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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12434 N 25th Place Phoenix, AZ 85032

$495,000

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6698145

Property Type Single Family Residence

Price Type --

This North Phoenix , John F Long home offers quick access to freeways, upscale shopping, and fine dining. Offering 3 bedrooms, 2 bathroom, and a spacious living room with built-in cabinets and large patio slider, flooding the home with natural light. The kitchen has been updated with modern appliances and ample cabinetry. Recent updates include a new roof (2020), and AC unit (2019). Solar panels, and added insulation/ sealed ductwork, earning Energy Star certification in 2022, ensuring year-round comfort. Additional improvements include a new mini-split in the garage, new pergola and pavers on the patio, elevating outdoor living. The main plumbing line was replaced, and plumbing cleanouts were added in 2023, further enhancing the property's value and functionality. Don't miss this one.

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11872 S Tomi Drive Phoenix, AZ 85044

$495,000

3 Beds

2 Baths

2,152 SqFt

Status Active

MLS # 6693283

Property Type Single Family Residence

Price Type --

This very popular 3 bedroom floor plan is now available on the Ahwatukee Country Club Golf Course! Expansive golf course and mountain views greet you from your back patio where you will enjoy the best of Arizona living. This home has a formal living room with full wall fireplace, spacious dining room, open concept kitchen with granite counters and pull-out cabinets, open to large, light and bright family room perfect for entertaining or peaceful relaxation. Secondary bedrooms are good sized for guests or a home office, and the sizeable primary bedroom includes a dressing area. All this and a beautiful recreation center with indoor outdoor pools, pickleball, fitness classes, wood shop, travel opportunities, clubs and activities for all! This is a must see home!

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957 E Cullumber Street Gilbert, AZ 85234

New

$495,000

3 Beds

2 Baths

1,447 SqFt

Status Active

MLS # 6701455

Property Type Single Family Residence

Price Type --

Welcome to 957 E Cullumber, a renovated gem just 1.5 miles away from downtown Gilbert. Please see the upgrade list in the documents to see that this home truly needs nothing. Roof, AC, fixtures, Flooring, Plumbing, Electrical, Water heater, bathrooms all new! Upon entering you will enjoy vaulted ceilings, flooded with natural light, seamlessly connects living spaces. This property leaves no detail overlooked, from top to bottom, this home has been meticulously upgraded, ensuring a seamless blend of style and functionality. The master suite features a luxurious ensuite bath and dual closets. Two additional bedrooms provide versatility. Outside, a spacious backyard with a covered patio offers perfect outdoor living. Community offers a pool for those hot summer days.

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25943 W Yukon Drive Buckeye, AZ 85396

$495,000

4 Beds

2.5 Baths

3,066 SqFt

Status Active

MLS # 6703220

Property Type Single Family Residence

Price Type --

This beautifully upgraded home offers a luxurious, modern living experience w/ meticulous attention to detail. The floor coverings have been carefully selected to enhance both aesthetics and functionality. The home has been freshly repainted in stylish tones, with updates to the kitchen, family room, master bed/bath/closet, powder room, dining room & living room. The kitchen displays granite counters, repainted cabinets with new hardware, and convenient features like pull-out shelves and soft-close hinges. Outside, the landscape has been transformed w/ high-quality plants & thoughtful design elements. This home is a true sanctuary, offering a blend of luxury, comfort & functionality in every detail. SOLAR! Public/membership golf, GREAT COMMUNITY W/ softball field/basketball court & more!

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10414 W Windsor Avenue Avondale, AZ 85392

$495,000

4 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6698923

Property Type Single Family Residence

Price Type --

Discover your new home at 10414 W Windsor Ave in Avondale, AZ! This spacious single-level gem boasts over 2300 sqft, perfect for a big family. Conveniently located near I10 & 101 Freeways, plus restaurants, outlets, and the Cardinal Stadium. Enjoy easy upkeep with tile flooring throughout, a modern shower in the master bedroom, and a cozy fireplace. Beat the Arizona heat with your very own pool! Plus, a paid-off solar system means savings on energy bills. Don't miss out on this fantastic opportunity!

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35882 N Quiros Drive San Tan Valley, AZ 85143

$495,000

3 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6700398

Property Type Single Family Residence

Price Type --

Come check out this wonderful DR Horton Home. Has a 4 car garage and RV gate on the side. Home sits on large lot with a wash behind. Features an open concept with a large sliding glass door, perfect for enjoying Arizona's gorgeous weather. Home features stunning plank tile, brand new paint throughout as well as new carpet in all the bedrooms. Highly ENERGY EFFICIENT HOME comes with paid off solar system as well as radiant roof barrier in the attic!! Insulated garage doors for the summer. Come see for yourself why Circle Cross Ranch is one of the best-selling master plan communities in San Tan Valley.

