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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9151 W Paradise Lane Peoria, AZ 85382

$489,880

4 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6693242

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2-bathroom home boast an open concept floor plan, with spacious living areas featuring high ceilings in both the living room and master bedroom, creating a bright natural light and welcoming ambience. Recently updated with fresh paint and new carpeting and padding, this home exudes a perfect balance between modern style while maintaining a cozy atmosphere. The interior features white cabinets, Corian countertops, and a kitchen island, along with a pantry and laundry room cabinets which adds to the functionality of the space. With tile flooring in common areas, this home strikes a perfect balance between style and practicality. Outside, a refreshing pool and expansive covered patio create the perfect setting for outdoor relaxation and entertainment. Complete with an RV gate and no HOA restrictions, and ideally situated near major amenities such as the freeway, shopping centers, Peoria Stadium, and Rio Vista Park and Recreation Center, this home offers a lifestyle of comfort, convenience, and endless possibilities.

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1741 W Paisley Drive San Tan Valley, AZ 85144

$489,800

4 Beds

2 Baths

1,863 SqFt

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MLS # 6673545

Property Type Single Family Residence

Price Type --

Stunning and upgraded move in ready home with pride of ownership both inside and out. Directly across from a LARGE Green Belt this home has an extended garage,. Beautiful HEATED POOL and Entertaining centric back yard with low maintenance features. The designer interior features a stone accented wall, beautiful den perfect for an office or game room, tile & carpet flooring, tons of natural light. The gorgeous kitchen includes granite counters, island with breakfast bar, plenty of cabinets AND a pantry. The master bedroom features a HUGE walk-in closet, a charming bath with a large walk in shower, and double sinks . EXTENDED Garage gives additional storage and larger vehicle options. Minutes from shopping, entertainment, and restaurants.

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207 S Beaver Street Flagstaff, AZ 86001

$489,600

1 Bed

1 Bath

805 SqFt

Status Active

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Property Type Apartment

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OPPORTUNITY DOWNTOWN FLAGSTAFF! This 1-Bedroom Condo has a covered patio's, and is Move-in-ready! This 5-story community was tastefully designed to accentuate the views off each deck of the 32 luxury units! Living the high life at 7000' feet is a breeze at The Views at Butler, just a step from Northern Arizona University & the nightlife in downtown. Watch the sunset reflect off the San Francisco Peaks while BBQ'ing on the oversized Roof-Top View Deck & lounge area. Convenience & ease are built into the community w key fob elevator, a trash shoot on every level & standard A/C. Beyond the aesthetic & downtown life vibe! Location, Convenience, Views & Community. It's the perfect home for you!

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5040 S Equestrian Avenue Sierra Vista, AZ 85650

$489,500

4 Beds

2 Baths

2,580 SqFt

Status Active

MLS # 6677420

Property Type Single Family Residence

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Panoramic MOUNTAIN AND WATERFALL views from this fabulous 4 bdrm/2 bath, 2580 sqft upgraded home on 1.35 acres! Majestic sunsets from expansive covered patio & fenced backyard oasis. Enclosed courtyard for sunrises/gardening. Stone fireplace accents two large living areas and open floor plan perfect for relaxation/entertaining. Great rm boasts natural sunlight w/stunning quartz countertops atop dark wood cabinetry in kitchen. Tile backsplash, stainless appliances, stainless topped island and fabulous farmhouse sink! Bdrms are generously sized, baths remodeled & upgraded. Gorgeous tile/carpet flooring, earth-tone paint. Too much to list! Circular drive, extra garage pad, and RV space/gate and inner courtyard garden. Country luxury near everything!

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11245 S Shoshoni Drive Phoenix, AZ 85044

$489,500

2 Beds

2 Baths

1,892 SqFt

Status Active

MLS # 6683560

Property Type Single Family Residence

Price Type --

Beautiful 2bd/2ba upgraded home with lots of extras! Enclosed Arizona room. In 55+, golf course community with Recreation center that has activities year-round; Fitness Center with daily classes, indoor & outdoor pools, pickleball courts, clubs and groups, dances and entertainment. Close to freeway & Costco. Seller motivated!! All reasonable offers will be considered.

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2996 E Tie Down Drive San Tan Valley, AZ 85140

$489,490

4 Beds

3 Baths

2,105 SqFt

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MLS # 6677706

Property Type Single Family Residence

Price Type --

Welcome to Wales Ranch! San Tan Valley's newest master planned community. A wealth of amenities to enjoy. Homeowners will enjoy easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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Central AZ 85531

$489,000

3 Beds

2 Baths

3,768 SqFt

Status Active

MLS # 6686446

Property Type Single Family Residence

Price Type --

This private, quiet home and acreage in Central is just minutes from two public school districts, Eastern Arizona College, and the Safford Mine. Mountain vistas are enhanced by broad expanses for beautiful sunrises and sunsets. The 3 BR, 2BA home sits on more than 4 acres with irrigation rights for the hay-fields and pecan/pomegranate orchard. The primary bedroom on the second story opens onto a wrap-around balcony overlooking the orchard, desert-landscaped backyard and pergola. A full basement with 8 ft ceilings has plenty of storage shelves and potential for additional living space. The two-car garage is supplemented by a carport for more covered parking. A perfect place to raise a family, a garden or simply your spirits!

