What’s Ahead For Mortgage Rates This Week – December 26, 2016

Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.

Consumer Spending Dips in November

Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.

New Jobless Claims Rise to 6–Month High

New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.

There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.

Mortgage Rates, New Home Sales Rise

Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.

What‘s Ahead

Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets are closed today in observance of the Christmas holiday.

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1834 N Mitchell Street Phoenix, AZ 85006

$629,000

3 Beds

2 Baths

1,218 SqFt

Status Active

MLS # 6775620

Property Type Single Family Residence

Price Type --

This historic bungalow is truly as good as it gets, and on one of the best streets in Coronado Historic District. The original 1937 bungalow has been carefully preserved, but just about all the major systems have been recently upgraded to modern (over $120K). The house is cozy, but flows bigger with the original two bedrooms and bath on the front side of the house, and the split addition of the master suite on the rear. The front room features updated floors (2024), fireplace and gorgeous light. Modern kitchen features custom cabinets, exposed brick wall and all new appliances. Completely remodeled master suite. OWNED SOLAR!!! Multiple hospitals close by as well as close to freeways, Downtown Phx and much more.

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1700 E Lakeside Drive Unit 65 Gilbert, AZ 85234

$629,000

2 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6761143

Property Type Townhouse

Price Type --

Beautifully situated in Breckenridge Bay sits this meticulously appointed single-level townhouse! Upon entry, enjoy ample natural lighting, generous-sized open living and dining areas, vaulted ceilings & warm color tones throughout. The gorgeous dark wood floors contrast perfectly with bright silver-gray-colored walls. The vibrant Kitchen boasts granite tops and stainless steel appliances all accented with natural white cabinetry. Both bedrooms have newer LVT flooring and the main bath has been impressively remodeled to 5-Star Resort standards! Ideally located just steps away from the clubhouse, full amenities, and the lakes.... living in Val Vista Lakes is resort Lifestyle Living at its best!

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2360 N 165th Drive Goodyear, AZ 85395

Open House

$629,000

2 Beds

2.5 Baths

2,066 SqFt

Status Active

MLS # 6780641

Property Type Single Family Residence

Price Type --

Expanded Cortez Model with 2.5 Bathrooms and two bedrooms plus Den/Office. Home has been impeccably maintained. Home is being sold with all furnishings in the home. Just bring your clothes and toothbrush. The screened in porch is great for entertaining and comes complete with BBQ grill and patio furnishings. Two car expanded garage is roomy with custom shelving and did I mention it also has a golf cart garage. Large fully fenced backyard for your furry friends.

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2066 S Martingale Road Gilbert, AZ 85295

$628,900

3 Beds

2.5 Baths

2,708 SqFt

Status Active

MLS # 6779585

Property Type Single Family Residence

Price Type --

This two-story home has OWNED SOLAR and a spacious design, offering 3 bedrooms, 2.5 bathrooms, a cozy den, and an airy loft area. Inside, you'll find an large kitchen designed for both cooking and entertaining, complete with ample counter space, gas stove, and an oversized pantry ideal for all your storage needs. The large primary bedroom serves as a peaceful retreat and connects to an en-suite bathroom with dual sinks and a walk-in closet. The additional bedrooms are well-sized, perfect for family or guests. The den offers a flexible space perfect for a home office, library, or playroom and the upstairs loft provides a bonus area for lounging, a second family room, or a study zone. Exterior was painted in 2022. Backyard has new pavers and easy to maintain turf.