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946 E Elgin Street Chandler, AZ 85225

$495,000

3 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6700368

Property Type Single Family Residence

Price Type --

Welcome to your charming oasis in Chandler! This 3 bed, 2 bath home is filled with natural light, creating a warm and inviting atmosphere. The spacious living areas flow seamlessly into the kitchen, perfect for gatherings and entertaining. The primary bedroom offers tranquility and ample space for relaxation. Plus, enjoy energy efficiency with a leased solar system and a soft water system. Outside, the quaint yard provides a private retreat for enjoying Arizona's beautiful weather. Conveniently located in the heart of Chandler, close to shopping, dining, parks, and top-rated schools. Don't miss out on this gem that combines comfort, style, and convenience!

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6175 N 87th Lane Glendale, AZ 85305

$495,000

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6703261

Property Type Single Family Residence

Price Type --

UPDATED single level home with OWNED SHARP SOLAR PANELS (see Pearl Certification) **10K SQFT LOT backing to Desert Mirage Park! NO HOA! Recently redesigned kitchen with waterfall QUARTZ countertops, 2018 GE appliances, LED can lighting, double pane windows, 90% sun screens over new windows. Newer exterior doors & french door w/ built in blinds. Updated bathroom. New outlets some w/ USB ports. Engineered wood flooring with open floorplan. Updated bathrooms and amazing self-automated lighting in redesigned laundry room. All new interior lighting, added insulation, 15 SEER Trane HVAC. New Ext electrical near RV pad. Mini-split AC in Master bdrm. w/double sinks, vaulted ceilings. Pie shaped well landscaped yards.

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24917 W Morning Vista Lane Wittmann, AZ 85361

New

$495,000

3 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6703594

Property Type Manufactured Home

Price Type --

Discover the charm of country living in this spacious manufactured home nestled on 2 acres, where comfort meets functionality in a serene rural setting. Step inside to find a wide-open floor plan, perfect for casual gatherings or quiet evenings at home. The remodeled kitchen and master bathroom offer modern updates without sacrificing practicality, ensuring both style and convenience. Outside, the expansive property provides plenty of room for horses, RVs, boats, and more, with no HOA restrictions to limit your lifestyle. Enjoy the freedom of rural living while still being within easy reach of urban amenities. BONUS: the 12 x 30 climate-controlled she-shed or workshop adds a versatile bonus space for your hobbies or projects. Come tour the property today!

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15423 W Monterosa Street Goodyear, AZ 85395

New

$495,000

5 Beds

3 Baths

2,443 SqFt

Status Active

MLS # 6704058

Property Type Single Family Residence

Price Type --

Put this home at the top of your list to see. Amazing home with 5 large bedrooms, 3 bathrooms, over 2400 sqft, custom wood shutters T/O, vaulted ceilings, upgraded floorng, inside laundry room, cozy family room with gas fireplace, open kitchen with spicy maple cabinetry, gas appliances, granite, & island. This home offers you 1 bedroom and bath downstairs(perfect for guest) & 4 upstairs. The large primary bedroom has a separate tub & shower & dual sinks. Outside you can enjoy the covered patio and no homes behind. All this and located in Palm Valley and close to freeways, shops, restaurants, golf course and much more.

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3031 W Juana Court Phoenix, AZ 85083

New

$495,000

3 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6704072

Property Type Single Family Residence

Price Type --

This beautiful home is a 3 bed, 2 bath in a great neighborhood. Highly upgraded new kitchen with quartz countertops and new cabinets, all new appliances and a spacious pantry. Large master bedroom with a dream closet that has a perfect closet system. This home has it all with the right touches, and at the end of the day enjoy your new backyard with artificial grass and pavers throughout for a maintenance free backyard. This home also comes pre wired for an EV in the garage. Don't miss out on the opportunity to call this beautiful property your own.

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1792 N Marketside Avenue Buckeye, AZ 85396

New

$495,000

4 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6704568

Property Type Single Family Residence

Price Type --

Welcome to your stylish haven in Verrado! This modern residence boasts contemporary colors, a chic kitchen with a central island, and a spacious master suite featuring a walk-in closet. Flexible living spaces adapt to your lifestyle needs, while the fenced backyard offers a private retreat. Enjoy upgraded finishes throughout, including stainless steel gas appliances and sleek wood-look plank tile. This home also offers direct access to the Verrado Marketside greenbelt, where firepits and lounging areas await your enjoyment. With a 2-car garage and convenient proximity to schools and amenities, this home offers both luxury and practicality.

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