What’s Ahead For Mortgage Rates This Week – January 2, 2017

Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

Case–Shiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

What‘s Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.

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37520 W Padilla Street Maricopa, AZ 85138

$639,990

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6695735

Property Type Single Family Residence

Price Type --

Rancho Mirage 23 offers new single-family luxury homes in the fast-growing city of Maricopa, with access to neighborhood parks, walking paths and a community fishing lake. This incredible single-story home features 3,240 square feet, a tandem 3-car garage and 10' ceilings. The kitchen is decked out with stacked cabinetry, gourmet appliances and quartz countertops. The split floorplan is perfect for a family with 3 of the bedrooms adjacent to the Activity Room. Ready for immediate move-in! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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37565 W Padilla Street Maricopa, AZ 85138

$639,990

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6699191

Property Type Single Family Residence

Price Type --

Welcome to luxury, Maricopa! It's time we embrace the magnificence of new home construction previously seen in Scottsdale and the East Valley. Introducing the captivating Sedona floorplan, offering both a flexible activity room and a media room to suit your lifestyle. Your expansive gourmet kitchen is adorned with stacked cabinetry, buffet-style lowers, a gas cooktop, and double ovens. Retreat to your indulgent Ultra Spa Shower, entertain on the patio, or access your recreational gear from the THREE CAR GARAGE! Ready for immediate Move-In! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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37627 W Padilla Street Maricopa, AZ 85138

$639,990

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6704039

Property Type Single Family Residence

Price Type --

Introducing luxury living, Maricopa! Step into the allure of this Sedona floorplan, offering both a versatile activity room and a convenient home office. Your expansive gourmet kitchen boasts stacked cabinetry, buffet-style lowers, a gas cooktop, and double ovens for culinary perfection. Unwind in your luxurious freestanding tub, entertain on the patio, or store your belongings in the spacious THREE CAR GARAGE! Discover why K. Hovnanian stands as the epitome of Lasting Value in homebuilding. Don't miss your chance to move into this home now! Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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18956 W Ocotillo Road Waddell, AZ 85355

$639,990

4 Beds

3.5 Baths

2,561 SqFt

Status Active

MLS # 6739341

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the very popular Cinnabar floor plan with 4 bedrooms + study, 3.5 baths and a 3 car tandem garage. Multi slide door off the great room. Pavers at drive, walk and entry. 8' gate on garage side of home. Kitchen upgrades includes - stainless steel gas appliance package with 30'' cooktop and canopy hood. Sonoma Linen-off white cabinets with 42'' kitchen uppers. DT White Ice G238 granite countertop with enhanced kitchen island, undermount single bowl kitchen sink. Flooring includes 7x 24 plank tile in all areas of the home except beds/baths. 5'' baseboards throughout and 3 1/4'' door casings. Dual sink at bath 2, soft water loop, garage service door that leads out to the backyard and so much more. Please verify all information with onsite agent. Thank you!

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18938 W Ocotillo Road Waddell, AZ 85355

$639,990

4 Beds

2.5 Baths

2,561 SqFt

Status Active

MLS # 6739870

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the very popular Cinnabar with 4 bedrooms + study, formal dining, 2.5 baths. This home is stunning with a multi slide door off the great room that leads out to the covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven, microwave and hood. Barnett maple Boulder-gray cabinets with 42 kitchen uppers. Pull out trash drawer with two bins. Stainless steel undermount single bowl sink. AZT Hana Sky quartz countertops in kitchen and owner's bath. Upgrade flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. 5'' baseboards and 3 1/4'' baseboards. Dual sinks at bath 2 and so much more. Please verify all information with onsite agent. Thank you!

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7593 W Smoketree Drive Peoria, AZ 85383

$639,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6767735

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 2,150 sq ft of functional living space. It features 4 bedrooms, 3 bathrooms, den, and a 3-car tandem garage. The open concept kitchen is perfect for entertaining and features a large Island, walk-in pantry and stainless steel appliances with gas range. It also offers our Timeless Palette which includes white painted 42'' cabinets, ivory quartz kitchen countertops, arctic white kitchen backsplash, and 6x24 wood looking plank tile in all the common areas. 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. Great location close to dining, freeways, parks, and entertainment!

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913 W Juanita Avenue Gilbert, AZ 85233

$639,990

4 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6787659

Property Type Single Family Residence

Price Type --

A wonderful family home in an extremely desirable Gilbert's Cooper Ranch family friendly neighborhood! The conveniences of Gilbert's excellent schools, restaurants, shopping, entertainment and access to freeways are unmatched and close by - Open, bright and light with tile throughout - Soaring ceilngs in the living areas - A private office/den downstairs - 4 Bed/3 BA/3 Car Garage - Large and private mature backyard with a patio - Landscaped, lush and green yards - Awesome curb appeal!

