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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18059 W Hickcox Drive Surprise, AZ 85374

$549,000

3 Beds

2 Baths

2,391 SqFt

Status Active

MLS # 6678616

Property Type Single Family Residence

Price Type --

Gorgeous PHOENICIAN model in over 55 Arizona Traditions. Boasts 3 bedrooms, 2 baths, formal living room, formal dining room and large great room overlooking backyard. Gourmet kitchen with island, seating bar, SS appliances w/gas stove, walk in pantry. Large laundry room w/sink and storage. Mature landscape in backyard with lots of privacy, extended pergola & covered patio. Split floorplan with large master, remodeled master bath, walk in closet. 2 more bedrooms, French doors, and full bath on other side. Garage has floor to ceiling cabinetry and work bench. New A/C, new roof, new hot water tank. AZT is an active adult community with pools, clubhouse, bar, ballroom, library, softball field and craft studios.

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1147 W Paint Pony Drive Payson, AZ 85541

$549,000

3 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6678868

Property Type Manufactured Home

Price Type --

MOVE IN READY! Pretty much the only thing not new here is the land and the creek! This home has been redone! New floors, new HVAC, new upgraded Cabinetry, new Granite Counters, new Everything! In the tall pines of Geronimo Estates in Payson Arizona, this is the place to get away from the city and make memories. With new appliances - this home has it all and is perfect for entertaining. Home backs to a stream among the pines and has a massive deck and a hot tub too! With a flat lot and a detached garage / shop, you can do it all - even park an RV!

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1 E Lexington Avenue Phoenix, AZ 85012

$549,000

2 Beds

2 Baths

1,261 SqFt

Status Active

MLS # 6684019

Property Type Apartment

Price Type --

Experience urban living at its finest at One Lexington! With 180 degrees of city/mountain views and within a few easy steps of the light rail this loft style 2 bedroom/2 bath luxury high-rise condo will not disappoint! Featuring an open floor plan with floor to ceiling windows to capture the views, wood and tile flooring throughout, quartz countertops, stainless steel appliances, flex/office space, and lots of storage. Community amenities include a 24 hour fitness center, heated pool and spa, BBQ grill stations, TV-equipped cabanas, extra storage locker, club room, bark park, bike storage room, EV charging, and front desk concierge service.

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15130 W Home Run Drive Surprise, AZ 85374

$549,000

2 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6685699

Property Type Single Family Residence

Price Type --

CLEAN & PRISTINE, SPLIT BEDROOM BORGATA, ELEGANT PLANTATION SHUTTERS, CROWN MOULDING, GRANITE KITCHEN COUNTERS WITH MATCHING BACK SPLASH, PREFERRED GAS RANGE AND OVERSIZED NEUTRAL TILE. GREAT ROOM IS COMPLETE WITH MEDIA WALL & SURROUND SOUND. LARGE OFFICE/DEN EXTENDED 4 FEET. MASTER EXTENDED 4 FEET AND HAS BAY WINDOW, DOOR TO BACK PATIO AND DUAL SINKS. FOR BEAUTY & EASE OF CLEANING LARGE COURTYARD AND EXPANDED PATIO HAVE BEEN COATED WITH KOOL DECK EPOXY COATING. THE FOOD PREP AREA IS SPECIFICALLY DESIGNED FOR GAS BBQ GRILL. THE GAS FIRE PIT CREATES THE PERFECT SETTING FOR ENTERTAINING FAMILY AND FRIENDS. LAUNDRY ROOM HAS OVER HEAD CABINETS, FRONT LOAD LG WASHER & DRYER ON PEDISTALS. GARAGE EXTENDED 4 FEET. EXTENDED GARAGE HAS CABINETS & OVERHEAD STORAGE. LEMON, LIME & ORANGE TREES.

