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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10744 W Briles Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

2,512 SqFt

Status Active

MLS # 6747063

Property Type Single Family Residence

Price Type --

This gorgeous home with a sparkling POOL is move in ready & fully upgraded! Gourmet kitchen w/ white cabinets, stainless steel appliances, 5 burner gas range w/ hood, wine fridge, large pantry & granite counters. Tandem garage 48' long to fit your SUV, boat, etc. Great floor plan w/ den (or bedroom) or could change to a formal living in front, large great room, soaring vaulted ceilings bringing natural light throughout the whole home. The powder room downstairs can easily have a shower added. Plumbing already installed. Upstairs is open loft, two large bedrooms and the primary suite. Backyard features sparkling pool and covered patio w/ low maintenance turf that has sprinkler system to keep it cool for your kids/pets. Across the street from the park.

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44025 N 44th Lane New River, AZ 85087

$625,000

4 Beds

3 Baths

2,823 SqFt

Status Active

MLS # 6753711

Property Type Single Family Residence

Price Type --

SOLAR to be PAID OFF at COE, and already accruing credits! This exceptional 4 BR, 3 BA single-level home in a cul-de-sac corner lot with 2 Master Suites, each with en-suite baths, walk-in closets, and outside access. Features include a large kitchen with breakfast bar, nook, island, desk, and stainless appliances. Enjoy high ceilings, a split floor plan, and a private backyard with a covered patio, sitting area with gas fire pit, and new turf play area. Built with efficient 2x6 construction, low-E windows, 2 newer AC units and Solar Panels to keep your electric bill even lower.. Recent updates include a new water heater, dishwasher, disposal, RO system, and garage door. Close to I-17, shopping, restaurants, and Anthem Community Center with fitness, pool, tennis, and waterpark amenities.

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25621 W Patton Road Wittmann, AZ 85361

$625,000

3 Beds

2 Baths

1,613 SqFt

Status Active

MLS # 6760577

Property Type Single Family Residence

Price Type --

Welcome to 25621 W Patton Rd, a stunning property nestled in the serene landscape of Wittmann, AZ. This charming home offers a perfect blend of comfort and style, ideal for those seeking a peaceful retreat while remaining conveniently close to urban amenities. Featuring 3 bedrooms and 2 bathrooms, the spacious layout provides ample room for family and guests. The bright and airy kitchen is equipped with stainless steel appliances, granite countertops and opens into a cozy living area, perfect for entertaining. Step outside to discover a vast backyard complete with a covered patio, ideal for relaxing evenings under the stars or hosting weekend barbecues. Surrounded by stunning desert landscapes, you'll enjoy breathtaking sunsets and the tranquility of country living, all while being just minutes from downtown Surprise, 1.8 miles to 4D Arena, 20 minutes to Dunns, 25 minutes to Wickenburg, 10 minutes to Horns and Hooves in Morristown, 30-40 minutes to Buckeye. This property is more than just a house; it's a lifestyle. Whether you're looking to unwind in your private oasis or host friends and family, this home has everything you need and more. Don't miss your chance to own this desert gem and experience the charm of Wittmann living firsthand with a turnkey property ready for you! A beautiful horse property in the heart of the roping capital of the world. Great place for winter visitors, boarding, ropers and barrel racers. This property is location makes it a possible income potential. This 1.27 acre property features a riding area for barrel pattern, 4 15X15 stalls in mare motel, 3 rv hookups Covered back patio with plenty of room to add more stalls!

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6919 E Quince Street Mesa, AZ 85207

$625,000

3 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6756462

Property Type Single Family Residence

Price Type --

Your dream home in Las Sendas is here! This delightful 3-bedroom, 2.5-bath residence features a 3-car garage, an attractive paver driveway, and an eye-catching stone facade. Discover an inviting great room with high ceilings, a soothing palette, recessed lighting, classic plantation shutters, and stylish wood-look flooring. The gourmet kitchen comes with granite counters, abundant white cabinetry with crown moulding, sleek stainless steel appliances, a pantry, and a center island with a breakfast bar for casual dining. The primary bedroom offers soft carpeting, an ensuite with double sinks, and a walk-in closet. Enjoy quiet afternoons in the backyard, complete with a gas firepit stub, a covered patio for al fresco dining and serene panoramic views. Make this gem yours today!

