surprise, AZ 85374

$524,900

3 Beds

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$524,900

4 Beds

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Beautiful 4 bed / 3 bath single level home w/ stunning mountain views built in 2022. Complete w/ smart home system (including Moen leak detection) & over $35k in landscape upgrades. Nice curb appeal w/ stacked stone front accent & paver lined driveway. Great floorplan w/ perfectly chosen lighting/fixtures. Fabulous kitchen offers SS appliances, pristine cabinetry, tile backsplash, corner pantry & large island w/ sink, pendant lights & bartop seating. Kitchen opens to dining area & living room w/ full wall of window sliders to back patio. Primary bedroom has barn door to bathroom w/ dual vanities (as well as seated vanity), shower w/ bench, private toilet & walk-in closet. Other two bathrooms both w/ tub/shower combo. Inside laundry room has storage shelf & window to let in natural light. Sprawling backyard w/ gorgeous mountain views is the perfect place to entertain w/ its covered patio w/ extended stone pavers to large open patio, privacy walls close in a portion perfect for the hot tub! Fenced artificial turf area perfect for kids or pups! Tucked into the foothills of the Superstition Mountains in Gold Canyon, this master-planned community offers scenic views & plenty of opportunity to enjoy outdoor recreation. Take advantage of the shaded picnic ramadas, BBQs areas, walking trails, playgrounds, basketball & pickleball courts, as well as fitness stations. Just outside of Peralta Canyon, there are 5 championship golf courses & endless hiking, biking, rock climbing, camping & more. This is a must see in Peralta Canyon so come check it out today!

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$524,900

2 Beds

2 Baths

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