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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5100 E Rancho Paloma Drive Unit 2026 Cave Creek, AZ 85331

$635,000

2 Beds

2 Baths

1,990 SqFt

Status Active Under Contract

MLS # 6766794

Property Type Townhouse

Price Type --

Discover this beautifully upgraded townhome in the highly sought-after Rancho North community, renowned for its privacy and breathtaking mountain and desert views. The spacious great room layout features two generous bedrooms, a large den, two full baths, and a two-car garage. The interior showcases stylish white cabinets, quartz countertops, a gas stove, and a spacious primary bathroom with an oversized shower. A neutral color palette creates a warm and inviting atmosphere. Two large sliding doors lead to a private balcony, ideal for enjoying the tranquil desert ambiance and unobstructed mountain vistas. With large picture windows that flood the home with natural light, this townhome offers a bright and airy feel. The community boasts fantastic amenities, including a heated pool, spa,BBQ area and workout facility. You'll also be conveniently located near shopping, dining, and outdoor activities like hiking and biking. This home is Energy Star Certified and features smart home technology, including WiFi door and garage locking and thermostat control, along with an EV charging station. Don't miss this exceptional opportunity!

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32185 N 129 Avenue Peoria, AZ 85383

$635,000

4 Beds

3 Baths

2,509 SqFt

Status Active Under Contract

MLS # 6779598

Property Type Single Family Residence

Price Type --

Shea homes former Hope model with pre-paid solar is ready for you to make it ''Home!'' This 2,509 sq/ft home features the ''kitchen-centric'' floorplan that was designed for entertaining to the max! This lightly lived in, 4 bedrooms and 3 full bath home has designer touches including wood flooring, custom built ins, surround sound inside/out, ceiling fans, and window treatments throughout. The chef's kitchen features SS appliances & hood, pass through bar and massive quartz island with room to seat all your guests inside and out! Step outside to the professionally landscaped backyard with stunning mountain views and built in BBQ and fireplace. Please see attached options list for details on all upgrades. Rated the top master planned community several years in a row, Vistancia Village offers an unparallel lifestyle that includes pickleball, tennis, golf, 3 swimming pools, trails, parks, clubs and classes for all interests and a large offering of community events! Perfectly situated off the 303 freeway, enjoy easy access to shopping and dining!

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16525 W Sheridan Street Goodyear, AZ 85395

$635,000

2 Beds

2.5 Baths

2,066 SqFt

Status Active Under Contract

MLS # 6745341

Property Type Single Family Residence

Price Type --

Paid off solar! Beautiful, very well maintained home in Pebble Creek golf Course community! New top of the line AC unit with a 10 year warranty. Enjoy low maintenance backyard, with brand new pavers and turf! Corner lot with great curb appeal, epoxy floors in 2.5 car garage. Bonus versatile room which can be used as office/ den or spare room. Two large master suites on opposite ends of house. Enjoy all this beautiful gated community has to offer, including pools, club house, restaurants/bar, coffee shop etc.

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10034 E Pantera Avenue Mesa, AZ 85212

$635,000

3 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6783523

Property Type Single Family Residence

Price Type --

Don't miss out on the chance to own this impeccably maintained, modern single-story home nestled in the sought-after Gilbert School District. With three bedrooms and a versatile den or office featuring stylish barn doors, this home seamlessly combines elegance and practicality. Step into the outdoor haven, complete with a pristine pool and spa, complemented by a generously sized covered patio—perfect for leisure and entertaining. Inside, the 10-foot ceilings create an airy atmosphere, highlighting a meticulously remodeled kitchen that exudes contemporary charm. The primary suite, strategically situated for privacy, boasts an expansive bay window, separate tub and shower, and dual sinks.

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14200 W Village Parkway Unit 2128 Litchfield Park, AZ 85340

$635,000

2 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6744120

Property Type Townhouse

Price Type --

Nestled within the impressive gated Wigwam Golf Community, this single-story townhome is a haven of elegance and comfort. With two spacious bedrooms, a versatile den, and a thoughtful layout, this home offers a unique blend of style and functionality. Upon entering, you are greeted by a warm, inviting living area that flows seamlessly into a well-appointed kitchen. The kitchen, equipped with modern appliances and ample counter space, is perfect for both casual meals and entertaining guests. The two bedrooms offer a tranquil retreat, each spacious and filled with natural light. The master suite is particularly impressive, featuring ample storage and a luxurious bathroom that promises relaxation. Adding to the home's appeal is a versatile den, which could serve as a home office... a library, or a cozy entertainment room. This additional space provides flexibility to cater to your lifestyle needs. Outside, the property is equally inspiring. The meticulously maintained landscape adds to the home's curb appeal, while the community's amenities, including the renowned Wigwam Golf Course, promise a lifestyle of leisure and convenience. This townhome is more than just a place to live, it's a sanctuary where comfort meets elegance, making it a perfect place to call home.

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2209 E Windsor Avenue Phoenix, AZ 85006

$635,000

3 Beds

3 Baths

1,913 SqFt

Status Active

MLS # 6723859

Property Type Single Family Residence

Price Type --

What a GEM! Comfort meets modern elegance in this beautiful home nestled on a large lot. Featuring a manicured landscape w/natural grass & mature trees, it offers a tranquil setting. Discover a desirable open layout paired with chic light fixtures, neutral palette, & tile flooring w/plush carpet in bedrooms. The kitchen boasts SS appliances, quartz counters, subway tile backsplash, white shaker cabinets, and an island w/breakfast bar. Two main bedrooms! One includes French doors to the back, and both feature a barn door that opens to the ensuite with dual sinks & a walk-in closet. You'll LOVE the peaceful backyard! A covered patio, artificial turf, elevated paver patio, & a hot tub complete the picture. PLUS! This value has a 2-car garage & 2 RV gates on both sides of the house. Just WOW!

