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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16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

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10510 E Flintlock Drive Sun Lakes, AZ 85248

$469,900

2 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6682860

Property Type Single Family Residence

Price Type --

Updated and Remodeled Home in Sun Lakes. Wood Plank Tile Flooring throughout out with Newer Windows. Exterior Painted in 2023. Wonderful, gated courtyard with brick pavers and rain gutters. Spacious wrap around back and side patio for entertaining with above ground spa. Granite Counters and pendent lighting in kitchen. Garage has epoxy floors, service door and mini split ac in garage, golf cart garage door. Master bath shower has been remodeled with updated sinks and faucets in baths. Enjoy the 5 different public golf courses that Sun Lakes has with plenty of restaurants grocery stores and Hospitals nearby.

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2310 W Stella Lane Phoenix, AZ 85015

$469,900

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6684168

Property Type Single Family Residence

Price Type --

Looking for a remodeled home to call your own? Check out this charming 3-bed, 2-bath with new Renewal by Andersen windows, New HVAC with a 10-year transferable warranty, white shaker cabinets, and quartz countertops—beautifully updated bathrooms. Stainless steel appliances. Corner lot w/ a relaxing covered patio. Large covered storage area/workshop. The seller is willing to help buyers with concessions for closing costs or to buy down their rate!! This location offers swift access to Uptown, entertainment arenas, and the lively downtown scene

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9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

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17219 N 19th Run Phoenix, AZ 85022

$469,900

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6685710

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bedroom, 2.5 bathroom home in the desirable Desert Winds community! As you enter, a flood of natural light illuminates the open floor plan, perfect for entertaining guests. This spacious kitchen will be the heart of your parties, boasting granite counters, sleek appliances, and a breakfast bar overlooking the living room and dining room. Escape to the spacious primary bedroom complete with an enter-in closet and an en suite bathroom boasting double sinks. Relax on the covered patio and enjoy the fenced-in backyard. So Many upgrades!This beautiful home provides convenience to parks, schools, and more!

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1363 W Highland Road San Tan Valley, AZ 85143

$469,900

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6686037

Property Type Single Family Residence

Price Type --

Welcome to Magnolia Grove! Nestled on the border of San Tan Valley & Queen Creek, our community offers the perfect blend of convenience and tranquility. Immerse yourself in the vibrant dining and shopping scene just minutes away. Discover our gated enclave, a haven of charm with sprawling green spaces and winding walking trails spanning miles. Three inviting park areas invite leisurely strolls and outdoor relaxation. Step into the Palo Verde, a luxurious 4-bedroom, 2-bathroom retreat boasting a spacious layout and a chef's dream kitchen. Adorned with sleek white shaker cabinets, quartz countertops, and stainless steel appliances, including a sprawling kitchen island perfect for entertaining. Step outside onto a covered patio & enjoy your private backyard with artificial grass.

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7167 W Merriweather Way Florence, AZ 85132

$469,900

2 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6686698

Property Type Single Family Residence

Price Type --

DON'T WAIT MONTHS TO BUILD when this immaculate and highly upgraded Pursuit model is ready today. Notice the meticulously maintained desert landscaping, paver lined driveway and paver front patio. Inside is just as stunning as outside with features that include a chefs kitchen w/cherry cabinets, slide drawers, crown molding, quartz countertops, stainless steel appliances, pendant lights, under cabinet lighting, plantation shutters, a built-in entertainment center w/surround sound, den with double doors, a spacious laundry room w/storage cabinets and sink epoxy floors, garage storage and garbage can corral. Open up the two sliding doors to let the outdoors in! You and your guests will love the extended paver patio w/electric shade, fire pit and privacy wall. AMAZING HOME! AMAZING PRICE!

