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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16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

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10510 E Flintlock Drive Sun Lakes, AZ 85248

$469,900

2 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6682860

Property Type Single Family Residence

Price Type --

Updated and Remodeled Home in Sun Lakes. Wood Plank Tile Flooring throughout out with Newer Windows. Exterior Painted in 2023. Wonderful, gated courtyard with brick pavers and rain gutters. Spacious wrap around back and side patio for entertaining with above ground spa. Granite Counters and pendent lighting in kitchen. Garage has epoxy floors, service door and mini split ac in garage, golf cart garage door. Master bath shower has been remodeled with updated sinks and faucets in baths. Enjoy the 5 different public golf courses that Sun Lakes has with plenty of restaurants grocery stores and Hospitals nearby.

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2310 W Stella Lane Phoenix, AZ 85015

$469,900

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6684168

Property Type Single Family Residence

Price Type --

Looking for a remodeled home to call your own? Check out this charming 3-bed, 2-bath with new Renewal by Andersen windows, New HVAC with a 10-year transferable warranty, white shaker cabinets, and quartz countertops—beautifully updated bathrooms. Stainless steel appliances. Corner lot w/ a relaxing covered patio. Large covered storage area/workshop. The seller is willing to help buyers with concessions for closing costs or to buy down their rate!! This location offers swift access to Uptown, entertainment arenas, and the lively downtown scene

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9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

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17219 N 19th Run Phoenix, AZ 85022

$469,900

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6685710

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bedroom, 2.5 bathroom home in the desirable Desert Winds community! As you enter, a flood of natural light illuminates the open floor plan, perfect for entertaining guests. This spacious kitchen will be the heart of your parties, boasting granite counters, sleek appliances, and a breakfast bar overlooking the living room and dining room. Escape to the spacious primary bedroom complete with an enter-in closet and an en suite bathroom boasting double sinks. Relax on the covered patio and enjoy the fenced-in backyard. So Many upgrades!This beautiful home provides convenience to parks, schools, and more!

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1363 W Highland Road San Tan Valley, AZ 85143

$469,900

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6686037

Property Type Single Family Residence

Price Type --

Welcome to Magnolia Grove! Nestled on the border of San Tan Valley & Queen Creek, our community offers the perfect blend of convenience and tranquility. Immerse yourself in the vibrant dining and shopping scene just minutes away. Discover our gated enclave, a haven of charm with sprawling green spaces and winding walking trails spanning miles. Three inviting park areas invite leisurely strolls and outdoor relaxation. Step into the Palo Verde, a luxurious 4-bedroom, 2-bathroom retreat boasting a spacious layout and a chef's dream kitchen. Adorned with sleek white shaker cabinets, quartz countertops, and stainless steel appliances, including a sprawling kitchen island perfect for entertaining. Step outside onto a covered patio & enjoy your private backyard with artificial grass.

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7167 W Merriweather Way Florence, AZ 85132

$469,900

2 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6686698

Property Type Single Family Residence

Price Type --

DON'T WAIT MONTHS TO BUILD when this immaculate and highly upgraded Pursuit model is ready today. Notice the meticulously maintained desert landscaping, paver lined driveway and paver front patio. Inside is just as stunning as outside with features that include a chefs kitchen w/cherry cabinets, slide drawers, crown molding, quartz countertops, stainless steel appliances, pendant lights, under cabinet lighting, plantation shutters, a built-in entertainment center w/surround sound, den with double doors, a spacious laundry room w/storage cabinets and sink epoxy floors, garage storage and garbage can corral. Open up the two sliding doors to let the outdoors in! You and your guests will love the extended paver patio w/electric shade, fire pit and privacy wall. AMAZING HOME! AMAZING PRICE!

