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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3336 S 155th Lane Goodyear, AZ 85338

$462,490

4 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6692746

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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17913 W Addie Lane Surprise, AZ 85374

$462,000

2 Beds

2 Baths

2,302 SqFt

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MLS # 6644538

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NEW ROOF, NEW CARPET, Fully Paid Solar and so much more (See Supplement for additional Comments) makes this 3-bed, 2-bath, and AZ Room in the 55+ guard-gated & golf course Community of Arizona Traditions the one for you! 2-car garage, desert front yard with a front patio that includes a decorative Table and Benches. The kitchen has ample cabinets, Stainless Steel Appliances, center island, and dining area w/bay window. The owners' suite is spacious! Owners' Bath consists of a walk-in closet, storage cabinets, Tub, shower, and dual sinks. Enjoy the Beautifully enclosed heated & cooled Arizona Room. The Landscaping Water System uses PVC. A feature you can't ignore is fully paid solar with electric bills avg. $20 per month. BRAND NEW ROOF - Installed December 2023, Exterior Paint 2015. Other features that benefit the buyer include - AC Unit 2014, Mini Split 2019. BBQ -2021, New Carpet - December 2023, Wood Floor - 2017, Dishwasher - 2018, Microwave - 2020, Stove - 2018.

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15715 N 168th Avenue Surprise, AZ 85388

$462,000

4 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6662476

Property Type Single Family Residence

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Nicely appointed home in the attractive Surprise community of Surprise Farms. 4 bedrooms, 2 bathrooms, with a sought after kitchen greatroom open concept along with a separate formal living and dining room. Light and bright kitchen comes with corian countertops, stainless appliances, large island with sink, and upgraded white cabinets. Master bedroom has a large walk-in closet, double sinks, step-in shower, soaking tub, and private toilet room. The 3 other bedrooms are generously sized and all have a dedicated closet. Convenient location to neighborhood parks, shopping, dining, entertainment, and all the amenities that up and coming Surprise has to offer. VA loan is assumable to Veterans, Non-Veterans, and Investors! $2692 Monthly, 5% Interest Rate, $443,562 Balance as of 4/10.

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5432 W Beverly Road Laveen, AZ 85339

$462,000

3 Beds

2.5 Baths

2,170 SqFt

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MLS # 6670221

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AZ Resort Living at its Best! This gorgeous 3 bedrm, 2.5 bathrm, 2 car garage home is in the heart of Laveen (202 corridor). Newly painted interior,exterior & garage floor! Beautiful tile floors & new carpet T/O! Open floor plan makes for an entertainer's paradise. Kitchen has new quartz countertops,lowered counter/breakfast bar,new undermount stainless sink,new dishwasher,upgraded cabinetry. Some new lighting fixtures. Ground floor ensuite primary bedroom w/spa bathroom:separate shower,Garden tub & huge walk-in closet. Stepping outside onto the newly painted patio floor,bordered grass area ready for your personal touch,room for a pool! Located just moments away from shopping,dining, beautiful,parks & 202 freeway access (202 corridor). Easy access to Downtown Phoenix & Surrounding areas.

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