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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7837 N 6th Street Phoenix, AZ 85020

$620,000

3 Beds

2 Baths

1,839 SqFt

Status Active Under Contract

MLS # 6730822

Property Type Single Family Residence

Price Type --

Welcome to this delightful 3-bedroom, 2-bath gem in north central Phoenix! With its spacious layout, convenient location, and abundant outdoor space, this home offers the perfect blend of comfort and convenience. Three generously sized bedrooms provide ample space for relaxation and rest. Whether you're looking for a cozy retreat or a home office, these rooms offer versatility and comfort. Two well-appointed bathrooms ensure convenience for your daily routines. The bright and airy eat-in kitchen is perfect for casual meals. Imagine sipping your morning coffee by the window overlooking the lush backyard and diving pool. For special occasions or intimate gatherings, the formal dining room awaits. Relax in the formal living room or head to the family /entertainment room The spacious family room provides a cozy spot for movie nights or simply unwinding after a long day. Natural light floods the room, creating a warm and inviting atmosphere. Centrally located, this home offers easy access to shopping, dining, entertainment, and more. You'll love being part of this vibrant community. The laundry room doubles as a workshop, providing space for DIY projects, crafts, or storage. Lace-up your sneakers and explore the nearby walking and biking trails. Plus, the Piestewa Freeway is just minutes away, making your commute a breeze. Conveniently park your vehicles or use the garage for additional storage. Don't miss out on this fantastic opportunity to own a piece of Phoenix paradise. Make this house your home!

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7608 N 17th Avenue Phoenix, AZ 85021

$620,000

4 Beds

2 Baths

1,612 SqFt

Status Active Under Contract

MLS # 6760382

Property Type Single Family Residence

Price Type --

This fully remodeled home rivals any HGTV makeover. The beautiful and functional kitchen / greatroom has a 16 foot wide wall of sliding glass doors that open to the large covered patio, backyard, and the gorgeous pool. Truly connecting indoor and outdoor living. The kitchen is equipped with stainless steel appliances and a beautiful waterfall edge island. The home also has a walk-in pantry and a generous laundry room. This bright, happy home brings functional style to a great location.

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2509 E Darrel Road Phoenix, AZ 85042

$620,000

3 Beds

2.5 Baths

2,835 SqFt

Status Active

MLS # 6765409

Property Type Single Family Residence

Price Type --

Seller will consider contributing to buyer's loan costs and/or interest rate buy down with the right offer! Gorgeous golf course lot makes a perfectly serene backyard escape to enjoy! Spacious 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. The master bedroom is conveniently located downstairs, offering privacy and ease of access. Nestled on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends.

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6346 N 14th Street Phoenix, AZ 85014

$620,000

2 Beds

3 Baths

2,283 SqFt

Status Active

MLS # 6703109

Property Type Townhouse

Price Type --

Welcome to your dream home! This stunning Uptown house with 2 bedrooms, 3 full bathrooms, and office space, and separate den offering ample space for comfortable living. With spacious bedrooms, walk in closet, an open-concept kitchen, separate laundry room, and a private pool, luxury meets functionality here. This house is situated in gated area with a private street. Located in the greatly desired Madison School District only minutes away from Biltmore, PHX airport, downtown Phoenix, and Scottsdale. Enjoy the convenience of a 2-car garage. HOA covers: COX cable with all the movie channels ($130 value), landscaping and maintenance in common areas, as well as landscaping of grass along the front of the house. Don't miss out on the opportunity to make this your new home.

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18182 W Young Street Surprise, AZ 85388

$620,000

5 Beds

3.5 Baths

3,636 SqFt

Status Active

MLS # 6739794

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!! Home Sweet Home! This exquisite 5-bedroom, 3.5-bathroom residence features a 2-car garage, elegant stone accents, and a welcoming front patio. Inside, the living/dining room boasts a cool palette, plantation shutters, and attractive wood-look flooring. The great room features double French doors that open to the backyard for seamless indoor-outdoor living. The impeccable kitchen comes with granite counters, wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The versatile bonus room is perfect an office or study. The cozy loft upstairs provides a peaceful retreat. Discover a sizeable main bedroom offering plush carpeting, a quaint sitting nook, an ensuite with dual sinks, and a walk-in closet. Outside, the backyard oasis showcases a covered patio, stylish pavers, a ramada, a firepit for evenings under the stars, and a sparkling pool. Make this gem yours!

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5419 E Grove Avenue Mesa, AZ 85206

$620,000

4 Beds

2.5 Baths

2,681 SqFt

Status Active

MLS # 6771187

Property Type Single Family Residence

Price Type --

Awesome home for sale in Stonegate Estates! This corner-lot home greets you charming with beautiful curb appeal from the moment you drive up. The interior is airy and bright, featuring vaulted ceilings and a great floorplan that's perfect for entertaining! The kitchen is spacious, with plenty of cabinetry for storage, kitchen island, and lots of additional counter space. It opens up to the dining area and large family room, plus an additional dining room or den! The master bedroom is massive, capable of fitting even larger furniture, and has a bay window with automatic privacy blinds. The master bathroom has a separate garden tub and walk-in shower, with a massive walk-in closet. All secondary bedrooms are spacious, with access to a secondary bathroom and powder room. The backyard has a covered patio that can be completely enclosed with automatic patio cover, a paver extended patio, grass, and view fencing to the park behind, meaning no rear neighbors! If that's not all, there's interior laundry with plenty of space for folding table or additional cabinetry, additional cabinets in the garage, and located in a well-maintained neighborhood! Minutes to the freeway without freeway noise, and near Dana Park for all the shopping, dining, and entertainment needs! Welcome home

