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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4317 E Western Star Boulevard Phoenix, AZ 85044

$610,000

4 Beds

2 Baths

1,615 SqFt

Status Active Under Contract

MLS # 6757507

Property Type Single Family Residence

Price Type --

This Home Is A True Icon Like No Other Which Is Apparent The Moment You Drive Up The Street. It Is One Of The Most Admired And Sought After And Is Finally For Sale. Be Greeted By The Multi Tier Concrete Steps And Patios, A Fire Pit, Steel Posts And Beams,Smooth Stucco Walls With Wood Facia And A New Metal Roof. The Clear Glass Front Door Completes The Entry And The Mid Century Modern Block Home With Strategic Frank Lloyd Wright Style Gray Block Walls And Accents. Concrete Stained Floors, Birch Cabinets, With Corian Counters. The Two Bathrooms Have Been Proffesionally Designed With High End Commercial Grade Fixtures. Walk In To The Backyard Oasis And Wow! The Covered Patio Open To The Large Yard, Diving Pebble Tek Pool, Detached Block Office heated and cooled With Mini Split.. Backs Wash The Separate Quarters Is Quite Amazing. Gray Block Walls With Birch Interior Facia, Contemporary LED Lighting And Glass Block Windows With Double Door Entry. The Diving Pool Has One Of The Most Unique Custom Steel Fencing And A Metal Welded Shade Sail Frame. Two Unique Gates Lead You To The Open Wash For Hiking, Biking With Entrance To The City Park And Trails To South Mountain For Miles Of Trails. The Yard Also Features A Propane Fire Pit, Raised Planters, Propane BBQ Grill And Metal And Rock Pillars.

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36601 N Mule Train Road Carefree, AZ 85377

$610,000

2 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6751091

Property Type Apartment

Price Type --

AVIATION LOVERS! This stunning property offers a unique blend of natural beauty and luxurious living within a Gated Community in Carefree, Arizona! Enjoy breathtaking panoramic views of the surrounding mountains and the serene desert landscape. 1970 sq ft of living space, 2 master suites and a flex room! Spacious balconies allow for you to sit outside to enjoy sunset views over Black Mountain. Nestled in the heart of Carefree, you'll have easy access to the town's charming shops, restaurants, and cultural attractions. Within the community you'll have opportunities to socialize with your neighbors at the clubhouse/pool area. There is currently a hangar available at Sky Ranch Airport. Inquire with us for more information! Welcome home!

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7177 W Pontiac Drive Glendale, AZ 85308

$610,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6742966

Property Type Single Family Residence

Price Type --

*** OVER $100k in UPGRADES! *** Welcome to your Beautiful Home in the HIGHLY desirable Lake Community of Sierra Verde in Arrowhead Ranch! This MOVE IN READY, NEWLY REMODELED 4-bed, 3-bath Beauty offers a perfect blend of luxury and comfort. Features Include New Wood Tile Flooring, New 6-inch Baseboards, Newly Upgraded Bathrooms with Travertine Tile Floors, Showers w/Granite Counters & Custom Finishes. New Pool Equipment, Pebble Sheen Finish & Removable Pool Fence. Gourmet Kitchen with Granite Counters, Tile Backsplash, Stainless Steel Appliances, and a Convenient Coffee Bar. Freshly Painted in Neutral Tones Inside and Out! Ring Doorbell! Newer Hot Water Heater! The second floor boasts Engineered Wood Flooring & Designer Built Walk-in Closets Large yard with grass area and no homes directly behind for open feel and privacy! The epoxy-coated garage includes built-in cabinets, a workbench, and a new smart garage door opener. Refrigerator, washer, and dryer are included for your convenience. The community offers ample walking and biking paths, parks, and gorgeous lake views, while A+ Sierra Verde School is just a short walk away. Enjoy easy access to Thunderbird Conservation Park, Arrowhead Mall, P-83 shopping, dining, entertainment, and freeways for effortless commuting. With so many upgrades and a prime location, this home is an absolute must-see! Don't miss your chance to make it yours!

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22889 E Marsh Road Queen Creek, AZ 85142

$609,999

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6719211

Property Type Single Family Residence

Price Type --

BUYER COULD NOT PERFORM. ASSUMABLE VA LOAN WITH 2.7% INTEREST RATE - $2063 monthly payment. 3 bedroom PLUS two additional office/dens which could be converted into additional bedrooms - enjoy the space of a FIVE bedroom home for the price of a THREE bedroom. Open-plan kitchen with formal dining area, quartz countertops, gas stovetop and built-in microwave and smart oven. Split floor plan means you'll enjoy privacy in the primary bedroom, which also includes a large walk-in closet and en-suite bathroom. Outside, skip the mess and time to build your own pool, and jump right into your new private pool on closing day! Your new back yard is complete with turf and pavers. The neighborhood of Harvest, Queen Creek was thoughtfully designed to incorporate the agricultural history of the area while still being close to the comforts of town. Just minutes from Queen Creek's best shopping and dining, and across the road from Schnepf Farms (family farm offering seasonal events, a pick your own veggies patch, concerts, farm tours, train rides, petting zoo, peach picking and bakery,) and Queen Creek Olive Mill (olive mill with gourmet market and restaurant.) Just down the street, find the brand-new Pecan Lake Entertainment facility, with rope courses, putting courses, axe throwing, escape rooms, AND a surf pool coming in 2025. Within Harvest, enjoy exceptional amenities - a lake with catch and release fishing, two heated community pools, a splash pad, neighborhood trails, play areas, fire pits and catch and release lake fishing. This is more than just a home; it's a gateway to a vibrant and fulfilling lifestyle - the Harvest community has been meticulously crafted in a shared pursuit of purposeful living.

