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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6083 E Knolls Way Cave Creek, AZ 85331

Open House

$625,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6783479

Property Type Townhouse

Price Type --

Incredible opportunity to own a home in The Knolls with amazing sunsets! Spacious great-room floor-plan is designed with entertaining in mind. Beautifully updated kitchen boasts new stainless steel appliances, granite countertops, a large island, pantry, RO system, under-cabinet lighting, & gas stove. Expansive split master suite includes a cozy nook with updated master bath and walk-in closet with custom built-ins add luxury and convenience. Secondary bedroom also features an en-suite bath. Step outside to relax in the hot tub while enjoying STUNNING Black Mountain and sunset views. Fenced backyard includes a fireplace and hot tub, ideal for chilly winter evenings. Recent updates include a new water heater (2023), Hot Tub (2020) resurfaced roof (2022), interior paint, window shades, security door, garbage disposal (2024) . The garage offers built-in cabinets and epoxy floors. Just steps away from the heated community pool and spa, and within walking distance to historic Cave Creek's dining and entertainment options!

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1060 S Redberry Drive Show Low, AZ 85901

$625,000

3 Beds

2.5 Baths

1,791 SqFt

Status Active

MLS # 6691403

Property Type Single Family Residence

Price Type --

3 bed, 2.5 bath, living room, fire place, dining area, kitchen, LG appliances, kraftmaid cabinets, laundry with sink, solid wood oak/tile floor, 2 car garage, front porch, back patio, single level on a slab, metal roof, gutters

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10818 E Obispo Avenue Mesa, AZ 85212

$625,000

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6776503

Property Type Single Family Residence

Price Type --

A gorgeous, well maintained 3 bedroom plus a den, 2 1/2 bath home that is move-in ready! Delightful curb appeal with easy to maintain desert landscaping, a 2 car garage, and a huge front patio to enjoy the sunset. The kitchen has staggered cabinets with crown molding, granite countertops, matching appliances and a breakfast bar. The large living room and adjacent dining area is spacious for entertaining. The master includes a walk in closet, snail shower, double sinks and a separate toilet room. Private backyard with an oversized covered patio to enjoy the Arizona winter evenings! SSV offers endless amenities for you to enjoy year round. Three 9 hole golf courses. Easy access to valley freeways.

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3259 E Isaiah Court Gilbert, AZ 85298

New

$625,000

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6780469

Property Type Single Family Residence

Price Type --

This two-story residence, built in 2007, offers a spacious layout with 4 bedrooms, 3 baths, with bedroom, bath and office/den on the first floor. With 2,410 sq ft of living space on a generous 7,573 sq ft lot, there's room for everyone to enjoy. The open floor plan is ideal for entertaining, while the well-appointed kitchen flows seamlessly into the dining and living areas. Recent upgrades such as LVP flooring, HVAC and water heater make this home lower maintenance. Step outside to your backyard, complete with 8' RV gate for easy access and plenty of space for outdoor activities. The 3-car tandem garage provides ample storage for vehicles and toys alike and has a 220V outlet. Residents have the option to purchase memberships to the Seville Golf Club and recreation centers.

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7601 E Indian Bend Road Unit 1047 Scottsdale, AZ 85250

