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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265 E Liberty Lane Gilbert, AZ 85296

$675,000

3 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6823691

Property Type Single Family Residence

Price Type --

Wowee, these folks have done some amazing upgrades! Step in to find a formal LR/DR with Luxury, vinyl plank flooring that looks like wood! To the Right you'll discover a Home Office with custom Double Barn Doors! Going forward is the Kitchen with Bright White cabinets, SS appliances & Breakfast nook along with wonderful Family Room. Master Retreat is at the back of home, wait until you see its Bathroom, offers custom built Steam Shower with spa like features including piped in music & teak wood floor! The 2 Oversized Guest bedrooms are down the hall from the Master along with guest bath. Plantation shutters throughout too! OMG, this yard... Almost 1/3 acre, Mature Trees, lush grass, Pebble tech pool, variable speed pump, Chipping Green, Shed, RV gate, Lemons, Limes, extra gas line..Hurry

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2240 Roundabout Way Overgaard, AZ 85933

$675,000

3 Beds

2 Baths

2,800 SqFt

Status Active

MLS # 6828790

Property Type Single Family Residence

Price Type --

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10778 W Whitehorn Way Peoria, AZ 85383

$675,000

4 Beds

2.5 Baths

2,569 SqFt

Status Active Under Contract

MLS # 6819324

Property Type Single Family Residence

Price Type --

This beautiful Tierra Del Rio home, built just 9 years ago, has been immaculately maintained & is move-in ready! The front entrance features a charming pavered patio, leading you into the home that is an open, light-filled split floor plan w/ over 2,500 square feet of living space. Perfect for entertaining, the kitchen, open to the family room, boasts a large granite island w/pendant lighting, built-in sink, & ample breakfast bar seating. Staggered cabinets, ss vent hood & appliances, gas stovetop, & spacious walk-in pantry make this kitchen as functional as it is beautiful. The breakfast area and family room overlook the backyard, making it easy to enjoy the Arizona sunshine. Additional features include 20'' tile flooring, inset lighting, and built-in speakers throughout the main living space. Tucked beyond the family room, the primary suite is your private retreat, offering a generously sized bedroom & spa-like bath. Unwind in the soaking tub or enjoy the separate shower. Double sinks & expansive walk-in closet provide plenty of space for your daily needs. On the other side of the house, double French doors open into the office you've always dreamed of. Custom built-ins, including ample cabinetry, a desk area, & built-in lighting, offer both beauty & function. The two-tone paint & coffered, uplit ceiling make this space a pleasure to work in. Down the hall, you'll find three additional bedrooms, each featuring ceiling fans, with one offering a walk-in closet. A large double sink bathroom serves these rooms, and a convenient half bath is available for guests. This single-story home with no steps is perfect for easy living. A brand-new, high-efficiency A/C unit was installed just last year, ensuring comfort during the hot Arizona summers while keeping energy bills low. Enjoy the cool evenings outdoors on your covered paver patio with a built-in gas firepit, ideal for relaxing or entertaining guests. The 3-car garage provides plenty of space for your vehicles, toys, or a workshop. The 2-car section has built-in cabinets, while the 3rd bay offers built-ins and a workbench for all your storage and hobby needs. Located in the highly desirable community of Tierra Del Rio, this home offers everything you need to live the ultimate Arizona lifestyle. Whether you're seeking comfort, style, or space for entertainment, this home has it all!

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2218 N Dayton Street Phoenix, AZ 85006

$675,000

3 Beds

2 Baths

1,390 SqFt

Status Active

MLS # 6818393

Property Type Single Family Residence

Price Type --

Charming bungalow in Coronado Historic District w/ a detached casita! NO HOA! Main house is 884 sq ft w/ 2 bedrooms 1 bathroom, detached casita is 506 sq ft w/ 1 bathroom, kitchenette & it's own parking off the rear alley. Newer AC unit on main house, updated plumbing drain waste lines & updated wiring. Original hardwood floors, exposed brick, coved ceilings, fireplace, built-in shelves and tastefully updated kitchen + bathroom. Prime location, home is nestled in the center of the Coronado Historic District close to restaurants & coffee shops! Strong investment opportunity. Previously rented for $3,000 per month.

