What’s Ahead For Mortgage Rates This Week – November 21, 2016

Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.

Builder Sentiment Holds Steady, Demand for Homes Pushes Builders

November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.

The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.

Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.

Mortgage Rates Rise after Election

Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.

New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.

What’s Ahead

Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.

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7423 W Northview Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

2,255 SqFt

Status Active

MLS # 6634845

Property Type Single Family Residence

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Ready for Immediate Move-in! This exquisite 4-bedroom, 2.5-bathroom residence is fully upgraded, featuring 42-inch grey cabinets and quartz countertops. Enjoy the spacious layout, complete with a loft for additional versatility. The home is thoughtfully designed for your convenience. Don't miss this opportunity!! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long-term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. ***Prices subject to change, photos may be of a model home or virtually staged, actual home will vary.

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7410 W Northview Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

1,986 SqFt

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MLS # 6675709

Property Type Single Family Residence

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This home is our amazing Concerto plan featuring 3-bedroom 2.5-bathroom and a 2-car garage on a larger north/south facing homesite within the desirable Alto gated community!!! The kitchen is beautifully upgraded with Valle Nevado granite counters, modern white full overlay cabinets accented with matte black hardware. and GE Stainless-steel appliances. The great room includes a multi-slide door to make indoor/outdoor living a breeze. Upstairs includes a large loft, 2 additional bedrooms, laundry and primary suite with spa-like bath. Ready for an April 2024 move-in! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

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7227 N 74th Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6676548

Property Type Single Family Residence

Price Type --

Under Construction New build home with an April 2024 move-in!!!! This amazing home includers 3-bedroom 2.5-bathroom and a 2-car garage home in the desirable Alto gated community!!! This Concerto floor plan is expertly designed with quartz kitchen countertops, modern white full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances to name a few. Don't miss out on this home!!^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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29103 N 124th Drive Peoria, AZ 85383

$464,990

4 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6664773

Property Type Single Family Residence

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Best buy in this desirable neighborhood in Vistancia 85383 which includes owned Solar ( no payments ) ! Home has been freshly repainted and new carpet installed. Large functional layout with plenty of extra living space with a den / office downstairs and a loft upstairs. Come See all that Vistancia offers with community pool, rec center, walking trails and more. This community has their own independent community pool as well.

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