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6895 N 79th Place Scottsdale, AZ 85250

$628,000

2 Beds

2 Baths

1,052 SqFt

Status Active

MLS # 6781366

Property Type Townhouse

Price Type --

Welcome to CAMELVIEW GREENS, an exclusive townhome community ideally located in the heart of Scottsdale. This meticulously maintained, TURNKEY residence features a well-appointed 2-bedroom, 2-bath split floor plan. REMODELED in 2020. Upgrades include premium quartz countertops, elegant wood-look vinyl flooring, multi-functional kitchen shutters, glide-out drawers, custom shelves, updated hardware, SS appliances with Bosch smart dishwasher and wine fridge. NEST and Ring. Soaring ceilings, and recessed lighting throughout with upgraded, modern ceiling fans. The low-maintenance backyard is by design with pavers, turf, rock, and drip system for ease of care. The community offers a gated entrance, beautifully landscaped grounds, and thoughtfully designed common areas, as well as a heated pool and spa. Situated just minutes from Old Town Scottsdale, Fashion Square, Camelback Mountain, Spring Training fields, Talking Stick Resort, walking and biking trails, golf courses, fine dining, and a host of other amenities, this residence presents an exceptional opportunity for upscale living. Don't miss the chance to own this MOVE-IN-READY home in one of Scottsdale's most sought-after communities.

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31510 N 24th Drive Phoenix, AZ 85085

$628,000

3 Beds

2.5 Baths

2,026 SqFt

Status Active

MLS # 6570906

Property Type Single Family Residence

Price Type --

Beautiful Modern Appeal. Multiple Upgrades. High ceilings and Great Lighting make this home feel expansive. Gourmet Kitchen with gas range and hood. Oversized Quartz Waterfall countertop. GE Profile Appliances. Electric blinds, large farmhouse sink, water softener. 2-Large Screen Wall Mounted TV's included. Nest thermostats. Low maintenance backyard with Gas lined Fire Table, Gas Grill, Artificial turf and Tiled patio. Lights and Irrigation on timers. Energy efficient rated home. Community Pool and BBQ. There is also a dog park conveniently located close to this home. Excellent Location, close to shopping and restaurants! Great Investment Opportunity!

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13300 W Red Hawk Drive Peoria, AZ 85383

$628,000

2 Beds

2 Baths

1,926 SqFt

Status Active Under Contract

MLS # 6782879

Property Type Single Family Residence

Price Type --

Light and bright with neutral color pallet throughout, this model-like home filled with upgrades and ready for immediate move-in is the trophy property of Trilogy. When it's all about the details, there's no overlooking the clean lines, contemporary finishes and sophisticated style present. Vertical plank porcelain tiles are carried throughout leading past the guest quarters, home office, and into the great room and gourmet kitchen. Here, you'll find a gas cooktop, built-in stainless steel appliance package, wine chiller, granite countertops paired with white cabinetry providing plenty of storage. A pantry and optional 'SMART SPACE' are just around the corner. Included with the high-end washer and dryer, sink, upper and lower cabinetry there's a workstation here too. Crafting, hobbies, 2nd office are all possible. A natural flow to the open floor plan spotlights the 90 degree angle WALL OF GLASS connecting two rooms where the gas fireplace of the exterior becomes the focal point. This award-winning Shea Home faces south allowing the warmth of the sun to gently illuminate the yard in a gentle even distribution year round. The two-car garage has been extended 4 feet and can accommodate larger vehicles or more room for storage. Take a look at the areal shots of the neighborhood. There are trails and walking paths just outside your door. The vibrant community of Trilogy at Vistancia is alive with community events, golf, tennis, pickle-ball, crafting, fitness classes, gourmet eateries... there's endless options to partake in. Whether you're looking for your forever home or respite from the cold, this picture-perfect property provides style, convenience and practicality.

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11329 E Savannah Avenue Mesa, AZ 85212

$628,000

4 Beds

2.5 Baths

3,080 SqFt

Status Active Under Contract

MLS # 6745817

Property Type Single Family Residence

Price Type --

You will fall in love with this huge corner lot property that exhibits pride of ownership in East Mesa. Notice the fantastic curb appeal and easy to maintain and beautiful landscaping. It has separate living & family rooms and either tile or wood flooring throughout.Kitchen offers upgraded cabinetry with a ton of storage space, gas cook top stove, wall ovens, island with breakfast bar, &granite countertops. The laundry has extra cabinets & sink. There are 4 spacious bedrooms, 2.5 baths, and fantastic loft. In the primary bath there is a garden tub, separate shower, walk-in closet, and private toilet room. The backyard is an oasis with covered patio and swimming pool. Meticulously maintained home by original owners. New Roof, paint, laminate floors in 2024. A/C units routinely maintained.