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1004 E Desert Hills Drive Phoenix, AZ 85086

$609,999

3 Beds

2 Baths

1,932 SqFt

Status Active

MLS # 6747246

Property Type Single Family Residence

Price Type --

Experience the Ultimate in Country Living! Escape to the serene beauty of Desert Hills with this charming 3-bedroom, 2-bathroom home, perfectly positioned on a generous 1.25-acre lot. Whether you're a horse enthusiast or just seeking wide-open spaces, this property offers endless possibilities. The expansive front yard is ready to accommodate your equestrian dreams, or it can be transformed into a custom detached garage or workshop. Step inside to find a welcoming interior that perfectly complements the natural surroundings. The 3 spacious bedrooms provide plenty of room for relaxation, while the 2 well-appointed bathrooms offer comfort and convenience for everyday living. The home itself boasts a modern, low-maintenance metal roof and a recently upgraded Trane AC, ensuring comfort and efficiency throughout the year. Outside, you'll find two matching storage sheds, ideal for all your tools and outdoor gear, as well as a spacious 3-car carport providing ample covered parking. With a 2-part shared well, you'll have reliable water access, while the wide-open spaces invite you to take in the natural beauty and stunning northeast views. This is truly a place where you can breathe easy and live the country lifestyle you've always dreamed of, all without the constraints of an HOA. This gem is a rare find in Desert Hills, offering both privacy and potential.

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9938 E Timpani Lane Mesa, AZ 85212

$609,999

3 Beds

3 Baths

2,188 SqFt

Status Active

MLS # 6770763

Property Type Single Family Residence

Price Type --

Welcome Home. This home has it all. This beautiful kitchen with white shaker cabinets, granite counters, gas stove/cooktop, walk in pantry, split floor plan, 3 bedrooms plus den with 3 full bathrooms, super master bedrooms with dual vanity bathroom and massive walk-in closet, rich wood-look tile plan floors, 9 foot flat ceilings, eight foot tall doors, private outdoor lanai trimmed with travertine pavers forming a walkway to the covered back patio and extended travertine patio out to the always-perfect artificial turf lawn in back. Talk about location, this Cadence community offers a huge play pool, two waterslides, dedicated lap pool, movie room, community center and more. Hurry on over as this home will not last!

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17643 W Middlebury Street Surprise, AZ 85388

$609,995

2 Beds

2.5 Baths

2,468 SqFt

Status Active

MLS # 6785015

Property Type Single Family Residence

Price Type --

Professionally decorated, this home is for sale and loaded with designer extras and upgrades. Tucked within a 55+ neighborhood, this Cranston floorplan has everything you need. The inviting entry features vaulted ceilings that immediately makes you feel at home. Located just off the foyer, the pocket office extends the possibilities of this home, creating plenty of space for personalization. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the expansive views of the outdoor living space. Overlooking the great room and accompanied by a casual dining area, the well-designed kitchen boasts Kitchen Aide appliances, sprawling upgraded cabinets and a stunning kitchen island that ties the home together.

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4816 W Stargazer Place Laveen, AZ 85339

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6691847

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive gourmet kitchen with a walk-in pantry and center island. This home offers a study.. The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and deluxe tub and shower. A convenient laundry and covered patio are also included.

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10430 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6704814

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters, and Shaker cabinets is flanked by a great room and a dining room with covered patio access. You'll also appreciate an elegant primary suite with a private deluxe bathroom with seperate drop in tub bathroom and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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4817 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6684076

Property Type Single Family Residence

Price Type --

The single-story Dominic plan offers an open, inviting layout and ample living space. At the heart of the home is a spacious great room that flows into an impressive gourmet kitchen with a center island, quartz counter tops, dual pantries and a generous breakfast nook. A luxurious primary suite showcases an immense walk-in closet and a private bath with Deluxe walk-in shower, a covered patio invites relaxation, a study and a teen room, and a third side turn garage bay.

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10434 S 48th Glen Laveen, AZ 85339

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6719435

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive Gourmet Kitchen with 42'' white cabinets, quartz counters, matte black fixtures throughout, a walk-in pantry, center island, and 10' ceilings. There is stone tile throughout, with carpeted bedrooms. This home will be built with a study. The lavish primary suite offers a generous walk-in closet, private bath #2 w/double sinks, deluxe walk-in shower with rain. A convenient laundry room, tankless water heater, covered patio, and 8' garage doors, are also included.

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4829 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720292

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters and shaker style cabinets is flanked by a great room and a dining room with covered patio access including a center meet door. You'll also appreciate an elegant primary suite with a private deluxe bathroom with oversized walk-in shower and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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