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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2389 W Spaulding Avenue Apache Junction, AZ 85120

$553,300

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6761575

Property Type Single Family Residence

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3 car garage!! The Courtland floorplan offers a spacious and well-designed single-level living experience, encompassing 2,273 square feet. You are welcomed into an open-concept living area that seamlessly connects the kitchen, dining, and family rooms. The kitchen is a chef's delight, equipped with modern gas appliances, ample counter space, and a large island that serves as the heart of the home, ideal for meal preparation and casual dining. The adjacent dining area provides ample space for family meals and entertaining guests, while the family room is perfect for relaxation and gatherings. This community features resort like amenities including a large pool, splashpad, park & clubhouse with fitness center!

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17149 N Stonebluff Road Maricopa, AZ 85139

$553,000

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6666798

Property Type Manufactured Home

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This beautiful new Champion home, on an expansive, gated lot of 4.55 acres, is on a paved road with stunning mountain views and unforgettable Arizona sunsets. This spacious 3-bedroom, 2-bathroom home has more than enough room to entertain and make unforgettable memories. A 30x35-foot enclosed shop with a concrete floor and convenient gravel driveway offers plenty of room for projects or storage. This home is built for Arizona, with upgraded 2''x6'' exterior walls with R-19 insulation, R40 roof insulation, well water, and unheard-of power availability consisting of two 400 amp panels for your home, shop, electric vehicles, or anything else you choose to build. This is a uniquely attractive home with numerous upgrades that you won't want to miss, and no HOA to limit your possibilities

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825 S Henry Lane Gilbert, AZ 85296

$553,000

3 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6758655

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bathroom home nestled in a prime corner lot in Gilbert! This spacious 2-story, 2,467 sq ft property boasts a versatile loft and a den/office, perfect for work-from-home setups or additional living space. The main floor features elegant hardwood flooring, complemented by gorgeous plantation shutters throughout the home. The kitchen is a chef's delight with cherry 42-inch cabinetry, granite countertops, and stainless steel appliances. Enjoy outdoor living with your private courtyard, ideal for relaxing or entertaining. The 3-car garage provides plenty of space for vehicles and storage. The HOA maintains the front yard and offers access to community pools, making maintenance a breeze. With easy freeway access, and close proximity to shopping and shopping and restaurants, this home combines comfort, style, and convenience in one perfect package.

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19702 E Arrowhead Trail Queen Creek, AZ 85142

$553,000

5 Beds

2.5 Baths

3,040 SqFt

Status Active

MLS # 6730181

Property Type Single Family Residence

Price Type --

Check out this home in the heart of Queen Creek. It's just over 3,000 square feet with 5 bedrooms and 2.5 bathrooms. This home offers a large and spacious great room as you enter. The kitchen and living area is an additional space that is large and open giving you all the space you need. The backyard is low maintenance and the turf makes it feel like you have a yard minus the hassle. There is an extended patio in the backyard that can help shade you when temperatures begin to increase. There is one room located downstairs and the remaining four bedrooms and laundry room are located upstairs. The master bathroom has large his and her walk-in closets. The seller is open providing concessions to buy down the rate and allowing you to reduce your monthly payment

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10852 E Texas Avenue Mesa, AZ 85212

Open House

$552,888

5 Beds

3 Baths

1,960 SqFt

Status Active

MLS # 6761136

Property Type Single Family Residence

Price Type --

MLS#6761136 November Completion. Welcome to the Harlow at La Mira! This charming single-story home greets you with a cozy front porch. Just steps away, the open-concept kitchen with an island seamlessly flows into the dining and gathering rooms, creating an ideal space for entertaining. The private owner's suite boasts a corner-entry bathroom with dual sinks and a generous walk-in closet. Three equally sized secondary bedrooms share a full bath, providing ample comfort for everyone. Structural options include: bedroom 5 and bath 3, garage service door, raised bath vanity at bath 2 and 3, paver front porch, soft water loop, and garden tub in primary.