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4741 S Avitus Lane Mesa, AZ 85212

$675,000

4 Beds

3 Baths

2,506 SqFt

Status Active

MLS # 6826381

Property Type Single Family Residence

Price Type --

Step into luxury with this former model home in Eastmark! This 4-bed, 3-bath gem with a flex space & loft is packed with custom upgrades & fresh updates, including new carpet & interior/exterior paint. From the decorative garage door to the pavered driveway, the curb appeal is undeniable. Inside, wood shutters, custom cabinetry, & designer wallpaper add style. The gourmet kitchen boasts quartz counters, stainless appliances, a gas cooktop, & bi-fold windows for seamless indoor-outdoor entertaining. The primary suite features an extended walk-in shower, dual sinks, & a spacious closet. Outside, enjoy a covered patio, built-in breakfast bar, & custom metal gazebo. Eastmark offers top-rated schools, community events, playgrounds, a splash pad, & endless ways to connect with neighbors.

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20552 E Reins Road Queen Creek, AZ 85142

$675,000

3 Beds

3.5 Baths

2,077 SqFt

Status Active

MLS # 6818944

Property Type Single Family Residence

Price Type --

BETTER THAN A NEW BUILD! $100K in upgrades! This home has EVERYTHING! With 10ft ceilings & 8ft doors, wood plank tile throughout the main living areas, chefs layout, kitchen, and tile super shower in the primary bathroom, all your upgrade boxes are checked! Spacious secondary ensuite ideal for guests or multigenerational living. Third car garage has its own mini split AC works well as a workshop or to park a prized possession. Oversized utility gate to park a vehicle on the side yard or just have easy access to this spacious lot & the perfectly sized heated pool/spa, surrounded by travertine decking, turf & aluminum pergola create the perfect outdoor lounging and entertaining space. Solar panels will be paid off at closing making this home comfortable, efficient & affordable! Welcome Home

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2910 E Quiet Hollow Lane Phoenix, AZ 85024

$675,000

3 Beds

2 Baths

2,157 SqFt

Status Active

MLS # 6823375

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and elegance in this stunning home located in a peaceful Phoenix neighborhood. Nestled in a prime location, offers breathtaking mountain views, modern amenities, and a serene desert ambiance. This beautifully designed residence features 3 spacious bedrooms, 2 bathrooms an office, and an open-concept living area perfect for entertaining. The gourmet kitchen boasts high-end appliances, stylish cabinetry, and a generous island for casual dining. Large windows invite natural light throughout, enhancing the warm and inviting atmosphere. Step outside to a private backyard oasis with a covered patio, lush landscaping, a new solar heat system for thew pool, and plenty of space to relax or host gatherings under the Arizona sky Enjoy easy access to scenic hiking trails, top-rated schools, shopping, and diningmaking this home an ideal retreat for families and outdoor enthusiasts alike.

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14302 W Laurel Lane Surprise, AZ 85379

$675,000

3 Beds

2.5 Baths

2,950 SqFt

Status Active

MLS # 6828880

Property Type Single Family Residence

Price Type --

LOCK IN A 4.99% MORTGAGE RATE OR BETTER ON THIS HOME TODAY! HOME ALSO HAS A VA ASSUMABLE LOAN AT 2.25 % Welcome to your dream home in one of Surprise, premier gated communities of Mountain Gate. This sprawling single-story residence offers 3 spacious bedrooms, a dedicated office, and a versatile flex room, The home is designed for open living with a thoughtful split floor plan that provides both privacy and a functionality. The heart of the home is the gourmet kitchen, showcasing hickory cabinetry, and a large center island, and family room. The primary suite is a true retreat, complete with a spa-like en-suite bathroom and generous walk-in closet and French doors to the back patio. Step outside to an enormous backyard oasis, where you'll find a sparkling pool, built-in BBQ, and cozy firepit. Windows are Renewal by Anderson and 7 yrs old, water heater is 3 years old, interior paint done in 2024, microwave, refrigerator, dishwasher just 5 years old! This home checks all the boxes!

