What’s Ahead For Mortgage Rates This Week – December 5, 2016

Last week’s economic news was plentiful with releases on Case-Shiller Home Price Indices and pending home sales. Readings on government and private sector jobs created, the national unemployment rate and weekly readings on new jobless claims and Freddie Mac’s mortgage rates survey were also released.

Case–Shiller: Western Cities Dominate Home Price Growth

Case-Shiller’s 20-City Home Price Index reported that Seattle Washington topped year-over-year home price growth with an increase of 11.00 percent. Portland, Oregon followed closely with a reading of 10.90 percent, and Denver Colorado held third place with year-over-year home price gains of 8.70 percent.

San Francisco, California, which had posted high home price gains in recent years, posted a month-to-month reading of -0.40 percent and a year-over-year gain of 5.70 percent. Analysts said that this reading was evidence that home prices in high cost areas were topping out. Affordability, strict mortgage requirements and low inventories of available homes continued to present obstacles to home buyers.

Mortgage Rates Rise, Pending Home Sales Dip

According to the U.S. Commerce Department, pending home sales dipped in October to 0.10 percent as compared to a growth rate of 1.50 percent in September. Winter weather and holidays can cause would-be home buyers to postpone their home searches until spring.

Freddie Mac reported higher mortgage rates last week, although the 10-year treasury rate, which is tied to mortgage rates, was unchanged from the prior week. The average rate for a 30-year fixed rate mortgage was five basis points higher at 4.08 percent; the average rate for a 15-year fixed rate mortgage rose by nine basis points to 3.34 percent and the average rate for a 5/1 adjustable rate mortgage rose by three basis points to 3.15 percent. Mortgage rates have risen by 51 basis points in three weeks. This trend, coupled with high home prices, doesn’t bode well for first-time and modest income home buyers.

Consumer spending for October increased by 0.30 percent as compared to predictions for a reading of 0.50 percent and September’s 0.70 percent reading. The core inflation reading for October was unchanged and in line with analyst expectations at 0.10 percent. The core reading excludes volatile food and fuel sectors.

Labor Reports: Job Creation Grows, Unemployment Rate Lower

According to the Labor Department’s Non-Farm Payrolls report for November, 178,000 government and private sector jobs were created as compared to expectations of 200,000 jobs created and October’s reading of 142,000 jobs created in October. According to the Commerce Department, the national unemployment rate for November was 4.60 percent as compared to the expected reading of 4.90 percent and October’s reading of 4.90 percent. Analysts noted that while a lower reading could indicate good news, it was also the result of fewer workers in the work force. The unemployment rate is based on unemployment claims filed by those actively seeking work; it does not include those underemployed or those who have stopped seeking work.

First-time jobless claims rose to 268,000 as compared to expectations of 250,000 new claims and the prior week’s reading of 251,000 new claims filed.

In spite of higher mortgage rates and dubious labor reports, the Consumer Confidence Index rose to 107.1 in November from October’s reading of 100.8; Analysts had expected an index reading of 102.5.

What‘s Ahead

Next week’s economic reports include releases on job openings and consumer sentiment along with weekly readings on mortgage rates and new jobless claims.

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32561 Felix -- San Tan Valley, AZ 85143

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6739254

Property Type Manufactured Home

Price Type --

Exceptional Home with Pool, Casita, Storage Shed & carport on over 1.3 acres. Welcome to this exceptional property, where comfort meets versatility in a stunning 3-bedroom, 2-bathroom primary residence. This home is perfect for those seeking a blend of relaxation, functionality, & additional living space with a country living feel yet not too far from amenities. Step into the inviting main residence, where an open layout & modern design create a welcoming ambiance. The spacious living room features large windows that bathe the space in natural light & provide beautiful views of the surrounding landscape. The kitchen is a chef's delight, equipped with sleek appliances, quartz countertops, & ample cabinet space & a large walk in pantry. A large island provides additional prep space & a casual dining area. Adjacent to the kitchen is a comfortable dining area that opens to the backyard, perfect for alfresco dining. The main bedroom is a serene retreat with generous closet space a & an en-suite bathroom featuring a double vanity, separate shower & storage. Two additional well-sized bedrooms share a 2nd full bathroom, designed with modern fixtures and a stylish aesthetic. The expansive backyard is a true highlight, featuring a sparkling pool with water feature, slide & surrounded by a spacious travertine deck, ideal for sunbathing & entertaining. A well-maintained storage shed (40x30) offers practical storage solutions for outdoor equipment, supplies & can be used as a garage plus a 20x40 carport. This property also boasts a charming casita, providing a private & versatile space that can serve as a guest suite, home office, or artist's studio. The 12x24 casita is thoughtfully designed with its own entrance, ensuring privacy & comfort for its occupants. Other features include established landscaping, pavers, & fenced yard. This unique property offers a rare combination of features, including a main residence, pool, casita, shed & carport making it a standout choice for those seeking both comfort & versatility. Move away from the big city & be amazed at all the stars! Don't miss the opportunity to make this exceptional property your new home!