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1643 W Harmont Drive Phoenix, AZ 85021

$625,000

3 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6761053

Property Type Single Family Residence

Price Type --

Welcome to 1643 W Harmont! Located in the highly coveted Sunnyslope School District, this move-in ready home with NO HOA has been well maintained and comes loaded with upgrades and improvements. These features include: 3 generously sized bedrooms and 2 newly updated bathrooms. The open kitchen was remodeled in 2015 and features under-mount cabinet lighting, track lighting, brand new appliances, gas range, a four-seat breakfast bar, and direct access to the backyard. Other updates include a new roof, replaced in 2020 with a 30-year warranty, new remote control fans, no carpet throughout, USB Outlets, new ceiling fans, a new water softener and cozy fireplace. This is also an energy-efficient home boasting a 16 SEER Trane Unit and ductwork (2015), new AC condenser (2024), new water heater (2024) added insulation (2019) and argon-filled, tinted vinyl windows. Finally, step outside to your south-facing backyard for a year-round urban oasis. Complete with a covered patio, a sparkling pool which was drained and acid washed in 2020 and boasting a new variable speed pool pump installed in 2023. Additionally, you'll find natural grass, a sizable shed and an RV gate for easy access. Plan your private tour of this stunning and well maintained Royal Oaks home, today!

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6202 E Mckellips Road Unit 65 Mesa, AZ 85215

$625,000

3 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6765063

Property Type Single Family Residence

Price Type --

Stunning turn-key detached home located directly on golf course! Very rare Floratina Model in the premier gated community of Tuscany Villas. Resort living at it's finest. Brand new a/c unit, bath cabinets, and pantry installed in 2023. Unit does not share walls with neighbor. Upgraded granite counter tops throughout. Open concept kitchen adjacent to family room w/island, maple cabinets, designer backsplash and stainless appliances. Sliding glass doors to covered back patio for entertaining, outdoor dining, cozy firepit, new artificial turf and relaxing lounge area. Adjacent to wash for side courtyard privacy. Large primary bedroom, ensuite bath and walk in closet. 2 car garage w/built in cabinetry and lots of newly added storage. Community heated pool and spa, workout room & clubhouse!

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9802 S 46th Street Phoenix, AZ 85044

$625,000

4 Beds

3.5 Baths

2,417 SqFt

Status Active

MLS # 6759316

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4-bedroom, 3.5-bathroom property offers luxury living in a serene Ahwatukee neighborhood with no HOA. The spacious design features high ceilings and large windows, flooding the home with natural light and offering breathtaking views of the heated pool, spa, and mountains beyond. The master suite is a private retreat, complete with an en-suite bathroom and a walk-in closet. The functional kitchen is equipped with reliable appliances, ample storage, and a convenient layout perfect for daily cooking or entertaining. One of the home's standout features is the windows that provide a seamless connection between indoor and outdoor living. Step outside to enjoy the large heated pool and spa, perfect for year-round relaxation and entertainment. Above, the second-story deck spans the entire length of the home, offering panoramic views of the pool, spa, and surrounding mountainsideal for enjoying your morning coffee or watching the sunset, with the high block wall providing extra privacy. Located minutes from major freeways, scenic hiking trails, golf courses, and top-tier restaurants, this home offers the best of both convenience and tranquility. Don't miss the chance to make this stunning property yours!

