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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3281 N Eagles Creek Drive Show Low, AZ 85901

$595,000

3 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6751334

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this beautiful home offers a perfect blend of comfort, style, and convenience. As you step inside, you are greeted by a spacious and open floor plan that seamlessly combines modern design with a warm and welcoming ambiance. The well-appointed kitchen is a chef's dream, featuring sleek countertops, ample cabinet space, and state-of-the-art appliances. Whether you're hosting a family gathering or enjoying a quiet meal, this kitchen is sure to impress. The living area is thoughtfully designed with a focus on both relaxation and entertainment. The generous windows fill the space with natural light, creating an inviting atmosphere for both residents and guests. Spend cozy evenings by the fireplace, creating cherished memories or unwind on lazy afternoons while enjoying your favorite book. The bedrooms are generously sized, providing a peaceful sanctuary for rest and relaxation. The master suite is a true retreat, boasting a private ensuite bathroom and ample closet space. Wake up rejuvenated and ready to take on the day in this luxurious haven. Step outside to discover a covered deck, perfect for hosting outdoor gatherings or simply enjoying the fresh air. Whether you're entertaining guests or savoring a quiet moment, the spacious deck offers a delightful space for relaxation and enjoyment. Create lasting memories as you gather around the fire pit, roast marshmallows, and share stories under the starry night sky. Located in the desirable city of Show Low, this home provides convenient access to a wealth of amenities. Explore the nearby parks, indulge in local dining, or take advantage of the recreational opportunities available in the area. With its picturesque surroundings and welcoming community, Show Low offers a quality of life that is second to none. Don't miss out on the opportunity to make 3281 N Eagles Creek Drive your forever home. Embrace a lifestyle of comfort, elegance, and convenience in this remarkable property.

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540 Atchison Lane Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6756245

Property Type Single Family Residence

Price Type --

NEW LOWER PRICE! What a gorgeous, beautifully remodeled home in desirable Mariposa Heights. Shasta lap pool, fantastic! The kitchen has a soft muted granite, soft close cabinets throughout, LG smokey gray appliances, The flooring is a dream in this home w/ wood look tile planks in all the right places & soft neutral carpet in bedrooms. Primary BD is spacious with slider to the covered patio, large walk-in closet, & fully upgraded bathroom. Guest BA custom vanity & re-glazed large garden tub/shower. Bright Great RM w/ fireplace, perfect for entertaining! Inside laundry rm with storage. Garage is extra deep for large vehicles too! Metal RV/5th wheel cover added. Shasta custom pool was completed in 2021 and you will love it! Fully fenced backyard & Solar too Current seller has added the metal covered RV/5th wheel cover. Garage has one extra deep bay to accommodate a long bed truck. Plenty of room for 2 cars + work area. Backyard also features faux boulders for landscape appeal outside the back west facing fence. Solar lease terms and condition along with SPDS are in the document section of the listing.

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8314 W Berridge Lane Glendale, AZ 85305

$595,000

4 Beds

2 Baths

2,696 SqFt

Status Active Under Contract

MLS # 6752281

Property Type Single Family Residence

Price Type --

This home is spacious with 4 bedrooms, office and an extra flex space. The open concept is light and bright, and the home has recently had some nice cosmetic updates with new quartz countertops throughout, new light fixtures, new plumbing fixtures, freshy painted inside and out, new carpet in the bedrooms, new door hardware, new slider, and nice backyard. This open floor plan has a large, updated kitchen with all new stainless-steel appliances, island that seats 4, and opens to an inviting family room. The home has a split floorplan, and the primary bedroom is large with ample space and a walk in closet. Home is in a great location less than a mile from all the amenities at Westgate Mall. Seller willing to offer a rate buy down. The home has a split floorplan, and the primary bedroom has a beautiful new shower and walk in closet. Landscaping has been updated and there is a large, covered patio and 3 car garage with new openers. See documents tab for all upgrades.

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1109 W Georgia Avenue Phoenix, AZ 85013

$595,000

3 Beds

2 Baths

1,532 SqFt

Status Active Under Contract

MLS # 6751808

Property Type Single Family Residence

Price Type --

REMODELED with Incredible Curb Appeal! NO HOA - RV Gate! No expense was spared on this uptown remodel opnly 3 years ago. Exterior features 3 yeras new on all..new stucco, new artifcial turf, new pavers, new roof, new ac unit, new windows, new garage door, new tankless water heater. As you enter, the living area has been opened up to the kitchen w/ white shaker cabinets, quartz countertops, Bedrosians backsplash, and high end stainless appliances. Off the kitchen is a nice sized laundry room and garage access. Out the back door is a huge covered patio that spans the width of the house. Down the hallway is guest bathroom with tiled shower and a dual vanity for both bedrooms to share. Master features an oversized shower with dual shower heads. Your AZ Uptown living is available to you N

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3002 E Pinchot Avenue Phoenix, AZ 85016

$595,000

4 Beds

2 Baths

1,676 SqFt

Status Active

MLS # 6761490

Property Type Single Family Residence

Price Type --

CORNER LOT 4 BEDROOM POOL NO HOA NEW roof (2024), HVAC (2023), Bosch refrigerator (2024). This beautifully updated Phoenix single-story home sits in a prime location near Arcadia and Biltmore. The front yard features real grass and mature trees, while the spacious backyard includes a pool, covered patio, and artificial turf, all completed in 2018. Step inside to find a split floor plan with modern updates throughout. Enjoy the convenience of no HOA and an unbeatable location near some of Phoenix's best amenities and easy access to the airport.

