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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

1350 S Greenfield Road Mesa, AZ 85206

$474,900

4 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6677598

Property Type Townhouse

Price Type --

Become the proud owner of this lovely 4-bed, 2.5-bath townhome in Tesoro at Greenfield! Discover an inviting great room with high ceilings, a neutral palette, blinds for privacy, and durable tile flooring. The kitchen boasts polished granite counters, abundant white cabinetry with crown moulding, sleek built-in appliances, a mosaic tile backsplash, a pantry, and a two-tier peninsula with a breakfast bar for casual dining. Relax after a long day in the main bedroom, offering direct backyard access, a private bathroom, and a walk-in closet. The serene backyard is complete with a covered patio, stylish pavers, and low-maintenance artificial turf. Don't let this opportunity pass you by!

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3723 N Aspen Drive Avondale, AZ 85392

$474,900

4 Beds

3 Baths

2,205 SqFt

Status Active

MLS # 6690213

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 3-bath residence in Garden Lakes! You're greeted by a 2-car garage and a well-manicured front lawn. Discover a welcoming living room with vaulted ceilings, a neutral palette, plantation shutters, and attractive wood-look flooring. The great room includes sliding doors to the backyard for seamless indoor-outdoor living. The kitchen comes with granite counters, ample wood cabinetry with crown molding, recessed lighting, stainless steel appliances, and a convenient pantry. The main bedroom is complete with cozy carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Enjoy scenic views of the Community greenbelt from the balcony. The backyard includes a covered patio, a relaxing spa, and a sparkling pool. See this gem now!

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8795 S 167th Lane Goodyear, AZ 85338

$474,900

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6696621

Property Type Single Family Residence

Price Type --

This great single story home in sought after Estrella sits on a premium 7K plus square foot lot with mountain views and no neighbors to the north or east! Light and bright open concept kitchen and main living space with lots of windows and bright, modern color scheme! Three bedrooms, 2 baths, 2 car garage, 1760 square feet - primary suite offers en suite bath w/ dual sinks, separate tub/shower and walk in closet. Kitchen offers an island, pantry, lots of cabinets, upgraded stainless steel appliances, gas stove, farm sink, RO drinking water & quartz countertops! Resort style living at its best with tons of amenities - walking/hiking/biking paths, community centers, residents clubs, golf - less than a mile to Cafe Bebida and even closer to new park w/ splash pad and more!

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26532 W Cat Balue Drive Buckeye, AZ 85396

$474,700

2 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6700826

Property Type Single Family Residence

Price Type --

WELCOME HOME! This Fabulous Haven model features a light & bright, open concept, split floor plan w/neutral tones, vinyl wood, carpet & tile flooring, plantation shutters & designer lighting features throughout. The inviting gathering space features a media wall w/fireplace. The kitchen boasts white cabinets, backsplash, granite counters & island w/seating overlooking the private courtyard w/ water feature, perfect for morning coffee. Owner's suite has adjoining bath w/tile surround shower, granite counters, dual sinks, & large walk-in closet. A large den can be used for office or hobbies. Guest room has adjacent bath. Utility room has up/low cabinets & sink. Enjoy outdoor living on your extended, covered patio with built in barbecue & bar seating overlooking your beautiful, fenced yard

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3207 Iris Lane Prescott, AZ 86305

$474,500

2 Beds

2 Baths

1,496 SqFt

Status Active

MLS # 6704110

Property Type Townhouse

Price Type --

This beautiful home offers the largest floor plan available in The Courtyards at The Gardens, a beautiful gated 55+ townhome community! At 1496 SF, 2B/2B with 2-car garage, you will enjoy the gated courtyard entry & garden as well as the fenced private backyard with full length patio and screened porch that can be accessed from both bedrooms. Skylights and solar tubes bring in that beautiful Arizona sunshine. Security screen doors bring in fresh air. Primary suite offers a walk-in closet, soaking tub & separate shower. New roof, solar tubes, skylights & gutters in 2022, HVAC 2020, New Carpet & Dishwasher April 2024. The Courtyards at The Gardens shares amenities & activities with The Gardens at Willow Creek. The two communities, both gated, are connected internally by a walking bridge.

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15631 W Bethesda Court Surprise, AZ 85374

$474,500

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6651863

Property Type Single Family Residence

Price Type --

Price Improvement!! Stunning Palo Verde Model complete with all the bells and whistles! New Roof, Owned Solar, New HVAC, New Windows, New Exterior Paint, Cool Deck on Driveway, Walkways and Patio. Interior Upgrades, including SS Appliances...just move right in! Don't miss this excellent opportunity to live in a Premier 45+ Community! Priced far below market value!

