What Are the Experts Saying about Mortgage Rates?

Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:

Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center:

“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.”

Scott Anderson, Chief Economist for Bank of the West:

“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.”

Ivy Zelman in her latest “Z” Report:

“Although we strongly believe that the housing supply-demand imbalance for single-family homes will continue to drive above-average home price appreciation, just as falling mortgage rates aided pricing power on the margin in recent months, we expect the opposite effect to become evident in the coming months. As such, we project year-end home price inflation of 4.8% for 2017 and 4.1% for 2018.”

Bob Walters, President & COO of retail mortgage lender Quicken Loans:

“A modest increase in mortgage rates won’t have much of an effect on home purchases. A buyer may need to slightly re-evaluate which homes they can afford, but it’s not likely to make an impact on qualifying, in most cases.”

First American Chief Economist Mark Fleming:

“Our survey data shows that mortgage rates would have to be significantly higher to have any meaningful impact. The house buying power that borrowers have, even with rates below five percent, still remains historically strong.”

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2126 W Red Fox Road Phoenix, AZ 85085

$675,000

3 Beds

3 Baths

2,198 SqFt

Status Active Under Contract

MLS # 6737901

Property Type Single Family Residence

Price Type --

This home checks all the boxes! Single level, elegant finishes, ideal floor plan, and more. This home in Fireside at Norterra is open, bright, and feels like new. With three bedrooms and an office, you have room to spread out. Enjoy cooking in the open concept kitchen complete with a fabulous walk in pantry and butler's pantry area to prepare meals. Special updates: New HVAC in 2024 and new water heater in 2023. The community offers a clubhouse, gym with full facilities, pool, spa, rock climbing wall, basketball court, playground, hiking trails,and more. Take advantage of the resort style living in north Phoenix. Come by and make this your home today.

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1413 W Commerce Avenue Gilbert, AZ 85233

$675,000

4 Beds

3 Baths

2,680 SqFt

Status Active

MLS # 6768302

Property Type Single Family Residence

Price Type --

Welcome to Playa Del Rey! Gilberts Custom Ski-Lake community, bring your wake boards, jet skis and kayaks and teach your family to water ski. There is a 9-hole putt-putt at the entrance. This gated single-story home is situated one street away from the boat ramp. Some of the features in the semi-custom home include, 4 bedrooms, 3 bathrooms, dual pane low E windows and shutters, beautiful hardwood flooring in the living room, Bay windows, All natural gas appliances, fireplace and furnace. 3 car garage and RV gate. Located right in the HEART of Gilbert with quick access to the 60 freeway for easy commuting, Bike 2 miles down canal to all the restaurants of downtown Gilbert.

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29449 N 130th Drive Peoria, AZ 85383

$675,000

3 Beds

3 Baths

2,351 SqFt

Status Active

MLS # 6745133

Property Type Single Family Residence

Price Type --

The search is finally over! This charming home features a 2-car garage, paver driveway, striking stone facade, and low-maintenance desert landscape. Venture into a living room with high ceilings, clerestory windows, a neutral palette, tile flooring, and a cozy fireplace. The kitchen comes with granite counters, plentiful wood cabinetry, recessed lighting, built-in appliances, a walk-in pantry, and a large island with a breakfast bar. The spacious main bedroom offers an ensuite with dual vanities, patio access, and his and hers closets. You'll also find a casita with separate access, perfect for visiting loved ones, game room, hobby room, or office. The backyard boasts a covered patio, an exterior fireplace, a built-in BBQ, and a sparkling pool. Make this gem yours today!

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13139 N Northstar Drive Fountain Hills, AZ 85268

$675,000

2 Beds

2.5 Baths

1,502 SqFt

Status Active

MLS # 6818570

Property Type Townhouse

Price Type --

This bright and open 2 bed 2 1/2 bath has just had a facelift! All fresh paint and carpet inside! New stainless appliances and new modern light fixtures. HVAC system and water heater also replaced. Look no further for a trouble-free home in a gated community! Home is close to the community pool. You will love the open floor plan and high ceilings. Garage is extra large and roomy. You will not be disappointed with this home!

