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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23680 N 168th Lane Surprise, AZ 85387

$642,900

4 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6781921

Property Type Single Family Residence

Price Type --

MULTI-GEN LIVING SPACE!! 3-CAR GARAGE! Welcome to the epitome of modern elegance and spacious living in this Aurora floor plan, located in the desirable community of Asante in Surprise, AZ. This immaculate home features 4 bedrooms, 3 full bathrooms, and an ADDITIONAL DEN area perfect for a teen wing or guest quarters. As you approach the home, you'll be struck by its stunning curb appeal and METICULOUS LANDSCAPING on a desirable corner lot. The PRIVATE COURTYARD entrance sets the tone for this beautiful home. Upon entering, you'll be greeted by an abundance of natural light pouring in from the TWO LARGE SLIDING DOORS in the Great Room and Dining Area, creating a bright and welcoming atmosphere. Every window in the hoam showcases gorgeous PLANTATION SHUTTERS! ... The open concept layout seamlessly connects the living area, dining area, and kitchen, making it ideal for entertaining or a busy household. Holiday cooking will be easy in this sleek kitchen that boasts GRANITE COUNTERTOPS, stylish cabinetry, a large island, and modern stainless steel appliances. The home features THREE FULL BATHROOMS, each with their own unique design and luxurious finishes. The primary suite is a peaceful retreat, complete with a SPA-LIKE WALK IN SHOWER, dual sinks, and spacious dual closets. Nestled between two bedrooms split from the primary suite, the den area offers a versatile space for a teen wing or entertainment zone for guests. Practical features such as EPOXY GARAGE FLOORING and ATTACHED GARAGE STORAGE make organizing and storage a breeze. Step outside into the BEAUTIFULLY MANICURED YARD, with mature trees and low maintenance turf, providing a serene outdoor space for relaxation and gatherings. This home has been meticulously maintained and is move-in ready, offering a high-quality living experience in the vibrant Asante community. Don't miss the opportunity to make this your dream home.

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3609 W Summit Walk Drive Anthem, AZ 85086

$642,500

3 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6768388

Property Type Single Family Residence

Price Type --

REDUCED FOR FAST SALE Best in class Majesty Model, outstanding features abound... Shows like a model. New paint and new wood look tile floor throughout. Great Kitchen with Granite Counters and Huge Island, new gas range, upgraded pullout cabinets and large pantry. From the private gated courtyard entry this home shows like a model! Main bedroom features great walk-in closet, and an upgraded bath with Separate tub and shower and his and hers vanities. This open floorplan features a huge kitchen over-looking the family room. The family room has surround sound in place. A great home office looks out on to the private gated courtyard and make this one of Anthem's best! Did I mention completely paid off solar system...

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17134 W Hackamore Drive Surprise, AZ 85387

$642,456

4 Beds

3 Baths

2,660 SqFt

Status Active

MLS # 6776830

Property Type Single Family Residence

Price Type --

MLS#6776830 February Completion! Experience true multigenerational living with the Zion plan at Asante! Step through the welcoming porch into the foyer. To one side, discover a private multi gen suite featuring a bedroom, a dedicated living area, bathroom, a one-car garage, and a separate entry from the outside as well as into the main home. In the main home, you'll find a formal dining area, a powder room, a laundry room, and entry to your two-car garage. At the heart of the home, a spacious great room seamlessly connects to a kitchen with an island, casual dining space, and covered outdoor living area. Tucked away in the back, the primary suite offers a spa-inspired bathroom and a large walk-in closet—your perfect retreat. Structural options include: paver front porch, garage service door, exterior door at primary suite, interior door at mulit-gen living, super shower in primary and pre plumb for laundry sink.

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21048 E Arroyo Verde Drive Queen Creek, AZ 85142

$642,031

4 Beds

3 Baths

2,198 SqFt

Status Active

MLS # 6766872

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus Builder/Lender Financing Incentive Available when financing with builder's preferred lender(s) of up to $25K towards closing costs or interest rate buydown. Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful Cul-De-Sac home backs to 8-Mile Walking Trail with no homes behind! Beautiful upgrades include Smoke cabinets, Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave, Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Plank Tile Flooring, & Window Blinds. Final Chance to Own Backing to the Trail! Don't Wait, See This Home Today.

