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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19950 W Cambridge Avenue Buckeye, AZ 85396

$1,258,000

4 Beds

3.5 Baths

2,919 SqFt

Status Active

MLS # 6736777

Property Type Single Family Residence

Price Type --

Beautiful 2919 sq ft 1 level Horse property with Casita and 1 acre with the best of both worlds, space and proximity to everything! Some of the features, include 20-foot ceiling entry in the great room, Shutters, 4 large bedrooms, 3.5 bath, including a master suite, walk-in closet master bath with en suite with a garden tub and skylight, french doors opening to the covered patio, custom tiled bathrooms, rustic wood beams, propane fireplace, chef's paradise kitchen with granite countertops and stainless-steel appliances, built-in wine fridge in the adjacent family Room, tile floors, office with additional outside access, three-car oversized garage/man cave with built-In cabinets, AC/Heat, Fan, 220-volt outlet for a charging station, and a not to forget a dream backyard with space!

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10230 N 39th Street Phoenix, AZ 85028

$1,255,000

2 Beds

2 Baths

2,646 SqFt

Status Active Under Contract

MLS # 6774365

Property Type Single Family Residence

Price Type --

OPPORTUNITY TO MAKE THIS YOUR DREAM HOME! SURROUNDED BY MOUNTAIN VIEWS AND WILDLIFE*FEEL LIKE YOU ARE IN THE COUNTRY BUT WITHIN THE CITY AND EZ COMMUTE TO DOWNTOWN

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20970 E Stacey Road Queen Creek, AZ 85142

$1,254,900

4 Beds

3.5 Baths

3,351 SqFt

Status Active

MLS # 6776053

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in Bellero, this stunning contemporary residence combines modern elegance with ultimate comfort. Key Features: Stunning Curb Appeal, Open-Concept Living: Step inside to an expansive open floor plan featuring high ceilings and tile plank floors. The spacious living area flows seamlessly into the gourmet kitchen, equipped with top-of-the-line stainless appliances, and HUGE center island with quartz countertops. Elegant Dining Experience. Luxurious Master Suite, 3 Versatile Bedrooms. Casita with separate entrance. Massive RV garage. 4 car attached Garage. Outdoor Oasis with pool, Built in BBQ and amazing entertaining space. Prime Location:Situated in a sought-after neighborhood, this property is just minutes away from top-rated schools, shopping, dining.

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14700 S Tuthill Road Buckeye, AZ 85326

$1,253,632

4 Beds

3 Baths

3,436 SqFt

Status Active

MLS # 6768652

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 5.38-acre estate, this meticulously remodeled ranch home offers a perfect blend of luxury living and agricultural charm. The main residence features 4 spacious bedrms and 3 bathrms, along with a versatile bonus room. Step outside to discover a backyard paradise, complete with a sparkling pool that promises endless fun and relaxation under the sun. This estate is a horse lover's dream, featuring a fully equipped barndominium with 2 cozy bedrooms and 1 ba, perfect for guests or as a caretaker's quarters. The estate is designed to cater to all aspects of farming and equestrian activities, boasting an impressive arena, 10 horse stalls, a riding & corral area for training and enjoyment. The horse walker & multiple water sources across the property ensures the utmost utmost convenience and care for your equine friends. With ample space for gardening, livestock, and other agricultural pursuits, this property offers a unique opportunity to live a life of self-sufficiency and connection to the land. Whether you're a seasoned farmer, an equestrian enthusiast, or simply seeking a serene and spacious retreat from the hustle and bustle, this property is sure to captivate and inspire. Welcome home to your very own piece of paradise, where luxury meets country living at its finest.

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16032 E Dale Lane Scottsdale, AZ 85262

$1,250,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6715378

Property Type Single Family Residence

Price Type --

Stunning NEXTGEN Builders contemporary just starting. Car collectors and Serious RVers will appreciate this luxury plan offering oversized40' deep 3 car tandem plus 49' deep RV gar. all paved streets, 4 BD, plus office, 4.5 BA, grand kitchen, guest suite w/private living room, owners suite with free-standing tub, walk through shower, & oversized walk-in closets, quality 90/10 smooth walls, 8' doors, quartz countertops throughout, 12' ceilings in the great room and kitchen, Amazing views. Quality build with Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension foundation, Pictures are from model home. Buyer to verify all facts and specs.

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3295 W Mesquite Street Phoenix, AZ 85086

$1,250,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6783088

Property Type Single Family Residence

Price Type --

Stunning new construction luxury home by NEXTGEN Builders to be built: This luxurious home features 4 bedrooms plus an office/den, 3.5 bathrooms, and high-quality finishes throughout. The spacious design includes an oversized 2-car garage plus a 46+ foot RV garage with a 12x14-foot tall garage door, set on a large lot without HOA restrictions. Highlights include an oversized contemporary front door, 2x6 exterior framing, a large kitchen island with quartz countertops, and walk-in closets in all bedrooms. The Owner's bathroom offers a spacious entry shower, standalone tub, and double sinks. Other features include 8-foot doors, 12 ft ceiling, energy-efficient spray foam insulation, and a post-tension foundation. Choose your options. Please note, photos are of a model home.

