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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1122 E Brookwood Drive Casa Grande, AZ 85122

$465,000

4 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6683168

Property Type Single Family Residence

Price Type --

This in one of the beautiful models at Arroyo Grande. It has many optional features including vaulted ceilings, a gourmet kitchen, a walk in shower, an oversized eat in kitchen island, a walk-in pantry, all built in appliances, an extended kitchen, and many more. This home is close to several retail areas with restaurants, grocery stores, drug stores, and many other retail offerings. You need to see this one. This is our most popular floor plan. The home is close to schools and numerous employers.

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17744 W Buckhorn Trail Surprise, AZ 85387

$465,000

4 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6667478

Property Type Single Family Residence

Price Type --

Newly sold-out Desert Oasis in Surprise community has a new resale to the market. This beautiful 2,040 sq ft, 4 bed, 2 bath home was built in 2022. This home boasts attractive tile and upgraded carpet throughout; split floorplan; elegant owner's suite has extra windows, double sinks w/quartz countertops, large shower, private toilet room, and an oversized walk-in closet; an spacious open dining room, a large great room w/additional windows; well-appointed kitchen featuring 42'' upper cabinets, quartz countertops, an oversized island, walk-in pantry, & upgraded stainless-steel appliances, including gas range & double oven; central indoor laundry room; and three additional bedrooms & bathroom providing ample space for rest and relaxation. Additional highlights include a stacked stone home front, professionally landscaped front yard, designer brick paver driveway & walkway w/a charming, covered entry; 2-car garage w/extended length for extra storage space, a service door, and 8' tall garage doors; rear yard oasis w/a good sizes covered patio, picturesque trees, shrubs, flowers, and artificial turf.

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17903 W San Alejandro Drive Goodyear, AZ 85338

$465,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6671804

Property Type Single Family Residence

Price Type --

Estrella Mountain Ranch stunner. Enter into the open concept living area with vaulted ceilings and large windows providing lots of natural light and views of the pool. The kitchen is bright and equipped with stainless steel appliances, granite countertops, ample cabinet space and a breakfast bar for casual dining. The spacious primary bedroom features vaulted ceilings and has a full ensuite: double sinks, shower, walk-in closet and an exit to the backyard pool. 2 additional bedrooms. The Pebbletech pool has a variable speed pump. New roof underlayment and new water heater. This area is a little bit of heaven with mountains, hiking trails, lakes, golf courses, PICKLEBALL, tennis and beautiful clubhouses. The area has lots of amenities to keep you close to home. Also close to PIR.

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9212 W Minnezona Avenue Phoenix, AZ 85037

$465,000

3 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6675462

Property Type Single Family Residence

Price Type --

Awesome Home in Private Gated Community with Great Room Floorplan, Plank tile flooring throughout. Large Quartz Island kitchen with pendant lighting above. Stainless appliances with gas stove. Split master bedroom floorplan. 8' Front door, Separate formal dining or living room area in front foyer. Pavers in backyard with covered patio Gas BBQ and 4 bar stools at kitchen island included with sale of home. 60'' and 42'' TV's included in the sale of the home as well at no charge. Splash bad and greenbelts throughout the neighborhood. Arizona Cardinals stadium just a few miles away with easy access to freeways.

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14835 W Maui Lane Surprise, AZ 85379

$465,000

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6674182

Property Type Single Family Residence

Price Type --

Look no more! Comfort meets convenience in this charming 3-bed, 2-bath home in Ashton Ranch. A mature landscape and a 3-car insulated extended garage w/attached cabinetry are just the beginning. Discover a semi-open layout offering a neutral palette, abundant natural light with new windows and soft carpet in all the right places. The kitchen boasts newer SS appliances, ample cabinet & counter space, recessed lighting, and a cozy breakfast nook. Versatile open den is ideal for an office! The primary bedroom includes an ensuite with dual sinks and a walk-in closet for all your belongings. You'll LOVE the backyard, featuring a covered patio, artificial turf, and a fenced pool perfect for the warm summer days! Visit now!

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2101 E Oak Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,188 SqFt

Status Active

MLS # 6679967

Property Type Single Family Residence

Price Type --

Exquisitely remodeled from top to bottom. This modern home boasts 3BR, 2BA, and an array of upgrades. This home features a new kitchen with plenty of cabinet space, Quartz Countertops. Nicely done Bathrooms, some new plumbing and electrical, New Roof, New Windows, New AC, Fresh Paint inside and out, and more. Entertain effortlessly in the backyard oasis featuring a sparkling pool and RV gate for added convenience. Desirable location, close to everything. Immediate access to freeways, minutes from Sky Harbor Airport and Downtown Phoenix. No HOA. Don't miss this opportunity!

