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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7508 W Beryl Avenue Peoria, AZ 85345

$465,000

3 Beds

2 Baths

1,816 SqFt

Status Active

MLS # 6677431

Property Type Single Family Residence

Price Type --

Light and bright this Peoria home with a pool boast all tile and vinyl floors, granite countertops and plantation shutters throughout. Primary bath has garden tub, 2 closets and executive height countertops with custom glass tiles surrounding mirrors. Newer roof, AC and water heater. Newly painted, updated ceiling fans, light switches and outlets throughtout. Plus the vaulted ceiling, split floorplan and living/family room combo make this house a spacious place to call home. Large lot, RV gate and solar panels with NO HOA!

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8877 N 185th Drive Waddell, AZ 85355

$465,000

4 Beds

3 Baths

2,027 SqFt

Status Active

MLS # 6694027

Property Type Single Family Residence

Price Type --

Energy-efficient, newer smart home! Open floorplan. Four-bed, three- bath home featuring thoughtfully designed layout. Spacious primary suite with a large bathroom and walk in closet. Enjoy the convenience of bonus room nestled between two bedrooms, providing the perfect space for leisure and entertainment. Bedroom number four enjoys its privacy with a separate bathroom, offering comfort and functionality for guests or family members. Kitchen is open to dining and gathering room, appointed with a massive gleaming granite island, stylish backsplash, amazing pantry with abundant shelves, a gas stove. Fully landscaped, private backyard with block wall privacy, pavers, and turf. Breathtaking views of the White Tank mountains, quiet location, minutes away from Whitetank Regional Park. Park with play area right around the corner. Conveniently located close to the 303 freeway.

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1650 E Ponderosa Parkway Flagstaff, AZ 86001

$465,000

2 Beds

2 Baths

1,134 SqFt

Status Active

MLS # 6681315

Property Type Apartment

Price Type --

Welcome to your ideal Flagstaff condo! This 2-bed, 2-bath gem on Ponderosa Parkway offers unbeatable convenience near downtown, NAU, hiking, and dining. With all appliances included and an elevator for easy access, this condo is both practical and luxurious. Enjoy two covered patios, one off the owner's suite, and another from the main living room. Don't miss this opportunity for prime Flagstaff living!

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14643 N 35th Drive Phoenix, AZ 85053

$465,000

4 Beds

2 Baths

2,013 SqFt

Status Active

MLS # 6684971

Property Type Single Family Residence

Price Type --

Welcome to your beautifully updated 4 bedroom 2 bath split floorplan. Nicely priced for a quick sale. Interior has been completely and tastefully renovated to include brand new kitchen cabinets and quartz countertops, bathrooms, flooring, even the windows have been replaced. So much closet and storage in this spacious home, the huge laundry room can double as extra storage/pantry space. All appliances including washer and dryer. Move in ready. Great location near the I-17, loop 101, ASU West Campus, and GCU.

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6344 W Berkeley Road Phoenix, AZ 85035

$465,000

4 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6685860

Property Type Single Family Residence

Price Type --

This must-see completely remodeled home provides a large open floor plan with plenty of space for family and friends to enjoy. A lovely kitchen with white shaker cabinets, beautiful quartz countertop, stainless steel appliances, gas range, and a large walk-in pantry is sure to please the chefs in the family! A bright airy Arizona room adds more room for family gatherings. Plank flooring and new carpet in bedrooms. Ceiling lights throughout. New roof and new insulation. Beautiful fence with iron in front yard and block in back. RV Gate. This over 2k foot 4-bedroom 2-bath home is minutes from central Phoenix, parks, shopping, and stadiums; it's everything you're looking for and more.

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951 S 240th Drive Buckeye, AZ 85326

$465,000

4 Beds

2.5 Baths

3,140 SqFt

Status Active

MLS # 6686855

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the upcoming city of Buckeye. This open concept home features 4 bedrooms, 2.5 baths, 3140 sqft and is the corner lot of the cul-de-sac. As you walk through the front door you notice the vaulted ceilings throughout the first level and space for your creativity to unravel. The backyard has a full-size pool, fire pit, and a newly added pergola perfect for entertaining family and friends. The entire house (inside & out) is set to be professionally painted 4/15. Beyond the walls of this exquisite home, the Acacia Crossing community provides a welcoming environment with scenic views and an array of amenities. From the Buckeye Recreation Center, parks & trails to nearby shopping and dining options, this neighborhood offers a vibrant and convenient lifestyle.

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9614 E Nacoma Drive Sun Lakes, AZ 85248

$465,000

2 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6689665

Property Type Townhouse

Price Type --

Absolutely stunning 2 bedroom 2 bath property with a 2 car garage, in the apprised guard gated community of Sun Lakes Iron Oaks. This property features hardwood floors and berber carpet throughout, granite counters, SS appliances, newer remodeled bathrooms, front door security gate and the most peaceful patio overlooking a lush greenbelt. Walking distance from the gorgeous golf course of Iron Oaks and tons of restaurants and shopping. Apart of this amazing community is a community center, pools, spa, pickle ball courts, and much much more. Priced as one of the lowest in the area with a very motivated seller. Don't miss out to make this property your very own!

