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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1384 N Alexis Drive Gilbert, AZ 85234

$625,000

3 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6787092

Property Type Single Family Residence

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3 Beds

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2,684 SqFt

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$625,000

4 Beds

2 Baths

1,954 SqFt

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$625,000

2 Beds

2.5 Baths

1,284 SqFt

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Property Type Single Family Residence

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$625,000

4 Beds

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2,635 SqFt

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3535 E Covina Street Mesa, AZ 85213

$625,000

5 Beds

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Status Active

MLS # 6769474

Property Type Single Family Residence

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$625,000

4 Beds

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2,334 SqFt

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Property Type Single Family Residence

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4046 E Del Rio Street Gilbert, AZ 85295

$625,000

4 Beds

2 Baths

2,268 SqFt

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Property Type Single Family Residence

Price Type --

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9618 E Monterey Avenue Mesa, AZ 85209

$625,000

4 Beds

2.5 Baths

3,389 SqFt

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Property Type Single Family Residence

Price Type --

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$625,000

4 Beds

4 Baths

2,358 SqFt

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Price Type --

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1873 E Mcnair Drive Tempe, AZ 85283

$625,000

4 Beds

2.5 Baths

2,138 SqFt

Status Active

MLS # 6663148

Property Type Single Family Residence

Price Type --

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17750 W Pershing Street Surprise, AZ 85388

$625,000

3 Beds

2 Baths

2,526 SqFt

Status Active

MLS # 6696333

Property Type Single Family Residence

Price Type --

Gorgeous Single Level 3 bedroom plus an Office/Den or 4th Bedroom One full bathroom and one full deluxe bathroom. Kitchen plus Nook Lot Size: Almost 1/4 acre. ''Huge back yard'' Extra driveway added with 2 RV Gates. Open floor Plan. Lrg Family Room. Formal Living & Dining Room. Lrg Laundry Room. Large private pool (10k Gal) and Hot tub. Cobble stone driveway & 2nd RV gate added. 5+ Parking Spaces, plus Security/Motion lighting added,(Front and Back). Minutes to golfing, Walmart and more. Easy access to 303 hwy. New Recreation Center coming in 2025, three mins away.

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