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5336 N 20th Street Phoenix, AZ 85016

$595,000

2 Beds

2 Baths

1,965 SqFt

Status Active

MLS # 6775489

Property Type Single Family Residence

Price Type --

Perfectly positioned between North Central and Biltmore, this beautifully updated 2 bedroom, 2 bath townhome offers the perfect blend of modern upgrades and timeless charm. The front courtyard is perfect for quiet moments or entertaining guests, and leads to a great room with expansive celestory windows that bathe the living space in natural light. Enjoy a modernized kitchen with quartzite counters, shaker cabinets, and stainless steel appliances. Relax in fully updated bathrooms, including a jacuzzi tub in the primary suite. Enjoy peace of mind of ownership with major replacements already having been performed; HVAC (2020), roof (2022), windows & sliding glass door (2023). Situated in the highly sought-after Madison School District blocks away from Phoenix's top entertainiment options

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22 Pine Del Drive Flagstaff, AZ 86005

$595,000

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6638531

Property Type Single Family Residence

Price Type --

Huge Price Reduction, will go quick! Discover your new haven in the Pines! This beautifully updated 3-bedroom, 2-bath home boasts an open living area with luxury vinyl flooring throughout and cozy new carpet in all the bedrooms. Enjoy the comfort of new windows and a brand-new central heating and AC system. The modern kitchen features stainless steel appliances and stunning quartz countertops. With new lighting fixtures and fresh paint both inside and out, this mountain retreat is move-in ready!

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5161 N Scottsdale Road Eloy, AZ 85131

$595,000

3 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6666215

Property Type Single Family Residence

Price Type --

Ideally located within the Robson Ranch golf course community, this CALABRIA model boasts an upgraded private entrance & courtyard complete w/ a tranquil pond & gas fireplace, a serene space complete w/ a charming guest casita. Integra-Block construction, new A/C unit, 4 ft. garage extension w/ cabinet built-in & ample attic storage. INTERIOR FEATURES: Extended bedroom nooks, plantation shutters, mood lighting, hardwood flooring throughout den, hallways, living room. Gas appliances. EXTERIOR FEATURES: Outdoor kitchen, BBQ, misting system, covered & enclosed patio, hot tub off master, gas firepits, pond w/ footbridge, separate garden enclosure area with grape vines & citrus trees. Owner/agent.

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7700 E Gainey Ranch Road Unit 103 Scottsdale, AZ 85258

$595,000

2 Beds

2 Baths

1,104 SqFt

Status Active

MLS # 6705937

Property Type Townhouse

Price Type --

Welcome Home to Sunset Cove in the guard-gated community of Gainey Ranch! This single-level, 2-bedroom, 2-bath furnished, move in ready, townhome offers easy living in an excellent location. The Gainey Estate Club is just a short walk away, perfect for a quick swim, workout, tennis, or game of pickleball. You'll also be close to all that Scottsdale has to offer, including hiking, biking, restaurants, shopping, and entertainment. This home has been updated over the years, with the current seller adding many upgrades. Features include a gourmet kitchen, BBQ patio, spacious bedrooms, and a private patio off the primary bedroom. The home also includes a detached one-car garage and extra parking. Welcome Home

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41355 N Salix Drive San Tan Valley, AZ 85140

$595,000

4 Beds

3.5 Baths

3,741 SqFt

Status Active

MLS # 6699464

Property Type Single Family Residence

Price Type --

In the heart of the Taylor Ranch community in San Tan Valley lies a haven of tranquility and luxury. Welcome to this stunning 3741 square foot residence with a thoughtfully designed floor plan with 4 bedrooms and 3.5 baths , 3-car garage + a den/office offers the perfect retreat for productivity and focus. Don't miss the huge loft area for a great game room or craft area. Discover the backyard oasis, featuring a fenced pool that beckons you to take a refreshing dip on warm Arizona days or gather around the outdoor fireplace on cool evenings. Updated A/C units were installed in 2020, to ensure year-round comfort and energy efficiency. Closely located near the new Costco at Ellsworth Rd and EZ freeway access to the new I-24. Come see how much this wonderful home has to offer.

