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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10827 W Grant Street Avondale, AZ 85323

$477,995

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6694003

Property Type Single Family Residence

Price Type --

Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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4632 N 178th Lane Goodyear, AZ 85395

$477,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6701122

Property Type Single Family Residence

Price Type --

EXCLUSIVE opportunity to be one of the first to move in to Abel Ranch. This premium gated community at Camelback and the 303 is in the perfect location to enjoy peaceful living while being close to amenities. Price increases with every phase ensure you walk into equity opportunity with this lovely home. Lot is tucked in the side of the community with mountain views from your backyard. It's close to community walking trails and be within view of the large park. Onyx Plan features generously sized open concept. Package for Lot 8 includes 42'' Espresso Cabinets, Naturally Appointed Quartz Countertops, Textured Subway tile backsplash, gourmet appliances, premium lighting and wood-look tile everywhere you want it w/plush carpet where you need it. Contact listing agent to learn about incentives

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2030 E Michigan Avenue Phoenix, AZ 85022

$477,500

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6694641

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL VIEW! 3 bedrooms, all ensuite, plus powder room. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded with standard features, beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz or Granite countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors, carpet. Approximately 5 month move-in. Hurry and select additional upgrades! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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2030 E Michigan Avenue Phoenix, AZ 85022

$477,500

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6694652

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL VIEW! 3 bedrooms, all ensuite, plus powder room. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded with standard features, beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz or Granite countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors, carpet. Approximately 5 month move-in. Hurry and select additional upgrades! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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7661 E Chaparral Road Scottsdale, AZ 85250

$477,500

2 Beds

2 Baths

1,660 SqFt

Status Active

MLS # 6692991

Property Type Single Family Residence

Price Type --

A Hidden Gem! Discover the charm of this beautifully updated 2-bedroom, 2-bathroom home. Inside, you'll find a fresh and modern design with neutral colors, wood-look flooring, and recessed lighting throughout. The open living and dining areas, along with the family room's skylight, offer ample space for entertaining and relaxation. The gourmet kitchen is a chef's dream with white cabinetry featuring crown molding, sleek stainless steel appliances, quartz countertops, a subway tile backsplash, and a convenient breakfast bar on the peninsula. The spacious primary bedroom offers a cozy retreat with plush carpeting, bi-folding closets, private access to the backyard, and an en-suite bathroom with dual sinks. Step outside to the serene backyard with a covered patio, perfect for relaxing or hosting gatherings. This is your chance to make this exceptional home yours. Don't waitcome see this today!

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21499 N Elba Road Maricopa, AZ 85138

$477,332

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6682246

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 a deluxe shower. A private study with French doors, two bedrooms, a full bathroom, and a powder room round out the interior of the residence. A 3-car tandem garage and covered patio are also included!

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25315 W Bowker Street Buckeye, AZ 85326

$477,210

4 Beds

3.5 Baths

2,712 SqFt

Status Active

MLS # 6694685

Property Type Single Family Residence

Price Type --

BEAUTIFUL home ready in Sep/Oct! This home has ALL the space you need!! Need a 4th bedroom with own full bath and walk-in closet downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Large closets! This home has electrical upgrades, soft water loop, and it's a Smart Home! Gorgeous interior with lots of off white/light gray 18''x18'' tile. Stone gray cabinets with hardware, 4''x12'' backsplash and quartz countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage with service door, Smart door opener and keyless entry. Great curb appeal. This home is EVERYTHING!!!

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2648 E Marcos Drive Casa Grande, AZ 85194

$477,000

2 Beds

2.5 Baths

1,911 SqFt

Status Active

MLS # 6681551

Property Type Single Family Residence

Price Type --

Indulge in the allure of the desert from your private oasis by the pool, with views of the scenic golf course. Inside, admire the custom tile, rock wall, plantation shutters, and abundant natural light. This home boasts 2 beds, 2.5 baths, a den, & an ext garage. Enjoy culinary experiences in the exquisite kitchen, featuring granite countertops, island, pendant lighting, RO, SS appliances, & staggered cabinetry w/pullouts. Unwind in the luxurious primary owner's suite, boasting a lavish en-suite with dual sink vanity, marble counters, a walk-in shower, & closet. A 2nd master suite offers its own private bath. Outside, enjoy resort-style living with a fenced yard, extended paver patio, and a 4-foot deep saltwater play pool complete with a rock waterfall and spa lounge area.

