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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840 W Flatiron Trail Apache Junction, AZ 85120

$647,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750838

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by Nov/Dec. Conveniently located near community parks, grocery stores, and dining options.

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2508 E Nancy Lane Phoenix, AZ 85042

$647,900

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6757871

Property Type Single Family Residence

Price Type --

Your new dream home comes complete with a white picket fence and mountain views! Ideally located within a gated community, this north/south facing property has SO many extras! Premium lot next to a walking path to the east. Enter your private front courtyard through a wrought iron gate. Once inside, you'll love the stunning chef's kitchen with HUGE walk-in pantry, granite counters, backsplash tiles added to large island, pendant lights, R/O system and large drawers under the cooktop. Primary bath features a walk-in shower with dual shower heads, two sinks and a barn door. Other extras include tankless water heater, laundry sink, three car garage with separate one-car garage stall perfect for a workshop and a spacious backyard. This one is SPECIAL...make it yours!

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33309 N Maverick Mountain Trail San Tan Valley, AZ 85144

$647,755

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6713882

Property Type Single Family Residence

Price Type --

Beautiful new single-story home in Sentinel at Oro Ridge. Featuring 4 bedrooms, 3 bathrooms, and an attached 3 car garage, this luxurious home is loaded with designer selections. The Executive Kitchen has a Banco diamond sink, backsplash, and a 12' multi panel sliding glass door. Highlights throughout the home include Sonoma painted harbor cabinets with 42'' uppers, quartz countertops, wood look tile, and upgraded carpets. 12' ceilings can be found in the great room. There is also a separate tub/shower with an enlarged tub. The attached 3 car garage features a garage service door. In the back yard there is a gas line installed to the patio for a future BBQ and pavers at the driveway and front porch in the front yard. Enjoy walking and biking paths, a playground, and more!

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7033 N 16th Place Phoenix, AZ 85020

$647,500

3 Beds

2.5 Baths

1,958 SqFt

Status Active

MLS # 6778426

Property Type Single Family Residence

Price Type --

Find the perfect balance of modern convenience and serene living in this beautifully remodeled North Central patio home, nestled within the highly sought-after Monteil Townhomes community. Built in 1998 and thoughtfully updated, this 3-bedroom, 2.5-bath retreat features vaulted ceilings in the entry, den, and family room, creating an inviting and spacious atmosphere. Recent upgrades include a new roof and air conditioner (2020) and updated stainless steel appliances, making the timeless kitchen a cooking sanctuary with custom cabinetry and a handy eat-in space. The third bedroom doubles as an ideal home office, perfect for today's work-from-home lifestyle. The backyard, with its tranquil fountain and paver walkway, offers a peaceful escape, easily accessible from both the primary bedroom and the living area. Storage is ample with a two-car garage equipped with built-in cabinets. Monteil Townhomes are rarely available, and this gem offers lush patios, abundant natural light through large windows and skylights, and easy access to the Arizona Canal Trail just steps from your door. Whether you're an outdoor enthusiast or someone who appreciates proximity to dining and shopping, this home provides it all.

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22803 S 215 Street Queen Creek, AZ 85142

