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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2351 N Tierra Alta Circle Mesa, AZ 85207

$574,000

4 Beds

2 Baths

1,811 SqFt

Status Active

MLS # 6775532

Property Type Single Family Residence

Price Type --

Incredible Opportunity in East Mesa! Discover the only single-level, 4-bedroom home under $600,000 east of the 202 Loop with a private pool in a gated community. This rare find is nestled on a premium corner lot in the secure Boulder Mountain Community, offering a perfect blend of comfort and style. The home showcases a beautifully updated chef's kitchen with a gas range, Taj Mahal quartzite countertops, a custom backsplash, and many thoughtful upgrades. The functional split floor plan ensures privacy, with one secondary bedroom featuring a walk-in closet.The stunning primary bathroom boasts a large shower with a glass wall and a separate soaking tub, perfect for unwinding. Elegant diagonally laid tile throughout the main living areas adds sophistication, while the oversized 2.5-car garage provides ample storage space and includes an 18,000 BTU HVAC mini split for heating and cooling. The expansive corner lot is ideal for entertaining, with a gorgeous pool as the centerpiece. Lots of entertainment areas, and lovely garden beds. Plus, enjoy peace of mind with a new AC unit that keeps the home comfortable year-round. Boulder Mountain's prime location near Loop 202 and its proximity to Usery Mountain Regional Park offers endless opportunities for hiking, biking, and outdoor recreation. Also, walking distance to A+ rated schools! Don't miss out on this exceptional find!

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9413 E Osage Avenue Mesa, AZ 85212

Open House

$574,000

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6764630

Property Type Single Family Residence

Price Type --

Back on market after getting a super cute remodel! Fantastic single story home located in highly desirable Mesquite Canyon featuring 4 bedrooms, 2 baths, 2 car garage, Through the front door you are welcomed by BRAND NEW vinyl plank flooring throughout, FRESHLY painted white interior which is a blank canvas to decorate to your hearts content, NEW baseboards, additional puck lighting added to give the home that light, bright and airy feeling, living room/dining room combo, kitchen boasts granite countertops and backsplash, stainless steel appliances, white cabs, dining area, kitchen island, flat top electric stove with above b-i microwave, huge walk-in pantry, family room with shiplap accent wall, large primary bedroom with double door entry, walk-in closet and exterior access to backyard , ensuite with dual sinks, separate shower & tub, chevron accent wall with updated mirrors and light fixtures, enjoy outdoor entertaining with sparking play pool, covered patio and canopy with pavered sitting area, vaulted ceilings, faux wood blinds, security screen door, near highly rated Gilbert schools, neighborhood parks, restaurants and shopping. An Absolute Must See!

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25817 N Bolero Bend Rio Verde, AZ 85263

Open House

$574,000

2 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6762128

Property Type Single Family Residence

Price Type --

Calling all investors and buyers looking for a bargain in the vibrant adult community of Rio Verde! Priced to sell and below market so you can reap the benefits of this fabulous property with tons of potential and equity! Spacious corner lot, this property offers a spacious backyard complete with a wonderful patio area & your own pool. Both bedrooms offer their own baths, while an additional flex space is perfect for an office, roomy sitting area, or home gym. The formal living and dining areas seamlessly flow into the generous kitchen, which boasts ample cabinet space and an inviting eat-in area. With a 2.5-car garage, there's plenty of room for your golf cart and extra storage. As a social member of the Rio Verde Country Club, you'll enjoy a wealth of activities; tennis, pickleball, bocce ball, and a community gym and pool. This is an excellent opportunity to create your own unique sanctuary while living the Rio Verde lifestyle!

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3812 W Antelope Way San Tan Valley, AZ 85144

$573,995

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6784584

Property Type Single Family Residence

Price Type --

This beautiful home was crafted for the way you live. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted today.

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1380 W Golden Ore Pass Apache Junction, AZ 85120

$573,990

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6781906

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created. A public report is available on the Arizona Department of Real Estate website.

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8300 E Vía De Ventura Boulevard Unit 1015 Scottsdale, AZ 85258

$573,900

2 Beds

2 Baths

1,442 SqFt

Status Active

MLS # 6750386

Property Type Townhouse

Price Type --

Come see this move in ready condo in gated Lakeside Villas at McCormick Ranch! This home wood plank tile flooring plantation shutters and upgraded lighting fixtures and fans throughout. The living room has a reclaimed wood detail fireplace and high ceilings with lots of natural light. The kitchen features soft close cabinets and drawers, Quartz countertops and new stainless steel appliances. New Quartz countertops in the bathrooms as well. The primary bedroom has an ensuite bathroom and spacious walk in closet. Inside laundry and a singel car detached garage. Community amenities include pool/spa, walking/biking path and lake views. Close to lots of shopping, fine dining, golf and easy freeway access. Must see

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2529 W Florentine Road Phoenix, AZ 85086

$573,900

4 Beds

3.5 Baths

2,483 SqFt

Status Active

MLS # 6764475

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Fantastic opportunity to own this beautiful Tramonto home in sought after Desert Hills! This open concept home features a kitchen with custom cabinets, granite counters, breakfast bar, SS appliances that overlooks the great room and dining area. Two spacious master bedrooms. One with large jacuzzi tub and separate shower and the other boasts a private master retreat that's sure to please guests and family. 20x20 diagonally laid tile and newer carpet. Spacious den/office, 1/2 bath and laundry room downstairs. Tramonto community amenities include basketball courts, 2 community pools, jacuzzi, walking/bike trails and is close to excellent schools, restaurants, shopping, TSMC campus and the I-17.

