What’s Ahead For Mortgage Rates This Week – January 23, 2017

Economic news was impacted by the Martin Luther King holiday on Monday and the Presidential Inauguration on Friday. Readings released included reports on inflation, the National Association of Home Builders Housing Market Index and Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were released as scheduled.

Home Builder Confidence Dips as Inflation Ticks Upward

The National Association of Home Builders Housing Market Index dipped from December’s reading of 69 to 67. Ongoing challenges including a short supply of lots for development and inability to hire skilled labor were cited, but builders were also confident that market conditions will improve due to a pro-construction stance in the new administration’s policies.

Inflation rose by 0.10 percent to 0.30 percent in December against expectations that inflation would rise by 0.20 percent. November’s reading was also 0.20 percent. The Federal Reserve has long cited a goal for inflation to reach an annual rate of 2.00 percent; incremental month-to-month increases in inflation will help achieve the Fed’s benchmark. Core Consumer Price Index readings do not include volatile food and energy sectors and held steady with a reading of 0.20 percent, which matched expectations and November’s reading.

Housing Starts Increase as Building Permits Slip

According to the Commerce Department, housing starts rose to 1.226 million against an expected reading of 1.200 million housing starts and November’s reading of 1.292 million starts. Building new homes is a priority for home builders as housing markets have been hampered by a lack of available homes. High demand has driven up home prices in many areas and has caused a great deal of competition in highly desirable metro areas. This has permitted investors and other cash buyers to prevail in home sales where multiple offers were made.

Building permits were lower in December with a reading of 1.210 million permits issued as compared to 1.212 million permits issued in November. Winter weather and holidays likely contributed to the dip in permits issued.

Mortgage Rates Fall for Third Consecutive Week

Mortgage rates fell last week for the third consecutive week. 30-year fixed rate mortgages had an average rate of 4.09 percent as compared to the prior week’s reading of 4.12 percent. 15-year fixed mortgage rates averaged three basis points lower at 3.34 percent. The average rate for a 5/1 adjustable mortgage rate was two basis points lower at 3.21 percent. Discount points for fixed rate mortgages averaged 0.50 percent; average discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

New jobless claims fell sharply from 249,000 to 234,000 claims. Analysts had expected a reading of 245,000 new jobless claims. Analysts said that layoffs reached their lowest level since the 1970’s. Job security is an important consideration for prospective home buyers; stronger job markets will likely positively impact housing markets.

What‘s Ahead

Next week’s scheduled economic reports include readings on new and existing home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims will be released as usual.

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4292 E John Street Gilbert, AZ 85295

$649,900

3 Beds

2.5 Baths

1,735 SqFt

Status Active

MLS # 6759003

Property Type Single Family Residence

Price Type --

This beautiful Textiler plan, 1735 sf single story home with 3 car garage is beautifully laid out with 3 bedrooms and 2.5 baths off a spacious great room with open gourmet kitchen. The master bedroom features a roomy walk in closet and a beautifully appointed master bath highlighted by a gorgeous spa shower and matching vanities. Beautiful tile flooring shows off the wonderful great room which opens to the outside with an expansive 16' atrium glass door. The gourmet kitchen features upgraded 42'' upper Linen cabinets with upgraded crown molding. The granite countertops are highlighted by the upgraded full tile backsplash. This home shows like a dream!

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10345 E Kinetic Drive Mesa, AZ 85212

