What’s Ahead For Mortgage Rates This Week – October 24, 2016

Last week’s economic releases included the National Association of Home Builders’ Housing Market Index along with reports on housing starts, building permits and sales of previously owned homes. Weekly reports on new jobless claims and mortgage rates were also released.

NAHB: Builder Sentiment Dips amid High Demand for Homes

Home builder confidence in current housing market conditions dipped from September’s index reading of 65 to 63. September’s reading was the highest since the peak of the housing bubble. Any reading above 50 indicates a majority of builders surveyed are confident about housing market conditions. Building new homes is essential to relieving intense demand for homes against short supplies of homes for sale. Builders cited obstacles including low supplies of land for development and workforce shortages, but expressed confidence in overall economic conditions that affect construction and sales of new homes.

Housing Starts Fall, Building Permits Rise

According to the Commerce Department, the reading for housing starts was nine percent lower in September than for August. 1.047 million starts were reported in September on a seasonally adjusted annual basis; August’s reading showed 1.150 million starts. Monthly readings tend to fluctuate due to weather, labor and materials supplies. Single family starts provided good news with a higher annual rate of 783,000 starts; this was 8.10 percent higher than August’s reading.

More building permits were issued in September than for August. Overall, 1.225 million permits issued on an annual basis. August’s reading showed 1.152 million permits issued. Building permits for single-family homes rose to 783, 000 on an annual basis, an increase of 8.10 percent over August. September’s increase in single-family permits indicates that builders are shifting their efforts toward single-family construction instead of multi-family construction. This signifies confidence in homeownership and suggests stronger housing markets as renters become homebuyers.

Sales of Previously–Owned Homes Increase

The National Association of Realtors® reported that previously owned homes sold at a seasonally-adjusted annual pace of 5.47 million sales in September as compared to a rate of 5.33 million sales in August. Pre-owned home sales rebounded after slowing in July and August. Home prices rose 5.60 percent year-over-year to an average of $234,200; this was the 55th consecutive month that home prices rose.

Sales of pre-owned home sales rose in all four regions rose year-over-year from 0.90 percent in the South to 5.80 percent in the Northeast. First-time buyers accounted for 34 percent of sales, which was the highest participation rate in four years.

Mortgage Rates Higher

Freddie Mac reported higher average mortgage rates last week. 30-year fixed rates were five basis points higher at 3.52 percent. 15-year fixed rates were three basis points higher at 2.79 percent. 5/1 adjustable mortgage rates rose three basis points to 2.85 percent. Discount points rose from 0.50 to 0.60 percent for fixed rate mortgages and were unchanged at -.40 percent for 5/1 adjustable rate mortgages.

New jobless claims were higher than expected at 260,000 claims; analysts expected 248,000 new claims to be filed based on the prior week’s reading of 247,000 new claims filed. Last week’s reading was the highest in six weeks, but analysts said that layoffs remain very low.

What‘s Ahead

This week’s scheduled economic news includes Case-Shiller home price data, readings on new and pending home sales along with reports on consumer confidence. Mortgage rates and new jobless claims will be released on their regular weekly scheduled.

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4106 W Electra Lane Glendale, AZ 85310

$515,000

4 Beds

3 Baths

1,910 SqFt

Status Active

MLS # 6700472

Property Type Single Family Residence

Price Type --

NO HOA! Beautiful home in a beautiful neighborhood. Pride of ownership in beautiful condition. Near I-17 and the 101 provides quick access to freeways taking you quickly in any direction. New roof! New exterior paint. New water heater. New flooring throughout. All newer appliances and includes the washer, dryer and fridge. Beautiful Pebble Tec pool with water feature. Has a bedroom on the bottom floor. Mountain views with fantastic hiking trails nearby and near the water park, railroad park, RC park, shopping, and golf! No disappointments here!

