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.

Click Here to See What Your Home is Worth

7137 W Palmaire Avenue Glendale, AZ 85303

$474,900
5 Beds
2.5 Baths
2,448 SqFt
Status Active
MLS # 6663617
Property Type Single Family Residence
Price Type --
This Homes Offers 5 Bedrooms & 2.5 Baths with a Sparkling Swimming Pool! Plenty of Storage throughout the home! Close to Schools and Shopping. Home has been remodeled. Seller is granting a 2% concessions towards Buyers closing costs or interest rate buy-down. A Must See!

3469 E Desert Moon Trail San Tan Valley, AZ 85143

$474,900
4 Beds
2.5 Baths
2,485 SqFt
Status Active
MLS # 6667744
Property Type Single Family Residence
Price Type --
Price Improvement -- All this for a Great Value! Boasting 4 beds, 2.5 baths, and an open layout, this home welcomes you with a formal living/dining area and plank flooring throughout the main areas. Enjoy large new windows with blinds, and neutral paint that complements any style. Upstairs, a spacious loft offers endless possibilities. The kitchen is a chef's dream, featuring plenty of wood cabinetry, granite counters, a tile backsplash, stainless steel appliances, and an island for meal prep. Step outside through the French doors to a backyard oasis, complete with an extended covered patio and a resort-style yard featuring a brand NEW sparkling pool with tile decking. This home is not just a house; it's the beginning of your dream lifestyle

864 W Shannon Street Chandler, AZ 85225

$474,900
3 Beds
2 Baths
1,464 SqFt
Status Active
MLS # 6671208
Property Type Single Family Residence
Price Type --
Come see this absolutely GORGEOUS remodeled single story in Chandler! This home features 3 bedrooms, 2 baths & & a refreshing swimming pool! NEW ROOF, Wood Plank Tile Flooring, Neutral color palette & fixtures you'll love! Stunning Eat-in Kitchen boasts White Shaker Cabinetry, Quartz Counters, stunning geometric backsplash & Stainless Steel Appliances. Owner's suite boasts a generously-sized Closet & ¾ Ensuite Bathroom w/ new Vanity & Dual Flush toilet! Large entertaining backyard w/ pool, covered patio, RV gate & storage shed. Hurry, you will not find another one like this.

1498 E Magnum Road San Tan Valley, AZ 85140

$474,900
6 Beds
3 Baths
2,991 SqFt
Status Active
MLS # 6674090
Property Type Single Family Residence
Price Type --
Discover luxury living in Wayne Ranch! This upgraded 6-bed, 3-bath home offers 2,991 sq. ft. of designer touches. Custom tile, wood floors, and wainscoting adorn the interiors. The gourmet kitchen boasts custom cabinets, granite countertops, and a stone backsplash. A loft with built-in desks adds versatility. Outside, enjoy a landscaped yard. Located near schools and amenities, this home epitomizes comfort and convenience.

17463 N 66th Avenue Glendale, AZ 85308

$474,900 - 3Br/2Ba -  for Sale in Campana Trails, Glendale
Open House
$474,900
3 Beds
2 Baths
1,488 SqFt
Status Active
MLS # 6645957
Property Type Single Family Residence
Price Type --
Discover the hidden enclave of new homes at Campana Trails, this collection of 21 single-family homes situated along the scenic Skunk Creek Trail in Glendale offers a perfect blend of serenity and convenience. Priced affordably in the 400s with below-market financing options! gorgeous desert landscaping with three stylish elevations. Floor plans ranging from 1488 -1832 and 2- 3 car garages. thoughtfully designed homes prioritize comfort with single-story layouts, ensuring an accessible and inviting living experience without the need for steps or stairs. Set against the backdrop of a private cul-de-sac, that is quiet and safe surrounding, residents can relish an enriched lifestyle. The Skunk Creek Trail, meandering through the neighborhood, serves as an inviting pathway for biking and walking enthusiasts, creating a peaceful retreat and encouraging an active outdoor lifestyle. Campana Trails is strategically located near the Arrowhead area, renowned for its lively retail scene, diverse culinary options, and entertainment possibilities. The Arrowhead Towne Center stands as a prominent shopping destination, offering many retail stores to cater to varied preferences. Residents can explore an abundance of dining establishments, creating a culinary landscape that satisfies diverse tastes. The area's dynamic entertainment options, including theaters, sports bars, and live music venues, contribute to a well-rounded lifestyle. Living in Campana Trails not only provides the comfort of a modern home but also invites residents to embrace the natural beauty of the Skunk Creek Trail and the convenience of the nearby Arrowhead area. This unique combination ensures a lifestyle that effortlessly balances outdoor recreation, community engagement, and urban convenience, making Campana Trails an ideal haven for those seeking a well-rounded and satisfying living experience.

1909 N 125th Drive Avondale, AZ 85392

$474,900 - 3Br/2Ba -  for Sale in Vistas 2 At Rancho Santa Fe, Avondale
Open House
$474,900
3 Beds
2 Baths
1,900 SqFt
Status Active
MLS # 6673456
Property Type Single Family Residence
Price Type --
Home, sweet home! This fabulous 3-bed, 2-bath residence boasts great curb appeal with an easy-care desert landscape, a 2-car garage, an RV gate, & a cozy front porch! Inside, you will find perfectly sized dining & living areas with vaulted ceilings, tile/wood-style flooring, BRAND NEW plush carpeting, & a warm palette throughout. The gorgeous kitchen consists of ample wood cabinetry, granite counters, built-in appliances, track lighting, & an island complete with a breakfast bar. Double doors reveal a sizable den with attached cabinets. Enjoy a good night's sleep in the primary bedroom, boasting a sitting area with a bay window, a private ensuite with dual sinks, and a walk-in closet. Refresh yourself on the Baja shelf in the pool or relax in the heated spa. Larger backyard provides ample area for creative outdoor possibilities!

