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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16455 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6682617

Property Type Single Family Residence

Price Type --

The Townsend has a gorgeous open floor plan with Guest Suite and 10' ceilings! Large Gourmet Kitchen with Quartz Countertops. Owners Suite has a deluxe Master Bath with Walk-in rain shower. Home is on a large lot in a secluded neighborhood. Home comes with paver driveway/walk way to entry. and is complete with stone front exterior on house! A Must See!!!!

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16399 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6702001

Property Type Single Family Residence

Price Type --

Discover the essence of luxury in this home featuring an upgraded gourmet kitchen with quartz countertops, 42-inch cabinets, & expansive walk-in pantry. The spacious design includes 10-foot ceilings, staggered wood-look tile, and multi-slide patio doors that enhance the open, airy feel. The Primary suite bathroom features an upgraded shower with an added secondary rain shower head. Practicality meets style with 8-foot garage doors & paver driveway, offering ample space for storage and vehicles.

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16372 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718700

Property Type Single Family Residence

Price Type --

This home features a must have Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The walk-in shower features a rain shower head. This home offers stylish pavers at driveway/walkway.

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935 Calle Azul -- Wickenburg, AZ 85390

$567,900

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6722019

Property Type Single Family Residence

Price Type --

Beautiful 4bed 2bath 2 car garage home with a large lot large patio RV gate with amazing views. Must see property in Wickenburg AZ.

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8718 N 180th Drive Waddell, AZ 85355

$567,250

5 Beds

3.5 Baths

3,548 SqFt

Status Active

MLS # 6715988

Property Type Single Family Residence

Price Type --

Don't miss out on this beautiful Pulte home in a Great location! Easy access to the 303, I-10 and Luke Air Force Base. This home has an amazing floorplan with the master suite downstairs and 4 large bedrooms plus a huge loft upstairs. The nice sized lot backs to a greenbelt with mountain views from the backyard. You can take this all in while enjoying some quality time under the expansive covered patio. Some of the many wonderful features you will find inside include, granite countertops, an eat-in kitchen, tasteful neutral flooring and tons of storage space. The laundry room has ample space plus a utility sink. The 3 car garage features shelving and an epoxy floor. Come see it today. This one won't last.....

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10221 S Bickwell Trail Apache Junction, AZ 85120

$567,028

4 Beds

2 Baths

2,386 SqFt

Status Active

MLS # 6739939

Property Type Single Family Residence

Price Type --

Experience the difference at Laurel at Blossom Rock! This stunning single-story Laredo design is currently under construction and features a spacious open-concept floorplan. The heart of the home includes an inviting kitchen with an island, seamlessly connected to a bright great room that opens to a private, covered outdoor living space. With 4 bedrooms, 3 bathrooms, and a convenient drop zone right off the 3-car garage, this home offers both comfort and functionality. Plus, $49,000 in premium upgrades are already included, and special financing options are available. The home is expected to be completed by November. Living at Blossom Rock means embracing the outdoors with community parks, miles of scenic trails, beautiful lakes, and signature events. Nearby the Superstition Mountains.

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2422 E Saint Anne Avenue Phoenix, AZ 85042

$567,000

5 Beds

4.5 Baths

2,599 SqFt

Status Active

MLS # 6743335

Property Type Single Family Residence

Price Type --

Welcome to this spacious 5-bedroom, 4.5-bathroom residence blends comfort, and modern living in the sought-after Arbor Subdivision. The spacious open floor plan seamlessly connects the living, dining, and kitchen areas. The gourmet kitchen features stainless steel appliances, ample cabinet space, and a large island. The home boasts five generously sized bedrooms, with the primary suite offering dual sinks, dual walk-in closets, and an en-suite bathroom. Enjoy mountain views from the beautifully landscaped backyard with a large covered patio, turf, and pavers. Additional features include a loft, office, and two-car garage. Arbor Subdivision provides well-maintained common areas, parks, and walking trails. Check it out!

