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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

15933 W Hackamore Drive Surprise, AZ 85387

$469,995

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6667705

Property Type Single Family Residence

Price Type --

Come to Mason Ranch II in Surprise and discover our GRAND OPENING INCENTIVES!! Come and see this beautiful 3501 floor plan. This home features 3 Bedrooms, 2 Baths, 3-Car Garage. Nestled on an oversized end lot with an extended driveway. This home is enriched with numerous upgrades and ALL appliances included!!! You will find white shaker cabinets, granite kitchen countertops, large kitchen island, custom full kitchen backsplash, large single bowl sink, stainless steel kitchen appliances, gas range, carpet and tile flooring, tankless hot water heater, 9' ceilings, 8' interior doors, pre-plumb for soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, and more! Est. completion June 2024.

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19565 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6697392

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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19631 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6657110

Property Type Single Family Residence

Price Type --

Explore this beautiful Slate home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an open dining area; an impressive kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private upgraded master bath with Quartz countertops; a central laundry; a convenient storage area; a covered patio and a 2-car garage. This home also offers stone tile flooring, ceiling fan prewiring and additional windows in select rooms.

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16076 W El Cortez Place Surprise, AZ 85387

$469,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6669090

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home ready NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. White cabinets with white granite countertops, and greyish brown carpet in our Distinct package. Five brand new designer-decorated models now open at Paloma Creek. Future residents will enjoy floorplans featuring covered back patios, private primary suites and ample storage. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and future fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features.

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2948 W Stradling Avenue Apache Junction, AZ 85120

$469,990

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6685192

Property Type Single Family Residence

Price Type --

Radiance at Superstition Vistas, a brand new community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! Under construction now are the amazing amenities that include a resort-like pool area, 11,000 sq ft clubhouse w/fitness center, splash pad & park! walking trails and parks throughout the community as well! 1757 sq ft, 4 bed/2 bath adorable, energy efficient single level home with a HUGE YARD in which you will find 12X24 tile in all common areas, 9 foot ceilings & on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island

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2815 W Spaulding Avenue Apache Junction, AZ 85120

$469,990

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6671267

Property Type Single Family Residence

Price Type --

Radiance at Superstition Vistas, a brand new community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! Under construction now are the amazing amenities that include a resort-like pool area, 11,000 sq ft clubhouse w/fitness center, splash pad & park! walking trails and parks throughout the community as well! 1757 sq ft, 4 bed/2 bath adorable, energy efficient single level home with a HUGE YARD in which you will find 12X24 tile in all common areas, 9 foot ceilings & on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island

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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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2416 E Wagon Wheel Lane San Tan Valley, AZ 85140

$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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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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14230 W Kiowa Trail Surprise, AZ 85374

$469,900

2 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6690774

Property Type Single Family Residence

Price Type --

Casita and Golf Course Lot! Upgrades include: 2022 replaced AC; 2017 replaced tile & flat roof $12k; $13k in pavers, $4800 exterior paint, $10k in vinyl plank flooring; new RO system. Private courtyard entry gives access to full-bath casita with walk-in closet and beautiful vinyl plank floors. Main house with painted kitchen & dinette cabinetry, granite counters, newer stainless appliances including built-in microwave and refrigerator. Vaulted ceilings, plantation shutters, and wet bar. Bay window in main master with own patio exit, dual sink vanity, walk-in closet, private toilet. Inside laundry w/ utility sink, painted cabinets, washer/dryer conveys. Beautiful pavers on wrap-around patio, driveway, sidewalk & courtyard; easy-care landscaping and golf course views. Water Softener, too!

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