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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8014 E Plata -- Mesa, AZ 85212

$619,900

4 Beds

2 Baths

2,532 SqFt

Status Active

MLS # 6732961

Property Type Single Family Residence

Price Type --

Single story home on a corner lot that offers a split floor plan, with large open kitchen which features stunning soft glide cabinets, top of the line stainless appliances with built-in oven and microwave, large island, pendent lighting. The spacious master suite overlooks the backyard with a walk-­in closet that is truly larger than most bedrooms. RV Gate. Solar swimming pool panel owned. Located across the street from the park & walking trails & just minutes from the 60 & 202 fr-ways and San Tan Village.

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3019 E Marilyn Road Phoenix, AZ 85032

$619,900

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6733523

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after neighborhood of Cimarron Ridge, this wonderful entertainment home offers the perfect blend of comfort and luxury. Enjoy the serene ambiance of a quiet cul-de-sac, complemented by a spacious yard. The property features a stunning Pebble Tec pool and spa, ideal for relaxation and entertaining. Don't miss the opportunity to own this gem in a prime central location!

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19700 N 76th Street Unit 2028 Scottsdale, AZ 85255

$619,900

2 Beds

2 Baths

1,843 SqFt

Status Active

MLS # 6759796

Property Type Apartment

Price Type --

Immaculate open & bright South facing condo in the highly desirable gated Village at Grayhawk community. Upgraded features include travertine flooring, plantation shutters & more make this beautiful 2 bedroom+ den, 2 car garage residence stand out from the rest. Warm & inviting kitchen features breakfast bar, granite countertops, maple cabinetry, black stainless LG appliances, gas range & recessed lighting opens to dining/great room. Relax in large great room w/gas fireplace, built-in media & display niches. Spacious master retreat w/room for desk/workout equipment, dual sinks, separate shower & garden tub. Enjoy 3 beautiful heated pools & spas and 2 workout facilities. Convenient access to Loop 101 freeway, hiking and walking trails, world class golf, shopping and dining.

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18117 W Tecoma Road Goodyear, AZ 85338

$619,900

2 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6781120

Property Type Single Family Residence

Price Type --

Energy-efficient SOLAR property in the master-planned community of Estrella! Sweet curb appeal, desert landscaping & Inside, a rotunda foyer leads you toward the semi-open den & great room, providing endless entertainment. Pre-wired surround sound, durable tile flooring, custom paint, & gorgeous light fixtures. The kitchen showcases a center island w/breakfast bar, a pantry, staggered cabinets, mosaic backsplash, SS appliances, & granite counters. Split main retreat features backyard access & an ensuite boasting a separate tub/shower, dual sink, & walk-in closet w/stacked laundry area. Both bedrooms have soft carpets! Entertainer's backyard offers built-in BBQ, fireplace, covered patio, putting green, pool & spa combo, & view fence. Plus, solar panels! This home is the one! MTN Views! - DEN / LAKERS billiards Room Can be easily transitioned to 3rd bdrm.

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2734 W Montgomery Drive Chandler, AZ 85224

$619,900

4 Beds

2 Baths

2,009 SqFt

Status Active Under Contract

MLS # 6756991

Property Type Single Family Residence

Price Type --

Come and see this freshly remodeled stunning home in Chandler. This 4 bed 2 bath 2 Car Garage home is move in ready!! Located just off the 101 and Warner you are just minutes away from the Chandler Mall with all the shopping and great restaurants. Home is located in the A rated Chandler School District. As you pull up to this stunning gem you will notice the freshly painted exterior and low maintenance front yard. Though the front door your welcomed by brand new luxury vinyl plank flooring in the main living areas and plush patterned carpet in the bedrooms. The soaring ceilings continue around the corner off the front room and into your brand new stunning kitchen. This fully remodeled kitchen boasts new white shaker cabinets, white quartz countertops, brand new stainless steel appliances and upgraded lighting. Just off the kitchen is the massive pantry / laundry room with custom shelves, mud room bench, white cabinets and butcher block top. Split floor plan has the Master suite off of the front room and it is GORGEOUS. Vaulted ceilings, dual vanity sink, large walk in closet and brand new custom tiled shower. Brand new windows and window coverings throughout the home. New water heater. New ceiling fans, door hardware, light and plumbing fixtures give this home a modern feel. Out back there is plenty of room to entertain with a freshly laid rolled sod yard with paver border, new sprinkler system and a large gazebo with fire pit that conveys. Don't miss out on this gem. Come and see it today!!

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18607 W Oregon Avenue Litchfield Park, AZ 85340

$619,900

4 Beds

2.5 Baths

2,691 SqFt

Status Active

MLS # 6762312

Property Type Single Family Residence

Price Type --

****SELLER OFFERING $15,000 SELLER CONCESSION, WITH ACCEPTED OFFER***** This impressive single-level home in Litchfield Park boasts 2,691 square feet of living space on an expansive 11,051 square foot lot. Featuring a split floor plan with four oversized bedrooms, each with large walk-in closets, and 2.5 bathrooms. The home is designed for both comfort and functionality with vaulted ceilings and custom window treatments. The massive primary suite includes a remodeled bathroom with a stand-alone tub and a spacious walk-in closet. The 3-car tandem garage has vaulted ceilings for extra storage, plus added electrical outlets perfect for welders and power tools. An oversized RV gate provides paved RV parking with a power connection, ideal for boats, RVs, and UTVs. The remodeled gourmet kitchen is equipped with granite countertops and a large walk-in pantry. The backyard offers an extended patio, mature landscaping and a large storage shed. With close access to the 303 and I-10 freeways, this meticulously maintained home combines convenience with exceptional features for everyday living. Check this one out today!

