What’s Ahead For Mortgage Rates This Week – November 21, 2016

Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.

Builder Sentiment Holds Steady, Demand for Homes Pushes Builders

November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.

The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.

Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.

Mortgage Rates Rise after Election

Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.

New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.

What’s Ahead

Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.

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7806 E San Carlos Road Scottsdale, AZ 85258

$1,550,000
3 Beds
3 Baths
2,382 SqFt
Status Active
MLS # 6744714
Property Type Single Family Residence
Price Type --
This beautifully remodeled 3-bedroom residence offers the ultimate in convenience and luxury. Each bedroom boasts its own private ensuite bathroom and walk-in closet, offering ultimate privacy and indulgence. A chef's dream, the kitchen is equipped with top-of-the-line Viking appliances and provides a stunning centerpiece for the home. Abundant natural light fills the space through large sliders that open to a serene courtyard. Experience peace of mind within the secure confines of this guard-gated community. Enjoy resort-style living with eight swimming pools, nearby golf courses, and convenient shopping just moments away. This turnkey property offers effortless living without the stress of maintenance.

18221 N 53rd Street Scottsdale, AZ 85254

$1,550,000 - 5Br/4Ba -  for Sale in Triple Crown 2, Scottsdale
Open House
$1,550,000
5 Beds
3.5 Baths
4,274 SqFt
Status Active
MLS # 6785014
Property Type Single Family Residence
Price Type --
Located in the Triple Crown community, this rare 5 bed, 3.5 bath with basement features an open floor plan, wood flooring, high ceilings, arched entryways, and numerous windows creating natural light throughout the home. Home features family room with gas fireplace, formal dining/great room, and newly updated chef's kitchen with stainless steel appliances, kitchen island, separate bar, and room for dining seating. Primary suite holds dual vanities, separate bathroom, oversized shower, and enclosed toilet. Main floor holds 2 guest bedrooms; basement holds additional 2 guest bedrooms and large family/game room. Entertain and enjoy Arizona's weather in the backyard with new private pool, covered patio perfect, and separate BBQ area. Recent upgrades include new roof, HVAC unit, flooring, interior and exterior paint, and kitchen and pool remodels. Triple Crown features community park with basketball court, sand volleyball, playground, and multiple areas for your family to dine, grill, and play. Home is located just minutes from Scottsdale's top resorts, shopping, golf, and restaurants.

2213 W Twain Drive Anthem, AZ 85086

$1,549,999
5 Beds
4.5 Baths
4,911 SqFt
Status Active
MLS # 6772241
Property Type Single Family Residence
Price Type --
Welcome to Twain Dr! Talk about having it all! Take a step into this expansive home that just keeps going! This entertainers paradise features 5 bedrooms, 4.5 bathrooms, and a beautifully updated open living concept that cannot be missed. Featuring two flex rooms right when you walk in the front door, an oversized dining area, wet bar, and open concept kitchen/living area, this home has space for anything you desire! If that wasn't enough, step outside into two different locations. First, enjoy your morning coffee in this beautiful, private courtyard with a fire place, or head on out back and enjoy privacy with no neighbors behind you! This desert oasis of a backyard, with an incredible water feature, built in barbecue, pool, and spa is an entertainers dream! If that wasn't enough, head into the master bedroom, which includes a beautiful outdoor patio space to enjoy the sunset, a large master bathroom, and huge walk in closet, and fully remodeled bathrooms throughout for guest bedrooms! Enjoy family night with popcorn and snacks in your exclusive media room! Last but not least! FULLY OWNED SOLAR to SIGNIFICANTLY reduce bills each month, along with Ring security cameras throughout the house! To top it all off, do not miss all the AMENITIES that Anthem has to offer, including a community pool, biking/walking paths, clubhouse/rec center, workout facility, and tennis courts! Schedule your showing today! Twain Dr is not to be missed!

