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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8870 E Greenview Drive Gold Canyon, AZ 85118

$585,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6765808

Property Type Townhouse

Price Type --

Welcome To Gold Canyon's BEST Views % A STUNNING Remodeled Single Level Townhome In Premier Gated Fairway Views! Golf & Mountain Vistas In The Rear Greet You From The MOMENT You Enter The Front! GORGEOUS Travertine Flooring T/O, Including Front & Back Exterior, Vaulted Ceiling, Fireplace, Great Room Design, Granite Slabs in Kitchen & Corian Slabs In Baths, Skylights, Stainless Steel Apps, Custom Closet, Expanded Laundry/Pantry & More! NEW Roof in 2018, NEW H2O Heater in 2023 and NEW Softener in 2024! Patio Includes More Beautiful Travertine, Sparkling Fountain, Built In Bar & BBQ And The VIEWS That Go On Forever Showcasing #11 Green Of Gold Canyon Sidewinder Course, Dinosaur Mountain & Superstition Mountain! Home Offered Turnkey Furnished & 1 Year Home Warranty Provided To Buyer!

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2425 W Red Range Way Phoenix, AZ 85085

$585,000

3 Beds

2 Baths

2,131 SqFt

Status Active

MLS # 6777834

Property Type Single Family Residence

Price Type --

Welcome to Carefree Crossing...your serene desert retreat in North Phoenix, where convenience meets tranquility. Perfectly situated near Norterra shopping and dining, freeway access, hiking trails for outdoor enthusiasts, and just 4 miles from TSMC. Step into this well maintained home with an airy, open-concept layout and 10' ceilings. Top that off with a split primary suite with patio access. The third bedroom offers flexibility as a home office or additional guest space. And a bonus room, which is just that, a bonus with a multitude of uses! With coveted N/S exposure, a private pool and spa and a covered patio, this home is designed for year-round enjoyment of Arizona's beautiful weather. Freshly painted inside and out and move-in ready, make Carefree Crossing your new home today!

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2355 N Cabot -- Mesa, AZ 85207

$585,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6780778

Property Type Single Family Residence

Price Type --

Desert mountain views await you in this desirable gated community in NE Mesa. Great schools, easy access to freeways, shopping, hiking, biking, and water sports. This 3br plus office/den is detailed with beautiful Travertine stone flooring in all but 3 bedrooms with new carpet. Brand new quartz countertops, sinks and faucets in kitchen and both bathrooms along with refinished cabinets. New window blinds throughout. Six inch crown molding top and bottom in all rooms. Features living/dining room plus family room open to kitchen. Enjoy this corner lot with a lovely heated pool and spa with easy maintainable landscape. Garage with custom floor to ceiling cabinets, work bench and epoxy flooring.

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8445 E Aloe Vera Circle Gold Canyon, AZ 85118

$585,000

2 Beds

2 Baths

2,340 SqFt

Status Active

MLS # 6779682

Property Type Single Family Residence

Price Type --

Welcome To This STUNNING & Completely REMODELED&REDONE GEM Filled w/High End Finishes & Gorgeous Surprises Around Every Corner!Entry Charms w/Porcelain Plank Floors, Designer Accent Paint&Vaulted Ceilings Which Beckon Through 2 Immaculate Kitchen Feat. Granite Slab Counters, Chocolate Glaze Cabs w/Brown PinStripes, Quartz Sinks,Cstm Travertine BackSplash, Cstm Lighting&Beamed Ceiling, Highly Upgr.Stainless App Package (F/W/D ALL Incl)&Brushed Nickel Hardware!Updated Baths Feat. Granite, Quartz, Brass&Mother Of Pearl Hardware, Cstm Fixtures&More! Mstr Suite Feat. Ext. Att.Sitting Room, Beautiful Barn Door Wall 2 Patio, Cstm Shower&Tub w/Water Proof ShipLap Wall! Ext.Patio Incl. Cstm Wrought Iron Gate,No Homes Directly Behind&Artificial Turf Sideyard!New Paint 2024!INCREDIBLE Front MTN VWS!

