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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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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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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16846 W Molly Lane Surprise, AZ 85387

Open House

$595,000

6 Beds

5 Baths

3,029 SqFt

Status Active

MLS # 6772326

Property Type Single Family Residence

Price Type --

Rare opportunity in fast growing Surprise, Arizona - 2023 built Landsea home with **ATTACHED CASITA** complete with private entrance and exit perfect for renting, out of state guests, or multi generational living. Tired of waiting on long build times for new construction? This energy efficient, move in ready house is your solution! With over $75K in upgrades including chefs kitchen, luxury cabinetry, upgraded tile flooring, tons of Smart Home features and open concept layout, this will be the perfect place for gatherings and entertaining with plenty of space for everyone. When you combine all of this with an incredible location in the Sunrise community lined with parks, trails, and plenty of open space, this one has everything you need!

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3556 E Shedd Road Eloy, AZ 85131

$595,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6634975

Property Type Manufactured Home

Price Type --

Farm property with 12.91 irrigated acres. Great for growing hay or for irrigated pastures. The 3 bedroom 2 bath ground set manufactured home offers views of the Picacho Mountains with full length covered patios front and rear. The large modern kitchen includes island and hanging pan rack, custom cabinets, extra wide refrigerator, stainless steel appliances, and walk in pantry. The great room has vaulted ceilings and pellet burning wood stove. The master suite comes with separate shower and tub, walk in closet. The tall hay barn allows for plenty of hay storage and includes RV space with its own septic. The separate 2 car garage/workshop provides plenty of work space, and two 40' Connex boxes with space in between for a vehicle provide extra storage. All served by 400 amp service.

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706 E Washington Street Unit 105 Phoenix, AZ 85034

$595,000

2 Beds

2 Baths

1,876 SqFt

Status Active

MLS # 6686087

Property Type Townhouse

Price Type --

Are you a sports fan? Want to live closer to work, college or the airport in downtown Phoenix? This is your chance! This townhouse is in the heart of it all! Just a few minutes away from Chase Stadium sporting events, museums, fine dining, light rail and more. This home consists of 2 bedrooms, 2.5 baths and 2 car tandem garage. At 1,876 sf townhome has unique side yard for pets - rare find in the downtown area. The home has 20' ceilings, large loft and a balcony outside Master bedroom with exceptional views of the city. The kitchen boasts upgraded cabinets with beautiful hardware, stainless steel appliances and separate laundry room. THIS IS A RARE FIND!

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5435 W Michigan Avenue Glendale, AZ 85308

New

$595,000

4 Beds

3 Baths

2,325 SqFt

Status Active

MLS # 6787935

Property Type Single Family Residence

Price Type --

Welcome Home to Michigan Avenue in the sought after Miramonte 1 neighborhood. This gorgeous four-bedroom, three-bathroom, three car garage home is ready for its next family. Curb appeal starts the experience here, from the mature tree to the river rock ''river'', and the welcoming front patio area, just by pulling up you will begin to feel right at home. Head inside and you will walk into an impressive foyer area with a tiled mosaic inlay. From this spot you can head into the first of two living room spaces and formal dining room area. The vaulted ceiling space is bright and airy while natural lighting streams through the large windows. Off the dining room area, you will head into a combo eat-in kitchen and family room area. CONTINUED The kitchen boasts a plethora of kitchen cabinets that is perfect for storage, modern slate appliances, undermount sink, and a gas stove! The family room has a stoned fireplace that is perfect for cozy fires as the weather cools down. The first floor has a full bath with a bedroom as well. Head upstairs and you will step onto the landing with large built in cabinet system that will be perfect all your linens. Two similarly sized rooms, one with a walk-in closet, share a recently updated Jack and Jill bathroom with double sinks, updated modern lightening and classy gray/white cabinetry and marble countertop combination. Head into the master suite and prepare to relax. Enter through a double door entrance and you step into a vaulted area space that is filled with sunshine. The attached recently remodeled en suite was made with relaxation in mind. The massive walk-in shower includes a marble bench. The same modern cabinet and countertop scheme carries into the master en suite. The walk-in closet is also conveniently with in this space. Let's head outside under the covered patio to enjoy the low maintenance backyard space. Desert landscaping adds the perfect splash of color while ensuring that you will not be spending all weekend taking care of the yard. The patio leads right to the crystal blue pool and spa area. A mature tree provides shade to the back of the house and there is even an open area that would be perfect for a swing set or just for kids and pets to play in. This house had both AC's and the roof replaced four years ago. They have also remodeled the bathrooms, done updates on the pool, and gotten a new water heater. This house has been loved and well maintained.

