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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20051 W Pasadena Avenue Litchfield Park, AZ 85340

$634,500

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6776214

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home on over an acre of land! Enjoy mountain views from your front patio and a new AC unit replaced this year! This home features 3 bedrooms, 2 bathrooms, updates throughout, and an open great room layout. You will love this stunning kitchen with granite countertops, stainless steel appliances, and a kitchen island with a breakfast bar. The soft neutral tones and elegant wood-look flooring throughout the home create a clean, cohesive aesthetic .The primary suite is spacious with an ensuite featuring dual sinks, a soaking corner tub, a separate shower, and a huge walk-in closet! The remaining 2 bedrooms have walk-in closets and ceiling fans. The laundry room has added upper cabinets for additional storage! The private backyard is fenced and offers an extensive covered patio with extensions. Enjoy easy care landscape with artificial grass. Beyond the back gate you will find a huge yard with plenty of room for horses and a 24X35 Insulated metal workshop/garage generator attached! Additional features include lifetime sunscreen film applied, insulated garage, gutters, Security doors on both patio doors, and pull-out shelves in kitchen. Do not miss out on this home!

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5101 E Terry Drive Scottsdale, AZ 85254

$634,000

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6713504

Property Type Single Family Residence

Price Type --

BRAND NEW ROOF on this immaculate home on a corner lot conveniently located near the community pool, tennis courts and Greenbelt in highly desirable Paradise Manor. This charming home offers a private courtyard, vaulted ceiling in the light open living room with fireplace, 3 bedrooms, 2 baths and kitchen with NEW Dishwasher, SS appliances and granite countertops. Primary bedroom with large walk-in closet opens to the private covered back patio and main suite bathroom has separate shower and tub and double sink vanity with granite countertops. In addition, this superior Scottsdale location is just a few minutes drive to Kierland Commons/Scottsdale Quarter, Paradise Valley Mall, and numerous restaurants and shopping. Great opportunity to make this home with NEW water heater your own.

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1436 E Rosemonte Drive Phoenix, AZ 85024

$634,000

3 Beds

2.5 Baths

1,955 SqFt

Status Active

MLS # 6750566

Property Type Single Family Residence

Price Type --

Beautifully renovated residence in North Phoenix, with the option of an ASSUMABLE LOAN with 4.25% interest rate. Just moments away from the Loop 101, I-17 & 51 freeways, and the vibrant shopping and dining hubs at Desert Ridge & High Street! Thoughtfully designed 3-bedroom, 2.5-bathroom home featuring soaring vaulted ceilings, wood plank porcelain tile flooring, a stunning custom-tiled two-sided fireplace, and two distinct living areas! The recently revamped kitchen showcases elegant white shaker cabinets, gray quartz countertops, stainless steel appliances, subway tile backsplash, and ambient under-cabinet lighting. A few of the many recent upgrades are: all new upstairs carpet, master shower and tile renovation, 4 bathrooms faucet installation, new built-in Microwave, and new heat pump and air handler. The generously sized master suite is a haven, featuring a dual sink vanity, an expansive custom-tiled shower, white & grey veined quartz countertops, and exquisite designer accents. Embrace the scenic mountain views and sunsets from the primary suite balcony! Outdoors, discover a spacious covered patio complemented by a sparkling pebble tec swimming pool and synthetic grass, creating a delightful retreat. Noteworthy features include designer lighting, remote-controlled ceiling fans, Porter Barn Wood accents, a two-tone interior paint scheme, berber carpeting, wood beam ceilings, French doors, skylights, and custom cabinetry & shelving in the laundry room and garage, among an array of other features that make this home truly unique. Don't miss the chance to experience this exceptional property!

