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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7084 W Jasper Drive Chandler, AZ 85226

$585,000

3 Beds

3.5 Baths

2,015 SqFt

Status Active

MLS # 6755604

Property Type Single Family Residence

Price Type --

Ignore DOM. The property was off-market, while the seller had the first-floor den converted into a full bedroom, adding double doors and a closet. Take advantage of this beautifully upgraded home in the community of Rhythm. This privately gated community features a beautiful central amenity complete with a large resort-style swimming pool, kids pool, spa, shade structures, TVs, firepits, sports courts, a dog park, and a workout facility. You will feel right at home as you enter this pristine 3-story loft-style home with 3 bedrooms and 3.5 baths. The kitchen features honed quartz countertops, upgraded stainless steel appliances including a gas range, white cabinetry with crown molding, a large island for family gatherings, and extra prep space. Enjoy outdoor living with a private patio.. plus large balconies off the great room and primary bedroom. Your primary suite offers dual vanities, a large walk-in shower and loads of natural light. This home is centrally located with easy access to the I-10 and 202 Freeways, just a stone's throw away from Casa Paloma shopping center, numerous restaurants, schools, and a short drive to Chandler Fashion Center. See the floor plan in the document tab.

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1448 W Shellfish Drive Gilbert, AZ 85233

Open House

$585,000

4 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6780572

Property Type Single Family Residence

Price Type --

Don't miss out on this rare opportunity to live in a community that blends beauty, convenience, and comfort. This beautifully maintained home, featuring a brand-new roof, seamlessly combines modern upgrades with low-maintenance living. Step outside to your serene backyard, thoughtfully designed with artificial turf and a private gate that opens directly to a lush greenbelt—just steps from the sparkling community pool. Enjoy the luxury of poolside living without the upkeep! Inside, the primary suite is nothing short of a sanctuary. Vaulted ceilings w/ open feel while the en suite bath offers a spa-like experience with double vanities, a separate soaking tub, & a walk-in shower. Unwind on your private balcony, where peaceful greenbelt views ensure ultimate privacy & relaxation. Catch and release fishing permit $10/per year for residents Watercraft $25/per lifetime of watercraft The Islands Community offers a wealth of amenities, including: 74 acres of lakes (North Lake: 25 acres, Mid Lake: 18.73 acres, South Lake: 30.55 acres) 30 acres of lush grass Basketball court Sand volleyball court Bocce ball court Playground Facility rental options Community dock Special events Full-size exercise track (4 laps = 1 mile) Shaded ramadas with picnic tables and charcoal grills

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26020 N 138th Lane Peoria, AZ 85383

$584,999

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6728614

Property Type Single Family Residence

Price Type --

Stunning 3-bed / 3-bath home with a large den nestled in a quiet community with mountain views! Better than new, this residence sits on an expansive lot and boasts a generous 2,282 sq/ft of living space. The open and split floor plan features a den, great room, and 9+ ceilings. The spacious kitchen is a chef's dream with a large island overlooking the family room and a walk-in pantry. Multi-sliding glass doors lead to a beautifully landscaped backyard, perfect for entertaining. Additional highlights include a 3-car garage with an RV gate, dual pane windows, and neutral two-tone paint throughout. This home offers luxury, space, and beautiful views - your perfect retreat!

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602 E Amarillo Circle Payson, AZ 85541

$584,999

4 Beds

3 Baths

2,452 SqFt

Status Active

MLS # 6765626

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 3-bathroom home is located in a serene and peaceful community, perfect for anyone seeking a quiet retreat. The house boasts a brand-new roof, ensuring years of worry-free living. The spacious interior includes a potential rental unit downstairs, ideal for additional income or guest accommodations. The fenced-in yard offers privacy and ample space for outdoor activities, gardening, or pets. With its thoughtful layout and tranquil surroundings, this home provides both comfort and opportunity in a highly desirable neighborhood.

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4628 E Monte Vista Road Phoenix, AZ 85008

$584,999

4 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6775224

Property Type Single Family Residence

Price Type --

Wow! COMPLETELY REMODELED 1 year ago. NEW EVERYTHING! Bright, Open Floorplan ARCADIA! New Kitchen w/ quartz counters! backsplash! New cabinets! w/ handles! New S/S appliances! Big island w/ bfast bar! Pendant lighting! Recessed lighting everywhere! New Vinyl/Dual Pane windows everywhere! New doors! New handles/hinges! New fans! New bathrooms! Quartz! Vanities! Shower/tub surrounds! New roof! New plank flooring everywhere! New baseboards everywhere! new Interior/Exterior Paint. HUGE BACKYARD! New landscaping in front and back yard! Big cov'd patio w/ firepit! Big Laundry w/ Workshop/Storage area! Do NOT Disturb OCCUPANTS! (appt only) Seconds away from Pierce Park w/ Lighted courts & fields for basketball, PICKLEBALL! / tennis, softball, volleyball, plus a playground, restrooms and POOL!

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2234 N Winthrop Circle Mesa, AZ 85213

$584,999

4 Beds

2 Baths

2,096 SqFt

Status Active

MLS # 6781239

Property Type Single Family Residence

Price Type --

Come check out this amazing home in a large lot no HOA neighborhood of north Mesa. Just 3 minuets from the 202. This is your blank slate to have an amazing corner lot remodeled home in an extremely quiet neighborhood. Home features 4 bedrooms and 2 bathrooms. Large primary bedroom with sliding doors to your exterior covered patio. Exterior has a large covered patio with even more wood slatted covering for great indoor outdoor living. Spacious 3 car garage. Some large upgrades were done including the windows, sliding doors and water softener. There are vaulted ceilings in most rooms of the home. Come see it before its gone!

