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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1246 E Colter Street Phoenix, AZ 85014

$470,000

2 Beds

1 Bath

839 SqFt

Status Active

MLS # 6690098

Property Type Single Family Residence

Price Type --

*Prepare to be amazed! Come and see this beautiful, fully remodeled, single-level home located in the popular Marow Homes community in Central Phoenix. New designer kitchen with glass tile backsplash, 5 burner gas range, built in under counter microwave, Italian Porcelain tile. New roof, low E windows & doors, fresh exterior design, new water heater, plantation shutters and new upgraded bath and lighting fixtures throughout...all of this done in 2018! Huge backyard ready to enjoy for those weekend gatherings, or easily add a pool or garage if desired with side access that only a corner lot provides. Close proximity to all the great restaurants that Central Phoenix has to offer, Downtown Phoenix & Sky Harbor Airport* Make sure to see this home today!

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8031 W Monterosa Street Phoenix, AZ 85033

$470,000

4 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6694053

Property Type Single Family Residence

Price Type --

Discover the beauty of Phoenix, Arizona through this exquisite property that embodies elegance and comfort. Featuring four bedrooms, two bathrooms, and a stunning diving pool, this home is the perfect place to create unforgettable memories

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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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13537 W Banff Lane Surprise, AZ 85379

Open House

$470,000

4 Beds

2 Baths

2,261 SqFt

Status Active

MLS # 6702209

Property Type Single Family Residence

Price Type --

Welcome to this cozy home, designed with a neutral color scheme. Enjoy the warmth of a fireplace on chilly evenings and relax in the primary bathroom with double sinks and a separate tub and shower. The spacious primary bedroom includes a walk-in closet for ample storage. The kitchen, featuring an island and stainless steel appliances, is perfect for cooking enthusiasts. A walk-in pantry ensures plenty of storage space. Step outside to the covered patio and fenced backyard for outdoor dining or relaxation. Recent updates like new flooring and fresh paint enhance the appeal of this home. Experience comfortable and stylish living with convenient features for a modern lifestyle.

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22462 N 180th Drive Surprise, AZ 85387

Open House

$470,000

3 Beds

2.5 Baths

1,895 SqFt

Status Active

MLS # 6699748

Property Type Single Family Residence

Price Type --

Bring all your toys! This 3bed/2.5bath/1,895sqft Courtland home has everything you need! Premium corner lot includes extra parking to store your RV or 5th wheel (HOA APPROVED!) Tandem 3-car garage boasts plenty of room for your workshop, boat or UTV. Upon entering, you'll notice the upscale wood look tile, modern paint & updated light fixtures throughout. Entertain your friends & family in the open concept floorplan. Upgraded kitchen is equipped with double ovens, electric cooktop & large island. Unwind in your personal spa. Gazebo, artificial turf & pavers make for a low maintenance backyard. Walking distance to Copper Park! Community pool, splash pad, pickleball & basketball courts, baseball & soccer fields, dog parks, the list goes on! Don't miss the chance to own your dream home!

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141 W Latona Road Phoenix, AZ 85041

$469,999

4 Beds

2.5 Baths

1,456 SqFt

Status Active

MLS # 6686504

Property Type Single Family Residence

Price Type --

Ask about how to qualify for $0 down and a 4.99% interest rate! Ascend Communities proudly unveils Latona Fontaine, where 11 meticulously crafted lots offer unparalleled vistas of the majestic South Mountain. The two story Juniper floor plan features a welcoming ambiance with a cozy half bath on the ground floor for convenience. The open concept living space with 9' ceilings seamlessly blends the living, dining and kitchen areas, perfect for gatherings. Upstairs, four bedrooms offer flexibility for a growing family or a home office. The master bedroom includes a walk-in closet and en-suite bathroom with dual vanities. The remaining bedrooms share a conveniently located bathroom ensuring practicality and comfort for all occupants. Enjoy the convenience of upstairs laundry. Finishes in this home include luxury vinyl plank flooring throughout, can lighting, 40 soft-close white shaker cabinets in the kitchen, quartz countertops, gourmet kitchen backsplash, custom tile shower in the primary bathroom, black hardware throughout and pre-wiring for ceiling fans. This vibrant community boasts an unbeatable location within walking distance of picturesque hiking trails at South Mountain, perfect for adventurous family outings. As an added delight, an exclusive pedestrian gate offers seamless access to the scenic highline canal, just a stone's throw away from your residence. Nestled at the intersection of Central Ave. and Baseline Rd. Beyond nature's doorstep, enjoy seamless access to public transportation, urban conveniences, and easy connections to major freeways: Interstate 10, Interstate 17, and the 202. Embrace the best of both worlds - serene natural escapes and city accessibility, making Latona the ultimate choice for families seeking adventure and convenience.