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7508 E Earll Drive Scottsdale, AZ 85251

$465,000

2 Beds

2 Baths

1,047 SqFt

Status Active

MLS # 6691124

Property Type Townhouse

Price Type --

Home Sweet Home!! GATED community! Nicely upgraded throughout! Tile, laminate flooring, upgraded bathrooms with tiled showers, granite countertops in the kitchen! 2 bedrooms/ 2 bathrooms/ 1 car garage with a balcony!! Stainless steel appliances in the kitchen! Close distance to Fashion Square mall, Scottsdale multi use bike park, Starbucks, Osborn Medical, restaurants, Scottsdale Stadium, golf, parks, art galleries, t101 freeway, and all else this fantastic location has to offer location has to offer. Refrigerator, washer and dryer stay!! Enjoy the community pool/ spa!! Perfect for primary home or investment! Buyer to verify schools, HOA and all info. Professional pictures coming soon.

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17625 W Dahlia Drive Surprise, AZ 85388

New

$465,000

4 Beds

2 Baths

1,917 SqFt

Status Active

MLS # 6692113

Property Type Single Family Residence

Price Type --

Beautiful single level home with desirable great room floor plan, 4 split bdrms and extended 3-car tandem garage. Kitchen upgrades include sharp quartz countertops, 42'' cabinets with raised panels and brushed nickel hardware, gas range, island and stainless steel appliances. Other upgrades include 18'' tile in walk areas, surround sound, radiant barrier roofing for energy efficiency, French doors to the patio, and cabinets in the laundry room. The south-facing backyard is easy maintenance, with a built-in grill with fridge and bar, extended patio, gas stub, dog run, and high quality artificial grass. Exterior was painted in 2023, full interior painted 4/2024. Community park with basketball and sand volleyball courts are within walking distance.

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13651 N 79th Lane Peoria, AZ 85381

$465,000

4 Beds

2 Baths

1,821 SqFt

Status Active

MLS # 6693268

Property Type Single Family Residence

Price Type --

Welcome home, nestled in the vibrant community of Peoria, AZ. This residence offers a blend of sophistication and comfort. As you step inside, you are greeted by a seamless open concept design, adorned with pristine tile flooring that flows effortlessly throughout the home and vaulted ceilings. The spacious living areas provide the perfect setting for both relaxation and entertainment, while the kitchen beckons with its sleek appliances, and solid surface countertops. Outside, a private oasis awaits, featuring a sparkling pool enveloped by a full covered patio and surrounded by stylish pavers. Ideally situated in a prime location, this home offers easy access to a plethora of amenities.

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43576 W Snow Drive Maricopa, AZ 85138

New

$465,000

4 Beds

3 Baths

3,183 SqFt

Status Active

MLS # 6694059

Property Type Single Family Residence

Price Type --

Spectacular location close to North entry of popular Villages community! This private lanscaped lot has fruit trees, a raised barbecue & outdoor fireplace entertainment area that overlooks green belt park and sport courts. Close walk to community pool and clubhouse. Great main floor plan with spacious entry living room, large kitchen incl. corrian countertop island and dining area that opens to large family room with built-in shelfing system, 1 bedroom & full bath, laundry room. 3 bedroom and comfortable open sitting area upstairs. Main upstairs bedroom has access to large balcony deck with views of park and mountains. 3 car extended garage. North/South exposure! This homes great location, floor plan and entertainment yard make it a great home to any buyer!

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368 W Golden Aspen Drive San Tan Valley, AZ 85140

New

$465,000

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6694410

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded David Weekly Home where Pottery Barn meets Chip and Joanna! This meticulously maintained home is move in ready. The beautiful exterior elevation welcomes you into the open light & bright great Room split floor plan with 10 ft. ceilings, custom paint, shiplap accent wall, recessed can lighting, 4 true bedrooms w/ 3 full baths, bedroom 4 with private ensuite creating privacy for family or guests. Awesome floorplan! Upgraded gourmet kitchen has large breakfast bar Island, granite counters, SS appliances, gas Cooktop, 42 inch upper cabinets w/ under cab lighting, tile backsplash, apron sink, walk in pantry, eat in kitchen/dining room and the oversized family room! The king sized primary bedroom features ensuite w/ large walk in shower, raised vanities, private toilet, & walk in closet. You will love the customized laundry room with pipe shelving with custom wood folding table. The backyard is fully landscaped with travertine tile, custom bar with electrical, lighted gazebo with electrical, putting green & artificial grass. Low maintenance a wonderful space to relax and entertain. 2 car garage with storage racks, garage opener. Fiber Optic wiring thru out home, water softener owned, Highest Energy efficient homes in The Parks with 2x6 construction, R30 cellulose blown insulation exterior walls Attic Batts and blown cellulose. Leased Solar panels installed 2021 saves on monthly electric bills with low monthly payment. Close to shopping, Olive mill, Schnepf farms, hospitals, restaurants and area is growing.

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