$649,900

3 Beds

2.5 Baths

2,425 SqFt

Status Active

MLS # 6772205

Property Type Single Family Residence

Price Type --

Welcome to this stunning Eastmark home, where modern elegance meets thoughtful design! The exterior, freshly painted in July 2024, creates the perfect contrast with its light color and dark trim. Inside, you'll be greeted by a coffered ceiling entrance, beautiful wood plank tile flooring, white wood shutters, and 10-foot ceilings throughout. The gourmet kitchen is a chef's dream, featuring double wall ovens, an electric cooktop, two-toned cabinets, granite countertops, and a tiled backsplash. With pots and pans drawers, a single basin sink, and even a pot filler, this kitchen offers both style and functionality. Extra cabinets provide ample storage, and the open-concept layout flows seamlessly into the dining and living areas. The primary suite is massive and offers coffered ceilings, built-in side table lights, dual sinks on executive height vanities with granite countertops, a separate tub and shower with tile details, and a spacious walk-in closet that conveniently connects to the oversized laundry room, complete with built-in cabinets.The additional bedrooms are perfectly sized, and one of the bathrooms boasts a tiled shower and an executive height vanity. The backyard is a serene oasis, featuring a paved covered patio, artificial turf, an extra paver pad, and lush landscapingideal for relaxation and entertainment. This community offers a resort-like experience with a luxurious pool, splash pads, numerous parks, the charming Steadfast Farm, and the state-of-the-art clubhouse, The Mark, which hosts year-round events and family-friendly games. Don't miss this incredible opportunity to make this home yours!

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13805 N Whispering Lake Drive Sun City, AZ 85351

$649,900

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6769663

Property Type Single Family Residence

Price Type --

Looking for a new place to be your own home? This wonderful 3 bed, 2 bath waterfront residence now on the market is the one for you! Great curb appeal, a low-care desert landscape, and a 2 car garage w/built-in cabinets are just the beginning. Inside you will find formal dining & living areas w/brand new flooring. The gorgeous kitchen is equipped w/ample cabinetry, granite counters, a breakfast bar, and all the built-in appliances you'll need for home cooking. End your busy day in the primary bedroom, showcasing a private ensuite for added convenience. Lastly, the lovely backyard includes a covered patio, built-in BBQ, putting green, and even a dock for your boat! Hurry, don't miss out!

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623 W Harvard Avenue Gilbert, AZ 85233

$649,900

4 Beds

2 Baths

2,152 SqFt

Status Active

MLS # 6773584

Property Type Single Family Residence

Price Type --

SOUGHT AFTER SILVERHAWKE ORIGINAL OWNER LOVED AND CARED FOR HOME! MANY UPDATED FEATURES INCLUDE FLOORING, GORGEOUS UPSCALE KITCHEN WITH NEW APPLIANCES, GRANITE BEVELED EDGE COUNTERS, PULL OUTS AND SOFT CLOSE DOORS/DRAWERS, ROOF HAS BEEN REPLACED WITH EXTENDED WARRANTY, HVAC UPDATED 2020, POOL RESURFACED!! NOTHING TO DO BUT PERSONALIZE, JUST MOVE IN! SO MANY EXTRAS THERE IS A LIST IN THE HOUSE WHEN YOU VISIT! SILVERHAWKE IS THE BEST NEIGHBORHOOD IN NORTHWEST GILBERT WITH FREEWAY ACCESS, DOWNTOWN GILBERT, RESTAURANTS SHOPPING ALL A VERY SHORT DISTANCE... GREENBELT & PLAY EQUIPMENT RIGHT DOWN THE STREET. OUTSIDE IS PARTY YARD WITH SELF CLEANING PEBBLE SHEEN POOL WITH NEWER FILTER, GAS GRILL, LIGHT UP BAR, CEILING FANS, MATURE CITRUS,!!! DID I MENTION THE EXTENDED LENGTH GARAGE? 3 CAR GARAGE HAS PULL DOWN STAIRS TO STORAGE, STORAGE CABINETS, CUSTOM RUBBERIZED GARAGE MATS, STORAGE CEILING RACKS, LOW MAINTENACE FRONT & REAR YARD LANDSCAPE, QUALITY BUILT POST TENSION SLAB, ... WARRANTIES TO BE PROVIDED SOON FOR ROOF AND HVAC, THIS IS A WONDERFUL HOME JUST WAITING FOR YOU IN A GREAT LOCATION

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17159 E Rand Drive Fountain Hills, AZ 85268

