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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10103 E Plata Avenue Mesa, AZ 85212

$595,900

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6752877

Property Type Single Family Residence

Price Type --

Seller will help pay Buyers Closing Cost/Rate Buy Down w/Right Offer! Beautifully Remodeled Home in the HIGHLY DESIRED Santa Rita Ranch Community. Complete Remodel includes NEW CABINETS, Fixtures, Flooring throughout,Quartz Counters, Paint, HVAC (2019). No Expense Spared. This charming home has 4 OVERSIZED Bedrooms, and 3 FULLY REMODELED baths. LOW maintenance TURF in both front and back yards. The backyard boasts a HUGE covered patio for entertaining along with a FULLY featured PEBBLETEC POOL with large GREENBELT backing the home for an airy and private experience. This home is centrally located near valley freeways, award winning Shopping/Restaurants and GILBERT Schools. This home WILL EXCEED all your expectations.

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2214 S Las Flores -- Mesa, AZ 85202

$595,900

4 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6783800

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home, featuring modern upgrades and an inviting open layout. The kitchen is a standout, complete with a large peninsula, brand new stainless steel appliances, and sleek white cabinetry, offering both style and functionality for culinary pursuits. The living area is bright and welcoming, with updated lighting and a chic accent ceiling. The home has updated bathrooms with elegant finishes, new flooring throughout, and thoughtfully chosen fixtures that enhance its modern appeal. New AC, Water Heater and roof. Each room has been designed with attention to detail, creating a cohesive and fresh living space. Outside, you'll find a spacious backyard with low-maintenance landscaping, perfect for enjoying Arizona's outdoor lifestyle. Welcome Home

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3968 E Gold Mountain Avenue San Tan Valley, AZ 85143

$595,791

4 Beds

3.5 Baths

3,146 SqFt

Status Active

MLS # 6749023

Property Type Single Family Residence

Price Type --

Gorgeous new home in Bella Vista Farms, located in San Tan Valley. The community offers access to the community pool, playground, basketball court, and volleyball court. Enjoy designer selections throughout the home including a GE Gourmet kitchen appliance package with a gas cooktop, Hana Sky Quartz countertops in the kitchen, Polaris Plus LVP, upgraded carpets, Aristokraft cabinets in flagstone, and a frameless walk-in shower in the primary bathroom. Other highlights include a split floor plan, north/south exposure, and a pool sized homesite. Utilities include Mesa Gas, EPCOR water, and Rural Metro.

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11432 S 208th Avenue Buckeye, AZ 85326

$595,500

4 Beds

3.5 Baths

2,386 SqFt

Status Active

MLS # 6780972

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the rapidly growing town of Buckeye! This stunning, newly built home features 4 bedrooms, 3.5 bathrooms, and sits on over an acre of horse property, offering ample room for relaxation and recreation. Inside, you'll be greeted by an open floor concept with beautiful tile flooring that flows seamlessly throughout the home. The gourmet kitchen features quartz countertops and a large central island that provides plenty of space for preparing meals and gathering with friends and family. The 3-car garage with an epoxy finish offers both style and functionality. The landscaped front yard adds curb appeal and includes an auto-timed irrigation system. Don't miss the chance to make this beautiful Buckeye property your forever home!

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4274 Old Orchard Drive Wickenburg, AZ 85390

$595,500

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6784828

Property Type Single Family Residence

Price Type --

Beautiful Dorn home situated on an oversized lot with completely repainted interior! Primary Bedroom situated in the back corner of home over looking common area & features Dual Sinks, Stunning Walk in Shower & Spacious Closet. Guest Suite at the front of the home w/Hall bath and Barn Door to make your guest suite private. Enclosed Office/Den space that could double as an additional Guest Bedroom. Kitchen features Corner Pantry, Large Center Island, SS Appliances, Breakfast Bar and designated Dining Area. Great Room w/prewired surround sound and Multiple sliding doors that lead out to covered patio and spacious backyard. 3 Car Garage w/built in storage and epoxy flooring.

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2725 E Quiet Hollow Lane Phoenix, AZ 85024

$595,444

3 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6762893

Property Type Single Family Residence

Price Type --

Step into this stunning single-story home, where modern comfort meets the tranquility of Arizona's breathtaking landscape. Enjoy the peace of mind that comes with no neighbors behind you, allowing for unobstructed views of the serene desert vistas. As you enter, you'll be greeted by a spacious open floor plan, perfect for entertaining or cozy family gatherings. The abundant natural light enhances the inviting atmosphere, seamlessly connecting the living area to the heart of the home.The private backyard paradise, features both a beautiful pool and a covered patio. Whether you're lounging poolside or enjoying a quiet evening under the stars, this outdoor space is the perfect retreat.