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2528 W Coyote Creek Drive Phoenix, AZ 85086

$634,000

4 Beds

2.5 Baths

2,803 SqFt

Status Active

MLS # 6770980

Property Type Single Family Residence

Price Type --

This expansive home is nestled on a premium lot backing onto a wash, boasting mountain vistas and featuring 4 sizable bedrooms and 2.5 baths across more than 2800 Square Feet, which includes a separate casita! The layout encompasses two living spaces on the ground floor with plank tile floors and a neutral color scheme throughout. The kitchen is equipped with granite countertops, stainless steel appliances, including a double oven range, cabinets with pull-out shelves, a two-door pantry, an island with extra storage, and recessed lighting. All bedrooms are located upstairs. The primary bedroom includes a sitting area and an attached bathroom with a dual sink vanity, separate tub and shower, linen closet and a walk-in closet. Additionally, two secondary bedrooms come with walk-in closets. The private backyard is a haven with a covered patio featuring a ceiling fan, a heated pool and spa, ample flagstone-style decking, a firepit, low-maintenance desert landscaping, and fencing that provides views of the desert and mountains. The separate casita, complete with a wall-mounted AC unit, is perfect for use as a pool house, office, or gym. Other highlights are the recently updated A/C units, a laundry room on the main level, a guest powder room, and a two-car garage. Anthem Parkside presents exceptional amenities for the whole family, including over 30 parks and a community center with a gym, indoor basketball/volleyball courts, a 10-court pickleball complex, and an outdoor water park.

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3476 E Pinto Drive Gilbert, AZ 85296

$634,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6764649

Property Type Single Family Residence

Price Type --

Discover your oasis in Lakeview Trails at Morrison Ranch! This like-new, meticulously maintained home, built in 2019, features 3 spacious bedrooms, 2 luxurious baths, a versatile den and an additional bonus space. Upgraded throughout, the home boasts beautiful wood plank tile flooring that enhances its modern charm. The heart of the home is a large, open kitchen with a massive island, perfect for gatherings and culinary adventures. Step outside to your backyard paradise, complete with low-maintenance artificial grass, a built-in BBQ, and a cozy fire table for memorable evenings. With built-in permanent LED holiday lighting, your home shines year-round. Enjoy serene lake views, multiple playgrounds for the kiddos, and walking paths throughout this welcoming community with friendly neighbors. This gem won't last long-come see it today!!

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17040 W Echo Lane Waddell, AZ 85355

$633,999

4 Beds

3 Baths

2,529 SqFt

Status Active

MLS # 6769239

Property Type Single Family Residence

Price Type --

Ask about seller contribution for 2/1 interest rate buy down!! Don't miss this beautifully upgraded home featuring a full 3 bed/2 bath residence and an attached guest space w/ full kitchen, full size washer and dryer, separate bedroom and full bath... and sparkling pool to top it all off! This floor plan is perfect for multigenerational living, visiting family or friends or it can offer a great opportunity for rental income! This home is so light and bright and features an open floor plan with lots of windows and tastefully upgraded tile floors in all the right places. Both kitchens have beautiful quartz counters tops, 42'' cabinets, tile backsplash, stainless steel appliances and added open shelving. Bathrooms have quartz counter tops and showers with floor to ceiling tile. Outdoor spaces are low maintenance with paved decking, river rock and astroturf. The backyard is perfect for entertaining with a large covered patio and refreshing pool. The lighted pool and patio area create a serene evening oasis ideal for Arizona living. Northern Crossing is a gated community with walking paths and green parks for larger gatherings. All of this in a convenient location near grocery shopping, restaurants, and a hop skip and a jump away from the 303 for an easy commute.

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848 W Flatiron Trail Apache Junction, AZ 85120

$633,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750683

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by October. Conveniently located near community parks, grocery stores, and dining options.

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4931 W Weeping Willow Way Laveen, AZ 85339

$633,935

5 Beds

4 Baths

3,475 SqFt

Status Active

MLS # 6772638

Property Type Single Family Residence

Price Type --

This amazing 5 Bedroom, 4 bath home with a 3-car garage home is on a large lot with a large, covered patio and plenty room for a wonderful pool and more. It has a highly sought-after full bedroom & bath downstairs, with 4 bedrooms, 3 baths & a loft upstairs & a 3 car garage. Wonderful Kitchen has a beautiful large island with Quartz countertops and a custom backsplash, walk in pantry & butler's pantry, This open kitchen is perfect for entertaining. All bedrooms are spacious and have walk in closets and connected with a wonderful upstairs loft. Master suite has his & her closets, separate tub & shower along with separate vanities. This beautiful home is under construction and will be ready in December. SELLER IS OFFERING CLOSING COST OR RATE BUY DOWN ASSISTANCE.

