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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701 S Reynolds Lane Show Low, AZ 85901

$462,500

3 Beds

2 Baths

1,534 SqFt

Status Active

MLS # 6638533

Property Type Single Family Residence

Price Type --

Adorable home and amazing location! Gorgeous vaulted ceilings, 3bed/2bath split floor plan, large open kitchen and living space. Get cozy during the winters next to the beautiful stone gas fireplace, enjoy the springtime and summers on one of the large front or back decks and oversized fully fenced backyard! Spacious master bedroom includes large walk-in closet, double vanity, and jetted tub. This home is located in town nearby the hospital, grocery stores, and shopping all while being surrounded by tall pines and views throughout the neighborhood. Show Low Bluff Trail/Show Low Creek is only two minutes away, and you can even hear when the Elk are bugling! Whether you are searching for your primary home, or vacation home this is a MUST SEE! *Mounted coat rack, and TV Mount do not convey

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30727 W Amelia Avenue Buckeye, AZ 85396

$462,000

5 Beds

3 Baths

2,597 SqFt

Status Active

MLS # 6672307

Property Type Single Family Residence

Price Type --

Welcome to this charming residence in Buckeye. This single-family home features 5 bedrooms and 3 bathrooms, offering a comfortable and inviting living space. The well-designed floor plan encompasses 2,558 square feet of living space, providing ample room for both relaxation and entertaining. The kitchen is equipped with gas stove making it a hub for culinary enthusiasts. This property boasts 20ft ceilings, custom backyard, adding to its appeal. The Splashed is just a short distance away, enhancing the overall lifestyle this location provides. Take advantage of this fantastic opportunity to own a residence in the thriving community of Buckeye

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16187 W Gibson Lane Goodyear, AZ 85338

$462,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6678104

Property Type Single Family Residence

Price Type --

**PRIDE OF OWNERSHIP ABOUNDS**WHAT AN OPPORTUNITY** AND MOVE IN READY! **NUMEROUS UPDATES INCLUDING** NEW A/C**NEW FLOORING **BRAND NEW SYNTHETIC TURF! **ATTRACTIVE CURB APPEAL **WITH RELAXING LARGE FRONT PORCH! ** BOASTING 4 BEDROOMS** HUGE WALK IN PANTRY**EASY ACCESS TO LARGE BACKYARD FROM OWNER'S SUITE** TONS OF LIVING SPACE!** DON'T WAIT ON THIS FANTASTIC CHANCE TO MAKE THIS HOME YOURS!!!** ARIZONA LIVING AT ITS FINEST**

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17913 W Addie Lane Surprise, AZ 85374

$462,000

2 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6644538

Property Type Single Family Residence

Price Type --

NEW ROOF, NEW CARPET, Fully Paid Solar and so much more (See Supplement for additional Comments) makes this 3-bed, 2-bath, and AZ Room in the 55+ guard-gated & golf course Community of Arizona Traditions the one for you! 2-car garage, desert front yard with a front patio that includes a decorative Table and Benches. The kitchen has ample cabinets, Stainless Steel Appliances, center island, and dining area w/bay window. The owners' suite is spacious! Owners' Bath consists of a walk-in closet, storage cabinets, Tub, shower, and dual sinks. Enjoy the Beautifully enclosed heated & cooled Arizona Room. The Landscaping Water System uses PVC. A feature you can't ignore is fully paid solar with electric bills avg. $20 per month. BRAND NEW ROOF - Installed December 2023, Exterior Paint 2015. Other features that benefit the buyer include - AC Unit 2014, Mini Split 2019. BBQ -2021, New Carpet - December 2023, Wood Floor - 2017, Dishwasher - 2018, Microwave - 2020, Stove - 2018.

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11989 S 173rd Lane Goodyear, AZ 85338

$461,990

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6683294

Property Type Single Family Residence

Price Type --

THIS HOME IS READY NOW! - Situated on a homesite facing sweeping views of the Estrella Mountains. Welcoming guests leads to the grand entryway and hall. The open-concept kitchen includes ample countertop space, 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, and pavers at the driveway, walk and entryway. 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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10341 W Chipman Road Tolleson, AZ 85353

