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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10433 S 46th Way Phoenix, AZ 85044

New

$550,000

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6787232

Property Type Single Family Residence

Price Type --

Welcome to your Spanish-style dream home, just minutes from South Mountain trails! This single-level beauty features 3 bedrooms, an office/den, and no HOA—because who needs rules? The huge great room w/ a cozy fireplace is perfect for Netflix (or Netflix and wine). Vaulted ceilings make you feel like royalty, and large windows let in tons of natural light so your plants can live their best life too. The dining room has built-in cabinets that scream, ''I'm organized, but I still have room for a bottle of tequila.'' The kitchen has ample counter space, modern appliances & a breakfast nook to enjoy your morning coffee. The spacious primary suite includes dual vanities and a walk-in shower because who needs a spa when you've got a shower big enough to house your dreams. Outside, enjoy a enjoy low-maintenance and spacious lot where you can paint your door whatever you like - just remember it is best to make friends with your neighbors if you ever need borrow eggs or milk. Don't miss this opportunity. Grab your hiking boots and come see it today!

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4936 E Coronado Road Phoenix, AZ 85008

$550,000

3 Beds

2 Baths

1,821 SqFt

Status Active

MLS # 6784981

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 3-bedroom, 2- bathroom home! This property boasts a spacious front and backyard, complete with citrus trees and green plants, a 2-car garage, an RV gate, and a covered patio for outdoor enjoyment. Inside, you'll find tile flooring throughout, with a family room featuring laminate flooring perfect for entertaining guest. The freshly painted interior complements the kitchen's cream-colored cabinets, granite countertops, stainless steel appliances, and an island ideal for enjoying meals. Both bathrooms have been fully remodeled with modern tile backsplashes, glass doors, and sleek black faucets and shower heads, Conveniently located near freeway access, shopping centers, the Phoenix Zoo, and Papago Park, this home offers both comfort and accessibility.

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10709 E Knowles Avenue Mesa, AZ 85209

New

$550,000

3 Beds

3 Baths

2,161 SqFt

Status Active

MLS # 6787305

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home, offering luxury and comfort at every turn. The spacious kitchen boasts sleek stainless steel appliances and elegant slab granite countertops, making it perfect for both cooking and entertaining. The expansive master suite provides a peaceful retreat with plenty of room to relax. Step outside to your private oasis featuring a sparkling pool. With a 3-car garage, there's ample space for vehicles, storage, or a workshop. This home combines style, space, and functionality—don't miss the chance to make it yours!

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2603 S Playa -- Mesa, AZ 85202

New

$550,000

5 Beds

2.5 Baths

2,823 SqFt

Status Active

MLS # 6786635

Property Type Single Family Residence

Price Type --

5 BR 2.5 BA single level home in prestigious Laguna Shores of Dobson Ranch. What a find at just under $195/sq ft. The possibilities are endless for a family or investor. From the moment you walk in, you will feel at home w/spacious rooms, a flexible floorplan, & the most private tranquil back yard. Enter thru the double door entry w/formal LR on the Lt & formal DR to the Rt. Down the hall is a half BA, 3 lg secondary BR's, a hall BA, & the primary BR. Primary BA has dual sinks & upgraded tile shower. KIT has been updated with SS appliances & flows into the FR w/wood burning FRPL, lg Bonus Rm & 5th BR (perfect for BR, office, or playroom). French doors lead to the backyard. This home has so many possibilities for any buyer's lifestyle. It is full of charm & warmth w/Saltillo tile floors & baths w/Capelo sinks from Guanajuato. Private backyard w/lush landscaping is ideal for entertaining friends & family. Large grass area w/patios, RV gate, newer A/C's, & roof resealed in 2024. Ample storage, walk-in KIT pantry, & inside laundry w/built-in cabinets. The home is a true bargain, located on one of the most desirable streets in Dobson Ranch. Lake access down the street for your boating adventures. Saratoga Park & Laguna Park around the corner. Dobson Ranch amenities include community pools, clubhouses, pickle ball, planned family activities, 8 lakes, public golf course & library, and easy access to #60 & #101 freeways. This home won't last!

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2673 W Ivanhoe Street Chandler, AZ 85224

New

$550,000

3 Beds

2 Baths

1,794 SqFt

Status Active

MLS # 6786111

Property Type Single Family Residence

Price Type --

Prime Location! Close to the 101 & 202, walking distance to Whole Foods, restaurants/shopping. Beautiful home in a lake community w/3 beds, 2 baths, newer AC & water heater, mature landscape & a 2-car garage w/cabinetry. Discover the large living & dining room and the separate family room with a media niche. Vaulted ceilings add to the airy feel, complemented by custom paint & tile flooring t/out for easy maintenance. The kitchen boasts built-in appliances, recessed lighting, a pantry, and ample wood cabinetry. Enter the main bedroom to find a walk-in closet and an ensuite with dual sinks. The Arizona room, with multi-sliding doors merging the inside/outside activities. Two open patios & a citrus tree complete the large backyard. Located in the heart of Chandler - easy access to the Valle

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14916 W Piccadilly Road Goodyear, AZ 85395

$550,000

3 Beds

2 Baths

2,962 SqFt

Status Active

MLS # 6622880

Property Type Single Family Residence

Price Type --

$60,000 BELOW RECENT COMP. see MLS#6608783 Welcome to luxury living of Goodyear, nestled within the prestigious guard-gated community of PebbleCreek! As you enter, you're greeted with soaring ceilings in the grand foyer. The Cambria plan revolves around a spacious great room with vaulted ceilings, bar area, chef's kitchen with granite counters, large breakfast area flowing seamlessly to the outdoors. The primary suite is accompanied by a relaxing sitting room, walk-in shower, make-up with a dual sink vanity. This home is ready for your touch! Lastly, step out back to a covered patio and a professionally landscaped low maintenance backyard. The community offers golfing, restaurants, social clubs, fitness center, indoor/outdoor pools, tennis, trails and so much more!