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2323 W Kachina Trail Phoenix, AZ 85041

$595,000

4 Beds

3.5 Baths

2,719 SqFt

Status Active

MLS # 6703483

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single level home with mountain views located in the immaculate Southern Highlands gated community. This incredible home has an open great room and split floor plan with 4 bedrooms (and a den that could easily be converted into a 5th bedroom) PLUS 3.5 BATHS AND TWO MASTER SUITES! The master bedroom has two separate walk-in closets. The home flooring features beautiful wood, tile, and carpeting throughout. The island kitchen has granite counter tops, 42'' stair step cabinets, walk-in pantry, stainless steel gas range, built in microwave / convection oven, and a breakfast nook in addition to the formal dining area. There are soft water & RO water treatment systems. See Supplemental Remarks for continuation of features The backyard is extremely private, and is currently a blank slate ready for landscaping according to the new owner's preferences. The backyard also features a covered patio, a watering system front & back on timer, and an available gas stub. The two car garage has an expoxy coating. The home is located in close proximity to downtown Phoenix.

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17983 E Vista Desierto -- Rio Verde, AZ 85263

$595,000

2 Beds

2 Baths

1,370 SqFt

Status Active

MLS # 6724151

Property Type Single Family Residence

Price Type --

Spectacular 2 bedroom 2 bath home with $100,000 in upgrades in Trilogy at Verde River. Chef's kitchen features stainless steel Monogram appliances including built-in refrigerator/freezer, gas cooktop, dishwasher microwave and wall oven. Granite and quartz countertops. Magnificent glass tile backsplash. Very open great room floor plan is ideal for entertaining. Primary suite offers luxurious bath room with double sinks, built-in vanity, oversized shower. and custom walk-in closet. Private back yard with large covered patio, desert landscaping and artificial turf. Trilogy at Verde River offers an array of activities. Please visit their website for details.

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3212 S Marryvale Lane Flagstaff, AZ 86005

$595,000

2 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6728129

Property Type Townhouse

Price Type --

RARE OPPORTUNITY for a SINGLE LEVEL in Pinnacle Pines - and it even includes A/C! Come take a look at this nicely appointed 2 bedroom home with a great layout and use of space. The split floor plan design provides privacy for each of the two bedrooms while the great room combines the Living/Kitchen/Dining into an open and comfortable gathering space. A modest sized covered deck overlooking the backyard is great for spending a relaxing afternoon enjoying the outdoors. Other wonderful features include a flat, SW facing driveway, separate laundry room, lots of extra storage in the large crawl space, and did I mention A/C? Come take a look at this great home located on a quiet cul-de-sac in Pinnacle Pines!

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4755 W Morin Road Mcneal, AZ 85617

$595,000

3 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6731687

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Will consider all offers. Looking to expand your agricultural endeavors or seeking a tranquil retreat? Situated on over 90 acres, ideal for horses & livestock. This home features 3 bedrooms/2 bathrooms plus a spacious basement for additional living space & storage. Living room, formal dining, & office/den provide plenty of options for relaxation & entertaining. Custom kitchen appliances, fireplace, wood-burning stove, custom woodworking, & built-in bookshelves add character & functionality. Outside is covered parking, a workshop, barn, & storage shed, along with 5 raised garden beds. Private Well! Farm equipment(2 tractors plus box blade, brush mower, & post hole digger)can remain with acceptable offer! A perfect blend of rural lifestyle, serenity, & modern convenience.

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1357 N Nebraska Street Chandler, AZ 85225

$595,000

3 Beds

3 Baths

1,971 SqFt

Status Active

MLS # 6740805

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler! Situtated on a cul-de-sac lot, this main house is 1,971 sq ft, 3 bedrooms, 2 baths, PLUS 356 sq ft detached guest house with a full bath and kitchenette. Enjoy no HOA restrictions and a 9ft RV gate with a slab for boats, campers, and other toys. The backyard features a Pebble Tec pool with a rock water feature and slide (updated in 2017), a ramada, and an extended covered patio. The main house, guest house, and storage shed received new roofs in 2021. Main & guest house exterior paint in 2022 with 20 year warranty. Stay comfortable with two new HVAC systems installed in 2020 and a solar water heater added in 2023. This home is a perfect blend of comfort and convenience in Chandler! Be sure to ask about the energy audit & solar savings!

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6812 W Firebird Drive Glendale, AZ 85308

$595,000

4 Beds

3 Baths

2,328 SqFt

Status Active

MLS # 6753607

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the coveted Arrowhead Ranch - Sierra Verde community! This stunning property offers 4 bedrooms + 3 bathrooms, all situated on a desirable corner lot that ensures added privacy. Step inside, you'll be greeted by soaring vaulted ceilings + a well-designed N/S exposure that bathes the home in natural light. Beautiful luxury vinyl flooring throughout (no carpet). The chef's kitchen boasts updated cabinets, ample counter space, + an ideal layout for entertaining guests. The primary bedroom offers high ceilings + a luxurious ensuite bath w/ 2 walk-in closets, separate soaking tub/shower, + dual sinks. The backyard is a private oasis with an extended covered patio, mature trees, and a grassy area. Enjoy lakes, trails, parks, dining, and shopping just steps away!

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