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342 W Beechnut Place Sun Lakes, AZ 85248

$549,000

2 Beds

2 Baths

2,304 SqFt

Status Active

MLS # 6686725

Property Type Single Family Residence

Price Type --

Expanded popular Palmera model w/split bedrooms in the desired active adult community of Ironwood in Sun Lakes. This unique home has a 400sf bonus room addition, perfect for a game room, with heat and AC, new carpet, and tons of windows. Kitchen has maple cabinets, island with induction range top, newer SS appliances, and a cute breakfast area. Great room with vaulted ceilings. Spacious master suite with bumped out bay windows, custom niches, walk-in shower with glass brick wall, dual sinks and an amazing walk-in closet. Large laundry room with newer W/D and a lot of cabinets. Guest bath with walk-in tub. Extended garage. Unique corner lot with potential for golf course views. Start enjoying IronOaks with its many amenities like golf, tennis, pickleball, pools, restaurants & many clubs.

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624 N Ashbrook Circle Mesa, AZ 85213

$549,000

5 Beds

3 Baths

2,226 SqFt

Status Active

MLS # 6686812

Property Type Single Family Residence

Price Type --

Located in desirable North Mesa, This stunning 5-bedroom, 3-bathroom home is situated on a spacious corner lot. As you step inside, you'll immediately be greeted by the warm and welcoming atmosphere. Heart of the home is undoubtedly the spacious and well-appointed kitchen. Featuring ample counter space, modern appliances, and custom cabinets.Adjacent to the kitchen, the inviting living area offers plenty of room to relax and unwind. One of the many highlights of this home is its unbeatable location. Situated in North Mesa, you'll enjoy easy access to a wide range of amenities, including shopping, dining, and entertainment options, schools within walking distance. Located in a neighborhood with no HOA. Newer AC unit. SOLAR, lease and electric bill combined average only $220 a month.

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20476 W Point Ridge Road Buckeye, AZ 85396

$549,000

3 Beds

2.5 Baths

1,860 SqFt

Status Active

MLS # 6686820

Property Type Single Family Residence

Price Type --

Welcome home to the highly desirable community of Verrado here in the West Valley of Phoenix. Nestled at the base of the white tank mountains, Verrado features 80+ parks, real grass, thousands of trees, and a Main Street complete with grocery shopping, dining and coffee shop. Steps away from a large grassy park with a basketball court, swing set and playground, this incredible corner home features a paver drive and walkway to the private porch. Soak up the sun in the sparkling pebble tec pool with water features, baja step and colorful lighting. Custom turf, landscaping and pavers complete this north facing backyard along with a covered patio. OWNED PAID OFF SOLAR! From the front door, you begin at the charming gated porch then step inside to tile flooring throughout the home and 9ft ceilings. Fresh paint (2024) in agreeable grey greets you. Perfect den includes a sliding barn door! Open concept living and dining awaits you just off the kitchen which includes an island and granite counters. The primary bedroom is tucked into the rear, along with one guest bedroom and full bath, while the other guest bedroom is near the front of the home with an additional half bath. All bathrooms have new light fixtures and paint. In your garage you'll enjoy a side service door and you will notice the owned soft water loop. This dream location and awesome backyard are waiting for you!

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10114 E Tiger Lily Avenue Mesa, AZ 85212

$549,000

2 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6687249

Property Type Single Family Residence

Price Type --

Gorgeous split floor plan in the beautiful community of Encore at Eastmark. You will love the pavered driveway and sidewalk leading to the entrance of the home. Home features a beautiful kitchen with Walk-in Pantry, Granite Counters, Large Island w Pendant Lights, Extensive Birch Cabinets w Stainless Steel Appliances. Kitchen opens to eating area & large family room. Very nice sized primary bedroom w big walk-in closet and large walk-in shower w bench. 2nd BD and den/office area are in the front of the home for more privacy from guests. The backyard is just beautiful w easy care landscaping. Exterior of Home just freshly painted March 2024. Encore is a beautiful active adult community w/many amenities including walking paths, a state of the art club house, workout facility, tennis, ...... pickleball, bocci ball, heated pool & spa. You will love your new home!