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11011 N Zephyr Drive Fountain Hills, AZ 85268

$469,900

2 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6687201

Property Type Apartment

Price Type --

Absolutely Immaculate from the moment you enter this 2nd floor gem nestled in the heart of Fountain Hills. Boasting breathtaking Red Rock and Four Peeks Mountain views from the sweeping expansive covered balcony! Large Living room with new carpet and cozy F/P. Kitchen features granite countertops, breakfast bar W/I Pantry, new SS Range. All appliances to convey! Large sun soaked formal DR to entertain family and friends! Split master floorplan with spectacular master retreat featuring large W/I closet, sitting area and full glamour master bath with soaking tub, W/I shower and granite countertops. Wonderful supporting 2nd BR w/ built in Murphy bed and loads of storage and built ins make this room versatile! NEW H20! One car detached garage with built in storage! Community Pool and Spa!!

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3257 E Malibu Drive San Tan Valley, AZ 85143

$469,900

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6687571

Property Type Single Family Residence

Price Type --

Nestled w/in the picturesque Bella Vista Farms community, this stunning single-level home, meticulously completed in 2023, boasts exceptional curb appeal & contemporary design. Step inside to discover an array of special features, including 9+ flat ceilings, dual pane windows that flood the space with natural light creating a bright & airy atmosphere. The open floorplan seamlessly integrates the brand new kitchen features a spacious layout w/ a breakfast bar/kitchen island, Quartz counters & stylish shaker cabinets, and hidden/under cabinet outlets, perfect for culinary enthusiasts & entertaining guests. Retreat to the beautifully appointed master bedroom w/ double sinks & private toilet room. Outside, the tranquil backyard oasis beckons w/ a covered patio, ideal for outdoor dining or relaxation that also has gas line hookups for outdoor grills & outdoors outlets for lighting systems/christmas lights. Home has keyless entry, pre-wired for surround sound systems, ceiling fans & recessed lights inside while also having a ring security system, motion detectors, doors sensors and smart thermostat for convenience. Additional features include fresh new interior paint, soft water hookup, exterior tankless water heater, 220v in the garage & 2 storage racks in the garage convey. Residents of Bella Vista Farms enjoy an amenity-rich lifestyle w/ exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court & greenbelt. Nearby, San Tan Regional Park offers endless outdoor recreational opportunities, while Queen Creek Marketplace provides shopping/dining options. Experience the best of San Tan Valley living.

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2089 Chevelon Road Overgaard, AZ 85933

$469,900

2 Beds

2 Baths

1,205 SqFt

Status Active

MLS # 6693776

Property Type Single Family Residence

Price Type --

Absolutely adorable 2 bedroom, 2 bath + loft. Super floorplan with open great room & vaulted knotty pine ceiling, rock faced fireplace, wood windowsills & blinds, & knotty hickory cabinets. Large loft for game room or extra sleeping area & balcony off of the master bedroom too. Low maintenance siding & large covered front deck, plus the newly expanded back deck with redwood make a great spot for relaxing on this shady & heavily treed 1.10 acre homesite. Easy year round access on maintained paved roads.

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18767 W Solano Drive Litchfield Park, AZ 85340

$469,900

4 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6696034

Property Type Single Family Residence

Price Type --

This stunning 4-bed, 2-bath residence is perfectly located on a corner lot with N/S exposure in Zanjero Trails. Step inside and be captivated by the open layout featuring high ceilings, 8' doors, plenty of natural light, and tile flooring in all the right places. The kitchen is a chef's dream with granite counters, recessed lighting, beautiful cabinetry, stainless steel appliances, ample storage and a large kitchen island! Additionally, there is a versatile den that can be used as an office or bedroom. The primary bedroom offers plush carpet, a large walk-in closet, and a private ensuite with dual sinks. Outside, enjoy breathtaking sunsets over the White Tank Mountains from your back yard complete with a covered patio and beautiful synthetic turf.

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9505 E Arrowvale Drive Sun Lakes, AZ 85248

New

$469,900

2 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6696472

Property Type Single Family Residence

Price Type --

This home is located in the Gated Golf Course Community of Sun Lakes and in the prestigious Oakwood Country Club community! This 2 bedroom 1.75 bathroom home. Home features, granite countertops, open floor plan, wood shutters, vaulted ceilings. Backyard is virtually maintenance free with artificial turf. Garage has built in cabinetry. Property Sold in AS IS Condition

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