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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13747 W Villa Ridge Drive Sun City West, AZ 85375

$498,900

2 Beds

2 Baths

2,283 SqFt

Status Active

MLS # 6611449

Property Type Single Family Residence

Price Type --

This home is perfect for the entertainer in you or if you are just looking for a little more space. This home has updated features throughout. With upgraded lights and fans to the custom window shades in all rooms. Tile floors laid diagonally for that special look. With the large cathedral ceilings and full hookup for surround sound, this open living space is a true joy. A kitchen that boasts granite countertops and all Stainless Steel appliances. Dual ovens which will make putting together that fantastic event much smoother. Master Bedroom has a wonderful bay window for that relaxing space for your favorite book. If you love your outdoor space this home has one covered patio right outside the kitchen for that morning cup of coffee and the back patio which will allow you to enjoy our wonderful winter weather. Brand new cabinets installed in the garage with new epoxy flooring. Home was completely painted on exterior in 2020. If you are a golfer you are a very short walk to Echo Mesa Golf Club. This home is move in ready.

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16918 W Beth Drive Goodyear, AZ 85338

$498,525

3 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6613028

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6613028 January Completion. The Glenstone at Lucero Discovery is a sweeping home designed for comfortable living in style. Step through the charming front porch that leads you into the welcoming foyer. From there, the study offers you an array of options and guides you into the heart of the house—an open-concept space featuring a great room, kitchen with island, dining room, and outdoor living area. The convenience of a 2-car garage, entryway, and powder room adds functionality to the main floor. Make your way up to the second level to find two bedrooms with a shared bathroom and the luxurious primary suite with a roomy walk-in closet. Structural options include: study in lieu of flex , pavers at front porch, 8' interior doors, and soft water loop.

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20637 N 31st Drive Phoenix, AZ 85027

$498,444

4 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6686028

Property Type Single Family Residence

Price Type --

Four bedrooms, high ceilings, living room, kitchen counter are granite, neat and clean cabinet. The main bedroom has a bathroom designed with granite and beautiful cream /brown tile. The floor has cream-colored tiles—central heating and cooling system. The electrical bill is reduced by the solar partner program credit with APS. This gorgeous and nearly paradise garden is a rare gem in Deer Valley. The stunning fruit trees in the front and back are pomegranate and mulberry. There are two trees: one makes white mulberries, and the other makes yummy black mulberries. Quince tree brings a lot of fruit in the fall, including peach tree, fig, lemon, kumquat, mandarin, and red bloody orange. On the left side of the backyard is to plant your vegetables. In the front, you have rosemary and oregano The lilies, Bougainville, and roses flower so beautifully in the spring and autumn. The beautiful grass at the back is where your children will enjoy it, and imagine yourself sitting on the porch with a glass of wine, enjoying the waterfall from the fountain, and listening to the chip of the birds. Don't take advantage of this property. It is a rare gem of a bit of forest in the desert.

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9046 W Villa Maria Drive Peoria, AZ 85382

$498,400

4 Beds

2.5 Baths

2,190 SqFt

Status Active

MLS # 6652332

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home in Star Summit! This well-maintained home offers 4 bedrooms and 2.5 bathrooms in 2,190 sq ft. Plus, the home has been recently remodeled! As you enter the home you will love the wooden rail staircase and soaring ceilings. The kitchen is gorgeous with modern cabinetry, Quartz countertops, stainless steel appliances, a pantry, and a kitchen peninsula with a breakfast bar. The great room is spacious with a ceiling fan and blinds. The primary suite is generous is size with a walk-in closet and an updated ensuite bathroom featuring a huge corner tiled shower and a dual vessel sink vanity. The remaining bedrooms are move-in ready! The covered patio is extended and complete with a ceiling fan! All windows have sunscreens, they are in the garage! Do not miss out on this gorgeous home!

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4164 W Nora Drive San Tan Valley, AZ 85144

$498,135

3 Beds

2 Baths

2,232 SqFt

Status Active

MLS # 6688576

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom plus flex room with European kitchen layout, stainless steel appliances. Tile throughout except bedrooms, white cabinets granite counter tops.

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18217 W Cedarwood Lane Goodyear, AZ 85338

$498,000

2 Beds

2 Baths

1,891 SqFt

Status Active

MLS # 6687325

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded Cadence floor plan in the lake-inspired Active Adult community of CantaMia! This stunning property offers not only an open living space with no carpet but also a lifestyle filled with excitement and endless possibilities. As you enter through the front gate, you're greeted by a sprawling courtyard, perfect for entertaining or simply enjoying the outdoors. Inside, the kitchen is a chef's dream with granite countertops, matching backsplash, stainless steel appliances, and a large kitchen island also serving as a breakfast bar. The primary bedroom is a sanctuary featuring an oversized closet, granite counters, and a luxurious tiled walk-in super shower with a built-in bench. Flexibility is key with a versatile room complete with French doors located off the great room that can be used as a den, office, or guest room. Outside, the fully enclosed backyard offers privacy with block fencing and the added bonus of no homes behind, thanks to state-owned land. Enjoy the pomegranate, lemon, and orange trees, which add a touch of nature's bounty to the property. Plus, there is a wash across the street that enhances the sense of space and tranquility, keeping neighboring homes at a distance. Additional highlights include new plantation shutters, an oversized laundry room, a three-car split garage, water softener, and the convenience that all appliances convey. Don't forget about CantaMia's array of amenities. From heated pools and hot tubs to pickleball courts and billiards, there's something for everyone. Engage in card clubs, explore your creative side in the art studio, or stay connected in the IT center. With a 29,000 sq ft village center, fitness facilities, and a charming café, resort-style living is at your fingertips. Don't miss the opportunity to immerse yourself in the amazing lifestyle that CantaMia at Estrella has to offer. Come and experience the pinnacle of active adult living, where every moment is infused with excitement and possibility.

