Weekly Mortgage Interest Rate Report December 3, 2015

Week ending on 12/03/15 Average
Rate
Points
& Fees
Margin
 30-Year Fixed Rate 3.93% 0.6 N/A
 15-Year Fixed Rate 3.16% 0.5 N/A
 5/1-Year Adjustable Rate 2.99% 0.5 2.75
 1-Year Adjustable Rate 2.61% 0.3 2.74
 Week ending on 11/25/15 Average
Rate
Points
& Fees
Margin
 30-Year Fixed Rate 3.95% 0.7 N/A
 15-Year Fixed Rate 3.18% 0.6 N/A
 5/1-Year Adjustable Rate 3.01% 0.5 2.75
 1-Year Adjustable Rate 2.59% 0.3 2.74
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ARMLS RENT Check™ – Nov, 2015

Median Lease: $1,200 – Reduced from previous $1,250.

Average Lease: $1,377 – Reduced from previous $1,425.

Avg. Days on Market: 32 – Increased from previous 27 days.

Rent Check Quotient™: 2 : 5 – Remains stable.

Closed Rental: 2,671 – Reduced from previous 2883 homes.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Cap rates and Cash on Cash are still above 5%, It’s still good time to ACT!

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New Homes Big in Size not Price

The average size of a new home in Great Phoenix area in Nov 2015 was 2,494 square feet while the average size of a resale was 2,036 square feet. This gap (new homes 22% larger than the normal resale) suggests that homebuilders have shifted away from the entry level market toward the “move up” market. This also helps explain the relatively higher total new home price (31% higher than that of resales) while the average price per square foot is only 3% higher.

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Greater Phoenix Residential Housing Market Snapshot

ASU’s Nov 2015 report on the Greater Phoenix housing market had more good information. For single family homes, the over $500,000 segment was up 21%. But, this was due to a big gain in the $500,000-$2,000,000 market while the over $2,000,000 segment dropped 33%. There was a loss of market share in the under $200,000 segment due to poor supply.

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