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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6078 E Southern Avenue Apache Junction, AZ 85119

$584,900

3 Beds

2 Baths

1,844 SqFt

Status Active Under Contract

MLS # 6720211

Property Type Single Family Residence

Price Type --

Exceptional property nestled on an acre lot, perfect for horse lovers! Near the Superstition Mountains, this BEAUTIFULLY REMODELED home offers breathtaking views & a serene environment. Providing 3 beds, 2 baths, & a 2-car garage. Highly upgraded interior showcases fresh neutral paint, tons of natural light, and wood-look flooring w/carpet in bedrooms. If entertaining is on your mind, you'll love the spacious open layout adorned w/a cozy fireplace! The renewed kitchen boasts SS appliances, quartz counters, recessed & pendant lighting, white shaker cabinetry, and an island w/breakfast bar. Main bedroom has a spotless bathroom w/tiled step-in shower. Relax under the covered patio of your expansive backyard! Plenty of room for parking, gardens, and horse/animal facilities! Move-in ready

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25139 N 171st Lane Surprise, AZ 85387

$584,873

5 Beds

4 Baths

3,185 SqFt

Status Active

MLS # 6762097

Property Type Single Family Residence

Price Type --

MLS#6762097 January Completion! This flexible Victory floor plan offers an open-concept living area where the kitchen seamlessly flows into the great room, with a separate dining area nearby. The primary suite, conveniently located on the first floor, features a generous walk-in closet and a beautifully designed bath. Also on the main level are a full bathroom, an additional half bath, and a versatile flex space to suit your needs. Upstairs, you'll discover secondary bedrooms, a full bathroom, ample storage space, and a loft for added living or entertaining space. Structural options added include; Gourmet kitchen, paver front porch and walkway, bedroom 5 with bath 4, and garage service door.

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926 N 97th Way Mesa, AZ 85207

$584,870

3 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6747081

Property Type Single Family Residence

Price Type --

45 - 60 DAY CLOSE! Beautiful Modern Desert Farmhouse home with NO HOA, Fully fenced backyard, & Beautiful modern finishes! This incredible home includes 1,651 SQFT, 3 large bedrooms, 2 bathrooms, an oversized 2 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, farmers sink, modern cabinets, built in soaking tub & double vanities in the primary bathroom, fully fenced backyard, the ability to build a casita or RV garage, & so much more!

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14107 S 203rd Lane Buckeye, AZ 85326

$584,800

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6754403

Property Type Single Family Residence

Price Type --

Nestled on a serene 1-acre lot in a peaceful cul-de-sac, this remarkable single-story home offers an unparalleled blend of comfort, style, and outdoor living! Be greeted by a circular driveway, solar panels, and an inviting front porch—an ideal spot to enjoy your morning coffee. With a 3-car garage and ample parking space, this property ensures you'll never have to worry about guest parking. Designed for both relaxation and entertainment, the expansive backyard is truly a retreat! It features a full-length covered patio, fire pits, a deck, a built-in basketball hoop, and a refreshing pool with a water feature. This gem has plenty of space for horses, animals, or your toys! Breathtaking mountain vistas! Hurry! Your paradise awaits!

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2620 Nelson Lane Chino Valley, AZ 86323

$584,335

3 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6776580

Property Type Single Family Residence

Price Type --

AVAILABLE NOW I Move-In Ready on a 1 Acre Lot! Welcome to Arizona's High Desert, a luxurious neighborhood offering a unique experience for those seeking spacious living and a love for the outdoors! Situated on 1-acre homesites, our community is designed to provide ample space and privacy while enjoying the cooler desert climate. Heritage Pointe offers 7 distinct floorplans, modern amenities, open-concept layouts with designer finishes. For those enjoying travel, opt for a floorplan that includes an RV Garage! You won't want to miss out; plan a visit with us today.

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9315 E Arrowvale Drive Sun Lakes, AZ 85248

$584,000

2 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6779048

Property Type Single Family Residence

Price Type --

Welcome home! This 2-bedroom, 2-bath residence features a 2-car garage, a paver driveway, and a well-maintained front yard. You'll be delighted by the living/dining room with vaulted ceilings, a soothing palette, and durable tile flooring. The gourmet kitchen boasts a breakfast nook, granite counters, custom wood cabinetry with crown moulding, recessed lighting, built-in appliances, a pantry, and an island with a breakfast bar. You'll also find a versatile den ideal for an office or study. The main bedroom offers plush carpeting, a quaint sitting nook, an ensuite with dual sinks, and a walk-in closet. Enjoy relaxing outdoor moments in the backyard, showcasing a covered patio and abundant space for hosting memorable gatherings with loved ones. Make it yours today!

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1247 E Marketplace Way Phoenix, AZ 85048

$584,000

3 Beds

3 Baths

1,809 SqFt

Status Active

MLS # 6704331

Property Type Single Family Residence

Price Type --

WOW!! Priced Below Comparable sales! Hard to find Lot!! 3 bedroom 3 full baths. This home has 2 master suites. Huge nearly a quarter acre lot with massive pool and spa. Single family detached home is all on one level on a cul-de-sac with lots of natural light boasting soaring ceilings. ALL NEW STAINLESS APPLIANCES INSTALLED! Recently upgraded Kitchen Cabinets. 2nd HVAC unit for Garage. Located in one of the most coveted areas in Ahwatukee in the heart of the Foothills. The lot sits above the homes behind it giving it that much more privacy and resort feel. Great views of the the Foothills golf course. Excellent Montessori School within Kyrene School District. Hot water heater replaced in 2023 Trane HVAC Pool RePlastered in 2019 New pool Filter and pump 202

