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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3121 N 21st Place
Phoenix, AZ 85016
$555,000
3
Beds
2
Baths
1,557
SqFt
Status
Active
MLS #
6740406
Property Type
Single Family Residence
Price Type
--
This beautifully remodeled mid-century gem offers a perfect blend of modern amenities and classic charm. Enjoy a spacious split floorplan that provides privacy and comfort for all. Your private oasis awaits with a covered pergola and extended patio, ideal for outdoor entertaining and relaxation. Experience tranquility in this secluded setting with excellent access to the Biltmore/Camelback area and downtown Phoenix. The recently remodeled kitchen features quartz countertops, 42'' cabinets, R/O faucet and modern fixtures. Upgraded bathrooms offer both comfort and convenience. Enjoy updated flooring throughout the home, interior doors, and a newer A/C unit. Don't miss the chance to own this stunning mid-century home that perfectly balances modern upgrades with classic style!
22624 E Spyglass Boulevard
Queen Creek, AZ 85142
$555,000
4
Beds
3
Baths
2,031
SqFt
Status
Active
MLS #
6758944
Property Type
Single Family Residence
Price Type
--
Wonderful, Move in Ready Richmond American single level floor plan in SPUR CROSS that is only four years old. Super curb appeal with stunning ledgestone across the front of this home. This model has a few flexible options with 4 bedrooms and a den or bonus flex room. This home has beautiful wood plank tile flooring throughout and carpet in the bedrooms. You will love the open gourmet kitchen that looks out to the dining and living areas. Gorgeous chocolate cabinets with creamy white quartz and finished with a nice white subway tile backsplash. Plenty of extra seating at the kitchen island too, SS appliances and a large pantry for storage. The bathrooms all have marble countertops and white cabinets. The master bedroom has 2 separate walk-in closets, a master bath with... double sinks and a large walk-in shower. Elegant lighting, hardware, fans, plantation shutters and wood blinds are found t/o this home. For your convenience, an R/O system and water softener are already in place. Low maintenance living in the backyard with covered patio, pavers, and a large turf area to enhance the outdoor entertainment. This is a unique neighborhood that features many winding paths for walks and bike rides, a community pool for your enjoyment, ramadas throughout, a basketball court and so much more. Put this home on your list to see!
22939 E Pummelos Road
Queen Creek, AZ 85142
$555,000
2
Beds
2
Baths
1,897
SqFt
Status
Active
MLS #
6767687
Property Type
Single Family Residence
Price Type
--
The seller is open to considering concessions with your offer! Step into extraordinary living with this stunning 2021 home, where space and charm exceed expectations. Situated in Queen Creek's sought-after Harvest community, you'll enjoy resort-style amenities including two heated pools, a splash pad, scenic trails, parks, and a beautiful 1.5-acre lake. Indulge in local flavors at nearby Queen Creek Olive Mill and Schnepf Farms. Inside, you'll find bright, inviting spaces with a kitchen designed for gatherings and a primary suite that serves as your personal retreat. The backyard is an oasis for tranquil afternoons. Your dream lifestyle awaits!
42614 W Bravo Drive
Maricopa, AZ 85138
$555,000
5
Beds
3
Baths
3,956
SqFt
Status
Active Under Contract
MLS #
6698521
Property Type
Single Family Residence
Price Type
--
Golf course lot with a pool at $140 per sq ft best value all of Rancho El Dorado.! Nestled on an enviable lot, this home sits just behind the tee box on Hole 3, offering a breathtaking view without the worry of stray balls, broken windows or noise inside the home . Each bedroom exudes generous proportions, w/ the master suite stretching an impressive 31 feet w/ a private balcony that streches the lenght of the bedroom- explore the floor plans on our Matterport link or in the documents tab for a closer look. Step into the backyard oasis, reminiscent of a resort, complete with a charming 25x20 ft gazebo, heated sparkling pool, & in-ground jacuzzi - the perfect setting for outdoor enjoyment and relaxation. Car enthusiasts .. ... will appreciatethe expansive 3 car garage with ceiling storage racks. Entertainment abounds with two family/living rooms and a sprawling loft, providing ample space for gatherings or relaxation. Storage is abundant throughout, ensuring clutter is never a concern. Rancho El Dorado is unbeatable with convenient access to multiple grocery stores and at the north end of town with immediate access to 347 going into the rest of the valley. Pool and cool deck were refinished with micropebble in 2023. Exterior of home was repainted in 2023. Rancho el dorado has two elementary schools, many parks and a beautiful lake. Discover the lifestyle you've been dreaming of in this remarkable home, where luxury meets comfort at every turn.