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13518 W Sola Drive Sun City West, AZ 85375

$585,000

2 Beds

2 Baths

2,095 SqFt

Status Active

MLS # 6782063

Property Type Single Family Residence

Price Type --

The Encanto is a favored floor plan in Corte Bella Country Club. Uniquely designed for that entertainer's lifestyle. This home has so many upscale extras that you will enjoy. Features include designer front door, updated lighting, soft welcoming paint, smooth surface tiled flooring, 10' ceilings, great room, shutters, recessed lighting, 8 ft. Island in kitchen & 2 bedrooms plus Den. Split floorplan. Primary bathroom has a remodeled walk-in shower, oversized walk-in closet & two sinks. Great room includes cozy fireplace & open view into kitchen. The kitchen has high-end cabinets, granite counters, induction cooktop, breakfast bar & casual dining. Extended length garage. Exterior features include fenced bk yard w/covered patio, front covered patio & centrally located w/in Corte Bella.

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5595 W Mercer Lane Glendale, AZ 85304

$585,000

5 Beds

3 Baths

3,348 SqFt

Status Active

MLS # 6784014

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in a tranquil cul-de-sac with no HOA, this property has everything you need and more. Step inside and be greeted by an open-concept entertaining floor plan with vaulted ceilings and new LED can lighting that illuminates every corner with warmth and style. The fully remodeled kitchen is a chef's delight, featuring brand-new cabinetry, modern appliances, and a convenient pot filler that makes cooking a breeze. New laminate flooring flows seamlessly throughout the home, offering both beauty and durability. Cozy up by the fireplace in the spacious living room, or enjoy the peaceful view of the mature trees from the large windows with elegant plantation shutters. You'll find ample storage space throughout, perfect for keeping things organized and tidy. Outside, the good-sized yard is a blank canvas just waiting for your creative touch. Imagine the possibilitiesa garden, play area, or custom outdoor oasis. With a lemon tree ready to provide fresh fruit, you'll love the potential this space offers for entertaining and relaxation. This beautifully updated home is move-in ready and waiting for you to make it your own. Don't miss outon this home!

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6351 W Saddlehorn Road Phoenix, AZ 85083

$585,000

4 Beds

2.5 Baths

2,542 SqFt

Status Active

MLS # 6783990

Property Type Single Family Residence

Price Type --

Exceptionally clean and lovingly maintained poolside home with 4 BR and 2.5 BA. HVAC 2020. Granite counters in kitchen and baths, travertine backsplash and FP accents. Freshly painted inside and out with new Lighting and Fans, New Carpet. Stay and play in your own backyard resort play pool (pool fence available) and mostly private. Look at the size of the bedrooms! 28x15 master has sitting room and lux bath with soaking tub and sep shower. Easy access to shopping, great restaurants, hiking and commute by way of 303, 101 and 17.

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4722 N 76th Place Scottsdale, AZ 85251

$585,000

2 Beds

2 Baths

1,806 SqFt

Status Active

MLS # 6767821

Property Type Townhouse

Price Type --

Beautiful 2 bedroom 2 bath single level charmer in highly sought after Historic Villa Monterey, Old Town Scottsdale's most desirable 55+ community. This home is truly special! Sitting on a highly desirable corner lot, right next to a green belt and across from the architecturally pleasing water fountain. Private front patio is a hidden gem for friendly gatherings; mature landscape, grape vines, and old world feel pavers. Interior is welcoming with hardwood flooring and extended livings space. The faux fireplace adds ambiance. Primary bedroom is customized with sought after walk in closet, side windows, and updated bath. Beautiful solid wood doors. Delightful backyard with custom seating accommodates sleeping under the stars! Small workshop/shed has electric for the hobbyist. Newer Trane 5 ton AC, roof recently recoated. Fresh interior paint. Villa Monterey is zoned Historic, and pride of ownership shows throughout this charming subdivision. Old style lamplights line the streets adding a real ''hometown'' neighborhood feel. Enjoy community pool and spa gatherings. Follow the canal path into Old Town for dining, cocktails, etc. Close to art galleries, spring training, car shows, Hayden Park and waterway; all the wonderful amenities of Scottsdale Living.

