What’s Ahead For Mortgage Rates This Week – July 25, 2016

Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

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2609 W Southern Avenue Tempe, AZ 85282

$99,900

3 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6671865

Property Type Manufactured Home

Price Type --

Look no further! This is your chance to own this recently updated manufactured home in Contempo Tempe a 55+ community (40+ welcome depending on park availability) .You will find a traditional split floor plan with recently installed wood-look floor, freshly painted inside and out. Beautiful arched doorways give it character, and the immaculate Galley kitchen with white cabinetry, all appliances are included, stylish mosaic backsplash, and a convenient pass-through window. The spacious primary bedroom has and plenty of closet space and a private bathroom. Discover a serene screened-in patio ideal for relaxation and entertainment all year round! Also let's not forget the shed that is also included & covered parking. What are you waiting for? Come check out the community & this home today!

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11596 W Sierra Dawn Boulevard Surprise, AZ 85378

$99,900

2 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6675385

Property Type Manufactured Home

Price Type --

Beautiful 2 BD, 2 Full BA Double Wide Manufactured Home. North/South Facing. Ceramic 18 in tile throughout. Large Living Room. Spacious Kitchen with an ENORMOUS amount of Storage and Counter Space. Two Full & Tiled Baths, MSTR Walk-In Closet, 2 Large Storage Units off of Carport, AC/Heat Pump 2020, 14-15 Seer/4 ton, Amazing Social Activities include Game Night & Billiards, Community Clubhouse, Heated Pool and Spa, Pickle ball & Bocce Ball Courts, Dog Park. Full Size Two Car Carport/ West Shade Structure. 55+ COMMUNITY

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1855 W Wickenburg Way Wickenburg, AZ 85390

$99,800

2 Beds

1.5 Baths

978 SqFt

Status Active

MLS # 6669036

Property Type Manufactured Home

Price Type --

Welcome to your fully updated home in the heart of Wickenburg within a coveted 55+ Community! This home features a fully pitched roof, large addition, AZ room, and expansive covered 700+ sq/ft Trex decking with stunning views. Step inside to discover a newly finished kitchen featuring brand new appliances, complemented by newly renovated bathrooms complete with modern vanities, toilets, and fixtures. Luxury flooring throughout the entire home, with fresh interior and exterior paint, this home sparkles like new. Other recent updates completed in 2023 and 2024 include new wall outlets & switches, updated PEX plumbing, new water heater and a freshly finished roof, ensuring peace of mind for years to come. Additional conveniences include a storage shed and an enclosed laundry room. This home offers one of the best views in Wickenburg, making it a haven for relaxation and entertainment alike. This community is located within walking distance to grocery and the best shopping. But the perks don't stop there - Country Club Park Community, residents enjoy a plethora of amenities such as a pool, fitness room, dog park, woodshop, courts, clubhouse, and more, all within a pet-friendly community. Don't miss out on this beautifully updated retreat!

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535 S Alma School Road Mesa, AZ 85210

$99,500

2 Beds

2 Baths

896 SqFt

Status Active

MLS # 6616556

Property Type Manufactured Home

Price Type --

**SELLER FINANCING AVAILABLE**UPDATED INSIDE AND OUTSIDE,SPLIT 2 BEDROOM 2 FULL BATHS,BOTH BATHS W/WALK IN SHOWERS,AC/HEATING,ROOF,KITCHEN,APPLIANCES,INTERIOR WASHER/DRYER,WINDOWS,ARCADIA SLIDING GLASS DOOR,MIRRORED CLOSET DOORS,DRYWALLED INTERIOR,PAINT,LIGHTING ALL FIXTURES,FLOORING,HOT WATER HEATER,SKIRTING,BOTH STAIRCASES,LOT RENT**700.00**Close Access to Light Rail! This Age-Qualified Community is the best kept secret in Mesa! Located only 1 bus stop (500ft walk) away from the light rail station,direct access to the booming downtown areas of Mesa,Tempe & Phoenix.Shopping: Mesa Riverview & Tempe Marketplace Sports Venues: Cubs Spring Training (Baseball) Phoenix Rising(Soccer) & ASU Collegiate Sporting Events Phoenix Sky Harbor Airport,Salt River Fields Baseball,Scottsdale Fashion Squar

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2200 N Delaware Drive Apache Junction, AZ 85120

$99,500

3 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6618942

Property Type Manufactured Home

Price Type --

Step into this delightful 3-bedroom, 2-bath home nestled within an exceptional all-ages community. This residence finds its home in a peaceful park, where it effortlessly combines comfort and convenience. Upon crossing the threshold, you'll be welcomed by the dining and living rooms that are perfect for large gatherings with friends and family. The open-concept living area fosters seamless circulation, fashioning a welcoming haven for both relaxation and entertainment. Enjoy all of the amenities Boardwalk Estates has to offer. From the beautiful pool to covered playground, you will be satisfied calling Boardwalk Estates your next home.