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2882 N 155th Drive Goodyear, AZ 85395

$477,000

2 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6684854

Property Type Single Family Residence

Price Type --

Beautiful Augusta model features a renovated kitchen with granite counters and upgraded appliances. Hardwood floors and tile floors throughout, no carpet to clean! Great room boasts media wall with a cozy built-in fireplace. Aluma wood awning covers this huge patio overlooking the golf course. The picturesque views of the golf course and mountains can be enjoyed from all main living areas. Additional upgrades include a built-in BBQ, sunscreens, plantation shutters, security front entrance door and stone exterior. Both bathrooms renovated with the latest design trends. This move-in ready home is the perfect winter get-a-way that you've been looking for!

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4126 E Camden Avenue San Tan Valley, AZ 85140

$477,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6650702

Property Type Single Family Residence

Price Type --

Affordable! 3 Car Garage & Pool! Slice of paradise in Castlegate , Queen Creek/San Tan Valley! This beautiful 3 bedroom + den/flex or 4th bed, 1,940 sq ft residence & backyard oasis defines comfort and style. Your 3-car garage features two roll-up doors, a side door for yard access to where the double side gate opens to RV parking, a toy owner's dream! Step inside to the heart of the home to see 3 living spaces kitchen/great room, living/dining, & de/flex/4th bedroom. You'll love it all, from the beautiful tree shaded grand front patio, the stylish archways & light bright windows to the private backyard oasis with mature landscaping. Primary suite offers the indulgence of a soaking tub next to a separate shower, walk-in closet, double sinks, W/C & 2 garden views. See it & fall in love! Two additional bedrooms ensure ample space for family or guests. Relax in your own backyard sanctuary, where a sparkling pool awaits your enjoyment. The extra-tall privacy wall ensures tranquility, and when you're in the mood for outdoor entertaining, the stylish outdoor bar & BBQ area is your go-to spot for creating unforgettable memories. And the allure extends beyond the main living space - a pull-down ladder reveals an accessible attic providing a perfect storage solution. Plus a free-standing 'pool shack', finished inside, currently a 'she-shed' could be an arts and crafts workshop or more storage & it's equipped with a window-mounted A/C for comfort. To sweeten the deal, the seller is open to carryback financing with 50% down, making this dream home even more attainable. Conveniently located near shopping, dining & schools, this residence is a rare gem! Don't miss this extraordinary opportunity to call this stunning home yours, complete with a 3-car garage, a toy friendly double side gate, and a refreshing, private, garden party retreat.

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4002 N 113th Avenue Avondale, AZ 85392

$477,000

3 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6665765

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Avondale, AZ! This stunning 3 bed, 2 bath home boasts luxury and comfort at every turn. The expansive travertine patio leads you to a sparkling pool, perfect for entertaining or unwinding after a long day. Inside, you'll find a marble fireplace that adds elegance and warmth to the space. Upgraded light fixtures illuminate the open concept layout, showcasing the beautiful tile flooring throughout. The gourmet kitchen boasts top-of-the-line appliances and ample counter space for all your cooking needs. With 1798 sq ft of living space, this home offers comfort and style at every turn. Don't miss out on the opportunity to make this your forever home in Avondale!

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27370 W Sierra Pinta Drive Buckeye, AZ 85396

$477,000

2 Beds

2.5 Baths

1,856 SqFt

Status Active

MLS # 6648953

Property Type Single Family Residence

Price Type --

EXPANDED SANCTUARY WITH GUEST SUITE ON A HUGE 15,373 SQ FT PRIVATE WALLED LOT! 2 Bed, 2 .5 Bath at 1,856 sq ft, shows like a model. Paver Drive, walkway & large paved courtyard w\mountain views. Inside you'll find 8 ft doors. Kitchen features Quartz counters, backsplash, pendant lights, & walk in Pantry. Owner's Suite w\Quartz counters, modern walk in tiled shower w\seat, dual sinks, & huge walk in closet. Guest room has an en-suite full bath with tub, perfect for guests. There's also a half bath with pedestool sink. Laundry room provides space for a work station. Garage has a 4 ft extension, built in storage cabinets, water softner, insulated door & is plumbed for a sink. The huge backyard has an epoxy patio & is a blank canvas for you to design your own entertainment area or pool

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