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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2117 E Voltaire Avenue Phoenix, AZ 85032

Open House

$569,000

3 Beds

2.5 Baths

1,590 SqFt

Status Active

MLS # 6772466

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops, and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. This premium end location Quail Plan showcases an enclosed front patio, oversized 2 car garage, bonus loft space and second floor deck.

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22807 E Stacey Road Queen Creek, AZ 85142

$569,000

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6758518

Property Type Single Family Residence

Price Type --

This open concept layout offers 3 bedrooms, private study, 2 baths, ample storage with a spacious utility room and two car garage. Enjoy sought after selections hand-picked by our expert designers; 12-foot slider leading you to the extended covered patio, signature ''super shower'' with upgraded tile to the ceiling in owners retreat, gourmet kitchen, stainless steel appliances with built in gas range, two tone shaker cabinets complimented by quartz countertops, and stunning kitchen backsplash. This beautiful home is situated on a desirable South Back home site. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

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11110 N 165th Avenue Surprise, AZ 85388

$569,000

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6771392

Property Type Single Family Residence

Price Type --

One of the best properties in Surprise with an opportunity to assume a low interest rate! With a huge chef's kitchen and open floor plan, this home is perfect for entertaining. This home will make you feel like you are on vacation all year. This home has no neighbors behind or to the east, making this home feel like it is the only home in the neighborhood. The backyard is a desert paradise with a luxury pool, an above ground spa and a built-in gas fire-pit. This home is move-in ready and offered turn-key.

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2640 E Northridge Street Mesa, AZ 85213

$569,000

3 Beds

2 Baths

1,913 SqFt

Status Active

MLS # 6779810

Property Type Single Family Residence

Price Type --

Imagine drinking your morning beverage next to the tranquil fountain and under the large carob tree. This home, without an HOA, is owned and cared for by the original owners. Some of the many features include a 205 square foot enclosed patio, large lot, double gates for boat or RV, built in storage room, built in Barbecue, Built in table on the patio 220 stub for Jacuzzi and much more. Save water with irrigation in both the front and back yards. The interior has an open floor plan and mostly hard surface flooring. There is a wood burning fireplace in the family room. The water heater was replaced in 2023 and the AC was replaced in 2022 and has a transferrable service plan. This home is located very close to 202 freeway for convenience.

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8791 W Kathleen Road Peoria, AZ 85382

$569,000

4 Beds

2 Baths

2,297 SqFt

Status Active

MLS # 6782048

Property Type Single Family Residence

Price Type --

Stunning 4-Bedroom Home with Pool in Arrowhead Shores Located in the desirable Arrowhead Shores neighborhood, this beautiful 4-bed, 2-bath home offers a private, new PebbleTec pool with updated pool equipment and a new roof. The spacious 3-car garage and open-concept living provide both comfort and convenience. The chef's kitchen features stainless steel appliances and granite countertops, while the master suite boasts a walk-in closet and spa-like en-suite bathroom. With no HOA fees, you'll have more freedom. Walk to top-rated schools and enjoy nearby shopping and dining. Don't miss out on this incredible opportunity! Schedule your showing today and make this dream home yours!

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3332 E Windsor Drive Gilbert, AZ 85296

$569,000

3 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6784340

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level 3-bedroom, 2-bath, 2058sf home in the highly sought-after Higley Park community. This home features a spacious formal living room, a cozy family room with a stone-front gas fireplace, and a split floorplan for added privacy. The kitchen boasts ample cabinets, a large island seating 3+, a gas stove, and a built-in oven. Enjoy the heated pebble sheen private pool in the quaint backyard with view fencing and no rear neighbors. The owner's suite is oversized with an ensuite offering a separate tub and shower. Recent updates include fresh interior and exterior paint, removable pool fence, and a flat tile roof. Located near top dining, schools, freeways, and entertainment, this home is in an amazing location!

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2185 W Mcdowell Boulevard Apache Junction, AZ 85120

$569,000

3 Beds

2 Baths

1,249 SqFt

Status Active Under Contract

MLS # 6775782

Property Type Manufactured Home

Price Type --

Discover this beautifully updated 3-bdrm/2-bath home with breathtaking mountain & city views, situated next to preserved land for ultimate privacy. The home features a brand-new roof and modern appliances in a well-equipped kitchen, perfect for comfortable living & entertaining. Step outside to enjoy a spacious 52-ft covered patio, ideal for relaxing or hosting guests.For equestrian enthusiasts, the property includes 4 large covered stalls, each with its own turnout, a dedicated tack room, & covered hay storage. Additionally, a separate workshop, well house, tool shed, and ample covered storage space provide all the convenience and utility you need.This property combines luxury with practicality, offering a peaceful retreat while maintaining proximity to essential amenities.