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1711 Leisure World -- Mesa, AZ 85206

$585,000

3 Beds

2 Baths

2,011 SqFt

Status Active Under Contract

MLS # 6775404

Property Type Single Family Residence

Price Type --

AMAZING, Sparkling POOL and Resort Style Backyard, perfect for Entertaining. Enjoy this Beautiful FULLY REMODELED 3 Bedroom, 2 Bath, 2 Car Garage Home! The Delightful Pavered Entry and Patio are a welcome greeting! Enter into an Open and Spacious Great Room with vaulted ceilings and Fantastic Feature Wall with Fireplace. Your Dream Kitchen w/large island, quartz countertops, induction stove, under the counter microwave & much more! The Airconditioned Arizona Room is perfect for an office, game room or craft room with views to the pool! Newer Windows, New Front Door and Sliding Glass Doors, New Paint Interior and Exterior. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, tennis, pickle ball, swimming pools, fitness center & much more!

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1018 E Acoma Drive Phoenix, AZ 85022

$585,000

3 Beds

3 Baths

2,218 SqFt

Status Active Under Contract

MLS # 6781431

Property Type Single Family Residence

Price Type --

Fall in love with this two-story home in Phoenix that effortlessly combines comfort and style! Inside, you'll find an inviting living room, an open den/office, and a formal dining room complete with a cozy fireplace. The kitchen displays plenty of cabinetry, built-in appliances, fluorescent lighting, and a breakfast bar. Sizable primary boasting plush carpet, direct outdoor access, a walk-in closet, and a private ensuite comprised of dual sinks and a make-up desk. As a bonus, this house includes a 2nd main bedroom with balcony access and a bathroom. Enjoy mountain views from the balcony. Spacious backyard showcases a covered patio, storage shed, and a sparkling pool for year-round enjoyment. New A/C and garage door installed this year! Don't miss this one-time opportunity

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19844 W Heatherbrae Drive Litchfield Park, AZ 85340

$585,000

3 Beds

3 Baths

2,286 SqFt

Status Active Under Contract

MLS # 6781151

Property Type Single Family Residence

Price Type --

Welcome to your Dream Pool Home in the highly sought-after community of Verrado! Beautifully designed and meticulously upgraded, featuring a kitchen that any chef would envy, complete with a remarkable butler's pantry. The open-concept kitchen seamlessly flows into the Great Room and dining area, creating an inviting space perfect for entertaining. The owner's suite serves as a luxurious retreat, boasting dual sinks, a spacious walk-in closet, and a lavish shower. Step outside to discover your own backyard oasis, complete with a sparkling pool and spa—ideal for unwinding or hosting gatherings with friends. Nestled amidst a picturesque neighborhood, 26 miles of hiking/biking trails, community pools, gym, over 80 community parks. Your gorgeous and upgraded ''unicorn'' of a home awaits!

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22422 N 99th Lane Peoria, AZ 85383

$585,000

3 Beds

2 Baths

1,867 SqFt

Status Active

MLS # 6762267

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 2-bathroom home in a sought-after community boasts recent updates and a welcoming atmosphere! Featuring updated bathrooms in 2022, this home offers modern convenience. The great room with an open floor plan is complemented by a cool paint tone, creating a cozy ambiance. The interior showcases a beautiful combination of wood-like tile and soft carpet in all the right places. The split primary bedroom offers a walk-in closet for added comfort. The kitchen includes a new dishwasher, pantry, granite countertops, kitchen island, and a breakfast bar, along with plenty of cabinets for storage. Outside, the covered back patio overlooks a low-maintenance private yard with brand new artificial turf, gravel, and trees. Community amenities include a playground, tennis courts, pool & spa, and much more!

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