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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53210 N Markham Pass Pass Seligman, AZ 86337

$484,800

3 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6669805

Property Type Manufactured Home

Price Type --

Custom Castlebrook Horse barn 40x60 w 14' tall center doors and custom doors on other entries, on 38 acres of grass. 4 run out stalls. This horse property has a very updated 1589sq ft Cavco home, with a brand new roof in 2022, new pex pipping in 2013, wood stove with rock surround. The property is fenced and cross fenced and is nearly level and grass from corner to corner with the center of the property heavy with trees. The home is not visible from the exterior of the property. There are two pastures already fenced and very pretty with white rail fencing. The round pen will stay. The property has 5000' of water storage on site. It is currently serviced by water haul but wells are possible in this area - they are expensive. The water tank that slides into a standard truck be will remain so you can water haul yourself if you desire. The utility room is a very well insulated Weather King 10x12 shed. The 10x16 Weather King shed is set up as a Workshop. If that isn't enough storage there is also a 20' shipping container that is used for a toy garage. Property is powered by a 24v offgrid system with 12batteries and a 14kW automatic backup propane generator. Propane tank is leased from Suburban Propane. The home is set on a stemwall and is affixed to the property. All appliances are included including the 6sqft deep freeze. The wood flooring throughout is no longer pristine so the seller is offering a flooring rebate back at closing. POA Roads and Two Subdivision Community Wells - are the Only function of the POA. The Two Subdivsion Community Wells you can draw 4,000 gallon a month in use of your truck, tanks and generator. There is 5,000 water storage on parcel. You can also drill a Well on parcel, or have water delivered at approx. $125.00 Delivered for 2,000 gallons. You can also pick up water yourself in Seligman Town by Train Tracks self-pay 1,300 gallons is $16.00. Roads and Wells is the only function of the POA.

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11987 S 172nd Avenue Goodyear, AZ 85338

$484,000

4 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6702157

Property Type Single Family Residence

Price Type --

Welcome to this newer home built in 2023 and located in the desirable Acacia Foothills at Estrella Mountain Ranch, where you can indulge in a resort-style life year-round! This charming home boasts 4 bedrooms and 2 bathrooms, with upgrades inside and out, including a decorative front door, a paver stone driveway, elegant window shutters, wood-look tile, remote-controlled ceiling fans, and stylish pendant lights that bring together the cohesive aesthetic of the home. The great room layout boasts a well-designed gourmet kitchen, featuring stainless steel wall appliances, a stylish gas cooktop paired with an elegant vent hood, white cabinetry with crown molding, a sophisticated herringbone-patterned tile backsplash, and a generously sized kitchen island complete with a breakfast bar. The great room has shutters and plenty of natural light with the sliding door that opens to a large backyard and a covered patio. The primary suite is spacious with a lavish ensuite bathroom featuring a separate tub and shower, dual sink vanity, and a walk-in closet. The remaining bedrooms are move-in ready with shutters and ceiling fans! Do not miss out on this comfortable and well-maintained home. Nestled amidst the breathtaking Estrella Mountains, Estrella Mountain Ranch offers residents an unparalleled lifestyle enriched with a wide variety of amenities. With over 65 miles of hiking and biking trails catering to all levels of adventure, outdoor enthusiasts can explore the natural beauty of the surroundings. Come indulge in two luxurious clubs, Starpointe and Presidio, complete with resort-style pools, state-of-the-art fitness centers, and various sports courts, ensuring endless opportunities for relaxation and recreation. Golf lovers will revel in the championship experience offered by the Golf Club of Estrella, designed by Nicklaus Design and managed by Troon, while the Players Grill and Patio provide the perfect setting to unwind with panoramic views. Additionally, residents can relax at the Yacht Club on the North Lake offering complimentary boat use, palm tree-lined shores, and captivating mountain vistas in this extraordinary experience. Not only plentiful in daily amenities, this community also offers its residents a vibrant calendar of events including community farmers markets, movie and food truck nights, wine sipping and paint nights, and much more! Estrella Mountain Ranch truly epitomizes the epitome of modern living intertwined with natural splendor and community camaraderie.