$649,900

3 Beds

2 Baths

1,580 SqFt

Status Active

MLS # 6774975

Property Type Single Family Residence

Price Type --

Fabulous 3BR/2BA split master plan features an open kitchen / living room area perfect for entertaining. Upgraded kitchen includes stainless steel appliances, maple wood cabinets & massive breakfast bar with granite counters. Cozy enclosed Arizona Room set up with a fireplace for those quiet movie nights or book reading binges. Vaulted ceilings throughout! MASSIVE lot at over 20,000 SF, offers superior desert mountain views to the northeast! Perfect 2nd home for those that love the Arizona winters & refuse to shovel snow ! Superior location ! 10 minutes from the Mayo Clinic, 20 minutes from al the premier shopping and dining in Scottsdale, Kierland, etc. Take a 1 hour drive north to the cool mountain town of Payson and or 1.5 hours to the rim. A MUST SEE !

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20131 N Sonoran Court Surprise, AZ 85374

$649,900

2 Beds

2 Baths

1,909 SqFt

Status Active

MLS # 6765537

Property Type Single Family Residence

Price Type --

One Of A Kind Custom Palo Verde Updated and Expanded. This Home Site is Very Special with Views of both Hole 1 And Hole 18 & Desert Springs End Of Driving Range. Hit Practice Balls From Your Custom Pad on the Extended Private Patio. Private Walled Courtyard for Sun Sets and Sun Rises. Cul De Sac Offers a Quite Wide Open Setting in The Grand. Interior Offers Beautilful Tile Flooring Throughout. Gourmet Kitchen with Newer Cabinets, Back Splash, Electric Range, SS Range Hood, Refrigerator , Dishwasher & Composite Sink. Beautiful Granite Counter Tops and Indirect Lighting. 10K Window Replacement In Home, H2O Concepts Whole House Filtration System. Bathrooms Custom Walk In Tile Showers, Quarts Counters, Newer Vanities and lighting. Stone Work Added to Front Of Home To Elevate Design.

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2818 S Berrywood -- Mesa, AZ 85212

$649,900

3 Beds

3 Baths

2,025 SqFt

Status Active

MLS # 6767015

Property Type Single Family Residence

Price Type --

This one of a kind custom home is situated on a large corner lot in SSV, one of Mesa's popular 55+ golf course communities! This layout is a rare find! Lots of natural light and views of the Superstition Mountains from the main living area and your bedroom. This 3 bedroom, 3 full bath home has been meticulously cared for and is move in ready. All tile, vaulted ceilings, neutral paint, and spacious rooms. The kitchen has matching black SS appliances, a breakfast bar and luxurious granite counter tops! The master suite has two closets and a freshly remodeled bathroom with a walk in shower. Beautifully maintained desert landscaping, turf and citrus trees! Newer A/C, a water softener and electric, retractable awnings for additional shade in the back yard. Extended patios and much more!

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320 Buckingham Place Prescott, AZ 86303

$649,900

3 Beds

3 Baths

2,768 SqFt

Status Active

MLS # 6748189

Property Type Single Family Residence

Price Type --

City Light & Panoramic views of Thumb Butte, Granite Mountain & Courthouse Square. This is a fix up. Interior is a blank canvas (orig. 1984) ready for a complete gut and remodel to 2025. Priced below replacement cost at $235/SF. Exterior has a new roof, paint, Trex decking, new garage door and water heater. New slider added from eat in kitchen to northside. HVAC 3yrs new. Main floor (street level) has no steps and level driveway (master on main). Lower level has its own entrance with two bedrooms, full bath and flex space for office, gym, game room or study. Downstairs Ideal for multi-generational living or apartment as it has its own ingress-egress. New in box waterproof plank flooring ready for new owner. Adjoining west 0.36 acres can be bundled with sale for an extra $50k.

