What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.

Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.

According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.

Housing Starts Up, Building Permits Issued Slip in July

Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.

Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.

Mortgage Rates Mixed, New Jobless Claims Lower

Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.

New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,

What‘s Ahead

This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.

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40386 W Michaels Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6682259

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!

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17796 W Blue Sky Drive Surprise, AZ 85387

$474,995

4 Beds

3 Baths

2,046 SqFt

Status Active

MLS # 6703698

Property Type Single Family Residence

Price Type --

The inviting ranch-style Sapphire floor plan welcomes guests with a covered entry. Off the foyer, you'll find two bedrooms, both with walk-in closets. The extended entry leads to an open layout with a kitchen with a center island, a dining area, and a great room with a center-meet door leading to the covered patio. The owner's suite is adjacent, and showcases dual walk-in closets and an attached bath. Explore this exceptional Sapphire home, ready for quick move-in by September 2024 on a homesite boasting driveway pavers and front yard landscaping. Included features such as an inviting covered entry; a bathroom in lieu of two closets; a well-appointed kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; a spacious great room; an impressive primary suite showcasing a nice shower with bench, generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 3-car garage. This home also features 9 ft ceilings, 8'6 paneled interior doors, additional windows, ceiling fan prewiring and beautiful tile flooring in common areas as well as a nice shower bench in the owner's bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. This beautiful home is done right and has so much to offer! COME CHECK OUT THIS GEM TODAY!!! Ready for quick move-in by September 2024

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18602 W Honeysuckle Drive Surprise, AZ 85387

$474,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6645451

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room, Laundry room closet, a bedroom and an attached bath. This home also has stone tile flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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10834 W Grant Street Avondale, AZ 85323

$474,995

4 Beds

3 Baths

1,870 SqFt

Status Active

MLS # 6694013

Property Type Single Family Residence

Price Type --

The ranch-style Larimar plan offers a seamless blend of style, comfort and functionality. The heart of this home is its open, airy kitchen, which features a center island, walk-in pantry and dining room, and flows into an inviting great room with stylish center-meet doors that provide access to the covered patio. The large primary suite boasts a well-appointed bath and an oversized walk-in closet. This home will be built with four bedrooms, plus an extra bathroom (3)! Very few homesites left.

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19568 W Cambridge Avenue Buckeye, AZ 85396

$474,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6697512

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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2429 E Cy Avenue San Tan Valley, AZ 85140

$474,990

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697588

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with a den and modern exterior. 4 panel slider off the great room. The 3 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. This home has been upgrade with wood plank ceramic tiles, backsplash, modern cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout! And for buyer's who are looking to take some hassle out of the moving process, Ashton Woods is offering washer, dryer, fridge AND blinds.

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4169 E Brook Lynn Place San Tan Valley, AZ 85143

$474,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6701262

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This charming Sage features Ashton Woods' stunning farmhouse elevation. With 4 beds, 3 baths, and 2,150 sqft of space, it's perfect for your family and even has a spacious 3-car tandem garage with a garage door opener and a large den. Inside, enjoy modern living with included stainless steel gas appliances, a 4-panel sliding glass door for added natural light, and blinds throughout. This house comes move-in ready with Washer, Dryer & Fridge! Don't miss out on this opportunity for luxury and convenience!

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1977 E Georgia Ruth Lane San Tan Valley, AZ 85140

$474,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6678699

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 4 bedroom 3 bathroom home with a 2 car garage. Our Ashton Woods Coastal Collection, spacious owner's suite, stainless steel appliances, granite kitchen countertops and classic shaker style cabinets makes this a place to call home. Conveniently located North of Combs Rd and Schnepf Rd. As with all of our homes, this one is also constructed as ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability!

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37980 N Neatwood Drive San Tan Valley, AZ 85140

$474,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6699248

Property Type Single Family Residence

Price Type --

Beautiful NEW Home in PRIME San Tan Valley location, close proximity to Queen Creek and other major cities. JULY 2024 MOVE-IN! Prime lot bordering common area, overlooking scenic desert views. Featuring countless upgrades such as 9' ceilings, Shaw Ceramic Tile Floors, Granite countertops in the kitchen. Whirlpool Stainless steel appliances and white cabinetry. Washer and Dryer included. Energy-efficient features throughout, Wi-Fi & programmable thermostat, and electric range. Spacious walk-in closet in owner's suite! Front yard landscaping with irrigation included and generous covered patio in the backyard. Minutes from hiking trails and scenic mountain views! Fantastic proposed amenities include community lake, parcourse stations, bike loops and racks, ramadas, shaded play structures, great park area including large community pavilion, BBQ grills, picnic tables, pickleball court and open space areas. Located near Queen Creek, highly rated schools and easy access to shopping centers, dining options and entertainment venues.

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9730 W Albeniz Place Tolleson, AZ 85353

$474,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6701785

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est completion of August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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11816 S 173rd Lane Goodyear, AZ 85338

$474,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6703353

Property Type Single Family Residence

Price Type --

Situated on a homesite facing sweeping views of the Estrella Mountains. This beautiful home boasts 3 large bedrooms and a private enclosed study. The open-concept kitchen includes ample countertop space, built in appliances, designer backsplash, a center island, and an expansive walk-in pantry. Host your next dinner party in the open dining and great room then transition to the covered back patio for dessert and a nightcap. Additional highlights include wood like tile, 8' interior doors, soft water loop with drain, 8' garage door, and so much more! Located within the Estrella masterplan with 2 state-of-the-art Residents Clubs including fitness centers and pools, Starsplash Water Park, and a community lake with activities including boat rentals.

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40870 W Agave Road Maricopa, AZ 85138

$474,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6399861

Property Type Single Family Residence

Price Type --

THIS HOME IS READY FOR MOVE-IN! It's the popular Belice - 3 bedrooms, 2 baths and 3 car tandem garage. We're building this home with an 8' garage door, garage service door, 12x8 sliding glass door off of the great room that leads out to your extended covered patio. Gas appliance package with microwave. Lausanne Espresso cabinets with 42'' upper cabinets in kitchen. Himalaya white granite countertops in kitchen and the enhanced kitchen island with matching backsplash. Upgrade flooring includes 12x24 Linden Pointe Grigio tile in all areas of the home except bedrooms/closets. Owners bath has separate tub and shower with Artic white tile surrounds. Dual sinks at bath 2. Interior two tone Gray paint throughout and so much more. Water Company is Santa Cruz Water Company and Sewer.

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