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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5966 W Aurora Drive Glendale, AZ 85308

$630,000

4 Beds

3 Baths

2,676 SqFt

Status Active

MLS # 6679878

Property Type Single Family Residence

Price Type --

Freshly Painted!! Amazing 4-bed, 3-bath home in the highly sought-after Arrowhead Ranch New Legends Community! Come inside to a graceful entryway, a dramatic spiral staircase, & elegant chandeliers. Hardwood floors, high ceilings & plantation shutters. accentuate the formal dining/living room. Gas fireplaces in the family room & loft for make those cozy memories with the family magical. Kitchen has built-in appliances, a center island, and a breakfast bar with granite counters . The spacious master bedroom boasts high vaulted ceilings, & the master bath w/dual sinks, seperate tub and shower & walk-in closet. Bedroom & bathroom downstairs convienience for the guests! Peaceful backyard offers a covered patio, and shade trees.

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6565 E Thomas Road Unit 1119 Scottsdale, AZ 85251

$630,000

3 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6720107

Property Type Townhouse

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Modernly remodeled, newer built townhome IN the HEART of it all AND has it all! 3 beds, 2 baths, an open, split floorplan, elegant white marble-tile throughout, it has an entertainers delight kind-of-feel w/ a grand kitchen, extra wide island & sink, stunning white/gray/black granite countertops, classic gray tiled backsplash & flat white wood cabinetry. Light & bright with updated lighting, crystal chandeliers & ceiling fans in every room. Chill outside on your 2 private balconies, keep 2 cars cool in your garage. Diamante is a gated community with a huge sparkling pool- heated in the wintertime & always hot jacuzzi. Close to Old Town Scottsdale restaurants, bars & shopping, airport, 3 major freeways, golf, hiking mountains, Spring Training, Phx Open, Barrett Jackson & other AZ events.

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2677 E Ficus Way Gilbert, AZ 85298

$630,000

3 Beds

2 Baths

2,249 SqFt

Status Active

MLS # 6742444

Property Type Single Family Residence

Price Type --

. Welcome to your new oasis in Gilbert! This delightful 3-bedroom, 2-bathroom home is perfectly situated near the serene Gilbert Regional Park, offering both tranquility and convenience. As you step inside, you're greeted by light-filled, spacious rooms featuring plantation shutters.The perfect floor plan includes a formal living room, dining room, and a separate den. You'll love entertaining in the open-concept island kitchen, a gas stove, and an inviting family room that overlooks a serene patio. The patio, with pavers and mature professional landscaping, includes a built-in gas BBQ, making it ideal for summer barbecues and outdoor gatherings.The spacious master suite is a peaceful retreat. some photos are virtually staged!

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6565 E Thomas Road Unit 1041 Scottsdale, AZ 85251

$630,000

3 Beds

2 Baths

1,548 SqFt

Status Active

MLS # 6754945

Property Type Townhouse

Price Type --

Discover your dream condo with both luxury and convenience in the sought-after gated Diamante Community in Scottsdale! This spacious 3-bed, 2-bath home offers 1,548 square feet of open living space with a desirable split floor plan. The living room provides stunning, unobstructed views of Camelback Mountain, perfect for enjoying Arizona's beautiful sunsets. The updated kitchen features stainless steel appliances and granite countertops while the primary suite includes a walk-in closet for ample storage. This unit includes a 2-car attached garage and access to community amenities, including a pool and BBQ areas. Ideally located in between Old Town Scottsdale (2 mi), Camelback Mountain (3 mi), Arcadia (1 mi), the Arizona Biltmore (6 mi), ASU (4 mi), & Sky Harbor International Airport (5 mi)

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26207 N 47th Place Phoenix, AZ 85050

$630,000

4 Beds

2.5 Baths

2,359 SqFt

Status Active

MLS # 6773215

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION!! Seller has drastically reduced the price for an exceptional deal!!! Welcome home to gorgeous Tatum Highlands, located about 4 miles north of Desert Ridge Marketplace! Paradise Valley School District! This home has been maintained and cared for impeccably. Enjoy the views from the walk out balcony off the extra large primary bedroom. Beautiful bamboo wood and tile floors throughout! Laundry room is conveniently located upstairs on same level as the bedrooms! Beautiful double French Doors lead out to the backyard. No home behind you! This cul-de-sac home is ready to be YOUR HOME! A must see!

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10489 E Topaz Circle Scottsdale, AZ 85258

$630,000

2 Beds

2 Baths

2,041 SqFt

Status Active Under Contract

MLS # 6754335

Property Type Single Family Residence

Price Type --

Fantastic location for 55+ adult community patio home in Scottsdale Ranch. Great corner lot, all 1 level, great bones, wonderful opportunity to customize to your preferences for this spacious 2 bedroom plus den home. Community amenities include heated pools, tennis courts and close proximity to Scottsdale Senior Center.

