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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9618 W Illini Street Tolleson, AZ 85353

$469,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6692183

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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102 W Hillview Street Mesa, AZ 85201

$469,990

3 Beds

2 Baths

1,555 SqFt

Status Active

MLS # 6695661

Property Type Single Family Residence

Price Type --

This freshly remodeled 3 bed, 2 bath gem boasts modern elegance and comfort. Step inside to discover a stylishly renovated interior featuring sleek finishes and ample natural light. The kitchen is a culinary delight, outfitted with brand-new appliances, including an innovative air fryer oven, quartz countertops, and new cabinetry. Outside, the backyard oasis awaits, showcasing new turf, ideal for outdoor gatherings and enjoying sunny days. With its prime location, close to parks, shops, and dining, this home offers the epitome of modern living.

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11810 S 173rd Lane Goodyear, AZ 85338

$469,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6663445

Property Type Single Family Residence

Price Type --

Situated on a homesite facing sweeping views of the Estrella Mountains. This beautiful home boasts 3 large bedrooms and a private enclosed study. The open-concept kitchen includes ample countertop space, built in appliances, designer backsplash, 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, 5.5'' floorboards 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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1005 E Tempe Drive Tempe, AZ 85288

$469,990

3 Beds

2 Baths

984 SqFt

Status Active

MLS # 6670125

Property Type Single Family Residence

Price Type --

Renovated top to bottom and Cute as a button home in a great North Tempe location! Almost everything is new, AC, windows, kitchen cabinets, counter tops, vanities, flooring, paint, appliances.... This lovely block home has NO HOA and features 3 bedrooms and 2 full baths on a huge Multi-family zoned lot with the potential to expand or build another house.. Minutes to shopping, restaurants, Scottsdale Rd and 202.

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5540 W Alta Mesa Avenue Laveen, AZ 85339

$469,990

3 Beds

2 Baths

1,953 SqFt

Status Active

MLS # 6681357

Property Type Single Family Residence

Price Type --

Come see this well-thought-out single-story home. With 3 bedrooms plus a den and 2.5 baths with almost 2,000 square feet this home offers just the right amount of space. You drive up to a cool craftsman exterior with paver driveway that provides the most darling front porch area outside where you can enjoy your morning coffee. You walk inside the home through a large 8ft exterior door and inside where the ceilings are 9 ft, creating a very grand space. This home features our Harmony design palette that includes wood style ceramic plank tiles everywhere except the bedrooms and den. This split floorplan and open concept is an entertainer's dream. You walk into a large open concept great room, kitchen, and dining space.

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32783 N Slate Creek Drive San Tan Valley, AZ 85143

$469,990

4 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6654901

Property Type Single Family Residence

Price Type --

This newly updated home showcases stunning new updates, tons of versatile space, a redesigned kitchen, and all new backyard landscaping. The goodies don't stop there. It also boasts a 3-car stacked pull through garage to the backyard and NO REAR NEIGHBORS. As you make your way into the home you are greeted to all new vinyl flooring, 5-inch upgraded baseboards, and freshly painted walls for a sleek finish. The downstairs library provides an enclosed sanctuary that can be used as a fourth bedroom for guests, and the upstairs loft provides additional versatile space. The updated kitchen opens up to the family room and provides a large center island with drop-in sink, quartz countertops, updated cabinets with hardware, and stainless-steel appliances. Upstairs, you will find the comfort of all NEW CARPETING and three additional bedrooms, all equipped with walk-in closets. The main bedroom offers a large retreat with a reading nook as well as an en-suite that boasts a JACUZZI tub and separate shower. One of the most appealing attributes about this home is its lot location - no homes behind you, ensuring privacy and an unobstructed view of the Superstition Mountains. Don't miss the chance to call this home yours.

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9420 W Morrow Drive Peoria, AZ 85382

$469,989

2 Beds

2 Baths

1,603 SqFt

Status Active

MLS # 6689983

Property Type Townhouse

Price Type --

*FULLY FURNISHED!* ALREADY INSEPCTED! HOME WARRANTY INCLUDED (because we care about you)! Located in the best part of Westbrook this VERY WELL APPOINTED home! REMODELED REMODELED REMODLED! All the bells and whistles are included, like furniture, linens and cookware! All yours! Comes full or partially furnished, with very nice furniture and appliances... GORGEOUS! All Granite counters- stainless appliances- with Induction cooktop- upgraded cabinets and 2 pantries! All new Dual pane windows, custom colors and wood floors! Modernized Bathrooms with HUGE walk in showers, taller Granite vanities, and a ''recirculating pump'' keeps the hot water at the shower for you, means INSTANT HOT WATER! WAIT TILL YOU SEE THE MASTER ROOM!!! The AC is new in 2017, and W&D stay! SEE DOCS FOR INSPECT INSEPCTED 2 MO AGO AND WE NEVER MOVED IN! FREE FOR YOU-SEE DOCS TAB. The most adorable back patio, with fruit trees, and BIG beautiful shade trees the HOA maintains for you! Gotta come see! $5k LESS ON PRICE IF YOU DONT WANT THE FUNITURE! My seller just bought this home 6weeks ago and has to sell...give us your best offer... this home offers all furniture, towels, linens, cook ware, utensils, EVERYTHING! Just bring your toothbrush as its been said. Hurry!! We are taking a loss, but your gain!

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2416 E Wagon Wheel Lane San Tan Valley, AZ 85140

New

$469,900

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697607

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with an amazing guest retreat and farmhouse exterior. The 2 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. 4 panel slider off the great room. This home has been upgraded with 8 foot interior doors, 6x36 inch ceramic tiles, backsplash, modern black cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout!

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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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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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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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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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