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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683 W Princeton Avenue Gilbert, AZ 85233

$588,000

4 Beds

3 Baths

2,416 SqFt

Status Active

MLS # 6779854

Property Type Single Family Residence

Price Type --

Prepare to be amazed by this magnificent two-story gem in the desirable Community of Silverhawke! This beauty displays lush greenery, a mature shade tree, a 3-car garage, & an inviting courtyard. You'll love the immaculate interior, boasting spacious living areas perfect for welcoming & entertaining. The home exudes charm with its vaulted ceilings, chic light fixtures, & tile flooring. The impeccable kitchen is fully equipped with granite counters, a mosaic tile backsplash, recessed lighting, a pantry, & white cabinetry w/crown molding. Main suite is located upstairs & adorned with soft carpeting, a full ensuite w/a sliding barn door, & a generous walk-in closet. The home's elegance extends outdoors to the private backyard with a covered patio, fragrant citrus trees, & pavers. Act now! Vacant and easy to show. Appliances included. Additional incentives available.

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4129 E Nighthawk Way Phoenix, AZ 85048

$588,000

4 Beds

2.5 Baths

2,782 SqFt

Status Active

MLS # 6782855

Property Type Single Family Residence

Price Type --

Great bones on this home that is priced to sell. Owner bought this in 2010 and is ready to sell quick! Huge primary bedroom on MAIN FLOOR, 3 car garage, pebble-tec pool w/ pop up heads and heated spa! Don't forget the 3 car garage! Great area with NO HOA makes this a real find. Former rental that can be cleaned up w/ paint/carpet, etc (everything works just fine in the home) or fully remodeled and flipped.

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375 E Citrus Hollow Way Queen Creek, AZ 85140

$587,979

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6629644

Property Type Townhouse

Price Type --

This brand new Valletta model is move-in ready! It features a spacious layout with plenty of natural light. The kitchen is fully equipped with stainless steel appliances and granite countertops. It has a gourmet kitchen, gas cooktop and will be the perfect place to entertain your guests. Both bathrooms are highly upgraded with tile surround and upgraded fixtures. The resort collection at Encanterra offers you the perfect balance if you are a seasonal owner or full time. Book your tour today and start living the good life at Encanterra now!

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3109 E Larkspur Drive Phoenix, AZ 85032

$587,700

4 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6747596

Property Type Single Family Residence

Price Type --

Discover the epitome of versatile luxury with this stunning property, ideal for use as an income generating investment, or a personal residence. Imagine unwinding by your heated pool, grilling up a feast under your covered patio or perfecting your putt on your very own backyard green. This exceptional & fully renovated home boasts 4 spacious bedrooms, 2 bathrooms, & a host of premium features including granite countertops, stylish laminate wood flooring, an upgraded garage floor & ceiling fans in every room! Enjoy the added benefits of solar panels on a new roof, and the convenience of an option to purchase fully furnished for a seamless transition. With no HOA & easy access to freeways, plus a mere 15-minute drive to PHX Airport, this property offers both luxury and convenience.

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7314 W Surrey Avenue Peoria, AZ 85381

$587,000

5 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6719780

Property Type Single Family Residence

Price Type --

** FIRST LEVEL MAIN BEDROOM / BATH DOWNSTAIRS* also second bedroom / bath down stairs ** SWEETWATER RIDGE is where this gem lies. Meticulously cared for the past 13 years. Kitchen has been fully updated and remodeled from the original look. Newer paint throughout the home inside and out. Downstairs primary bath was remodeled in 2015 with soaking tub and separate shower. Lush carpet. Plank tile. *OVERSIZED BEDROOM UPSTAIRS with TWO CLOSETS. Outside features include RV GATE with concrete slab in front and back yard. Irrigation system for grass and plants in front and back yard. Back patio and aluminum pergola extend from one end of the home to the other end. Sunscreens throughout. Two car garage with enclosed workshop/storage. Near ASU WEST, AZ Christian University , Mid West University.

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8776 W Peppertree Lane Glendale, AZ 85305

$586,999

4 Beds

3.5 Baths

3,126 SqFt

Status Active

MLS # 6659040

Property Type Single Family Residence

Price Type --

Newley remodeled home with great curb appeal with a 3 car garage, Lennar home with a NEXT GEN Suite! - Ideal for parents, adult children, home office with reception or as potential rental income for you! Next-Gen Suite has a family room, kitchenette, bedroom, shower and much more! There is a separate entrance from the side of the home into the suite as well as one from inside the main home that allows you to check in on your guests or loved ones easily. This home has two fridges that both convey in the sale, the main home has a spacious open floor plan, eat -in kitchen w/breakfast bar seating and spacious bedrooms. Large back yard! Short distance to schools, Westgate Entertainment District, sports venues, state farm stadium and the Loop 101. ALSO FOR RENT!