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23 County Road 1320 -- Greer, AZ 85927

$1,250,000

4 Beds

4 Baths

3,751 SqFt

Status Active

MLS # 6783284

Property Type Single Family Residence

Price Type --

This can be your Dream Log Cabin in Greer. It has everything, 4 bedrooms, 4 baths, open living, dining and kitchen area. Wood fireplace, custom wood cabinets throughout. Upgraded appliances, tile floor & Berber carpet. Master bedroom, full size bath, walk-in closet w/ access to walk out deck. Master & one bedroom on main floor. Living area has access to walk out deck. One bedroom w/ full-size bath & loft upstairs w/ walk-out deck. Full size basement with one bedroom and full-size bath. Wood fireplace. Large family room and pool table. Single car garage. Within walking distance to Greer Village, abundance of wildlife and fishing in area. Greer Lakes minutes away, Sunrise Ski Resort 15 minutes away.

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Litchfield Park AZ 85340

$1,250,000

6 Beds

3 Baths

2,857 SqFt

Status Active

MLS # 6787434

Property Type Single Family Residence

Price Type --

Listing includes 3 additional parcels 508-10-481 501-63-018-J 501-63-018-Z

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13621 W Tuckey Court Glendale, AZ 85307

$1,250,000

5 Beds

3.5 Baths

3,921 SqFt

Status Active

MLS # 6681963

Property Type Single Family Residence

Price Type --

* VA ASSUMABLE LOAN * Must-see STUNNING CUSTOM LUXURY property nestled on a desirable cul-de-sac lot in Luke Ranch Estates! Rare 5 bed/3 bth/2 half bth/3-car garage home has everything on your wishlist and more! Pristine interior features neutral tile floor, dazzling chandeliers, plantation shutters, & 9+ high ceilings. Grand welcoming foyer leads to spacious great room for gatherings, formal dining room for hosting holidays, and the perfectly-sized den for a home office. The bright great room highlights multiple sliding glass doors merging indoor and outdoor entertaining. Chef's kitchen is fully equipped w/ wood staggered cabinets, mother-of-pearl tile backsplash, Sub Zero refrigerator w/wine cooler, Wolf appliances, kettle faucet, ice maker, 2 islands, and 2 sinks for a kosher kitch Septic Tank without leach field and conveniently marked with pavers for easy access. Double doors open to the sizable primary suite with separate backyard access, an accent wall, an immaculate ensuite w/dual vanities, and walk-in closet which also connects to laundry room! 4 of 5 bedrooms have walk-in closets! 5th bedroom makes a great game room and has attached 1/2 bath with access to backyard. Enjoy entertaining in this expansive backyard showcasing a relaxing extended covered patio, mature landscaping, sparkling oversized pool, outdoor shower, pergola, BBQ grill, built-in benches, electric and water RV hookups, RV gate, and gorgeous mountain views! This gorgeous gem is conveniently located near Luke AFB, White Tank Mtn Regional Park, shopping, and so much more! Call for a private tour today!

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38718 N 24th Avenue Phoenix, AZ 85086

$1,250,000

4 Beds

3.5 Baths

2,926 SqFt

Status Active

MLS # 6719991

Property Type Single Family Residence

Price Type --

Your future sanctuary, a stunning custom home in the serene Desert Hills community, scheduled for completion in early 2025. This exceptional 2,926sf residence offers unparalleled luxury and functionality, designed to cater to your every need. The expansive great room features a formal dining area and views through a wall of windows, flooding the space with natural light and offering a seamless connection to the outdoors. With 4 bedrooms PLUS DEN and 3.5 bathrooms, this split floorplan is the perfect size. The fourth bedroom features an en suite and walk-in closet, providing flexibility and privacy for guests or multi-generational living. The luxurious owner's suite is a true retreat, with a private exit to the backyard and large bathroom boasting a spacious shower & separate freestanding tub. A large walk-in closet with built-in organizers ensures ample storage and effortless organization. A gourmet Kitchen is the heart of the home, featuring large double islands with slab granite countertops and a striking full-height backsplash. Equipped with upgraded stainless-steel appliances, a pot filler, a gas range, and custom cabinets, this kitchen is a chef's dream. A large walk-in pantry offers ample storage for all your culinary needs. Recessed lighting, upscale pendant and chandeliers, as well as above and below cabinet lighting add a touch of sophistication and ambiance. Each full bathroom is adorned with tiled surrounds, adding a touch of elegance and sophistication. A conveniently located half bath is perfect for guests, and features stylish fixtures and finishes. Included is an oversized super garage, with an extended length 2.5 car garage and 8ft-high door, as well as an attached RV garage, providing ample space for vehicles, storage, and hobbies. Crafted with care and precision by local builder, Dynamic Desert Homes, who's known for their commitment to quality and excellence in home building. Built with 2x6 construction and spray foam insulation on a post-tension slab, this home is designed for durability and energy efficiency. Nestled on a generous 1-acre lot, there's plenty of space for outdoor activities, gardening, or even adding a pool. No HOA! Bring the toys! Horses, boats, trailers are all welcome here. Located in the serene rural area of Desert Hills, this home offers a peaceful retreat away from the hustle and bustle of the city, yet remains conveniently close to the essential amenities. Taxes are estimated and not yet assessed by county. PHOTOS AND VIRTUAL TOUR ARE OF ANOTHER PROPERTY OF SAME FLOORPLAN. SOME FEATURES, COLORS, FIXTURES AND DESIGNS WILL VARY.

