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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16214 W Questa Drive Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6708544

Property Type Single Family Residence

Price Type --

Welcome to Sonoma Coast at Esca;lante! New construction TO BE BUILT! This single level 2357 SF single level 3 BR with den, 2.5 BA home is for the garage guy! 5 1/2 tandem car garage on a larger 8,840 S.F. lot!!. This home can easily be expanded to 5 bedrooms 3 baths. Surrounded by all single level homes. Exciting included features include - 10' ceilings, 8' doors, granite tops in the kitchen, tank less water heater, front yard landscape package. Large kitchen Island with Prep Area. paver driveway, 2'' faux blinds on all windows, ceiling fans in all room,EV outlet in garage, Indoor air plus and Energy Star Qualified. This home is to be built! Floorplan under doc tab.

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11255 E Utah Avenue Mesa, AZ 85212

$599,900

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6712922

Property Type Single Family Residence

Price Type --

Don't miss this quick move-in home. Stunning 4 bedroom home with Den and 3.5 baths. Occupied less than 6 months, but not by choice. Includes appliances, window treatments, cabinet hardware, RO water. Gourmet kitchen includes quartz countertops, 42'' white shaker cabinets and stainless steel appliances with gas cooktop, hood, wall oven and built in microwave. Spa like master bath with separate tub and shower. Tile floors in all the main areas, carpet only in bedrooms. 10' Ceilings with 8' interior doors. 4 1/4' baseboards, paver drive, walkway, and patio. Energy star home for comfort and energy efficiency. Quick move-in and seller willing to offer concessions to assist with closing fees and or buy down rates with reasonable offer. Seller says bring all reasonable offers!

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18805 W Oregon Avenue Litchfield Park, AZ 85340

$599,900

6 Beds

4 Baths

3,159 SqFt

Status Active

MLS # 6730177

Property Type Single Family Residence

Price Type --

This home 6 bed/4 Bath home is a true gem, featuring advanced solar panels and storage banks for exceptional energy efficiency and substantial savings on utility bills. Enjoy a healthier, chemical-free swimming experience in the ozone pool. Check out the contemporary kitchen and open-plan living areas, perfect for modern living. The primary and guest bedrooms are conveniently located downstairs. Why buy a new build when everything is already done for you to enjoy right away! Seller offering concession for rate buy down too!

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4506 W Maggie Drive San Tan Valley, AZ 85144

$599,900

5 Beds

3.5 Baths

3,254 SqFt

Status Active

MLS # 6730680

Property Type Single Family Residence

Price Type --

You don't want to miss this rare NEXT-GEN home offering a total of 5 bedrooms & 3.5 baths with a newly updated and never lived in CASITA with a separate entrance, separate kitchen, laundry hook up, living area, bathroom and bedroom. 3253 sq ft with the main portion of the home offering separate living/dining, family rooms and upstairs loft. Granite countertops, gas range, stainless appliances, pantry and island with breakfast bar. Sliding doors lead out to the covered patio, HEATED POOL, pergola-covered decking, and additional paver patios, perfect for outdoor entertaining! Loft, bedrooms & laundry are upstairs. Home also features a new upstairs AC unit in 2021 and a new gas water heater in 2023.

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10511 E Portobello Avenue Mesa, AZ 85212

$599,900

3 Beds

2.5 Baths

2,584 SqFt

Status Active

MLS # 6733154

Property Type Single Family Residence

Price Type --

Amazing value with everything you want, 3 Car Garage, California Play Pool w/waterfall, N/S exposure, 3 BR's + a Den! 2-1/2 Baths, Split floor plan, Upgraded very nicely! Kitchen offers Granite Counters with large Breakfast Bar, Stainless Appliances, Raised panel light maple cabinets & tile floors & it's connected to Large Family Room. There's also a Living Room & separate Dining Room. The Master Suite is a wonderful size along with the updated Master Bath, offering separate tub & shower with nice tile surrounds including glass inserts, dual sinks & private water closet & large closet! Wow, the backyard offers a pebble tech play pool & Built in BBQ making it an entertainers dream with plenty of additional room for pets & kids to Romp . Also offers Double gate for easy access

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4638 W Hayward Avenue Glendale, AZ 85301

$599,900

5 Beds

3 Baths

2,483 SqFt

Status Active

MLS # 6735480

Property Type Single Family Residence

Price Type --

Stunning FIVE-bedroom remodeled home in Golden Palm Estates! Perfectly situated in almost half acre lot, this home boasts THREE fully remodeled bathrooms, white kitchen cabinetry, granite counters, stainless steel appliances, just painted interior, washer/dryer, gas fireplace, separate living & family room, updated tile flooring, fresh exterior paint, room for two RV gates, and a Sparkling POOL that is perfect for the Arizona summers and outdoor entertaining! At over 19,000 sq ft you will have plenty room for outdoor activities, gardening, or enjoying the fresh air. Don't miss out on this incredible opportunity to own a piece of Arizona paradise! Make your appointment today & make this house your dream home! This HOME QUALIFIES FOR A FIRST-TIME HOMEBUYER Grant and Down Payment Assistance!

