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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140 W Thompson Road Payson, AZ 85541

$495,000

4 Beds

2 Baths

1,901 SqFt

Status Active

MLS # 6574951

Property Type Single Family Residence

Price Type --

Rare and beautiful Cabin nestled in the woods! Minutes from Payson and 300+- feet from Tonto National Forest where wildlife and trails are in abundance, a bird watchers dream. Just three miles from Tonto Creek and 20 minutes away from the Rim lakes. A great family friendly neighborhood for children to roam, ride, and play outdoors! Five bedrooms, two bathrooms provide you lots of space. Open concept, Chef's Kitchen, butcher-block counters, high ceilings, beautiful wood floors, full laundry, spacious deck, and a backup generator. Many additional upgrades and finishes to satisfy! This home is furnished and is perfect for a fulltime residence, weekend getaway or possible Air B&B. Truly a must see!

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4724 W Lydia Lane Laveen, AZ 85339

$495,000

5 Beds

3 Baths

2,948 SqFt

Status Active

MLS # 6568702

Property Type Single Family Residence

Price Type --

Lovely home in gated community close to schools, parks and the 202 Freeway. Great location. This 5 Bedroom 3 bath home is in a desirable community. This home offers a gorgeous kitchen with granite countertops, dual wall ovens, upgrades galore. with an island w/breakfast bar seating and dining. This home has a family room and formal dining area and a bedroom downstairs with a full bathroom. Upstairs has a nice loft with 3 Bedrooms with walk-in closets and a Master Bedroom with an ensuite bathroom including dual sinks, separate tub and shower and his and her walk-in closets. Backyard with a covered patio for all of your entertaining needs.

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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 --

SWEET DEAL! 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. Perfect for multi-generational living and/or home-based business. 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. GREAT INCOME PROPERTY OR RENTAL/ Low HOA & property taxes. KILLER LOCATION off 303

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158 W Winterberry Avenue San Tan Valley, AZ 85140

$495,000

3 Beds

2 Baths

2,199 SqFt

Status Active

MLS # 6643292

Property Type Single Family Residence

Price Type --

NEW GRASS in BACKYARD, OWNED SOLAR PANELS! Queen Creek-San Tan Border! This meticulously maintained beauty features a lush grass backyard, perfect for outdoor enjoyment. 3 bedrooms plus a convertible den, upgraded granite countertops, and modern amenities like 8' doors throughout, 3cm thick granite countertops, upgraded cabinetry, kitchen island, dual primary bath sinks, a separate shower and bathtub, 3 zone A/C, a 3-car tandem garage w/upgraded 4Ft Extension, OWNED solar panels and an EV Charging Station, side Gate, Pavers and more. Community perks include parks, playgrounds, and a pool. Don't miss out! Full-price offer includes security cameras, video doorbell, refrigerator, washer, dryer, Tesla charging station, and projector. projection wall coated with projection screen paint ready for family entertainment, just plug in your devices. Reverse osmosis system to kitchen faucet and refrigerator, water softener. The community provides access to children's playgrounds, basketball courts, volleyball courts, greenbelt with Disc Golf, Aquatic Center, and many more amenities. The location is just minutes from grocery stores, restaurants, coffee shops, Queen Creek Marketplace, Queen Creek Olive Mill, Legacy Sports Arena, and Schnepf Farms.

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20245 N 259th Avenue Buckeye, AZ 85396

$495,000

4 Beds

2.5 Baths

2,689 SqFt

Status Active

MLS # 6647039

Property Type Single Family Residence

Price Type --

VIEWS! VIEWS! VIEWS! Welcome to this lovely 3 bedroom, 2.5 bathroom plus an office with amazing views of the White Tank mountains offering a perfect blend of comfort and luxury! As you enter through the inviting front courtyard, you'll immediately appreciate this well-maintained home and the sense of serenity that surrounds the property. Step inside to discover a chef's kitchen that is both stylish and functional, featuring stainless steel appliances, gas stove, breakfast bar and eat-in kitchen. The kitchen seamlessly opens to the family room, creating a warm and inclusive atmosphere. A very large walk-in pantry ensures that every kitchen essential has its place. The single story layout enhances the flow of the home. The oversized primary bedroom with an ensuite bath that include dual sinks, a luxurious tub, a separate shower and a generously sized walk-in closet. Entertain family and friend in style in the backyard, where a large pool beckons on warm days. The pool area is surrounded by pavers and breathtaking views of the White Tanks. A covered patio provides shade and a perfect spot for al fresco dining or simply enjoying the scenic surroundings. The residence also boasts 3 garage spaces, ensuring ample space for vehicles and storage. Ceiling fans throughout enhance comfort and split floor plan ensures a harmonious living experience. From the chef's kitchen, front courtyard, to the expansive pool area with mountain views, walking trails, playground, baseball field, and neighboring public golf. This home is a perfect combination of elegance, functionality, and tranquility. Seller is willing to provide a credit to buyers to cover a 2/1 temporary buydown of buyer's interest rate. Welcome to your dream home!

