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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3235 Josey Wales Way Wickenburg, AZ 85390

$619,000

2 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6764213

Property Type Single Family Residence

Price Type --

Welcome to your dream home, featuring 2 bedrooms, 2.5 bathrooms, all within over 2,200 sq ft of beautifully designed living space. The interior exudes a sleek and modern aesthetic, enhanced by an open floor plan that promotes a seamless flow. A private office/den comes with a Murphy bed and solid wood barn doors. The heart of the home is the kitchen, which boasts a large island perfect for meal prep and casual dining.The cabinetry and finishes create an inviting space for culinary enthusiasts and entertaining guests alike. The adjoining living area is bright and airy, anchored by a wall of sliding glass doors that lead to a generously sized, fully remote screened in patio, ideal for outdoor gatherings and relaxation while enjoying the serene 180 degree mountain views. This property has undergone significant upgrades since its last listing, ensuring it looks nothing short of amazing. With attention to detail and contemporary design elements, you'll appreciate the fine craftsmanship and thoughtful layout. The spacious primary suite offers a serene retreat with an en-suite bathroom featuring modern fixtures, while the second bedroom provides ample space for guests or family. Additional features include a convenient 3-car garage, providing plenty of storage and parking options. This home not only exemplifies modern living but also offers a lifestyle of comfort and elegance.

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7253 E Nance Street Mesa, AZ 85207

$619,000

3 Beds

3 Baths

1,925 SqFt

Status Active

MLS # 6766033

Property Type Single Family Residence

Price Type --

Absolutely gorgeous home with a heated pool in the desirable Trailridge at Las Sendas gated community. This 3 bedroom, 3 bath home shows off the pride of ownership right when you walk in the door. The kitchen offers crown molding cabinets, granite counter tops and a large island. The master suite offers a huge walk in closet along with dual vanity sinks. The highlight of your low maintenance backyard is the beautiful pool in the back complete with a heater for year-round use! The gated community offers a large club house, workout facility, a spa, pickleball courts, community pools, parks and sporting fields along with bike and hiking trails to enjoy the desert landscape!

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8972 E Arizona Park Place Scottsdale, AZ 85260

$619,000

2 Beds

2 Baths

1,446 SqFt

Status Active

MLS # 6766971

Property Type Single Family Residence

Price Type --

STUNNING SCOTTSDALE RETREAT! This fantastic 1446 SF haven boasts the perfect blend of comfort, style, and functionality! With 2 bedrooms plus a den, a spacious living room, and an open-concept kitchen, this home offers effortless flow and entertainment possibilities. Enjoy the private backyard oasis, perfect for relaxation and alfresco fun. And rest assured, this home has been meticulously maintained, with new flooring throughout, updated bathrooms, and a hassle-free experience - the cold AC is a refreshing treat, and everything is in working order, with no issues to worry about! And the best part? It's nestled in the most coveted area of Scottsdale, between Shea and 92nd Street, just moments from top-rated restaurants, supermarkets, and entertainment hotspots. Schedule your visit today

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3118 W Espartero Way Phoenix, AZ 85086

$619,000

4 Beds

3 Baths

2,934 SqFt

Status Active Under Contract

MLS # 6747861

Property Type Single Family Residence

Price Type --

Welcome to your new home! This spacious residence boast a generous one of a kind 4 car garage, perfect for a car enthusiast or those in need of ample storage. The home features an oversized master suite with elegant tile flooring, offering a serene retreat. With a total of 4 bedrooms and 3 full baths, there's plenty of room for everyone. Enjoy the stunning cherry wood laminate flooring that graces the main floor, adding a touch of sophistication to the living areas. The home is bathed in natural light thanks to the North/South exposure creating a warm and inviting atmosphere throughout. Conveniently located near Sunset Ridge K-8 school, community pool, TMSC plant, shopping and dining. The neutral painting throughout the home provides a versatile backdrop for your personal style. Don't miss the opportunity to make this house your new home.