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15213 N Cameo Drive Sun City, AZ 85351

$550,000

3 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6682424

Property Type Single Family Residence

Price Type --

SHORT SALE OPPORTUNITY- Welcome to your dream home nestled in the desirable community of Sun City! This stunning property at 15213 N Cameo Dr offers the perfect blend of elegance and relaxation with its prime location overlooking the golf course and serene lake views. Boasting 3 bedrooms and 3 bathrooms, this premium lot home features a spacious layout designed for comfortable living. Step inside to discover a light-filled living space with picturesque views of the lush greenery and tranquil waters. The kitchen is a chef's delight, equipped with modern appliances and ample counter space. Retreat to the master suite, complete with a private en-suite bath and scenic vistas. Enjoy Arizona's outdoor living at its finest in the expansive backyard oasis, where you can soak in the breathtaking sunsets from your Arizona Room/ patio. With its proximity to shopping, dining, and recreation, this home offers the ultimate lifestyle experience. Don't miss your chance to own this piece of paradise - schedule your showing today!'

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9345 W Pasadena Avenue Glendale, AZ 85305

$550,000

4 Beds

3 Baths

3,136 SqFt

Status Active

MLS # 6690752

Property Type Single Family Residence

Price Type --

PRICE REDUCTION ....This stunning two-story property exudes charm and elegance from the moment you arrive! You'll be greeted by a meticulously manicured front yard and pull into the spacious two-car garage with extension for a 3rd car.Upstairs you will fine the large master suite featuring a bonus room can be a living room or baby room. Also has a large family room.Spacious gourmet kitchen with island, granite countertops and a large pantry. The property is in a fantastic location near restaurants, shopping, and easy access to the freeway. This is a formal model home with lots of upgrades.SELLER IS MOTIVATED.

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36843 W Indian School Road Tonopah, AZ 85354

$550,000

4 Beds

2.5 Baths

2,969 SqFt

Status Active

MLS # 6694104

Property Type Single Family Residence

Price Type --

Wow, fantastic opportunity to own a residence with 2,969 SqFt of construction on a 1.1-acre lot! The impeccable interior boasts a warm palette, neutral tile flooring, recessed lighting, tall ceilings, and a sizable den ideal for an office or a formal living room. The bright & ample great room promotes a greater traffic flow & maximizes space. This open floor design makes entertaining a bliss! The kitchen features white shaker cabinetry, granite countertops, stainless steel appliances, a pantry, and an island with a breakfast bar. The primary bedroom has a full ensuite with a step-in shower, a jetted tub, a dual sink vanity, and a walk-in closet. The vast exterior offers endless landscaping potential to get creative, with room for RVs, a pool, & space for horses to roam. Take a tour today!

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7604 W Molly Drive Peoria, AZ 85383

$550,000

3 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6708257

Property Type Single Family Residence

Price Type --

Beautiful home in the gated community of Rock Springs featuring 3 Bedrooms/Den/2 Bathrooms and Pool! Don't miss this opportunity to purchase this low maintenance, upgraded, modern gem. Located on a corner lot, North/South facing, extended driveway are all exterior bonus features. The interior showcases an open-concept Great Room, modern kitchen with spacious island for entertaining, and recessed entertainment wall. The den or flex-room is located off of the Great Room and the two other bedrooms are split from the Master Bedroom. The upgraded garage has storage cabinets, overhead storage, and space for refrigerator. Energy efficiency and low utilities are other features of this well built home.

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17780 W Canto Bonito Lane Surprise, AZ 85387

$550,000

2 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6721721

Property Type Single Family Residence

Price Type --

Your ideal home awaits in the vibrant 45+ community of The Grand. This meticulously maintained Sierra model blends luxury and functionality. Updated in 2019, it features laminate plank flooring and tile in the bathrooms and laundry. The kitchen offers granite countertops, a glass backsplash, a center island, Maytag SS appliances, recessed lighting, and bay windows overlooking the courtyard. The oversized primary bedroom boasts bay windows, a walk-in closet, and a tiled shower with a frameless glass door. Enjoy a split guest bedroom, spacious den, new 2024 HVAC, and North/South exposure. Relax in your private courtyard and explore all The Grand has to offer!

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1108 E Carter Drive Tempe, AZ 85282

$550,000

3 Beds

2 Baths

1,396 SqFt

Status Active

MLS # 6716917

Property Type Single Family Residence

Price Type --

Heated saltwater pool and spa in Tempe! Wood burning fireplace. No HOA. Storage closet in garage. Listing Broker has vested interest in home.

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