What’s Ahead For Mortgage Rates This Week – January 2, 2017

Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

Case–Shiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

What‘s Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.

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11005 W Hadley Street Avondale, AZ 85323

$458,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6680585

Property Type Single Family Residence

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Explore this stunning Slate home on a corner lot, ready for quick move-in! Included features: a welcoming covered entry; a spacious great room with 12' center-meet doors leading onto a serene covered patio; a dining nook; an open kitchen boasting white 42'' upper cabinets, 3x6 backsplash, quartz countertops, a walk-in pantry, an island and stainless-steel appliances, gas range. a central laundry; an elegant primary suite showcasing an added window, a generous walk-in closet and a private bath with double sinks, a shower and a soaking tub with 12x12 tile surround; three secondary bedrooms, including one with an attached bath; a third full bath and a 2-car garage with a service door. This home also offers cultured marble bathroom countertops, 7''x22'' ceramic tile flooring, ceiling fan prewiring, front yard landscaping, and a concrete-paver driveway and walkway. Also included is a belt drive garage door opener, soft water pre-plumb, and a gas stub at the back patio, plus more.

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2755 E Tie Down Drive San Tan Valley, AZ 85140

$458,990

5 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6691396

Property Type Single Family Residence

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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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5487 S 251st Drive Buckeye, AZ 85326

$458,990

4 Beds

3 Baths

2,301 SqFt

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MLS # 6648977

Property Type Single Family Residence

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Welcome to The Residences at Copper Falls! April Move-In. Amazing split floor plan with mother-in-law suite, flex room, all four bedrooms are spacious, and adorned with designer upgrades. Flex room for office/formal dining/game room! Highlights include GE stainless steel appliances, granite countertops in the kitchen, a tiled kitchen backsplash, and 36'' white shaker cabinets with hardware. Additionally, the home boasts upgraded tile flooring, ceiling pre-wires in all bedrooms and the great room, a soft water loop, Smart Home, and more! Enjoy Copper Falls amenities, including a tot lot, Ramada, BBQ grills, bike rack, and a half basketball court.

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24704 N 170th Lane Surprise, AZ 85387

$458,990

5 Beds

3 Baths

1,939 SqFt

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MLS # 6689556

Property Type Single Family Residence

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Below Market Financing Available!!!!!!!!! This single-story home features ample space for growing households. The owner's suite is situated toward the back of the home, complete with an en-suite bathroom and walk-in closet, while four secondary bedrooms provide ample space for household members, overnight guests or a home office. The Great Room, kitchen and dining room share an open floorplan with access to the covered patio through sliding glass doors. Photos are renderings of a model home, not the actual home.

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