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11011 N Zephyr Drive Fountain Hills, AZ 85268

$469,900

2 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6687201

Property Type Apartment

Price Type --

Absolutely Immaculate from the moment you enter this 2nd floor gem nestled in the heart of Fountain Hills. Boasting breathtaking Red Rock and Four Peeks Mountain views from the sweeping expansive covered balcony! Large Living room with new carpet and cozy F/P. Kitchen features granite countertops, breakfast bar W/I Pantry, new SS Range. All appliances to convey! Large sun soaked formal DR to entertain family and friends! Split master floorplan with spectacular master retreat featuring large W/I closet, sitting area and full glamour master bath with soaking tub, W/I shower and granite countertops. Wonderful supporting 2nd BR w/ built in Murphy bed and loads of storage and built ins make this room versatile! NEW H20! One car detached garage with built in storage! Community Pool and Spa!!

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3257 E Malibu Drive San Tan Valley, AZ 85143

$469,900

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6687571

Property Type Single Family Residence

Price Type --

Nestled w/in the picturesque Bella Vista Farms community, this stunning single-level home, meticulously completed in 2023, boasts exceptional curb appeal & contemporary design. Step inside to discover an array of special features, including 9+ flat ceilings, dual pane windows that flood the space with natural light creating a bright & airy atmosphere. The open floorplan seamlessly integrates the brand new kitchen features a spacious layout w/ a breakfast bar/kitchen island, Quartz counters & stylish shaker cabinets, and hidden/under cabinet outlets, perfect for culinary enthusiasts & entertaining guests. Retreat to the beautifully appointed master bedroom w/ double sinks & private toilet room. Outside, the tranquil backyard oasis beckons w/ a covered patio, ideal for outdoor dining or relaxation that also has gas line hookups for outdoor grills & outdoors outlets for lighting systems/christmas lights. Home has keyless entry, pre-wired for surround sound systems, ceiling fans & recessed lights inside while also having a ring security system, motion detectors, doors sensors and smart thermostat for convenience. Additional features include fresh new interior paint, soft water hookup, exterior tankless water heater, 220v in the garage & 2 storage racks in the garage convey. Residents of Bella Vista Farms enjoy an amenity-rich lifestyle w/ exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court & greenbelt. Nearby, San Tan Regional Park offers endless outdoor recreational opportunities, while Queen Creek Marketplace provides shopping/dining options. Experience the best of San Tan Valley living.

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2089 Chevelon Road Overgaard, AZ 85933

$469,900

2 Beds

2 Baths

1,205 SqFt

Status Active

MLS # 6693776

Property Type Single Family Residence

Price Type --

Absolutely adorable 2 bedroom, 2 bath + loft. Super floorplan with open great room & vaulted knotty pine ceiling, rock faced fireplace, wood windowsills & blinds, & knotty hickory cabinets. Large loft for game room or extra sleeping area & balcony off of the master bedroom too. Low maintenance siding & large covered front deck, plus the newly expanded back deck with redwood make a great spot for relaxing on this shady & heavily treed 1.10 acre homesite. Easy year round access on maintained paved roads.

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18767 W Solano Drive Litchfield Park, AZ 85340

$469,900

4 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6696034

Property Type Single Family Residence

Price Type --

This stunning 4-bed, 2-bath residence is perfectly located on a corner lot with N/S exposure in Zanjero Trails. Step inside and be captivated by the open layout featuring high ceilings, 8' doors, plenty of natural light, and tile flooring in all the right places. The kitchen is a chef's dream with granite counters, recessed lighting, beautiful cabinetry, stainless steel appliances, ample storage and a large kitchen island! Additionally, there is a versatile den that can be used as an office or bedroom. The primary bedroom offers plush carpet, a large walk-in closet, and a private ensuite with dual sinks. Outside, enjoy breathtaking sunsets over the White Tank Mountains from your back yard complete with a covered patio and beautiful synthetic turf.

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9505 E Arrowvale Drive Sun Lakes, AZ 85248

New

$469,900

2 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6696472

Property Type Single Family Residence

Price Type --

This home is located in the Gated Golf Course Community of Sun Lakes and in the prestigious Oakwood Country Club community! This 2 bedroom 1.75 bathroom home. Home features, granite countertops, open floor plan, wood shutters, vaulted ceilings. Backyard is virtually maintenance free with artificial turf. Garage has built in cabinetry. Property Sold in AS IS Condition

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