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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41906 N Crooked Stick Road Anthem, AZ 85086

$675,000

2 Beds

2 Baths

2,084 SqFt

Status Active

MLS # 6826333

Property Type Single Family Residence

Price Type --

Wake up to breathtaking sunrises from your front yard, with unobstructed views of the golf course—no homes in between to block the scenery. In the evening, unwind in your backyard oasis, where you can take in stunning sunsets over the fairway from your private heated spool. The beautifully manicured landscaping creates a serene outdoor retreat, while electric awnings provide shade and comfort for year-round enjoyment. Inside, the home is designed for both elegance and functionality. Electronic exterior window screens enhance the interior, keeping the home cool while allowing natural light to fill the space. A spacious open floor plan seamlessly connects the living and dining areas, making it perfect for entertaining High-end details such as a two-way fireplace, plantation shutters, recessed lighting, fire sprinklers, and crown molding add charm and sophistication. The versatile den is ideal for a home office, library, or extra relaxation space. The gourmet eat-in kitchen is a chef's dream, boasting granite countertops, rich oak cabinetry, a pantry, stainless steel appliances, a stylish tile backsplash, and an island with a breakfast bar perfect for casual dining or entertaining. The primary suite is a luxurious retreat, featuring backyard access through double doors and an ensuite bathroom with dual sinks, a spacious shower, and a generous walk-in closet. Located in the prestigious Anthem Country Club, this home provides access to world-class amenities, including golf, tennis, fitness centers, and resort-style pools. Experience luxury living in a community that offers the perfect blend of comfort, beauty, and convenience.

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15658 W Cortez Street Surprise, AZ 85379

$675,000

4 Beds

3.5 Baths

3,950 SqFt

Status Active

MLS # 6821535

Property Type Single Family Residence

Price Type --

You'll love this beautifully updated spacious home offering 4 bedrooms + den with built-ins & 3.5 baths in 3950 SqFt. Floor plan includes formal living/dining, separate family room, upstairs loft, and a movie/theatre room! The kitchen features dark maple cabinetry with undercabinet lighting, granite countertops, designer tile backsplash, stainless appliances including a range with double ovens, a large island with breakfast bar, a butler's pantry with built-in desk, another custom built-in workstation, and a casual dining nook in front of a bay window. Summers will be fun when you're enjoying a refreshing pool with waterfall grotto and slide, and a large, covered patio with travertine-style decking, and a built-in BBQ island. Bedrooms are upstairs. The primary has a sitting room and an en-suite bath with dual vanities, separate tub and shower, and a walk-in closet. Two secondary bedrooms share a Jack & Jill bath, and there's an additional 3rd bath upstairs. The laundry room is conveniently located upstairs and has cabinets & a folding area. Other features: plank tile flooring throughout the main floor, whole house water filtration system, a main floor powder room with a refurbished antique vanity from 1900, a storage shed, a 3 car garage with expanded driveway and double gate, and this home also includes OWNED SOLAR panels providing you utility savings with no solar payments!

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5009 E Baker Drive Cave Creek, AZ 85331

$675,000

3 Beds

2 Baths

2,286 SqFt

Status Active

MLS # 6824119

Property Type Single Family Residence

Price Type --

Welcome home to this incredible single level residence in the sought-after community of Tatum Ranch! The current owners are only the second owners for this property featuring 3 bedrooms, 2 bathrooms, an extended 3 car garage and a 1/4 acre lot. The spacious floor plan includes an updated kitchen with alder cabinets, granite countertops, stainless steel appliances and an island, perfect for entertaining with family and friends. The adjoining family room includes a cozy fireplace and vaulted ceilings, and looks out to the private backyard with a large covered patio. The primary suite offers a comfortable sitting area and a separate entrance to the backyard. The home is situated on a corner lot, providing added privacy. Parks, walking trails, shopping and AEF A+ schools are all close by.

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20785 W Canyon Drive Buckeye, AZ 85396

$675,000

3 Beds

2.5 Baths

2,590 SqFt

Status Active

MLS # 6824986

Property Type Townhouse

Price Type --

This customized Golf Villa in the gated Vallarta neighborhood of Verrado offers luxury living: private community pool, spa, and BBQ area—perfect for entertaining. Located on the 5th fairway of the Verrado Golf Club, it features panoramic views of the course, mountains, and city lights. The southern-exposed private backyard includes a custom BBQ area with pergola, Delta Heat Gas Grill, fire pit, artificial turf, and a spacious covered patio. Inside, enjoy a remodeled powder bath, office/den, formal dining with beams, quartz countertops, and a family room with fireplace. The master retreat offers a walk-in closet, private balcony, and stunning views. Two guest rooms share a full bath. Across from community pool and amenities, this villa is a perfect lock-and-leave for your Verrado Lifestyle This property features countless upgrades and is a must-see for anyone looking in Verrado. Contact us to schedule a private tour.

