What’s Ahead For Mortgage Rates This Week – November 14, 2016

Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.

Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards

As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.

According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.

What‘s Ahead

Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.

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3133 E Hobart Street Gilbert, AZ 85296

$460,000

3 Beds

3 Baths

1,321 SqFt

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MLS # 6696166

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Nestled within the charming confines of Agritopia, this delightful abode offers the epitome of modern comfort and convenience. Boasting a generous floor plan with three bedrooms and three bathrooms, this home is designed to accommodate both living and entertaining with ease.The heart of the home, a spacious kitchen, features sleek countertops, stainless steel appliances. Convenience is key with a two-car garage providing ample parking and storage space, while the proximity to the new Epicenter adds another layer of allure. Imagine strolling to this vibrant community hub, where dining, shopping, and entertainment options abound, creating a dynamic lifestyle at your doorstep.

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1765 E Gleneagle Drive Chandler, AZ 85249

$460,000

2 Beds

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1,676 SqFt

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MLS # 6696497

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55+Golf Course Community. Amazing Backyard with New BBQ, Heated Swimming Pool. Waterfall, Large Covered Back Patio. Beautiful Spaces home with a good size AZ Room. Wait to you see the updated kitchen with White Cabinetry and Granite counters and Newer LG Appliances. Walk-In Pantry. In the garage R.O Water Softener and lots of storage, New Water Heater. Newer Roof 2019 and much more. In Sunbird there are a lot of Amenities. Exec Golf Course, Driving Range, 43K sqft Clubhouse. Restaurant & Bar. Heated Pool & Spa. Fitness Center, Tennis, Pickleball & Bocca Ball Courts, Post Office & much more. Measurement are approx. Must see to appreciate.

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6969 W Juniper Avenue Peoria, AZ 85382

$460,000

3 Beds

2 Baths

1,326 SqFt

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MLS # 6697385

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Discover the epitome of charm and comfort in this captivating 3-bedroom, 2-bathroom Peoria home. Featuring a sparkling pool, lush backyard oasis, and serene waterfall, it offers a tranquil retreat. Inside, the fantastic floor plan is enhanced by the convenience of paid-off owner solar panels exclusively for pool heating. Situated in a prime location with low HOA fees and close proximity to all amenities, seize the opportunity to experience the allure of this remarkable property!

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18900 W Madison Street Buckeye, AZ 85326

$460,000

3 Beds

2.5 Baths

2,052 SqFt

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MLS # 6697921

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Stop scrolling - you just found the ONE! A newer built home that has been meticulously maintained by the sellers over the last 3 years. This homes features porcelain wood-like tile throughout, stainless steel appliances, a paver-extended driveway with an RV gate, and thousands more dollars worth of pavers along the east side of the home and in the back yard. The back yard also includes a canopy and beautiful turf making it low maintenance and the perfect space for entertaining. Garage features a 3rd tandem space and has been completely epoxied. Act FAST, this home is move-in ready and eagerly awaiting its new owner!

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