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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2220 W Chisum Trail Phoenix, AZ 85085

$599,990

3 Beds

2.5 Baths

1,846 SqFt

Status Active

MLS # 6786825

Property Type Single Family Residence

Price Type --

Located across from Heirloom Park, welcome to this beautifully designed Papago plan, offering 1,846 square feet of luxurious living space. With its charming Craftsman exterior elevation and inviting covered entry paved with elegant pavers, this home is designed for both style and comfort. The heart of this home is the stunning kitchen, featuring stainless steel GE Cafe appliances which compliment the white painted shaker cabinetry on perimeter and on the kitchen island. All is accented by stylish champagne bronze cabinet hardware which perfectly complements the 42'' upper cabinets and 3'' crown molding. Enjoy the beauty of Hana Sky colored Della Terra Pilar countertops, and a contemporary white mosaic backsplash. The large single basin stainless steel sink, paired with a Moen Align matte black kitchen faucet, adds both functionality and style. Retreat to the luxurious bathrooms featuring white painted shaker cabinets, white cultured marble countertops with rectangular sinks and Moen Gibson matte black premium 8 widespread faucets. Upgraded Meridian brass vanity lights illuminate your space. The Dal Tile Vicinity 6x36 Natural wood look tile flows seamlessly throughout the downstairs and into bath 2 and the laundry room upstairs. The primary bathroom showcases exquisite Paros Whie Hex 14x16 tile, providing a spa-like experience. Upstairs, a tasteful paint grade mission stair rail and is complimented by plush Shaw Kennfield carpet in the shade Ecru adding warmth and comfort, all trimmed with upgraded 4 ¼ baseboards. Throughout, the 8' interior doors adorned with matte black door hardware throughout, adding a touch of sophistication. The side yard is perfect for entertaining, featuring a convenient gas stub for a BBQ, making outdoor gatherings a breeze. This home also includes a soft water loop and electric car charger package for added convenience. Located in Union Park at Norterra this home offers not just a living space, but a lifestyle. Don't miss the opportunity to make this your forever home! Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickelball courts and basketball. Close to I-17, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping.

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11450 E Utopia Avenue Mesa, AZ 85212

$599,990

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6785998

Property Type Single Family Residence

Price Type --

''Welcome to this stunning 4 bedroom, 3.5 bathroom home with 2 dens located in the East Valley's newest community, Destination at Gateway! Step into the spacious home with 10-foot ceilings, adorned with elegant 8-foot interior doors and 4 1/4 inch baseboards. The home boasts 6 x 36'''' wood look tile in main areas, exuding a sense of luxury and warmth. Prepare exquisite meals in the gourmet kitchen, featuring a 36-inch gas cooktop and canopy hood, complemented by beautiful 42-inch white shaker cabinets with cabinet hardware. The kitchen dazzles with quartz countertops, a stylish kitchen backsplash, an Undermount sink, and a sleek matte black faucet. The bedrooms offer a peaceful retreat, while the bathrooms showcase upgraded lights and elegant matte black faucets. This home is a testament to modern elegance and attention to detail, offering a harmonious blend of style and functionality.

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2991 N 200th Drive Buckeye, AZ 85396

$599,990

4 Beds

3 Baths

2,598 SqFt

Status Active

MLS # 6783432

Property Type Single Family Residence

Price Type --

Ask about special financing with preferred lender. This single-level home features an attached private suite with its own entrance, living room, kitchenette, bedroom, bathroom and garage. The main home offers a den off the foyer, an open living area and two bedrooms, including the lavish owner's suite with a spa-inspired bathroom and walk-in closet. Photos are renderings of a model home, not the actual home. A public report is available on the Arizona Department of Real Estate website.

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3035 W Thurman Drive Laveen, AZ 85339

$599,990

4 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6742953

Property Type Single Family Residence

Price Type --

This beautifully upgraded single-story home offers 9-ft. ceilings and an open concept, split floor plan. The modern kitchen features 42-in. upper cabinets, a large center island with pendant light pre-wiring and sleek quartz countertops, a walk-in pantry, and Whirlpool® appliances - including built-in microwave, electric range, and French-door refrigerator. You'll find stunning vinyl plank flooring throughout common areas and plush carpet in the bedrooms. The private primary suite includes an oversized closet, and the primary bath boasts a walk-in shower, dual-sink vanity with modern square sinks, and an enclosed water closet. This home also includes a 40-gal. gas water heater and A/C unit with Wi-Fi-connected ecobee smart thermostat.

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7617 W Smoketree Drive Peoria, AZ 85383

$599,990

3 Beds

2.5 Baths

1,953 SqFt

Status Active

MLS # 6751349

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 1,953 sq ft of functional living space. It features 3 bedrooms, 2.5 bathrooms, den, and a 2 car garage. The open concept kitchen is perfect for entertaining and features an Island, a walk-in pantry and stainless steel appliances. It also offers our Harmony Palette which includes gray painted 42'' cabinets, slate gray quartz kitchen countertops, 4x8 kitchen backsplash, and 6x24 wood looking plank tile in all the common areas. The great room offers a 4-panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. The primary suite has a spacious walk-in closet, double sinks, walk-in shower, and an additional linen closet for extra storage. This home also features a paver driveway, 8 foot interior doors, soft water loop and much more! Great location close to dining, freeways, parks, and entertainment!