Open House

$461,120

5 Beds

3 Baths

2,241 SqFt

Status Active

MLS # 6665491

Property Type Single Family Residence

Price Type --

''HOME SWEET HOME'', Brand New Spacious Single story w/5 Bedrooms , and 3 baths that effortlessly blends comfort and functionality. Beautiful Kitchen w/White Cabinets, Gorgeous Granite Kitchen Counters, & Finishes of SS Appliances in this Open Kitchen overlooking Great Room & Large Patio. Lot's Of Tile In All the right places, Plush carpeted bedrooms; Two-Tone Paint, marble tops in bathrooms w/square modern bowls, Large Walk In Shower at Owners Bath & Bath 3, + Energy Star Features & Smart Home Technology pkg, As a bonus, we've included the Blinds & Garage Opener too! +2 Car Garage & DOUBLE GATE/More Space Is GREAT...Visit our exciting NEW community in Beautiful Tolleson! Interior Photos Of Model Home, Options Will Vary. Move-In Ready.

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19625 W Cambridge Avenue Buckeye, AZ 85396

$460,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676007

Property Type Single Family Residence

Price Type --

Explore this exciting Slate home, ready for quick move-in! Included features: a covered entry; an inviting kitchen boasting 42'' upper cabinets, quartz countertops, stainless-steel appliances and a center island; a relaxing great room and adjacent nook; an inspired primary suite showcasing a large walk-in closet and a private bath with double sinks; two secondary bedrooms with a shared bath; a central laundry; a fourth bedroom with an attached bath; a charming covered patio and a 2-car garage. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, additional windows and ceiling fan prewiring in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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7417 W Northview Avenue Glendale, AZ 85303

$460,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6666090

Property Type Single Family Residence

Price Type --

This home is our Concerto plan with 3 bedrooms, 2.5 bath home. The kitchen is beautifully designed with 42-inch grey cabinetry, Quartz counters and stainless-steel appliances. The adjacent great room includes a multi-slide door extending perfect for indoor/outdoor living. Upstairs a generously sized loft is perfect for additional living. The Primary Suite features a large bath with shower a huge walk-in closet. Don't miss this home! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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7433 W State Avenue Glendale, AZ 85303

$460,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6690143

Property Type Single Family Residence

Price Type --

Under Construction new build home with a May 2024 move-in! This is an amazing single family 3-bedroom, 2.5-bathroom with a 2-car garage on north/south exposure homesite within the desirable Alto gated community!!! This Concerto floor plan features beautiful interior selections such as granite kitchen countertops, modern 42'' full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances plus much more. Make time to visit this neighborhood soon! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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41108 W Haley Drive Maricopa, AZ 85138

$460,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6632233

Property Type Single Family Residence

Price Type --

READY FOR MOVE-IN... This home has 4 bedrooms with a flex space to be used as den or a formal space. We added a shower in the powder room for a total of 3 full baths. Large walk in shower at owner's bath with dual vanity sinks. Stainless steel gas range. Benton ''White'' Birch cabinets throughout the home with 42'' kitchen uppers and roll outs at pantry. AZT Della Terra Quartz countertops in the owner's bath and at the kitchen and on the enhanced kitchen island. Tile backsplash in the kitchen has Colorwheel 4x16 tile. Upgrade flooring includes level 9 carpet in bedrooms/closets and the remaining of the home has DT Cannes Masso 18x18 tile in the great room, kitchen, entry, halls, bathrooms and laundry and so much more.

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16969 W Maya Way Surprise, AZ 85387

New

$460,983

3 Beds

2.5 Baths

3,025 SqFt

Status Active

MLS # 6691032

Property Type Single Family Residence

Price Type --

Beautiful new home located in the heart of Sunrise. Very spacious Antelope plan, high performance home on an E/W located close to a neighboring school. This home is absolutely perfect for a growing family, or busy professionals who are ready to unpack, hang up a few pictures, and keep living life to its fullest! This popular floor plan includes Gourmet Kitchen, Home Automation, Geofencing, whole house air purification system, study is set up with Flex option for home office, gaming or home school complete with solid double doors.

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18022 W Avenida Del Sol -- Surprise, AZ 85387

$460,700

4 Beds

2.5 Baths

2,476 SqFt

Status Active

MLS # 6665848

Property Type Single Family Residence

Price Type --

Come see this incredible floorplan, MOVE IN READY! An amazing layout with 4 bedrooms upstairs, a den downstairs, and 2.5 baths. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, partial view fence, great size yard great for entertaining. Two-tone paint, 9' ceilings. Beautiful white cabinets, granite kitchen and baths, island, and walk in pantry. Lots of room to cook and move around! !

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