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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362 Ancora Drive Litchfield Park, AZ 85340

$556,500

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6775129

Property Type Single Family Residence

Price Type --

Within the highly desirable Old Litchfield Park you will find this tastefully updated 3 bedroom 2 bath home with Pool and No HOA. Upon arrival you will notice the block construction, mature shade trees and large patio/seating area. At entry the vaulted ceilings, wood plank style floor tile and sunlight shining through upgraded dual pane windows with real wood plantation shutters will invite you in. Remodeled kitchen boasts granite countertops, stainless steel appliances, a farmhouse sink and backyard pool view. Owner's suite includes walk-in closet, built in vanity and large slider door with direct backyard access. Other interior features include multiple living areas, neutral paint throughout and inside laundry. Outback you will find a desert oasis ready for relaxation and... entertainment with newly resurfaced pool, refinished cool decking, covered patio, multiple seating areas and plenty of grass for pets or play. Other exterior features include storage shed, on roof solar and north/south exposure. Area features and activities in and around Old Litchfield Park include Wigwam Resort, golf, neighborhood lake, multiple parks with playgrounds, restaurants, tennis courts, basketball courts, library, community pool and recreation center.Welcome Home!

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5145 N 87th Drive Glendale, AZ 85305

$556,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

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12004 W Parkway Lane Avondale, AZ 85323

$555,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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3842 E Fiesta Flower Lane San Tan Valley, AZ 85140

$555,988

4 Beds

3 Baths

2,741 SqFt

Status Active

MLS # 6700081

Property Type Single Family Residence

Price Type --

MLS#6700081 December Completion! The Revere plan at Combs Ranch-Landmark is a 4 bedroom, 2-story home designed to accommodate the ultimate living experience. With a main level guest room, gorgeous island kitchen, casual dining area and great room opening up to the outdoor living space this home is thoughtfully laid out at every turn. Upstairs, the luxe owner's suite has a large WIC, spa-like bath, and is separate from 2 bedrooms and loft. Design upgrades feature flooring cabinetry and stainless-steel appliances.

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4405 N 203rd Avenue Buckeye, AZ 85396

New

$555,784

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6786223

Property Type Single Family Residence

Price Type --

Nestled in the coveted Victory at Verrado Active Adult community, this stunning Clyde plan home blends farmhouse charm with modern elegance. Relax on the cozy front porch while soaking in breathtaking views of the White Tank Mountains and Roma Park. The chef's kitchen shines with a large island, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances. The great room, highlighted by a coffered ceiling, is perfect for entertaining. A serene home office offers space for hobbies or reading. The Primary Suite boasts a spa-like bath and spacious walk-in closet. Extras include pendant lighting, ceiling fans, blinds, and owned solar panels. ***Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20931 E Via Del Sol Street Queen Creek, AZ 85142

Open House

$555,541

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6754262

Property Type Single Family Residence

Price Type --

SELLER CONSESSION AVAILABLE ON THIS QUICK MOVE-IN NEW CONSTRUCTION HOME! Located Close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and is just steps to the 8-Mile Walking Trail. This Beautiful Home is located in the Cul-de-sac and has the upgrades your clients are looking for: All Appliances Including Stainless Refrigerator, White Washer & Dryer, Stainless Gas Cooktop with Double Wall Ovens, Beautiful Cabinetry w/Hardware, Plank Tile Flooring, Quartz Kitchen Countertops, Front yard landscaping and so much more! Backyard is large enough for a future pool. We are in Close-Out with a limited number of homes remaining. Don't Wait, Come See This Home Today!

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2469 W Sioux Lane Happy Jack, AZ 86024

$555,500

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6757412

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful residential property in the Starlight Pines HOA, where maintained roads ensure easy access year-round. Nestled in the scenic beauty of Rim Country, this 3-bedroom, 2-bathroom home is designed for comfort and convenience. As you enter, you'll be captivated by the beautiful tongue and groove ceilings that add a touch of rustic elegance to the living spaces. Each of the three bedrooms is thoughtfully designed with ample storage, ensuring that all your belongings have their place. The highlight of this property is the extra-large garage, measuring 30x32, with an additional 30x10 loft above, providing extensive storage or workspace options. Custom screen doors add a unique charm and functionality to the home, allowing fresh air to flow through while keeping insects at bay. Step outside onto the beautiful deck, the perfect spot to relax and enjoy the peaceful surroundings. Here, you can witness the majestic elk that frequently visit, offering a unique connection to nature. With its blend of rustic charm and modern amenities, this home in Starlight Pines HOA offers an ideal retreat for those seeking a tranquil lifestyle in the heart of Rim Country. Don't miss out on this opportunityrequest a time today and experience this wonderful property for yourself.