43903 W Stonecreek Road Maricopa, AZ 85139

$474,899
4 Beds
2.5 Baths
3,413 SqFt
Status Active
MLS # 6661242
Property Type Single Family Residence
Price Type --
OFFERING $15,000 in concessions for upgrades exterior/interior! SOLAR OWNED AND PAID FOR Introducing this delightful Fulton two-story residence, featuring a newer roof installed in 2023 and upgraded HVAC in 2022, ensuring comfort and peace of mind. Plus, the home comes equipped with owned solar panels, providing immediate savings and eco-friendly living. The inviting living room, adorned with wood-look floors that exude a cozy ambiance. The kitchen, which is equipped with ample cabinets, built-in appliances, a convenient pantry and center island with a breakfast bar is perfect for casual dining. Retreat to the spacious primary bedroom, offering a tranquil escape complete with an ensuite featuring dual sinks, a relaxing tub, and a generous walk-in closet. In addition, a large loft adds to the home's appeal, featuring a cozy fireplace and direct access to the balcony. Versatile den, fitted with cabinets, is perfect for use as a studio or a home office. Outdoors, the sizable backyard boasts a covered patio, a fenced-in pool, and enough space to unleash your creativity or set up a playground. Don't miss the opportunity to make it yours!

7525 W Encinas Lane Phoenix, AZ 85043

$474,899
3 Beds
2 Baths
2,019 SqFt
Status Active
MLS # 6639090
Property Type Single Family Residence
Price Type --
Don't miss this incredible Phoenix home in Estrella Village Manor. The home features 2 living rooms, 3 bedrooms + a den, and an open concept kitchen. Step into the backyard, an entertainers dream, with an extended patio, grass, palm trees, and sparkling pool with a water fall! The interior of the pool has been completely refinished. Car enthusiast, Parking is endless here with a 3 car garage and extended cement driveway. The RV gate has been recently added with the ability to park an RV comfortably. All interior has been recently painted, 2nd bath and bathroom counter have been reglazed, and the home has privacy/sun screens on all windows! The location is everything, conveniently located minutes from the I10 and new 202! Don't miss this incredible home! ABSOLUTE MUST SEE!!!

14622 W Arzon Way Sun City West, AZ 85375

$474,875
2 Beds
2 Baths
2,235 SqFt
Status Active
MLS # 6678598
Property Type Single Family Residence
Price Type --
This Clifton model home, in Sun City West, AZ, has been nicely updated & could be considered by many as move in ready. Home has been expanded to 2235 sq. ft. & has 2 bedrooms, 2 bedrooms, a den & additional space for 2nd office & an arts/craft studio. Updating since 2020 includes: kitchen cabinets & counter tops, guest bathroom, garage door opener, Trane AC/heat, roof underlayment replaced, irrigation system, new patio pavers & 2 security doors. The spacious open floor plan, plus the inviting covered backyard patio, which features a built-in gas BBQ & fireplace, provides ample space to entertain family/friends. Home is located in Sun City West's Trail Ridge golf course section of the city. This is a lovely home that you'll want to see. Don't wait. Make arrangements today to view

3261 Maverick Drive Wickenburg, AZ 85390

$474,500
2 Beds
2 Baths
1,564 SqFt
Status Active
MLS # 6601216
Property Type Townhouse
Price Type --
Experience the perfect blend of luxury and leisure in this splendid 2-bed, 2-bath home in the heart of Wickenburg Ranch. Clean lines, a neutral color palette and practical use of space make this home perfect for the discerning full or part-year residents. A versatile den adds space for your unique needs, and the upgraded window coverings, flooring, granite & cabinets will exceed your expectations. Embrace the lock-and-leave lifestyle while the HOA tends to your front and backyards. With the pool, clubhouse, golf, and pickle ball just moments away, this isn't just a home; it's your gateway to resort-style living in popular Wickenburg Ranch.

23836 N 162nd Lane Surprise, AZ 85387

$474,269
3 Beds
3 Baths
2,501 SqFt
Status Active
MLS # 6668510
Property Type Single Family Residence
Price Type --
MOVE IN READY!!, QUICK CLOSE, Gorgeous Escalante Community, SELLER MAY PROVIDE HUGE INCENTIVES TOWARDS FINANCING, Silversmith Plan, 3 Bedrooms Plus Double Door Den, 3 Baths, 2 Car Garage, OPEN FLOOR PLAN, 9 Foot Ceilings With 8 Foot Interior Doors on Both Floors, Gourmet Kitchen, NICELY UPGRADED CABINETS, FLOORING And COUNTERTOPS, , 2 Inch Faux Window Blinds And Ceiling Fans In All Rooms. Energy Star Qualified Home, Indoor Air Plus, Buyer May Still Select Appliances, 8 Foot Tall Garage Door, Located A Short Distance From The Community Pool Area, Picnic Area, Tot Lots, Basketball, Pickle Ball Courts And So Much More. This Home Is MOVE IN READY, Schools And New FRY'S Marketplace Now Open with Shopping Center Nearby. Full Builder Warranty.

17639 W Hatcher Road Waddell, AZ 85355

$474,020 - 3Br/3Ba -  for Sale in Zanjero Pass Phase 1, Waddell
Open House
$474,020
3 Beds
2.5 Baths
2,052 SqFt
Status Active
MLS # 6674701
Property Type Single Family Residence
Price Type --
This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 2.5 bathrooms, and a 3 car tandem garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

Leave a Reply

Your email address will not be published.