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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4042 S Shady Court
Gilbert, AZ 85297
$529,000
4
Beds
2
Baths
1,682
SqFt
Status
Active Under Contract
MLS #
6793793
Property Type
Single Family Residence
Price Type
--
Looking for a quiet location nestled at the end of a cul-de-sac near easy access walking paths and well maintained space with great privacy and mature trees surrounding? Come see this Power Ranch home that has been well maintained and updated by it's current owners. As you walk through the door you step into a wonderful space for gathering and a beautiful remodeled kitchen with a dine in option. Split floor plan allows for extra privacy with gorgeous guest bath remodel, new carpet and newer flooring throughout. Enjoy your patio space that looks out onto a nurtured but easy to maintain backyard with green grass, trees and cement sidewalk for easy side yard access. This house is ready for its new owner!
11000 N 77th Place Unit 1083
Scottsdale, AZ 85260
$529,000
2
Beds
2
Baths
1,319
SqFt
Status
Active
MLS #
6790639
Property Type
Apartment
Price Type
--
Beautiful home located within Scottsdale Country Club with 10' ceilings. Home features upgraded wood cabinets, granite countertops and backsplash, breakfast bar, split master bedroom with spacious ensuite with walk in shower and closet. Open concept living room with gas fireplace. Access to private patio from the master bedroom and living room. Community feature exercise room and heater community pool and spa. Home is centrally located close to shopping, restaurant and golf courses and highways. Landlord has taken meticulous care of the home during the time he has owned it. SELLER IS MOTIVATED TO SELL
23079 E Stacey Road
Queen Creek, AZ 85142
$529,000
5
Beds
3
Baths
1,950
SqFt
Status
Active
MLS #
6789264
Property Type
Single Family Residence
Price Type
--
NEW SOLAR SYSTEM COMPLETLY PAID FOR! Pristine home with true 5 bedrooms & 3 baths. All bedrooms are spacious & have close access to a full bath. The yards (front & back) are complete & backyard grass has been over-seeded for the winter. There are many ''smart'' features in the home & the sellers own the security system, Ring camera, soft water & RO, plus all kitchen SS appliances included! Custom painted doors, plenty of cabinets with stone counters in kitchen. Owners suite is split from other bedrooms & is very roomy. Bring your large TV for great room as there is a TV bracket already on the wall. Two patios in backyard, room for garden & other amenities. Community is conveniently located to multiple schools, shopping, & lots of great activities. Check out this MONEY SAVING home today.
1509 W Lawrence Road
Phoenix, AZ 85015
$529,000
4
Beds
2
Baths
1,726
SqFt
Status
Active
MLS #
6748333
Property Type
Single Family Residence
Price Type
--
4-bedroom homes in this area don't come for sale often, & when they do, they're not like this. A 1-year old water heater & a 2-year old AC unit will give you immediate peace of mind on move-in day; & the brand-new kitchen with stainless steel appliances, sweet coffee nook, custom bar area (with brand new wine fridge!) & huge island with beautiful quartz countertops will make you smile! This home also features remodeled & luxurious bathrooms, all new carpet & all new LVP flooring throughout, brand-new & very pretty light fixtures & ceiling fans, fresh paint, all new baseboards & interior doors, new RING doorbell & the list goes on! Primary bedroom has a private backyard exit to the covered patio. French doors from the kitchen lead to a perfect view of your kids or pets playing in the huge backyard, which has plenty of space for your RV, a future pool or just room to breathe without the handcuffs of an HOA. Great nearby amenities include: Uptown Farmers Market, Murphy Bridle Path, Bookmans, Luci's, Black Rock Coffee, Sprouts, Petsmart Dog Park, PV Golf Course + more! Easy access to I-17, the light rail & Downtown Phx, too! Just minutes away from the future Metrocenter revamp, which the Phoenix City Council voted to spend $850M to turn into a walkable village containing 150,000 square feet of commercial, retail and restaurant space! Jump on the I-17 for easy access to the TSMC and tech corridor in N Phoenix or cruise to the light rail and head downtown for a concert or to Tempe for an ASU game Don't miss out! Homes rarely come for sale at this price point in this area!
