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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4524 E Shomi Street Phoenix, AZ 85044

$499,000

3 Beds

2 Baths

1,420 SqFt

Status Active

MLS # 6697283

Property Type Single Family Residence

Price Type --

This is It a Complete Remodel, that backs up to the golf course, with a New A/C, New Roof, New Appliances All Included Refrigerator, Washer, Dryer, Microwave, Dishwasher, Wine Cooler, Range/Oven, Electric Fireplace, T.V. Open Kitchen Area with New Cabinets with crown molding, New Marble Countertops, Gold water faucet, Electric Fireplace with custom chimney, Beautiful Tile throughout the home, Vaulted Ceiling with new ceiling fans, New Windows and all new doors. Marble Showers in both bathrooms, New Vanities in each bathroom with Large custom closets space. Bay window in the master bedroom. The yard backs up to the Golf Course with spectacular views, Desert Landscape with a large fountain. Bar-b-que area with patios area. Two Car Garage, Great Location close to shopping. Must See home!!

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1102 W Shawnee Drive Chandler, AZ 85224

$499,000

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6699171

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and convenience in this charming 1-story, 3-bedroom, 2-bathroom home. Nestled in a serene neighborhood, this residence boasts a refreshing pool and a fenced-in patio, ideal for outdoor relaxation and entertaining. With its prime location, you'll enjoy the ease of walking to the near elementary school, park, sports field and dog park providing endless opportunities for recreation and leisure. Inside, the spacious layout offers ample room for living and dining, while the well-appointed bedrooms with updated bathrooms ensure peaceful retreats for everyone in the household.

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4601 N 15th Avenue Phoenix, AZ 85015

$499,000

4 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6699317

Property Type Single Family Residence

Price Type --

Discover this updated NO HOA profitable Airbnb in a great location!!! This charming 4 bed, 2 bath residence now on the market is for you! Featuring a large front yard, slab parking, and a welcoming porch! Inside you'll find a spacious dining & living area w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The kitchen is comprised of espresso cabinetry w/quartz counters, tile backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Enjoy a good night's sleep in the primary bedroom, boasting a walk-in closet and a pristine ensuite for added convenience. Finally, the backyard includes a cozy covered patio where you can spend a relaxing summer evening!

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1787 S Contention Lane Cottonwood, AZ 86326

$499,000

3 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6701531

Property Type Single Family Residence

Price Type --

Welcome to this charming corner lot home with breathtaking views of Mingus Mountain! Conveniently located, this property offers a lifestyle of comfort and convenience. Step inside to discover a thoughtfully designed split floor plan that maximizes space and functionality. The dining/kitchen combo with a breakfast bar creates an inviting atmosphere for gatherings and everyday living. Enjoy the convenience of a window over the sink, allowing you to admire the serene backyard while attending to kitchen tasks. The kitchen boasts a highly functional layout, perfect for culinary enthusiasts. Updates including new appliances, counters, and sink in 2022 ensure modern convenience and style. Retreat to the spacious master bedroom complete with an en-suite bathroom and a generous walk in closet. Outside, the oversized lot provides ample space for outdoor activities and entertainment. A fenced backyard with a covered patio offers privacy and relaxation. Additionally, the property features RV Parking with a full concrete pad and double gate fence, perfect for storing recreational vehicles. Recent updates such as new HVAC, luxury vinyl plank flooring, ceiling fans, and exterior paint ensure peace of mind and modern comfort. With new windows, toilets, and interior paint throughout, this home is truly move-in ready. Don't miss out on the opportunity to make this stunning property your own oasis in the heart of convenience and natural beauty. Come experience the lifestyle you've been dreaming of!

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7226 W St Charles Avenue Laveen, AZ 85339

$499,000

4 Beds

2.5 Baths

2,935 SqFt

Status Active

MLS # 6700679

Property Type Single Family Residence

Price Type --

Come see this gorgeous 4 bedroom property awaiting its new owners! Discover spacious living areas adorned with designer's palette, ideal for welcoming & entertaining guests. Enjoy a delightful feast in this modern kitchen dining area. With its tall ceilings, fresh paint, decorative ceiling fans, & wood-style vinyl flooring, the home emanates elegance. Remodeled white cabinetry, granite counters, center island, & high-end newer SS appliances. New Vinyl flooring through out home except master room. Retreat to the main suite upstairs its so big that current seller made a bedroom space for her toddlers. Perfect space for you to make a gym, office or baby sleeping area in your own suite room. The big backyard with pavers, artificial turf and a big shed that is used as business office.

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18904 N 43rd Way Phoenix, AZ 85050

$499,000

3 Beds

2 Baths

1,417 SqFt

Status Active

MLS # 6702517

Property Type Single Family Residence

Price Type --

AMAZING COMMUNITY NESTLED AWAY IN N PHX. THIS IS TRULY A GEM! YOUR NEW HOME IS JUST AROUND THE CORNER FROM MAYO CLINIC, MINUTES FROM DESERT RIDGE MARKET PLACE AND HAS QUICK ACCESS TO THE 51 AND 101 FREEWAYS. PERFECT FOR ENTERTAINING IN THE OPEN CONCEPT KITCHEN THIS HOME SITS ON A CORNER LOT AND IS ONE OF THE LARGEST LOTS IN THE SUBDIVISION. THE COMMUNITY POOL IS JUST DOWN THE STREET AND ALLOWS YOU TO ENJOY THE OASIS IN THE DESERT WITHOUT THE RESPONSIBILITY OF MAINTAINING THE POOL. DON'T MISS YOUR OPPORTUNITY TO SNAG UP THIS CHARMING 3 BED 2 BATH HOME IN THE HIGHLY SOUGHT AFTER 85050 ZIP CODE BUYER TO VERIFY ALL MATERIAL FACTS TO THEIR SATISFACTION

