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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8103 E Southern Avenue Mesa, AZ 85209

$59,500

2 Beds

1.5 Baths

840 SqFt

Status Active

MLS # 6624391

Property Type Manufactured Home

Price Type --

$1,000 agent bonus. Discover the perfect blend of comfort & community in this beautifully renovated 2-bedroom, 1.5-bathroom mobile home, located in one of Arizona's most desirable 55+ communities. This home offers an exceptional lifestyle with access to fantastic amenities including a pool, clubhouse, fitness center, horseshoes, and billiards. Enjoy the ease of living with this home's prime location, providing convenient access to both the 60 & 202 highways. The home has undergone a wonderful transformation, featuring a new roof, fresh laminate flooring in the main living areas, updated plumbing & light fixtures and a fresh coat of paint inside & out, ensuring it's in impeccable condition an seller will give buyer $1k for window coverings. Bargain hunters! This sunny little estate property is tens of thousands of dollars below the competition. Completed rehab includes new roof, repainted inside and outside, new laminate flooring, many new plumbing and lighting fixtures, too much to list! Executor of the estate just wants it gone. Do your buyers a favor!

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2292 N Ironwood Drive Apache Junction, AZ 85120

$59,000

3 Beds

1.5 Baths

980 SqFt

Status Active

MLS # 6652047

Property Type Manufactured Home

Price Type --

Rare three bedroom home in the all ages community of Windsong! This home has new hard floors throughout & upgrades throughout! Enjoy a dip in the community pool, or go hiking on nearby trails!

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510 Copper Basin Road Prescott, AZ 86303

$59,000

2 Beds

2 Baths

1,140 SqFt

Status Active

MLS # 6661378

Property Type Manufactured Home

Price Type --

Seller May Carry With Great Terms. 55+ Community: 2 Bedroom/2 Bath 1140sqft double wide home has new ducting and ready for the next owner to make their own. Lots of storage room to include additional an enclosed patio and separate shed. Community has a large recreation center for resident and is in close to proximity to shopping, grocery stores, walking trials and the historic courtyard plaza.

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10701 N 99th Avenue Peoria, AZ 85345

$59,000

2 Beds

2 Baths

1,040 SqFt

Status Active

MLS # 6666474

Property Type Manufactured Home

Price Type --

Nicely updated 2 bedroom 2 bath double-wide ground set home, interior corner lot. All appliances convey incl. Frig, W/D. Master bedroom has walk-in shower. Built-in cabinets in bedrooms. Plush carpet/padding, Cov'd patio, screened-in porch. Newer A/C Unit [2022] H/W Heater [2023]. 2 car carport, storage shed. $4,500 Seller concession/credit to Buyer at closing! Apollo Village is a pet friendly 55+ age restricted community. The monthly lot rent is $807/Mo. All owner-residents must submit lease app and be approved by park. Amenities include a heated community pool/spa, clubhouse, library, work out room + many year round social activities for active adults. This park is in a great location. Near a variety of stores, medical clinics/hospitals, sports venues, restaurants & Hwy Loop 101.

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11201 N El Mirage Road El Mirage, AZ 85335

$59,000

1 Bed

1.5 Baths

650 SqFt

Status Active

MLS # 6696027

Property Type Manufactured Home

Price Type --

Welcome to your ideal retreat in the guard-gated community of Pueblo El Mirage RV Resort! Filled with natural light sits on a private corner lot, offering a peaceful place to call home. Enjoy your morning coffee on the porch. An extra room that can be converted into a second bedroom and ample storage space, this home is both flexible and functional. Join a vibrant community with great neighbors and an abundance of amenities including restaurants and bar overlooking golf course, water volleyball, shuffleboard courts, tennis & pickleball courts, softball team, golf course, fitness center, horseshoes & lawn bowling, line dancing, billiards, card games, ceramics, wood carving, lapidary, sewing, and stained glass— And 40,000 sq. ft recreation center. Experience resort-style living at its finest in Pueblo El Mirage RV Resort! Visit Pueblo El Mirage RV Resort website for more info.

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15606 S Gilbert Road Chandler, AZ 85225

$58,500

2 Beds

1 Bath

87 SqFt

Status Active

MLS # 6689476

Property Type Manufactured Home

Price Type --

Charming 2 bed, 1 bath Mobile Home in Chandler, AZ Completed Remodle- Feels Like New! locate in 55+ Community.

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1606 E Michelle Drive Phoenix, AZ 85022

$58,500

2 Beds

2 Baths

896 SqFt

Status Active

MLS # 6691172

Property Type Manufactured Home

Price Type --

For Sale: Beautifully Remodeled Mobile Home. year built 1983. Recently remodeled with modern finishes, this charming mobile home offer 2 Bedrooms 2 Bathrooms, and a cozy living space. The kitchen boasts new stainless still appliances. Enjoy the convenience of a private parking space and nearby community amenities with a mountain view.

