What’s Ahead For Mortgage Rates This Week – February 13, 2017

Last week’s scheduled economic readings were limited and included new jobless claims and Freddie Mac’s mortgage rates survey. In other news, all types of mortgage applications rose by 2.30 percent this week as compared to the prior week.

Mortgage Rates Lower, Home Loan Applications Rise

Freddie Mac reported lower mortgage rates for fixed rate and 5/1 adjustable mortgages; the average rate for 30-year fixed rate mortgages dropped two basis points to 4.17 percent. Average rates for 15-year mortgages also dropped two basis points to 3.39 percent. 5/1 adjustable mortgage rates averaged 3.21 percent, which was also two basis points lower than the previous week. Discount points averaged 0.40 percent for the three types of mortgages tracked in Freddie Mac’s weekly Primary Mortgage Market Survey.

According to the Mortgage Bankers Association, this small drop in mortgage rates caused all types of mortgage applications to rise by 2.30 percent on a seasonally-adjusted basis. Refinance applications rose two percent from the prior week, but remain 40 percent lower year-over-year. The dearth of refinancing applications was caused by two factors including many refinances were completed recently when rates were lower and homeowners currently discouraged by higher mortgage rates.

Weekly Jobless Claims Fall

Last week’s initial jobless claims fell to 234,000 as compared to expectations of 249,000 new claims and the prior week’s reading of 246,000 new claims. This was the lowest reading since 1973 and when compared to the benchmark of 300,000 new claims, shows that the economy continues to strengthen. Last week’s reading was the second lowest since recovery from the recession got underway in 2009 and represented the 101^st consecutive week that new jobless claims were lower than the 300,000 new claims benchmark. According to Labor Department data, this week’s reading sustained the longest-running consecutive period of new jobless claims below the benchmark level.

The four-week average of new jobless claims is viewed by analysts as less volatile than the week-to-week reading, but it showed similar results last week as it fell by 3750 new claims to 244,250 initial claims and reached the lowest level of new claims filed in 44 years.

What‘s Ahead

Next week’s scheduled economic releases include readings on inflation and core inflation, the National Association of Home Builders Housing Market Index and Commerce Department reports on housing starts and building permits issued.

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3007 E Arrow Point Payson, AZ 85541

$1,375,000

3 Beds

3 Baths

2,458 SqFt

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MLS # 6774758

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$1,375,000

6 Beds

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5,210 SqFt

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Property Type Single Family Residence

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3920 E Covey Lane Phoenix, AZ 85050

$1,375,000

5 Beds

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4,044 SqFt

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Property Type Single Family Residence

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3248 Rising Sun Ridge Wickenburg, AZ 85390

$1,375,000

3 Beds

3.5 Baths

2,771 SqFt

Status Active

MLS # 6778003

Property Type Single Family Residence

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6717 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,375,000

3 Beds

3 Baths

2,030 SqFt

Status Active

MLS # 6750276

Property Type Single Family Residence

Price Type --

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4539 N 65th Street Scottsdale, AZ 85251

$1,375,000

2 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6783635

Property Type Single Family Residence

Price Type --

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2863 N Boldt Drive Flagstaff, AZ 86001

$1,375,000

5 Beds

3 Baths

2,993 SqFt

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MLS # 6780659

Property Type Single Family Residence

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$1,375,000

6 Beds

4 Baths

4,774 SqFt

Status Active

MLS # 6748047

Property Type Single Family Residence

Price Type --

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3116 N 47th Street Phoenix, AZ 85018

$1,375,000

4 Beds

3.5 Baths

3,008 SqFt

Status Active

MLS # 6703562

Property Type Single Family Residence

Price Type --

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2974 E Camellia Drive Gilbert, AZ 85296

$1,375,000

9 Beds

5.5 Baths

5,979 SqFt

Status Active

MLS # 6700965

Property Type Single Family Residence

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7740 E Rose Lane Scottsdale, AZ 85250

$1,375,000

4 Beds

4 Baths

2,178 SqFt

Status Active

MLS # 6743935

Property Type Single Family Residence

Price Type --

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900 E Peach Tree Place Chandler, AZ 85249

$1,375,000

4 Beds

3.5 Baths

3,754 SqFt

Status Active

MLS # 6725095

Property Type Single Family Residence

Price Type --

Nestled in the small, exclusive gated community of Mission Estates, this exquisite home is the perfect setting for both indoor and outdoor living and entertaining. Entering thru the private courtyard into the home, you are greeted with an impressive wall to wall slider providing a view of the newly renovated backyard, exhibiting an abundance of natural lighting. The lofty 12 foot ceilings amplify the sense of space and luxury showcasing the natural wood flooring and custom designed wainscoting all adding to the feel of luxury living. The heavily upgraded chef's kitchen includes a large island, custom cutout for ample stainless steel fridge and freezer, double ovens, farmhouse sink, sizable walk in pantry and spacious butler's kitchen. The primary suite features an elegant chandelier, separate his and her closets customized by California Closets for floor-to-ceiling organization and an oversized luxe bathroom with a private expansive shower. This home has 4 bedrooms, including a built in Murphy's bed and storage in guest room and an intimate gym with newly padded flooring. Additional game room has plenty of flexibility to customize the space to suit your needs, whether it be a cozy media room, craft room, playroom for the kids or a private retreat for guests. Substantial 3 car garage encompasses additional overhead storage. The private outdoor retreat embraces an impressive backyard with a built in BBQ, fire pit, half court sports area, expansive turf play area & multiple seating spaces creating an ideal environment for both everyday living and entertaining guests. This premium north/south facing home on a large (nearly 1/3 acre) lot allows for both privacy and tranquility offering the perfect backyard brimming with family appeal and balance of location & Arizona lifestyle.

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