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1004 S Kiowa Circle Apache Junction, AZ 85119

$99,000

1 Bed

1 Bath

445 SqFt

Status Active

MLS # 6664045

Property Type Manufactured Home

Price Type --

Affordable resort living. The AC/heat is less than one year old! Well maintained with the perfect covered patio with room to park your vehicle! Private back patio, large shed with washer/dryer. Solid surface flooring throughout! Price reduction reflects cost to replace water heater and upgrade waterline.

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16809 N 1st Lane Phoenix, AZ 85023

$99,000

2 Beds

2 Baths

1,232 SqFt

Status Active

MLS # 6632444

Property Type Manufactured Home

Price Type --

Charming 2Br/2Ba home on a premier lot in the 55+ community of Central Park Village. This home is bright and inviting with great curb appeal, a neutral color palette and open floor plan. There is a handicapped ramp leading to the porch and grab bars in the bathrooms. It has been freshly painted and has new toilets. All appliances are included. There is a large storage/utility room off of the laundry for extra space. This adult community has many amenities and planned activities and includes a BBQ area, 9 hole golf course, pool, hot tub, shuffle board and a community center equipped with a pool table, gym and game room. There is also RV/Boat storage available just steps away from the pool and community center. This is one you don't want to miss! Welcome Home!

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39801 S 579 Avenue Dateland, AZ 85333

$99,000

3 Beds

2 Baths

4,160 SqFt

Status Active

MLS # 6635354

Property Type Single Family Residence

Price Type --

The property has a living area around 1200 sq ft - tax shows 4160 but most of it is the attached workshop/garage. The property shows as being built in 2007 frame wood construction with T-111 siding - the garage is huge with two horizontal bi-fold garage doors and two man doors. 4.56 acre corner lot, both are dirt roads off other dirt roads in an area of agribusiness - not residential. The living area has three bedrooms, two baths, laundry room, kitchen and living/dining room.. Mostly tile floors except the living room area. The shingle roof appears worn there's a little evidence of leaking.

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9302 E Broadway Road Mesa, AZ 85208

$99,000

2 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6653402

Property Type Manufactured Home

Price Type --

You'll love this beautiful 55+ community. Freshly Painted Exterior!! As you step inside, you'll be greeted by a beautiful large living space perfect for relaxing. NEW roof, NEW air-conditioning and heating systems, NEW walk-in shower with grab bar, NEW toilets, sinks, and cabinets in both bathrooms, with a large soaking tub in the master bathroom, perfect for relaxing after a long day. NEW matching curtains throughout, NEW flooring throughout, NEW kitchen cabinets and countertops, custom architectural finishes on walls throughout. The 3rd room is large and could be a bedroom or make a great office area. This charming home boasts elegant chandelier lighting in both the living room and dining area, adding a touch of sophistication to your gatherings. A three-car covered carport ensures ample parking space, while the screened Arizona room offers a serene retreat to enjoy the outdoors. Inside, you'll find modern updates throughout, including a new closet in the master bedroom and fresh closet doors in the front bedroom. Natural light floods the spacious interior, creating a warm and inviting atmosphere. The large backyard provides plenty of space for patio seating, planters, and gardening. Enhancing both aesthetics and security, new exterior lighting with dusk-to-dawn sensors illuminates the property. Appliances such as a refrigerator, gas stove, microwave, dishwasher, washer, and dryer are included for added convenience. The layout features a generous master bedroom separated from the front bedrooms by a sizable living room area, ensuring privacy and tranquility. Situated in a peaceful area of the park, away from external traffic noise, this home is perfect for retirement or as a second home retreat. Experience the joy of upscale living in this beautiful residence. Situated close to freeways and shopping, this home provides easy access to everything you need. Whether it's a day of retail therapy or a quick commute, you're never far from the action.

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2559 W Rose Lane Phoenix, AZ 85017

$99,000

1 Bed

1 Bath

660 SqFt

Status Active

MLS # 6657682

Property Type Apartment

Price Type --

Check out this updated unit that will not last long. This is a ground level unit that is a very nice clean place. Extremely affordable in a quickly improving Central location. Really nice community areas, with a sparkling pool, mature trees and shaded grassy areas. You won't find anything like this in this price range! This is a co-op so CASH ONLY! No renting allowed, owner occupied units only!

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728 W Sullivan Street Miami, AZ 85539

$99,000

2 Beds

1 Bath

1,566 SqFt

Status Active

MLS # 6672947

Property Type Single Family Residence

Price Type --

Great starter property in the downtown area of Miami. This property has a large lot and tons of potential for the future.

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10201 N 99th Avenue Peoria, AZ 85345

$99,000

2 Beds

2 Baths

896 SqFt

Status Active

MLS # 6698407

Property Type Manufactured Home

Price Type --

ON LEASED LAND: Remodeled and renovated!! new kitchen, new baths with tile, Waterproof flooring throughout. Painted inside and out. New plumbing and updated lighting. Rare community with a garage and a screened in arizona room. Great open floor plan for kitchen and front room. Split floor plan. Move in ready just bring your furniture. Must see to appreciate all the updates done. Ground set manufactured home in a gated 55 plus age restricted community. Community has lots of updates coming up with a new pool, spa, pickleball, dog park.

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