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3650 E Quenton Drive Unit 6 Mesa, AZ 85215

$555,000

3 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6784952

Property Type Single Family Residence

Price Type --

Amazing Views !!!! Located in Val Vista estates, community pool, large common area, rv/boat parking, 3 bed 2 ½ bath, third can also serve as office. be can also Large back porch, new roof & hot water heater in 21, new A/C in 2000, new fridge & dishwasher in 23.

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16143 W Charlotte Drive Surprise, AZ 85387

$555,000

3 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6752054

Property Type Single Family Residence

Price Type --

his brand new Fulton home, known for its quality and stunning designs, is ready for move-in! Featuring over $75K in premium upgrades, this bright and spacious great room plan includes 3 bedrooms, a den, and 3 bathrooms. Enjoy 9' ceilings, a gourmet kitchen with upgraded cabinets, granite countertops, and a custom backsplash. The split floor plan includes a large primary bedroom with a luxurious spa super shower in the primary bath, and elegant wood-look tile flooring throughout. Additional features include 2'' white blinds, ceiling fans, fully landscaped front and backyards, and a 3-car tandem garage. Situated in front of the park with a paver entry. his Energy Star certified home with Indoor airPLUS certification is conveniently close to the community pool, picnic area, tot lots, basketball and pickleball courts, and more. See Document for all upgrades.

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20712 W Medlock Drive Buckeye, AZ 85396

$555,000

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6770305

Property Type Single Family Residence

Price Type --

Beautiful David Weekley contemporary home in the only GATED community in Victory, Mountainside. This unique Pathfinder floorplan showcases this open-concept floorplan and this particular elevation has 12' ceiling in the great room, emphasized by more windows! You'll love the gorgeous & functional kitchen featuring a huge island, granite counters, plenty of cabinets. Stunning First Impressions entry door, neutral tile THROUGHOUT, immaculate condition. Generous master bedroom with spa-like ensuite bath & walk-in closet. Guest bedroom and separate den with French Doors and guest bath at front of house. This location in Mountainside is ideal - one side neighbor, facing green space & adjacent to guest parking. Mountainside has private pool & social area for residents. A great place to live!

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1205 W Indian School Road Phoenix, AZ 85013

$555,000

3 Beds

1 Bath

1,143 SqFt

Status Active

MLS # 6770320

Property Type Single Family Residence

Price Type --

Welcome to Melrose! Completely remodeled by owner, this centrally located gem in Melrose district is walking distance to some of the top restaurants in Phoenix. Everything in this home has been meticulously thought out and upgraded by current owner. Beautiful tile through the entire home, large kitchen island and upgraded appliances including tankless water heater. Gated parking for multiple vehicles and rear rv gate for alley entry. Plenty of room in back yard for detached garage or ADU to be built. Bathroom has been completely re-done and boasts beautiful tile shower/tub and contemporary look. Covered back patio for entertaining and self watering landscaping. Owner will provide detailed list of upgrades. Great starter home or potential airbnb!

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1 E Lexington Avenue Unit 410 Phoenix, AZ 85012

$555,000

2 Beds

2 Baths

1,169 SqFt

Status Active

MLS # 6783887

Property Type Apartment

Price Type --

Low Down Payment Seller Financing! Premier mid-town urban living! This corner unit enjoys spectacular panoramic views of the mountains and city center. Spacious floorplan boasts a well equipped kitchen with stainless steel appliances, sleek soft close cabinetry, Quartz counters, stylish back splash & convenient pantry. Espresso plank wood floors with neutral tile in kitchen & baths, and plush carpet in the bedrooms. Beautifully appointed primary suite w/shower, soaking tub, dual sinks and a large walk-in closet. Split bedrooms for convenience. Washer/Dryer in the unit. Shades for privacy throughout. 2 covered parking spaces plus storage. Desirable community with gym & pool, several common spaces and rec room. Ideal location near light rail, Downtown, Midtown and Uptown businesses, activities, restaurants, cultural events, public transportation just outside your door. Available with Seller carry financing ONLY. 10% down 6.5% rate on 30 year amortization with 5 year balloon payment Credit qualified within verifiable adequate income and 650+ credit score

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