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36545 N Herens Road San Tan Valley, AZ 85143

$549,000

4 Beds

3.5 Baths

2,679 SqFt

Status Active

MLS # 6689966

Property Type Single Family Residence

Price Type --

Welcome home to the highly desirable gated community of Magnolia Groves. This charming abode offers a light and bright floor plan, inviting you to move in and make it your own. As you step inside, you're greeted by a welcoming atmosphere that exudes comfort and style. The spacious layout provides ample room for relaxation and entertainment, making it ideal for both quiet evenings and lively gatherings. The kitchen boasts modern appliances and ample counter space, perfect for whipping up delicious meals or enjoying casual snacks. Whether you're a culinary enthusiast or simply enjoy the occasional home-cooked meal, this kitchen is sure to impress. One of the highlights of this home is its gorgeous low-maintenance oversized backyard. Imagine sipping your morning coffee on the patio or hosting summer barbecues in this private outdoor oasis. With plenty of space for gardening, outdoor dining, and recreation, the possibilities are endless. This move-in ready home offers the perfect blend of comfort and convenience. With neutral tones throughout, it's easy to envision adding your personal touch to make it truly yours. Located in a gated community, you'll enjoy added security and peace of mind. Plus, with convenient access to local amenities and attractions, everything you need is just moments away. Don't let this opportunity slip by to experience all that this wonderful home has to offer. Welcome home to Magnolia Groves!

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2511 W Queen Creek Road Chandler, AZ 85248

$549,000

2 Beds

2 Baths

1,459 SqFt

Status Active

MLS # 6690928

Property Type Apartment

Price Type --

Resort living at its best! Enjoy the tranquility and security of condo living in the heart of Ocotillo surrounded by fountains, lakes, and restaurants within walking distance. This highly upgraded 2+ den plus flex space for offices, is light, bright, and open to the living area with private balcony. Owner has added many conveniences - sliders in kitchen & primary bath, organizers in primary and laundry, electric shades in living room for sliding door and blackout shades in both bedrooms. This East facing unit gets lots of light! Patio is tiled as well as kick wall of breakfast bar. FYI - Kitchen table light does not convey. Bring your fussiest buyer!

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18225 W El Caminito Drive Waddell, AZ 85355

$549,000

3 Beds

2 Baths

2,144 SqFt

Status Active

MLS # 6693821

Property Type Single Family Residence

Price Type --

Introducing El Caminito! An extended length 3-car garage, gorgeous views & OWNED SOLAR (which helps save on energy costs)! This move-in ready home boasts a desirable split floor plan, offering both privacy & convenience. The bathrooms & kitchen have been beautifully remodeled, adding a touch of elegance to the home. One of the standout features of this over 10,000 sq. ft property is the unobstructed White Tank Mountain Views! The oversized lot provides ample space for outdoor living, activities & multiple mature fruit trees for the gardener enthusiast. Imagine waking up to the breathtaking mountain views right from the comfort of your own home. Watching the sunset will become an every night ritual as you capture the orange, pink & blue open skies. Welcome Home to El Caminito in Waddell.

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8515 W Midway Avenue Glendale, AZ 85305

$549,000

3 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6694148

Property Type Single Family Residence

Price Type --

You need to be in the city but want peace and quiet, here is your answer. Nestled into a private enclave just stones' throw from Westgate Entertainment District this property features a FOUR CAR GARAGE, only one neighbor, and Tuscan curb appeal. Enjoy a grand entry with soaring ceilings and every need thought of: from a flex space that could make a lovely office or playroom, to the large dining area that would be perfect for billiards - this home is ready to house your every desire. The upgraded kitchen overlooks open living space and the whole home is finished with decadent tile everywhere you want it, but plush carpet where you need it. Optimal home, prime location - come see for yourself. Your back patio boasts shade all day and your spacious, private backyard is complete with extended concrete patio that can be used as a court, become the perfect place to enjoy a fire, or is ready for a gazebo. You still have ample space to add turf or lush landscaping. Energy efficiency is king, the private front entry, tucked in back patio and strategic windows allow you to enjoy natural light without it boiling your electric bill.

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