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7322 E Greenway Street Mesa, AZ 85207

$619,000

4 Beds

2.5 Baths

2,257 SqFt

Status Active

MLS # 6776826

Property Type Single Family Residence

Price Type --

Welcome to your dream home at 7322 E Greenway St, Mesa! This fully remodeled 4-bedroom, 2.5-bathroom trilevel oasis offers 2,257 square feet of luxurious living. Step inside to discover new LVP flooring and plush carpeting that flow seamlessly through each space. The kitchen and bathrooms boast sleek new counters and appliances, bringing a fresh, modern feel to every corner. Outside, enjoy Arizona living at its best with a fully landscaped yard, complete with lush new grass turf in both the front and back. And don't miss the sparkling, brand-new pool - perfect for relaxing or entertaining, with all-new equipment ensuring years of enjoyment. This home has it all, from contemporary upgrades to an inviting layout. Tour today and experience this Mesa gem firsthand!

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1755 W Butler Drive Phoenix, AZ 85021

$619,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6757199

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after Royal Palm neighborhood, this beautifully updated 3-bedroom, 2-bath home boasts a serene and inviting setting with a large, lush front lawn and gorgeous mature trees. As you enter through the private courtyard, you're welcomed by an open layout featuring a formal dining room and spacious family and living rooms, divided by a charming dual-sided fireplace. At the heart of the home, the galley-style kitchen seamlessly connects the main living areas, making it perfect for entertaining. With granite countertops, plenty of cabinet space, and an adjacent eat-in area, it offers both functionality and flow for easy hosting. Recent upgrades include Anderson windows and doors throughout and Rhino Shield paint on the exterior, providing peace of mind with a 25-year warranty. Both bathrooms feature modernized showers with lifetime warranties, and the roof coating comes with a 10-year warranty. Step outside to your personal oasis,a large covered patio complete with a built-in wood-burning fireplace and cozy seating area, perfect for year-round entertaining. The sparkling pool provides the ultimate relaxation spot, surrounded by a low-maintenance yard. There is also a working GREENHOUSE in the back perfect for growing your own vegetables and flowers!This home is just steps away from Royal Palm Park, a popular destination for families and outdoor enthusiasts. The neighborhood's tree-lined streets and strong sense of community make it one of Phoenix's hidden gems. You're also close to some of the best dining in the area, including Otro Café, Richardson's, and The Vig North Central. Plus, nearby farmers markets like the Uptown Farmers Market ensure access to fresh local goods year-round. Enjoy the best of both worlds: a peaceful suburban retreat with easy access to all that central Phoenix has to offer.

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29757 N 133rd Avenue Peoria, AZ 85383

$619,000

2 Beds

2 Baths

1,752 SqFt

Status Active Under Contract

MLS # 6768766

Property Type Single Family Residence

Price Type --

PRICE REDUCED on this BEAUTIFUL UPGRADED Vibrant Model in Trilogy at Vistancia. CHEF'S GOURMET Kitchen Features GRANITE Counter tops, DESIGNER Back Splash, SS Appliances, Gas Cooktop with Separate Wall Oven. STAGGERED Cabinets with Roll Outs, Under Cabinet Lighting, Island. Whole House RAIN SOFT Water Filtration System. Surround Sound, Upgraded DESIGNER Lighting Throughout, Wood Plank Tile Floors with Upgraded Carpet & Pad in Bedrooms. Smart Room Features Cabinets Galore with Sink & Desk. Relax in the Den with Built In Cabinets & Wine Frig. Plantation shutters, Ceiling Fans, & Stone Fireplace in Great Room, 4 Panel Slider to Fabulous PRIVATE Back Yard Featuring, SYNTHETIC GRASS, PERGOLA, FIRE PIT, B/I GAS BARBECUE, PUTTING GREEN, LUXURIOUS THERAPEUTIC HOT TUB & AUTOMATIC SUNSHADES. Designer Front Screen Door. Neutral pallet throughout & close to cul de sac for quiet area. Epoxy garage flooring for easy clean ups. Perfect Home to Entertain and Enjoy the AZ Trilogy Lifestyle.

