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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16214 W Questa Drive Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6708544

Property Type Single Family Residence

Price Type --

Welcome to Sonoma Coast at Esca;lante! New construction TO BE BUILT! This single level 2357 SF single level 3 BR with den, 2.5 BA home is for the garage guy! 5 1/2 tandem car garage on a larger 8,840 S.F. lot!!. This home can easily be expanded to 5 bedrooms 3 baths. Surrounded by all single level homes. Exciting included features include - 10' ceilings, 8' doors, granite tops in the kitchen, tank less water heater, front yard landscape package. Large kitchen Island with Prep Area. paver driveway, 2'' faux blinds on all windows, ceiling fans in all room,EV outlet in garage, Indoor air plus and Energy Star Qualified. This home is to be built! Floorplan under doc tab.

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11255 E Utah Avenue Mesa, AZ 85212

$599,900

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6712922

Property Type Single Family Residence

Price Type --

Don't miss this quick move-in home. Stunning 4 bedroom home with Den and 3.5 baths. Occupied less than 6 months, but not by choice. Includes appliances, window treatments, cabinet hardware, RO water. Gourmet kitchen includes quartz countertops, 42'' white shaker cabinets and stainless steel appliances with gas cooktop, hood, wall oven and built in microwave. Spa like master bath with separate tub and shower. Tile floors in all the main areas, carpet only in bedrooms. 10' Ceilings with 8' interior doors. 4 1/4' baseboards, paver drive, walkway, and patio. Energy star home for comfort and energy efficiency. Quick move-in and seller willing to offer concessions to assist with closing fees and or buy down rates with reasonable offer. Seller says bring all reasonable offers!

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18805 W Oregon Avenue Litchfield Park, AZ 85340

$599,900

6 Beds

4 Baths

3,159 SqFt

Status Active

MLS # 6730177

Property Type Single Family Residence

Price Type --

This home 6 bed/4 Bath home is a true gem, featuring advanced solar panels and storage banks for exceptional energy efficiency and substantial savings on utility bills. Enjoy a healthier, chemical-free swimming experience in the ozone pool. Check out the contemporary kitchen and open-plan living areas, perfect for modern living. The primary and guest bedrooms are conveniently located downstairs. Why buy a new build when everything is already done for you to enjoy right away! Seller offering concession for rate buy down too!

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4506 W Maggie Drive San Tan Valley, AZ 85144

$599,900

5 Beds

3.5 Baths

3,254 SqFt

Status Active

MLS # 6730680

Property Type Single Family Residence

Price Type --

You don't want to miss this rare NEXT-GEN home offering a total of 5 bedrooms & 3.5 baths with a newly updated and never lived in CASITA with a separate entrance, separate kitchen, laundry hook up, living area, bathroom and bedroom. 3253 sq ft with the main portion of the home offering separate living/dining, family rooms and upstairs loft. Granite countertops, gas range, stainless appliances, pantry and island with breakfast bar. Sliding doors lead out to the covered patio, HEATED POOL, pergola-covered decking, and additional paver patios, perfect for outdoor entertaining! Loft, bedrooms & laundry are upstairs. Home also features a new upstairs AC unit in 2021 and a new gas water heater in 2023.

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10511 E Portobello Avenue Mesa, AZ 85212

$599,900

3 Beds

2.5 Baths

2,584 SqFt

Status Active

MLS # 6733154

Property Type Single Family Residence

Price Type --

Amazing value with everything you want, 3 Car Garage, California Play Pool w/waterfall, N/S exposure, 3 BR's + a Den! 2-1/2 Baths, Split floor plan, Upgraded very nicely! Kitchen offers Granite Counters with large Breakfast Bar, Stainless Appliances, Raised panel light maple cabinets & tile floors & it's connected to Large Family Room. There's also a Living Room & separate Dining Room. The Master Suite is a wonderful size along with the updated Master Bath, offering separate tub & shower with nice tile surrounds including glass inserts, dual sinks & private water closet & large closet! Wow, the backyard offers a pebble tech play pool & Built in BBQ making it an entertainers dream with plenty of additional room for pets & kids to Romp . Also offers Double gate for easy access

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4638 W Hayward Avenue Glendale, AZ 85301

$599,900

5 Beds

3 Baths

2,483 SqFt

Status Active

MLS # 6735480

Property Type Single Family Residence

Price Type --

Stunning FIVE-bedroom remodeled home in Golden Palm Estates! Perfectly situated in almost half acre lot, this home boasts THREE fully remodeled bathrooms, white kitchen cabinetry, granite counters, stainless steel appliances, just painted interior, washer/dryer, gas fireplace, separate living & family room, updated tile flooring, fresh exterior paint, room for two RV gates, and a Sparkling POOL that is perfect for the Arizona summers and outdoor entertaining! At over 19,000 sq ft you will have plenty room for outdoor activities, gardening, or enjoying the fresh air. Don't miss out on this incredible opportunity to own a piece of Arizona paradise! Make your appointment today & make this house your dream home! This HOME QUALIFIES FOR A FIRST-TIME HOMEBUYER Grant and Down Payment Assistance!

