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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16861 W Fetlock Trail Surprise, AZ 85387

$502,396

4 Beds

3 Baths

2,644 SqFt

Status Active

MLS # 6700364

Property Type Single Family Residence

Price Type --

Can't find what you want on the resale market, look no further. This 4 bed, 3 bath home features a 3 car garage split, loft space, 1 bedroom and bathroom downstairs, a beautiful gourmet kitchen, a study with double doors, perfect for an office and or work space ! And huge backyard ! This house is ready to become your HOME !

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207 S Beaver Street Flagstaff, AZ 86001

$502,260

1 Bed

1 Bath

800 SqFt

Status Active

MLS # 6632520

Property Type Apartment

Price Type --

DON'T MISS THIS OPPORTUNITY! This 1-Bedroom Condo has a covered patio's, and is Move-in-ready! This 5-story community was tastefully designed to accentuate the views off each deck of the 32 luxury units! Living the high life at 7000' feet is a breeze at The Views at Butler, just a step from Northern Arizona University & the nightlife in downtown. Watch the sunset reflect off the San Francisco Peaks while BBQ'ing on the oversized Roof-Top View Deck & lounge area. Convenience & ease are built into the community w key fob elevator, a trash shoot on every level & standard A/C. Beyond the aesthetic & downtown life vibe! Location, Convenience, Views & Community. It's the perfect home for you!

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17332 W Corrine Drive Surprise, AZ 85388

$501,990

4 Beds

3 Baths

2,280 SqFt

Status Active

MLS # 6687543

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING CLOSING COST AND RATE BUYDOWN SPECIALS. This home is on a very deep lot! It is 4 bedrooms, 3 baths plus a loft and a 2-car garage on a large lot. The guest suite is located on the bottom floor and 3 bedrooms plus a loft on the second floor. This home has a beautiful kitchen with an island, Staggered upgraded cabinets, Upper-level Quartz countertops and stainless-steel appliances. The kitchen opens up perfectly to the great room and the covered patio. Master suite has a large bedroom, tiled master shower, large walk in closet and double sinks. All interior doors are 8'!

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16745 W Cortez Street Surprise, AZ 85388

$501,251

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6473905

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6473905 December Completion! The Sterling offers a single-story design encompassing 2,140 sq. ft., 4 bedrooms, 3 bathrooms, and a 3-car tandem garage. Upon entering through the foyer, you encounter a seamless blend of an open-concept kitchen, casual dining, and gathering room—a perfect setting for entertaining. The outdoor living space enhances the overall livability, allowing you to relish the Arizona sunshine throughout the year. Structural options include: Additional bedroom, study, 8' Interior Doors, Garage Service Door.

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1653 Middle Creek Lane Sierra Vista, AZ 85635

$501,051

3 Beds

2 Baths

1,804 SqFt

Status Active

MLS # 6614413

Property Type Single Family Residence

Price Type --

New In-Town Community! 1804 sf, 3br/2ba home with 3-car garage on over 1/4 acre in-town lot and walking distance to stores & schools. Kitchen features Off-White painted cabinets with hardware and granite countertops throughout with under cabinet lighting, pendant lights over peninsula island. Bathrooms feature executive height cabinets, tile shower and bath surrounds. Wood look tile throughout with upgraded carpet and pad in the bedrooms. Primary suite has large walk-in closet and double sinks. Pre-wires and bracing for ceiling fans & wall mount tv, plumbed for soft water with fridge/freezer outlet in garage. Front yard irrigation with timer, wide rear patio with gas stub for future outside cooking. Energy Star Certified, HERS Rated & Environments for Living Guaranteed Home.

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23825 N 41st Avenue Glendale, AZ 85310

Open House

New

$501,000

3 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6707081

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained property, ready for its new owners! The fresh interior paint in a tasteful neutral color scheme sets a welcoming tone throughout. The spacious living area features a charming fireplace, perfect for cozy evenings. The kitchen is equipped with stainless steel appliances and an accent backsplash, inspiring culinary creativity. The primary bedroom offers a generous walk-in closet for your personal retreat. The main bathroom boasts double sinks, a separate tub for relaxation, and a shower for quick refreshments. Outside, the private, fenced-in backyard features a covered patio for outdoor dining and relaxation, along with a storage shed for additional space. Discover the value this property holds and make it your forever home!

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2845 S Benton Circle Mesa, AZ 85212

Open House

$501,000

3 Beds

2.5 Baths

1,880 SqFt

Status Active

MLS # 6691334

Property Type Single Family Residence

Price Type --

Step into luxury living with this exceptional property. The kitchen features all stainless steel appliances, catering to your every need, and a stunning accent backsplash creates eye-catching features. The neutral color paint scheme, enhanced by fresh interior paint, provides a timeless backdrop suited to any aesthetic. In the spacious primary bedroom, a walk-in closet offers ample storage space. Outside, the property shines just as brightly with a tantalizing in-ground pool, perfect for your private use. The fenced-in backyard ensures seclusion, emphasizing the feeling of having your retreat. A covered patio affords the pleasure of being outdoors without the concern of weather changes, and an extra storage shed provides convenience for your outdoor tools and equipment.

