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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1640 S Spruce Lane Show Low, AZ 85901

$600,000

3 Beds

2 Baths

1,540 SqFt

Status Active

MLS # 6775134

Property Type Single Family Residence

Price Type --

This adorable 3 bedroom, 2 bath home is the perfect fit for a weekend getaway or a long term solution to escape the AZ heat. The open kitchen with stainless appliances makes entertaining easy as it opens into the family room overlooking the back porch and tall pines. The master bath has a large shower with double sinks. Add a cul-de-sac lot and charming front porch to the long list of amenities this home has to offer! Enjoy the amenities that Torreon has to offer - golf, pool, family center, fishing pond, etc!

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566 S Mountain View Road Apache Junction, AZ 85119

$600,000

2 Beds

2 Baths

1,338 SqFt

Status Active

MLS # 6779141

Property Type Single Family Residence

Price Type --

***RARE FIND!!..AMAZING HORSE PROPERTY with INCREDIBLE MOUNTAIN VIEWS!!!*** This 2BED/2BATH MOVE-IN READY home is FULLY EQUIPPED for you AND YOUR HORSES!! Located only 5 MINUTES FROM US 60, in Apache Junction!! This OPEN FLOOR PLAN beauty is MATICULOUSLY MAINTANED & has LOADS of UPGRADES like STAINLESS STEEL APPLIANCES...TILE FLOORING...FULLY FINISHED AZ ROOM... NEW AC (2023)... NEW ROOF (2023) & more!!! Step outside to a BEAUTIFULLY FINISHED PATIO area w/ PUTTING GREEN & STUNNING SUPERSTITION MTN VIEWS!! SPACIOUS lot includes a 2nd EXTRA-DEEP GARAGE, RV PARKING spot w/ HOOKUPS...private ''park like'' sitting area, WORKSHOP, EXTRA STORAGE BUILDINGS & more. HORSE FACILITIES include 60' ROUND PEN, (2) COVERED STALLS w/ water & electricity. Riding Trails nearby!! HURRY, THIS WON'T LAST LONG

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11201 E Onza Avenue Mesa, AZ 85212

$600,000

2 Beds

2 Baths

2,004 SqFt

Status Active

MLS # 6777393

Property Type Single Family Residence

Price Type --

Welcome Home! This 2-bed/2-bath home + den is filled with upgrades and special touches. Enjoy the extra living space, complemented by an attached 70 sq ft storage area. The interior boasts plantation shutters and tile flooring throughout. The cozy eat-in kitchen is equipped with a double oven, Cambria quartz countertops, and convenient rollout shelves in the cabinets. Remote sun shades on the covered back patio create the perfect atmosphere for relaxation. Additional highlights include epoxy flooring in the garage and back patio, gutters, water softener, R/O, a sink in the garage, and a golf cart garage with its own A/C unit-perfect usage for a workshop. Home comes complete with washer, dryer, and refrigerator for your convenience. Don't miss out-see the upgrade list in Documents tab. Sunland Springs Village is a 55+ active adult community offering many amenities to its residents. From a 27 hole golf course to pickle ball courts, tennis courts, swimming pools and recreational facilities offering various programs and activities. You will have beautiful views of the Superstition Mountains and the neighborhood is close to shopping, dining, and to the highways.

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7710 E Gainey Ranch Road Unit 142 Scottsdale, AZ 85258

$600,000

2 Beds

2.5 Baths

1,154 SqFt

Status Active

MLS # 6778206

Property Type Townhouse

Price Type --

Wonderful Gainey Ranch townhome! Two main bedrooms with baths, one downstairs and one upstairs, half bath and 1 car garage. Living room with wood burning fireplace and vaulted ceiling. Loft area with space for an office or sitting area. Downstairs opens to large patio area. Light and bright with shutters. Laundry is in garage. New HVAC 2021. Livable or potential for fantastic remodel. Gainey Ranch offers miles of golf course walking paths and beautiful surrounding lakes. Workout, tennis and pickle ball courts, two community pools estate club pools.

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11602 N 32nd Place Phoenix, AZ 85028

$600,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6785371

Property Type Single Family Residence

Price Type --

A charming 3 bed, 2 bath residence in Cactus Park is now for sale! Nestled on an excellent corner lot and featuring a sizeable front yard w/natural turf, a 2 car garage, and a welcoming front porch. Inside you will find a living area w/elegant wood-look flooring and neutral palette. Continue into the cozy family room, showcasing stylish French doors. The fabulous eat-in kitchen is comprised of wood cabinetry w/granite counters, subway tile backsplash, track lighting, and all the SS appliances you'll need for home cooking. End your busy day in the primary bedroom, boasting a private ensuite w/direct outdoor access. Also including a wonderful backyard w/a covered patio, a lovely ramada, workshop/man-cave with A/C, a convenient storage shed, and a refreshing pool! Very nice home!!

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6106 N 13th Avenue Phoenix, AZ 85013

$600,000

3 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6785816

Property Type Single Family Residence

Price Type --

This 4 bedroom / 3 bathroom has so much charm! This home is perfect for anyone looking for a home that they can update to their own design style. The location is great, the lot is huge, the front yard has lush trees and that's only the beginning. Walking into the living room you will notice the beautiful wood flooring with a view of the front yard. The open kitchen has a small roller island for additional counter space and stainless steel appliances with tile flooring for easy cleanup. The dining room is just off the kitchen and has plenty of room for family dinners or game nights. The house features extra storage and little touches throughout. 3 of the 4 bedrooms are downstairs with a master bedroom both downstairs and upstairs. The upstairs master bedroom is huge with a sliding glass door that opens up a large balcony to enjoy the large yard and views. The backyard is a wonderful size, has a pebble tech pool, a covered patio and plenty of room for entertaining and relaxing. This home is a rare find in the sought-after Central Phoenix Area.