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1314 W Windsong Drive Phoenix, AZ 85045

$675,000

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6824107

Property Type Single Family Residence

Price Type --

This immaculate 4 bed/2 bath SINGLE level home sits on private N/S lot and won't disappoint your most discriminate buyers. Chefs will delight in the updated kitchen with Quartz countertops, stainless steel appliances & custom cabinetry. Primary bedroom includes sitting area, oversized spa-like bath and large walk-in closet. Split floorplan offers oversized Secondary Bedrooms featuring custom closets & one with built-in bookshelves perfect for a home office. Additionally, home boasts Engineered wood flooring, Dual Fireplace in LR/Family Room, Plantation Shutters, plus newer Roof. Enjoy your private oasis backyard with refreshing pool, extended patio, Built-in BBQ, cozy gas fireplace and multiple sitting areas. Near Hiking Trails, Bike paths, Golf, Parks, A+ Schools & more.

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7800 E Lincoln Drive Unit 1104 Scottsdale, AZ 85250

$675,000

3 Beds

2 Baths

1,601 SqFt

Status Active Under Contract

MLS # 6823811

Property Type Townhouse

Price Type --

Welcome to your Fully Furnished dream townhome in the heart of Scottsdale! Nestled at the end of a quiet cul-de-sac in the sought-after Cabrillo Square community, this beautifully maintained 3 Bedroom, 2 bathroom townhouse offers the perfect blend of comfort, convenience, and stunning views. Steps from the canal with a scenic 5-7 minute walk to Scottsdale Silverado Golf Club. Spacious primary suite with large walk-in shower and three generous walk-in closets with private balcony. Cathedral ceilings and skylights flood the space with natural light. Relaxing patio with breathtaking Camelback Mountain views. This stunning unit is truly turnkey—all you need to bring is your suitcase! Whether you're looking for a permanent residence or seasonal retreat, this is an unbeatable home!

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8723 E Hillview Street Mesa, AZ 85207

$675,000

4 Beds

2 Baths

2,298 SqFt

Status Active Under Contract

MLS # 6770992

Property Type Single Family Residence

Price Type --

Buyer contingency fell through! This beautifully maintained 4-bedroom home, with an additional office and flex room, offers an abundance of living space. Featuring a den, family room, great room, and bonus room, this home is perfect for comfortable living and entertaining. The 10-foot ceilings, along with a mix of carpet and tile flooring, create a spacious and inviting atmosphere. Dual-pane low-E windows ensure energy efficiency. The large primary bedroom includes a walk-in closet and a full bath for your privacy and convenience. The kitchen boasts granite countertops, a large island, ample cabinet space, and an eat-in kitchen. Step outside to a stunning backyard, beautifully landscaped with lush green grass, a patio for outdoor dining, sparkling pool with a rock water featur

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17360 E Quail Ridge Drive Fountain Hills, AZ 85268

$675,000

3 Beds

2 Baths

1,505 SqFt

Status Active Under Contract

MLS # 6826759

Property Type Single Family Residence

Price Type --

This is the #1 best location in Morningside! Sitting at the very end of Teal at the corner of Quail Ridge, the privacy is fantastic. Sitting on large wide open arroya w/one of the largest yards in the community/you're going to love this!! The perfect winter or fulltime home, it's been beautifully & tastefully updated. Nice open floor plan allows for easy entertaining! The kitchen has gorgeous ''leather'' granite counters, under counter lighting, breakfast bar/open to the great room and dining room/Spacious master suite/bath also updated w/walk in shower/granite counters/walk in closet/the guest room is split for privacy & den/office that can also be used as a bdrm/New windows thruout w/except of slider/The back patio w/heaters is where you'll spend alot of time/the peace & quiet is amazing

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1161 E Copper Hollow Queen Creek, AZ 85140

$675,000

2 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6816850

Property Type Single Family Residence

Price Type --

Experience some of the most breathtaking views Arizona has to offer in this stunning Refresh model home at Encanterra. With 180 degrees of unobstructed mountain and sunset vistas, your backyard is a true retreat—complete with a built-in BBQ and a cozy gas fire pit, perfect for entertaining or relaxing. Step inside and feel the elegance at every turn. The spacious guest suite welcomes you with stylish shutters, while a private den offers the perfect space for work or relaxation. The expansive great room offers an open-concept living, seamlessly connecting the gourmet kitchen, dining area, living room, and lounge. Wood plank tile flooring enhances the flow of the space, while high-end fixtures and custom chandelier add a touch of sophistication. Book your tour today!