$647,000

4 Beds

2.5 Baths

2,702 SqFt

Status Active

MLS # 6780283

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home that seamlessly combines contemporary style, energy efficiency, and a prime location. From the moment you step inside, you'll be captivated by the vibrant, modern feel, with soaring ceilings and elegant architectural details throughout. The newly squared doorways, along with freshly painted interiors, create a fresh, inviting atmosphere. The home has been thoughtfully updated enhancing its stylish, turnkey appeal. The kitchen is a standout feature, boasting granite countertops, a custom tile backsplash, stainless steel appliances, including a brand-new dishwasher, and custom cabinetry. A spacious pantry is ready to accommodate all your culinary needs, whether you're shopping at Costco or whipping up (click more) gourmet meals at home. The large primary suite offers a true retreat, featuring a spa-like bathroom with modern barn doors and breathtaking views of the golf course and mountains. It's the perfect place to unwind and enjoy peace and tranquility. The guest bedrooms are generously sized and offer plenty of storage, while the stylish bathrooms ensure comfort for family and visitors alike. A versatile office or loft space offers flexibility for your needswhether you're working from home or relaxing in your personal sanctuary. Step outside to discover a spectacular backyard with a beautiful pool, lush artificial turf, and multiple lounging areas that provide both sun and shade. Whether you're hosting friends, soaking up the sun, or enjoying a quiet moment at sunset, you'll be surrounded by breathtaking golf course and mountain views. Energy efficiency is key in this home, which is equipped with a new solar panel system, HVAC systems (2), and a new roof, lowering your energy costs and your carbon footprint while adding to the overall appeal. Community Amenities: Golf Pickleball Tennis Pool (heated) Fitness center Community events This home truly has it allstyle, comfort, energy efficiency, and a prime location with incredible views. Whether you're looking to entertain or relax, this home offers everything you need for modern living in a vibrant, welcoming community. Don't miss your chance to own this incredible home! Come tour today!

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25985 W Tonopah Drive Buckeye, AZ 85396

$646,999

5 Beds

4 Baths

4,067 SqFt

Status Active

MLS # 6755613

Property Type Single Family Residence

Price Type --

SELLER OFFERING $10,000 CREDIT TOWARDS CLOSING OR RATE BUY DOWN! Welcome to this stunning, massive home located in the desirable Festival Foothills community! Boasting over 4,000 sq. ft., this spacious property features 5 bedrooms and 4 full bathrooms, including 2 luxurious master suites and a convenient downstairs bedroom and full bath—perfect for guests or multi-generational living. ALL 5 BEDROOMS HAVE WALK IN CLOSETS. The large, entertainer's kitchen is ideal for hosting, with ample space and two pantries, including a walk-in. Enjoy a variety of living spaces with a formal sitting room, living room, and an upstairs loft, offering plenty of room for relaxation or activities. Home has assumable VA loan at 3.65%! Step outside to your own private oasis, complete with a beautiful pool and spa, highlighted by a rock waterfall slide. The home also features owned solar panelsno payments requiredadding incredible energy efficiency! Also includes new hot water heater and water softener system. With no carpet downstairs, ample functional storage throughout, and a 3-car garage, this home is both elegant and practical. Don't miss out on this extraordinary home, it won't last long!

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15683 W Mercer Lane Surprise, AZ 85379

$646,694

5 Beds

4 Baths

3,475 SqFt

Status Active

MLS # 6760310

Property Type Single Family Residence

Price Type --

BRAND NEW COMMUNITY. LOCATION LOCATION LOCATION. This one is located East of the 303 and has great accessibility to shopping and freeways. This home is a wonderful 5 BR, 4 bath home with a loft and formal dining and a 3-car garage. Beautiful gourmet kitchen has a large island that opens up to the great room. Upgraded Painted Linen cabinets, quartz counters with a custom backsplash and gourmet appliances. This home has the sought after bottom floor bedroom and full bath as a guest suite. Upstairs you will love the large loft, large secondary rooms with walk in closets and the Owner's suite! Owner's suite has separate tub and shower, two walk in closets and separate vanities! THIS HOME WILL BE COMPLETED IN NOVEMBER. PHOTOS ARE OF A MODEL OF THE SAME PLAN COME SEE THIS ONE

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5845 S Romano -- Mesa, AZ 85212

New

$646,589

3 Beds

2.5 Baths

2,491 SqFt

Status Active

MLS # 6788617

Property Type Single Family Residence

Price Type --

MLS#6788617 March Completion! Explore the stunning Hillary floorplan at La Mira! This thoughtfully designed single-story home features 3 bedrooms, 2.5 baths, a study, and a game room. At its heart is an open-concept layout with a spacious gathering room, a chef-inspired island kitchen, and a cozy dining area. Sliding glass doors lead to an extended covered patio and a beautifully finished backyard. The secondary bedrooms share a Jack-and-Jill bath, while the private study is conveniently located near the front entry. The owner's suite, tucked at the back, offers a serene retreat with a walk-in closet and a luxurious en-suite bath. Structural options include: soft water loop, extended covered outdoor living, 12'x8' sliding glass door, game room, and gas line for future outdoor kitchen.