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19700 N 76th Street Unit 1136 Scottsdale, AZ 85255

$600,000

2 Beds

2 Baths

1,863 SqFt

Status Active Under Contract

MLS # 6758728

Property Type Apartment

Price Type --

This is the only furnished ground floor end unit in this gated community with pools and workout facility. Near guest parking in a quiet cul de sac. Perfect set up for full time residents, winter visitors, or long-term rental. Close to all the amenities of DC Ranch, Kierland and the Scottsdale Quarter. Adjacent to the Grayhawk Golf Course and a short drive to TPC Scottsdale.

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3706 E Desert Flower Lane Phoenix, AZ 85044

$600,000

4 Beds

2 Baths

2,120 SqFt

Status Active Under Contract

MLS # 6762964

Property Type Single Family Residence

Price Type --

Welcome to your beautiful home in desirable Mountain Park Ranch! Walk into a large living / dining room with vaulted ceilings and plenty of natural light. Proceed into the kitchen opening into the great room which opens into an inviting back patio with turf back yard. There are updated windows and shutters throughout the home. The primary suite expands with a large walk-in closet and full bathroom. Down the hallway are the other bedrooms which, from the primary suite, gives you the feel of a split-floorplan. This wonderful house provides both the open concept great room feel coupled with areas for everyone all with new windows and shutters. This house checks so many boxes you need to see it to believe it - schedule your showing today! Make sure you look at the list of improvements on this property - pride of ownership! From major system updates (Trane HVAC!) to new carpet, there have been many repairs already completed!

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11235 E Olla Avenue Mesa, AZ 85212

$600,000

2 Beds

2 Baths

1,882 SqFt

Status Active Under Contract

MLS # 6778553

Property Type Single Family Residence

Price Type --

Look no further! Wonderful home designed with a split floorplan w/2 bedrooms plus den & 2 baths. Desert color paint, tile flooring in main living areas & baths, carpet in bedrooms & den. Plantation shutters, vaulted ceilings, recessed lighting & ceiling fans. Spacious kitchen features large center island w/white quartz counter, stainless appliances, lots of granite counter space, walk-in pantry & breakfast bar. Tranquil primary retreat, 2 walk-in closets, bath has 2 separate vanities, private toilet room & oversized walk-in shower. Large great room & dining area w/2 picture windows for views of the lovely south facing backyard w/pavered patio & artificial putting green. 2 car garage plus expanded golf car garage. Enjoy all that Sunland Village Community has to offer. Show & Sell!

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21222 N 124th Avenue Sun City West, AZ 85375

$600,000

3 Beds

2 Baths

2,528 SqFt

Status Active

MLS # 6775437

Property Type Single Family Residence

Price Type --

Step into this spacious, sun-soaked 3-bedroom, 2-bath San Simeon model, perfectly nestled on the golf course! The open floor plan offers vaulted ceilings and large windows, filling the home with natural light and breathtaking views. The modern kitchen boasts granite countertops, abundant cabinetry, and a cozy breakfast nook with views of the greens. The expansive back patio is an entertainer's dream, featuring plenty of seating and a serene golf course view—ideal for morning coffee or evening gatherings. The master suite offers private patio access, while the oversized laundry room and ample storage ensure practicality. Best of all, everything in the home is included, making it truly move-in ready. Your dream home awaits!

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10439 W Cashman Drive Peoria, AZ 85383

New

$600,000

5 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6787973

Property Type Single Family Residence

Price Type --

***FREE 1% RATE BUYDOWN FOR THE FIRST 12 MONTHS *** A MESSAGE FROM THE SELLERS '' We loved the size and layout of this house! The huge primary suite was what really sold us! The neighborhood is amazing and close to everything we needed with Lake Pleasant shopping and entertainment district so close by! The schools are top rated and that was important to us!'' Welcome to a home that perfectly blends spacious living with an unbeatable location. Situated in the sought-after Casa del Rey neighborhood, this property offers a huge layout designed to fit all your lifestyle needs. Whether you're hosting gatherings, creating a home office, or just enjoying everyday moments, the space is yours to make your own. Living here means being part of an amazing community with access to top-rated schools in the Peoria Unified School District. Just minutes away, you'll find the Lake Pleasant shopping and entertainment district, filled with dining, shops, and fun activities for all ages. And for those who love the water or a day outdoors, Lake Pleasant Marina is just a few short miles away, ready for your next adventure. Don't miss the chance to make this incredible home and neighborhood your own!

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1178 E Betsy Lane Gilbert, AZ 85296

$600,000

4 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6779119

Property Type Single Family Residence

Price Type --

A RARE FIND IN GILBERT! 3CAR GARAGE+RV GATE WITH POOL & 2017 AC UNDER 600K! THIS GREAT HOME FEATURES AN OVERSIZED BACKYARD BOASTING A LOVLEY POOL,ABOVE GROUND REDWOOD SPA,LARGE GRASS SPACE, SATIO TILE COVERED PATIO W/MISTERS.MATURE LANDSCAPE W/FRUIT TREES ALONG WITH EXTENDED PATIOS & WALKWAYS! AMPLE SPACE BEHIND THE RV GATE FOR TOYS. YOUR BUYERS WILL ENJOY THE HIGH VAULTED CEILINGS & OPEN FLOORPLAN! ALL OF THIS WITH AN INCREDIBLE GILBERT LOCATION CLOSE OF SOME OF THE BEST SHOPPING, DINING & ENTERTAINMENT IN THE EAST VALLEY!

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