What’s Ahead For Mortgage Rates This Week – December 19, 2016

Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

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3534 N Boulder Canyon Street Mesa, AZ 85207

$1,565,000

4 Beds

4.5 Baths

4,079 SqFt

Status Active

MLS # 6775487

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Come see this professionally designed luxurious 4 bed, 4.5 bath, + an office, + a media room in Las Sendas. Over 200k in upgrades! Manicured landscape, large 3 garage spaces w/built-in cabinets, paver driveway, and Tesla charger. Marble foyer which flows into an oversized media room with metal/glass doors and formal dining room with custom wallpaper perfect for entertaining. 12ft ceilings, elegant wood flooring, new high-end light fixtures, and designer palette. Family room with custom built-ins and gas fireplace. Quartz countertop, all top of the line appliances in this gourmet kitchen, wood staggered cabinets w/crown moulding, a large walk-in pantry & bar. All bedrooms have their own private bathroom with oversized closets. Primary bathroom has huge his/her walk-in closets with an oversized shower and soaking tub featuring a fireplace with the ultimate relaxation. Pool and spa both are heated with a large grass area. You will be absolutely stunned.

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22034 N 59th Place Phoenix, AZ 85054

$1,564,999

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6752073

Property Type Single Family Residence

Price Type --

Off Market for Holidays! Shea Home's best selling Model 5016 on one of the largest Premium Lots in TALINN. NO HOMES TO THE REAR. Lightly lived in by the orig owners, just long enough to complete the yard, pool and design decor. Ideally configured: Second master downstairs adjacent the optional 5th bedroom. The open great room boasts generous windows to match the 26' high ceiling vaults, with unobstructed views: Rather than neighbor's rooftops, your view of mountain peaks and sunsets are visible from the great room, yard & pool, loft and 1 master bedroom. The open gourmet kitchen features a premium gas range and 4 ovens. A stunning accent wall features Artisan-crafted wood plank slat panels extending from the floor to the 26-foot high ceiling. Each hand-cut panel is arranged in a striking horizontal and vertical pattern. Additional features of the NO-STEP main level include stunning wood-look tile floors, a pre-wired surround sound speaker system, and ceiling fans in every bedroom. Barn doors enhance the office off the Foyer, while texturized wall decor adds a unique touch. The gourmet kitchen is equipped with four ovens, including air-fry and convection, and a well-appointed coffee bar that complements the expansive cabinetry. An organized walk-in pantry easily houses groceries from the adjacent 3-car garage. The large laundry room includes your new washer and dryer, and offers ample shelving and cabinets for multifunctional use, or craft room. Off Season storage closet for long hanging garment and full storage under stairwell (or great fort for the kids). The home also includes a full-home water purification system. With over $300,000 in customizations, this residence is ready for you to move in TODAY! Don't miss the amazing detailscheck out the video. 3D tour available on homes. Conveniently located within 3 miles of Desert Ridge shopping and dining, with quick access to the 101. Walking distance to High Street. Emblem gates are across from the new Talinn community center.

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5310 E Nordica Loop Flagstaff, AZ 86004

$1,560,000

5 Beds

4 Baths

3,902 SqFt

Status Active

MLS # 6710483

Property Type Single Family Residence

Price Type --

Welcome to your dream home in prestigious Lakeside Acres! This expansive one-story residence sprawls on a generous 1.1 acre lot, offering both luxury and comfort. Abundant, large windows beneath the soaring vaulted ceiling allow ample natural light as well as fabulous mountain & forest views. The chef's kitchen boasts a large island with sink, double ovens, warming drawer, large JennAir range, stainless appliances & granite. Among many other remarkable amenities, the impressive primary suite offers an additional retreat room and the split floorplan offers privacy & functionality. The whole home humidifier, central air conditioning, heat and two beautiful fireplaces ensure this home is not only stunning but luxuriously comfortable. The spacious, private outdoor living area offers a large semi-covered patio for entertaining or relaxation. With 5 bedrooms, 4 bathrooms, a 3 car garage and so much more, you will not want to miss this incredible home in the pines of Lakeside Acres in the Continental Country Club!