14605 S Presario Trail Phoenix, AZ 85048

$1,549,900
4 Beds
5 Baths
3,666 SqFt
Status Active Under Contract
MLS # 6754083
Property Type Single Family Residence
Price Type --
Welcome to this stunning custom home in the exclusive GATED SUMMERHILL community. This beautiful 4-bedroom, 5-bathroom plus executive office home spans 3,666 square feet livable, and 5688 Under Roof! This Custom home built by Forte Homes offers luxurious living at its best! One of the newest homes built in Summerhill in 2018 includes newer components like roof, A/C units, stucco, paint, insulation, and appliances, all 2018. The property is situated on a 1.35-acre mountainside lot and provides breathtaking mountain views and high-end features. The large great room boasts stained exposed wood beams, 15-foot ceilings, and large windows showcasing stunning mountain views. The gourmet kitchen has top-of-the-line stainless steel appliances, including a Sub-zero built-in refrigerator, a Wolf gas range with double ovens, and two dishwashers. The kitchen also features a large island with double sinks, a breakfast bar with sink and chilled RO system, custom alder cabinetry, and a walk-in pantry. Dramatic entry, formal dining room, neutral flooring throughout, custom window treatments, granite counters, solid 8-foot doors, Star dual energy dual pane windows, smart home technology, and a large laundry room are just some of the upscale features. The Elegant primary suite wing features a private exit to the patio, a spa-like bath with double sinks, a huge walk-in closet, a jetted tub, and Incredible views from every window! Adjacent to the Primary is an Executive Office and Powder Room. Three secondary bedroom suites include neutral tile in common areas, carpet in bedrooms, private baths with granite and custom fixtures, and walk-in closets. The 5-car garage is a massive 1325 square feet with air conditioning, insulation, custom 10-foot doors, and built-in cabinetry, providing ample space for vehicles and storage. The backyard is ideal for entertaining and offers stunning mountain views and amazing sunsets. The expansive covered patio with paver flooring is perfect for entertaining, complete with built-in gas heaters, ceiling fans, and a pool bath. Enjoy the natural gas-heated pool and spa, surrounded by a travertine deck and multiple seating areas. It includes a custom heated pool and spa with deck jets and a spillway. The custom natural desert design landscaping, a turf side yard, and a paved driveway enhance the property's curb appeal. This home is a masterpiece, offering luxury, comfort, and breathtaking views. Don't miss the opportunity to make it yours!

3817 E Hiddenview Drive Phoenix, AZ 85048

$1,549,000
4 Beds
2.5 Baths
3,083 SqFt
Status Active
MLS # 6761480
Property Type Single Family Residence
Price Type --
This stunning 4-bed, 2.5-bath modern home offers 3,083 sq. ft. of luxurious living space, fully remodeled to perfection. The gourmet kitchen features a sleek 10ft island, quartz countertops, and top-of-the-line appliances, ideal for culinary enthusiasts. Enjoy an airy, open-concept layout that seamlessly connects living spaces with breathtaking lakefront views from multiple rooms. Step outside to your private oasis with a brand-new PebbleTec pool, perfect for entertaining or relaxing. Every detail of this home blends modern elegance with timeless charm, making it a must-see in the Lakewood Estate community.

16617 W Monterey Way Goodyear, AZ 85395

$1,549,000
2 Beds
2.5 Baths
3,172 SqFt
Status Active
MLS # 6716863
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat! This stunning property features an innovative design where stackable patio doors seamlessly merge indoor and outdoor living spaces with mountain views and lake overlooking the golf course. Awake in the morning & enjoy views of lake and mountain right from your bedroom! Inside discover an open-concept floor plan that effortlessly flows onto an expansive outdoor patio, perfect for entertaining or enjoying quiet moments of relaxation. This Solstice model has over 3000 sf, formal dining room 2 large bedrooms, den and casita with separate den, oversize 3 car garage. PebbleCreek has over 200 clubs, 36 pickleball courts, 3 golf courses to enjoy, 2 restaurants, 330 seat theater and a lot more! This 1/4 acre lot is one of the best properties in PebbleCreek

