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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4139 W Desert Hills Drive Phoenix, AZ 85029

$470,000

4 Beds

2 Baths

1,768 SqFt

Status Active

MLS # 6665588

Property Type Single Family Residence

Price Type --

TURN KEY READY! Beautifully remodeled 4 bed 2bath home! This is home is equipped with a spacious floor plan, renovated pool, updated kitchen appliances and so much more!

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20062 N Horse Trail Drive Surprise, AZ 85374

$470,000

2 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6667234

Property Type Single Family Residence

Price Type --

***3.25% ASSUMABLE LOAN!*** Step into this impeccably maintained home nestled in the desirable 45+ community of Sun City Grand. Meticulously cared for by a single owner, this residence boasts an ideal layout featuring an expansive master bedroom that has been extended 4ft. The office/den can easily be converted into a third bedroom. Outside, enjoy the stunning landscaping and a convenient built-in grill, perfect for outdoor entertaining. Don't miss out on this opportunity to experience comfortable and stylish living in this charming community with wonderful amenities and golf courses!

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662 S Porter Street Gilbert, AZ 85296

$470,000

3 Beds

2 Baths

1,719 SqFt

Status Active

MLS # 6668855

Property Type Single Family Residence

Price Type --

This single-story house features a large open great room floorplan with three bedrooms, an office/den, and a bonus AZ room. Ceramic tile throughout. Freshly re-painted interior and garage. Brand new Dishwasher in the kitchen with dining and kitchen nook area for seating. Completely new marble bathroom vanities and faucets. New light fixtures and fans throughout. Great interior lot with a covered patio, a bbq area, and a planter in the back, a fountain in front. Situated in a bustling neighborhood close to a well-maintained common area, with grocery stores, hardware stores, coffee shops, an LA Fitness, and multiple choices of restaurants nearby.

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864 W Shannon Street Chandler, AZ 85225

$470,000

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.

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16824 W Bristol Lane Surprise, AZ 85374

$470,000

4 Beds

2 Baths

2,047 SqFt

Status Active

MLS # 6671347

Property Type Single Family Residence

Price Type --

Tucked away - yet close to EVERYTHING! Tall ceilings & opens spaces characterize this corner lot oasis. Split floorplan with large living areas provide opportunity to fit your life and all it entails. Entertainers delight with surround sound, backyard flat screen, and dual exits to the backyard. Well equipped kitchen boasts granite counters, crisp 42'' cabinets, and stainless steel appliances.The romantic main bedroom provides direct outdoor access, a private ensuite with dual sinks, and a walk-in closet. Multiple generously sized bedrooms, and with walk-in closets! Enjoy your own paradise under covered patio and a refreshing pool with peaceful water features, and lighting for any occasion. The garage we're jealous of, full epoxy floors, & TONS of cabinet storage, work bench, & peg board!

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8334 W Gross Avenue Tolleson, AZ 85353

$470,000

4 Beds

3 Baths

2,349 SqFt

Status Active

MLS # 6677972

Property Type Single Family Residence

Price Type --

REMODEL OASIS. Welcome to this stunning renovated home where warmth and coziness meet modern elegance. Step inside and discover a thoughtfully designed floor-plan that starts with the living room and next to it is the family room which gives way to the kitchen. The huge loft upstairs is perfect for a game-room or another family area. The generous space, warmth and welcoming ambiance gives you the instant feeling of being home. The large sized and inviting master bedroom provides a peaceful sanctuary for relaxation. Not to mention the stunning updated bathrooms, vanities, flooring, color scheme, all combining to provide you with a blend of comfort, charm and sophistication. Big yard with walking slabs, an inviting recess area for sitting is perfect for an everyday adventure.

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17213 W Lundberg Street Surprise, AZ 85388

$470,000

3 Beds

2.5 Baths

2,190 SqFt

Status Active

MLS # 6678342

Property Type Single Family Residence

Price Type --

Private pool with no neighbors behind on a quiet street. This 3 bed 2.5 bath home with a loft has vaulted ceilings and an open concept. Large entry area with formal living and dining area. Kitchen features farmhouse apron sink, granite counters and large pantry. Tile downstairs and upgraded carpet upstairs. Backyard is perfect for outdoor entertaining. Upgraded lot with no neighbors behind and large pool with a waterfall.