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8307 E Gary Road Scottsdale, AZ 85260

$675,000

5 Beds

6 Baths

5,505 SqFt

Status Active

MLS # 6722753

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this professionally managed, turnkey home. Named for a tropical Yucatan oasis, Tulum Oasis features a great room with 17-foot wood ceilings and a two-sided fireplace. A floor-to-ceiling corner window wall floods the space with light and opens to the backyard pool, a gas fire pit, large grassy lawn, BBQ and dining space. The kitchen has a limestone backsplash, two islands and Sub-Zero and Wolf appliances. The dining room offers a view of a stone patio and fountain. The home includes a den and a flex space. All five bedrooms have ensuite baths. The primary suite features a cozy fireplace, a walk-in closet and a luxurious bathroom with a dual-sink vanity, stone tub and open walk-in shower. The home comes fully furnished and professionally decor

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19817 N 67th Drive Glendale, AZ 85308

$675,000

4 Beds

3 Baths

3,596 SqFt

Status Active

MLS # 6756330

Property Type Single Family Residence

Price Type --

Fantastic Arrowhead Home! assumable VA loan at only 2.62%* sparkling salt water play pool* 4 bedrooms* 2.5 bathrooms* 3596 sq ft* gigantic upstairs bonus room* 3 car garage* 2 newer AC units 2023 & 2019* solar panels installed in 2022* pigeon proofing on solar panels- $159.31 a month* pool totally resurfaced 2023* new salt water pool dispenser & pool light 2024* new custom window coverings 2023* roof replaced entirely 2013* all stainless steel kitchen appliances* newer stove and dishwasher* custom stainless steel refrigerator* beautiful walk out balcony off master bedroom* fresh grey epoxy coated garage flooring* close to the new Children's Hospital* Abrazo Hospital* Arrowhead Mall* restaurants* shopping* schools* golf* Thunderbird park w/hiking and walking* top rated Deer valley Schools* highly desirable Arrowhead Ranch community* excellent location* home could be used as a vacation rental* fantastic home!!

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1448 N Overlook Drive Dewey, AZ 86327

$675,000

4 Beds

3 Baths

3,686 SqFt

Status Active

MLS # 6775131

Property Type Single Family Residence

Price Type --

Beautiful Custom Home in Prescott Country Club with Spectacular Views! Private Cul-de-Sac Location! 4BR/3BA/2 Car Garage, 3686 SqFt. Courtyard Garden with Walkway to Double Door Entry Leads to Light and Bright Great Room and Family Room w/High Ceilings, Skylight and Large Picture Windows with Amazing Views! Kitchen and Informal Dining Area Include Electric Cooktop, Induction Oven, Whirlpool Refrigerator, Corian Countertops and Access to Private Patio w/Trex Decking and Pergola Overhang. Primary BR/Bath Features High Ceilings, Lighted Ceiling Fan, Walk In Closet and Sliding Door w/Access to Private Patio. Lower Level Features In Law Suite Including One Bedroom, Kitchenette, Craft Room, Workshop and Large Open Area for Entertaining or Game Room. New A/C, Solar Owned.

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1891 N Tin Strap Trail Prescott Valley, AZ 86314

$675,000

4 Beds

2.5 Baths

2,750 SqFt

Status Active

MLS # 6812206

Property Type Single Family Residence

Price Type --

Outstanding Opportunity to own this UPDATED Spanish Style home in Desirable Stoneridge Subdivision with Excellent Curb Appeal & MOUNTAIN VIEWS!!! This home has 2750 Square Feet with 4 Bedrooms, 3 Bathrooms, 2 Car Garage, plus Den on a .18 Acre Lot *BACKING VACANT RANGELAND*, has Great Room Concept, 12' Tile, Luxury Vinyl & New Carpet throughout, Ceiling Fans, Skylights, Horizontal Blinds & Pleated Shades for window coverings. Kitchen has Oak Cabinetry w/Dove Tailed Drawers, Attractive Laminate Countertops, Pantry, Breakfast Bar, & White Appliances (Inc. Fridge). Large Master on main floor, Dual Sinks, Garden Tub, separate Walk-In Shower, & Large Walk-in Closet. Additional Features include 3Bedrooms with Full Bath (Tub/Shower) in Upstairs plus a huge Flex Room, S-Tile Roof, Laundry Room.. w/Laundry Sink, Upper Cabinetry, Washer/Dryer, Covered Rear Patio with Extended Paver Patio, Front Courtyard, Security Screen Door, Storage Cabinetry in Garage, 50 Gallon Hot Water Heater w/Recirc & did I mention Fenced Back Yard with EXCELLENT VIEWS!!!!!