3140 E Page Avenue Gilbert, AZ 85234

$1,549,000 - 4Br/4Ba -  for Sale in Higley Groves West, Gilbert
Open House
$1,549,000
4 Beds
3.5 Baths
4,029 SqFt
Status Active
MLS # 6771686
Property Type Single Family Residence
Price Type --
Luxurious living at Higley Groves West! This magnificent haven offers a lovely curb appeal w/a stone façade, private courtyard, a 3-car side garage, & a wide RV gate/parking. Meticulously designed interior w/pristine lines promotes a modern feel, boasting inviting foyer, rich wood flooring, plantation shutters, thick baseboards, & stylish light fixtures. Highlights include an large living room, formal dining room, & desirable great room adorned w/pre-wired surround sound. Gourmet kitchen is a chef's delight, fully equipped w/abundant white cabinetry accentuated by crown moulding, travertine backsplash, a custom prep island w/a breakfast bar, desk area, built-in appliances, butler's service area, granite counters, & a breakfast nook. As a bonus, this house features a magnificent backyard. Grand owner's retreat will impress you w/direct outdoor access, an ensuite w/two vanities, make-up desk, soaking tub, & a walk-in closet w/mirrored doors. One Jack & Jill bathroom! Stunning backyard is an entertainer's dream, showcasing a covered patio, putting green, storage sheds, fire pit, & an enticing pool & spa. This gem will captivate you!

34596 N 99th Way Scottsdale, AZ 85262

$1,545,000
4 Beds
3.5 Baths
3,117 SqFt
Status Active
MLS # 6763085
Property Type Single Family Residence
Price Type --
Welcome to this beautiful residence nestled within the prestigious gated community of Legend Trail. This captivating home offers 4 bedrooms and 3.5 bathrooms. As you approach, an inviting iron gate opens to a serene private front courtyard with lush landscape and water feature. As you enter, you'll be greeted by soaring 9+ft ceilings and an abundance of natural light streaming through the windows, offering picturesque views of the backyard oasis. The expansive living features a charming brick fireplace, providing a warm and inviting atmosphere perfect for relaxation or gatherings. Large windows offer views of the sparkling pool, enticing you to unwind and enjoy indoor-outdoor living at its finest. Both the front and back of the home include desert landscaping ideal for low maintenance and lock and leave lifestyle. The kitchen, ideal for culinary enthusiasts, is equipped with a breakfast bar accented by a brick knee wall and pendant lighting, granite countertops, ample white cabinetry, a pantry, and a striking blue kitchen island with a gas cooktop. Stainless steel appliances, including a double wall oven, elevate the functionality of this space, which also includes an eat-in area and a wet bar, making it perfect for entertaining. For more formal gatherings, the home offers a separate dining area with French doors leading to the front courtyard, enhancing the indoor-outdoor flow. Retreat to the luxurious primary bedroom offering expansive windows framing views of the backyard, a dual sink vanity, a separate tub and shower, and a generously sized closet. Additional highlights include a laundry room with more cabinet space for storage and a sink, as well as a split 3-car garage for added convenience. The private backyard area includes a built-in BBQ, fireplace and seating, perfect for outdoor entertaining. Enjoy the covered patio, offering a cool retreat on hot summer days, complete with a ceiling fan and electric awnings. Experience the sought-after amenities of Legend Trail, including golf, a clubhouse, fitness room, pool and spa, pickleball and tennis courts making this home an ideal choice for those seeking the ultimate desert lifestyle!

