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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1255 N Arizona Avenue Chandler, AZ 85225

$470,000

3 Beds

2.5 Baths

1,681 SqFt

Status Active

MLS # 6664981

Property Type Townhouse

Price Type --

Your future home is waiting for you in Tre Vicino, an exceptional gated community ideally situated in the heart of Chandler. With two separate pool areas for both personal use and guests, this property, constructed in 2020, boasts 3 spacious bedrooms, all with walking closets, 2.5 baths, and plenty of living space. Features an open-concept kitchen with granite countertops, a sizable island, and a walk-in pantry that opens to a generous living area, perfect for hosting, a corner lot with a great size backyard, landscape complemented with pavers and artificial turf. Situated on a premium lot and just steps away from the community's green belt common area, this property is conveniently located near shopping, downtown Chandler's entertainment options, and the 202 freeway.

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5528 W Rainwater Drive Laveen, AZ 85339

$470,000

4 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6665303

Property Type Single Family Residence

Price Type --

This immaculately maintained single-story residence nestled within the charming Ellison Trails community offers the perfect blend of comfort and convenience. Situated on a desirable corner lot, this home boasts a thoughtfully designed floorplan, ensuring seamless living. Step inside to discover an inviting interior adorned with modern finishes and abundant natural light. The spacious layout encompasses 4 bedrooms, 2 bathrooms, and generous living areas, providing ample space for relaxation and entertainment. The heart of the home is the well-appointed kitchen, complete with quartz countertops, SS appliances, and ample cabinet storage. Whether you're hosting gatherings or preparing family meals, this kitchen is sure to inspire your culinary creativity. Retreat to the tranquil owner's suite offering a private oasis where you can unwind after a long day. Additional bedrooms provide flexibility for guests, home offices, or hobbies. Outside, the expansive yard offers endless possibilities for outdoor enjoyment, from al fresco dining to gardening or simply soaking up the Arizona sunshine. With a prime location just minutes from the 202 freeway, commuting is a breeze, while nearby shopping, dining, and entertainment options ensure convenience at your fingertips. Don't miss your chance to experience the epitome of comfortable living in this Ellison Trails gem. Put your offer in today and make this house your forever home!

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11130 W Dana Lane Avondale, AZ 85392

$470,000

3 Beds

2 Baths

2,382 SqFt

Status Active

MLS # 6665526

Property Type Single Family Residence

Price Type --

Huge Price Reduction! 3 Bed/Plus LARGE Den/ Single Level w/Pool & 3 Car Garage has an open flowing floorplan w/lots of room! The Custom Security door greets you! The Formal Dining Rm sits separate from the step down spacious living rm! A large Family Rm is open to the Kitchen w/an island/Breakfast Bar/Breakfast Area & Pantry!Laundry rm is off the kitchen for convenience! Arcadia leads out to the Patio & Large Yard w/Pool! Good Sized Master Bedrm has a door leading out to the Patio! Master Bath has double sinks/separate Tub & Shower & Walkin Closet! 2 Secondary Bedrms & a Double Door Entry Den(4th Bdrm-No Closet)The Hall Bath w/Double Sinks/Separate Rm for the Toilet & Bath for Privacy! Round out the interior!The Backyard offers many options as it is a blank slate w/Pool! Call Now

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4139 W Desert Hills Drive Phoenix, AZ 85029

$470,000

4 Beds

2 Baths

1,768 SqFt

Status Active

MLS # 6665588

Property Type Single Family Residence

Price Type --

TURN KEY READY! Beautifully remodeled 4 bed 2bath home! This is home is equipped with a spacious floor plan, renovated pool, updated kitchen appliances and so much more!

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20062 N Horse Trail Drive Surprise, AZ 85374

$470,000

2 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6667234

Property Type Single Family Residence

Price Type --

***3.25% ASSUMABLE LOAN!*** Step into this impeccably maintained home nestled in the desirable 45+ community of Sun City Grand. Meticulously cared for by a single owner, this residence boasts an ideal layout featuring an expansive master bedroom that has been extended 4ft. The office/den can easily be converted into a third bedroom. Outside, enjoy the stunning landscaping and a convenient built-in grill, perfect for outdoor entertaining. Don't miss out on this opportunity to experience comfortable and stylish living in this charming community with wonderful amenities and golf courses!

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662 S Porter Street Gilbert, AZ 85296

$470,000

3 Beds

2 Baths

1,719 SqFt

Status Active

MLS # 6668855

Property Type Single Family Residence

Price Type --

This single-story house features a large open great room floorplan with three bedrooms, an office/den, and a bonus AZ room. Ceramic tile throughout. Freshly re-painted interior and garage. Brand new Dishwasher in the kitchen with dining and kitchen nook area for seating. Completely new marble bathroom vanities and faucets. New light fixtures and fans throughout. Great interior lot with a covered patio, a bbq area, and a planter in the back, a fountain in front. Situated in a bustling neighborhood close to a well-maintained common area, with grocery stores, hardware stores, coffee shops, an LA Fitness, and multiple choices of restaurants nearby.