New

$625,000

2 Beds

2 Baths

1,364 SqFt

Status Active

MLS # 6788930

Property Type Apartment

Price Type --

Beautifully designed condo in the highly coveted Corriente community, conveniently located near multiple golf courses (McCormick & Silverado), the Scottsdale greenbelt, and endless top restaurants & shopping. This stunning 2-bedroom, 2-bath 1st floor unit has been meticulously maintained and is perfect for those seeking luxury & convenience. The popular, spacious Zafiro corner floor plan is light & bright thanks to multiple large south-facing windows. The gourmet kitchen boasts stainless steel appliances, gas cooktop, granite counters, bar seating and an abundance of cabinetry & storage. The open living area, accented with crown molding, offers a cozy gas fireplace and the southwest-facing covered patio provides the perfect space to enjoy Arizona's idyllic weather. The primary suite is a private retreat with a large walk-in closet, dual sinks, private toilet room and a walk-in shower. All appliances are included and some of the furniture is available on a separate bill of sale. The gated Corriente community offers upscale amenities including a climate-controlled underground parking garage (2 spaces), secure bike storage, an updated modern fitness center, BBQ areas, ramadas, and a luxurious clubhouse ideal for entertaining. Enjoy high-speed internet and DirecTV included in your HOA, along with added security through cameras at gate and garage entrances. Corriente connects to 18 miles of scenic walking and biking paths along the greenbelt and is steps away from Silverado Golf Course, Seville shopping, and the McCormick-Stillman Railroad Park. Scottsdale Fashion Square, Kierland Commons, Old Town Scottsdale, and the new Palmeraie Ritz Carlton PV are all close by making this location truly unmatched. Don't miss the opportunity to experience an effortless yet vibrant lifestyle in this wonderful property situated in the heart of Scottsdale.

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6621 S Calle De La Cereza -- Hereford, AZ 85615

$625,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6784667

Property Type Single Family Residence

Price Type --

WWWWWHOA........Hold your horses!!!!! This is it!!! Remodeled Ranch house with metal roof on almost 5 acres with a Private Well, Pool with solar, Shop with electric, THE BEST 12 stall barn I have seen in Sierra Vista with pastures that include auto/waterers-high quality fencing that is cross fenced with turnouts, the value of this barn is out of this world and includes a wash rack too! Property includes an over built huge chicken coop, garden areas with fruit trees the most amazing views of the Huachuca Mountain and the Mule Mountains, and so much more!! Ask me or your realtor for Seller's 'Feature Sheet' this document will tell you ALL the extras to detail this one-of-a-kind property has to offer. There is not enough space here to list all!! That is how wonderful this property is!!

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1622 E Cortez Street Phoenix, AZ 85020

$625,000

3 Beds

1 Bath

2,050 SqFt

Status Active

MLS # 6721387

Property Type Single Family Residence

Price Type --

Unique horse property in the heart of town on almost a full acre parcel. So large it feels like you have no neighbors and can enjoy the tranquility and a perfect location, minutes away from everything you need! Survey is available for lot split. Upstairs has 2 bedrooms (converted to 3) and 1 full bath with lots of upgrades and impressive woodwork, spacious upgraded eat in kitchen and large bedroom. In addition there is a basement with a separate entrance and two additional rooms. This is a rare find. Don't miss it. Buyer is responsible for verifying all material facts.

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6764 W Firebird Drive Glendale, AZ 85308

$625,000

4 Beds

3 Baths

2,327 SqFt

Status Active

MLS # 6763127

Property Type Single Family Residence

Price Type --

Wonderful home in highly desirable Arrowhead Ranch community. This 4 bedroom 3 bath home features an open floorplan and vaulted ceilings. Upgraded kitchen with granite counters, stainless appliances and recessed lighting. Maple floors in entry, kitchen, walkways, landing and stairs. New Carpet in all other rooms. Plantation shutters throughout. Fabulous master with his and her closets, a huge walk-in shower w/ bench, double sinks on vanity with upgraded granite. Home has been just freshly painted throughout. 4th bedroom is a den with double doors, original option included having a closet for a bedroom. Nice backyard with sparkling pool and covered patio. Great location- close to beautiful lakes, walking and biking trails. Close to freeways, shopping and restaurants.