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1161 N Cole Drive Gilbert, AZ 85234

$625,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6758696

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home in the highly desirable Carol Rae Ranch Community! With fantastic curb appeal, a NEW ROOF and NEW HVAC this home is sure to impress from the moment you arrive. Inside, you'll find a spacious, open layout featuring new wood-look tile flooring throughout, new plush carpet in all the right places, and new paint. The kitchen is a chef's delight with granite countertops and plenty of space for entertaining. Enjoy comfort for the entire family with a split floor plan and generous sized rooms. The outdoor space is a true retreat, featuring a lush green yard perfect for relaxing or hosting gatherings. Plus, with only one neighboring home on the side, you'll enjoy extra privacy! Located in a community with parks, walking trails, and more, this home is the perfect blend of comfort, convenience, and charm. Don't miss your chance to call this treasure your own!

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6401 E Lewis Avenue Scottsdale, AZ 85257

$625,000

3 Beds

3 Baths

1,755 SqFt

Status Active

MLS # 6775282

Property Type Single Family Residence

Price Type --

Instant equity- SAME HOUSE WITHOUT UPGRADES SOLD ONE MIN AWAY FOR $715K! This spacious house featuring new quartz countertops, located on a corner lot with freshly painted interiors and exteriors. This home boasts of two living spaces and an open floor plan, perfect for entertaining. Situated on a generously sized lot in a great neighborhood with no HOA.

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6930 S Nash Way Chandler, AZ 85249

$625,000

4 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6761006

Property Type Single Family Residence

Price Type --

Come take a look at this inviting 4 Bedroom PLUS den, 2 bath home nestled on a spacious lot! Recently updated with new floors, this residence features a welcoming great room and a practical split floor plan, complemented by a convenient 3 car garage. Situated within walking distance to Hull Elementary School, parks, and green belts, it offers both convenience and community charm. The large master bedroom boasts a separate shower, garden tub, and a roomy walk-in closet, ensuring ample space and comfort. Outdoor enthusiasts will delight in the expansive outdoor living area, complete with a sparkling pool, inviting fire pit and a convenient BBQ setup, perfect for entertaining friends and family year-round.

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7609 E Indian Bend Road Unit 3005 Scottsdale, AZ 85250

$625,000

3 Beds

2 Baths

1,541 SqFt

Status Active

MLS # 6764433

Property Type Apartment

Price Type --

This stunning condominium is located on the third floor offering access using stairs or the elevator. It is a fully furnished residence that can sleep up to 6. This three bedroom two bath home is located within a gates community. The private balcony over looks the pool and you're steps away from the Scottsdale Silverado Golf Club. Walking distance to Railroad Park and the Canal takes you to Tempe Town Lake. Restaurants, shopping and entertainment are literally in your backyard. The perfect location for living your best life. Better yet this community does allow Short Term Rentals. So investors come one come all!!

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555 N Ocotillo Drive Wickenburg, AZ 85390

$625,000

3 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6764922

Property Type Single Family Residence

Price Type --

Nestled on 1.4 acres of scenic horse property in the heart of Wickenburg, this beautifully updated 3-bedroom, 2-bathroom home offers a perfect blend of modern comfort and rural tranquility. With breathtaking panoramic views surrounding the property, you'll experience peace and privacy while still being close to town. Inside you'll discover a thoughtfully remodeled interior, where the kitchen shines with its 2024 upgrades, featuring sleek countertops, updated cabinetry, and new appliances, making it a dream space for cooking and entertaining. Fresh, stylish flooring flows throughout, providing a clean, contemporary feel, while the newly updated AC system ensures comfort year-round. Outside, you'll find a comfortable oasis perfect for relaxation and entertaining. The heated pool... offers the ideal spot to cool off during warm Arizona days, while the included above-ground spa promises relaxation under the stars. Additionally, the property boasts an oversized, over-height garage/shop, perfect for projects, storage, or accommodating larger vehiclesan excellent bonus for any hobbyist! Designed with both comfort and practicality in mind, this Wickenburg retreat offers the perfect space to enjoy rural living with modern conveniences, making it a must-see for those seeking a peaceful escape in Wickenburg!

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