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15866 W Central Street Surprise, AZ 85374

$470,000

3 Beds

2 Baths

2,214 SqFt

Status Active

MLS # 6680067

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single-family home located in the Mt Vista Ranch neighborhood. This spacious property boasts 3 bedrooms, 2 bathrooms, and a den. One of the standout features of this home is the absence of carpet throughout, making for easy maintenance. The property also comes equipped with leased solar panels, resulting in significantly lower energy bills. Recent upgrades include new garage cabinets and a new roof. Conveniently located near shopping, parks, and various amenities, this home offers the perfect blend of comfort and convenience. The property also includes a 3-car garage, providing ample space for parking and storage. Don't miss out on this fantastic opportunity to own a beautiful home in a prime location.

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2701 E Villa Rita Drive Phoenix, AZ 85032

$470,000

3 Beds

2 Baths

1,288 SqFt

Status Active

MLS # 6683668

Property Type Single Family Residence

Price Type --

Entertainer's delight indoors and out, and no HOA! The open and bright living area leads past the kitchen's large quartz countertops into a spacious backyard oasis with a diving pool, hot tub, covered patio, and grass area. The primary suite has a walk-in closet and private exit to the back yard. Plank tile flooring, dual-pane windows, and luxurious bathrooms! Room for all your toys with a long driveway and 45 feet behind the RV gate! Centrally located just minutes from SR51, Loop 101, Desert Ridge entrainment district.

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17829 W Sherman Street Goodyear, AZ 85338

$470,000

3 Beds

2.5 Baths

2,431 SqFt

Status Active

MLS # 6687951

Property Type Single Family Residence

Price Type --

Welcome to desirable floor plan has been extended 2 feet in the master bedroom & dining room areas to allow for modern and spacious living. Pull into the extended driveway with pavers and RV gate. 2-story foyer with den/office to the side. Great room prewired for surround sound opens into a Gourmet Dream Kitchen with staggered, espresso cabinets w/ pull out shelves, granite countertops, mosaic tile backsplash, SS appliances and large island w/seating. Upstairs you will find Loft (open to below), Master Bedroom upgraded bath w/ comfort height 34'' cabinets and modern shower surround. Laundry room pre plumbed for sink and two spacious bdrms. Backyard grass and covered patio. R/O soft water system too.

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2823 W Lyman Drive San Tan Valley, AZ 85144

Open House

$470,000

3 Beds

2.5 Baths

1,936 SqFt

Status Active

MLS # 6688118

Property Type Single Family Residence

Price Type --

Welcome to Promenade in a growing area of Queen Creek! This upgraded 3-bedroom, 2.5-bathroom residence boasts a den and features an open, split floorplan, offering both functionality and the perfect space to entertain. The courtyard entrance is a great addition and as you enter the home the spacious eat-in kitchen opens up to the great room-a perfect space for entertaining guests or enjoying family meals. The primary bedroom provides a private en-suite, featuring a walk in closet, dual sinks, separate tub and shower and separate water closet. On the other side of the home, the two additional bedrooms are generously sized and share a well-appointed full bathroom. There's also an additional half bath for guests! The den at the entry provides a versatile space for a home office or playroom. The large slider wall leads to a covered patio-ideal for relaxing evenings or outdoor gatherings. The home also includes a 2-car garage and a separate laundry room for convenience. Beyond the home, the community offers a wealth of amenities for residents to enjoy, including an aquatic center and huge community pool, pickleball courts, bocce ball, playgrounds for children, and hiking nearby. It's a perfect blend of comfort and community features!

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1715 W Thumb Butte Road Prescott, AZ 86305

$470,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6688889

Property Type Single Family Residence

Price Type --

The single-level home is located minutes from the courthouse square and entertainment! There are 3 bedrooms and 2 bathrooms with a large bonus room and additional storage room. The kitchen has knotty pine cabinets and black appliances adding to its rustic charm—1 car garage with additional parking spaces in front. No HOA! Appliances included. A cozy fenced backyard creates a serene and private setting. Just minutes from many hiking trails. Buyer to verify all facts about property including Square footage. All appliances are conveyed in as-is condition.

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