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46827 N 8th Avenue New River, AZ 85087

$675,000

3 Beds

2 Baths

1,704 SqFt

Status Active Under Contract

MLS # 6810393

Property Type Single Family Residence

Price Type --

This property has it all! Spacious & thoughtfully designed floorplan offers open concept, split bedroom oh so many upgrades. Soaring ceilings & recessed lighting. New vinyl plank flooring throughout. New exterior paint & roof recoated January 2025. Gourmet kitchen with dark, rich cabinets, granite countertops, unique, 2-sided pantry, high-end appliances, kitchen island, eat-in kitchen & designer pot rack. Roomy great room with a cozy fireplace. Primary suite boasts walk-in closet, walk-in tub & separate bedroom exit. A great home for entertaining with the kitchen & great room that opens up to the extended back patio & sparkling 15'X35' covered, play pool. A relaxing patio with views of the Tonto National Forest & trails right outside your door. Extensive landscape includes.. nectarine, peach, lemon & more, all on drip system. An extended 2 car garage with built-in cabinets for ample storage plus 3-car carport. Tuff Shed with water & power currently used for an art studio has many opportunities. 3 additional out-buildings /sheds-perfectly placed if you'd like to create a workshop, tack shed or??? FULLY fenced 1.5 acres so you have room for toys, a barn or round pen/turn out & more. New vinyl windows throughout, upgraded & updated 80-gallon hot water heater, roll down shades at the patio, plant & tree irrigation. Sprawling 1.5 usable acres. Private well with 2,000 gallon holding tank. Conveniently located near the new TSMC Chip Manufacturing Plant, Grocery, Banking, Retail & more.

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2501 E Los Alamos Street Gilbert, AZ 85295

New

$675,000

3 Beds

2.5 Baths

2,250 SqFt

Status Active

MLS # 6831957

Property Type Single Family Residence

Price Type --

Step into this beautifully upgraded 3-bedroom, 2.5-bathroom home spanning 2,287 sq ft, designed for both comfort and style. With a spacious loft and a separate den downstairs, this layout offers the perfect balance of open living and private retreats. The heart of the home is the stunning kitchen, featuring recessed lighting, an abundance of cabinets and counter space, and a large walk-in pantry—perfect for those who love to cook and entertain. The interior has been meticulously refreshed, featuring brand-new luxury vinyl plank flooring and plush carpet installed in February 2025, along with a complete interior paint refresh—including walls, ceilings, doors, trim, and baseboards. The primary suite is a true sanctuary, featuring a Jacuzzi soaking tub, a dual sink vanity, and two walk-in closets for ultimate relaxation and functionality. The upstairs laundry room adds everyday convenience, while energy efficiency is top-notch, thanks to an insulated garage door and additional blown-in cellulose insulation added to R-49 above the living areas. Outside, the backyard is nothing short of a private paradise. No rear neighbors mean uninterrupted enjoyment of the resort-style pool, complete with a thrilling slide, grotto, and a Baja shelf for lounging in the sun. The saltwater pool is equipped with a variable-speed motor and an in-floor vacuuming system, ensuring effortless maintenance. Entertain year-round under the stunning Aluma Wood pergola while staying cool with a commercial-grade misting system. The property is also pre-wired for in-ground lighting to elevate the ambiance even further. A rare opportunity to own a thoughtfully upgraded, turn-key home with exceptional indoor and outdoor living space don't let this one slip away!

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10633 E Sheffield Drive Mesa, AZ 85212

$675,000

3 Beds

2.5 Baths

2,475 SqFt

Status Active Under Contract

MLS # 6820311

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded 3-bedroom, 2.5-bathroom home with a den, nestled in the highly sought-after Eastmark master-planned community. The interior boasts tasteful upgrades throughout, including a gourmet kitchen with crown modeling shaker cabinets, double ovens, and an oversized granite island perfect for entertaining. Bathrooms feature stunning tiled accent walls, and the luxurious spa-like master bath offers a grand walk-in rainfall shower. Exit through the large glass slider to enjoy ultimate privacy in your backyard oasis, complete with a built-in jacuzzi and grill—ideal for relaxation and outdoor gatherings. The extended, 30-amp 3-car tandem garage provides ample space for vehicles and storage. Don't miss the opportunity to make this gem your home!

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