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2831 S Perkinsville Road Williams, AZ 86046

$586,900

3 Beds

2 Baths

2,198 SqFt

Status Active

MLS # 6676334

Property Type Single Family Residence

Price Type --

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17751 W Bloomfield Road Surprise, AZ 85388

$586,500

4 Beds

3 Baths

3,110 SqFt

Status Active

MLS # 6719168

Property Type Single Family Residence

Price Type --

A beautiful 4 bed, 3 bath residence in Sarah Ann Ranch is now on the market! Nestled on a premium corner lot & featuring great curb appeal, a low-care landscape, and 4 car tandem garage! Discover spacious dining & living areas w/soaring ceilings, elegant wood-look flooring, soft carpet in all the right places, modern light fixtures, and custom palette throughout. The gorgeous kitchen is equipped w/everything you'll need for home cooking, white cabinetry w/crown moulding, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. The primary bedroom boasts a walk-in closet and a full ensuite w/dual sinks for added comfort. You'll also find a cozy den ideal for an office or reading nook. Finally, the wonderful backyard includes a covered patio, attached pergola, extended paver seating area, fire pit, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now!

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12737 W Auburn Drive Peoria, AZ 85383

$586,500

2 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6729974

Property Type Single Family Residence

Price Type --

Beautiful gently lived in 2-bedroom plus den property. Check out & fall in love with the large great room featuring tile flooring and plantation shutters. Spotless kitchen displays mosaic tile backsplash, recessed & pendant lighting, staggered cabinets & cupboards with crown molding ,stainless steel appliances, granite counters, and equipped with a roomy breakfast bar. Generous laundry room with plenty of cabinets and desk area .Make the sizable den a reading nook or bar area. In the bright primary bedroom, you will find plush carpet, a private bathroom with dual sinks, an enclosed glass shower, and a walk-in closet. Entertainers delight in the spacious backyard provides a covered patio, fire pit, and a built-in BBQ and hot tub. Shea Xero 20 year pre paid solar. Energy savings!!

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1750 W Dion Drive Phoenix, AZ 85086

$585,900

2 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6750657

Property Type Single Family Residence

Price Type --

Sharp 2 bedroom with a den, You will love the Beautiful airy feel of this home. The interior and exterior where painted in 2021 and new upgraded porcelain tile throughout. Hunter Douglas blinds. Spacious kitchen offers a ton of counter space for entertaining. Primary suite is Huge with beautiful appointments in the bathroom. Den offers double french doors for privacy and still an open feel. Culligan soft water system and R/O stay with the home. Come enjoy the Beautiful back yard that over looks the golf course and Mountain views. Built in BBQ and fire pit perfect for the fall evenings

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16836 E Mirage Crossing Court Fountain Hills, AZ 85268

$585,900

2 Beds

2 Baths

1,076 SqFt

Status Active

MLS # 6696664

Property Type Twin Home

Price Type --

: Exceptional Renovated 2-bedroom, 2- bathroom twin home in Fountain Hills, AZ, with its modern allure. The sunlit Arizona room seamlessly connects to a spacious covered patio, complete with a built-in-BBQ, perfect for entertaining, Your private outdoor oasis features a spool and putting green, adding an element of relaxation with meticulous attention to details, this residence offers an ideal winter retreat or Airbnb. Experience Fountain Hills and Arizona Sunsets!!

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3149 W Golden Lane Chandler, AZ 85226

$585,900

4 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6740031

Property Type Single Family Residence

Price Type --

This beautifully updated 4-bedroom, 2.5-bath home offers modern amenities and spacious living. The primary bedroom is conveniently located on the main floor, providing ease and privacy. The kitchen is a chef's dream, featuring a large island, stainless steel appliances, including a microwave, range, and dishwasher, and seamlessly opens up to a generous living space, perfect for entertaining. The fully finished basement expands the living area with a large bonus room, an additional kitchen with refrigerator, and three more bedrooms, making it ideal for guests, extended family, or potential rental income. Washer/dryer combo units for main level and basement. This home combines comfort, functionality, and style in every detail.

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