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17632 W Blue Sky Drive Surprise, AZ 85387

$584,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6766476

Property Type Single Family Residence

Price Type --

The Darius provides a sophisticated and accommodating ranch-style layout. In addition to a lavish owner's suite— with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for MULTI-generational living. For a more complete secondary residence, in addition to a kitchenette with a sink, refrigerator and cabinets. You'll also enjoy a 3-car garage, a study, a great room with an adjacent covered patio—featuring optional center-meet or multi-slide doors—and an inviting kitchen with a generous island, built-in pantry, dining nook and optional gourmet features. This new addition to the sought-after Desert Oasis masterplan in Surprise offers five impressive ranch plans, including some with UltraGarage® attached RV/boat garages! The beautiful masterplan also boasts an onsite K-8 school, community pool, parks, basketball, trails and open space, as well as easy access to nearby shopping, dining and recreation.

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23964 N 171st Lane Surprise, AZ 85387

$584,995

4 Beds

2.5 Baths

2,630 SqFt

Status Active

MLS # 6720282

Property Type Single Family Residence

Price Type --

Ease and elegant design blend beautifully in the ranch-style Pomona plan. An inviting great room is at the heart of the open layout, adjacent to a dining nook and a kitchen showcasing a pantry and a center island. Aspiring top chef? This home has gourmet kitchen features! The impressive owner's suite offers a walk-in closet and a private bath with a deluxe, large walk-in shower. Three additional bedrooms, a central study and a laundry round out the floor plan, which includes a covered patio, a 2-car garage and a 1-car side-turn garage. This home features 10 ft ceilings, paver driveway, Wood look tile flooring, Quartz countertops, Super shower with an additional rainfall shower head & many more upgrades.

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698 E Aurora Drive San Tan Valley, AZ 85140

New

$584,990

5 Beds

3 Baths

2,568 SqFt

Status Active

MLS # 6788103

Property Type Single Family Residence

Price Type --

Move-In Ready! Located just south of AZ-24, this home is perfect for commuters and adventurers alike. The popular Warren plan offers 5 bedrooms, 3 baths, and a media room! Enjoy the open gourmet kitchen, dining area, and great room with mulit-slide door, that flow seamlessly to the patio—perfect for indoor/outdoor living. The kitchen stuns with dark blue cabinets, brushed nickel hardware, floating shelves, white quartz countertops, and a spacious island. The media room is perfect for movie nights or relaxing. The split floor plan ensures privacy in the Primary Suite with its large walk-in closet and spa-like bath. Stylish wood-look tile, cozy bedroom carpet, and designer touches throughout complete this exceptional home. Ready now!

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4353 N 203rd Avenue Buckeye, AZ 85396

$584,990

2 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6736276

Property Type Single Family Residence

Price Type --

This home is our Gorgeous Bernstein plan! Designed with our Loft 'Looks' selections providing a curated interior offering stunning finishes. Your spacious kitchen features an oversized island, quartz counters, 42 '' upper cabinets and GE profile stainless steel appliances. The open great room with coffered ceilings is perfect for entertaining. A bonus room is ideal for relaxing, working from home or as an additional bedroom. The primary suite includes resort like bath with no-step shower and walk-in closet. Plan you visit today! ^^Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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7615 W Saddlehorn Road Peoria, AZ 85383

$584,990

3 Beds

2.5 Baths

1,953 SqFt

Status Active

MLS # 6763668

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 1,953 sq ft of functional living space. It features 3 bedrooms, 2.5 bathrooms, den, and a 2 car garage. The open concept kitchen is perfect for entertaining and features an Island, a walk-in pantry and stainless steel appliances. It also offers our Harmony Palette which includes gray painted 42'' Cabinets, silver falls granite kitchen countertops, 4x4 kitchen backsplash, and 6x36 wood looking plank tile in all the common areas, soft water loop, and interior blinds. The great room offers a 4-panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. The primary suite has a spacious walk-in closet, double sinks, walk-in shower, and an additional linen closet for extra storage. Great location close to dining, freeways, parks, and entertainment!

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10206 W Piccadilly Road Avondale, AZ 85392

$584,990

4 Beds

3 Baths

2,815 SqFt

Status Active

MLS # 6772257

Property Type Single Family Residence

Price Type --

MLS#6772257 January 2025 Completion! Discover modern living at Parkside Los Cielos with our 40-RM4 floorplan, a spacious two-story home featuring 4 bedrooms and 3 baths. The open-concept layout effortlessly blends the dining room, kitchen, and great room, creating an ideal space for daily living and entertaining. A private bedroom and bathroom are conveniently located at the front of the home, offering a quiet retreat. Upstairs, the primary bedroom awaits with a large walk-in closet and shower, accompanied by two more bedrooms. Experience the perfect balance of comfort and style in this thoughtfully designed home. Structural options include: 4th bedroom and full bath on 1st floor, paver driveway, loft in lieu of upstairs bedroom, large tandem garage, large mud room, vaulted ceilings.

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