What’s Ahead For Mortgage Rates This Week – November 14, 2016

Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.

Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards

As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.

According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.

What‘s Ahead

Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.

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10595 S State Route 69 -- Mayer, AZ 86333

$1,490,000

3 Beds

5 Baths

4,666 SqFt

Status Active

MLS # 6752671

Property Type Single Family Residence

Price Type --

Welcome to your dream horse training facility!! Positioned on 12 sprawling acres of picturesque landscape in Mayer, AZ. This exceptional property combines western life with luxury living! A grand 4,666 square foot home features 3 spacious bedrooms and a versatile loft. Enjoy the convenience of a dedicated laundry room and a well-appointed office. The two master bathrooms offer opulent amenities, including tile finishes, a walk-in shower, a classic clawfoot tub, and a soothing jacuzzi tub. The expansive kitchen boasts upgraded appliances, granite countertops, and ample space for culinary creativity. The great room is a showstopper with its floor-to-ceiling rock fireplace, creating a warm and inviting atmosphere. The property includes a 4,000 square foot horse barn with 10 stalls, a wash rack, and a tack room with a sink and refrigerator, ensuring top-notch care for your horses. The facility also features four large turnouts with shade structures, a cutting pen, a round pen, and a hot walker. A hay shed provides convenient storage, while 8 RV hookups offer accommodation for guests or staff. Enjoy lush green pastures, mature trees, and the peaceful sound of the seasonal creek flowing through the property. The front 2 acres of the property are zoned commercial!! Benefit from low utility costs with a septic tank, and 2 private wells!!! There are 3 heat pump units, a water softner unit and reverse osmosis. The home includes a 3-car garage, and an additional storage shed with its own porch, perfect for hobbies or extra storage needs. This property is more than just a home; it's a complete equestrian paradise offering luxury, functionality, and breathtaking beauty. Don't miss the chance to make this exceptional estate your own.

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2500 Lupine Lane Wickenburg, AZ 85390

$1,490,000

4 Beds

3.5 Baths

4,205 SqFt

Status Active

MLS # 6768049

Property Type Single Family Residence

Price Type --

Beautiful truly custom home abutting airport real estate, providing never ending views of the Bradshaws! Each room was independently designed for a completely different ascetic, yet the overall feel still has cohesion. With two owner suites split from one another by the parlor as well as from the other two bedrooms, this home is perfect for any entertaining scenario. Each owner's suite closet is so intricately designed, bedroom furniture may be unnecessary. The parlor has a pass-through fireplace to the main living area which makes the room feel connected yet isolated for privacy. The open concept living space enjoys an eat up bar, wonderful living space, formal dining as well as a quaint breakfast area. No expense was spared in this gourmet kitchen and walk in pantry!

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6711 E Camelback Road Unit 21 Scottsdale, AZ 85251

$1,490,000

2 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6769046

Property Type Townhouse

Price Type --

Welcome to your tranquil oasis near the heart of Old Town Scottsdale! Nestled within the serene, guard-gated Village of Pavoreal, the home offers a unique blend of luxury, convenience, and timeless charm. As you step into this meticulously crafted residence, you'll immediately be greeted by the warmth of espresso hardwood floors and a space flooded with natural light, creating an inviting atmosphere throughout. The den provides a versatile space for work or relaxation, while the absence of stairs ensures easy accessibility. Experience the epitome of peace, privacy, and security away from major streets. Surround yourself with lush vegetation and fruit trees, creating a picturesque backdrop for your everyday life. The home can be sold furnished making it an ideal lock and leave opportunity The resort-style lighting illuminates the yard and adds to the enjoyment of your own private oasis. With high ceilings adding to the sense of spaciousness, this lock-and-leave residence offers convenience and security, perfect for those with a dynamic lifestyle. Rest easy knowing that your home is safeguarded within the 24/7 guard-gated community, providing peace of mind and a sense of exclusivity.

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2946 N Lodgepole Road Overgaard, AZ 85933

$1,490,000

4 Beds

4 Baths

5,088 SqFt

Status Active

MLS # 6773690

Property Type Single Family Residence

Price Type --

Experience the ultimate in luxury living at this magnificent hilltop retreat! With expansive decks offering breathtaking views, this custom-built home is a true gem. Step inside to find wide wood plank hickory floors that lead you to a spacious living room. The chef's kitchen is a dream, featuringgorgeous cabinetry, a Sub-Zero fridge, Wolf gas double oven, large slab granite counters, walk in pantry & a cozy sitting area. Every bedroom boasts an ensuite, with one conveniently located on the main level as well as the laundry. Ascend the stunning staircase to discover a huge family room complete with a fireplace & split floor plan. Two additional bedrooms, along with a lavish primary suite that includes its own fireplace and private deck and attached office with mini kitchen and balcony.