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1502 Oregon Avenue Prescott, AZ 86305

$573,818

2 Beds

3 Baths

2,125 SqFt

Status Active

MLS # 6731974

Property Type Single Family Residence

Price Type --

Nestled in the serene Oregon neighborhood on the coveted West side of Prescott, Arizona, this 2125 sqft two-story home epitomizes eco-friendly living. Situated gracefully alongside a tranquil creek, protected by towering granite boulders, this residence is a sanctuary for those who cherish comfort and sustainability. Step inside to discover an incredible conservatory, complete with heating and cooling, offering a year-round connection to nature's beauty. Imagine soaking in a jetted tub or simply relaxing in this serene space, which includes a connected half bathroom. During winter, imagine placing your bed here and gazing up through the glass ceiling as snow gently falls around you—an experience reminiscent of sleeping in an igloo under the stars. The home boasts a Trombe Wall, ... ... ... harnessing passive solar energy for efficient heating and cooling. Supplementing this green ethos are solar hot water panels with electric backup, an old unregistered well, and multiple large water storage tanks, ensuring self-sufficiency even in the driest months. Warmth and ambiance abound with furnace-rated fireplaces complementing a cozy wood-burning hearth, perfect for chilly Prescott evenings. Outside, the property is ensconced in natural beauty, seamlessly blending into majestic Granite Boulders topped by a durable metal roof and freshly painted exterior. Additional features include a detached two-car carport, multiple sheds for storage, and an attached carport. For the discerning buyer seeking a harmonious blend of luxury and environmental stewardship, this Green Home in Prescott's Oregon neighborhood is a rare gem waiting to be discovered.

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5053 S Laguna Avenue Sierra Vista, AZ 85650

$573,500

5 Beds

2.5 Baths

3,673 SqFt

Status Active

MLS # 6763911

Property Type Single Family Residence

Price Type --

Solar was added to eliminate high electric bills- solar loan to be assumed by new owner. Escape to your private oasis and grand estate. This property boosts more than you can even imagine. Entry is enclosed with bright light inviting windows then you enter your home through brand new custom doors to an abundance of space starting with a formal dining room and living room with a 2-sided fireplace - you will notice new wood laminate floors. Kitchen fit for a chef - Kitchen Aid appliances, wall oven, huge island with cook top, granite counter tops and newly refinished cabinets. Just off the kitchen is eat in dining area, guest bathroom and bedroom AND your private sauna room. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Outside - welcome to your resort enjoy a private pool and hot tub within the primary yard but wait there is more with over 1 acre of land bring your toys, horses or pets with ample space and additional storage building that could be used for whatever you need. You don't want to miss the opportunity to own this 1 of a kind home. You will also find a very large bonus space, with wall-to-wall windows to take in all the beautiful views of the area. Use for your games, living, hobby etc. room the possibilities are endless.

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17279 W Dartmouth Street Surprise, AZ 85388

$573,500

2 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6763149

Property Type Single Family Residence

Price Type --

COME SEE THIS SMITHFIELD SPANISH HOME NESTLED ON A CORNER LOT WITH AMAZING MOUNTAIN VIEWS AT STERLING GROVE GOLF & COUNTRY CLUB IN SURPRISE, ARIZONA! IMMACULATE HOME WITH GREAT ROOM OPEN FLOOR PLAN, 10' FOOT CEILINGS, TILE FLOORING THROUGHOUT, GORGEOUS CHEF'S KITCHEN WITH GAS COOKTOP, BUILT IN WALL OVEN AND MICROWAVE, KITCHEN ISLAND WITH QUARTZ COUNTERTOPS, BEAUTIFUL KITCHEN CABINETS, BACKSPLASH AND MORE! MASTER BATHROOM WITH HIS & HER SINKS, WALK-IN SHOWER, AND WALK-IN CLOSET. SPACIOUS BACK PATIO AND YARD TO ENTERTAIN FAMILY & FRIENDS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

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7950 E Queensborough Avenue Mesa, AZ 85212

$573,315

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6676004

Property Type Single Family Residence

Price Type --

MLS6676004. Ready Now! PRICE REDUCTION! The Edmonton at Hawes Crossing Discovery presents a charming single-story residence boasting 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. As you step inside, the foyer effortlessly guides you towards the dining and kitchen space, providing abundant room for culinary endeavors. Revel in the spacious and welcoming ambiance of the casual dining and great room area, seamlessly connected to the outdoor living space and backyard, perfect for hosting gatherings. The generously proportioned primary suite offers a serene retreat with its private bathroom featuring double sinks and a walk-in closet. Structural options include: paver front porch, garage service door, and extended owner's suite.

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374 E Citrus Hollow Way Queen Creek, AZ 85140

$573,088

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6605086

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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