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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17534 W Straight Arrow Lane Surprise, AZ 85387

$472,900

3 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6688603

Property Type Single Family Residence

Price Type --

Newer built home (2017), with 3 bedrooms , 2 baths and a bonus, game room or office. Loaded with upgrades throughout, including oversized kitchen island, staggered cabinets, granite countertops, and stainless appliances. High end lighting, wood look tile and oversized custom walk-in tile shower are just a few of the highlights of this beautiful home. Enjoy your low power bills, Solar Panels are completely paid in full. Located on a 10,000+ sf lot in a fantastic N Surprise community with community pool and parks nearby. interior upgraded doors plus more. This is must see must buy home.

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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

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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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18770 W Shangri La Road Surprise, AZ 85388

$472,500

4 Beds

3 Baths

2,313 SqFt

Status Active

MLS # 6685362

Property Type Single Family Residence

Price Type --

Come and see this Gorgeous home in the serene Zanjero Trails community. At only 5 years old, this home still feels brand new and is in Turn-Key condition. Offering 4 bedrooms and 3 full bathrooms all wrapped up in 2,313 sqft, the open floor plan makes this home feel large and inviting. Key features include brand new interior paint, new carpet, new fixtures, pavers in backyard, professionally cleaned tile, all appliances included, owned water softener, over height garage door, RV gate, utility sink plumb in laundry room, and so much more. Ideally located with North/South exposure, this home is secluded enough to avoid big city noise, but is less than 15 minutes to shopping, dining, and highway access. It is also less then 1/4 mile to the new city pool and firefighter themed splash pads.

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3455 Via La Cresta -- Sierra Vista, AZ 85650

New

$472,500

5 Beds

2 Baths

2,527 SqFt

Status Active

MLS # 6704905

Property Type Single Family Residence

Price Type --

A MUST SEE!!! Remodeled home in turn-ley condition, large lot with 0.4 acres, PARK-like BACKYARD, professionally landscaped with fenced in HEATED POOL and SPA!!! Gorgeous 5 bedroom home with a den and 2 car garage, located in a nice cul-de-sac. The 5th bdrm (has no closet) and the Bonus Rm have a separate entrance from the side gate and can be used as guest quarters or study/entertainment rooms with Mini Splits for H & C. Home has: Brand new kitchen appliances & faucet, new resurfaced kitchen & laundry room counters, brand new carpets, many new windows and screens, brand new hot water heater, roof was inspected & maintained by Above-All Roofing. Brand New Concrete Driveway, freshly painted In & Out, new variable speed pool pump & Kreepy Krauly Cleaning System....... Won't last long!!

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8828 S 167th Lane Goodyear, AZ 85338

$472,500

4 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6642078

Property Type Single Family Residence

Price Type --

**SELLER IS OFFERING CONCESSIONS for the right offer. Welcome to your dream home in the heart of the Estrella Mountains! The neutral palette sets a sophisticated tone, providing the perfect canvas for your personal touch in this almost-new home. With a comfortable floor plan, abundant great room living space, and unexpected added storage spaces, every corner exudes warmth and functionality. Stepping into the backyard, you will appreciate the $17,000 investment that has transformed the space with perfectly sculpted pavers, synthetic grass and stone. The common area behind provides an added sense of privacy. Indulge in luxury resort-inspired living within this coveted community with an array of amenities, including 2 Residents' Clubs, Restaurants, Community Centers, Water Park, golf, hiking, biking and much more. Your Estrella Mountain retreat awaits!

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4022 S 178th Lane Goodyear, AZ 85338

$472,222

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6691476

Property Type Single Family Residence

Price Type --

CYPRESS PLAN! 1997SF., 3 BED, 2.5 BATH, OVERSIZED TANDEM GARAGE. BEAUTIFUL SLATE CABINETS - GRANITE COUNTERTOPS - LUXURY VINYL TILE THROUGHOUT - STAINLESS STEEL GAS APPLIANCES - TILED KITCHEN BACKSPLASH - DOUBLE SINKS EXECUTIVE HEIGHT AT OWNERS BATH - TILED OWNERS SHOWER - END LOT!!! THIS HOME WILL BE READY FOR JULY CLOSING! PHOTOS OF MODEL NOT SUBJECT.

