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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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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13136 W Nogales Drive Sun City West, AZ 85375

Open House

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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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

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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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6308 W Villa Linda Drive Glendale, AZ 85310

Open House

New

$471,950

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6704579

Property Type Single Family Residence

Price Type --

Welcome HOME! DON'T MISS THIS ONE! Incredible home in a great neighborhood surrounded by beautiful mountain views front and back. 3 bed 2 bath home with a large family room. The kitchen has dark wood cabinets and new granite countertops with stainless steel appliances. Laminate flooring in all the main areas with carpet in the bedrooms. Large master bedroom with room for all your needs. The other 2 bedrooms are also spacious. The garage has epoxy flooring and storage cabinets with a workbench. Enjoy the mountain views in your backyard while you entertain your guests. Plenty of room to add a pool for the summer! Better hurry this one wont last!

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2311 W Claremont Street Phoenix, AZ 85015

$471,900

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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12126 W Luxton Lane Avondale, AZ 85323

Open House

$471,490

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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12535 W Marguerite Avenue Avondale, AZ 85323

$471,156

4 Beds

2 Baths

2,207 SqFt

Status Active

MLS # 6677110

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Move in ready Lantana design at Highland Ridge by Brookfield. 6000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the 3-car garage leads you into the drop zone. 48,000 in upgrades. 5.99% Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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6337 W Valencia Drive Laveen, AZ 85339

$471,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active

MLS # 6700691

Property Type Single Family Residence

Price Type --

This stunning two-story home offers the perfect blend of elegance and functionality. With 4 bedrooms and 3 bathrooms, there's ample space for comfortable living. As you step inside, you're greeted by a bright and spacious interior, featuring tasteful finishes and modern amenities throughout. The open-concept layout seamlessly connects the living, dining, and kitchen areas, making it ideal for both relaxing and entertaining. One of the standout features of this home is its solar panels, providing energy efficiency and cost savings. Say goodbye to high utility bills and hello to sustainable living! Step outside into the beautiful backyard oasis, complete with lush turf and plenty of space for outdoor enjoyment. Whether you're hosting gatherings with friends and family or simply unwinding after a long day, this backyard retreat is sure to impress. Conveniently located in a desirable neighborhood, this home offers easy access to amenities, schools, parks, and more. Don't miss your chance to own this truly exceptional property.

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6289 S Championship Drive Chandler, AZ 85249

Open House

New

$471,000

2 Beds

2 Baths

1,467 SqFt

Status Active

MLS # 6696467

Property Type Single Family Residence

Price Type --

Nestled in the most coveted spot, this lovely home boasts unparalleled vistas of the 9th hole on the golf course, with majestic mountains and tranquil waters as your backdrop. Step onto the custom back patio, a haven designed for soaking in the breathtaking scenery without obstruction, thanks to the absence of center columns. With an extended pergola offering shaded retreats and ample space, every moment outdoors becomes a cherished experience. This very loved home has a New HVAC 2020, new roof, garage door,, New windows 2009, fresh interior paint, refinished cabinets with roll-out shelves, modern appliances and more. This is the best location around the corner from the country club and one of the few homes with a golf cart garage.

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8449 W Rockwood Drive Peoria, AZ 85382

$470,999

2 Beds

2 Baths

2,203 SqFt

Status Active

MLS # 6636533

Property Type Single Family Residence

Price Type --

Price Reduction ,Spacious home in wonderful ''Westbrook Village'' Adult community 20% 40 years to 55 years, 80% 55 years plus, no children under 19 years of age. Located in the newer Phase 2, close to The Vistas Recreation Center. Large bedrooms, huge master bath with tub & shower. Newer A/C. Solar $139. per month. Looking for lots of room, this home has a large Arizona Room, could be heated & cooled for a work out room or area for pets or ?? Come see your dream home today !!

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