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8053 E Natal Avenue Mesa, AZ 85209

$595,000

3 Beds

2 Baths

1,995 SqFt

Status Active

MLS # 6773042

Property Type Single Family Residence

Price Type --

This gorgeous home has a true deep 3 car garage. The kitchen overlooks a large, vaulted living room and dining room. The kitchen also is vaulted and shows upgraded cabinets, quarts countertops, breakfast bar, designer tile backsplash, upgraded stainless steel appliances and much more. 24'' designer tile flooring in all traffic areas. Newer roof and A/C.

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6401 W Campbell Avenue Phoenix, AZ 85033

$595,000

8 Beds

2.5 Baths

2,460 SqFt

Status Active

MLS # 6743583

Property Type Single Family Residence

Price Type --

Take a look at this remodel home with new appliances, A/C, Windows, doors, bathrooms vanities and much more. This property consists of three separate living spaces. Two of 3 bedrooms and 1 bathroom and two bedrooms and 1 bathroom. Each unit has its own private entrance and separate back yard for each unit. This is good opportunity for someone that would like to generate some income that will pay for the mortgage and possible have some cash flow. Seller has two prospective tenants paying $2,200 a month for each unit.

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2446 W Myopia Drive Anthem, AZ 85086

$595,000

3 Beds

3 Baths

1,686 SqFt

Status Active

MLS # 6768948

Property Type Single Family Residence

Price Type --

Walking distance to Persimmon clubhouse. 3 bedroon 3 bath includes an oversized casita for guests. Meticulously kept & highly upgraded. Spacious great room floorplan w/ Plantation Shutters. Custom neutral paint, ceiling fans, tile & carpet flooring throughout. Kitchen has granite counters & built in microwave with breakfast bar, pantry, lots of storage, & Water Softener. Master Bedroom with Large Walk-In Closet, remodeled shower, dual vanities. Interior laundry has plenty of room for extra storage. The resort style backyard has a heated pool with jets. Pavers in all the right places. The rear yard offers tranquil surroundings and is perfect for enjoying the serene natural beauty of the desert. Wash lot offers breathtaking views of Daisy Mountain

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5 Clawson Avenue Bisbee, AZ 85603

$595,000

6 Beds

4 Baths

3,232 SqFt

Status Active

MLS # 6773436

Property Type Single Family Residence

Price Type --

Historic Four Plex in the Heart of Old Bisbee. Two 1,000 sq ft Two Bedroom Units and Two 800 sq ft One Bedroom Units, with Original Hardwood Flooring, Built-Ins, High Ceilings, and French Doors, leading to the vast Front Porch and Balcony. Solid Allan Block construction, built in 1917 as Saint Joseph's Convent, now operating as a popular Vacation Rental. With Separate Kitchens and newer Mini-Splits for efficient Heating and Cooling.

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13484 N 103rd Street Scottsdale, AZ 85260

$595,000

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6774781

Property Type Single Family Residence

Price Type --

Welcome to this inviting 3-bedroom, 2-bath home, featuring everything you need for relaxation and comfort. The cozy fireplace creates a warm, welcoming atmosphere inside, while the backyard is a true oasis. Enjoy the sparkling pool and spa, perfect for unwinding or entertaining, with a spacious covered patio providing shade for year-round outdoor living. Whether you are hosting gatherings or enjoying quiet evenings at home, this property offers the ideal blend of indoor comfort and outdoor enjoyment. Ready for you to move in and start making memories!

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