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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10027 W Verde Lane Avondale, AZ 85392

$626,261

5 Beds

3 Baths

2,581 SqFt

Status Active

MLS # 6752647

Property Type Single Family Residence

Price Type --

Find your dream home at Acclaim-a Fulton homes master planned community! The North Bend is a fantastic single story home with a private primary suite and four spacious guest bedrooms. Beautiful gourmet kitchen with separate nook and a spacious great room with a 16' atrium door that opens to the covered patio. Exclusive features include 10' ceilings, 8' doors, paver driveways and much more. Fulton homes are ''Zero Energy Ready'' and include tankless water heaters, spray foam insulation, electric vehicle ready and pre plumb for solar installation. Residents enjoy a community pool, basketball courts, pickle ball courts, sand volleyball, bocce ball, greenbelts and children's playgrounds. Buyer can upgrade appliances at additional cost. Estimated completion-12/2024

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15626 N 50th Street Scottsdale, AZ 85254

$626,000

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6773784

Property Type Single Family Residence

Price Type --

Welcome to your serene retreat in Paradise Manor! A courtyard at the entry provides a charming first impression and a lovely spot to relax. This single-level home features 3 bedrooms, 2 baths, and a 2-car garage, perfect for families or those looking to downsize. Inside, you'll find a thoughtful mix of engineered hardwood, tile, and carpet flooring that adds warmth and style. The inviting great room with vaulted ceiling features a cozy wood-burning fireplace, perfect for gatherings or quiet evenings at home.With an AC unit that's only 5 years old, you can enjoy comfort year-round. Enjoy the tranquility of a quiet neighborhood while being conveniently located near Kierland Commons & many other shopping & dining options. This home is ready for you to make it your own! Don't miss out!

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10649 E Lomita Avenue Mesa, AZ 85209

$626,000

3 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6759011

Property Type Single Family Residence

Price Type --

Gorgeous Home in The Villages of Eastridge! Discover this beautiful 3-bedroom+den(with Murphy bed)& Loft 2.5-bathroom home offering a versatile floor plan that's perfect for a home office, guest space, or a potential 4th bedroom! Begin your experience by stepping into a private, courtyard. Inside, the expansive eat-in kitchen is a chef's dream, equipped with a sleek induction cooktop, Samsung S/S refrigerator-less than 2 years old, and beautiful quartz countertops. The kitchen flows seamlessly into an open formal dining room & family room, creating an inviting space for gatherings and everyday living.This home is filled with custom touches, including fresh interior paint, detailed custom trim moldings, stylish lighting fixtures, newer carpet, Low E windows & new exterior paint. See more. Upstairs, unwind in the oversized master suite with an en-suite bathroom complete with dual vanities, a large walk-in closet, a separate shower, and a luxurious soaker tub. Two additional bedrooms, a full bathroom, and a cozy loft space provide plenty of room for everyone. Your private backyard oasis awaits with a 9-foot Pebble Tec diving pool featuring a fountain, a new turf lawn, a fire pit, and a lockable dog door perfect for enjoying Arizona's beautiful weather year-round. Parking and storage are no issue with the extended 3-car garage that comfortably fits a truck, complete with built-in cabinets and a widened driveway slab. The seller also has plans available for converting the third car garage into a casita, offering even more flexibility to suit your needs. Convenient access to the 60 and 202 freeways, and proximity to shopping, movies, and excellent school choices.

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15732 E Yucca Drive Fountain Hills, AZ 85268

Open House

New

$626,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6788026

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to a beautifully updated property boasting a neutral color paint scheme and fresh interior paint throughout. The inviting living area features a cozy fireplace, while the kitchen comes equipped with all stainless steel appliances and a center island for added convenience. The primary bathroom is a relaxing haven with double sinks, and a separate tub and shower for your comfort. The home also features a partial flooring replacement, adding a touch of modern elegance. Outside, enjoy a covered patio and a fenced-in backyard, perfect for outdoor gatherings. This property is more than just a house, it's your future home.

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4021 W Willis Lane Show Low, AZ 85901

$625,888

4 Beds

3 Baths

3,022 SqFt

Status Active

MLS # 6756128

Property Type Single Family Residence

Price Type --

INCOME POTENTIAL! Welcome to your dream home with a potential income generating guest house, located on the serene fairway of Bison Golf Club. This exquisite property offers not only a prime location with stunning views of the manicured greens but also the added luxury of an attached guest house, perfect for hosting friends and family or generating rental income. Guest House: The attached guest house includes a fully-equipped kitchen with modern appliances, perfect for short or long-term stays. A comfortable bedroom with ample closet space and one full bathroom featuring modern amenities. The cozy living room has its own private entrance, ensuring complete privacy for your guests. Approximately 730 SqFt with its own washer and dryer.

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2182 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776808

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #15, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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15728 W Montgomery Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

2,472 SqFt

Status Active

MLS # 6616298

Property Type Single Family Residence

Price Type --

Construction about to start on this beautiful NEW BUILD. Contract now at 2023 prices and be apart of the final touches to make it truly your dream home.

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6069 E Knolls Way Cave Creek, AZ 85331

$625,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6757997

Property Type Townhouse

Price Type --

You won't want to miss this beautifully remodeled gem in Cave Creek's most desired area! Displaying a delightful curb appeal with a 2-car garage that features a NEW garage door, NEW direct drive garage opener and NEW epoxy flooring (2024)! High ceilings, plantation shutters, tile flooring in high-traffic areas, soft carpet in all the right places, & a sun-filled living/dining room are features that can't be left unsaid. Immaculate kitchen showcases recessed lighting, white shaker cabinets, gleaming granite counters, mosaic tile backsplash, and sparkling SS appliances. Primary bedroom offers plush carpet, a sitting area w/a bay window, & a pristine ensuite w/sliding barn doors, dual sinks, & a walk-in closet. Another main bedroom enjoys a private bathroom w/sliding barn door. The property also NEW west wall in the patio added for privacy, NEW hard wired path lighting, & NEW auto rear irrigation system. This is a property you won't want to miss!

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2206 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6772917

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #14, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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2170 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776811

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #16, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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31220 N 156th Street Scottsdale, AZ 85262

$625,000

3 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6552656

Property Type Single Family Residence

Price Type --

Property on WELL water! No need to worry about paying increased hauled water rates like other homes in the area. Permits in hand and ready to construct! Move-in in as little as 6-7 months and wake up every morning to breathtaking panoramic Mountain Views!!! All new homes around. Your BRAND NEW energy efficient three bedroom home on ONE ACRE has plenty of room to live the lifestyle you have always dreamed of. Buy NOW and select all your interiors from the builders included options or go custom. No HOA! This exclusive area is growing fast. Be one of the first to take pride in ownership in it! Reach out today to schedule a private walk of the property and meet the builder. Lots of upgrades included in the price! This beautiful new construction wont last long. Renderings are representation of elevation. Some options displayed in plan are available at an additional cost.

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7647 W Nosean Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6717910

Property Type Single Family Residence

Price Type --

MLS# 6717910 Ready Now! The Iris is a single-story home offering 1,982 sq. ft. of living space with 3 bedrooms, 2 bathrooms, a 2-car garage, and a versatile flex room. As the only single-story floor plan at Aloravita South Discovery, this home is designed to impress. The foyer leads to a hallway with secondary bedrooms and a full bathroom. Moving further into the home, you'll find the open kitchen, casual dining area, great room, and flex room. Enjoy Arizona's beautiful weather from your private covered patio. The primary suite features a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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