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35612 N Lodestone Drive San Tan Valley, AZ 85144

$642,000

4 Beds

2.5 Baths

2,433 SqFt

Status Active

MLS # 6779171

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Toll Brothers home! This brand new 2024-built residence has been thoughtfully upgraded throughout. Offering 4 beds, 2.5 baths, 3-car garage, & a low-care landscape. Home exudes elegance with stylish light fixtures, tall ceilings, wood-look tile flooring in common areas, Berber carpet in bedrooms, a neutral palette, and tons of natural light. You'll love the open layout paired with sliding doors to the back! The gourmet kitchen features quartz counters, tile backsplash, and a large island w/breakfast bar. The walk-in pantry & gray shaker cabinetry ensure ample storage. The owner's suite has an ensuite with dual quartz sinks & a walk-in closet. Outback, you have artificial turf and a covered patio to relax or enjoy BBQ. Just WOW

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549 W Sweet Shrub Avenue Queen Creek, AZ 85140

$642,000

5 Beds

3 Baths

3,317 SqFt

Status Active

MLS # 6741014

Property Type Single Family Residence

Price Type --

This large, beautiful 5 bedroom, 3 bathroom Fulton home located in Ironwood Crossing features an extended 306 square foot balcony with private master access and mountain views, view fencing to the greenbelt, no neighbors behind, a SUPER-SIZED 4.5 car garage, SOLAR PANELS that will be PAID IN FULL by sellers at closing, artificial turf, LIME & RUBY GRAPEFRUIT trees. Interior has new carpet and paint, wood tile flooring, Havana tile stairs with iron scroll railing, 2'' faux wood blinds, dual pane low-e windows, paneled doors and closets, ceilings fans and lots of storage space throughout! Surround sound speakers installed in family room.Spacious gourmet kitchen has a large island, granite counter tops, extended maple cabinets with 3 crown molding, recessed lighting, under mount stainless steel sink, and stainless steel appliances, and new convection stove top. There is a GAS STUB at the cook top! Master bedroom has views of the lush greenbelt overlooking the backyard, private sliding door to the balcony, a HUGE closet AND bathroom with an extra long counter, double sinks, and a Graniterra garden tub/separate shower. The spacious loft is central to the upper level living area and is a flex space for office, entertainment, whatever suits you! The 5th bedroom is located downstairs and has access to the all bathroom just one door down. Brand new water heater! Solar is owned and will be paid in full at closing. Soft water loop already installed. 210 breaker box professionally installed for an above ground pool! Gas available at cooktop, dryer, and BBQ! Home is turnkey ready with all appliances conveying, including washer/dryer/fridge! Platinum Plan warranty will be provided by sellers through Select Home Warranty. Sellers can paint accent walls and kitchen to match rest of house if buyers desire. They will work with you! The aquatics center with a heated community pool and splash pad is nearby, as is Legacy Traditional Charter School. One of many playgrounds is just a few houses down the street. There are walking paths, parks with ramada covered picnic areas and gas grill throughout the community, basketball courts, and a soccer field!

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1449 W Saddle Run Apache Junction, AZ 85120

$641,990

4 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6750835

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 plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Casoria floor plan presents a sophisticated two-story layout featuring four bedrooms, an upstairs loft, and a versatile flex space perfect for an office, TV room, or study. Enhanced by professionally landscaped front yard, this home will be ready for occupancy in October or November. Ideally situated near community parks, grocery stores, and a variety of restaurants.