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3907 E Delta Avenue Mesa, AZ 85206

$619,000

6 Beds

3 Baths

2,753 SqFt

Status Active

MLS # 6773433

Property Type Single Family Residence

Price Type --

BEAUTIFULLY REMODELED! This charming, split-level type home offers everything you need. Providing 6 beds, 3 baths, RV gate, desert landscape, & a 2-car garage w/extended driveway. The highly updated interior boasts clean lines that promote a modern feel! Fresh neutral palette, tons of natural light, ceiling fans, dual-pane windows, recessed lighting, & high-quality laminate floors throughout. Upstairs or main level, you'll find a semi-open layout showcasing a large living area with vaulted ceilings that add to the airy feel. The renewed kitchen boasts SS appliances, quartz counters, espresso cabinetry, a pantry, and a peninsula w/breakfast bar. The primary bedroom has two closets w/mirror doors and a private bathroom for added comfort. The two secondary bedrooms are completing this level. On the downstairs or lower level, you'll find a spacious family room! There are also 3 additional bedrooms, one of which is large enough to serve as a second primary suite. Enjoy the charming balcony off the dining area! If entertaining is on your mind, the backyard awaits you! With its covered patio, so much room for gatherings, and a fenced sparkling pool, this space promises year-round enjoyment. Located in a desirable Mesa area, close to shopping, parks, school, and freeway access. Wow, just WOW!

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9065 E Gary Road Unit 147 Scottsdale, AZ 85260

$619,000

3 Beds

3.5 Baths

2,001 SqFt

Status Active

MLS # 6765428

Property Type Townhouse

Price Type --

SHORT TERM RENTAL ALLOWED. You'll love this beautifully updated 3 bedroom, 3.5 bath townhome that sits nestled in the gated community of Arroyo Madera Estates in Scottsdale! New roof, A/C unit, carpet and paint! This home features 2 master bedrooms (1 up and 1 down). A premium lot with North/South exposure. This home has an open floor plan with high vaulted ceilings. Large loft upstairs with lots of natural light. All bedrooms are large with large, walk-in closets. 2 car attached garage with direct entry into the home. Private yard, balcony, and security system. This is an all gated community with 2 large heated pools and spas along with resort like landscaping. Centrally located with access to all the freeways, recreational multi use path, great shopping and dining!

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7601 E Roosevelt Street Unit 1010 Scottsdale, AZ 85257

$619,000

3 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6772879

Property Type Townhouse

Price Type --

Great central location! This home features 3 bedrooms plus a large loft/office area with a home office nook. Minutes from ASU and Old Town Scottsdale with easy access to the 101 and 202 freeways. Quiet, small complex with a community pool. Enjoy sunsets from your balcony or landscaped backyard with turf and extended paver patio. Custom master closet, soaking tub, and double sinks in the master bath. Granite counters in the kitchen and baths, upgraded faucets, and a Blanco kitchen sink. Custom sunscreens on all south windows to improve efficiency. Directly on the Scottsdale greenbelt with miles of lakes, parks, and trails. 2 car attached garage with ev charging

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1170 N 87th Place Scottsdale, AZ 85257

Open House

$619,000

3 Beds

2 Baths

1,592 SqFt

Status Active

MLS # 6784005

Property Type Single Family Residence

Price Type --

Exciting news for Scottsdale home buyers! A new property is hitting the market that combines modern comfort with incredible value. This charming home features a completely redone kitchen, spacious bedrooms, 2 bathrooms, as well as a 2 car garage; making it a fantastic choice for families, professionals, or anyone looking to settle in this vibrant area. With its open layout, ample natural light, and tasteful finishes, this home offers a welcoming and versatile space for entertaining or relaxing. Not only does it have everything you need, but it's also priced competitively—making it a great opportunity to secure your place in one of Scottsdale's most desirable neighborhoods. Don't miss the chance to tour this stunning property!

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651 W Orchard Way Gilbert, AZ 85233

Open House

$619,000

4 Beds

2.5 Baths

2,836 SqFt

Status Active

MLS # 6740366

Property Type Single Family Residence

Price Type --

Sellers will offer incentive with the right offer! Perfect for the NEW YEAR ''2025'' This amazing home awaits you in the highly sought-after Neely Ranch community. Upstairs, newer carpet, four spacious bedrooms with an extra-large loft space. Updated primary bath with quartz double sinks and a tiled walk-in shower with privacy barn door. Lower level offers epoxy flooring and updated half bath, den is off the kitchen. Kitchen has updated quartz countertops, an island plus an extra-large walk-in pantry including laundry (Appliances included). Updated electrical, recessed LED lighting and dimmers throughout the entire smart-home. Salt Water pool, x-large backyard w/ privacy greenbelt behind home. Gilbert School District. Minutes away from Gilbert Town Square- Entertainment for everyone.

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