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1199 N Melody Circle Chandler, AZ 85225

$645,900

4 Beds

3 Baths

2,997 SqFt

Status Active

MLS # 6734457

Property Type Single Family Residence

Price Type --

Motivated Seller; This stunning home sits on a pool-sized lot. 4 beds, 3 baths, an extra office, a bonus room, and a loft. (6/7 rooms). The separate living and family rooms allow you to spread out and enjoy. RV gate with a good-sized cement pad, and an extra storage room with A/C. The downstairs has a nice office with built-in cabinets and a large bedroom with a separate entrance to the outside. (perfect mother-in- quarters room) Upstairs has a loft with the 3 other bedrooms. A remodeled kitchen with a huge island opens to a large family room and views of the backyard. Both AC units are less than 1 year old. Newer paint, flooring, Blinds, fans, lights, etc. This home has so much to offer and is in a wonderful location. Hoa only $30.00 a month. Bring me some offers!

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41644 N 277th Avenue Morristown, AZ 85342

$645,000

3 Beds

2 Baths

2,700 SqFt

Status Active

MLS # 6780700

Property Type Single Family Residence

Price Type --

Newly remodeled 3-bed, 2-bath home on 3.4 picturesque acres with 360 mountain and Hassayampa River views! This 2,700+/- sq ft residence features a new kitchen with quartz countertops, new modern bathrooms, new flooring, appliances, fresh paint, and a new roof. The guest bath offers a soaking tub by the fireplace, while the primary suite exudes charm with wainscoting on the walls and a custom walk in shower. Ideal for horse enthusiasts, the land includes an existing corral and a huge level area for a future arena. The land is surveyed for a 5-parcel split. There is a storage shed with bathroom and a covered carport. Located 25 minutes from Loop 303 & Surprise, and 15 minutes from Wickenburg. Country living at its best with easy quick access to the city. Can sell with more areage.

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8350 W Mary Ann Drive Peoria, AZ 85382

$645,000

5 Beds

3 Baths

2,634 SqFt

Status Active

MLS # 6773644

Property Type Single Family Residence

Price Type --

Gorgeous Fletcher Heights Fulton home* brand new roof 2024* brand new solar panels 2024- seller paid $35k for solar panels* sparkling pebble tech play pool* cozy mid west style front porch* 5 bedrooms and 3 bathrooms* 2634 sq ft* 2 car garage* beautiful remodeled white kitchen cabinets w? brushed nickel hardware* all stainless steel kitchen appliances* newer stainless steel Bosch dishwasher and refrigerator* freshly painted exterior pop outs* remodeled white linen and laundry cabinets* freshly painted white custom baseboards* new lighting fixtures and brushed nickel door handles* remodeled owners suite master bathroom w/ beautiful custom walk in shower* gas heat* gas fireplace in family room* full length cozy back patio* custom pavers in backyard, front yard and side yard* beautiful synthetic green grass front and back* open views on the full length walk out balcony right outside the master bedroom* just resurfaced pool deck* gas water heater* added insulation in attic* raised block backyard wall a couple of feet for added privacy* nice backyard golf putting green* spectacular backyard for entertaining & enjoyment* highly desirable Fletcher Heights community* top rated Peoria schools* close to A+ Rated Sunrise Mountain High School* close to shopping* restaurants* schools* golf* Arrowhead Mall* the 101 and much more* fantastic home!

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1548 W Milagro Avenue Mesa, AZ 85202

$645,000

4 Beds

2.5 Baths

2,485 SqFt

Status Active

MLS # 6779351

Property Type Single Family Residence

Price Type --

Welcome to Dobson Ranch! Milagro Ave tees up a 4-bedroom, 2.5-bath home with golf course view. The courtyard floorplan allows natural light and space for entertaining. Enjoy Dobson Ranch's multiple swimming pools, pickleball courts, tennis courts, basketball and other sport courts, recreation center, and community events throughout the year. Soak in the beautiful Arizona sunsets and fairway views from your own backyard.

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