8 Biltmore Estates Drive Unit 313 Phoenix, AZ 85016

$1,545,000
3 Beds
2.5 Baths
2,329 SqFt
Status Active
MLS # 6738169
Property Type Townhouse
Price Type --
Experience true luxury living at the Biltmore Fairway Lodge in this beautifully renovated condo. 3 bed/2.5 bath that has undergone a full interior remodel in 2022 . Every fixture meticulously chosen & over $600K in upgrades! Soaring high ceilings creates a stunning home with open living space complete with a premium chef's kitchen-luxury appliances include Wolf dual fuel range ,Subzero freezer/fridge drawers , Thermador refrigerator & wine cooler and Cove dishwasher. RO System in Kitchen plus new mechanicals all in 2021! Spacious master w/ private balcony and incredible mountain views. Two parking spots included + Huge storage unit ! Modern onsite amenities include heated pool & spa, fitness center & round-the-clock security with onsite management. retreat. Additionally, you'll benefit from two dedicated parking spots and a generous storage unit. Take advantage of outstanding onsite amenities, including a heated pool and spa, a fitness center, and round-the-clock security with dedicated management. This is luxury living perfectedall within minutes of Biltmore shopping, dining, & resorts!

2626 E Arizona Biltmore Circle Unit 35 Phoenix, AZ 85016

$1,539,000
3 Beds
2.5 Baths
2,754 SqFt
Status Active
MLS # 6746652
Property Type Single Family Residence
Price Type --
Stunning home in the highly desirable gated community of Biltmore Square at the Arizona Biltmore. This property offers an ideal layout with two en-suite bedrooms, an office that could serve as a third bedroom, & a versatile upstairs loft. The spacious great room boasts soaring ceilings, a propane fireplace, tile flooring, & a formal dining area bathed in natural light from expansive picture windows & French glass doors. The chef's kitchen is equipped with a Wolf induction cooktop, double ovens, a wine fridge, granite countertops, a butcher block island, & a cozy breakfast nook. The primary suite includes access to the patio, a fireplace, & a walk-in closet. The immaculate backyard features a propane fire pit, built-in BBQ grill, ample seating, artificial turf, lush landscaping, and overlooks the 12th green with picturesque mountain views.

20705 E Marsh Station Road Vail, AZ 85641

$1,535,000
3 Beds
2.5 Baths
4,039 SqFt
Status Active
MLS # 6777269
Property Type Single Family Residence
Price Type --
Welcome to a one-of-a-kind gated estate on a private hill in Arizona's gorgeous landscape. Enjoy 5.6 acres plus an additional 51 acres of adjoining land, offering unparalleled seclusion and panoramic views. This 4,039-sq-ft luxury home features 3 spacious bedrooms, 2.5 baths, a chef's kitchen with custom knotty alder cabinetry, and an open-concept living area with stunning wood beam ceilings. Breathe in the desert vistas from expansive windows and outside patio off living area. Relax by two fireplaces-pick your view!. Additional amenities include a 3,200-sq-ft detached warehouse/workshop with a 20x80 carport, perfect for storage or creative projects. Don't miss this Arizona paradise

5362 S San Sebastian Place Chandler, AZ 85249

$1,530,000
4 Beds
3.5 Baths
4,320 SqFt
Status Active
MLS # 6771317
Property Type Single Family Residence
Price Type --
Welcome to this stunning single-level TW Lewis home in the prestigious gated community of Valencia - San Sebastian. Spanning over 4000 sq ft, this elegant home offers 4 bedrooms plus den,3.5 bathrooms, and soaring 12 ft ceilings and is situated on a spacious 20,000+ sq ft lot adjacent to a vast neighborhood park. The open kitchen boasts a Wolf stove/oven, pot filler, walk-in pantry, granite countertops, and a wine area. Interior highlights include wood shutters, travertine flooring, surround sound, high-end lighting, and motorized blinds. The luxurious master suite offers two walk-in closets and a grand walk-through shower. The backyard oasis includes a pool, spa, fire pit, and a spacious grassy area. Located near restaurants and shopping!

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