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3714 E Vaughn Avenue Gilbert, AZ 85234

$599,900

4 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6738932

Property Type Single Family Residence

Price Type --

Escape to your own retreat in Gilbert, Arizona, where a backyard haven offers a blend of luxury and tranquility. The split ranch floor plan offers an ideal layout for privacy and open living, perfect for families and entertaining. The kitchen features high-end stainless steel appliances, granite countertops, and a central island, seamlessly connecting to the spacious living and dining areas. The master suite is a private retreat with a walk-in closet and an ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower. Three additional bedrooms share a well-appointed bathroom. Step outside to enjoy the backyard oasis, complete with a sparkling pool, heated spa, and a view fence overlooking a peaceful wash. The property also includes an RV gate, providing convenient storage.

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2905 E Norcroft Street Mesa, AZ 85213

$599,900

4 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6757675

Property Type Single Family Residence

Price Type --

This beautifully maintained home in north Mesa sits on a .25 acre lot with no HOA! As you enter, you will love the updated flooring and open feel. Straight ahead is a large living room with modern fixtures and views of the backyard. To the left, is the eat-in kitchen and the family room. To the right, the owner's suite and 3 additional bedrooms. All cooled with a 2024 5 ton HVAC system! In the backyard, a nice sized pool surrounded by a carefully manicured landscaping. Plus the yard is big enough to park an RV! Located near some of the best schools in Mesa and an easy commute to Sky Harbor and Phoenix. The best part the community is located along the low traffic of Lindsay Rd, promising a quiet refuge. Plus, enjoy low traffic in front of the home as it is not a thru street.

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31642 N 169th Avenue Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6755049

Property Type Single Family Residence

Price Type --

Welcome to 31642 N 169th Ave, a beautifully maintained 3-bedroom, 2.5-bathroom home nestled on a spacious 1.13-acre lot. This 2,050 square foot residence offers a perfect blend of rural tranquility and modern convenience. Step inside to find a bright and open floor plan, featuring a large living area, a well-appointed kitchen with ample counter space, and a cozy dining area perfect for family gatherings. The primary suite is a true retreat with an ensuite bathroom, while the two additional bedrooms offer plenty of space for guests or an added home office. Outside, the expansive lot provides endless opportunities for outdoor living, whether you dream of creating a garden oasis, adding a pool, or simply enjoying the Arizona sunsets from your patio. The The property also offers ample room for parking RVs, boats, or other recreational vehicles. Located just minutes from local attractions like Willow Winery, where you can enjoy tastings and scenic vineyard views, and a short drive to shopping, dining, and entertainment options in Surprise, this home is perfectly situated for those seeking a peaceful lifestyle without sacrificing convenience. Don't miss the opportunity to make this charming property your own!

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1645 W Willetta Street Phoenix, AZ 85007

$599,900

3 Beds

2.5 Baths

1,550 SqFt

Status Active

MLS # 6747093

Property Type Single Family Residence

Price Type --

Nestled in the heart of the Phoenix Historic District, this enchanting 3-bedroom, 2.5-bathroom home combines timeless charm with modern elegance in a picturesque setting. From the inviting front porch to the remodeled interior, every detail exudes warmth and sophistication. Step inside to discover an airy and bright living space enhanced by a cozy fireplace and seamless flow from the kitchen and dining area into the great room. The primary bedroom, a serene retreat, features a walk-in closet and private access to a tranquil backyard. With ample storage and community perks including proximity to public transportation, this home offers a perfect blend of historic allure and contemporary comfort.

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18934 N 96th Lane Peoria, AZ 85382

$599,900

2 Beds

2.5 Baths

2,056 SqFt

Status Active

MLS # 6765093

Property Type Single Family Residence

Price Type --

This beautiful entrance into Westbrook Village, Lakeview Estates is sure to impress. Green grass, trees, ponds & fountains abound. Be one of the few single family homeowners who have this coveted view from their backyard! Relax and enjoy the oversized back patio and everything Westbrook Village has to offer. 2 golf courses, restaurants, rec centers and pools. Pickleball, Tennis, etc. Over 80+clubs offer something for everyone. This home has been updated or upgraded inside and out, including a new water heater w/circulating hot water, new RO and Soft Water Systems and a new roof! Over $100,000 in upgrades. See Document Tab for upgrades and improvements, too many to mention here. Professionally cleaned, just bring your toothbrush. Located near the 101, shopping, restaurants, & P83.

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41432 N Bent Creek Way Phoenix, AZ 85086

$599,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6750950

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled gem in the Anthem Golf and Country Club. Step inside to an open, airy layout with high ceilings and abundant natural light. The spacious living area shines with fresh, contemporary finishes and elegant touches throughout. The kitchen is a standout, featuring an expanded quartz countertop with a bar perfect for quick meals, along with extra cabinetry beneath the island and a large pantry for added convenience. Champagne-toned fixtures and cabinet knobs give the space a touch of modern luxury. Retreat to the master suite, a private haven with a spa-like en-suite bathroom. Enjoy a serene wood-finish vanity, sleek white quartz tiles, a soaking tub for relaxation, and a walk-in shower with modern fixtures. Dual vanities with wood-finish cabinets and a generous walk-in closet offer both style and storage. Located in the desirable Anthem Golf and Country Club community, this home offers access to the nearby Ironwood Golf Course and restaurant, along with top-rated schools, parks, and a wide range of recreational amenities. This friendly neighborhood has activities for all ages. Don't miss the chance to own this stunning home in Anthem's exclusive gated community. Come see for yourself the perfect blend of luxury and comfort!

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