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9131 S Andalusian Way Hereford, AZ 85615

$649,900

2 Beds

2 Baths

2,399 SqFt

Status Active

MLS # 6787584

Property Type Single Family Residence

Price Type --

Enjoy Year-Round Gorgeous Weather in your Custom Cunningham on 4 Acres...Entertain in Luxury from your Full-length covered Patio w/Built-in BBQ Kitchen & Panoramic Mountain Views! Gently lived-in SOLAR Home, boasts stunning features...the Grandiose Front Entry w/stately Wrought-iron Front Doors, Stone FP & Great Room overlooks amazing views! HUGE SS/Granite Chef's Kitchen w/3+ Seat Breakfast Bar, Dining w/full-length Buffet & Dual Wine Coolers...Soothing MBR Suite boasts Custom Tilework, Dual-sink Bath, Water Closet w/high-end Toilet/Bidet & HUGE CA Walk-in closet! Stunning Guest Quarters as well w/Garden Tub, Dual Sinks, and Bidet/Toilet Room...plus, Remote Blinds throughout! OFFICE w/Mountain views, BIG Laundry Room & HUGE Garage w/EV Charging Station, plus lovely PAVER Driveway!!!

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538 N 74th Street Scottsdale, AZ 85257

$649,900

4 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6753424

Property Type Single Family Residence

Price Type --

Stunning fully remodeled home located in a highly desirable neighborhood in Scottsdale and NO HOA! This house boasts an open concept design blended with modern luxury. The kitchen features high-end stainless-steel appliances, quartz countertops, custom cabinetry and a spacious island. With all new flooring, fixtures, and finishes throughout, this home is move-in ready. The home's exterior has a custom designed yard. Located just minutes from Scottsdale's shopping, dining, and entertainment.

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43856 N Hudson Trail New River, AZ 85087

$649,900

4 Beds

2.5 Baths

2,218 SqFt

Status Active

MLS # 6758229

Property Type Single Family Residence

Price Type --

Anthem's Best-Priced 4-Car Garage, Single level, 4 bedroom, home. A rare find for buyers with jet skis, boats, etc. Two of the four garage spaces come with a 3-foot extension ideal for larger vehicles or extra storage. The single-car garage is equipped with 220V power, perfect for your workshop or charging electric vehicles. Extra-wide driveway w/concrete extending to the RV gate. Inside features a gourmet Kitchen with gas cooktop and stainless steel hood, upgraded cabinets, & thick granite.The same high-end granite finishes extend into all bathrooms. Almost 1/4 acre lot has a spacious backyard that is a clean slate, ready for you to customize with the pool or outdoor oasis of your dreams.

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16435 W Cypress Street Goodyear, AZ 85395

$649,800

2 Beds

2.5 Baths

2,732 SqFt

Status Active

MLS # 6736265

Property Type Single Family Residence

Price Type --

2 car garage + SEP GOLF CART Garage Enjoy exceptional lifestyle in the highly sought-after Robson Community at PebbleCreek, a vibrant active 55+ community! Looking for larger home with options for 2 BONUS ROOMS... This Cabrillo Model on spacious corner lot, featuring an open concept kitchen great for entertaining, with a 6-burner Monogram gas stove & wall oven, granite countertops. Upgraded Solid Oak cabinets with glass fronts. Two luxurious owner suites, a versatile flex-room, and an oversized laundry space perfect for hobbies or crafts. Bonus room great for an in-home office. The owner's suite offers dual-sink vanity, oversized soaker tub, and 2 spacious walk-in closet. Modern amenities include hardwired for surround sound and security cameras. Pre-wired for 220 in garage HOA age restriction uses 80/20 rule of 80% age 55 or over and 20% can be 40 and over. Buyer to verify. Extended covered patio, ceiling fans, a gas stub for BBQs, and a low-maintenance backyard, perfect for outdoor entertaining. Soft Water loop installed. Wok reversable burner plates! Living in Robson Community at PebbleCreek means enjoying world-class amenities. Golf memberships available for 3 championship courses, play a match of pickleball or tennis, or take a dip in the community pool. Engage in nearly 100 different clubs and activities that cater to a variety of interests, ensuring an active and fulfilling lifestyle. Recent upgrades include fresh interior and exterior paint and added attic insulation for enhanced comfort. Embrace the exceptional living experience that awaits you in Pebblecreek. Don't wait to start enjoying the best of active adult living!

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