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4170 Apache Drive Happy Jack, AZ 86024

$584,000

2 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6722854

Property Type Single Family Residence

Price Type --

This charming single-family home is the perfect place to call your own. With 2 bedrooms, 2 bathrooms, and a spacious floor plan, this property offers all the space and comfort you need. Step inside and be greeted by the warm knotty pine doors and baseboard, wood trim around all dual pane windows, giving the home a cozy and rustic feel. The vaulted ceiling adds to the open and airy atmosphere, while the vinyl plank flooring and newer carpet upstairs add a touch of modern elegance. The remodeled kitchen is a true centerpiece, featuring designer copper drawer pulls, granite countertops, and a countersunk sink. Whether you're cooking a gourmet meal or grabbing a quick bite, this kitchen is sure to impress. The master bedroom is a true retreat, complete with a sitting area, oversized reach-in closets, and walk out balcony covered for privacy with your morning coffee. levelor cordless up down blinds throughout as well as honeycomb blinds on the french door. The remodeled bathrooms offer copper sinks, granite counters, and a luxurious jetted tub perfect for relaxing at the end of a long day. Outside, you'll find 3 large covered porches for added outdoor living space, ideal for enjoying the pleasant Arizona weather. The fenced-in dog run is perfect for pet owners, while the raised garden area allows you to exercise your green thumb. Additional features of this property include a tuff shed for extra storage, a 2-car detached garage, and mature trees that provide shade and privacy. The exterior paint is less than 3 years old, giving the home a fresh and inviting look, upgraded porch lights add the perfect finishing touches. Not only is this home beautifully appointed, but it is also surrounded by desirable forest trails for hiking and biking, lakes for fishing and Blue Ridge Reservoir for the kayakers. This home comes furnished and is turn key ready for you to move in. Don't miss out on this incredible opportunity to own a piece of Happy Jack. Contact us today to make this dream home yours.

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29559 N Tarragona Drive Peoria, AZ 85383

$584,000

2 Beds

2 Baths

1,546 SqFt

Status Active

MLS # 6740829

Property Type Single Family Residence

Price Type --

Stunning Allure model - High ceilings, Open Floor Plan, Plantation Shutters & Consistent luxury vinyl plank Floors throughout. Gourmet kitchen has storage galore! Cabinets w/pullouts, granite, stainless appliances, RO system, Glazed subway tile & walk in pantry. Tranquil Spacious Master Bedroom W/sitting area overlooks beautiful backyard. Relaxing spa style master bath w/ Moen shower station, dual sinks, upgraded tile & large closet W/built in organizers/drawers! Large laundry room W/D & Container Store organizer system included. 2 Car Garage W/custom cabinets & sink, Professionally landscaped backyard is perfect for entertaining- Pavers, PVC irrigation, Covered Patio. Trilogy is an amazing gated active adult community that features 2 clubhouses, Golf, Fitness centers, Pools & more!

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12015 W Parkway Lane Avondale, AZ 85323

$583,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6742829

Property Type Single Family Residence

Price Type --

Discover this ranch-style Townsend home, ready for quick move-in! Included features: a covered front porch; a relaxing great room with center-meet patio doors; a gourmet kitchen boasting 42'' cabinets, quartz countertops, stainless-steel appliances, a generous center island and a walk-in pantry; a charming nook; a luxurious primary suite showcasing additional windows, a spacious walk-in closet and a private bath with double sinks; three secondary bedrooms, including on with an attached bath; a shared hall bath; a beautiful study; a central laundry and an inviting covered patio. This home also offers dramatic 10' ceilings, wood laminate and 9 x 35 stone tile flooring, cultured marble bath countertops, ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the driveway and walkway. Tour today!

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22693 E Saddle Way Queen Creek, AZ 85142

$583,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6740821

Property Type Single Family Residence

Price Type --

**This is a TO-BE-BUILT LISTING, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation and lot premiums may apply** Welcome to Ashton Woods newest community in Queen Creek - Madera Marquis - which features outstanding community amenities and convenient access to the 24 freeway and shopping. The open concept Jade plan features 3-car tandem garage, butler's pantry at the kitchen, 4 bedrooms and 3.5 baths, formal dining room with structural option to add a separate den, 12 ft slider and more! This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances. Amazing spa like primary suite with dual vanities and ample linen storage. This floorplan is accompanied by sizable secondary bedrooms and comes standard with 10' ceilings, front yard landscaping, paver driveway, dual sinks at primary bath, and much more! ~There is a minimum option spend requirement on new build homes, please reach out to the sales office for additional details.~

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20377 W Terrace Lane Buckeye, AZ 85396

$583,500

4 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6753236

Property Type Single Family Residence

Price Type --

This impeccably maintained 4 bedroom 3 bathroom home is located in the heart of the highly sought after Verrado community. Verrado boasts championship golf course, community facilities such as pool, community center, full gym, tennis, pickle ball courts., countless hiking paths and trails for all levels of hikers, the now famous stairs of Verrado, Main street area with restaurants, grocery store, coffee shop, and more. The interior of this home includes custom 2 tone paint, gourmet kitchen with staggered 42'' upper cabinets with crown molding, granite counters, stainless steel appliances, huge walk-in pantry, abundant storage through-out, 8ft interior doors, 10ft flat ceilings, private courtyard off dining room, huge owners suite w/en-suite bath including dual vanities, walk-in shower... and separate soaking tub, very large walk-in closet, there is a separate bedroom and full bath that is perfect for an in-law or guest suite. Well appointed backyard with fruit trees, grass area, paver walking paths and lounging area.

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