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1925 W Joan De Arc Avenue Phoenix, AZ 85029

$465,000

4 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6675275

Property Type Single Family Residence

Price Type --

Sit under the covered patio and enjoy mountain views from your backyard in this energy-efficient home conveniently located to elem school, parks, golf, gorgeous Moon Valley hiking. Fresh paint, new carpet, dbl-pane windows/sliding door. 16-seer HVAC system, incld ductwork inspected and cleaned for your convenience. 4 bdrms pls room off kitchen for office or pantry, gas range with dual ovens, newer dishwasher, Corian countertops, integrated sink. Outside has Tex-Coat cool wall heat reflective coating and a 50yr rated, heat-reflective roof (2011). Other systems replaced: bathroom underground flex pipe, laundry room/kitchen sewer line, thick blown-in insulation in attic, which has extra storage build-outs. Oversized yard with RV gate to store the big toys. Beautiful 50yr-shingle roof.

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129 S 82nd Way Mesa, AZ 85208

$465,000

4 Beds

2 Baths

1,994 SqFt

Status Active

MLS # 6678829

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2017 home featuring a wonderful floorplan with a split master bedroom and large kitchen with plenty of cabinets and walk in pantry. Exterior of home was recently triple coat painted and has a large RV gate, 30 amp RV plug, and 20x20 storage shed in backyard. House has water filtration system and softener and is solar financed with a $39,000 balance. You will love the vaulted ceilings in the family room and plenty of windows for lots of natural light coming in. Water heater is only 2 years old and the attic and walls are double insulated. Much pride of ownership in this fantastic home just waiting to become YOUR home next with no HOA.

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847 S Ashbrook -- Mesa, AZ 85204

$465,000

4 Beds

2 Baths

1,740 SqFt

Status Active

MLS # 6686063

Property Type Single Family Residence

Price Type --

Wow Take A Look At This, Almost Fully Remodeled Incredible Home, Upon Arriving Notice This Low Maintenance Yet Inviting Curb Appeal, Head In To This Neutral Light N Bright Home With Granite Counters, Recessed Lighting & Modern Kitchen Appliance Package (Refrigerator Washer & Dryer Stay). Designer Painted Inside & Out, Updated Flooring, & Ceiling Fans Throughout. Spacious Living Room With Soaring Vaulted Ceilings, Hardwood Flooring With A Cozy Fireplace. Formal Dining & The Kitchen Opens Perfectly For Entertaining Friends & Family. A Generous Sized Master Suite With A Custom Tile Shower. A TRUE 4 BEDROOM Including A Large Master Suite, Plus An Extended 2 Car Garage For Toys Or Work Space, Plus Extra, Extra Storage & RV Gate/RV Parking. Nestled Perfectly On a Large LOT With NO HOA. Welcome!

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3935 E Rough Rider Road Phoenix, AZ 85050

$465,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6669384

Property Type Townhouse

Price Type --

Villages at Aviano is like living in a resort year round. Perfect lock & leave lifestyle. Extremely well cared for SINGLE LEVEL Amici model. No stairs, 2 bedroom/2 bathroom with 2car tandem garage. ORIGINAL owner who has occupied a fraction of the time as it has served as a second home. NEVER used as a rental! Finishes include new LV flooring (2022) and tile in all major spaces and walkways with carpet in the two bedrooms. Granite counters in the kitchen and primary bathroom, stainless appliances, solid wood doors, arched entryways, full laundry w/newer units (2022), newer HVAC (2022) new W/H (2024) split floor plan, and wired for surround sound. Minutes from the Desert Ridge Marketplace, Mayo Clinic, Wildfire Golf Club, Top Restaurants and High Street, and easy access to the 51 &101

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9045 W Behrend Drive Peoria, AZ 85382

$465,000

2 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6665938

Property Type Townhouse

Price Type --

This is truly the best St. Thomas model presented in a long time. Seller remodeled to their high end specs. This is your lucky day. Everything has been touched. Gourmet kitchen has been opened up into the Great Room, gorgeous high end Quartz counters, New cabinets, all soft close, lots of large drawer space, new appliances plus a beverage center. Flooring is luxury laminate in all main living areas. Baths are both walk-in showers with gorgeous tile surrounds and niches. New cabinets and quartz counters. Paint, light fixtures, hardware, plumbing facucets etc. The Fireplace was designed for a more on trend sleek look. New attached garage cabinets & Brand New Washer/Dryer. New window treatments! This is a dream home. New Roof in 2020. 2 car garage has NEW attached garage cabinets. The sellers spared no expense on this home. Community pool just across the street. Want a more resort like pool. The new pool at the Vistas Clubhouse is being revealed shortly. That is a WOW also as is the pool at the Lakes Clubhouse.

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6708 S 4th Street Phoenix, AZ 85042

Open House

New

$465,000

5 Beds

3 Baths

1,939 SqFt

Status Active

MLS # 6689173

Property Type Single Family Residence

Price Type --

This beautiful newer Lennar home features 5 bedrooms and 3 baths all on one level. The gourmet kitchen with white cabinets, granite countertops and stainless steel appliances opens into the living and dining areas. Indoor laundry, two car garage and an oversized lot are just a few of the home's features. This gated South Mountain community is close to Downtown Phoenix, Central Phoenix, Scottsdale, Chandler and Tempe. You can't beat the Downtown Phoenix skyline views, the South Mountain views and charming neighborhood park.

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