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20951 E Via Del Sol Street Queen Creek, AZ 85142

$627,777

4 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6729504

Property Type Single Family Residence

Price Type --

WOW- PRICE REDUCED $7,500. IN ADDITION, SELLER CONSESSION AVAILABLE TOWARDS CC OR RATE BUYDOWN with Rates As Low As 3.875% when Financing Thru Builder's Preferred Lender(s). Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful Cul-de-sac home has Primary Suite & Bedroom 4 on Lower Level with 2 Bedrooms Up! White Shaker 42'' Cabinets with Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave. Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Tiled Extended Shower at Primary Bath, Plank Tile Flooring, Stainless Side-by-side Refrigerator, Washer, Dryer & Window Blinds Included! Don't Wait, Come See This Home Today

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22214 N Tournament Drive Sun City West, AZ 85375

$627,500

2 Beds

2.5 Baths

2,910 SqFt

Status Active

MLS # 6750481

Property Type Single Family Residence

Price Type --

This highly desirable Scottsdale model is an open floorplan. The coffered ceiling and plantation shutters throughout give it understated elegance. The primary suite has an oversized bathroom with dual sink vanities, a massive walk in shower plus a jacuzzi tub. The second bedroom has a private bathroom. There is also a den/office. The kitchen opens to family room that features a built in gas fireplace. The kitchen has 2 islands, gas range, double ovens & tons of storage. There is a convenient half bath right off the entertaining area for guests. Guests can spill out into the enormous enclosed patio, as well as the open patio, while hosting & entertaining. The 2.5 car garage gives that perfect space for the golf cart. Roof underlayment #30 LB in 2024. PAINT color appears darker in photos.

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15029 W Minnezona Avenue Goodyear, AZ 85395

$627,100

4 Beds

2.5 Baths

3,368 SqFt

Status Active

MLS # 6755950

Property Type Single Family Residence

Price Type --

WOW. SELLER WILL GIVE $8,000 CREDIT TO THE BUYER AT CLOSING, and wow FULLY paid off and OWNED SOLAR and solar heated pool! HUGE SAVINGS! This LUXURY retreat home features countless upgrades: highly upgraded engineering wood flooring, mini-split A/C units in the garage, a Tesla charging station, and custom finishes at every turn!!! This exceptional home greets you with lush desert landscaping, creating a serene and inviting entrance. Once inside, you're welcomed by soaring ceilings that open up the space and create a bright, airy atmosphere. The seamless flow between the expansive living and family rooms is perfect for gatherings and entertaining, offering plenty of space for relaxation. The heart of the home is the chef's kitchen, designed to impress with granite countertops, a large center island, a convenient breakfast bar, and sleek black stainless steel appliances. The 42'' cherry cabinets add a touch of elegance and provide ample storage. The first-floor master suite is a luxurious retreat, featuring real wood flooring that adds warmth and character. The remodeled bathroom boasts an oversized shower, creating a spa-like experience. Backyard is a true OASIS!! Outdoor living is equally impressive, highlighted by a grand 8'x6' stone fireplace, perfect for cozy evenings under the stars. Whether hosting or relaxing, this home offers both style and practicality for modern living. The 3 car garage is super spacious, every owner's dream!! This home is a MUST SEE!!

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7683 W Avenida Del Rey -- Peoria, AZ 85383

$626,940

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6680063

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! Stunning 4 bedroom/ Guest Retreat / 3 full bath home with 2.5 car tandem garage located at the Retreat at Aloravita. This home includes professionally designed features and finishes. The kitchen includes beautiful white quartz countertops, tile backsplash, stainless steel gas appliances and white shaker style cabinets. Upgraded woodplank style tile flooring. Cultured marble tops at baths. 8' doors with upgraded hardware and the home is ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability.

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