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12738 E De La Cruz Street Dewey, AZ 86327

$498,000

3 Beds

2 Baths

1,694 SqFt

Status Active

MLS # 6691424

Property Type Single Family Residence

Price Type --

Better than new! This stunning Quailwood home is turnkey and ready for you. 3 bedrooms and 2 baths, the Grand Teton model features a light and bright open floorplan. Beautiful cabinets and large kitchen island with granite countertops and stainless-steel appliances. Welcoming living room with attractive gas fireplace. Plank porcelain tile throughout and new upgraded carpet in bedrooms. Spacious primary bedroom with impressive walk in closet. Garage has epoxy flooring and storage cabinets. You will appreciate the instant hot water, and water conditioner. Low maintenance yard with paver patio and pergola for all day outdoor enjoyment. Attractive paver driveway. Enjoy the lifestyle of an affordable golf course community full of amenities like pickle ball, fitness center and tennis.

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1911 N 163rd Drive Goodyear, AZ 85395

$498,000

2 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6681542

Property Type Single Family Residence

Price Type --

Motivated Owner has done many upgrades to this Riveria model home since building in 2008. 2016 intereior painted, 2019 Hot water heater,and exterior painted, 2021 Trane HVAC system, PVC system, Security screen door, owner's suite main window replaced, guest bath solar tube to name a few! Home offers eat-in kitchen w/island, gas range, all appliances incld. Open floor plan with easy access to the fun outdoor entertaining area w/covered patio, lots of seating areas, built-in BBQ, fireplace, very private! Home offers 2 bed(owners suite w/own bath and walk-in closet, den w/doors, 2 car extended garage! Must see to appreciate! PebbleCreek is an Active Adult Community offering 3 golf courses, pickleball, bocce ball, tennis, theater and more!

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40905 N 10th Street Phoenix, AZ 85086

$498,000

3 Beds

2.5 Baths

1,843 SqFt

Status Active

MLS # 6684047

Property Type Single Family Residence

Price Type --

Discover your desert sanctuary in this contemporary gem built in 2021. Set on almost an acre and a half at the base of a gentle hill, this two-story retreat offers three bedrooms, 2 1/2 bathrooms, and an airy open floor plan. Picture-perfect views greet you from every angle, with the master suite boasting panoramic vistas. Inside, a modern kitchen with top-of-the-line appliances beckons for culinary adventures, while expansive windows blur the lines between indoors and out, leading to a spacious patio ideal for entertaining or stargazing. This is more than a home—it's an invitation to embrace the desert lifestyle. Don't miss out on making it your own oasis.

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25657 N 185th Drive Wittmann, AZ 85361

$497,995

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6669478

Property Type Single Family Residence

Price Type --

The Bronze floor plan would certainly take home gold for design! This ranch-style home centers around an open layout with a dining area, a kitchen with a center island, and a great room with center-meet doors leading to the covered patio. The primary suite is adjacent, and showcases a generous walk-in closet and a private bath. Two bedrooms and a second bath complete the residence, which also includes an attached RV garage. You'll love the professionally curated fixtures and finishes selected by our design team!

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17708 W Silverwood Drive Goodyear, AZ 85338

$497,950

3 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6677807

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6677807 Ready March! Discover the Zafiro plan with 3 bedrooms and flex space. Enjoy curb appeal with a landscaped front yard and paver driveway leading to the porch. Perfect for entertaining, living space and covered patio are on one side, while bedrooms and flex room are on the other. Owner's suite offers privacy with walk-in closet, dual vanities, and walk-in shower. Located in a gated, active adult community with resort lifestyle in Estrella Mountain Foothills. Structural options include: paver front porch, multi-slide door at gathering, upgraded square corners, 5' baseboards, 8' interior doors, and pre-plumb reverse osmosis system.

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16216 W Indianola Avenue Goodyear, AZ 85395

$497,900

2 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6602047

Property Type Single Family Residence

Price Type --

Elegant travertine courtyard entry welcomes you to this one of a kind 'Milano' floor plan which has been customized with enclosed game room/sun room, beautiful library cabinets in den, built in cabinets & 'Murphy' bed in guest bdrm; extended master bdrm & family room; ext garage with storage cabinets, golf cart garage; water softener & R/O system. Freshly painted interiors in neutral color palette. Situated on a beautiful lot with great outdoor entertaining spaces including travertine patio, water feature & outdoor kitchen. Pebble Creek showcases stunning resort-style amenities and offers the ultimate value in active adult luxury living. PRICE REDUCED FOR QUICK SALE!

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