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10838 W Reef Circle Arizona City, AZ 85123

$484,000

5 Beds

3 Baths

3,995 SqFt

Status Active

MLS # 6632698

Property Type Single Family Residence

Price Type --

Remarkable custom-built Lakefront home with panoramic views! Nestled on a cul-de-sac offering 5 beds, 3 baths, and a 3-car garage. You'll love the fabulous interior showcasing a welcoming living & dining room combo and an inviting family room paired with a fireplace & media niche, that seamlessly connects to the kitchen. Entertainment-ready, this gem provides surround sound & a wet bar! Abundant natural light, 10ft ceilings, excellent stairway banister, two-tone paint, & tasteful flooring enhance the overall ambiance. The large kitchen boasts built-in appliances, granite counters & backsplash, recessed lighting, a built-in desk, wood cabinetry, and an island w/breakfast bar. One bedroom downstairs! Head upstairs to find a cozy loft & 4 bedrooms. Grand main bedroom will surely impress you! Featuring a media center w/fireplace, wet bar, balcony access, and a sitting room that can be an office as well. Its ensuite includes dual vanities, jetted tub, snail shower, & a walk-in closet. Laundry room with attached cabinetry & sink for your convenience. Outside, your fantastic retreat awaits in the backyard! Natural grass, covered patio, and space for enjoying BBQ complete the picture. PLUS! Take advantage of the private boat dock for your water adventures. This value won't disappoint!

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15427 N 56th Avenue Glendale, AZ 85306

$484,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6641672

Property Type Single Family Residence

Price Type --

Welcome to this stunning property with a natural color palette. The kitchen boasts a nice backsplash, adding a touch of elegance to the heart of the home. The master bedroom features a walk-in closet. Additionally, this property offers other rooms for flexible living space, allowing you to configure the layout to suit your needs. The primary bathroom is equipped with double sinks and good under sink storage. Step outside and discover a fenced-in backyard, providing security and privacy. The private in-ground pool offers the perfect retreat for those warm summer days, while the covered sitting area allows for an idyllic space to relax and unwind. Other features include fresh interior paint and partial flooring replacement in some areas.

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2650 S Los Altos Drive Chandler, AZ 85286

$484,000

3 Beds

2.5 Baths

1,509 SqFt

Status Active

MLS # 6649175

Property Type Single Family Residence

Price Type --

Wow! This turnkey 2-level residence with a spacious front yard, RV gate, & a 2-car garage is now on the market! Vaulted ceilings, fresh palette, lovely light fixtures, tile flooring, bountiful natural light, & a generous-sized living room perfect for receiving guests await you. Impeccable eat-in kitchen showcases a plethora of beautiful wood cabinets, recessed lighting, mosaic tile backsplash, a breakfast bar, an island, ample counter space, & sliding glass doors to the back. Continue upstairs to find the oversized main retreat boasting gorgeous wood-look flooring and an immaculate ensuite w/dual sinks & a carpeted walk-in closet. You'll love hosting fun gatherings in the vast backyard w/a covered patio, pavers, & a matured shade tree! Get an up-close look today.

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103 E Glade Lane Payson, AZ 85541

$484,000

4 Beds

3 Baths

2,137 SqFt

Status Active

MLS # 6686875

Property Type Single Family Residence

Price Type --

Nestled in a serene locale, this spacious home boasts rare C-2 zoning, offering a unique opportunity for a home-based business. With a charming family room and flexible office spaces or a cozy library, it provides ample room for both personal and professional pursuits. The gourmet kitchen overlooks a meticulously landscaped backyard oasis, and mature greenery, fostering an inspiring atmosphere for work and relaxation. Upstairs, the luxurious master bedroom includes an attached private office and balcony, providing tranquil views of the lush surroundings. Convenient RV parking and multiple parking areas ensure hassle-free access for clients and guests. With its blend of functionality, elegance, and prime location.