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6623 E Whispering Mesquite Trail Scottsdale, AZ 85266

$1,560,000

3 Beds

3 Baths

2,867 SqFt

Status Active

MLS # 6767655

Property Type Single Family Residence

Price Type --

Gorgeous Updated & Impeccably maintained 3 bedroom home PLUS detached Casita w/ Ensuite in Terravita! Too many upgrades to list all include new European Oak flooring w/ 6'' baseboards. Remodeled kitchen & Bar includes gorgeous Quartzite countertops with full backsplash, new cabinetry w/ built-in wood panel Bosch & Thermador appliances and wine refrigerator, new brushed gold hardware. Brand new Home automation includes upgraded Wi-Fi, automated lighting w/ scene lighting capability, television and music surround system, pool & spa features, 2 Nest Thermostats, Video Doorbell, Wi-Fi enabled garage doors.etc. - all controlled via keypad or i-phone. See full list of upgrades! Spacious 3 car garage has all new custom cabinetry. Back yard includes pool & heated spa, new covered outdoor More... built-in grilling station with Napoleon gas grill. New Carrier A/C & furnaces installed '21. Upgraded landscaping.Terravita is a member-owned, private golf and country club, offering year-round active lifestyle options. Many diverse activities and groups that meet regularly to explore new trails, enjoy fitness classes, create art, relax by the pool, play tennis, dine together in a state of the art clubhouse, accolades received for its recent renovations.

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3022 S Clubhouse Circle Unit 57 Flagstaff, AZ 86005

$1,558,000

3 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6735684

Property Type Single Family Residence

Price Type --

Home is currently under construction. This unit has been enhanced with a large spacious patio. Situated within the high-country forest and including a covered wrap around patio with built-in BBQ, this spacious condo offers a unique mountain escape during any season. Featuring an open concept design, the great room and gourmet kitchen provide an easy flow making it the perfect layout for gathering with family and friends. Incentives are currently being offered. Please call the Pine Canyon Sales Office for more information.

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1910 W Roderick Lane Wickenburg, AZ 85390

$1,555,000

3 Beds

2.5 Baths

1,800 SqFt

Status Active

MLS # 6765165

Property Type Single Family Residence

Price Type --

She's a beauty! Premium Horse Property in the heart of Wickenburg, on paved road. NEW Custom Horse Facilities. Roping Arena with covered steer pen, 55ft Round Pen with custom sprinklers, pristine 12 stall barn with expansive custom tack and covered hay storage. Auto waterers and stall turn-outs. TWO RV hook ups each with 30, 50 and 110 plug-ins. Home is a 3-bedroom 2.5-bath. Stunning second story views from the dinning and kitchen complimented by evenings on the porch overlooking the arena and equine facilities. Two car garage and an abundance of storage. Bonus room, workshop and full bath in the lower level with walk-out secluded covered patio. Updated kitchen with porcelain counter tops, custom cabinetry and spacious pantry. Leased Solar equates to very minimal electricity bills. Owner is a licensed Arizona Real Estate Agent.

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2908 E Chuparosa Circle Payson, AZ 85541

$1,550,000

5 Beds

5 Baths

4,848 SqFt

Status Active

MLS # 6783731

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the most coveted gated golf communities! This exquisite 5-bedroom, 5-bathroom home offers just over 4800 square feet of luxurious living space, designed for those who appreciate elegance, comfort, and breathtaking views. Set amidst a backdrop of mountain views and an abundance of tall ponderosa pines this home is a true sanctuary, combining luxury with world-class amenities. Step inside to soaring ceilings, expansive windows, and an open-concept floor plan that seamlessly blends formal and informal living spaces. The gourmet kitchen features high-end appliances, custom alder cabinetry, and an oversized island perfect for entertaining. It offers a formal dining area and a casual dining nook, both with deck access and ideal for family gatherings or dinner parties. The main floor living room offers a cozy fireplace with deck access. Downstairs is an expansive area with 3 bedrooms (all with deck access), 2 baths, the main laundry room and a second living area with access to a large covered patio. Three of the five generously sized bedrooms come with their own ensuite baths, offering ultimate comfort and privacy. The primary suite is the entire upstairs floor offering a large retreat complete with a sitting area, private balcony with sweeping views, a spa-like bath with soaking tub, dual sinks and a large walk-in closet with its own washer and dryer. The adjacent loft is perfect for a home office. This property is within walking distance to the community recreational complex which offers two pools, playground, sports courts, dog park, gym and much more. Whether you're hosting friends or simply relaxing yourself, this home and community amenities offer it all. This is more than just a home; it's a lifestyle. Come experience the ultimate in luxury living within this prestigious gated golf community. Your dream home awaits!