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864 W Shannon Street Chandler, AZ 85225

$470,000

3 Beds

2 Baths

1,464 SqFt

Status Active

MLS # 6671208

Property Type Single Family Residence

Price Type --

Come see this absolutely GORGEOUS remodeled single story in Chandler! This home features 3 bedrooms, 2 baths & & a refreshing swimming pool! NEW ROOF, Wood Plank Tile Flooring, Neutral color palette & fixtures you'll love! Stunning Eat-in Kitchen boasts White Shaker Cabinetry, Quartz Counters, stunning geometric backsplash & Stainless Steel Appliances. Owner's suite boasts a generously-sized Closet & ¾ Ensuite Bathroom w/ new Vanity & Dual Flush toilet! Large entertaining backyard w/ pool, covered patio, RV gate & storage shed. Hurry, you will not find another one like this.

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16824 W Bristol Lane Surprise, AZ 85374

$470,000

4 Beds

2 Baths

2,047 SqFt

Status Active

MLS # 6671347

Property Type Single Family Residence

Price Type --

Tucked away - yet close to EVERYTHING! Tall ceilings & opens spaces characterize this corner lot oasis. Split floorplan with large living areas provide opportunity to fit your life and all it entails. Entertainers delight with surround sound, backyard flat screen, and dual exits to the backyard. Well equipped kitchen boasts granite counters, crisp 42'' cabinets, and stainless steel appliances.The romantic main bedroom provides direct outdoor access, a private ensuite with dual sinks, and a walk-in closet. Multiple generously sized bedrooms, and with walk-in closets! Enjoy your own paradise under covered patio and a refreshing pool with peaceful water features, and lighting for any occasion. The garage we're jealous of, full epoxy floors, & TONS of cabinet storage, work bench, & peg board!

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8334 W Gross Avenue Tolleson, AZ 85353

$470,000

4 Beds

3 Baths

2,349 SqFt

Status Active

MLS # 6677972

Property Type Single Family Residence

Price Type --

REMODEL OASIS. Welcome to this stunning renovated home where warmth and coziness meet modern elegance. Step inside and discover a thoughtfully designed floor-plan that starts with the living room and next to it is the family room which gives way to the kitchen. The huge loft upstairs is perfect for a game-room or another family area. The generous space, warmth and welcoming ambiance gives you the instant feeling of being home. The large sized and inviting master bedroom provides a peaceful sanctuary for relaxation. Not to mention the stunning updated bathrooms, vanities, flooring, color scheme, all combining to provide you with a blend of comfort, charm and sophistication. Big yard with walking slabs, an inviting recess area for sitting is perfect for an everyday adventure.

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17213 W Lundberg Street Surprise, AZ 85388

$470,000

3 Beds

2.5 Baths

2,190 SqFt

Status Active

MLS # 6678342

Property Type Single Family Residence

Price Type --

Private pool with no neighbors behind on a quiet street. This 3 bed 2.5 bath home with a loft has vaulted ceilings and an open concept. Large entry area with formal living and dining area. Kitchen features farmhouse apron sink, granite counters and large pantry. Tile downstairs and upgraded carpet upstairs. Backyard is perfect for outdoor entertaining. Upgraded lot with no neighbors behind and large pool with a waterfall.

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15866 W Central Street Surprise, AZ 85374

$470,000

3 Beds

2 Baths

2,214 SqFt

Status Active

MLS # 6680067

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single-family home located in the Mt Vista Ranch neighborhood. This spacious property boasts 3 bedrooms, 2 bathrooms, and a den. One of the standout features of this home is the absence of carpet throughout, making for easy maintenance. The property also comes equipped with leased solar panels, resulting in significantly lower energy bills. Recent upgrades include new garage cabinets and a new roof. Conveniently located near shopping, parks, and various amenities, this home offers the perfect blend of comfort and convenience. The property also includes a 3-car garage, providing ample space for parking and storage. Don't miss out on this fantastic opportunity to own a beautiful home in a prime location.

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2701 E Villa Rita Drive Phoenix, AZ 85032

$470,000

3 Beds

2 Baths

1,288 SqFt

Status Active

MLS # 6683668

Property Type Single Family Residence

Price Type --

Entertainer's delight indoors and out, and no HOA! The open and bright living area leads past the kitchen's large quartz countertops into a spacious backyard oasis with a diving pool, hot tub, covered patio, and grass area. The primary suite has a walk-in closet and private exit to the back yard. Plank tile flooring, dual-pane windows, and luxurious bathrooms! Room for all your toys with a long driveway and 45 feet behind the RV gate! Centrally located just minutes from SR51, Loop 101, Desert Ridge entrainment district.

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