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2583 S Quaintance Street Gilbert, AZ 85295

$630,000

3 Beds

2.5 Baths

1,862 SqFt

Status Active

MLS # 6774352

Property Type Single Family Residence

Price Type --

Gorgeous home in the sought-after Cooley Ranch community! This light & bright home with soaring ceilings offers an open concept floor plan, neutral pallet, wood-look tile flooring, recessed lighting, & sleek modern finishes throughout. The gourmet kitchen boasts granite counters, a gas stovetop, top-notch stainless steel appliances, RO System, & a walk-in pantry. Unwind in your primary retreat boasting an impressive bath with dual vanities & a walk-in shower. Enjoy AZ living in your updated backyard with a covered patio, pavers & synthetic grass. 2-car garage & tankless water heater. You'll love this private community with amenities like biking paths, pool, rec center, sports courts, & more. Prime Gilbert location with quick access to highways, schools, shopping & dining!

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1458 E Black Diamond Drive Gilbert, AZ 85296

$629,999

3 Beds

2.5 Baths

2,185 SqFt

Status Active

MLS # 6780772

Property Type Single Family Residence

Price Type --

Seller Concessions Available! Welcome to 1458 E Black Diamond! This spacious 3 Bed, 3 Bath home includes a 2-car GARAGE and a high VAULTED ceiling in the main living area. Tile and luxury vinyl plank flooring throughout, new carpet upstairs, granite countertops, ceiling fans, NEWER appliances, Washer/Dryer Hookups, and more! Huge master bedroom, bonus room, and FRESH PAINT. Outside - a larger than usual CORNER LOT with a HUGE backyard, fruit trees, and desert landscaping. PAID-OFF SOLAR at close! Nearby - you're within walking distance to multiple parks, Fry's, and Home Depot (3 mins); Gilbert Riparian Reserve, Cosmo Dog Park, Costco (7 mins); Downtown Chandler and San Tan Village (12 mins); golf courses; and have easy access to Loop 202.

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17375 N 10th Street Phoenix, AZ 85022

$629,999

3 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6766700

Property Type Single Family Residence

Price Type --

Take pride in residing in this highly upgraded home in Villas at Trellis! Appealing interior boasts clean lines that promote a modern feel! Abundant natural light graces the open floor plan paired w/hardwood flooring, crown moulding, surround sound, & wide sliding glass doors to the back patio. Lovely kitchen provides recessed & pendant lighting, SS appliances, ample cabinetry, subway tile backsplash, a pantry, & a butcher block prep island w/a breakfast bar. Make the flexible den & loft a study or TV area. HUGE main retreat offers plush carpet & an ensuite comprised of two vanities, make-up desk, large shower w/a drying area, & a walk-in closet. Fabulous backyard comes w/a covered patio perfect for relaxing or throwing a barbecue and enough space for fun get-togethers. Don't miss it!

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7833 E Obispo Avenue Mesa, AZ 85212

$629,998

4 Beds

2 Baths

2,532 SqFt

Status Active Under Contract

MLS # 6775630

Property Type Single Family Residence

Price Type --

NEWLY RENOVATED ON A MASSIVE CORNER LOT! Home features 4 beds + a dedicated office space perfect for working from home and 2 full baths. A newly renovated kitchen with modern finishes! Oversized primary bedroom with completely remodeled bathroom! 12,000+ square foot lot with beautiful surrounding views and a sparkling pool! New interior and exterior paint! So many recent upgrades, come see it today because it won't last long!

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21711 E Roundup Way Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6702803

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Dominic plan. This single level, 2510 square foot home boasts an open, inviting layout for entertaining. At the heart of the home is a spacious great room that flows into a sunny kitchen with a center island, dual walk-in pantries and an inviting breakfast nook, opening to the covered patio. A luxurious primary suite features an immense walk-in closet and attached bath with double sinks, and a luxurious separate tub and shower. With two additional bedrooms and a teen room, two and a half baths, and a dedicated study, the home offer plenty of space for privacy as well. Outside, a single-car garage and a 2-car garage offer ample storage for vehicles, outdoor gear, and more. With amenities such as a tankless water heater for efficiency and a charming paver driveway, this home seamlessly blends convenience with sophistication.

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21724 E Roundup Way Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6708033

Property Type Single Family Residence

Price Type --

Step into Light Sky Ranch and experience the allure of the Dominic plan. This single-level residence spans 2510 square feet and presents an inviting layout ideal for entertaining. The focal point of the home is its expansive great room, seamlessly connected to a sunlit kitchen featuring a central island, dual walk-in pantries, and a welcoming breakfast nook that extends to the covered patio. Retreat to the luxurious primary suite boasting a generous walk-in closet and an attached bath with double sinks and an elegant shower. With two additional bedrooms, a teen room, two and a half baths, and a dedicated study, this home offers ample space for privacy and relaxation. Outside, a single-car garage and a 2-car garage provide abundant storage for vehicles and outdoor equipment. Enhanced with amenities such as a tankless water heater for efficiency and a charming paver driveway, this residence effortlessly blends convenience with sophistication.

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