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8037 N Sage Vista Prescott Valley, AZ 86315

New

$569,000

3 Beds

2 Baths

1,984 SqFt

Status Active

MLS # 6787699

Property Type Single Family Residence

Price Type --

You don't want to miss this great home in the popular Viewpoint subdivision in Prescott Valley. Enjoy the open floor plan with large living room, dining room and bonus sitting area to enjoy morning coffee. Take in the amazing sunrises and mountain views from your covered patio completely landscaped and fenced for the pups! The kitchen has granite counter tops, upgraded cabinets, stainless steel appliances and tons of space, perfect for prepping for holiday dinners. Pull up a chair at the bar and enjoy a cocktail and the beautiful distant mountain views. The large primary bedroom is light and bright with a newer sliding glass door for easy access to the view patio. Watch the sunrise, enjoy Mingus Mountain views and experience the monsoon as it moves across the valley.

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27504 N Montana Drive Rio Verde, AZ 85263

$569,000

2 Beds

2 Baths

1,741 SqFt

Status Active

MLS # 6780473

Property Type Townhouse

Price Type --

TURNKEY! Lovely, fully furnished and updated townhome in the gated and picturesque community of Tonto Verde. Located on a quiet cul-de-sac street just a half block from the clubhouse and its amenities. The home features great room style of living with new flooring, new GE Profile SS appliances, new washer and dryer, new plumbing fixtures, new hardware, new LED ceiling fixtures, and it has been freshly painted, including the garage. The covered patio extends out and includes a wood-burning firepit. The garage is extended in length to accommodate two cars plus a golf cart. It's fully furnished and ready to move in. It's the perfect townhome for you!

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8609 N 89th Drive Peoria, AZ 85345

New

$569,000

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6787852

Property Type Single Family Residence

Price Type --

Located within the gated Crosspointe community, this turnkey, extensively upgraded residence boasts 3 bedrooms plus a den and 2 bathrooms across 1893 square feet, featuring a spacious great room design. The gourmet kitchen is equipped with ample cabinetry, granite countertops, a gas cooktop, stainless steel appliances, a walk-in pantry, and an island complete with a breakfast bar and pendant lighting. Dual sliding glass doors from the great room open to a covered patio and a backyard surrounded by single story homes that includes a private pool, generous paver work, and a storage shed. The master bedroom offers backyard access through its own sliders and features an en-suite bathroom with dual sinks, a separate bathtub and shower, and a large walk-in closet. Additional amenities include tile and vinyl plank flooring, plantation shutters, neutral paint, ceiling fans, a side yard with a double gate, a stone-accented facade, and a 3-car garage complemented by an expansive paver-lined driveway.

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14410 N 42nd Place Phoenix, AZ 85032

$569,000

4 Beds

3 Baths

1,752 SqFt

Status Active

MLS # 6690022

Property Type Single Family Residence

Price Type --

Welcome to your dream family abode nestled in the heart of North Phoenix, Arizona! This charming single-level home boasts an array of desirable features designed to cater to your every need. Step inside to discover a spacious interior adorned with multiple living spaces, providing ample room for relaxation and entertainment. Whether you're hosting gatherings or enjoying quiet family evenings, there's a space for every occasion. The home's owned solar panels not only offer eco-friendly energy solutions but also ensure significant savings on utility bills, providing both environmental consciousness and economic efficiency. Outside, you'll find a delightful backyard oasis, perfect for soaking up the Arizona sunshine. Welcome home!

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7825 W Rovey Avenue Glendale, AZ 85303

$569,000

4 Beds

2 Baths

2,694 SqFt

Status Active

MLS # 6731089

Property Type Single Family Residence

Price Type --

This Beautiful home located in Tessera's gated community features *4 Bathrooms *2 Baths, Formal Living Room with Dining Room *Family Room*Granite counter*Tile floors in all common areas*Extended 3 car garage*Additional 4th Garage conditioned as workshop or can be used to store extra toys.*Lots of space for entertainment for large family*Beautiful front landscape with mature trees*RV Gate *Pavers/concrete laid out for RV parking Front/back yard*Across from Community Park*

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