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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17684 W Pierson Street Goodyear, AZ 85395

$557,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6784018

Property Type Single Family Residence

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BRAND NEW, energy-efficient home available in GATED COMMUNITY! The showstopper single-level Bailey floorplan boasts a charming front porch, 5 bedrooms each with a spacious walk-in closet and a 3-car garage! This home has white cabinets featuring a white backsplash, quartz countertops in kitchen, wood look tile flooring and beige carpet. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and MORE!!!! Enjoy EXCLUSIVE amenities right at your doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

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20994 S 231st Street Queen Creek, AZ 85142

$557,990

5 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6784390

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Clark plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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1521 W Saddle Run Apache Junction, AZ 85120

$557,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750824

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 Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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5839 E Jensen Street Mesa, AZ 85205

$557,900

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6766663

Property Type Single Family Residence

Price Type --

This Charming three-bedroom home with a three-car garage and bonus room that can be used as a media room, exercise or playroom. This home is nestled in the golf course community of Alta Mesa. Upon entering the home, you will be greeted , by light bright walls and vaulted ceilings. Coupled with a two-way fireplace that leads to a spacious and cozy family room. The heart of the home is the kitchen. A haven for a culinary enthusiast. Large granite island counters for eating and entertaining. The backyard epitomizes comfort relaxation. Three mature fruit trees synthetic grass, gravel a privacy wall and so much more . Brand new AC unit just installed in September 2024

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3131 N Central Avenue Unit 6013 Phoenix, AZ 85012

$557,768

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6606900

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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1056 N Miller Road Tempe, AZ 85288

$557,500

2 Beds

2.5 Baths

1,835 SqFt

Status Active

MLS # 6783305

Property Type Townhouse

Price Type --

Welcome to this delightful 2-bedroom townhome in Bella Vita! Fall in love with the inviting great room with high ceilings, recessed lighting, a soothing palette, and wood-look flooring. Cook delicious meals in the gourmet kitchen, equipped with granite counters, abundant cabinetry with crown moulding, a mosaic tile backsplash, chic pendant lighting, stainless steel appliances, a handy pantry, and an island with a breakfast bar for quick meals. Double doors lead to the main bedroom, offering soft carpeting, an ensuite with double vanities, and a walk-in closet. You'll also find a cozy loft ideal for an office or a reading nook. Venture onto the balcony and enjoy a breath of fresh air. Grab your favorite drink and unwind on the open patio. Make it yours!

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422 N Calle Largo Street Mesa, AZ 85207

Open House

$557,000

4 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6771071

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2-bathroom home located in Mesa's sought-after northeast area! Situated on a 1/3 acre and tucked away in a quiet neighborhood. Inside, you'll find a bright, open floor plan with plenty of natural light, highlighting the well-maintained finishes throughout.Highly updated primary bathroom with dual rainfall shower heads, additional 6 head shower with a handheld extension. The private bath boasts a deep relaxing Jacuzzi tub to melt your worries away. Designer security doors both front and back and large RV gate with concrete pad for storing all your toys. Complete with a whole house filtration system and additional R/O system in the kitchen. With easy access to parks, schools, and shopping, this home is a rare find. Don't miss your chance to make it your

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20701 W Minnezona Avenue Buckeye, AZ 85396

$556,900

2 Beds

2.5 Baths

1,872 SqFt

Status Active

MLS # 6750121

Property Type Single Family Residence

Price Type --

Welcome home to your 1,872 SF spacious retreat nestled on a generous 9,000 SF lot within the tree-lined streets of Victory; this home is perfect for embracing an active lifestyle tailored for those 55+. This charming home features stunning mountain views throughout that you can enjoy. Relax from the comfort of your spacious front porch, ideal to enjoy your peaceful neighborhood or socializing. Step inside to discover hardwood floors, complemented by upgraded carpet in the main living area as well as the bedrooms and loft. The heart of the home, the kitchen, boasts upgraded cabinetry and countertops, along with stainless steel appliances that make cooking a pleasure. You'll appreciate the ample storage space with the extended cabinetry. The home is bathed in natural light, creating a warm and inviting atmosphere that enhances the spacious and airy feel. The primary suite is complete with a large walk-in closet and generous sized bathroom. Down the hall you will find the additional bedroom and bathroom perfect for guests. An upstairs loft provides additional flexible space, perfect for a home office, craft room, or cozy retreat. The backyard, with its stunning mountain views, has mature landscaping that includes fruit trees and drought resistant plants. This home is thoughtfully designed to accommodate both comfort and functionality, making it the perfect choice for enjoying a vibrant and active lifestyle.

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362 Ancora Drive Litchfield Park, AZ 85340

$556,500

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6775129

Property Type Single Family Residence

Price Type --

Within the highly desirable Old Litchfield Park you will find this tastefully updated 3 bedroom 2 bath home with Pool and No HOA. Upon arrival you will notice the block construction, mature shade trees and large patio/seating area. At entry the vaulted ceilings, wood plank style floor tile and sunlight shining through upgraded dual pane windows with real wood plantation shutters will invite you in. Remodeled kitchen boasts granite countertops, stainless steel appliances, a farmhouse sink and backyard pool view. Owner's suite includes walk-in closet, built in vanity and large slider door with direct backyard access. Other interior features include multiple living areas, neutral paint throughout and inside laundry. Outback you will find a desert oasis ready for relaxation and... entertainment with newly resurfaced pool, refinished cool decking, covered patio, multiple seating areas and plenty of grass for pets or play. Other exterior features include storage shed, on roof solar and north/south exposure. Area features and activities in and around Old Litchfield Park include Wigwam Resort, golf, neighborhood lake, multiple parks with playgrounds, restaurants, tennis courts, basketball courts, library, community pool and recreation center.Welcome Home!

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5145 N 87th Drive Glendale, AZ 85305

$556,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

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12004 W Parkway Lane Avondale, AZ 85323

$555,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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3842 E Fiesta Flower Lane San Tan Valley, AZ 85140

$555,988

4 Beds

3 Baths

2,741 SqFt

Status Active

MLS # 6700081

Property Type Single Family Residence

Price Type --

MLS#6700081 December Completion! The Revere plan at Combs Ranch-Landmark is a 4 bedroom, 2-story home designed to accommodate the ultimate living experience. With a main level guest room, gorgeous island kitchen, casual dining area and great room opening up to the outdoor living space this home is thoughtfully laid out at every turn. Upstairs, the luxe owner's suite has a large WIC, spa-like bath, and is separate from 2 bedrooms and loft. Design upgrades feature flooring cabinetry and stainless-steel appliances.

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