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6228 N Jessie Road Casa Grande, AZ 85194

$469,999

3 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6692828

Property Type Single Family Residence

Price Type --

Incredible New Build with NO HOA! This beautiful modern desert home includes 1,651 SQFT, 3 Bed 2 baths, Oversized 3 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, farmers sink, modern cabinets, built in soaking tub with double vanities in the primary bathroom, and upgraded brick on the exterior! This home is to be built. Build time is 6 - 8 months.

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4764 E Sage Brush Avenue San Tan Valley, AZ 85140

$469,999

3 Beds

2 Baths

1,857 SqFt

Status Active

MLS # 6694562

Property Type Single Family Residence

Price Type --

Welcome to your rustic retreat on a sprawling 2-acre property, where two kitchens provide ample space for culinary adventures. This 1857 square foot home offers versatility and comfort in equal measure. Outside, a sturdy corral awaits, perfect for tending to your horses or indulging your outdoor hobbies. Embrace the essence of country living with all the modern amenities you desire in this charming yet inviting sanctuary.

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6291 W Victory Way Florence, AZ 85132

$469,999

3 Beds

2.5 Baths

2,658 SqFt

Status Active

MLS # 6698944

Property Type Single Family Residence

Price Type --

This home has gorgeous curb appeal. You'll be in awe of the impeccable features and upgrades this home has to offer. Featuring 3 bedrooms, a den, and 2.5 bathrooms, this home has plenty of space for you to enjoy! 10' Ceilings and 8' Doors throughout. Imagine making delicious meals in your gourmet kitchen that features a double oven and ample counter space. Stainless steel appliances. RO and Soft Water System is installed. Plantation Shutters throughout, Furniture negotiable, Hot Tub included (only 2 years old), Enjoy the beautiful Arizona Sunrises and Sunsets in your backyard under the extended rear covered patio. Take advantage of $1,500 Lender credit when approved financing through Blanco Mortgage.

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29798 N 121st Drive Peoria, AZ 85383

$469,999

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6677098

Property Type Single Family Residence

Price Type --

Stunning residence featuring 3 bedrooms plus a den and family room, offering a spacious and flexible living environment. The interior is adorned with elegant 9+ flat ceilings creating an airy and inviting ambiance. The kitchen features granite countertops, a convenient kitchen island, and a walk-in pantry. Enjoy meals in style with the choice of formal dining, an eat-in kitchen, or the breakfast bar. Outside is a covered patio, perfect for al fresco dining and entertaining. This home is nestled in a community that offers a plethora of amenities, including a biking/walking path, children's playground, clubhouse, and a refreshing community pool and spa. Indulge in the perfect blend of comfort, luxury, and community living - your forever home awaits!

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7211 W Southgate Avenue Phoenix, AZ 85043

Open House

$469,999

5 Beds

2.5 Baths

2,938 SqFt

Status Active

MLS # 6682019

Property Type Single Family Residence

Price Type --

PAID SOLAR PANELS!!! Step into luxury with this meticulously maintained 5-bedroom, 2.5-bathroom residence, featuring not only a spacious formal living room and cozy family room but also a versatile loft perfect for any lifestyle. Enjoy the serenity of the lush backyard oasis, complemented by the convenience of a 2-car garage and RV gate. Plus, take advantage of the included solar panels, ensuring both energy efficiency and cost savings. Nestled within the desirable Sienna Vista community, this home offers the perfect blend of comfort and convenience.''Paid Solar''

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18570 W Honeysuckle Drive Surprise, AZ 85387

$469,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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