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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12535 N 87th Drive Peoria, AZ 85381

$610,000

5 Beds

3 Baths

3,026 SqFt

Status Active

MLS # 6783306

Property Type Single Family Residence

Price Type --

This gorgeous 4 bed, 3 bath, tri-level residence now on the market is for you! Great curb appeal, a manicured landscape w/lush grass, a 3 car garage, and an RV gate are just the beginning. Discover a spacious dining & living area w/vaulted ceilings, perfect for entertaining. Soft carpet in all the right places, elegant light fixtures, and custom palette throughout! The lower level boasts a cozy family w/stylish wood-look flooring, plantation shutters, and a brick fireplace to keep you warm during the coming winter months. The fabulous eat-in kitchen is comprised of wood cabinetry w/granite counters, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. New pool pump in 2020 & new RV pad and gate! You'll love the primary bedroom, featuring soft carpet, a walk-in closet, and a full ensuite w/dual sinks. Also including an expansive backyard w/a covered patio and a fenced pool, this home is a dream come true! Act now before it's gone!

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140 E Coronado Road Phoenix, AZ 85004

$610,000

3 Beds

3 Baths

2,650 SqFt

Status Active

MLS # 6752538

Property Type Apartment

Price Type --

RARE historic Villa del Coronado two units have been combined to bring you 2,650 bright & spacious livable square feet, 3 bedrooms & 3 bathrooms with 3 private view patios outside extensive walls of glass w/ pool & tree top views in this highly desired Central Phoenix location. The midcentury modern development was carefully designed and constructed by renowned real estate developer Lionel V. Mayell (known to be the pioneer of early midcentury garden living). It is positioned adjacent to the Phoenix Theatre & Art Museum. It is also minutes from the Heard Museum, Roosevelt Row Arts District, shopping, Light Rail, & in addition to iconic restaurants such as Durant's. Community features 2 large pools and expansive park-like grassy lawns where you can BBQ, relax, & enjoy beautiful sunny AZ afternoons. This home is inclusive of an inside laundry (accommodating full size washer/dryer), gas cooktop, 2 refrigerators, and 2 garage spaces w/ storage. The HOA covers all your utilities (gas, water, electric, sewer, trash, & exterior maintenance) & property taxes. The modern updated design is ready for move in - no work/remodeling needed. This is a step up from a regular cooperative, as each unit has its own Warranty Deed.

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5060 S Las Mananitas Trail Gold Canyon, AZ 85118

$610,000

3 Beds

2 Baths

2,184 SqFt

Status Active

MLS # 6767301

Property Type Single Family Residence

Price Type --

Superstition foothills beauty combines amazing mountain views with a tastefully furnished home. The soaring ceilings and louvred shutters afford natural light as desired. The huge primary suite contains a sitting room, spacious vanity, walk in closet and glass shower + tub. Sophisticated, open kitchen hosts stainless appliances, newer large granite island and lovely cabinetry with pull outs all around. Yard includes a refreshing pool with built in table, water fall, pergola with seating. and a fire pit for chilly winter nights Natural habitat between neighbors and fencing enhances your privacy. A built in BBQ, fridge, wet sink & burner and citrus trees complete the back. A 3 car garage contains more storage cabinetry and a sealed floor.

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3940 S Velero Street Chandler, AZ 85286

$610,000

4 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6767814

Property Type Single Family Residence

Price Type --

Location, location, location! This spacious home has it all! Four bedrooms, 2 full bathrooms, formal living & dining rooms, family room, 3 car tandem garage and sparkling pool! This home has lots of natural light and an open, split bedroom floor plan. The kitchen has a kitchen island with breakfast bar and overlooks the family room with gas fireplace. The kitchen range is currently gas; however, it is wired for an electric stove. Inside laundry with cabinets is off kitchen area. The Primary bedroom has an en suite bathroom with separate shower & tub, dual sink vanity and large walk-in closet. The low maintenance backyard has a covered patio and play pool. Community offers lush, landscaped greenbelts, playground and is within a convenient Chandler neighborhood near Loop 202 and near major shopping and dining. This home is being sold by the original owners and is a must see!!!!