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9342 W Atlantis Way Tolleson, AZ 85353

New

$499,000

4 Beds

3 Baths

2,525 SqFt

Status Active

MLS # 6704345

Property Type Single Family Residence

Price Type --

Highly desired 4-bedroom home in Sunset Farms is finally on the market! Inside, you will find the expansive open floor plan showcasing plush carpet, bountiful natural light, and a neutral palette throughout. Spotless kitchen displays recessed lighting, plenty of cabinets with crown moulding, stainless steel appliances, quartz counters, subway tile backsplash, and a peninsula with a breakfast bar. Sizable primary bedroom includes an ensuite with dual sinks, a sit-down shower, and a walk-in closet. PLUS! This value also have a guest's quarters with a fully-equipped kitchen and direct outdoor access. The backyard has a covered patio where you can unwind and enjoy your favorite cool drink. This gem is the one for you!

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907 W Sherwood Drive Payson, AZ 85541

$499,000

3 Beds

2 Baths

1,556 SqFt

Status Active

MLS # 6702675

Property Type Single Family Residence

Price Type --

Well maintained 3BR/2BA home located in one of the best neighborhoods in Payson. Great room design. Extra large master closet. Large 3-car garage, fenced back yard and extra shed for storage and yard tools. Painted outside in 2021, inside painted 2024, new water heater in 2023 and new kitchen appliances in 2024. Leased Solar System to help with the electric bills. THIS HOME IS IN MOVE-IN CONDITION!

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22431 N Celtic Avenue Maricopa, AZ 85139

$499,000

3 Beds

2 Baths

2,797 SqFt

Status Active

MLS # 6702085

Property Type Single Family Residence

Price Type --

This well-maintained former model home by the original owner offers 3 bedrooms, den, bonus room & 2 full bathrooms. The interior features 10 ft ceilings, formal living & dining rooms, a separate den ideal for a home office/library and a BONUS room with pool table, perfect for entertaining! The spacious master suite is split from the 2 additional bedrooms providing privacy. Lush greenery and professionally designed landscaping create a welcoming curb appeal from the street, while the backyard transforms into a tranquil retreat with mature trees and a covered patio offering the perfect space to unwind during the warm AZ winters! Cobblestone Farms is a lake community offering a community pool with splash pad, park with playground, basketball courts and covered ramadas with BBQ grills.

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6698 S Fairway Drive Gold Canyon, AZ 85118

New

$499,000

2 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6702297

Property Type Single Family Residence

Price Type --

Experience the awe-inspiring beauty of this remarkable golf course residence, showcasing panoramic vistas of the Superstition Mountains and captivating Arizona sunsets. The coveted Saguaro model is offered fully furnished, inclusive of kitchen essentials and linens, poised for its fortunate new owner. Revel in the unique charm of a custom-crafted stained-glass window in the entryway, complemented by a host of interior upgrades including a welcoming gas fireplace, lofty vaulted ceilings, stylish designer paint, a soft water system, sunscreens, and a convenient built-in BBQ in the outdoor oasis. The dining room affords unparalleled views of the Superstition Mountains and the serene expanse of the Mountain Brook fairway. Nestled within the vibrant Mountain Brook Village community, residents enjoy access to an array of amenities, including a heated pool, expansive activity center, tennis and pickleball courts, as well as an abundance of clubs and activities. Just minutes away lie some of the area's finest hiking trails, while the allure of Saguaro Lake, offering a plethora of water sports, beckons approximately 30 miles away. Don't miss your chance to call this exceptional property home.

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1951 E Enrose Street Mesa, AZ 85203

New

$499,000

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6703563

Property Type Single Family Residence

Price Type --

Fabulous location with ''NO HOA'', This 3 bed room, 2 bath single story Custom home has an open interior plan, vaulted ceilings and top hardwood floors, beautiful kitchen has huge granite counter, double ovens, fireplace in great room, custom closet in the master bed room, French doors access to the beautiful back yard for your family entertaining. A MUST SEE !

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1418 E Sweet Citrus Drive Queen Creek, AZ 85140

New

$499,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6703957

Property Type Single Family Residence

Price Type --

In Encanterra, property location and lot are key to enjoying all the community has to offer. This property is not only stunning, it sits on a fantastic east/west lot on a ideal location in Phase 1. As you enter the home you will be impressed with the many features that make it special, granite countertops, tile floor, fresh interior paint and a view of a spectacular outdoor living space. The primary suite has plenty of room for a king sized bed, and private bath with large shower, dual basins and separate water closet. The outdoor space in the back of the home is very special. Facing east you will enjoy the morning sun on the extended patio, full shade in the afternoon and evening by the gas fire pit. Plenty of room to entertain and dine outside as this property has it all. The sellers are Encanterra Golf members. If the buyer wants to become a golf member, they will not have to wait in line for a spot as the sellers membership will allow the new member to move up to the front of the line.

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