What’s Ahead For Mortgage Rates This Week – December 12, 2016

As 2017 winds down, analysts are forecasting economic developments for 2017. Forbes identified three indicators that the U.S. housing market has recovered. Mortgage rates rose again last week; jobless claims fell and consumer sentiment jumped rose five points. The details:

Housing Market Recovery Complete: Forbes

Three conditions were cited by Forbes as evidence that the housing market has recovered:

Analysts said that homeowners are putting their homes on the market after years of waiting for home prices to peak. On the flip side, mortgage rates are expected to rise further and home buyers may be taking a “now or never” plunge into buying homes before market conditions and mortgage rates combine to make home prices unaffordable.

The Federal Reserve reported that U.S. mortgage debt increased by 1.90 percent in Q3 2016; this was the highest growth rate for mortgage debt since Q3 2008. While population growth and household formation are lower, the overall ratio of mortgage debt to disposable income is near historically low levels. Stricter mortgage qualification standards are keeping home buyers from borrowing mortgage loans that they can’t repay.

After years of high demand for short supplies of available homes, home builders are ramping up construction. Housing starts rose by 25 percent in October and matched construction rates not seen since mid-2007.

Mortgage Rates Rise, New Jobless Claims Dip

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.13 percent. The average rate for a 15-year fixed rate mortgage was two basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage also rose by two basis points to 3.17 percent.

New jobless claims fell last week to 258,000 new claims, which matched expectations and was lower than the prior week’s reading of 268,000 new claims. Job openings held steady in October with a reading of 5.50 million.

What’s Ahead

Next week’s economic calendar includes readings on retail sales and inflation along with the Federal Reserve’s Federal Open Market Committee Statement and a press conference by Federal Reserve Chair Janet Yellen. The National Association of Home Builders Housing Market Index will be released in addition to Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.

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6631 E Jasmine Street Mesa, AZ 85205

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$549,900

3 Beds

2.5 Baths

1,858 SqFt

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MLS # 6787199

Property Type Single Family Residence

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Impeccably Remodeled Home with RV Gate, New Roof and No HOA! This stunning home offers modern updates, a spacious layout, and a prime location! Situated on a large lot with an RV gate, this property has been thoughtfully upgraded to provide both style and convenience. Step inside to find a welcoming interior featuring 3 generously sized bedrooms, 2.5 updated bathrooms, and a cozy family room complete with a charming fireplace. The kitchen and bathrooms have been fully remodeled with brand-new cabinetry, sleek quartz countertops, and elegant tile flooring. The primary ensuite is a true retreat, showcasing a beautifully tiled shower, ample storage, and private access to the backyard. Outdoors, enjoy the extended covered patio—perfect for entertaining or relaxing while overlooking your expansive backyard. Recent updates include a new roof (2024) and new A/C unit (2022) for added peace of mind. Conveniently located just minutes from the Loop 202, shopping, and dining, this home truly has it all!

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5117 N 81st Street Scottsdale, AZ 85250

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$549,900

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6785248

Property Type Townhouse

Price Type --

Oasis by definition is a peaceful place in the desert or it can also be defined as 5117 N. 81st St. This designer remodeled, 2 bed/2 bath home with just over 1,200 sqft. is located in the best location in of all of Chateau De Vie and a heartbeat away from the popular attractions of Fashion Square and Old Town. This home boasts a luxury chefs kitchen highlighted by modern oak thin shaker cabinets, top tier quartz countertops with waterfall edges, and Stainless Steel Samsung Smart appliances. Luxury vinyl wood plank flooring and Berber carpet accentuate the space. Baths have been tastefully done. Take in many beautiful sunsets while relaxing on your covered patio. New dual pane windows, roof, water heater, and newer AC. Airbnb/STR approved. Don't miss out on this one of a kind property!

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13608 W Remuda Drive Peoria, AZ 85383

$549,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6781006

Property Type Single Family Residence

Price Type --

The price includes $20,000 for a rate buy-down and closing costs. This beautiful, move-in-ready home features a spacious great room that opens to a covered patio. The outdoor area boasts a heated pebble tech and travertine pool with a waterfall and jets, surrounded by palm and citrus trees. Inside, you'll find three generously sized bedrooms, each with its own full bathroom, along with a spacious dining room and plenty of storage. The main bedroom provides ample space for a sitting area or personal office, as well as a large walk-in closet and a super shower. The kitchen features granite countertops and white shaker cabinets, while plank tile flooring extends through high-traffic areas. An RV gate and a tandem four-car garage enhance the home's functionality.

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20391 N 53rd Avenue Glendale, AZ 85308

$549,900

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6779897

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the highly desirable Arrowhead Lakes! This stunning 3-bedroom, 2-bath home with a pool is situated on a premium corner lot. The vaulted ceilings create an airy atmosphere with tile and wood floors throughout the home. The kitchen features granite countertops, a nice size island, tile backsplash and stainless-steel appliances. Spacious primary en-suite has a walk-in closet, dual sinks, separate shower & roman style tub. Perfect for entertaining, the backyard features a beautiful pool with a new pool pump, a waterfall feature and a mountain view! Newer Roof & HVAC, two high-cost updates have been done! This sought after neighborhood is close to everything! Enjoy walks day or night, hiking trails nearby. Don't miss this one, move in before the holidays!

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