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15248 S 182nd Lane Goodyear, AZ 85338

$610,000

4 Beds

2.5 Baths

2,470 SqFt

Status Active

MLS # 6776986

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4-bedroom, 2.5-bath residence boasts a seamless open floor plan that perfectly blends modern elegance with everyday functionality. As you step inside, you'll be greeted by beautiful wood flooring that flows throughout the main living areas. The heart of the home is the expansive great room, featuring coffered ceilings and an entertainment center niche, ideal for movie nights or gatherings. The twelve-foot sliding glass doors invite natural light and offer breathtaking mountain views, while seamlessly connecting the indoor space to the outdoor oasis. The gourmet kitchen is a chef's delight, equipped with stainless steel appliances, spacious granite countertops, and a large kitchen island that serves as a perfect gathering spot. Adjacent to the kitchen, the dining area provides a warm atmosphere for family meals. You'll also appreciate the convenience of a walk-in pantry that leads directly to the two-car garage, making unloading groceries a breeze. An open office area allows for a productive workspace, perfect for remote work or study. Retreat to the master suite, filled with natural light from numerous windows, offering a tranquil escape. The master bath is a luxurious haven, featuring a drop tub, a separate walk-in shower, and a generous walk-in closet with direct access to the laundry room for added convenience. Step outside to your private backyard paradise, complete with a hot tub, fire pit, and built-in BBQ, ideal for entertaining under the stars. The two pergolas provide shaded areas for relaxation, while the easy-maintenance landscaping ensures you spend more time enjoying your space and less time on upkeep. This home perfectly balances style and comfort, creating an ideal sanctuary for both relaxation and entertaining. Don't miss the opportunity to make it yours!

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22723 W Calle De Los Flores Drive Wittmann, AZ 85361

$610,000

4 Beds

2 Baths

2,194 SqFt

Status Active

MLS # 6769023

Property Type Single Family Residence

Price Type --

Experience luxury living in this custom-built Territorial home on a sprawling 1.2-acre lot, offering breathtaking mountain views. This highly upgraded gem boasts elegant maple cabinets, sleek granite countertops, and stylish tile flooring. Inside, the stunning wood vega poles add a touch of rustic charm, while expansive covered patios invite you to enjoy outdoor living at its finest. The home features a formal dining room and a spacious, open kitchen that flows seamlessly into the great room—perfect for entertaining. Retreat to the master suite, complete with a large soaking tub, double sinks, a generous walk-in closet, and split bedroom design for added privacy. With modern amenities like pre-wiring for security, satellite, and ceiling fans, plus an extended 3-car garage with extra storage, this property has everything you need. Best of all, there's no HOA, giving you the freedom to truly make this space your own. The 12x45 covered RV parking offers a fantastic opportunity for extra income during the winter months when the ropers are in town, or it can easily be transformed into horse facilities. This home is the perfect blend of luxury and versatility, designed to fit your lifestyle. Don't miss out on owning this desert oasis!

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13629 W San Miguel Avenue Litchfield Park, AZ 85340

$610,000

4 Beds

2 Baths

2,408 SqFt

Status Active

MLS # 6771095

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2-bath home in Litchfield Park is packed with modern upgrades and features a dream backyard! The family room has custom accents and a Bose surround sound system, connecting seamlessly to the dining area and updated kitchen with granite countertops, stainless steel appliances, and new cabinet fronts. The bonus room at the front can be used as a den, study, or formal dining space. Main bathroom custom barn door, an oversized shower, dual sinks, and a walk-in closet. Outside, the backyard oasis is perfect for year-round entertaining, featuring lush landscaping, an great covered patio with pavers, and a custom natural gas fire pit ideal for cool evenings. The Pebble Tec pool, complete with a natural rock waterfall, to complete the serene atmosphere.

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3055 N Red Mountain Unit 122 Mesa, AZ 85207

$610,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6778173

Property Type Single Family Residence

Price Type --

Convenience at its best! This 3-bedroom, 2-bathroom home is located in a peaceful, gated community. Perfect as a primary residence or investment property, this home is ideally situated just minutes from the 202 freeway, shopping, restaurants, Salt River, and Saguaro Lake. Inside, you'll find beautiful wood tile plank flooring, vaulted ceilings, large windows, and updated lighting throughout. The split primary bedroom includes a walk-in closet and full bath. The pass-through kitchen has white cabinetry, granite countertops, and a stylish tile backsplash. Refrigerator, washer, and dryer convey with the home. The private, low-maintenance backyard includes turf, a large paver patio, a watering system, and a covered patio, all backing up to a secluded lot with a wash behind for extra privacy!

