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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15752 W Mariposa Grande Avenue Surprise, AZ 85387

$493,900

3 Beds

2.5 Baths

2,165 SqFt

Status Active

MLS # 6647196

Property Type Single Family Residence

Price Type --

Resort Style Living in Escalante! This single level 2165 SF 3BR, 2.5 BA, 3 car garage will be located near the main park with Aquatic Center. Surrounded by single level homes, no 2 stories. Exciting Included Features, Like Open Great Room, Granite Kitchen tops, 10' ceilings, 8' interior doors, 3 car Garage, Paver Driveways, Tank less Water Heater, Front Yard landscaping Certificate, and so much more. Neighborhood includes, 8 park Areas, Tree Lined Streets, Certified Energy Star and Indoor Air Plus for more energy savings. This home is to be built. Floor plan under documents tab.

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20718 W Colter Street Buckeye, AZ 85396

$493,850

2 Beds

2.5 Baths

1,882 SqFt

Status Active

MLS # 6645978

Property Type Single Family Residence

Price Type --

2.75% VA assumable loan! The buyer must be VA eligible for loan assumption for seller to recover VA entitlements. HOME PRICE BELOW APPRAISAL VALUE. APPRAISAL Available upon request. Welcome to your dream home in the sought-after Victory at Verrado community! Immaculate and move-in ready, this residence boasts 2 primary suites, neutral tones, and exquisite upgrades throughout. The front courtyard beckons, offering a charming sitting area with picturesque mountain views. The great room is spacious with recessed canned lighting, and a ceiling fan. The gourmet kitchen is a chef's delight, showcasing granite countertops, pull-out shelves, stainless steel wall appliances, and a stylish tile backsplash. The kitchen island, adorned with pendant lighting, doubles as a breakfast bar. The main primary suite is a sanctuary, featuring recessed canned lighting and upgraded carpet. Step through the barn door to discover a spa-like ensuite bathroom with a dual sink vanity, zero entry shower, and a generous walk-in closet. The second primary bedroom impresses with a ceiling fan, canned lighting, and an ensuite bathroom with a walk-in closet. Maximize storage in the laundry room, equipped with upper and lower cabinets and a convenient sink. Additional features include a water softener, garage storage rack, ring doorbell, and a mudroom with hooks. This spotless home is a blend of luxury and functionality, providing an idyllic haven in a desirable community. Don't miss the chance to make it yours! Victory at Verrado is an amenity-rich active adult community, within the Master Planned community of Verrado. This community offers a slice of paradise for golf enthusiasts, with 2 beautifully manicured golf courses providing endless hours of enjoyment. Each course is complete with its own Clubhouse, bar, and restaurant! The main clubhouse even offers a full-service salon! Beyond the greens, residents can indulge in resort-style living, featuring multiple inviting swimming pools, state-of-the-art fitness centers, and versatile sports courts for active recreation. Nature lovers will delight in the convenience of nearby hiking and walking trails, while the vibrant clubhouse serves as the social heart of the community, offering an array of activities for forging connections and making cherished memories with friendly neighbors. Main Street Verrado offers a grocery store, 2 salons, restaurants, and much more! This is the perfect place to embrace the best of both worlds: serene desert living and easy access to the vibrant city of Phoenix.

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4590 N 178th Lane Goodyear, AZ 85395

$493,790

4 Beds

3 Baths

2,384 SqFt

Status Active

MLS # 6695615

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available by Jun 2024! A unique single-story home featuring a social living area. White cabinets with hardware, cream/black granite countertops, travertine-look tile flooring and warm grey carpet in our Crisp package. Abel Ranch is now open in Goodyear. Visit this gated community featuring a park, fitness stations, and more. We're proud to introduce new, professionally curated design packages and luxurious primary suites. We build each home with innovative, energy-efficient features that cut down on utility bills so you can afford to do more living.* Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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20108 W Exeter Boulevard Buckeye, AZ 85396

$493,768

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6672152

Property Type Single Family Residence

Price Type --

Explore this attractive Alden home, ready for quick move-in! Included features: an inviting covered entry; a dining nook with center-meet doors opening onto a generous covered patio; an open great room; a gourmet kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; and a luxurious primary suite showcasing an extra window, a private bath with double sinks and a large walk-in closet. This home also has airy 10' ceilings, 12'' x 24'' stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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18525 N Madison Road Maricopa, AZ 85139

$493,000

4 Beds

2.5 Baths

3,274 SqFt

Status Active

MLS # 6693212

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Maricopa Meadows! This 4 bed, 2.5 bath oasis boasts upgrades throughout, including new energy-efficient windows and a newly installed HVAC system upstairs. The loft features a surround sound system, perfect for entertainment. Master bedroom is conveniently located downstairs, while the remaining bedrooms upstairs offer walk-in closets and ceiling fans for comfort. The modern kitchen is equipped with new appliances, including a stove and dishwasher, making meal prep a breeze. Outside, the expansive backyard is a true paradise with a gated-off pool featuring a beautiful waterfall. The patio is equipped with misters, creating a refreshing retreat for outdoor gatherings. With upgrades at every turn and luxurious features both indoors and out,

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2857 W Monte Way Laveen, AZ 85339

$492,990

5 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6642248

Property Type Single Family Residence

Price Type --

This two-story home features an 8-ft. entry door and 9-ft. first floor ceilings. The open concept floor plan includes a spacious great room with access to an extended covered back patio. The kitchen boasts granite counters, an expansive center island, and 42-in. upper cabinets for added storage space. You'll also find porcelain tile flooring and a bedroom with full bath on the first level. Moving upstairs, the bedrooms and common areas feature plush carpeting, with porcelain tile flooring in the laundry and baths. The spacious laundry room also includes granite countertops, a deep-set sink, and linen closet. sq./ft. lot with a generous side yard and spectacular views of South Mountain.