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31953 N 117th Avenue Peoria, AZ 85383

$599,990

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6755502

Property Type Single Family Residence

Price Type --

It's the beautiful Clover in the beautiful community of Mystic. 3 bedrooms + flex space to use as you wish. Multi slide door that leads out to the covered patio. Large walk-in shower at owner's bath with tile. Stainless steel gas appliance package with 36'' cooktop, wall oven, microwave, glass canopy hood. Barnett Maple Latte cabinets with 42'' kitchen uppers, pull out trash drawer. AZT Ripieno quartz countertops in kitchen and both baths. Mohawk REV wood laminate Casita court in all areas except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop. PICTURES ARE FROM THE CLOVER MODEL HOME.

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11465 E Utopia Avenue Mesa, AZ 85212

$599,990

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6776944

Property Type Single Family Residence

Price Type --

''Stunning 3 bedroom home with seperate Den and 2.5 Baths, located in the East Valley's newest community, Destination at Gateway. Discover this inviting home featuring a 4 Panel Center siding glass door off the great room, seamlessly connecting indoor and outdoor living. The kitchen boasts stainless steel appliances, including a 36-inch gas cooktop, built-in wall oven and microwave, along with gray shaker cabinets adorned with stainless steel hardware and a convenient trash pull-out. The quartz countertops and stunning kitchen backsplash add a touch of elegance to the space. Throughout the home, 8-foot interior doors with upgraded satin nickel door hardware create a modern, cohesive feel. The main areas are adorned with 6x 36'' wood-look tile and 4 1/4-inch baseboards, providing a stylish foundation for the home. Bathrooms feature upgraded vanity lights and brushed nickel bath faucets, while the primary bathroom offers an enlarged shower and a separate soaking tub for relaxation. With 10-foot ceilings, an oversized laundry room, a separate valet area at the garage entrance, and a paver driveway, this home is designed to offer both luxury and practicality, providing a comfortable and stylish living space for you and your family.

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6765 W Molly Lane Peoria, AZ 85383

$599,990

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6773969

Property Type Single Family Residence

Price Type --

North/South Exposure with scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, Desert Backyard Landscaping and Smart Home Technology. Home is now complete and ready to call home, photos of actual home!

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5831 E Rose Garden Lane Phoenix, AZ 85054

$599,990

3 Beds

2.5 Baths

1,743 SqFt

Status Active

MLS # 6725515

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Like the beaches in Hawaii, this home will ruin all other homes for you with how gorgeous it is. With no neighbors behind and a North/South facing orientation you will be able to enjoy the beautiful sunrises and sunsets every day. But let's not forget about the interior! 3 bedrooms and 2.5 baths with a spacious loft upstairs makes this house a home!! Quartz countertops, white cabinets and wood-like flooring only add to its allure. This home is estimated to be completed in September so do not hesitate! Actual Home photos coming soon

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16355 W Desert Mirage Drive Surprise, AZ 85388

$599,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6710584

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the Topaz - with 4 bedrooms + study and 3 full baths. Multi slide door that leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance with 30'' built in cooktop and wall oven. Tahoe Maple Boulder cabinets with 42'' kitchen uppers and a pull out trash drawer. AZT Hana Sky quartz countertops in kitchen with stainless steel under mount single bowl sink. 8' tall interior doors. Upgrade flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. 5'' base boards and 3 1/4'' door casings throughout. 8' tall garage door for those high profile vehicles with garage door opener and much more. Please verify all information with onsite agent. Thank you!

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16411 W Desert Mirage Drive Surprise, AZ 85388

$599,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6784447

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Crimson floor plan with 3 bedrooms, 2.5 baths and a 3 car garage. North/South exposure and no two story homes on either side and landscaped behind. Barnett maple boulder -gray cabinets with 42'' kitchen uppers. AZT Hana Sky quartz countertops in kitchen and both full baths. EMS 2x6 tiled backsplash in kitchen. Stainless steel gas appliance package with a 30'' cooktop and wall oven for the cook in the family. 5'' base boards and 3 1 /4'' door casings throughout the home. Upgrade flooring includes DT Broxburn gray 6x24 plank tile in all areas of the home except for bedrooms and closets. Interior two tone paint ''Whiskers'' and so much more. Please verify all information with onsite agent. Thank you!

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1471 W Saddle Run Apache Junction, AZ 85120

$599,990

5 Beds

3.5 Baths

3,027 SqFt

Status Active

MLS # 6750829

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Prato floor plan is an elegant two-story home featuring five bedrooms, an upstairs loft, and a spacious flex area perfect for an office, TV room, or study. Complete with front yard landscaping, this home will be ready for occupancy by October or November. It is conveniently located near community parks, grocery stores, and restaurants.

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