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263 W Malibu Drive Chandler, AZ 85248

$1,490,000

5 Beds

4.5 Baths

5,735 SqFt

Status Active

MLS # 6681125

Property Type Single Family Residence

Price Type --

Welcome to the captivating 5-bedroom, 4.5-bathroom house located in the desirable Fulton Ranch, Aegean Cove subdivision in Chandler. This spacious home spans an impressive 5,735 square feet and offers a multitude of possibilities for comfortable living. With its generous layout, gourmet kitchen, spacious living areas and bedrooms, this property boasts a basement, providing additional space for various activities. The house features a large backyard, perfect for outdoor gatherings, gardening, or simply enjoying the beautiful Arizona weather. Whether you are looking for room to grow or desire ample space for entertaining, this house offers the perfect canvas to create your dream home. Don't miss out on the opportunity to make this captivating 5-bedroom, 4.5-bathroom house in Chandler your own. Close to freeway and shopping.

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3413 E Equestrian Trail Phoenix, AZ 85044

$1,490,000

6 Beds

4 Baths

5,769 SqFt

Status Active

MLS # 6765363

Property Type Single Family Residence

Price Type --

Step inside this recently renovated estate located in the sought after Ahwatukee Custom Estates community. Everything you need on one property including large pool and custom basketball court sitting on a large half acre lot with three car garage. Home consists of 6 bedrooms with two additional bonus rooms acting as fitness room and office room. 2 of the 6 bedrooms are located in the spacious basement that was also renovated and contains kitchen and living room, great for the ideal man cave or additional living space for guests (basement photos coming soon). High ceilings and grand layout make this home feel larger than it truly is.

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2625 N 24th Street Unit 36 Mesa, AZ 85213

$1,490,000

4 Beds

4 Baths

3,309 SqFt

Status Active

MLS # 6772722

Property Type Single Family Residence

Price Type --

This absolutely stunning remodel was inspired and professionally designed by MARA Interior Design. As you step inside, you're welcomed into an elegant formal living room with a breathtaking view of the pool, spa and glass fire pit through expansive glass windows. The fully remodeled chef's kitchen is a perfect blend of design and functionality, featuring timeless luxury finishes and high-end appliances i.e. Wolf and Subzero. Don't miss the large walk-in-pantry! The kitchen expands into a cozy and warm family room with a built-in fireplace and desk workstation. This 3309 square foot gem has 3 en-suite bedrooms and there's a 4th large bedroom that is currently being used as an office & gameroom. The outdoor area is perfectly manicured and designed... for entertaining - with a huge covered patio, a built-in BBQ, sunlit pergola and lush mature landscaping that's sure to impress. A heated play pool with a baja shelf, a large heated spa and a waterfall feature that lights up the backyard beautifully. The 3 car garage has new epoxy floors, and there is plenty of parking at the RV gate slab. Inside and out, this home in the beautiful community of Estates at Northridge is absolutely stunning! This gated community has private community amenities including greenbelt with Basketball Court, and another Community Sport Court with Basketball, Tennis and Pickleball for residents only. There is a Tot Lot/playground on sand as well. Don't wait to see it or you will miss the chance to own it.

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1004 E Tempe Drive Tempe, AZ 85281

$1,490,000

6 Beds

4.5 Baths

4,186 SqFt

Status Active

MLS # 6774897

Property Type Single Family Residence

Price Type --

Perfect opportunity for luxury living or investment property in the heart of Tempe. Where luxury meets convenience in this stunning 6-bedroom, 4.5-bathroom home boasts an impressive 4,186 square feet of living space with plenty of space to entertain, 2 master suites and 2 kitchens. Sold fully furnished and move-in ready. Step outside and be greeted by a private paradise. The meticulously landscaped outdoor space features a brand new sparkling pool, perfect for those scorching Arizona days or heat it up during the cold season. But why stop there? Ascend to the rooftop deck and take in breathtaking views of the surrounding area - it's the ideal spot for stargazing or entertaining friends. Location is key, and this home delivers. Just minutes away from ASU, Tempe Town Lake, and Scottsdale, you'll find endless opportunities for recreation. Currently run as a successful AirBnb, this is an investors dream. Could be rented as is or converted to 2 separate housing units for additional revenue as there are already separate entrances, seperate kitchens, laundry's, etc. so you would just need close in one small wall upstairs. Since it comes fully furnished it could be up and running in no time. Owner can provide proof of rental income upon request.