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41094 W Haley Drive Maricopa, AZ 85138

$492,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6400951

Property Type Single Family Residence

Price Type --

START PACKING... It's the stunning Belice - 12x8 sliding glass door that leads out to your extended covered patio. Large walk-in shower at Owner's bath and ceramic tile surround., Designer gas appliance package, Maple ''Linen cabinets with 42'' upper kitchen cabinets and upgraded hardware. Evening Gray quartz countertops in kitchen and on the enhanced kitchen island. 8' tall interior doors throughout home. Upgraded flooring includes level 9 carpet in all bedrooms/closets and Norwood Oak 6x24 floor tile in remaining areas of the home. Dual sinks at bath 2. We're also adding in the pre-plumb for soft water, interior ''Gray'' two tone interior paint, garage service door and much more. Water Company is Santa Cruz Water Company and Sewer is Palo Verde Utilities Company. Please verify all information with onsite agents.

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10764 W Villa Street Avondale, AZ 85323

Open House

$492,929

3 Beds

2.5 Baths

2,269 SqFt

Status Active

MLS # 6655225

Property Type Single Family Residence

Price Type --

New home ready for move in this spring. Two-story Tisdale floorplan with sought after Mid Century Modern style exterior. The first floor features a flex room with elegant double glass doors. This room can serve as a home office, game room or sitting area. The second floor features a loft, the owner's suite and two additional bedrooms. The spacious kitchen features stainless steel appliances with gas range and a large island with ample sitting space, overlooking the dining and sitting areas. The stylish cabinetry is a gray tone which is complemented by upgraded quartz countertops, subway tile backsplash, and wood color plank tile. Great home with spacious sitting and socializing areas. Home warranty included.

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17963 W Agave Road Goodyear, AZ 85338

$492,900

4 Beds

2 Baths

2,399 SqFt

Status Active

MLS # 6660355

Property Type Single Family Residence

Price Type --

MUST SEE!! LIGHT, BRIGHT & GORGEOUS! Updated one story 4 bedroom 2 bath home in Estrella Mountain Ranch. Open Concept Farmhouse Kitchen, 2399 sq feet, high ceilings, windows galore make this the perfect home for entertaining! Newly remodeled kitchen features quartz counters, island, white cabinets, custom range hood, elegant tiled backsplash, floating wood shelves is open to family & kitchen nook. High Ceilings, warmer wood tone laminate flooring, large windows, curved entry offers consistent open feel throughout. Relax in backyard W/shaded trees, extended pavers & yard has plenty of room for a pool. Extended garage with built in storage! Nestled in sought after Estrella Mountain Ranch featuring lakes, golf, pool, water park, hiking, tennis, pickleball, fitness centers, dining & more.

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3362 W Oil Well Road San Tan Valley, AZ 85144

$492,589

3 Beds

2.5 Baths

1,898 SqFt

Status Active

MLS # 6625216

Property Type Single Family Residence

Price Type --

Our popular Helena plan featuring 3 bedrooms plus den, 2.5 baths, and a cozy front courtyard. Gourmet kitchen with stainless steel appliances, upgraded 42'' kitchen cabinets, quartz countertops, Luxury vinyl plank flooring, and much more. Promenade Master Planned Community by Fulton Homes is located within minutes of major shopping, restaurants and freeways. The community is at the base of the San Tan Mountain Preserve. There are six parks throughout the community, one of which is an Aquatic Center with a 7,400 square foot pool. Full basketball and sand volleyball courts. Bocce ball court, Pickle Ball court and Corn hole. Several Ramadas, Tot Lots and BBQ's. Waterfall entry and acres of landscaped and grass areas make this community your oasis in the desert.

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4482 W Mountain Laurel Drive San Tan Valley, AZ 85144

$492,565

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6688553

Property Type Single Family Residence

Price Type --

This gorgeous Ginger plan is estimated to complete in July. It is surrounded by other single level homes offering ample privacy. The north south exposure highlights the mountain views. This home has been fully loaded with all of the most popular options and upgrades; white shaker cabinets, natural wood-look tile, custom backsplash, matte black plumbing fixtures, and beautiful granite countertops.

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1833 Cumberland Road Ash Fork, AZ 86320

$492,500

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6525887

Property Type Manufactured Home

Price Type --

Brand new upgraded 2022 CAVCO West Model DE-32603A sitting on a nicely treed 10 acre lot. Property is connected to APS grid and sits just off Cumberland Rd. Large eat in kitchen w/island and ALL NEW ss appliances, solid wood cabinets & upgraded counters. Split master bedroom with its own attached den/ sitting area that can easily be converted into a 4th bedroom. Spacious additional bedrooms that have been pre wired for ceiling fans. Large laundry room/ mud room makes leaving the outdoors a breeze. Enjoy the wide open sky and stunning views of Bill Williams mountain to the east. Plenty of room to build out a barn & keep horses or other live stock. Approx. 45 mins from Flagstaff & Prescott & just 20mins from Williams. Call today for more information

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