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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6612 W Pine Cone Trail Pine, AZ 85544

$495,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6587581

Property Type Single Family Residence

Price Type --

Amazing property located in the heart of Pine Arizona. With enough bunk room for the entire family and then some. This home is designed for the ultimate in entertaining and an escape to cooler weather. The attached 4 car plus garage is set up with a bar and entertainment area for family and friends

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15848 W Laurel Lane Surprise, AZ 85379

$495,000

5 Beds

3 Baths

3,676 SqFt

Status Active

MLS # 6618880

Property Type Single Family Residence

Price Type --

PRICE IS RIGHT & GREAT INCENTIVE! 5-K TOWARDS BUYERS COST W/ RIGHT OFFER! Unique opportunity to own this spacious floor plan that rarely comes for sale in this neighborhood. Perfect for multi-generational living and/or home-based business. Spotless & well maintained, all bedrooms are HUGE w/ walk-in closets. Upstairs master is perfect w/giant closet! Downstairs also has large bedroom w/ another walk-in closet. Perfect for mother-in-law space, or teen. 2 huge living areas downstairs, & upstairs is loft area & home office, or another bedroom - could be made into 2 bedrooms! Big kitchen w/ walk-in pantry & tons of cabinet. Upstairs laundry w/ washer & dryer included. Blank slate backyard waiting for your design- perfect for kids & Fido. Low HOA & property taxes. KILLER LOCATION off 303

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18200 S Wolf Run Trail Mayer, AZ 86333

$495,000

2 Beds

1 Bath

882 SqFt

Status Active

MLS # 6654333

Property Type Single Family Residence

Price Type --

STUNNING serene 13 acres of quiet paradise. Private well and septic. NO HOA/CCR! Has the original home from 1930 for the historical lovers. 2 beds, 1 bath with beautiful large walk in shower. Owner has lived and thrived here for 28 years. Make it your home or use for guest cabin / weekender and build a new home. also has nice stucco could be turn into guest house. NUMEROUS WATER AND ELECTRICAL hook ups throughout, making this an AMAZING AND PROFITABLE place to start an Air B&B, OFF ROAD RV CAMPING ECT.. Large metal storage shed. Surrounded on all sides by National Forest, state land. Come pan for gold in Turkey Creek, hike, utv, atv, horses, and more all right from your back yard!! STUNNING serene 13 acres of quiet paradise. Private well and septic. NO HOA/CCR! Has the original home from 1930 for the historical lovers. 2 beds, 1 bath with beautiful large walk in shower. Owner has lived and thrived here for 28 years. Make it your home or use for guest cabin / weekender and build a new home. NUMEROUS WATER AND ELECTRICAL hook ups throughout, making this a possibility for an AMAZING AND PROFITABLE place to start an Air B&B, OFF ROAD RV CAMPING ECT.. Has nice stucco building with electric, water and could be turned into guest quarters Large metal storage shed. Surrounded on all sides by National Forest, state land. Come pan for gold in Turkey Creek, hike, utv, atv, horses, and more all right from your back yard!!

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46834 N Az Highway 288 -- Young, AZ 85554

$495,000

3 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6655778

Property Type Single Family Residence

Price Type --

Welcome to paradise in the heart of Young, Arizona. This enchanting two-bedroom, one-bathroom house plus guest house is nestled on a generous 1.95-acre plot offering views of the surrounding landscape. As you step inside this cozy home, you will be greeted by a warm and inviting atmosphere. The spacious living area/great room boasts ample natural light along with a cozy wood burning stove. One cannot overlook the incredible versatility offered by the accommodation options. This property includes an efficiency guest house complete with its own kitchen and bathroom, making it an excellent space for hosting out-of-town guests or generating additional rental income - truly enhancing your investment potential! Allow yourself to be captivated by endless possibilities when stepping outdoor Welcome to paradise in the heart of Young, Arizona. This enchanting two-bedroom, one-bathroom house plus guest house is nestled on a generous 1.95-acre plot offering views of the surrounding landscape. As you step inside this cozy home, you will be greeted by a warm and inviting atmosphere. The spacious living area/great room boasts ample natural light along with a cozy wood burning stove. One cannot overlook the incredible versatility offered by the accommodation options. This property includes an efficiency guest house complete with its own kitchen and bathroom, making it an excellent space for hosting out-of-town guests or generating additional rental income - truly enhancing your investment potential! Allow yourself to be captivated by endless possibilities when stepping outdoors onto this property. The East end of the property lines along the main road in town giving options for building a business on this property as well. Bring your horses, bring your chickens, bring your outdoor toys, and bring your loved ones to a unique lifestyle offered in Young AZ. PS. There are two wells and two septic systems on this property. 1 well is capped. Also, the guest house is stubbed for propane and will be hooked up for the gas stove top.

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1437 N Easy Street Payson, AZ 85541

$495,000

3 Beds

3 Baths

2,050 SqFt

Status Active

MLS # 6658283

Property Type Single Family Residence

Price Type --

Beautiful views from this great home in an Alpine Heights cul-de-sac! This 3 bedroom, 3 bathroom home features 2,050 sq. ft., a family room, a 1 car garage, a carport, a high-efficiency water heater, and the roof was replaced in October 2023. The living room has knotty pine vaulted ceilings, large windows for letting in natural light & the views, and a wood fireplace as well as a gas stove. The kitchen has granite countertops, plenty of storage with 2 pantries, and a breakfast bar. The master suite features a walk-in closet, 2 sinks, and a walk-in shower. The backyard has a patio and plenty of mature landscaping for privacy. Your favorite spot will be the covered deck perfect for entertaining and enjoying the views of Rim Country.