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1432 E Culver Street Phoenix, AZ 85006

Open House

$620,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6787058

Property Type Single Family Residence

Price Type --

Looking for a quality renovation with location and charm? This home has a downtown adjacent neighborhood in Greater Coronado with easy freeway access, walking distance to Banner University Medical Center all in an established, charming historic neighborhood (without the designation) but completely renovated with everything new including a primary suite addition (fully permited) that could easily be utilized as a mother-in-law suite or an Airbnb to help supplement a mortgage! This gorgeous renovation has an open living/dining great room with a spacious eat in kitchen island, gas range, farm sink, under the counter built in microwave, walk-in pantry, tile backsplash, mud room and so much more like a tankless on-demand gas hot water heater, new HVAC/roof/electric/plumbing with luxury vinyl plank flooring throughout and tiled bathrooms.

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16403 W Baden Avenue Goodyear, AZ 85338

Open House

$620,000

5 Beds

4 Baths

4,166 SqFt

Status Active

MLS # 6760403

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 2-story residence, located in the desirable Canyon Trails community, offers 5 spacious bedrooms, 4 full bathrooms, and a bright, open floor plan. 1 bedroom and full bath on first floor. The grand entry boasts vaulted ceilings and a versatile den, while the inviting family room features a cozy fireplace — perfect for relaxing evenings. The open-concept kitchen is a chef's delight, showcasing granite countertops, a breakfast bar, new stainless steel appliances, and dual wall ovens. The expansive master suite is a true retreat, complete with an en-suite bathroom featuring a glass block shower, separate double vanities, and a large walk-in closet. Upstairs, enjoy additional living space in the loft/bonus room. Step outside to a backyard oasis. The covered patio leads to a sparkling pool and an outdoor kitchen, creating the perfect setting for gatherings. There's even an RV gate. Plus, save on energy bills with the solar panels! This home is a must-see to fully appreciate all its features and charm.

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4020 N Scottsdale Road Unit 2010 Scottsdale, AZ 85251

$619,999

1 Bed

1 Bath

937 SqFt

Status Active

MLS # 6679065

Property Type Apartment

Price Type --

Boutique building right in the heart of Old Town Scottsdale. This contemporary loft style studio has stainless steel appliances, concrete countertops, floor to ceiling windows, tastefully updated bathroom and with views of Camelback mountain from the patio. The location of this 21 unit building offers endless options of fine dinning, shopping and recreational activities. Its not often units come for sale here at 4020 Lofts, so act now!

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11613 S 218th Avenue Buckeye, AZ 85326

$619,999

4 Beds

3.5 Baths

2,313 SqFt

Status Active

MLS # 6741705

Property Type Single Family Residence

Price Type --

Single-story home with a 3-car garage and no HOA! This stunning 4-bedroom, 3.5-bath residence sits on a generous 1-acre lot—perfect for your RV or boat. The charming exterior boasts brick accents and breathtaking mountain views. Inside, the great room captivates with vaulted ceilings, a neutral color palette, recessed lighting, and wood-look flooring. The chef's kitchen shines with quartz countertops, ample cabinetry, tile backsplash, stainless steel appliances, pantry, and a peninsula with a breakfast bar. The main suite is a true retreat, featuring dual sinks, a soaking tub, raindrop shower, and a walk-in closet. The sprawling backyard offers limitless possibilities: build your dream oasis, equestrian facilities, or park all your toys. This home is ready for your vision!

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9929 E Timpani Lane Mesa, AZ 85212

$619,999

4 Beds

2.5 Baths

2,264 SqFt

Status Active

MLS # 6770757

Property Type Single Family Residence

Price Type --

Wecome home. This home offers a great room, dining space and kitchen with large center island, an ideal layout for having friends and family over and entertaining. THREE CAR TANDEM! A covered patio offers additional outdoor living space to enjoy those cooler evenings. Fall in love with the sophisticated owner's suite boasting an owner's bathroom with dual sinks and walk-in closet. There is also a second living area by the foyer that is perfect for the kids to hang out at. This Cadence community offers amenities including a play pool, water slides, etc. This place has it all!

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4061 E Carriage Way Gilbert, AZ 85297

$619,999

4 Beds

2.5 Baths

2,902 SqFt

Status Active Under Contract

MLS # 6728060

Property Type Single Family Residence

Price Type --

Welcome to Power Ranch, one of the most desirable communities in Gilbert, Arizona! In the community of Power Ranch, you'll enjoy access to incredible community amenities, including 13 parks, walking trails, 2 fishing lakes, 2 pools, splash pads, playgrounds, tennis, softball, soccer fields, basketball & more! This location is ideal sitting in between Queen Creek Marketplace & The San Tan Mall. You're just minutes away from shopping, dining, & top-rated schools, making this the perfect place to call home. This exquisite 4 bedroom home, complete with an upstairs loft is full of natural light that accentuates the open floor plan & high ceilings. The home features two distinct living areas, providing plenty of room for everyone to relax & entertain. The kitchen has a gas stovetop, an island, upgraded countertops & matte black appliances. The spacious owner's suite is located downstairs & has views of the mountains out the window. The bathroom has a separate shower & soaking tub, double vanities, & a spacious walk in closet with a washer & dryer. Upstairs you'll discover 3 additional bedrooms, a full bathroom & a huge loft that has views of the golf course & mountains. Don't miss out on the opportunity to own an incredible house like this in Gilbert, Arizona. Welcome home!

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