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4245 E Maya Way Cave Creek, AZ 85331

$675,000

3 Beds

2 Baths

1,925 SqFt

Status Active

MLS # 6827803

Property Type Single Family Residence

Price Type --

Light, bright, open 3-bedroom + den single-story home with a stunning pool! This open-concept home features high ceilings and abundant natural light. The kitchen boasts stainless steel appliances, a large pantry, breakfast bar, and wide open to the family room. The primary suite offers an ensuite bath with double sinks, separate shower/garden tub and walk-in closet. Outside, enjoy a beautifully landscaped backyard with a sparkling pool, covered patio, built-in BBQ and low maintenance turf—perfect for relaxing or entertaining. Additional highlights include solar panels, a versatile den, updated wood flooring, soft water, and a three-car garage. Located near top-rated schools, shopping, and dining, this move-in-ready home is a must-see! Furniture is also available!

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717 E Palmaire Avenue Phoenix, AZ 85020

$675,000

4 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6828803

Property Type Single Family Residence

Price Type --

Great opportunity to own this charming 4-bedroom home located in Palm Heights! Displaying a car garage and an RV gate. The interior boasts an inviting living room, soft palette, abundant natural light, & tile flooring in all the right places. The family room provides access to the backyard. The formal dining room is perfect for hosting intimate family meals. The kitchen showcases white cabinetry, SS appliances, granite counters, tile backsplash & a breakfast bar. The main bedroom has direct access to the backyard, vaulted ceilings, a private bathroom w/ dual vanity sinks, a separate shower/tub, & a walk-in closet. Create fun memories in the backyard with pavers, ideal for outdoor living & entertaining. No HOA! Close to freeways, parks, restaurants & more! Make this yours now!

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41011 W Walker Way Maricopa, AZ 85138

$675,000

5 Beds

2.5 Baths

4,593 SqFt

Status Active

MLS # 6820037

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5-bedroom+Den, 3.5-bathroom home, offering an expansive 4,592 square feet of living space on a generous 11,824 square foot lot. This meticulously updated residence features a thoughtfully designed floor plan, including a formal dining room and a spacious formal living room, perfect for both entertaining and everyday living. The large, open kitchen is a chef's dream, with plenty of counter space, a center island, and a layout ideal for preparing meals and hosting guests. With new windows and AC units installed in 2023, comfort and efficiency are guaranteed throughout the home. The crown jewel of the property is the brand-new heated pool with a spa, completed in 2022, offering a serene oasis for relaxation and fun. Plus, enjoy the benefits of fully paid-off solar panels, ensuring reduced energy costs. For added comfort, the home is equipped with three mini-split AC unitsone for each of the two primary bedrooms and one for the garage. This home boasts TWO Primary Suites-a rare find, each with its own full bathroom and walk-in closet. One primary suite also includes a cozy sitting area, offering a private retreat within your own home. A versatile downstairs den provides additional space for work or leisure. Don't miss the opportunity to make this beautiful, move-in-ready property your own - combining space, style, and modern upgrades in a truly exceptional package!

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15151 N 100th Way Scottsdale, AZ 85260

$675,000

3 Beds

2 Baths

1,691 SqFt

Status Active Under Contract

MLS # 6745447

Property Type Single Family Residence

Price Type --

[Motivated Seller] This charming single family Residence in Mirada at Scottsdale Horizon (subdivision) backs to the Central Arizona Project Canal and is surrounded by mature trees. Travertine tile floors and baseboards; laminate floors in great room off the kitchen; maple cabinets, granite tile countertops, stainless steel hardware, sink & appliances, open design kitchen with breakfast bar; large, master bath with soaking tub, (tumbled stone surround) and shower w/glass doors, dual vanities and two master closets. Sliding door to covered patio and extended seating area. Private back yard with mature landscaping and oleander trees along the perimeter.

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