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512 S Mud Springs Road Payson, AZ 85541

$495,000

3 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6660754

Property Type Single Family Residence

Price Type --

Wow! You don't want to miss looking at this home. Very well taken care of 3 large bedrooms, 2 bath, 1792 sq ft, eat in kitchen with granite, gas fireplace in the great room, open floor plan and so much more. Oversized 2 car garage with plenty of room for storage, RV gate and pad on the side of the home. Off the master bedroom is a separate exit to a screened in porch. Peach, apple & apricot fruit trees. Plus a large rose garden. Great neighborhood with no HOA, across from a school, new park with football. baseball and pickle ball courts. Hurry this one won't last long. Call today!

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2528 E Sweetwater Avenue Phoenix, AZ 85032

$495,000

2 Beds

1 Bath

1,066 SqFt

Status Active

MLS # 6670013

Property Type Single Family Residence

Price Type --

Just imagine the possibilities with an opportunity to own this home located on an extra large lot and ready for horses or ??, one of very few in this area! The home itself, is just as cute as a button, remodeled and new 2023 HVAC, make it move in ready! The outbuilding is a plus for a future office, tack room or storage. Plenty of room on the property for a barn, corrals, outdoor arena and RV or trailer parking. No HOA and you can have 5 Chickens!

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1985 W Raven Drive Chandler, AZ 85286

$495,000

3 Beds

2.5 Baths

1,509 SqFt

Status Active

MLS # 6665827

Property Type Single Family Residence

Price Type --

This 3-bedroom, 2.5-bath Shea Home situated in the highly sought-after Clemente Ranch neighborhood. The spacious great room boasts vaulted ceilings and a neutral interior paint palette. The kitchen is a chef's delight with granite countertops, an island, ample cabinet space, stainless steel appliances, and recessed lighting. Upstairs, the master bedroom impresses with vaulted ceilings, dual sinks adorned with granite countertops, and a roomy walk-in closet. The secondary bedrooms feature laminate wood floors and ceiling fans. Step into the backyard oasis with lush grass, providing ample play space for both daytime and evening enjoyment. With its ideal location offering proximity to restaurants, shopping, and easy freeway access, this home is a must-see.

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9605 W Getty Drive Tolleson, AZ 85353

$495,000

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6669664

Property Type Single Family Residence

Price Type --

Welcome to your dream home, 4 bed 3 bath home with a custom designed backyard. Host parties enjoying the gas fire pit, corn hole lanes, putting green, gazebo and covered patio while creating memories with family and friends. This gorgeous kitchen comes with an open concept and plenty of cabinet space, recessed lighting, a center island and pantry. A spacious master bedroom with walk-in closet, double sink vanity and private bath. Plus a large flex room to be used for any of your needs. - Perimeter of the yard, fireplace and counter. Inside - Ruckus Smart Switch and Wifi Network Extension. Garage - MyQ App controlled Garage Door opener. COME SEE IT FOR YOURSELF

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18009 N 129th Drive Sun City West, AZ 85375

$495,000

3 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6671466

Property Type Single Family Residence

Price Type --

W E L C O M E to this newly-upgraded 2,874 sq.ft residence. Inside, you'll find a perfectly flowing layout showcasing a large expensive floor plan. clean lines and sleek designs. Soothing palette, recessed lighting & wide plank vinyl flooring are features you'll love! The stunning kitchen boasts granite & butcher block counters, updated cabinets with custom accents, black and SS appliances, custom island, walk-in pantries. End your busy day in your primary master suites with a jacuzzi tub. Lavish bathrooms, custom vanities, expansive custom showers. Large walk in closets in each room. Spend relaxing afternoons in the expansive large backyard patio, plenty of space for entertaining! 16,900 cul-de-sac lot. This home is a dream come true! Don't miss outi Living Room, Formal Dining Room, Family Room, Office, Primary Master Suite with/classic French doors that open to a private sitting room.

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13175 N 148th Avenue Surprise, AZ 85379

$495,000

4 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6674260

Property Type Single Family Residence

Price Type --

Welcome to this modern living home nestled within the charming Marley Park community! This stunning home with an open floor plan boasts 4 bedrooms, 3 baths. Adorned with stainless steel appliances, granite counter tops, and 42'' cabinets with ample storage. A convenient guest room downstairs offers privacy and comfort. Upstairs you'll find large sized bedrooms and a large master retreat with full en suite that includes a tiled shower, dual sinks and a walk-in closet. Outside, enjoy the low-maintenance lifestyle with an oversized backyard featuring a putting green. This Marley Park community also boasts a beautiful Club House with a community pool!

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4697 N 204th Lane Buckeye, AZ 85396

$495,000

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6674327

Property Type Single Family Residence

Price Type --

MOVE RIGHT IN to this Kennedy on the corner! Situated in a quiet little niche of Victory, this Lennar floorplan is super popular - two bedrooms PLUS den, two baths, open kitchen/dining/great room. These original owners have maintained perfectly and upgraded - from custom metal screen security door to new lighting, ceiling fans, professionally painted throughout, epoxy garage floor, permanent heavy duty shelving & overhead storage in garage, professional landscape install extensive pavers in back & side yards. Ready to enjoy Victory living in a charming Victory neighborhood! FHA loan at 3.625 is Assumable!

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