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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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

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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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1502 E Garfield Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,032 SqFt

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MLS # 6685102

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Beautifully updated 3 bed-2 bath home on spacious lot in Historic Garfield. Walk to vibrant downtown Phoenix restaurants, art, festivals, and more! Natural light floods all rooms creating bright + airy ambience. Home has an open floor plan with high ceilings, split bedrooms, indoor laundry, + all new luxury vinyl plank flooring. Kitchen has freshly painted cabinets, quartz counters, + ss appliances. You can live in an adorable historic home w/ all the modern conveniences. Low maintenance desert landscaping in front. Large backyard provides option for casita or office space for those who WFH. 2016 - roof replaced, HVAC replaced, new Pella windows, updated bathrooms & kitchen. 2024 - all flooring + baseboards replaced, all fresh interior paint, and more. This home is an absolute gem!

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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

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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

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MLS # 6678829

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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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