2511 W Queen Creek Road Unit 164
Chandler, AZ 85248
$555,000
2
Beds
2
Baths
1,466
SqFt
Status
Active Under Contract
MLS #
6648361
Property Type
Apartment
Price Type
--
Located in the sought-after Downtown Ocotillo area. Built in 2023.This property boasts a comprehensive range of high-end amenities and upgrades designed to offer an exceptional living experience. A significant 950 square foot patio accessible from both the living room and master bedroom, offering extensive outdoor private space, which is a rare find in urban living environments. Gourmet Kitchen: Equipped with upgraded KitchenAid stainless steel appliances, white maple cabinetry, and two pantries—one with pullout shelving and another with custom shelves. The presence of quartz countertops and a spacious island enhances both its functionality and aesthetic appeal. An additional room that can serve as a den or office, featuring a Jack and Jill bathroom, providing a practical and flexible living space that can be tailored to various needs. Large laundry room complete with cabinets, shelving, and a soft water system, indicating a thoughtful consideration towards practicality and convenience in home design. High pH reverse osmosis (RO) water system is a notable feature, emphasizing the property's commitment to health and wellness. Wood-look style porcelain tiles offer a durable yet aesthetically pleasing flooring option, while upgraded light fixtures and a coat closet add to the property's luxurious feel. The inclusion of smart home security and the ButterflyMX system highlights the modern and secure living environment, catering to the increasing demand for integrated technology in residential spaces. A private gated garage and locked bike room storage suggest a high level of convenience and security for residents, addressing common urban living concerns. Proximity to restaurants, entertainment options, farmers markets, and more, underscores the appeal of urban living, with essential amenities and leisure activities within walking distance. This property appears to offer a blend of luxury, convenience, and modern amenities, making it an attractive option for those seeking a high-quality living experience in Downtown Ocotillo. With over $70,000 in upgrades, it reflects a significant investment in creating a space that is both comfortable and stylish, catering to the needs and preferences of discerning residents. Near INTEL, Price Technology Corridor, Restaurants, Shopping, Entertainment and Freeways.
6146 E Quartz Circle
Mesa, AZ 85215
$555,000
4
Beds
2
Baths
2,115
SqFt
Status
Active Under Contract
MLS #
6731888
Property Type
Single Family Residence
Price Type
--
Spacious 4 bedroom 2 bath home with an outstanding floor plan is located on a cul de sac street with less traffic and NO HOA. As you enter the home, you'll notice the openness with vaulted and 9 ft. ceilings throughout. There are 2 large living areas and dining rm. The kitchen includes a refrigerator and opens to the family rm with a cozy fireplace, 2 skylights, and breakfast dining area with views of the yard. Dual pane windows, ceiling fans and plantation shutters help keep you cooler in the summer. There are split bedrooms, with the primary being on the opposite side of the house from the others. The 4th bedroom is also separated and would make a great office, etc. The primary has access to the patio and yard, and has a good-sized bathroom with dual sinks and walk-in closet. The private backyard with no homes behind, boasts a large tiled covered patio, relaxing gazebo, and views of beautiful Red Mountain. On the way to the garage, you will notice the inside laundry room that includes a washer and dryer. The 3 car garage has a 9 ft ceiling, cabinets, overhead storage, and water softener. This well kept neighborhood is convenient to shopping, schools, and the 202 freeway.
10433 E Tesla Avenue
Mesa, AZ 85212
$555,000
2
Beds
2
Baths
1,694
SqFt
Status
Active Under Contract
MLS #
6750655
Property Type
Single Family Residence
Price Type
--
2bdrm/2bth home located in an active adult community. 1,694 sq ft home features an extended den, & great rm which boasts an open-concept plan with a 12' multi-slider off the nook, allowing ample natural light to flow through. The kitchen is equipped with SS appliances including a gas stove, staggered maple cabinets, granite counters, & a lg island, complemented by a W-I pantry & a laundry rm with a utility sink. Primary bath offers a raised vanity with dble sinks, W-I shower, & W-I closet adding a touch of luxury. This home has a 2 car garage, on a corner lot that backs to a common area. The extended covered patio boasts travertine overlay, gas fire pit & turf providing a low maintenance yard! Community offers pickle ball, tennis, bocci ball, a club house with workout facility & much more
33002 N Pebble Creek Drive
San Tan Valley, AZ 85143
$555,000
4
Beds
3
Baths
3,293
SqFt
Status
Active
MLS #
6742840
Property Type
Single Family Residence
Price Type
--
