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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2401 W Southern Avenue Tempe, AZ 85282

$35,500

2 Beds

1 Bath

800 SqFt

Status Active

MLS # 6404192

Property Type Manufactured Home

Price Type --

Outdoor living at its finest with multiple patios, beautiful white fences,very private veranda two big sheds. Curb appeal for this adorable mobile home in a gated 55+ community with 24/7 guardhouse. Windows in house are dual windows. Beautiful floors and vaulted ceilings in family/dining room. The eat-in kitchen has stainless steel appliances and a wine rack as island. Generous sized bedrooms, inside laundry, car port. Many community amenities and close to freeway.

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21111 W Dnp Test Listing Row Tempe, AZ 85282

$35,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6621982

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ARMLS Brand Team's Test Listing - DO NOT EDIT

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11 Mar Bermejo -- San Carlos 85550

$35,000

2 Beds

2 Baths

1,023 SqFt

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MLS # 6631040

Property Type Apartment

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Fractional Ownership. **NOT A TIME SHARE** Enjoy the benefits of owning a vacation property without the hassle and expense of full ownership with this fully furnished, 1023 sqft condo with 2 bedrooms, 2 baths, and a kitchen with all appliances, granite countertops, and an island. The BAHIA unit also includes 1 parking space. Fractional ownership gives you the flexibility to use your property, to rent it out when you are not using it or sell your share for profit. It's a great way to own a piece of paradise without breaking the bank. Please call for more details.

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8700 E University Drive Mesa, AZ 85207

New

$35,000

1 Bed

1 Bath

700 SqFt

Status Active

MLS # 6702217

Property Type Manufactured Home

Price Type --

Huge covered patio. Bonus/guest room is currently set up as a TV/living room. Shed/workshop with laundry. The community has an 18 hole and 9 hole golf course, heated pool and spa, a clubhouse, tennis/bocci/shuffleboard/pickleball courts. Plumbing fixed by a bonded, licensed and insured contractor. This home is move in ready and priced to sell!

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9736 E Main Street Mesa, AZ 85207

$35,000

1 Bed

2 Baths

5,585 SqFt

Status Active

MLS # 6688193

Property Type Manufactured Home

Price Type --

1 BR, 2 bath home with a formal living room attached . In-home stackable washer and dryer, 2 new mini-split systems for A/C and Heat! the park has community laundry. The kitchen boasts a pantry and residential refrigerator. Features a large, screened, and covered patio/carport, great for entertaining and working on hobbies. Century Plaza has a community pool, clubhouse, dog park, and picnic area. 55 Plus Active Adult Community. All furnishings included!!!

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16005 N 32nd Street Phoenix, AZ 85032

$35,000

1 Bed

1 Bath

714 SqFt

Status Active

MLS # 6559342

Property Type Manufactured Home

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Charming and cozy 1b/1b in an age-qualified (55+) community. Enjoy afternoon breezes and view of the McDowell Mtns on roomy deck. Home was renovated 2022- 2023. Upgraded electrical outlets, appliances, roof recoated, replaced main exterior doors, windows sealed, and new hot water heater, new wall-mount A/C in living room. Easy access to the 51 and 202. Park is a clean, quiet, and larger-pet friendly community- with a pool, spa, clubhouse, and full-time manager. Near Phoenix Mtn Preserve one way and Paradise Valley Park the other, Grocery and fast food, or unique dining spots to check nearby. Seller-carry details available upon request.

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7591 W Battaglia Drive Casa Grande, AZ 85193

$35,000

1 Bed

1 Bath

580 SqFt

Status Active

MLS # 6631604

Property Type Manufactured Home

Price Type --

Extensively renovated 1BR+ DEN with New Metal Roof, Siding, Windows, Walls, Electrical Panel, Water Heater, Window & Portable AC Units, Flooring, Paint. Adorably Adorned with Laminate Flooring, Wood Accented Ceiling, Enclosed Patio, Synthetic Grass, Pavered Patio & Shed. Located in the Wonderful Adult Living Community of High Chaparral RV Mobile Home Park with it's many amenities: Clubhouse w/Full Kitchen, Heated Pool & Spa, Library, New Laundry Facility, Sports Complex, Pavilion, Pickleball Courts, Shuffleboard Courts, Horseshoes, Fire Pits & lots of Planned Activities! $450 Monthly Land Lease Fee includes Water, Sewer & Trash. Must Prequalify with Park for Land Lease Approval.

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2460 E Main Street Mesa, AZ 85213

$35,000

3 Beds

1 Bath

550 SqFt

Status Active

MLS # 6657875

Property Type Manufactured Home

Price Type --

Well kept home with a relaxing backyard, in the gated, 55+ community of Trail Riders Ranch! This home has hard floors throughout, a new roof over the addition, ample sunlight, and citrus trees out back! This home has plenty of room to make it your own! All of the furniture stays, simply pack your bags and move in! Central Air, Furnance & Water Heater all replaced in 2020!

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1150 N Delaware Drive Apache Junction, AZ 85120

$35,000

1 Bed

1 Bath

952 SqFt

Status Active

MLS # 6676621

Property Type Manufactured Home

Price Type --

Check out this mobile home in the 55+ Golden Acres Mobile Manor Community! This single-wide unit offers a spacious living room for entertainment, wood-look and tile floors, neutral paint, and abundant natural light. The eat-in kitchen has tile counters, ample cabinets, and the essential appliances for your cooking. You'll love the sizable bedroom boasting two spacious closets for your entire wardrobe. In the bathroom, you'll find a tub/shower combination for added comfort. Don't miss out on the carport space and the laundry room with a utility sink, window A/C unit, and built-in cabinetry/desk to use as a workshop area. Great retirement property!

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2727 E University Drive Tempe, AZ 85288

$34,900

2 Beds

1 Bath

900 SqFt

Status Active

MLS # 6647807

Property Type Manufactured Home

Price Type --

Discover refined living at Sage Point's 55+ haven. This home has been completely renovated, offering luxury at a VERY affordable price. In 2023, the seller spared no expense, installing a new AC, roof, plumbing, range, and refrigerator, all for you to enjoy. Plank flooring creates an illusion of endless space, transforming this cozy home into a luxurious retreat. Picture yourself starting the day on the charming front porch or relaxing in one of two outdoor sanctuaries. Community amenities include a pool, fire pit, BBQ area, shuffleboard, dog park, billiards, cards, library, and fitness center. This is not just a home; it's a lifestyle. Don't miss this meticulously updated retreat.

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5201 W Camelback Road Phoenix, AZ 85031

$34,500

2 Beds

1 Bath

9,448 SqFt

Status Active

MLS # 6586950

Property Type Manufactured Home

Price Type --

Great Housing Opportunity! This 2-Bedroom has an Arizona that can easily be converted Bedroom. Well kept, and clean, Covered Patio and Carport, Great Community with 2 Community Pools, Rece Center, Party Hall, Exercise Room, Library, etc..

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327 S Cedar Street Saint David, AZ 85630

$32,000

1 Bed

1 Bath

624 SqFt

Status Active

MLS # 6672085

Property Type Manufactured Home

Price Type --

Clean and updated nice ADA friendly 624sq ft Manufactured 1 bedroom 1 bath home. In beautiful Sweet Springs mobile home park in St. David. Financing possibly available contact listing agent for more info.

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