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2501 E Mitchell Drive Phoenix, AZ 85016

$610,000

3 Beds

3 Baths

2,157 SqFt

Status Active

MLS # 6778953

Property Type Townhouse

Price Type --

Rare opportunity in Sutton Place, a private gated community brimming with historic charm and home to 47 Mediterranean-inspired townhomes. This north/south-facing end-unit townhome offers 3 bedrooms, 3 bathrooms, and 2,157 square feet of living space. Welcoming you with exceptional curb appeal, the front yard features desert landscaping and decorative tilework. Inside, a spacious main living room invites you with the warmth of oak wood flooring, leading to a formal dining room ideal for entertaining. The updated kitchen includes stainless steel appliances, quartz countertops, tiled backsplash, and custom maple cabinetry that combines both function and modern style. The primary bedroom, located on the main floor for ultimate convenience, offers direct access to the backyard. Upstairs, you'll find a recently remodeled bathroom and a third bedroom with its own private balcony. Enjoy worry-free living with major updates already completed: a new HVAC system (2020), upgraded electrical panel (2021), and a recently recoated roof (2024). Great Phoenix location - just minutes from Biltmore Fashion Park and Arcadia plus nearby freeways providing easy access to Sky Harbor and the rest of the Valley!

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18101 N Key Estrella Drive Surprise, AZ 85374

$610,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6777960

Property Type Single Family Residence

Price Type --

Welcome to this delightful residence on a coveted golf course lot! You're greeted by a 2-car garage, a tasteful desert landscape, and a welcoming courtyard. The appealing open layout has high ceilings, an earth-tone palette, plantation shutters, and tile flooring. The gourmet kitchen comes with tile counters with a matching backsplash, wood cabinetry with crown moulding, pendant/recessed lighting, SS appliances, and a two-tier peninsula with a breakfast bar. You'll also find a cozy den ideal for a workspace or lounge. The main bedroom showcases soft carpeting, a sitting nook, an ensuite with double sinks, and a walk-in closet. You'll also find a separate guest house for visiting loved ones. The backyard is complete with a covered patio and serene views of the golf course. Make it yours!

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2925 W Lynx Drive San Tan Valley, AZ 85144

$610,000

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6782690

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, newer home in the desirable Promenade by Fulton Homes! This spacious 3-bedroom + office features an open floor plan, ideal for modern living. The kitchen is a standout with sleek finishes and ample storage, while the built-in fireplace adds warmth and charm to the living space. Enjoy the convenience of a built-in mudroom area, keeping your home organized. The 4-car tandem garage offers plenty of room for vehicles and storage. With no front yard neighbors, you'll enjoy added privacy. Community amenities include a pool, parks, volleyball, basketball, and pickle ball courts, plus you're close to hiking, shopping, and the new Pecan Lake Entertainment. This home offers the perfect balance of comfort and convenience!

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20750 N 87th Street Unit 2142 Scottsdale, AZ 85255

$610,000

2 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6785238

Property Type Apartment

Price Type --

Prestigious Encore at Grayhawk 2-bedroom, 2-bath with 2 car garage overlooking lush open space with mature trees. Beautiful cul-de-sac location in center of community. Great room floor plan with gas fireplace, open to kitchen with stainless appliances, gas range, granite countertops, spacious pantry and breakfast bar. Master suite has own balcony, large walk-in closet, double sink vanity, garden tub and shower. Private and tranquil on both balconies. Washer, dryer and all appliances included. 2 car garage directly below unit with direct access. Lightly lived in and in excellent condition. Close to community pool, fitness center, clubhouse, Grayhawk Golf Club, Isabella's Restaurant, MoJo's, Quill Creek Restaurant, DC Ranch Market Street, and more. See Floor Plan in Photos.

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