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22353 N 99th Lane Peoria, AZ 85383

$635,000

3 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6728823

Property Type Single Family Residence

Price Type --

This METICULOUSLY CARED FOR and IMMACULATELY KEPT home with GREAT ROOM floor plan will PROVIDE a SPECIAL PLACE for COMFORT and DAILY LIVING but ALSO a PLACE for ENJOYMENT and ENTERTAINMENT*You have YOUR OWN PRIVATE POOL with GREENBELT VIEWS rather than back yard neighbors, as well as the DESIRABLE MEADOWS' COMMUNITY PICKLE BALL COURTS, POOL, SPA, and SPRAWLING PARK only a few doors away*Your KITCHEN has OVERSIZED ISLAND, GAS STOVE, R/O, refrigerator included, and PANTRY*CONVENIENT BUILT IN STUDY CENTER*LARGE OWNER SUITE is split and you can APPRECIATE the added 4-ft extension*This NEWER BUILT HOME has updated CEILING FANS and PENDANT lighting, NEST thermostat, BLINK exterior CAMERAS, and ORANGE and LEMON tree planted in 2023*COME BY and SEE why YOU WILL WANT TO CALL THIS PLACE YOUR ''HOME

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6225 E Carolina Drive Scottsdale, AZ 85254

$635,000

3 Beds

2 Baths

1,415 SqFt

Status Active

MLS # 6733040

Property Type Single Family Residence

Price Type --

Welcome to this charming single-story home boasting fresh interior and exterior paint that accentuates its bright and airy ambiance. The kitchen features stainless steel appliances including a range and dishwasher, complemented by beautifully painted cabinets and quartz countertops that provide ample workspace. With three bedrooms and two baths, this home offers both comfort and functionality. Enjoy entertaining in the spacious living areas complete with a cozy fireplace and luxury vinyl plank flooring throughout. Outside, a fenced pool awaits in the private backyard, perfect for relaxing or hosting gatherings. This home combines modern upgrades with classic charm, making it an ideal retreat for any homeowner.

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3993 W Talc Drive San Tan Valley, AZ 85144

$635,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6745758

Property Type Single Family Residence

Price Type --

MOVE-IN READY, better than a new build or spec home. This 4 bed, 3.5 bath with 4 car garage dream home is waiting for you! Custom features include tile plank flooring throughout, kitchen with backsplash, custom cabinets with pull-out drawers, quartzite countertops, gas chef range and beverage fridge. Master suite with walk-in closet, master bathroom features a large walk-in shower with custom tile surround, free-standing tub, vessel sinks with his and her vanities and faucets. All upgrades done by an interior designer. Large bedrooms and one w/private bath, walk-in closet. Bedrooms are split from the master with a large bonus room. Sliding wall of glass from great room that leads out to the extended patio. Private backyard with no two stories behind you.

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20750 N 87th Street Unit 2139 Scottsdale, AZ 85255

$635,000

2 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6743827

Property Type Townhouse

Price Type --

Amazing townhome near McDowell Mountain Preserve! Welcome to this beautifully updated two-bedroom, two-bath townhome featuring a two-car garage. The living room boasts a beautiful fireplace with elegant stone accents, creating a warm and inviting atmosphere. Step outside to a large, open patio, perfect for relaxing or entertaining. The modern kitchen is a chef's dream, equipped with stainless steel appliances, stunning granite countertops, and a convenient breakfast bar. Enjoy meals in the adjacent formal dining area, enhanced with updated fixtures that add a touch of sophistication. The large master bedroom offers a private balcony, providing a serene retreat with views of the surrounding area. Inside laundry adds convenience, making daily chores a breeze. Located just steps away from the McDowell Mountain Preserve, and minutes from Scottsdale's shopping and dining, this townhome offers easy access to outdoor adventures and breathtaking scenery. Experience the perfect blend of comfort, style, and location in this must-see home!

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15492 W Campbell Avenue Goodyear, AZ 85395

$635,000

5 Beds

3.5 Baths

3,900 SqFt

Status Active

MLS # 6755869

Property Type Single Family Residence

Price Type --

Basement homes are not synonymous with Arizona. Welcome to Palm Valley Living at it's finest! This well appointed home has 5 bedrooms 3.5 bathrooms with 3900 sq ft for your enjoyment. 3 car garage and a neutral pallet makes this one a winner!

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2618 N 68th Place Scottsdale, AZ 85257

$635,000

3 Beds

2 Baths

1,667 SqFt

Status Active

MLS # 6770473

Property Type Single Family Residence

Price Type --

Welcome to this charming and updated 3-bedroom, 2-bathroom home located in the desirable Inmar Terrace community in South Scottsdale. Updates include: New Kitchen and Bathroom cabinets/countertops. New kitchen appliances. New showers. New tile flooring through out, no carpet! New paint inside and outside and a remodeled backyard. With just under 1,700 square feet of living space, this home is perfect for a small family looking for both comfort and convenience. The spacious floor plan includes a bright living area, a modern kitchen, and well-sized bedrooms, making it an ideal space for both everyday living and entertaining. The property features a large carport, providing extra parking for your vehicles or guests. Located close to some of Scottsdale's best entertainment, shopping, and dining options, this home offers a perfect blend of suburban peace and urban accessibility

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