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23852 N 167th Lane Surprise, AZ 85387

$567,000

4 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6781319

Property Type Single Family Residence

Price Type --

Stunning Family Home with Private Outdoor Oasis This spacious 4-bedroom, 3-bathroom home offers the perfect blend of comfort and luxury, with an inviting front patio that welcomes you into a well-designed living space. As you step inside, you'll immediately appreciate the open, airy feel of the home with its modern finishes and thoughtful layout. The heart of the home features a beautifully kitchen that flows seamlessly into a cozy living room, making it perfect for both everyday living and entertaining. The master suite is a true retreat, offering privacy and tranquility with its own ensuite bathroom and walk-in closet. Step outside to your own private paradise. The backyard is an entertainer's dream, with a heated pool complete with a tranquil water feature, ideal for relaxing or hosting summer gatherings. Enjoy outdoor cooking and dining with the built-in BBQ area, and when the sun gets too bright, simply extend the retractable awning for shade and comfort. Whether you're lounging by the pool or enjoying a meal with family and friends, this outdoor space is perfect for creating lasting memories. With its ideal layout, stylish features, and amazing outdoor amenities, this home truly offers the best of both worlds indoor and outdoor luxury!

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2398 W Arroyo Way San Tan Valley, AZ 85144

$567,000

4 Beds

2.5 Baths

2,535 SqFt

Status Active

MLS # 6707047

Property Type Single Family Residence

Price Type --

Beautiful single family home featured in popular community ''Morning Sun Farms' located in Queen Creek, AZ. This highly preferred [single level] home incorporates a subtle balance of contemporary finishes with a modern design. The home features 4 bedrooms, +Den/5th bedroom, 2.5 bath(s), 2,534 sq ft open concept floor plan, nicely appointed kitchen w/ granite countertops, large [eat-in] island, dual ovens, gas cooking, raised panel cabinetry, ss appliances, and walk-in pantry. Also, this home features large great room space, 9ft+ ceilings, tile flooring, modern plumbing/lighting fixtures [fans], dual pane [low-e] windows, 2'' wood faux blinds, designated dining space, and a dedicated master retreat featuring a spacious sleeping quarters, separate shower/tub, dual sinks, and large walk-in. closet. Lastly, the home features a 3-car tandem garage w/ new epoxy floors & built-in storage cabinets, and a private [resort style] backyard equipped with covered patio space, sparkling heated pool, built in BBQ [w/ dedicated gas line], mature landscaping, backyard wall raised for increased privacy, and separate RV gate --perfect for entertaining guests & family. Morning Sun Farms offers residents plenty of walking & bike paths, green spaces, and is just minutes away from great shopping, restaurants, and entertainment.

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441 S Dodge Drive Chandler, AZ 85225

$567,000

3 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6736916

Property Type Single Family Residence

Price Type --

Fantastic location in the popular single level community in Kempton Crossing. Well maintained one owner 3BR 2BA plus large den, large kitchen with island and granite counter tops , breakfast nook, formal dining, formal living room and family room with gas fireplace, upgraded tile and wood flooring through out the home, Oversized lot with mature backyard and cover patio, 3 car garage, the home is one of a kind for the subdivision only one built, Kempton crossing is a unique community where all homes are single level with 7400 sqft minimum lot size, this home is the only one of its floor plan in the community, enjoy several nearby family parks with pickle ball courts, biking or walking along the canal and convenient close access to freeway and many stores.

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34475 N Fortini Way Queen Creek, AZ 85144

$566,610

5 Beds

3.5 Baths

2,937 SqFt

Status Active

MLS # 6748798

Property Type Single Family Residence

Price Type --

From AZ-24, take Ellsworth Rd, south. Make a right onto Thompson Pkwy. Turn left onto Tesota Way. The sales office will be on your right.

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4901 W Hunter Trail San Tan Valley, AZ 85143

$566,090

5 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6778084

Property Type Single Family Residence

Price Type --

Elite community with a lot of amenities! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space, office and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. dark cabinets, granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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