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7300 N 51st Avenue Glendale, AZ 85301

$58,000

2 Beds

1 Bath

910 SqFt

Status Active

MLS # 6657894

Property Type Manufactured Home

Price Type --

Great remodeled manufacture/mobile home, New Kitchen cabinets and kitchen island, new appliances, Flooring, baseboards, New Quartz counter tops, replaced plumbing w pex and copper lines, new custom shower w rain shower, new LED ceiling light w blue tooth speaker, new tankless gas water heater, upgraded electric range/oven, new fridge, new dishwasher, new microwave, Roof serviced and re-sealed, painted inside and outside, wheelchair ramp in place, Great 55+ Community with lots of activities every week, and with easy access to down town Glendale, Shopping and services, Super Walmart close by and much more. Land Lease plus Water, Sewer and trash cost added to bill. FANTASTIC Property that will last for many years to come, owner-agent... probably one of the best options out there.

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652 S Ellsworth Road Mesa, AZ 85208

$57,900

2 Beds

2 Baths

960 SqFt

Status Active

MLS # 6634784

Property Type Manufactured Home

Price Type --

Experience resort-style living in the serene, gated 55+ community of Pueblo Grande. This inviting residence boasts fresh paint, new flooring, and new counters. Enjoy a light-filled interior with high vaulted ceilings, an open kitchen, breakfast bar, and a cozy eat-in nook. Step outside to a spacious covered deck, perfect for savoring Arizona sunsets. The home features generously sized bedrooms, 2 full bathrooms, and a brand new tub/shower in the primary bath. Additional highlights include a new water heater, newer AC and roof, and a new washer/dryer. Residents enjoy community amenities such as a heated pool, spa, billiard room, clubhouse with a full kitchen, shuffleboard, and a variety of activities.

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8103 E Southern Avenue Mesa, AZ 85209

$57,900

1 Bed

1 Bath

840 SqFt

Status Active

MLS # 6639867

Property Type Manufactured Home

Price Type --

MOTIVATED SELLER! BRING US AN OFFER. Pull up to your move in ready 1 bed 1 bath home in the active adult community of Brentwood Southern. You will notice the freshly painted exterior and brand new shaded side patio that is the perfect place to enjoy AZ weather in the Fall, Winter & Spring. Walk through the updated exterior doors that were put in in 2020. Be greeted by the lament wood flooring that flows through the home. The bathroom floors were updated in 2023 with porcelain title. The whole house was re-plumped in 2023 with Pex piping. Water heater was replaced in 2023 & AC in 2018 making this the perfect place to retire or use as a vacation home! Financing available, come make this home yours!

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652 S Ellsworth -- Mesa, AZ 85208

$57,500

2 Beds

1 Bath

960 SqFt

Status Active

MLS # 6673321

Property Type Manufactured Home

Price Type --

MOTIVATED SELLER MUST SELL!! GATED PUEBLO GRANDE COMMUNITY, HIGH VAULTED BEAMED CEILINGS, EXPANSIVE FRONT PORCH, SUNNING PATIO, INCREDIBLE KITCHEN, FAUX STONE SKIRTING, FULLY FURNISHED, LARGE WORK SHED, OVERSIZED CARPORT FOR TRUCKS...THIS HOME HAS IT ALL! LUXURY LAMINATE FLOORS, 2 BREAKFAST BARS SEAT 6, STAINLESS STEEL APPLIANCES INCLUDING ABOVE THE RANGE MICROWAVE & DISHWASHER! CEILING FANS THROUGHOUT, NEW AC UNIT, NEW REFLECTIVE ROOF COATING, NEW WATER HEATER & STYLISH FURNITURE! THIS HOME IS SO WELL MAINTAINED! PUEBLO GRANDE OFFERS SPACE BETWEEN HOMES & LOADS OF ACTIVITIES WITH AMENITIES INCLUDING HEATED POOL/SPA, BILLIARDS, POKER ROOM, CLUBHOUSE, HORSESHOES & PICKLE BALL TO COME! PETS OK NEED PARK APPROVAL. OSMOSIS WATER AT SINK & DUCANE/WEBER GRILL TO CONVEY AS WELL

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16680 W Val Vista Boulevard Casa Grande, AZ 85122

$57,500

1 Bed

1 Bath

409 SqFt

Status Active

MLS # 6675453

Property Type Manufactured Home

Price Type --

Step into luxury living at this meticulously maintained 2017 home in a gated 55-plus community. Highly cared for, fully furnished 1 bed 1 bath, offers modern elegance and functionality. Recently upgraded HVAC ensures year-round comfort. Enjoy a full laundry room and two storage spaces for convenience. Plus high sought after covered parking! Amenities include a heated pool, spa, dog area, driving range and MORE! Embrace the comfort and luxury of this exclusive community.

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