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22743 E Avenida Del Valle -- Queen Creek, AZ 85142

$625,000

3 Beds

2.5 Baths

2,899 SqFt

Status Active

MLS # 6764641

Property Type Single Family Residence

Price Type --

You know when you walk into the perfect house and get that feeling that THIS IS THE ONE? Be ready to experience that! This home has all the bells and whistles buyers are looking for! AMAZING floor plan! HUGE great room w/ 15 ft sliding ''wall of glass'' & a kitchen to die for! Massive island w/upgraded granite, gas cooking! TONS of storage too! Split primary w/luxury primary bath! Epic laundry room too! Secondary bedrms are generous sized! Yards are low maintenance w/back having turf & tons of privacy! 3 car garage w/epoxy floor, security system, the list just goes on! Close to great shopping, restaurants and entertainment! And did I mention paid solar! Community pool, walk paths & great neighbors too!

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12409 N 60th Lane Glendale, AZ 85304

$625,000

5 Beds

3 Baths

2,644 SqFt

Status Active

MLS # 6770245

Property Type Single Family Residence

Price Type --

This is it! This gorgeous home is on a quiet street in a well maintained subdivision. You'll be close to highly sought after schools & parks, and only minutes from the 101 and the I-17. Notice the fantastic curb appeal and low maintenance lawn and rv gate. There is wood-like tile flooring in all the main living areas, separate living & family rooms, spacious bedrooms with one bedroom and full bathroom downstairs. Your new kitchen offers custom countertops, island with breakfast bar, tile backsplash, and contemporary cabinets with lots of storage space. It has vaulted ceilings, and open floor plan, and ceiling fans in all the right places. You'll definitely spend a lot of time in the oasis of a backyard with above ground spa, pool, covered patio, built in bbq, fireplace and bar. no maintenance landscaping. You will love so much about this gem of a home so hurry and come take a look. It won't last long on the market. Thanks for stopping in.

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36021 N 32nd Drive Phoenix, AZ 85086

$625,000

5 Beds

3 Baths

2,669 SqFt

Status Active

MLS # 6771722

Property Type Single Family Residence

Price Type --

This fantastic home is where your future memories are sure to be made. This beautiful two-story home offers 5 bedrooms 3 baths and an inviting open floorplan. Great room with high ceiling. Open kitchen with Island and Stainless steel appliances. The large primary bedroom has a sitting area and On suite includes Separate Shower & Tub, Double sinks and a Huge Walkin Closet. One bedroom and full bath downstairs. Large lot with easy to maintain back and front yards. Extended covered patio, 3 Car Garage, upstairs laundry, double sinks in secondary bath. Great Community includes heated pools, spas, play areas, tennis courts, walking paths and much more. Conveniently located near restaurants and Shopping. Come and see your new home.

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19958 W Glenrosa Avenue Litchfield Park, AZ 85340

$625,000

2 Beds

3 Baths

2,041 SqFt

Status Active

MLS # 6769189

Property Type Single Family Residence

Price Type --

PEACE AND TRANQUILITY ABOUND IN YOUR BACKYARD OASIS,Welcome to this stunning 2 bed/3 bath w/ den and flex room that provides an additional 150 sqft of living space. Home has custom finishes with many builder upgrades and over $75,000 in owner upgrades.Fabulous great room w/gas FP and mesquite wood mantle,crown molding,tray ceilings,shiplap and 12'ft multistacking corner less doors that bring the outside in. Beautiful chefs kitchen w/ 10' island, pullouts in cabinets,walk in pantry,builtin oven and microwave and granite countertops. go out through the corner less doors in the great room to a fabulous backyard w/ extended travertine patio,large stone water feature and jacuzzi spa. Fire pit, builtin bbque,Sun Setter shades,custom lighting complete this oasis.Wood shutters throughout. The primary suite is accented with shiplap and crown molding.Large en-suite bath w/ walk-in shower and large closet. The den has barn doors for privacy,crown molding and shelving. Secondary bedroom also an en-suite bath. To add to the living space the FLEX ROOM which you enter through the garage has an epoxy floor with central AC and heat and is perfect for the hobbyist or as an office,workout room or workshop. Two car garage has epoxy floor with wall of built in cabinets. All that's left to do in this beautiful home is to ENJOY IT! Embrace the Verrado lifestyle with all the amenities it has to offer.

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