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26269 N 45th Place Phoenix, AZ 85050

$675,000

4 Beds

3 Baths

2,131 SqFt

Status Active Under Contract

MLS # 6778337

Property Type Single Family Residence

Price Type --

Set on a large premium lot in Tatum Highlands, this home offers mountain and desert views with high ceilings that greet you at the entry and extend through the spacious living room. Featuring 4 bedrooms and 3 full baths—including a convenient main-floor bedroom and bath—this layout is ideal for flexible living. The upstairs master suite provides a private balcony, dual walk-in closets, and bath with separate tub and shower. The kitchen, complete with an island and breakfast bar, opens to a beautiful backyard oasis with a sparkling pool. Located close to Desert Ridge dining, major freeways, and scenic trails—don't miss the chance to explore this desert retreat!

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17219 W Vacaville Street Surprise, AZ 85388

$675,000

4 Beds

3.5 Baths

2,721 SqFt

Status Active

MLS # 6807974

Property Type Single Family Residence

Price Type --

Elegance and charm come together in this classically beautiful Spanish design. Offering a two-car garage and curb appeal, you'll experience pride of ownership from the moment you pull up. The luxury tile flooring in the highly trafficked areas adds to the overall aesthetic. The kitchen features sleek KitchenAid appliances and opens to the great room, making it the ideal space for entertaining. The spacious primary bedroom offers a large walk-in closet and a generously sized bathroom. The secondary bedrooms also provide significant space. If you feel like getting away, you can head over to the spa, restaurant, or one of the three pools right on site! Make this home yours today!

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35202 N 30th Drive Phoenix, AZ 85086

$675,000

6 Beds

3.5 Baths

3,936 SqFt

Status Active

MLS # 6764623

Property Type Single Family Residence

Price Type --

Discover this expansive 3,936 sq ft residence designed for MULTIGEN/large family living. This home offers both privacy and shared spaces, including a den, formal living room and an inviting great room perfect for gatherings. Large open kitchen with breakfast bar, granite counters and stainless-steel appliances. Spacious downstairs primary bedroom with ensuite bath includes luxury vinyl wood plank flooring, 2 separate vanities, soaking tub, walk-in shower and separate exit to patio. Upstairs includes small loft area, 4 bedrooms and bath AND a 2nd primary bedroom, 8x10 walk-in closet, dry bar, and private bathroom. 3 car tandem garage. Tankless gas hot water heater. Tree covered backyard is cool retreat to enjoy year-round. Enjoy mountain views, hiking, parks, shopping and near TSMC.

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1157 E Liberty Lane Gilbert, AZ 85296

$675,000

3 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6809245

Property Type Single Family Residence

Price Type --

Assume this home's 2.375% mortgage! This beautifully-designed 3 bedroom, 2 bath home with a den in the heart of Gilbert sits on an oversized lot with a 3-car garage, RV gate, and a beautifully landscaped backyard. Inside, enjoy tile flooring throughout, neutral tones, a formal living and dining area, and a bright, open family room. The gourmet kitchen features stainless steel appliances, granite countertops, mosaic backsplash, updated cabinets, a walk-in pantry, and a bay window breakfast nook. The spacious master suite boasts a walk-in closet, dual vanities, a walk-in tiled shower, and elegant travertine accents. Step out to your lush oasis of mature trees, misted covered patios, fountain, built-in BBQ, & over $50k in a completely redone sparkling pool with waterfall & surrounding turf.

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