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14244 N 160th Drive Surprise, AZ 85379

Open House

$484,000

4 Beds

2.5 Baths

1,866 SqFt

Status Active

MLS # 6692348

Property Type Single Family Residence

Price Type --

Welcome to a beautiful property that relaxes the senses with its neutral color paint scheme. The kitchen makes a statement with a stunning accent backsplash and a center island, making meal prep a delight. New appliances contribute to its modernity. The primary bedroom is a sanctuary, boasting a large walk-in closet for your convenience. Privacy is key in this property, with a fenced-in backyard perfect for quiet outdoor relaxation. A private in-ground pool beckons on warm days, and a patio offers a place to soak up the sunshine. The home undergoes a breath of fresh air with fresh interior paint, giving an undeniably cozy feel. Don't miss out on this chance to own a slice of comfort wrapped in sophistication.

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15638 W Kendall Street Goodyear, AZ 85338

$483,990

5 Beds

3 Baths

2,685 SqFt

Status Active

MLS # 6702285

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!!!! A two-story home, this space features an open design on the first floor that combines the dining room, Great Room and kitchen as an ideal entertainment area. An attached patio is perfect for outdoor experiences, while a separate bedroom is great for guests. Upstairs is an owner's suite with two walk-in closets, along with three additional bedrooms. Photos are renderings of a model home, not the actual home.

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30458 W Amelia Avenue Buckeye, AZ 85396

$483,900

5 Beds

3 Baths

3,923 SqFt

Status Active

MLS # 6655689

Property Type Single Family Residence

Price Type --

Upgraded kitchen, 42in cabinets, granite countertops, stainless steel appliances, built in desk. Eat in kitchen, island bar, and formal dining room. Step down into your carpeted living room and enjoy the large open space.

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28436 N 123rd Lane Peoria, AZ 85383

$483,500

2 Beds

2 Baths

1,399 SqFt

Status Active

MLS # 6687157

Property Type Single Family Residence

Price Type --

This 1399sqft RIVAS GEM is offered TURNKEY with all furniture and furnishings included. It welcomes you on a large lush landscaped lot with lots of privacy. The newly painted walls invite you to enjoy this 2BRm, 2Bath home where the main areas are all interactive, highlighted by a robust fireplace. The bedrooms shimmer with beautiful wood floors and each bedroom has the expanded option. The large covered rear patio, done in Mexican tiles, ads a touch of olde world charm, and the extended garage gives that needed extra space. All this is located within the award winning 55+ Community of Trilogy at Vistancia, that offers resort style living at its finest.

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18439 W Villa Hermosa Lane Surprise, AZ 85387

$483,155

5 Beds

3 Baths

2,551 SqFt

Status Active

MLS # 6686998

Property Type Single Family Residence

Price Type --

Completed New Build Home. Below Market Interest Rate Financing Available. 5 Bedrooms, 3 Baths, Study, & Flex Room, 2 Car Garage with 8ft Garage Door. VERY Open Floor Plan. Kitchen Island and walk in Pantry. Tile throughout, carpet in bedrooms only. Patio on back of home. This home is located in North Copper Canyon that offers a community pool and many other amenities.

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4154 E Alamo Street San Tan Valley, AZ 85140

$483,000

3 Beds

2 Baths

1,695 SqFt

Status Active

MLS # 6683372

Property Type Single Family Residence

Price Type --

Welcome to luxury living at its finest! This stunning home boasts impeccable condition and exquisite features, including a heated pool and spa with state-of-the-art technology for ultimate relaxation and convenience.Enjoy breathtaking peekaboo views of the majestic Superstition Mountains right from your backyard oasis. With neutral tile flooring throughout and plush low pile carpeting in the bedrooms, comfort and style blend seamlessly in every corner of this home.Entertain with ease in the spacious kitchen, equipped with NEW SS appliances and ample workspace for culinary creativity. Whether hosting intimate gatherings or lively soirées, this kitchen is sure to impress.Convenience meets modernity with a brand new garage door opener featuring Wi-Fi capability, ensuring effortles

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