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3454 E Jasmine Way San Tan Valley, AZ 85143

$552,000

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6752588

Property Type Single Family Residence

Price Type --

You'll love this beautiful ranch-style home in the desirable Community of Bella Vista Farms! With 5 beds, 3 baths, & a 2-car garage, this 2024-built gem offers comfort & style! Inviting hallway ushers you to the spacious open layout enhanced by tall ceilings, wood-plank tile flooring, multiple exits, & recessed lighting t/out. The impeccable kitchen is outfitted with sleek SS appliances, granite counters, rich wood shaker cabinetry with crown molding, & a sizable island with a breakfast bar. The grand main suite has plush carpeting, a pristine ensuite, a walk-in closet, & outdoor access. The home's elegance extends outdoors to the serene backyard that comes with a extended covered patio, artificial turf, & pavers. Enjoy amenities like a community pool, playgrounds, sports fields, etc.

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3131 N Central Avenue Unit 3021 Phoenix, AZ 85012

$551,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6585352

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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4417 S 111th Drive Tolleson, AZ 85353

$551,900

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6780759

Property Type Single Family Residence

Price Type --

A rare find! You'll surely love to own this beautiful 4-bedroom residence in Tolleson! Meticulously maintained interior boasts a desirable great room graced with bountiful natural light, wood-look tile flooring, and neutral paint that creates an inviting vibe. Impeccable kitchen offers recessed lighting, glossy stainless steel appliances, quartz counters, stylish tile backsplash, plenty of white cabinetry with crown moulding, and a peninsula equipped with a breakfast bar. Romantic primary bedroom provides a private ensuite with dual sinks, a sit-down shower, and a walk-in closet. As a bonus, this gem includes a fully equipped guest's quarter! Spacious backyard features a covered patio, pergola, and artificial turf. Seize the opportunity while it's still available!

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4634 N 177th Drive Goodyear, AZ 85395

$551,190

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6769363

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! The well-designed Bailey is perfect when a bit more space is needed. Each of the five bedrooms in this floorplan features a spacious walk-in closet. White cabinets with quartz countertop and grey tile flooring and carpet in bedrooms. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and more!!!! Residents will enjoy future amenities right at their doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you enjoy more savings!

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16837 W Fetlock Trail Surprise, AZ 85387

$550,296

5 Beds

3 Baths

3,420 SqFt

Status Active

MLS # 6747381

Property Type Single Family Residence

Price Type --

On the hunt for a new home? Here's a wonderful home in the heart of Surprise that just released to the MLS. Very spacious high performance Wrightson plan. This popular floor plan includes a Gourmet Kitchen, Loft, Study space, Tub/Shower combination in the primary, Home Automation, Geofencing, whole house air purification system, and 5 bedrooms with 3 full baths. With one full bed and bath located down stairs. All rooms are very spacious!

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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

Status Active

MLS # 6756933

Property Type Apartment

Price Type --

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93 S County Rd 1120 Street Greer, AZ 85927

$550,000

1 Bed

1 Bath

520 SqFt

Status Active

MLS # 6689446

Property Type Single Family Residence

Price Type --

Located on Main Street, Zoned for a business or your private cabin! Open 87 days of the yr. If you have been to Greer since 2021, you have seen the Coffee Cure & seen the lines for coffee, food, fudge, wine, jewelry & t-shirts. Cabin has 2 bedrms & 1 bath, a basement that is an approved commissary kitchen with in-floor drain & 3 compartment sink. Cabin has new windows, new flooring in bedrms, new electric & new plumbing. Liquor License (in state producer) & Starlink internet included with acceptable offer. All this on 1.34 acres of land! 1200 customers per week come to the food & coffee trucks. This does not count for customers who walk up to the other vendors. Exterior animal sculptures included (appx. value for re-sale = $20K) 40 foot garage is new, insulated, heated + a window A/C unit

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