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4946 W Weeping Willow Way Laveen, AZ 85339

$633,892

3 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6763282

Property Type Single Family Residence

Price Type --

NEW HOME WITH AN RV GARAGE ON AN OVERSIZED LOT. This new home has 3 bedrooms + a den. Gourmet Kitchen has a wonderful island that opens to the large great room. Kitchen has Staggered,' upgraded painted cabinets, quartz countertops & stainless-steel appliances with double ovens, gas cooktop and designer hood. The den is perfect for that home office, work out room or kids play area. Home has beautiful wood plank tile throughout except the bedrooms. Master suite is split from the other secondary rooms. Don't miss the amazing over 40' RV Garage along with the 2-car garage. Perfect for all your toys. This community is surrounded with mountain views. This lot is 10' deeper than the standard lots and 5' wider. Come make this one yours. Completion date early 2025.

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1901 E Woodsman Place Chandler, AZ 85286

$633,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6750755

Property Type Single Family Residence

Price Type --

Welcome to this charming and spacious 4-bedroom, 2-bathroom home, thoughtfully designed to offer both privacy and comfort. From the moment you step inside, you'll appreciate the inviting atmosphere and well-planned layout. The split floor plan ensures everyone has their own space to unwind, while the cozy office/den provides a quiet retreat for work or study. A standout feature is the eat-in kitchen, perfect for meals or gatherings, connecting to the living area. Outside, discover a private oasis with a covered patio and a refreshing pool. A new A/C unit installed in September 2024 ensures year-round comfort. The home also offers a handicap sink and a roll-in shower for added accessibility. Spacious 3-car garage.

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10029 E Lakeview Circle Mesa, AZ 85209

$633,000

6 Beds

3 Baths

3,435 SqFt

Status Active

MLS # 6774588

Property Type Single Family Residence

Price Type --

Wonderful move-in ready home in The Villages of Eastridge. Upon entering you will notice the well-designed floorplan featuring a separate living area, elegant dining room, spacious family room, and large eat-in kitchen. One bedroom and full bath are conveniently located on the first floor, while the second level has an additional 5 bedrooms and a versatile loft. Huge 6th bedroom offers endless possibilities - a game room, bonus living space, theater room, etc. Large primary bedroom has a vaulted ceiling, and the primary bathroom features a separate tub and shower with dual raised vanities. Recent updates include exterior paint, interior paint, new carpet, washer/dryer and dishwasher. Solar has been paid off so you can enjoy significant savings on your electric bills for years to come. The backyard has a great pool with a waterfall and the patio is wired for outdoor speakers - ideal for entertaining. The community contains many parks and playgrounds, basketball court and picnic areas. Easy access to Loop 202& 60 freeways. Great neighbors!

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22437 E Cattle Drive Queen Creek, AZ 85142

$632,999

4 Beds

3 Baths

2,096 SqFt

Status Active

MLS # 6701362

Property Type Single Family Residence

Price Type --

THIS HOME IS UNDER CONSTRUCTION. POPULAR GREAT ROOM-4 BEDROOM , 3 BATH, INCLUDES WINDOW COVERINGS , CEILING FANS, PAVER DRIVEWAY AND WALKWAY, GAS TANKLESS WATER HEATER, ETC.! BUYER TO SELECT CABINETS, FLOORING, COUNTERS, SINKS ETC.. ALL THIS IN THE NEW PREMIER MASTER PLAN COMMUNITY IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING, CANOEING, AQUATIC CENTER WITH LAP WITH LAP AND SPORT POOL, SPLASH PAD, BOCCE BALL, PICKLE BALL. BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE...KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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