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4940 N Badger Road Prescott Valley, AZ 86314

$489,000

3 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6648669

Property Type Single Family Residence

Price Type --

Come see stunning forever views of the Mingus Mountains all the way to the San Francisco Peaks! Welcome home to this 3 bedroom 2 bath home with a dramatic stone fireplace housing a Vermont Castings stove that just about heats the entire house, providing for low, low utility bills. It even has a catalytic converter so you can burn it anytime! Larger kitchen with reverse osmosis system. Whole house exhaust fan helps keep the house cool in summer. Spacious primary bedroom with a roomy walk in closet and ensuite featuring two shower heads. The roof is only 6-7 years old. Outside, there is a huge raised garden bed and two large Tuff sheds, one of which is only four years old. You'll just love the gorgeous views out the living room and dining room windows.

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11662 W Levi Drive Avondale, AZ 85323

$489,000

4 Beds

3 Baths

2,216 SqFt

Status Active

MLS # 6673488

Property Type Single Family Residence

Price Type --

Welcome to this single story home that offers the perfect blend of comfort, style and convenience. Located on a corner lot in the master planned community of Alamar. This meticulously maintained home boasts 4 bedrooms & 3 bathrooms, providing ample space for both relaxation & entertainment. Step inside to discover a spacious & inviting interior, featuring an open floor plan with a custom kitchen that includes a waterfall edge quartz island, CAFE appliances, subway tile backsplash & walk-in pantry. The luxurious master suite is your private oasis, offering a peaceful retreat after a long day. The ensuite bathroom features dual vanity sink & shower. Split floor plan with tile in main living areas. Private covered patio & yard with fresh stone. Close to pool & parks. Mountain Views!

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6586 S Weavers Needle Trail Gold Canyon, AZ 85118

$489,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6671038

Property Type Single Family Residence

Price Type --

BEAUTIFUL 1-story home on a PREMIUM extra large LOT w/DRAMATIC MOUNTAIN VIEWS! Over $35k in upgrades in 2023! NEW wood look flooring throughout - NO carpet! NEW water heater, R/O, water softener + AC condenser! NEW paint inside/outside! NEW dimmable ceiling lighting in main living areas! Newly renovated kitchen w/newer appliances, painted cabinets w/soft close, island w/breakfast bar + breakfast room!! Main bedrooms w/ensuite bath + walk-in closet! Step outside to your PRIVATE BACKYARD OASIS with built-in BBQ, NEW roof on covered porch + view fencing w/long range MOUNTAIN VIEWS! PERFECT for year round living! Wonderful GATED neighborhood w/lots of great shopping/restaurants nearby! Welcome home

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1600 N Mclane Road Payson, AZ 85541

$489,000

4 Beds

4 Baths

1,906 SqFt

Status Active

MLS # 6688868

Property Type Manufactured Home

Price Type --

Owner/Agent This 1.75 Acre Property currently has 2 single wide mobile homes on it. Great views Hillside lot. All utilities on property. Including a 220 and sewer hook up for a motor home or charging your electrical vehicle. The West home A was remodeled in 2020 the East Home B is currently under renovation. Property is dividable into multiple lots check with P&D. Would be a great Multi-family Property. Both mobiles converted to Bunkhouses (no double sinks, dishwasher, or stove/ovens. Just use hot plates and convection microwave) so that there could be a home also built on the property (no impact fee). Check with local Zoning and building for clarification. The Values in the detail is the combined values of both homes... so each 2b2b home.

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3822 W Fallen Leaf Lane Glendale, AZ 85310

$489,000

3 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6667372

Property Type Single Family Residence

Price Type --

Freshly painted! Great home with fully paid solar and newer HVAC! Clean and ready for move-in, this home is a must see! Located in a popular area, close to the 117 & 101 and Sandra Day O'Connor High School. This home has a light and bright open floor plan, with 2 main living spaces and 3 spacious bedrooms. The kitchen is open to the living room and features gas stove, granite counters, and kitchen island with breakfast bar seating. All hard flooring throughout...no carpet! Relax in the backyard under the covered patio or play in the grass under the tree. Newer AC, water softener, and paid solar for under $500K...this truly is a great house!

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