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1522 W Hadley Street Phoenix, AZ 85007

$474,500

4 Beds

2 Baths

1,540 SqFt

Status Active

MLS # 6675363

Property Type Single Family Residence

Price Type --

Home, sweet home! Comfort meets convenience in this fully fenced 4-bed, 2-bath residence in Phoenix! You are greeted by the large & bright living room graced with tile flooring in all the right places. The impeccable eat-in kitchen features recessed lighting, ample white cabinetry, built-in appliances, a handy pantry, and glossy granite counters. The sizable primary bedroom offers a walk-in closet for all your belongings and a private bathroom with a combination of shower & tub. PLUS! Secondary bedrooms provide well-sized closets. The 2-car garage includes attached cabinets. In the spacious backyard, you'll find a storage shed and an RV gate. This gem won't disappoint you! Hurry before it's gone!

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29388 N 123rd Glen Peoria, AZ 85383

$474,500

3 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6691976

Property Type Single Family Residence

Price Type --

Resort Style Living at its best! Stylish low maintenance turnkey home just steps away from community pool & jacuzzi. This 3 bedroom 3 full bathroom home shows like a model home. Spacious office downstairs with a huge loft upstairs. Parking in the garage or street parking is available. Large open floor plan w 9' flat ceilings & sliding glass doors that flow into an inviting courtyard w plush landscaping & paver patio. Perfect for entertaining one or many! Kitchen includes granite counter tops, breakfast bar, walk-in pantry, cabinets galore, stainless steel appliances w natural gas range. Owner's suite includes walk-in closet, walk in shower w dual shower heads & balcony. Laundry has washer & dryer, fire protection sprinkler system. The 2-car garage w 2 large overhead racks! Come see us!

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23393 W Winslow Avenue Buckeye, AZ 85326

$474,213

5 Beds

3 Baths

2,624 SqFt

Status Active

MLS # 6638299

Property Type Single Family Residence

Price Type --

Perfect Layout!! Finished 5 Bedroom 3 bathroom + HUGE loft upstairs! Large Kitchen With covered patio! Stop by and ask about our whole house air purification system incorporated into the architecture of this home, or home automation that saves money on utility bills, bringing you peace of mind and unlimited freedom.

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17639 W Hatcher Road Waddell, AZ 85355

$474,030

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6674701

Property Type Single Family Residence

Price Type --

This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 2.5 bathrooms, and a 3 car tandem garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

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41906 W Solitare Drive Maricopa, AZ 85138

$474,000

2 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6694815

Property Type Single Family Residence

Price Type --

You will fall in love with this Yukon model where no expense has been spared. When you pull up, you will notice the ungraded exterior and the enclosed front patio with water feature. The upgraded security door opens to the entry with 15' diagonal tile with Belcaro walnut finish lighting. The entry to the den has Italian drapes called Veneto and are on rods with granite fineals. The den has the same drapery and rods with Hunter-Douglas roman shades. The same quality continues into the great room overlooking the extended covered patio. The kitchen has a special stone sinks, large granite counters with glass backspalsh and pull out shelves in all cabinets. Best of all - all applicances stay. The pendant lights match the Belcaro chandelier in the dining room which has sun shades on the side windows. Both bedrooms have upgraded carpet and room darkening roman shades. Both the walk-in closet and the guest bedroom closet have extra shelving. Did you notice the bay window in the master overlooking the oversized backyard? Master bath has an oversized garden tub and separate shower with rain glass. The patio has extended pergola covering with a privacy wall at one end. You have a TV jack and natural gas stub, all overlooking the extra large, perfectly landscaped backyard. The laundry room has cabinets above the washer/dryer and the owner is leaving these appliances for you. The extra length garage has a utility sink, cabinets on two walls, overhead storage, the floor has an epoxy coating and you have a side door to the outside. All of this in the 55+ guard gated lake community of Province; where you can fish in the lakes, walk on one of the 5 miles of walking paths throughout the community, practice your putting, play a game of pickleball or tennis is nothing short of retiring like you mean it! To wrap it all up, inside the 32,000 square foot club house, you have a fitness center, lap pool, library, billiards room, ceramic, sewing, and computer center besides the quaint, gorgeous outdoor pool for perfect solitude or fun gatherings with friends and family. What more can you ask for... all for an affordable price in an incredible community awaiting your arrival !!

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7300 E Earll Drive Scottsdale, AZ 85251

$474,000

1 Bed

1 Bath

864 SqFt

Status Active

MLS # 6607436

Property Type Apartment

Price Type --

Welcome to Inspire on Earll, a gated community perfectly situated in the heart of Old Town Scottsdale putting you incredibly close to some of the best restaurants, stores, galleries, and more! At home, you'll enjoy this ground level single bed & bath corner unit with one of the few large, oversized outdoor back patios in the complex, and with only one neighbor. Beautiful white shaker cabinets and quartz counter are accented by a gray subway tile backsplash and stainless steel. You and your guests can relax by the pool with shaded Ramada area, firepit, and hot tub, or take advantage of other community amenities such as the fitness center, lounge area, ping pong table, and outdoor grill. Most furniture is available on a separate Bill of Sale. Don't miss this opportunity!

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