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234 E Avenida Sierra Madre -- Gilbert, AZ 85296

$641,000

3 Beds

2 Baths

1,915 SqFt

Status Active Under Contract

MLS # 6706250

Property Type Single Family Residence

Price Type --

Welcome to this charming Downtown Gilbert abode, a spacious sanctuary boasting 3 bedrooms and 2 baths. RV gate and NO HOA! Step inside to discover a modern haven where every detail exudes elegance. The heart of the home is the updated kitchen, featuring sleek countertops, stainless steel appliances, and an oversized island perfect for culinary creations and casual dining. Natural light pours in through large windows, illuminating the open-concept living and dining areas, creating an inviting atmosphere for gatherings. Retreat to the tranquil master suite, complete with a luxurious ensuite bath and ample closet space. Outside, paradise awaits in the expansive backyard oasis. Dive into the sparkling pool on hot summer days or unwind on the large patio, ideal for al fresco dining and entertaining under the Arizona sky. Located in the vibrant Downtown Gilbert area, this home offers the perfect blend of comfort and convenience, with trendy shops, eateries, and entertainment options just moments away. Embrace the epitome of suburban luxury in this impeccable residence.

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24173 N 160th Avenue Surprise, AZ 85387

$640,484

5 Beds

4.5 Baths

3,444 SqFt

Status Active

MLS # 6765432

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 5 BEDROOM PLUS LOFT, 4.5 BATH , 3 CAR GARAGE 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , QUARTEZ KITCHEN TOPS, SPA SHOWER IN MASTER BATH, LUXURY VINYL FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE

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17126 W Hackamore Drive Surprise, AZ 85387

$640,244

4 Beds

3 Baths

2,665 SqFt

Status Active

MLS # 6776842

Property Type Single Family Residence

Price Type --

MLS#6776842 March Completion! Welcome to the Everglade at Asante Passage! Enter through the porch into a warm and inviting foyer. To one side, you'll find two bedrooms sharing a bathroom, while across the way lies a laundry room, an additional bedroom with its own bathroom, and access to the two-car garage. Move deeper into the home to uncover gorgeous open-concept living, where the great room seamlessly connects to a casual dining area, a kitchen with an island, and a covered outdoor space—perfect for entertaining. The private primary suite offers a serene retreat, complete with a spa-inspired bathroom and a spacious walk-in closet. Structural options include: paver front porch, 12'x8' sliding glass door, garage service door & study in lieu of bed 2.

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3676 Gold Rush Court Wickenburg, AZ 85390

$640,000

2 Beds

2 Baths

1,959 SqFt

Status Active

MLS # 6737439

Property Type Single Family Residence

Price Type --

Welcome to 3676 Gold Rush Court! Located in a private corner of Wickenburg Ranch, this serene oasis features a stunning backyard with a calming water feature, mature plants and trees, a large stone rectangular fire pit, and dual glass walls in the great room and dining area. Remote-controlled shades with wind sensors and outdoor speakers enhance the ambiance, offering an exceptional outdoor living experience. This highly upgraded Nice floor plan boasts over $125,000 in original enhancements, with many additional improvements. These include new carpet in the bedrooms, ceiling fans throughout, new stainless steel appliances, a glass shower door in the guest bathroom, extended patio pavers, a raised garden area, and a block wall with wrought iron fencing. The gourmet kitchen is equipped with a wall oven and microwave, gas range, pullout shelves, a recycle center, granite countertops, and pendant lights. The extra-large laundry/smart space features a built-in sink, cabinets, and a desk. All window coverings operate both top-down and bottom-up for optimal comfort and lighting. The garage is complete with an epoxy floor, built-in cabinets, a brand-new garage door, outdoor lights, and a water softener. This home offers a perfect blend of comfort, style, and convenience in one of Wickenburg's most desirable neighborhoods, where every detail is designed to enhance your living experience.

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134 W Crimson Sky Court Casa Grande, AZ 85122

$640,000

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6743294

Property Type Single Family Residence

Price Type --

Exquisite, updated Coyote Ranch home on .38 acre with side entry 3 car garage, sparkling pool, plus Casita with bathroom and heat/cooling. Expansive chef's kitchen with upscale appliances. Great room with a gas fireplace. Split primary suite for owner privacy. Drive thru gate with RV storage slab with full hookups. Outdoor kitchen, fire-pit, citrus trees. An easement along the north lot line ensures no structures behind. Beautifully decorated and maintained.

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