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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22908 N Las Vegas Drive Sun City West, AZ 85375

$639,900

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6739579

Property Type Single Family Residence

Price Type --

REDUCED!! Welcome to this exceptional Lakeside model featuring three bedrooms and a spacious 2.5-car garage. Ideal for owners with full-size trucks, this home boasts stacked stone accents trimming the front, along with a pergola and a covered back patio. Numerous updates throughout provide modern convenience. Additional amenities include an extra refrigerator in the garage and a prepaid solar lease. Positioned along the 5th hole of the Desert Trails golf course, this residence is nestled within Sun City West, renowned for its nine golf courses, four recreation centers, and numerous pickleball courts.

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17667 N 54th Avenue Glendale, AZ 85308

$639,900

4 Beds

2.5 Baths

3,596 SqFt

Status Active

MLS # 6783835

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Touchstone Community! This inviting 4-bedroom residence w/a 3-car garage is perfect for entertaining & creating lasting memories. Discover the bright & airy living room, raised formal dining room, & a sizable family room. A blend of tile & wood-look flooring, soaring vaulted ceilings, & ceiling fans are worth mentioning. Well-appointed kitchen offers recessed lighting, built-in appliances, a handy pantry, granite counters, a center island w/a breakfast bar, abundant cabinetry topped w/crown moulding, & a breakfast nook. You'll LOVE the carpeted primary retreat, featuring an ensuite w/dual sinks, make-up desk, & a walk-in closet. Additionally, this haven includes a den/office & bonus room ideal for an extra bedroom or recreation center. Serene backyard will impress you w/a covered patio, exterior fireplace, play area, & a refreshing pool. This gem is sure to sell fast!

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3817 E Irma Lane Phoenix, AZ 85050

$639,900

4 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6743565

Property Type Single Family Residence

Price Type --

Explore your dream home in Wildcat Ridge with this 4-bedroom gem that backs onto an open, unobstructed area. This property features vaulted ceilings, wood and tile floors, and plantation shutters. The spacious living room and bright great room offer perfect spaces for relaxation and entertainment. The kitchen is a chef's delight with white cabinetry, built-in appliances, a pantry, sleek granite counters, and a center island with a breakfast bar. The main suite provides a serene retreat with a private bathroom boasting dual sinks, a soothing tub, and a walk-in closet. Added convenience comes from a laundry room with extra storage. Outdoors, enjoy a covered patio, paver patio, and ample space for gatherings. It won't disappoint! Experience this captivating abode yourself! Easy access to Desert Ridge Marketplace, High Street, Marriott, Golf, American Express, Mayo Hospital and ASU medical campus. Then jump on the 101 for easy access to Scottsdale, Spring training, airport and more.

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23081 E Camina Buena Vista Queen Creek, AZ 85142

$639,900

4 Beds

3 Baths

2,308 SqFt

Status Active Under Contract

MLS # 6765773

Property Type Single Family Residence

Price Type --

SEE THE BEST HOME ON TOUR! Over $100k in today's value for upgrades w/ pool, spa, turf, corner lot, fireplace, wine bar, & much more! This 4-BR, 3 Bath SS popular floor plan has easy access to Meridian Rd & the 24. Wainscoting accent walls take you to the immediate views of the pool with rock waterfall located through the huge multi-slide door! Great room & Kitchen features custom built ins, wine bar, huge island w/ front storage, back splash, & upgraded 42'' upper cabinets with lighting. gas stove, & all stainless appliances. Large owner suite includes a barn door, large walk-in shower, double sinks, and huge closet. Split floor plan has 1 BR near full bath and 2 other BRs separated by den and full bath. RO, H2O Softener, driveway extension, tankless H2O heater. Highly desired community!

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10260 E White Feather Lane Unit 2003 Scottsdale, AZ 85262

$639,900

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6591799

Property Type Townhouse

Price Type --

Gorgeous mountain and golf course view from this 2 bd townhome in the coveted Troon Ridge gated community. Excellent quality in the upgraded rich cabinetry with granite tops and nicely appointed kitchen. Split bedroom layout perfect for guests or office, ample great room with space for large dining table and hutch. Bright and clean this property has been a single owner home and very lightly used. A convenient way to sojourn in the desert surrounded by green golf fairways, mountain vistas, abundant desert landscape and the unique rocky boulder formations specific to Troon. This private gated hidden community has a heated pool, spa, workout facility, tennis clubhouse, plus easy access to Troon North Golf. Close to 101 and the plentiful Scottsdale amenities, restaurants & shopping

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4072 E Las Colinas Drive Chandler, AZ 85249

$639,900

3 Beds

2.5 Baths

2,220 SqFt

Status Active

MLS # 6766016

Property Type Single Family Residence

Price Type --

Built in 2022, this stunning single-level home offers 3 bedrooms, 2.5 baths, and a spacious 2,220 sq ft layout. The open-concept design features a gourmet kitchen with white shaker cabinets, quartz countertops, and a large eat-up island. Enjoy seamless indoor-outdoor living with a 20' multi-panel sliding glass door opening to a private courtyard. The master suite also includes a sliding door to the courtyard, a tiled shower, and a large walk-in closet. 10 ft ceilings throughout home. Recent upgrades includes motorized roller shades for 20' sliding door and custom shutters throughout home. Don't miss the community pool, playground, and green spaces. This home is the perfect blend of style, comfort, and convenience!