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4077 S Sabrina Drive Chandler, AZ 85248

$515,000

4 Beds

3 Baths

1,775 SqFt

Status Active

MLS # 6683937

Property Type Townhouse

Price Type --

Welcome to your dream home, a stunning 2021 built residence nestled in the heart of Chandler, AZ's prestigious Echelon at Ocotillo - a Gated Lake Community. This meticulously designed home offers a perfect blend of modern elegance and comfort, providing an unparalleled living experience. Step into a world of sophistication with this beautifully appointed 4 bedroom, 3 bathroom home (1 bed, 1 bath downstairs). Open-concept layout with chef-inspired kitchen and sleek island, upgraded flooring, granite counter tops, stainless steel appliances, ceiling fans and light fixtures. Retreat to the serene master suite, complete with a luxurious ensuite bathroom and walk-in closet. Additional bedrooms offer comfort and versatility. Water softener, RO and Ring security system installed. 2 Car Garage Step outside to your own private oasis! The charming patio provides the perfect setting for al fresco dining or relaxing with a morning cup of coffee. Enjoy the warm Arizona weather year-round in this delightful outdoor space. Resort-Style Amenities-Residents of this community enjoy access to an array of resort-style amenities, including a sparkling swimming pool, clubhouse, and well-maintained grounds. Experience the epitome of luxury living right at your doorstep. Situated in a prime Chandler location, this end unit home offers easy access to top-rated schools, shopping, dining, and entertainment options. Enjoy proximity to major highways, making commuting a breeze and allowing for convenient travel throughout the Phoenix metropolitan area. Don't miss the opportunity to call this exceptional property your new home and experience luxury living at its finest in Chandler, AZ.

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22483 E Creosote Drive Queen Creek, AZ 85142

$515,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6675027

Property Type Single Family Residence

Price Type --

Welcome to this Lovely Meridian home with an open floor plan and large sliding doors that allow the great room to feel more open and the natural light to brighten the home. This home features upgraded plank flooring, upgraded range w/ double oven, plantation style window framing, epoxy garage flooring and epoxy stone back patio and large secondary bedrooms. The back yard features an easy to maintain turf w/ beautiful well established Queen palms making for an Oasis in the desert at home. Only minutes from the Queen creek city center.

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11537 W Laurelwood Lane Avondale, AZ 85392

$515,000

4 Beds

2.5 Baths

3,169 SqFt

Status Active

MLS # 6701927

Property Type Single Family Residence

Price Type --

Motivated Seller! Bring all offers! 4 bed/3 bath, a loft, and a bonus/craft room. The spacious Master suite offers his/her sinks, granite slab vanity, a shower and a garden tub. Upstairs has a loft and 3 good sized bedrooms. You'll enjoy cooking and entertaining with the gorgeous granite slab island with breakfast bar opening to the spacious living room with plenty of lighting and soaring ceilings. Plenty of pantry space and a welcoming dining room for all. Walk out to the backyard and sit back. It's time to relax! You can envision splashing in the fenced pebbletec pool or having friends over for a bbq party. All of this in a highly sought after community with Lakes for fishing and non-motorized boating. Shopping and dining nearby, but this community is quie

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1611 W Indianola Avenue Phoenix, AZ 85015

$515,000

3 Beds

2 Baths

2,198 SqFt

Status Active

MLS # 6686035

Property Type Single Family Residence

Price Type --

Tastefully updated 3 bed 2 bath home in the lovely St. Gregory neighborhood. Main bathroom has been completely remodeled. Updated wood plank floors throughout. Large flex room in the back of the house has its own entrance. This could be a family room, game room, office or another bedroom. Spacious laundry and storage room off of the kitchen. Front yard was just landscaped with low maintenance turf. NO HOA!

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1806 N 208th Avenue Buckeye, AZ 85396

Open House

New

$515,000

4 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6698162

Property Type Single Family Residence

Price Type --

Discover your dream home! This immaculate home has the perfect layout, featuring a spacious main-level bedroom, complete with a full bathroom. The kitchen dazzles with stainless steel appliances, quartz countertops, ample cabinet space, and a large walk-in pantry. Upstairs, find a cozy loft and a versatile theater room that can easily be converted into a fifth bedroom. Enjoy peace of mind with a security system and smart home setup. And another convenient feature of this home is the air conditioned 3 car garage! Embrace the vibrant Verrado community with picturesque streets, parks, trails, and top-rated schools. Experience luxury living - come see this beautiful home today!