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15163 W Cameron Drive Surprise, AZ 85379

$619,900

5 Beds

3 Baths

3,684 SqFt

Status Active

MLS # 6775454

Property Type Single Family Residence

Price Type --

Welcome home! Recently renovated and turn-key! 5 spacious bedrooms, 3 bathrooms and a bonus loft + 3-car garage. New luxury vinyl flooring and tile floors throughout, formal living /dining room, kitchen with island, walk-in pantry, granite counters, stainless steel appliances, open to breakfast nook and family room overlooking covered patio, grassy backyard and pool w/ shark inlay. Upstairs to spacious loft for a 2nd family room! Primary suite w/sitting area, separate shower/tub and extra large closet and sleek renovated bathrooms. Added features include modern light fixtures and ceiling fans, surround sound, garage with attached cabinets and epoxy flooring. Enjoy community features of parks, greenbelts, playgrounds, sport court and sand volleyball court.

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12129 N Finch Drive Fountain Hills, AZ 85268

Open House

New

$619,900

2 Beds

2 Baths

1,417 SqFt

Status Active

MLS # 6788922

Property Type Single Family Residence

Price Type --

Location, Location, Location! Premium tranquil & private lot backs to unique gorgeous natural common area. Spacious backyard & covered patio to enjoy outdoor living. Just steps to Community heated POOL & SPA. Quick walk to the World famous Fountain, Park & all that Town Center offers. Great Room offers vaulted ceiling & corner wood burning fireplace. Large Kitchen showcases Granite counters, tile backsplash, newer appliances, lower cabinets with pullouts and Eat-In area with lots of natural light. Bathrooms have been updated with walk-in tiled showers. Additional improvements include: New Roof 2022; New tile plank flooring & carpet (2022); New window treatment (2022); New fans & light fixtures; New interior paint; Garage epoxy flooring (2022). Act quick on this amazing move-in ready home

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14219 W Artemisa Avenue Surprise, AZ 85387

$619,500

4 Beds

2.5 Baths

3,462 SqFt

Status Active

MLS # 6643180

Property Type Single Family Residence

Price Type --

Seller may contribute $5,000 towards the buyer's closing cost. ***WHY-WAIT-TO BUILD*** This two-story home is a stunning property that offers a spacious and well-designed layout. With four bedrooms and 2 1/2 baths, this home provides ample space for a growing family or for those who enjoy having extra room. The Gormet eat-in Kitchen is a true design of a chef's delight, upgraded gas cooking range, beautiful quartz countertops, ample amount of 42-inch upgraded cabinetry and stainless-steel appliances. Plantation shutters throughout the first floor. Downstairs offers a large den/office or can be a playroom. The master bedroom is conveniently located downstairs, offering privacy and convenience. The master bathroom features upgraded cabinetry, separate garden tub, dual sinks, large walk-in shower, adding a touch of luxury to the space. The first floor of this stunning home features wood-like extensive flooring adding a touch of warmth and elegance to the space. Upstairs, you will find an enormous loft area that can be used as a playroom, another office, or entertainment area. Additional bedrooms upstairs plenty of space for family members or guests. This home is north-south, ensuring that you can enjoy the best of both worlds when it comes to natural light and temperature control. Additionally, this home has been barely lived in and resembles a spec home, meaning it is in pristine condition and ready for its new owners to move in and make it their own. You will also have the best of both worlds located remarkably close to all the shopping in north Peoria as well as Surprise, minutes away from the best of both growing areas and schools.

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2864 Timberline Road Pinetop, AZ 85935

$619,500

4 Beds

3 Baths

2,333 SqFt

Status Active

MLS # 6751546

Property Type Townhouse

Price Type --

The Pinetop Country Club area is renowned for its serene landscapes and charming properties, and it seems you've found a gem with this detached townhouse. With four bedrooms, three bathrooms, and a bonus room that can serve as a fifth bedroom or study, plus a loft, it offers ample space and versatility. The list of upgrades is impressive, including a premium lot, advanced A/C system with extra insulation, and a host of new installations like a water heater and washer dryer. The addition of a soft start on the A/C unit is a smart move to extend its lifespan. It's clear that meticulous care has been taken to maintain and enhance the property, from the practical servicing of all systems to the aesthetic addition of new trees and a railing on the back patio. ...READ MORE... The fact that it's sold fully furnished makes it an even more attractive turnkey solution for mountain living. The HOA's coverage of exterior maintenance, landscaping, and snow removal adds to the worry-free experience. This condo truly stands out as one of the nicest in the subdivision. If you're looking for a retreat that combines luxury with the tranquility of mountain life, this property seems to tick all the boxes.

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2445 W Rowel Road Phoenix, AZ 85085

$619,380

3 Beds

2.5 Baths

1,964 SqFt

Status Active

MLS # 6785167

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Elevated A package of upgrades including 42'' flagstone cabinets, quartz countertop, custom backsplash, large island, GE Profile stainless steel appliances and gas range and 6x36 tile flooring. HOA includes Union Park Amenities, front yard landscaping. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.

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22794 E Stacey Road Queen Creek, AZ 85142

$619,040

4 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6739105

Property Type Single Family Residence

Price Type --

Incredible Fall Move In Ready Home at the highly desired community of Harvest in Queen Creek. This beautiful plan offers 2753 sq ft, 4 bedrooms, loft, 3 full baths, and study on a large North back home site. Enjoy entertaining in your gourmet kitchen, with stunning pecan cabinets to the 10 ft ceiling, quartz countertops and quartz backsplash. Unwind in your owners retreat with the upgraded super shower offering tile to the ceiling. 2x6 constrution and new home warranty; SEE YOU SOON

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