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14121 W St Moritz Lane Surprise, AZ 85379

$595,000

5 Beds

3.5 Baths

3,675 SqFt

Status Active

MLS # 6700187

Property Type Single Family Residence

Price Type --

MASSIVE $65K PRICE ADJUSTMENT!!! This gorgeous home was completely remodeled! 5-bedroom, 3.5-bath home boasts a 3-car garage, RV gate, and elegant stone accents.The living/dining room showcases high ceilings, recessed lighting, a soothing palette, and stylish wood-look flooring. The great room is a warm space for intimate moments with loved ones. Cook delicious meals in the kitchen, equipped with quartz counters, chic shaker cabinetry, trendy pendant lighting, a tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. The den is perfect for an office. You'll also find a quaint loft that adds versatility. Huge primary bedroom with custom walk-in shower. See it today!

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1651 E Tremaine Avenue Gilbert, AZ 85234

$595,000

4 Beds

3 Baths

2,085 SqFt

Status Active

MLS # 6764834

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4-bedroom, 3-bath two-story residence features soaring vaulted ceilings & a bright, open layout. 1 bedroom and bath downstairs. Owned solar system to minimize electric bills with no monthly lease payment. The modern updated kitchen boasts stainless steel appliances, granite countertops & gas stove. Retreat to the luxurious primary suite with a walk-in shower & elegant soaking tub surrounded by chic subway tile. Additional second floor bedrooms share a convenient Jack & Jill bathroom. Relax in your pool with privacy in this well laid out backyard. Located near great schools, shopping, & the freeway!

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13113 W Citrus Way Litchfield Park, AZ 85340

$595,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6762010

Property Type Single Family Residence

Price Type --

Beautiful Corner house , 3 car garage , in a perfect location close to freeways and shopping centers. Come take a look at spectacular house with a great open floor plan. All appliances will convey ,except washer and dryer

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2034 N Dayton Street Phoenix, AZ 85006

$595,000

2 Beds

2 Baths

1,150 SqFt

Status Active

MLS # 6756121

Property Type Single Family Residence

Price Type --

Masterfully restored and preserved craftsman in the centrally located Historic Coronado Neighborhood. Half the house is new construction 2009. Ample space to convert into a 3 bedroom with room to add a garage, guest house, and/or pool. Classic details include claw-foot bathtub, moulding, preserved original windows, fireplace. Oversized primary bedroom includes a sitting area, two spacious closets, en-suite bathroom, and large windows overlooking an ornamental orange tree and bougainvillea. Upgrades have been made to the house sewer line and electrical as well as tasteful updates including re-plastered walls, new water heater, paint, light fixtures, and hardware to name a few. Enjoy the outdoor patio, edible fruit trees and shrubs on the property. Blocks to all Downtown Phx has to offer.

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17605 W Blue Sky Drive Surprise, AZ 85387

$594,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6772324

Property Type Single Family Residence

Price Type --

This stunning 2,840 sq. ft. Darius floorplan is a single-level home offers luxurious living with 10-ft ceilings, an open-concept floor plan, and a separate guest suite. The gourmet kitchen features quartz countertops, high-end finishes, and a spacious island—perfect for entertaining. With a 3-car garage, neutral color palette, and November completion.

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20144 W San Juan Avenue Litchfield Park, AZ 85340

$594,990

4 Beds

3 Baths

2,693 SqFt

Status Active

MLS # 6786755

Property Type Single Family Residence

Price Type --

Topaz sitting on a large lot with an 8' gate. Multi slide door that leads out to the extended covered patio. Owner's bath has separate tub and shower & dual vanity sinks Stainless steel gas appliance package with a 36'' cooktop, wall oven, built in microwave, and T-shape hood. Sonoma Linen-off white cabinets with pull out trash drawer and 42'' kitchen uppers. AZT Tawny quartz countertops at kitchen and all baths. Kitchen backsplash 2x5 linear hex tile. Upgrade flooring includes Beaumont Olmo 7x22 plank tile in all areas of the home except for bedrooms and closets. Dual sinks at bath 2, soft water loop, gas stub for future BBQ, 8' tall garage door for those high profile vehicles and garage service door and so much more. Estimated to be complete in February. Please verify all information with onsite agent . Thank you!

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4359 N 203rd Avenue Buckeye, AZ 85396

$594,990

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6736229

Property Type Single Family Residence

Price Type --

This Gorgeous Altena floorplan curated with Classic 'Looks' interiors selections offering a gorgeous cohesive design. Your spacious kitchen is designed with a large island, pendant lighting, quartz counters, stunning stacking cabinets and GE profile stainless steel appliances. Feel the openness of your great room and dining room with coffered ceiling and crown molding. Enjoy indoor-outdoor living with your 12 ft sliding glass door. The Primary Suite includes an Upgraded no step rain shower. Wood look tile throughout most rooms and plush carpet in bedrooms, plus window coverings included! ^^Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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