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2200 E Aquarius Place Chandler, AZ 85249

$1,250,000

4 Beds

3 Baths

3,315 SqFt

Status Active

MLS # 6783026

Property Type Single Family Residence

Price Type --

Welcome to an exquisite residence nestled within the prestigious gated community of Windermere Ranch, where unparalleled luxury meets modern sophistication. Built in 2019, this opulent 4-bedroom, 3-bathroom haven offers a grand living experience, perfectly crafted for those with the most discerning tastes. Boasting the largest lot in the community, this home combines expansive space with intimate comfort, epitomizing the pinnacle of lavish living. Set within a serene enclave, this property boasts impressive street appeal with a custom iron entry door that welcomes you into a charming front courtyard adorned with a gas fireplace, all elegantly appointed with 12x36 inch porcelain tiles. The expertly designed landscaping and hardscaping, paired with WiFi-controlled waterfalls, create a tranquil ambiance that frames this remarkable home. Step inside to discover an interior filled with high-end upgrades and sophisticated design choices. The extended kitchen is a culinary masterpiece, featuring quartz countertops, a custom backsplash, state-of-the-art appliances, and ample cabinetry enhanced with undercabinet LED lighting. The island, complete with an integrated sink, makes for a functional yet chic space, perfect for entertaining. In the living room, soaring 12-foot ceilings and a stunning 60 linear gas fireplace, surrounded by custom Italian tile, create an expansive and luxurious gathering area. Enhanced with 5.1 speaker wiring and dimmable downlighting, the room is perfectly suited for both relaxed nights in or lively social gatherings. The primary bedroom suite is a sanctuary of relaxation, boasting an extended space with serene views of the backyard oasis. The primary bathroom is a spa-like retreat, featuring upgraded porcelain tiles and exquisite finishes throughout. Every detail has been thoughtfully curated, from the upgraded carpets in the bedrooms to the custom window shades in the music room and den. A central vacuum system and whole-house water softener ensure convenience and comfort at every turn. Outside, enjoy a lavish outdoor living space with a raised patio area tiled with 12x36 inch porcelain. Unwind under the expansive 19' x 20' pergola, or gather around the built-in linear gas firepit for unforgettable evenings under the stars. For the ultimate indulgence, a heated spa nestled on its own concrete pad awaits for soothing relaxation. This estate is a harmonious blend of indoor and outdoor living, finished with thoughtful touches such as upgraded exterior lighting fixtures, shade sails in the front courtyard, and a motion-activated pantry light. The complete exterior has been recently repainted, offering the perfect finishing touch to this distinguished home. With its formidable array of bespoke features, enhancements, and a prestigious location in Windermere Ranch, this exquisite residence stands as a testament to refined living. It is more than just a home, it is a lifestyle choice for those who seek the extraordinary.

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2637 W Frontage Road Amado, AZ 85645

$1,250,000

4 Beds

3 Baths

2,596 SqFt

Status Active

MLS # 6773124

Property Type Single Family Residence

Price Type --

Huge Opportunity for your ideas for financial growth. This stunning new built home sits on 18 sprawling acres, offering the perfect blend of luxury, tranquility, and creativity. Featuring a modern design 4-Bedroom, 2.5 bath spacious high-end finished home with spacious living areas, a gourmet kitchen, and large windows that flood the space with natural light, providing breathtaking views of the surrounding Mountain Views and Arizona countryside. Outside, the expansive property offers endless possibilities for outdoor living, farming, room for 4 more custom homes, build a guest lodge or simply enjoying the peace and privacy of rural living. Perfect for those seeking a serene escape while still being close to local amenities. Your dream home and future financial opportunity awaits

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