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3842 E Westchester Drive Chandler, AZ 85249

$472,000

2 Beds

2 Baths

1,894 SqFt

Status Active

MLS # 6702134

Property Type Single Family Residence

Price Type --

UNBELIEVABLE VALUE! 3rd LARGEST FLOOR PLAN PRICED TO SELL. Updates are needed so home is priced accordingly. SPLIT 2-BR plan is SPACIOUS w/office, dining (multi-purpose) & great room. Smoothtop electric stove, m/w & ALL APPLIANCES CONVEY even the refrigerator, washer, dryer & freezer in laundry room. NEWER HVAC. Interior NORTH/SOUTH lot completely enclosed by STUCCO'D BLOCK FENCING, EXTENDED COVERED PATIO w/GUTTERS, TURF, storage shed, raised gardens & easily maintained landscaping. Interior is mostly original but in GREAT CONDITION. All this in popular, GATED, 55+ Solera w/full recreational facilities: 2 heated swimming pools, spa, golf, pickleball, fitness, tennis, ballroom, dance/exercise classes, social activities...no excuse to be bored. Live your best active adult life right here.

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13136 W Nogales Drive Sun City West, AZ 85375

New

$472,000

2 Beds

2 Baths

1,684 SqFt

Status Active

MLS # 6705873

Property Type Single Family Residence

Price Type --

Fabulous Arcada model located in the gated Corte Bella Country Club! This model is built for practical comfort, A large front courtyard is very welcoming & provides great curb appleal! It has a large great room with a gas fireplace, one dining space, and the kitchen with granite counters and lots of 42'' cabinets and a pantry. There's 2 bedrooms, plus a den with double doors and additional bonus space that's a home office. Tile floors everywhere but the bedrooms and which have newer carpet. Neutral colors t/o, plantation shutters. The back yard has mature landscaping that provides extra privacy. The yard is FULLY FENCED.. The patio has been extended for outdoor entertaining and relaxation. There's rigid pipe drip system, extended length garage with builtin cabinet

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2243 W Firethorn Way Anthem, AZ 85086

$472,000

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6620277

Property Type Single Family Residence

Price Type --

Welcome to the lowest priced/largest square footage home in Anthem Country Club. Situated in the Guard-gated community of Anthem Golf & Country Club, you can enjoy Mountain Views from the Family Room, Kitchen, & Master Bedroom. Private Backyard with Covered Patio, Extended Saltillo Tile Area, Built-in Gas BBQ with Seating.

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1449 Leisure World -- Mesa, AZ 85206

$472,000

3 Beds

2 Baths

1,723 SqFt

Status Active

MLS # 6662409

Property Type Single Family Residence

Price Type --

Do not miss this gorgeous, remodeled Barcelona floor plan. The kitchen has been completely reconfigured in a modern touch with a beautiful island added for entertaining or storage. A room off the kitchen was added for formal dining or an office space. The kitchen opens up to the vaulted ceiling, large living room with beautiful wood looking, easy care, luxury vinal flooring. The huge back patio is covered and enclosed with brand new screens. The bathrooms are tastefully updated and all 3 bedrooms are huge. Everything has been touched. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

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4233 E Samkay Lane San Tan Valley, AZ 85143

$471,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6697519

Property Type Single Family Residence

Price Type --

Situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more.

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3381 S 177th Drive Goodyear, AZ 85338

$471,990

4 Beds

3 Baths

2,079 SqFt

Status Active

MLS # 6700850

Property Type Single Family Residence

Price Type --

MOVE IN READY WITH LOW RATES TO BOOT! Welcome to your new home! This charming 4 bedroom/ 3 bathroom home offers spacious and luxurious living just for you! Featuring a beautiful open floor plan, perfect for entertaining and spending time with guests. The kitchen is equipped with stainless steel appliances, gas range, granite countertops, darker shaker style cabinets and plenty of storage. Carpet in bedrooms with wood look tile throughout. 9 ft ceilings and 8 ft interior doors. Only single story homes around you! Double gate for easy access to backyard. Endless opportunities for outdoor recreation and fun. Conveniently located near shopping and dining options. Don't miss your chance to make this yours!

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