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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18741 E Elizar Drive Gold Canyon, AZ 85118

$473,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6679885

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 4BR/3BA home! The front yard offers picture perfect views of the Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful wood Laminate flooring throughout with carpet in the bedrooms, kitchen comes w/GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, and a double gate for easy access to the back yard. Make this home yours today!

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19564 W Cambridge Avenue Buckeye, AZ 85396

$473,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6686661

Property Type Single Family Residence

Price Type --

Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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14380 W Alameda Road Surprise, AZ 85387

$473,645

4 Beds

2.5 Baths

2,123 SqFt

Status Active

MLS # 6676496

Property Type Single Family Residence

Price Type --

Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6676496 ~ Introducing Plan 35R3 at Rio Vista at Rancho Mercado! The spacious gathering room exudes openness and airiness, seamlessly connected to the dining area and complemented by an inviting kitchen featuring a central island, pantry, and ample counter space. Experience the joy of al fresco dining, quality time with family, or intimate gatherings with friends on the covered back patio. Ascend the stairs to discover the owner's suite boasting a generously sized walk-in closet, double vanity, and luxurious walk-in shower. Three additional bedrooms share a well-appointed full bath, while the convenience of the laundry room completes the second floor. Structural options include: paver front porch, garage service door, alternative A/C location with gate, 8' interior door, and soft water loop.

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4780 S Ferric Avenue Mesa, AZ 85212

$473,245

3 Beds

2.5 Baths

1,785 SqFt

Status Active

MLS # 6694664

Property Type Single Family Residence

Price Type --

This stunning home is NOW AVAILABLE in one of Eastmark's neighborhoods, nestled within Mesa's celebrated masterplan. Situated conveniently close to The Great Park, this single-family residence, Plan 2, boasts three bedrooms, two and a half bathrooms, an upstairs laundry, and a 2-car garage. Home includes designer upgrades specifically selected for this home. Explore the amazing amenities in this dream community, boasting 77 parks, a stunning pool, clubhouse, orange monster play area, skatepark, splash pad, baseball, softball and soccer fields, disc golf, future pickle ball courts and easy access to highways and shopping.

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4554 S Nageli -- Mesa, AZ 85212

$473,237

3 Beds

2.5 Baths

1,688 SqFt

Status Active

MLS # 6676927

Property Type Single Family Residence

Price Type --

*NEW CONSTRUCTION* Home is ready to close this month! This versatile and cozy Citron - a three-bedroom home with a loft and 2.5 bathrooms is such a popular plan for a reason! Features include gas appliances, Tankless Water Heater, Reme Halo Whole House Air Purifier. The home features a Gourmet Kitchen, Espresso colored cabinets is stunning against the White color Quartz counter-tops in the kitchen along with a complimentary tile back-splash. This home highlights a gorgeous 12x24 tile floor throughout the downstairs and the wet areas upstairs. This home has a split floor-plan creating privacy to the primary bedroom!

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25803 N 185th Drive Wittmann, AZ 85361

$472,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6664207

Property Type Single Family Residence

Price Type --

Explore this exceptional Sapphire home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a bathroom in lieu of two closets; an impressive kitchen offering 42'' cabinets, quartz countertops, a center island; an elegant dining room, a spacious great room, teen room, a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 3-car garage. This home also offers additional windows, wood laminate flooring and added pre-wiring through-out.

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17770 W Running Deer Trail Surprise, AZ 85387

$472,995

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6679314

Property Type Single Family Residence

Price Type --

This 4 bed/3 bath with en suite Emerald model shines as brightly as its namesake. An airy, open layout showcases the kitchen, dining room and the great room which leads to the covered patio via double slider center-meet door. This plan is a great option for multi-generational living with the en suite, featuring a living room and a private bed, bath wet bar and lounge area. Included features such as an inviting covered entry, a well-appointed kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; a spacious great room; an impressive primary suite showcasing a nice shower with bench, generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 3-car garage. This home also features 9 ft ceilings, 8'6 paneled interior doors, additional windows, ceiling fan prewiring and beautiful tile flooring in select areas. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. This beautiful home is done right and has so much to offer! COME CHECK OUT THIS GEM TODAY!!!

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12126 W Luxton Lane Avondale, AZ 85323

$472,990

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6625862

Property Type Single Family Residence

Price Type --

Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.

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2311 W Claremont Street Phoenix, AZ 85015

$472,900

5 Beds

4 Baths

2,081 SqFt

Status Active

MLS # 6621326

Property Type Single Family Residence

Price Type --

Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***

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25177 W Bowker Street Buckeye, AZ 85326

$472,750

4 Beds

3 Baths

2,511 SqFt

Status Active

MLS # 6674472

Property Type Single Family Residence

Price Type --

BEAUTIFUL home ready in May! This home has ALL the space you need!! Need a 4th bedroom with own full bath downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Great closet space, comfort height toilets throughout, and square bathroom sinks. This home has electrical upgrades that include flat screen prewires and upgraded lighting, soft water loop, 8' interior doors, and it's a Smart Home! Gorgeous interior with lots 18''x18'' tile. white cabinets with polished nickel hardware, herringbone design backsplash and beautiful granite countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage, Smart door opener and keyless entry. This home is EVERYTHING!!!

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7934 W Sands Road Glendale, AZ 85303

$472,728

4 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6685213

Property Type Single Family Residence

Price Type --

Beautiful single-story home conveniently located in desirable Glendale minutes to shops, restaurants and entertainment! This home offers our FARMHOUSE LOOK interior selections with White Shaker 42' cabinets, quartz countertops, Black Matte cabinet hardware, beautiful upgraded faux wood 6x24 Resemblance flooring and lush carpet in bedrooms. This home features all GE appliances with a French door refrigerator, washer/dryer, and window blinds. ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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5613 W Roundhouse Road Laveen, AZ 85339

$472,615

4 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6692748

Property Type Single Family Residence

Price Type --

Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6692748 ~June Completion! This exquisite one-story home showcases a flawless design, distinguished by its graceful lines. The Lily floor plan at Tierra Montana Discovery features three bedrooms and two baths, with an open layout and the owner suite thoughtfully tucked away at the rear for added privacy. The kitchen boasts upgraded 42-inch maple cabinets, quartz countertops, and a bespoke tile backsplash. Complete with GE Cafe stainless steel appliances, the eat-in kitchen seamlessly integrates a breakfast bar into the dining and gathering room.

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