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6061 S Oxley -- Mesa, AZ 85212

$639,990

4 Beds

3 Baths

2,071 SqFt

Status Active

MLS # 6719560

Property Type Single Family Residence

Price Type --

''Have you ever walked through a model home and wished you could buy it exactly as is? Well, here is your chance, our stunning Aster MODEL HOME is now available for your purchase! Imagine yourself living in a beautiful, sun-kissed retreat, where every detail has been carefully crafted to create a warm and inviting atmosphere. Our stunning model home is a true masterpiece, boasting 2071 square feet of luxurious living space. As you step inside, you'll be greeted by the warmth of rich tile flooring, perfectly complemented by the plush carpet in the bedrooms and den. The elegant 42'''' white shaker cabinets with matte black hardware add a touch of sophistication, while the expansive windows allow natural light to pour in and illuminate the space. With its sleek panel center slide and breathtaking views, this outdoor oasis is the perfect spot to relax and unwind. This home is also situated on a perfect lot location facing the greenbelt to soak in all the stunning Arizona sunsets! d. This incredible home includes all the upgrades you've been dreaming of, including a washer, dryer, and a refrigerator! It's truly move-in ready! Don't miss out on this rare opportunity to own a piece of paradise.

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5196 E Desert Forest Trail Cave Creek, AZ 85331

Open House

$639,990

4 Beds

3 Baths

2,368 SqFt

Status Active

MLS # 6706259

Property Type Single Family Residence

Price Type --

Energy Star Certified, 4 bedrooms, + Loft, 3 bath home on an incredible cul-de-sac homesite with Mountain Views, and open green space! THIS 2019 BUILT HOME feels new with a modern great room plan, large bedrooms, walk in closets, and 5-year-old mechanicals- today's tech. Recent updates include a custom master shower, new tile surrounds in two bathrooms, Quartz Bathroom counter tops, fixtures, and 2022 carpet on the second floor. The high-end finishes include 42'' Glazed cabinets, Granite countertops, and Subway Backsplash. 1st Floor has Wood Plank tile flooring. No need to renovate, this is move in ready! Enjoy the convenience of a bedroom, and shower on the first floor. The large 15x8 foot glass slider allows plenty of light. HOA includes front land scaping maint. Street parking OK

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17139 W Hackamore Drive Surprise, AZ 85387

$639,945

4 Beds

3 Baths

2,660 SqFt

Status Active

MLS # 6771863

Property Type Single Family Residence

Price Type --

MLS#6771863 January Completion! Experience the perfect blend of multigenerational living in this thoughtfully designed home. Step through the inviting porch and into the foyer, where you'll find a separate wing featuring three bedrooms, a private multi-gen living area, two bathrooms, and a one-car garage with its own dedicated entry. As you move further inside, a formal dining room sits across from a powder room and a laundry area, along with access to the two-car garage. At the heart of the home, the open-concept design showcases a spacious great room seamlessly connected to a kitchen with an island, casual dining space, and covered outdoor living. The primary suite is tucked away for privacy complete with a spa-inspired bathroom and a generous walk-in closet. Structural options include: paver front porch, garage service door, interior door at multi gen living suite, tile super shower at primary bath, and gourmet kitchen.

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7387 W Cactus Wren Way Florence, AZ 85132

$639,900

3 Beds

2.5 Baths

2,530 SqFt

Status Active

MLS # 6788280

Property Type Single Family Residence

Price Type --

MAKE A SPLASH! Enjoy the tour of this stunning, nearly new 3 bedroom ''Journey'' model in the highly sought after community of Sun City Anthem at Merrill Ranch. Your new home offers an abundance of upgrades that include a chefs kitchen with beautiful upgraded granite counters, stainless appliances, roll-out trays, pendant lighting, butlers pantry, large island, gorgeous tile and hardwood flooring and soaring 10' ceilings. Additional upgrades include ceiling fans, tankless water heater, laundry cabinets w/utility sink, 4ft garage extension and golf cart garage. The outdoor living space offers private entertaining with a gorgeous swimming pool and sheer descent water feature, extended paver patio and walkways, power sun shade and privacy walls with common area to the West. A MUST SEE HOME!! Take advantage of the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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20815 W Canyon Drive Buckeye, AZ 85396

$639,900

2 Beds

2 Baths

2,125 SqFt

Status Active

MLS # 6743163

Property Type Townhouse

Price Type --

Discover one of the most pristine golf course villas in the Vallarta neighborhood of Verrado, perfectly situated at the base of the White Tank Mountains along the 5th fairway of the Verrado Golf Club Founders Course. This stunning residence offers breathtaking panoramic views of the golf course and mountains. Nestled within a picturesque gated community, this villa provides access to exclusive amenities, including a pool, spa, and BBQ area, in addition to the full range of facilities available to all Verrado residents. Impeccably designed with exceptional attention to detail, this home is upgraded with features that cater to the most discerning buyers. The backyard retreat is truly extraordinary with an extended covered patio, travertine decking, private pool and fire pit— a perfect setting for entertaining friends and family year-round. Don't miss the chance to experience this extraordinary property. Schedule your private tour today!

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