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14253 S Cholla Canyon Drive Phoenix, AZ 85044

Open House

$515,000

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6702271

Property Type Single Family Residence

Price Type --

ONE STORY GEM IN MOUNTAIN PARK RANCH!! Vaulted ceilings. 20'' neutral tile/ plush carpet throughout & 2-tone paint. Kitchen remodeled with granite and stainless appliances. Baths with granite, & white cabinets and newly tiled shower/tubs. Newer windows in bedroom area & newer great room patio doors. Nice backyard w/large patio Perfect location in the Ahwatukee/Foothills area with great shopping/restaurants and freeway access.

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1201 E Northshore Drive Tempe, AZ 85283

Open House

$515,000

3 Beds

2 Baths

1,454 SqFt

Status Active

MLS # 6702328

Property Type Townhouse

Price Type --

Welcome to your lakeside retreat in Tempe's charming Lakes community! This freshly remodeled 3bd, 2bath upper level home is all about laid-back luxury and those unbeatable lake views! Step into an open, airy and updated home with vaulted ceilings, wood burning fireplace, updated kitchen to include: new cabinets, stainless steel appliances and quartz countertops. Newer high-end vinyl windows, doors and wood flooring. Large bedrooms and updated bathrooms! Runaway point offers a private community pool with lake view,. The Lakes community offers year-round swimming, pickleball, volleyball, racketball & basketball courts. Fitness center, BBQ Grills and playground. Conveniently located near shopping, dining, entertainment, ASU, freeways, and close to the airport!

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15074 W Bloomfield Road Surprise, AZ 85379

Open House

$515,000

4 Beds

2.5 Baths

2,483 SqFt

Status Active

MLS # 6660394

Property Type Single Family Residence

Price Type --

This move-in ready beauty is just waiting for you to call it home! Prime location close to schools, shopping, walking trails, entertainment and easy freeway access. Bright and airy home has 10 foot ceilings, wood-grain tile on ground floor and ceiling fans throughout. Kitchen boasts large island, granite countertops & backsplash, SS appliances and ample pantry space for all your hosting needs. Upstairs you'll find a loft perfect for den, office or playroom and master with huge walk-in closet. The backyard oasis includes extended patio with pavers, mature landscaping, grass, garden area and sparkling pool with baja shelf for ultimate relaxation. Updates include: new HVAC, garage door motor, irrigation timer and pool filters.

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1963 E Villa Theresa Drive Phoenix, AZ 85022

$514,999

4 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6687314

Property Type Single Family Residence

Price Type --

This awesome Cul De Sac home has 4 bedroom - 2 ½ baths, just minutes from the 51, 17 and 101 freeways. This home has a vaulted ceiling in the Great room flowing into the Kitchen with Granite Counters and Breakfast bar. Remodeled ½ bath downstairs for your guest to use. Both upstairs bathrooms have private toilet rooms. The Backyard is a well groomed space with a built in BBQ area and wide paved area on the side yard. Refrigerator, washer an dryer are new and stay with the house. Under stair storage was converted to a pantry. Updated in 2018, 14 SEER Variable Speed Trane HVAC system, Rheem smart water heater, and Lux Geo smart thermostat. Security system installed but not monitored. Garage door with a dual spring set up replaced 2 years ago.

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41143 W Rio Bravo Drive Maricopa, AZ 85138

$514,999

4 Beds

2.5 Baths

2,828 SqFt

Status Active

MLS # 6691288

Property Type Single Family Residence

Price Type --

Just in time for summer! Check out this gorgeous 4 bedroom 2.5 bathroom POOL home located in the beautiful LAKE community of The Lakes Of Rancho El Dorado! Complete with additional loft and den spaces this home also features a 3 car tandem garage and RV Gate WITH concrete driveway down the side of the home! The back yard also features an extended patio, sand fire pit area, above ground spa and did we mention the POOL! This and so much more to see and love in this home.

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20056 W Exeter Boulevard Litchfield Park, AZ 85340

$514,995

4 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6663940

Property Type Single Family Residence

Price Type --

You'll find plenty to love about the Raleigh plan! The center of the home boasts a large Gourmet kitchen with a convenient center island and walk-in pantry, which flows into an open-concept dining room and great room. The owner's suite is adjacent, with a private bath and a walk-in closet. There are two bedrooms and a full bath off Great room and a convenient Laundry room. There is a 4th bedroom with a walk in closed at front of house with an adjacent bathroom, which can be used as a quest room away from everyone. This is a must see!!

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