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7630 N 4th Avenue Phoenix, AZ 85021

$1,550,000

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6767554

Property Type Single Family Residence

Price Type --

This home is an entertainer's delight! Beautifully remodeled 3 bedroom, 2 bath home located in a cul-de-sac between the 7s in North Central Phoenix. Plumbing & electrical updated too. Gorgeous kitchen with lots of natural light, quartz counters & ton of upgrades. Spacious living room with floor to ceiling windows. The lush green backyard is an oasis, filled with shade and tons of fruit trees-orange, lime, lemon, plum & more. The extended covered patio is perfect for sipping coffee/cocktails, watching the game, hosting birthday parties, large gathering of friends or family dinners in the Fall. The 15,000+ flood irrigated yard offers a ton of space for the kids & animals to run around. Plenty of room to add a pool. Air conditioned garage has a Tesla charging station. Separate backyard work- shop has AC, electric & Cable. Can easily be turned into a ManCave, She-shed, kids playhouse, casita or a home office too. Sit out front, wave to the neighbors and listen to the tranquil water feature that flows into the self cleaning Koi & goldfish pond. This home has a smart refrigerator, Nest thermostat, smart bathroom mirrors & vents - lights, blue tooth speaker and a fan all in one. The bedroom outlets have USB charging too. 2nd Bedroom has private patio. There are too many extras to name them all here. Come and see for yourself!

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13630 W Peoria Avenue Surprise, AZ 85379

$1,550,000

4 Beds

5.5 Baths

7,249 SqFt

Status Active

MLS # 6746555

Property Type Single Family Residence

Price Type --

Presenting the legendary 7,200 square foot mansion on Peoria Ave that has graced the city of Surprise since the mid 1990's. The grand foyer greets you with an impressive spiral staircase with formal living and dining areas to each side. The heart of the home is the spacious great room with a cozy fireplace and gourmet kitchen. The spacious owner's suite includes dual walk-in closets, a private living room, jetted soaking tub, walk-in shower, dual sinks and a secret storage room. This impressive home also includes a massive entertainment room, two en-suite guest bedrooms, an apartment with private entrance, a separate guest home with a full kitchen, a den, laundry both upstairs and downstairs and oversized 6 car garage.

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40601 N 26th Street Cave Creek, AZ 85331

$1,550,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6756232

Property Type Single Family Residence

Price Type --

Discover a truly extraordinary property that stands out in every way. This distinctive home offers nearly 2,400 square feet of luxurious living space on over 2 acres of prime horse property, enveloped by the serenity of national forest land. With breathtaking mountain views gracing every angle of the property and convenient horse trails leading from your doorstep to the mountains, this is an equestrian paradise. Step inside to find the timeless beauty of gorgeous hardwood floors that flow through the majority of the home. The bathrooms are adorned with stunning stone flooring, and the master bath is a spa-like sanctuary with dual sinks, a separate tub, and a rejuvenating shower. Transformed into a billiards room, the living area provides a fantastic space for entertainment and relaxation. Soaring ceilings with fans create an inviting atmosphere, while stone countertops and a grand wood-burning fireplace add both style and comfort. This property offers an exceptional bonus with a detached 40 x 40 building, perfect for all your storage needs. A tack room and corral are essential features for any horse enthusiast. With ample RV parking, you'll have room for all your outdoor adventure vehicles. And the tranquility and peace that this property offers are second to none. Don't miss the opportunity to make this remarkable property your own.

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18129 W Rancho Drive Unit 32 Litchfield Park, AZ 85340

$1,550,000

4 Beds

4.5 Baths

3,715 SqFt

Status Active

MLS # 6763417

Property Type Single Family Residence

Price Type --

Stunning Custom Home Coming Soon!! Estimated completion in early 2025, with options still available to personalize the interior finishes. As well as options to choose your fully landscaped front and back yard! This home will feature luxurious craftsmanship and custom details throughout. Your family & friends will enjoy the stunning pool. Reach out for a detailed PDF of the premium features included!

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1484 Eagle Crest Drive Prescott, AZ 86301

$1,550,000

4 Beds

4 Baths

4,800 SqFt

Status Active

MLS # 6764731

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury & breathtaking views in this stunning home. Floor-to-ceiling windows & beamed ceilings create an open, airy atmosphere, enhanced by a seamless floor plan & elevator. The spacious living room with a cozy fireplace flows into a chef's kitchen w/ granite counters, SS appliances, a bar, double oven, & formal dining. The primary bedroom offers outdoor access & a lavish bathroom w/ a walk-in shower and dual heads. Entertain w/ a game room & bar, plus an office & in-law suite with kitchenette. A car lover's dream 5-car garage awaits. This space is designed to captivate &cater to the needs of any automotive or RV enthusiast. Step outside to a landscaped backyard w/ a fireplace & pergola, backing serene reservation land.

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