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12206 W Levi Drive Avondale, AZ 85323

$500,813

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6703068

Property Type Single Family Residence

Price Type --

*Agents, please read private remarks* Wonderful new Shea Home in the popular Master Planned Community known as Alamar. This beautiful home features 4 bedrooms, 3 bathrooms and an upstairs laundry room. Upgraded features include Quartz Countertops, Urban White Cabinets, Stainless Steel GAS Appliances, Designer Flooring, Garage Service Door and Front Yard Landscaping. Estimated completion is 30-45 days.

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16241 W Soft Wind Drive Surprise, AZ 85387

$500,067

3 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6620815

Property Type Single Family Residence

Price Type --

MOVE IN READY. Beautiful ESCALANTE Community, SILVERSMITH Plan, 3 bedroom, Open Study, 3 Baths, 2 Car Garage, 9 Foot Ceilings On Both Floors, 8 Foot Interior Doors, Gourmet Kitchen, UPGRADED FLOORING, CABINETS And COUNTERTOPS, 2 Inch Pearl White Blinds, Ceiling Fans In All Rooms. Energy Star Qualified Home, Indoor Air Plus, Buyer May Still Select Appliances, 8 Foot Tall Garage Door, Located A Short Distance From The Community Pool Area, Picnic Area, Tot Lots, Basketball, Pickle Ball Courts And So Much More. This Home Is MOVE IN READY, $1,750 Front Landscape Credit, Schools And New Shopping Center Nearby. Full Builder Warranty. QUICK CLOSE.

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17055 W Jenan Road Surprise, AZ 85388

$500,000

4 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6704766

Property Type Single Family Residence

Price Type --

Better than a new build because you don't have to wait or Pay the original $550k Ticket Price! Resort style neighborhood welcomes you home w/ tree lined streets & mountain backdrops. Community pool will have you keeping cool & making new friends. Get a workout at the gym while you're there too! Luxurious garden tub in primary soaks away the days stress. Execute a perfect meal in stunning kitchen with all the space any great chef needs. Entertain with pride & ease from functional open floor plan that allows for gatherings galore. The best part, you get to create the backyard of your dreams! Oversized covered patio is ready to anchor all you can vision...perhaps an outdoor kitchen, it's ready for that. At this starting price, only one buyer will be lucky enough to snag it, be sure its you!

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3016 W Bent Tree Drive Phoenix, AZ 85083

$500,000

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6679218

Property Type Single Family Residence

Price Type --

***$500,000 Cash Only Price*** Only a few homes left in this highly sought-after neighborhood near Norterra, TSMC, and The Shops at Happy Valley! This charming 1-story home boasts a 3-bed, 2-bath layout, north/south facing home, and meticulously designed interior. Featuring our 'Farmhouse' curated palette of design selections, including 42'' white kitchen cabinets, quartz countertops, wood-look tile, gas range, and gas heater, plus more luxurious details. Don't miss out on this opportunity in Sterling Vista - nearly 90% sold out! ***Prices subject to change, photos may be of a model home or virtually staged, actual home will vary.

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2016 S Hammond Drive Tempe, AZ 85282

$500,000

4 Beds

3.5 Baths

1,883 SqFt

Status Active

MLS # 6704613

Property Type Townhouse

Price Type --

ATTENTION TO ALL interested in such RARE LISTING as this phenomenal 4 BEDROOM, 3 ½ BATH, PRISTINE, BASEMENT TOWNHOME within WALKING DISTANCE of ASU! Four Parking spaces, including the SINGLE CAR GARAGE are a luxury in this area. This sweet property is nestled quietly in a quaint, little PRIVATE CUL-DE-SAC flanked with stately paver-driveways, shaded by the canopy of mature trees and lush foliage. The Interiors are flooded with sunlight from the abundant windows illuminating the FRESH NEW CARPET & PAD, FRESH INTERIOR DESIGNER PAINT, the NEW TOILETS & CONNECTIONS and the LOFTY, LOOMING CEILINGS with Tile in all the Right Places. FRENCH DOORS, SPLIT-OAK STAIR-RAILINGS, BUILT-IN CAN LIGHTING, the METAL ROOF, and almost a PRIVATE BATH PER OCCUPANT are coveted UPGRADES. The efficient GALLEY KITCHEN boasts QUARTZ COUNTERS, STAINLESS SINK with GOOSE NECK FAUCET and some STAINLESS APPLIANCES. This is a MOVE-IN READY property with the REFRIGERATOR, WASHER & DRYER CONVEYING. Three bedrooms & 2 Baths are Second Level. The Great Room, Dining, ½ Bath and Kitchen are Main Floor and the Basement with Bedroom, Full Bath and Laundry offers the option of either a GAME ROOM or OFFICE. EXTRAS include a GARAGE DOOR OPENER & EPOXY FLOOR, INTERIOR SPRINKLERS for Fire Protection, LARGE CLOSETS and an EXTERIOR FRONT PATIO and MASTER BALCONY. ITS PRIME LOCATION near ASU, Tempe Beach Park, Shopping, Restaurants and Freeways: 101, US60, 202 and I-10 make this property a GEM not to be missed!

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