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11256 E Ulysses Avenue Mesa, AZ 85212

Open House

$639,900

5 Beds

4.5 Baths

3,063 SqFt

Status Active

MLS # 6786059

Property Type Single Family Residence

Price Type --

Welcome to this Gorgeous 5BRs/4.5 Baths, plus Loft, 3058 Sq. feet Gem. There is a Full BR/with an Attached Bathroom downstairs for your convenience along with a Powder Bath. The Flooring consists of the Upgraded Tile in all the Right areas. Stunning Kitchen comes with Granite Countertops, White Shaker Cabinets, Stainless Steel Appliances, and a Spacious Island. Going Upstairs, you are immediately greeted with the Can't miss-Oversized Loft. All the Rooms upstairs have Walk-In Closets. The Laundry provides plenty of space for all of your Use. The Larger than Life Backyard has been given a Makeover with the addition of Artificial Turf with Plenty of Room for more Ideas. Front Drive way Pavers have been extended all the way out to the Side gate for extra comfort. Home has been extremely well cared for. Why Buy Brand New when you can have a Gently used one with all the Added Updates Minus the Extra expense.

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18321 E Spring Valley Court Rio Verde, AZ 85263

$639,854

2 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6765037

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well-thought-out layout with 2 bedrooms, 2 bathrooms, and an open office. The great room has a multi-slide glass door. You will love the Gourmet Chef kitchen with stainless steel wall appliances. The back patio is expansive with pavers and an extended patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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3408 W Via Del Deserto -- Phoenix, AZ 85086

$639,500

4 Beds

3 Baths

3,011 SqFt

Status Active

MLS # 6763352

Property Type Single Family Residence

Price Type --

Pride of ownership shows in this beautiful home located in the desirable Tramonto subdivision. This home sits on a premium lot with common area to the East and North. One of the 4 bedrooms is on the lower level making a great office, guest suite or playroom. The large loft works also works great for those work-from-home individuals. The exterior of the home has a fresh coat of paint, and the entire home has been meticulously maintained by the original owners. Location in the community is perfect and in walking distance to school for your k-8th graders. You don't want to miss this great opportunity!!

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19973 N Half Moon Drive Surprise, AZ 85374

$639,500

2 Beds

2.5 Baths

2,732 SqFt

Status Active

MLS # 6764824

Property Type Single Family Residence

Price Type --

Picture yourself hosting gatherings in this spacious & versatile 2,732 sf Ironwood Estate.Discover a seamless flow between the living room, dining area, family room & kitchen, creating a perfect space for relaxing or entertaining.Gourmet kitchen with built in ovens, island, an abundance of counter top space, ample cabinets, walk in & butlers pantry.Primary ensuite retreat has a double vanity, soaking tub & walk-in shower.Cozy guest suite ensures your guests feel welcome & comfortable.Retreat to the comfort of the den for a good read.Inside utility room with sink,cabinets & W/D included. Shutters on many windows.2.5 car garage.Expansive 11, 891 square foot lot provides endless possibilities for creating your outdoor oasis.Save on utilities with Solar.Quality furnishing available separate.

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18861 E Blue Sky Drive Rio Verde, AZ 85263

$639,500

2 Beds

2 Baths

1,380 SqFt

Status Active

MLS # 6702241

Property Type Single Family Residence

Price Type --

This home is beautiful! Located in the highly sought after, Tonto Verde Country Club-Gated Community (2 Courses). Home features: 12-foot ceilings, impressive (Iron) front entry door, SS appliances, white cabinets and granite counter tops throughout home, large island w/ a breakfast bar, farm sink, open kitchen/dining and living room, split bedrooms, light paint colors, beautiful tile floors, additional storage (laundry room) and even parking for your Golf Cart! The backyard boasts a large travertine (Paver'd) patio, newly installed patio sunshade, a view fence overlooking the golf course. A true Arizona lifestyle, the backyard is beautifully landscaped and is close to Tonto National Forest. Move right in and enjoy! TURN-KEY! Quick close possible.

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1906 W Lariat Lane Phoenix, AZ 85085

$639,000

3 Beds

2.5 Baths

2,567 SqFt

Status Active

MLS # 6761420

Property Type Single Family Residence

Price Type --

Gorgeous home looking for a new owner! Welcoming great room with abundant natural light, wood-style tile floors, a powder room, and modern light fixtures. The open-concept kitchen includes stainless steel appliances, popular white cabinets, an island with a breakfast bar, and granite counters. Continue upstairs to find a spacious loft for entertainment and 3-sizable bedrooms! The main retreat has a bathroom with a glass enclosure shower, dual sink vanity w/makeup area, and a walk-in closet. Outside, relax under the covered patio or lovely front porch. Don't miss the 2-car rear garage. Light tree-lined streets, pedestrian-friendly sidewalks, and a recreation center with a resort-style pool, kiddie pool, gathering areas, etc. A must-see property!

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