Awesome two-story property ready to go! Fall in love with the manicured landscaping, 3-car tandem garage, and sweet curb appeal. The immaculate interior has pre-wired surround sound, ample living spaces with endless entertainment possibilities, sizable bedrooms, and an updated A/C unit for convenience. The open-concept kitchen features new stainless steel oven refrigerator and dishwasher, an island with a breakfast bar, granite counters, plenty of cabinets, and a walk-in pantry. In the oversized main retreat, you'll find a walk-in closet and a private bathroom for added comfort. Discover a serene backyard boasting a grassy area, covered patio, and sparkling blue pool. Electrical hookup also available for detached hot tub. ****Buyer failed to fulfill contingency, back on market****
5521 W Butler Drive
Chandler, AZ 85226
$555,000
3
Beds
3
Baths
1,410
SqFt
Status
Active
MLS #
6767050
Property Type
Single Family Residence
Price Type
--
Totally upgraded from top to toe ,in and out the last 2 yrs! Quartz counters in kitchen and island bar, all new appliances, Vaulted ceiling, fireplace and wood shutter in great room with access to side yard for early morning coffee. New air conditioner ,new water heater, new shingles, new windows and doors. Pavers and turf front & back 3 bedrooms,3 bath rooms. Downstairs bedroom & 3/4 bath...ideal guest room! Cozy loft upstairs adds space. Balcony too. Generous oasis back yard with pool, pavers tiled patios and tile surrounding pool! Grassy turf in the right places front and back for low maintenance.. The sparkling pool is so refreshing. Extra lighting invites you out after dark to enjoy and entertain .Double RV gate for boat or trailer or bikes. Storage shed., stuccoed block wall too
729 N Abalone Court
Gilbert, AZ 85233
$555,000
3
Beds
3.5
Baths
2,242
SqFt
Status
Active
MLS #
6787476
Property Type
Single Family Residence
Price Type
--
This home offers an unbeatable North Gilbert location, just a short bike ride to vibrant Downtown via the extensive trail system. Enjoy proximity to McQueen Park Activity Center, offering endless entertainment options, as well as nearby top-rated schools, exceptional dining, shopping, and more. Nestled in a sought-after community with a sparkling pool and additional amenities, this property sits on a premium lot with no side neighbors and borders a sprawling sports field. The thoughtfully designed open-concept layout seamlessly connects the living, dining, and kitchen spaces, creating a warm and welcoming environment perfect for both entertaining and everyday life. The kitchen is a chef's delight with abundant storage. With three generously sized bedrooms, a versatile loft, and 3.5 bath this home offers ample space for everyone to relax and recharge. Built by Lennar the home also offers many energy efficient features and so many upgrades.
20724 W Kaibab Road
Buckeye, AZ 85326
$554,999
4
Beds
2
Baths
2,132
SqFt
Status
Active
MLS #
6774935
Property Type
Single Family Residence
Price Type
--
Welcome to this expansive 1-acre horse property on a coveted corner lot! You're greeted by a side-entry 2-car garage, a natural desert landscape, & a circular driveway. Discover an inviting great room with high ceilings, an earth-tone palette, recessed lighting, blinds, & wood-look flooring. The gourmet kitchen comes with granite counters, ample wood cabinetry, stainless steel appliances, & a peninsula with a breakfast bar. The main bedroom offers plush carpeting, an ensuite with double sinks, & a walk-in closet. Outdoors, you'll find a lovely backyard featuring a covered patio, a warm fire pit, an outdoor fireplace for evenings under the stars, & a refreshing pool. Surrounded by stunning mountain views, you can create your dream oasis or establish equestrian facilities. Make it yours!
715 W Oregon Avenue
Phoenix, AZ 85013
$554,995
3
Beds
2
Baths
1,624
SqFt
Status
Active
MLS #
6764804
Property Type
Single Family Residence
Price Type
--
Welcome home to this charming 3 bed, 2 bath home in the heart of Central Phoenix, featuring a new roof, new AC and a freshly painted exterior! Upon entering the home you are greeted by an eat-in kitchen that boasts stainless steel appliances and refinished cabinets and countertops. Next to the kitchen is a cozy living area filled with natural light providing ample space for entertaining and/or dining. Off the living area is a bonus room/den featuring new carpet and a cozy brick-inlay fireplace. Conveniently tucked away is the utility/storage closet that includes an additional refrigerator and a washer and dryer. The primary bedroom boasts new vinyl wood flooring, two closets and an updated bath featuring a new vanity with modern fixtures, new Zellige tile in the shower, and charming charming Cotto tile flooring. Finishing the tour you will find two additional spacious bedrooms and an updated full bathroom that includes a shower-tub combo and a vanity offering generous counter space. Outside you can enjoy a beautifully landscaped yard with a shaded patio, perfect for outdoor gatherings, a storage shed and a back gate with direct access to Colter Park. This home is a rare finddon't miss your chance to own this adorable classic in Central Phoenix!