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972 E Mulberry Place -- Chandler, AZ 85286

$595,000

3 Beds

2 Baths

1,292 SqFt

Status Active

MLS # 6638746

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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28409 N 451st Avenue Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6685093

Property Type Manufactured Home

Price Type --

Amazing off the grid Santa Fe style house located on 30 acres!! This beautiful 2016 manufactured home has great living spaces with tons of natural light, neutral colors, modern appliances, walk-in pantry and spacious rooms. Private well! The solar is owned outright and has batteries and a generator. The home also has propane gas for heating and cooking. Sitting on a hill it offers unparalleled views!! Also comes with covered corrals, tack room and storage area and entire property is fenced. This home is also listed with only 10 acres, at reduced price. See the semi-private remarks for details.

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41225 N 253rd Avenue Morristown, AZ 85342

$595,000

3 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6772930

Property Type Manufactured Home

Price Type --

Discover the perfect blend of modern living and western charm in this 2021-built home, situated on a sprawling 3.9-acre horse property in Morristown, AZ. With 3 bedrooms and 2 bathrooms, this home offers an open, inviting floor plan and mountain views from every angle. Horse enthusiasts will love the six spacious horse pens, all equipped with power and water supply, along with a convenient round pen for training. Enjoy serene evenings on the covered patio, taking in the picturesque surroundings. This property not only provides a tranquil rural lifestyle but also the opportunity for future development, as it can be split. Whether you're looking to expand or create a custom space, the possibilities are endless. Great opportunity to own a move-in ready home on prime horse property just a short drive from the conveniences of town!

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279 S Lyman Court Casa Grande, AZ 85194

New

$595,000

4 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6787541

Property Type Single Family Residence

Price Type --

''SMOKING HOT DEAL ON A STUNNING CUSTOM HOME W/ BRAND NEW HVAC, This Luxurious Custom 4 Bdrm/3 Bath/ 3 Car Garage Home is Situated on a Fully Block Fenced, Cul- De Sac, FLOOD IRRIGATED 1.25 Acre Corner Lot, In A Popular, Custom Home Only, Horse Friendly, Community w/ NO HOA & Just 6 Miles From the 1-10 Freeway & Shopping Mall! Boasting Gorgeous Mountain Views, Amazing Sunrises & Sunsets, As Well As A Gorgeous Desert Scaped Backyard w/ Extended Patio, & Upgraded Screen Covering That Shades The Perfect Play & Picnic Area (Accented w/ Turf) & Still Offering space for Livestock, Gardening, Tractors & Trailers, As It Also Has a Full Circular Gravel Drive w/ Room For a Workshop or Pool & PAID OFF SOLAR PANELS!

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16985 W Poinsettia Drive Surprise, AZ 85388

New

$595,000

4 Beds

2.5 Baths

3,478 SqFt

Status Active

MLS # 6788592

Property Type Single Family Residence

Price Type --

MLS#6788592 Ready Now! The 45-RM5 is a spacious 2-story floor plan featuring 3,478 sq. ft. with 4 bedrooms, 2.5 bathrooms, a 3-car garage, flex room, loft, and game room. Designed for comfort and versatility, the open-concept layout connects the gathering room and kitchen with a dining area to the side, perfect for family living or entertaining. The main floor boasts a private owner's suite, while the upstairs includes secondary bedrooms, a shared bathroom, a laundry room, and flexible spaces like the loft and game room. These areas can be transformed into a kids' hangout, home office, gym, or anything else to suit your lifestyle. Structural options include: gourmet kitchen.

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23851 W Tether Trail Surprise, AZ 85387

$595,000

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6741026

Property Type Manufactured Home

Price Type --

Over 4 Acres of Horse Property with NO HOA. This beautiful home features a spacious floor plan with 4 bedrooms + den, 3 baths, (jack n jill bed/bath), front room, living room (with built in mini bar), dining room, & large kitchen with a sky light, lots of cabinets and an island. The master bath has separate shower and jetted soaking garden tub and double sinks. The den has a dual entrance to front room and the master bedroom (great for a private office or workout room) Also a detached 3 car garage and RV gate. Bring your horses, toys & RV's. 3 sheds out back by the covered horse stalls that are staying with the property. Enjoy country living and amazing views. This sale consists of 2 lots each is aprx 2 acres. Each lot has a share in the shared well. Don't miss out on this one.

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