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19777 N 76th Street Scottsdale, AZ 85255

$495,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6645554

Property Type Townhouse

Price Type --

** LUXURIOUS & UPDATED 2 BEDROOM UNIT WITH PRIVATE GARAGE -- SITUATED IN ONE OF THE PREMIER CONDO COMMUNITIES IN SCOTTSDALE -- VENU AT GRAYHAWK ** The Unit includes a Private & Attached One-Car Garage, with Direct Access into the Condo -- a Great Feature for Added Security & Convenience ** This Unit Occupies All Three Floors -- All Staircases are Interior and No Neighbors Above ** The Community Updated the Roof in 2021 ** Owners can Enjoy an Amazing Range of Amenities at both VENU & the adjacent EDGE Condo Community: Multiple Resort-Style Pools with Cabanas, Clubhouses, Fitness Centers, Fireside Seating & BBQ's, Movie Theater, Resident Chef, Concierge, Courtesy Security Patrol & MUCH MORE! ** Close to Everything You Love about Scottsdale! ** Click ''MORE'' for Additional Features Additional Features and Information: This end unit has plenty of Natural Lighting inside, with lots of Windows and High Ceilings ** Relax on your Private, Covered Balcony ** Full Size Washer and Dryer are located in the Garage and convey to the Buyer ** Flat Screen TV in Living Room conveys to Buyer ** Luxury Vinyl Plank Flooring throughout, including the Stairways ** Summary of Updates: 2018: Flooring Throughout; Interior Painting; Refrigerator; Built-in Micro; Window Blinds ** 2019: Partial Updates in Bathrooms ** 2020: New Water Heater; New Privacy Blinds for the Six Living Room Windows ** 2021: Partial Updates in Kitchen; Community Re-Roof for Building ** The VENU Community has a Wonderful North Scottsdale Location, with close proximity to the 101 Freeway, Multiple Shopping & Dining Areas (including easy access to Kierland and Desert Ridge), Mayo Clinic, WestWorld of Scottsdale, Golf Courses (and Phoenix Open), Auto Auctions and MORE!! **

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6833 E Osborn Road Scottsdale, AZ 85251

$495,000

2 Beds

2.5 Baths

1,424 SqFt

Status Active

MLS # 6648523

Property Type Townhouse

Price Type --

This stunning 2-bed, 2.5 bath town home is calling your name! Completely remodeled from top to bottom, this property showcases new light fixtures, a gas range, granite countertops, and a spacious outdoor patio that is perfect for entertaining. Minutes away from shopping, top tier restaurants, museums, the Scottsdale Stadium, golf courses and more, this property is truly in the heart of beloved Scottsdale.

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4502 N 124th Avenue Avondale, AZ 85392

$495,000

5 Beds

3 Baths

2,763 SqFt

Status Active

MLS # 6649213

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Rio Crossing, a secluded neighborhood enclave, complete with a large central park and playgrounds. As you enter the home, vaulted ceilings create a dramatic entryway where an oversized stairway opens into the room. Formal living and dining rooms are located in the front of the home, where natural light streams through the large windows creating a sense of spaciousness. Kitchen is upgraded with top tier cabinets, granite counter tops, enclosed pantry and is open to the family room. Kitchen also contains a large island for ample space to work and sit. This stylish home has 5 bedrooms PLUS a loft. One bedroom and a full bath located downstairs, provides a great solution for guests or multi-generational living. The best feature of this fabulous home is that the large back yard is PRIVATE, no neighbors looking into your space. ALSO, no neighbor next door, home is located next to a greenbelt. Schedule your showing today, you are going to love this house!

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3515 W Saint Moritz Lane Phoenix, AZ 85053

$495,000

3 Beds

2 Baths

1,852 SqFt

Status Active

MLS # 6652894

Property Type Single Family Residence

Price Type --

Stunning Remodel! This split floorplan 3/2 home with a pool is like new with new paint inside & out, new flooring set on the diagonal, all new trim and baseboards throughout, new custom cabinets throughout, new granite countertops, custom marble backsplash with designer accents, new lighting & fans, new doors throughout with brushed nickel hardware, new stainless steel appliances, new bathroom fixtures & lighting, new electrical outlets & switches, Lennox 3.5 ton 14 seer AC and attic insulation 2023, Newly painted garage & epoxy floor, Roof replaced 2011, windows replaced & plantation shutters added by previous owner, hot water heater 2020, garage door 2021. The French patio doors lead out to an entertainers backyard with large pebble tec sheen diving pool and custom fire pit. No HOA.

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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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1837 N 16th Avenue Phoenix, AZ 85007

$495,000

2 Beds

1 Bath

1,017 SqFt

Status Active

MLS # 6660772

Property Type Single Family Residence

Price Type --

STUNNING REMODEL! Now is your chance to own a piece of history with this beautifully renovated red brick bungalow in the historic Fairview Place neighborhood! Walking distance to Encanto park, tennis/pickleball courts, 2 golf courses, and a short drive to amazing restaurants and entertainment. Enjoy your expansive backyard with low maintenance landscaping as well as a 300SF garage, already equipped with electrical, water and AC that could easily be turned into a workshop, home office or Guest House/Casita! Inside, enjoy a richly designed, remodeled kitchen complete with brand new LG appliances, new electrical, new plumbing and new recessed lighting. Newer AC unit, water softener and whole house filtration system installed in 2023, and BRAND NEW ELECTRICAL PANEL installed in 2024!

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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 to have the backyard of your dreams, maybe a pool with an outdoor kitchen or pickleball court! Horses are an option too, room for a barn, round pen and corrals! The home itself, is just as cute as a button, remodeled and new 2023 HVAC, make it move in ready! Yes, the house is small, but less time to clean, more time to play! The outbuilding is a plus for a future office, tack room or storage. Plenty of room on the property for RV or trailer parking. No HOA and you can have 5 Chickens!

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