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2325 N 64th Street Scottsdale, AZ 85257

$1,488,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6733867

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! Great value. Experience modern luxury in this newly constructed contemporary masterpiece located near Old Town Scottsdale. Custom designed with high-end finishes throughout, this home offers the ultimate in sophisticated living. The heart of the home is a chef's dream kitchen featuring Fisher and Paykel appliances, perfect for culinary enthusiasts and entertainers alike. Upstairs, the primary suite exudes comfort and elegance, while an entertaining loft boasts stunning mountain views and opens onto a second-story deck through expansive glass doors. On the first floor, a second en suite guest room provides privacy and comfort for visitors. The backyard is a sanctuary with a Thermador swim spa, ideal for relaxation and fitness. Swim against the jets for training or simply relax. This home combines contemporary design with luxurious amenities, offering a lifestyle of comfort and sophistication.

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2993 S Tourmaline Drive Unit 34 Flagstaff, AZ 86005

$1,485,000

3 Beds

3.5 Baths

1,860 SqFt

Status Active

MLS # 6745060

Property Type Townhouse

Price Type --

This highly desirable, luxury condo offers an open floor plan with no steps, a private entry guest Casita, and a spacious walled-in wrap-around patio. Built in 2023, this home is packed with upscale features, including a Sub-Zero side-by-side refrigerator, Wolf oven/range, and built-in microwave. Enjoy Quartz countertops, a 7' kitchen island with bar seating, and a Tongue and Groove ceiling. The custom-built wet bar features a Sub-Zero wine refrigerator and copper bar sink. Additional luxuries include glass-fronted cabinets, an extended stone fireplace wall with a linear gas fireplace, and automated window coverings throughout, including blackout shades in the primary bedroom. Note: Pine Canyon membership is separate and not included. Over $76,000 Additional Upgrades Include: Kitchen dry bar in niche, including a subzero wine refrigerator with matching cabinets and under cabinet lighting. Upgraded Kitchen marble countertops. Fireplace cabinetry with floating shelves. Beams added in living room. Custom chandeliers throughout home. Garage epoxy flooring. Dynomat material between master/shared wall for noise cancelation. Custom built ins in kitchen cabinetry and drawers. Motorized power shades throughout home with blackout. Patio railing with gate that isn't included with units.

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1604 E Sheena Drive Phoenix, AZ 85022

$1,485,000

4 Beds

3 Baths

3,367 SqFt

Status Active

MLS # 6770534

Property Type Single Family Residence

Price Type --

Property is currently in the process of being staged and final punch list completed. 12ft ceilings, single level no interior steps, DESIGNER INTERIOR JEWEL BOX PROPERTY WITH INCREDIBLE VIEWS!!! Unlike anything available on the market currently for sub $2m+. Designer interior and finishes. Bedrosians tile and hardwood. New roof, windows, pool surface and tile, pool filter, solid core doors. TRANE AC units. 3 car garage! Split floor plan. Premium oversized corner lot. Best lot orientation that has views from every room. Get it before it is completed and sold. Buyer to verify all facts and figures.

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11430 E Palomino Road Scottsdale, AZ 85259

$1,485,000

3 Beds

2.5 Baths

2,694 SqFt

Status Active

MLS # 6767594

Property Type Single Family Residence

Price Type --

Welcome to Stonegate, one of Scottsdale's most sought after guard gated communities. Ideally located just minutes from shopping, golf, hiking, freeway access, Mayo Clinic. Perfect for full or part time residents. Resort style amenities include tennis, pickle ball, an olympic size pool, children's play area and walking trails. This light and bright home has been completely remodeled w/ designer finishes throughout which provides a modern yet comfortable vibe. The laundry room even feels like a sanctuary! Located on an interior cul-de-sac lot with mature landscaping and privacy. Walls of glass provide a beautiful transition from indoor- outdoor living where you can relax under the large covered patio or enjoy the resort style pool.Upgraded garage, new roof, new AC units etc.Truly a must see

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