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3714 E Vaughn Avenue Gilbert, AZ 85234

$599,900

4 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6738932

Property Type Single Family Residence

Price Type --

Escape to your own retreat in Gilbert, Arizona, where a backyard haven offers a blend of luxury and tranquility. The split ranch floor plan offers an ideal layout for privacy and open living, perfect for families and entertaining. The kitchen features high-end stainless steel appliances, granite countertops, and a central island, seamlessly connecting to the spacious living and dining areas. The master suite is a private retreat with a walk-in closet and an ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower. Three additional bedrooms share a well-appointed bathroom. Step outside to enjoy the backyard oasis, complete with a sparkling pool, heated spa, and a view fence overlooking a peaceful wash. The property also includes an RV gate, providing convenient storage.

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2905 E Norcroft Street Mesa, AZ 85213

$599,900

4 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6757675

Property Type Single Family Residence

Price Type --

This beautifully maintained home in north Mesa sits on a .25 acre lot with no HOA! As you enter, you will love the updated flooring and open feel. Straight ahead is a large living room with modern fixtures and views of the backyard. To the left, is the eat-in kitchen and the family room. To the right, the owner's suite and 3 additional bedrooms. All cooled with a 2024 5 ton HVAC system! In the backyard, a nice sized pool surrounded by a carefully manicured landscaping. Plus the yard is big enough to park an RV! Located near some of the best schools in Mesa and an easy commute to Sky Harbor and Phoenix. The best part the community is located along the low traffic of Lindsay Rd, promising a quiet refuge. Plus, enjoy low traffic in front of the home as it is not a thru street.

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31642 N 169th Avenue Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6755049

Property Type Single Family Residence

Price Type --

Welcome to 31642 N 169th Ave, a beautifully maintained 3-bedroom, 2.5-bathroom home nestled on a spacious 1.13-acre lot. This 2,050 square foot residence offers a perfect blend of rural tranquility and modern convenience. Step inside to find a bright and open floor plan, featuring a large living area, a well-appointed kitchen with ample counter space, and a cozy dining area perfect for family gatherings. The primary suite is a true retreat with an ensuite bathroom, while the two additional bedrooms offer plenty of space for guests or an added home office. Outside, the expansive lot provides endless opportunities for outdoor living, whether you dream of creating a garden oasis, adding a pool, or simply enjoying the Arizona sunsets from your patio. The The property also offers ample room for parking RVs, boats, or other recreational vehicles. Located just minutes from local attractions like Willow Winery, where you can enjoy tastings and scenic vineyard views, and a short drive to shopping, dining, and entertainment options in Surprise, this home is perfectly situated for those seeking a peaceful lifestyle without sacrificing convenience. Don't miss the opportunity to make this charming property your own!

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1645 W Willetta Street Phoenix, AZ 85007

$599,900

3 Beds

2.5 Baths

1,550 SqFt

Status Active

MLS # 6747093

Property Type Single Family Residence

Price Type --

Nestled in the heart of the Phoenix Historic District, this enchanting 3-bedroom, 2.5-bathroom home combines timeless charm with modern elegance in a picturesque setting. From the inviting front porch to the remodeled interior, every detail exudes warmth and sophistication. Step inside to discover an airy and bright living space enhanced by a cozy fireplace and seamless flow from the kitchen and dining area into the great room. The primary bedroom, a serene retreat, features a walk-in closet and private access to a tranquil backyard. With ample storage and community perks including proximity to public transportation, this home offers a perfect blend of historic allure and contemporary comfort.

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18934 N 96th Lane Peoria, AZ 85382

$599,900

2 Beds

2.5 Baths

2,056 SqFt

Status Active

MLS # 6765093

Property Type Single Family Residence

Price Type --

This beautiful entrance into Westbrook Village, Lakeview Estates is sure to impress. Green grass, trees, ponds & fountains abound. Be one of the few single family homeowners who have this coveted view from their backyard! Relax and enjoy the oversized back patio and everything Westbrook Village has to offer. 2 golf courses, restaurants, rec centers and pools. Pickleball, Tennis, etc. Over 80+clubs offer something for everyone. This home has been updated or upgraded inside and out, including a new water heater w/circulating hot water, new RO and Soft Water Systems and a new roof! Over $100,000 in upgrades. See Document Tab for upgrades and improvements, too many to mention here. Professionally cleaned, just bring your toothbrush. Located near the 101, shopping, restaurants, & P83.

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41432 N Bent Creek Way Phoenix, AZ 85086

$599,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6750950

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled gem in the Anthem Golf and Country Club. Step inside to an open, airy layout with high ceilings and abundant natural light. The spacious living area shines with fresh, contemporary finishes and elegant touches throughout. The kitchen is a standout, featuring an expanded quartz countertop with a bar perfect for quick meals, along with extra cabinetry beneath the island and a large pantry for added convenience. Champagne-toned fixtures and cabinet knobs give the space a touch of modern luxury. Retreat to the master suite, a private haven with a spa-like en-suite bathroom. Enjoy a serene wood-finish vanity, sleek white quartz tiles, a soaking tub for relaxation, and a walk-in shower with modern fixtures. Dual vanities with wood-finish cabinets and a generous walk-in closet offer both style and storage. Located in the desirable Anthem Golf and Country Club community, this home offers access to the nearby Ironwood Golf Course and restaurant, along with top-rated schools, parks, and a wide range of recreational amenities. This friendly neighborhood has activities for all ages. Don't miss the chance to own this stunning home in Anthem's exclusive gated community. Come see for yourself the perfect blend of luxury and comfort!

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