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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16254 W Tuscany Way Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6664856

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated single level golf course home in the highly desirable community of Sun City Grand. As you enter the home you are greeted with a wall of windows framing the beautiful golf course views, an open floor plan with fresh neutral colors and rich travertine style tile. The over sized master bedroom boasts bay windows, a huge walk in closet and recently remodeled bathroom with granite countertops and walk in shower. Venture down the hallway to the chef's kitchen with Island, granite countertops, stainless steel appliances that all look out to the warm and inviting family room with stacked stone gas fireplace. Whether you would like the privacy of your quaint front patio or the wide open views on your back patio of the 17th tee box of the Desert Springs Golf Course, this home provides you the canvas to enjoy the amazing outdoor living that Arizona has to offer! Welcome to your next Home Sweet Home!

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3864 E Fruitvale Avenue Gilbert, AZ 85297

$500,000

3 Beds

2 Baths

1,692 SqFt

Status Active

MLS # 6666977

Property Type Single Family Residence

Price Type --

This lovely single story home features 3 bedrooms and 2 full baths with an additional den (including a closet!) that could easily be converted into a 4th bedroom. The home is located in the quiet community of Coronado Ranch with beautiful tree-lined streets, affordable HOA fees, and close proximity to Gilbert Regional Park. Coronado Ranch is a ''buy and hold'' community and homes like this don't come up on the market often especially at this price. With the right offer, the seller will also include the washer, dryer, and refrigerator. Come see this gem for yourself!

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7606 S Lone Pine Place Gold Canyon, AZ 85118

$500,000

3 Beds

2.5 Baths

1,776 SqFt

Status Active

MLS # 6668598

Property Type Single Family Residence

Price Type --

Beautiful 3 Bedroom, 2.5 Bath Home in PERALTA Canyon**This well cared for home shows like a model home backing up to the desert & no home in front of you. As you enter in thru the custom iron security door, the home has 9' ceilings and a beautiful entry to display your art. Open Kitchen & Great Room w/ multi-sliding door to ENJOY the AZ Weather & Sunsets. Kitchen has white Shaker cabinets, quartz counter tops, gas range, stainless steel appliances & pantry. Primary Bedroom has walk in closet & beautiful En-suite w/ dual sinks, large shower & separate toilet room. Home also features crown molding, plank tile floors t/o, soft water system, tankless hot water, 3 car garage, expoxy garage floors, extended patio, view fencing, gas stub for BBQ grill plus much more! Hurry before this home is go

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17398 W Superior Avenue Goodyear, AZ 85338

$500,000

4 Beds

2.5 Baths

2,525 SqFt

Status Active

MLS # 6669321

Property Type Single Family Residence

Price Type --

Gorgeous single-story home with a pool, view fence, 3-car tandem garage and solar! This floor plan creates an open living concept, with a large living room tying into a gourmet eat-in kitchen with double wall ovens, granite countertops, a farmhouse sink and gas stove. The primary bedroom features an en-suite bathroom with a large soaking tub, separate shower and dual sinks. There are also 3 additional bedrooms, a den, full bathroom with tub/shower, as well as a half bath for the main living area, or your guests. Close proximity to shopping, dining, schools, freeway access and more!

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21259 W Yale Street Buckeye, AZ 85396

$500,000

3 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6672791

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Priced reduced below comps! This meticulously maintained home has an expansive great room with wood-look tile flooring in the main areas. Natural light floods in through sliding glass doors, blending the indoor with the outdoor living. The kitchen displays recessed & pendant lighting, white cabinetry with crown molding, SS appliances, a walk-in pantry, granite counters, and a prep island with a breakfast bar. All large bedrooms have plush carpets! Primary retreat includes an ensuite with dual sinks, make-up desk, and a walk-in closet. #2 Bedroom is enormous!! PLUS! A unique feature of this property is the open den, offering boundless possibilities! Spacious backyard has a covered patio for unwinding. Mountain views, close to school, park, walking trails, and pool!

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3809 W Misty Willow Lane Glendale, AZ 85310

$500,000

3 Beds

2.5 Baths

1,818 SqFt

Status Active

MLS # 6683177

Property Type Single Family Residence

Price Type --

Location, location, come expecting and be amazed! Starting with gorgeous curb appeal, lush grass, curbing, and mature landscaping. Upon entering the living room, you'll be in awe with the huge, vaulted ceilings, new carpet, custom paint, wood shutters & updated lighting. To the open kitchen, you'll see new cabinets, granite counter tops, granite sink, plus updated black stainless appliances. You'll love the inviting family room with a built-in fireplace and a custom glass slider to view the enormous backyard & extended covered patio set up for entertaining. The oversized owner's suite has vaulted ceilings, a walk-in closet, dual sinks, & remodeled shower. This home has a full 3 car garage, loads of storage space, new roof underlayment 2022, with solar purchase assumable, Come & see today!

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3761 E Thornton Avenue Gilbert, AZ 85297

$500,000

4 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6688799

Property Type Single Family Residence

Price Type --

Rare opportunity to own in Coronado Ranch. Located in 85297 near Gilbert Regional Park, this 4 bed 2 bath 1647 sqft home has vaulted ceiling and spacious back yard, great for gardening and entertaining. Neighborhood is family friendly, has two parks, and a splash pad. Built in 2001 this home has only had 2 owners. Grocery, gas, pharmacy, and other shopping all within 1-2 miles. In 2023 Higley Unified School District rated ''A'' by AZ Dept of Education. Owner/agent listing Home is being sold AS-IS.

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606 S Fountaine Street Flagstaff, AZ 86001

$500,000

2 Beds

1 Bath

1,150 SqFt

Status Active

MLS # 6688896

Property Type Single Family Residence

Price Type --

This charming fixer-upper with endless potential, sold ''AS IS'' for your creative vision to flourish right next to Northern Arizona University. This come has a comfortable living space that would be ideal for students or professionals. Don't miss out on this great opportunity.

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1920 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2 Baths

1,931 SqFt

Status Active

MLS # 6691390

Property Type Single Family Residence

Price Type --

Elegant, Modern & Energy Efficient. 2021 New, 1 Level, 3 Bed, 2 Bath, 2 Car Garage home with over $50K in builder upgrades! Located a mile north of i10, in the 'The Vistas' a exclusive, gated community of Palm Valley, in the A+ Agua Fria School District of Millennium High & Great Hearts, this open-floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Room with 2 large sliding glass doors theres an abundance of bright, cheery natural light! Relax & unwind in your private backyard under the cover patio or have fun enjoying your beatiful community pool & grilling area, which this home butts up to! (Yes, this home has one of the best lot locations in The Vistas!). A tankless hot water heater and water softener are included with this must see home.

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1914 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6691426

Property Type Townhouse

Price Type --

Elegant, Modern, Energy-Efficient, 2021 New, 1 Level, 3 Bed, 3 Bath (2.5), 2 Car Garage home with over $50K in builder upgrades! Located 1 mile N. of i10, in 'The Vistas' a exclusive gated community of Palm Valley'. Top Rated Schools, Great Hearts Charter & Millennium High, shopping, dining, and golf. This open floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Rooms with 3 Lr sliding glass doors theres an abundance of bright, cheery natural light! Relax in your private backyard under the cover patio or have fun in your beatiful community pool & grilling area, which this home butts up to! Yes, this home does has one of the best lot locations in The Vistas! Tankless hot water heater & water softener are included in this must see home!

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1924 E Monte Vista Road Phoenix, AZ 85006

$500,000

2 Beds

2 Baths

1,089 SqFt

Status Active

MLS # 6693409

Property Type Single Family Residence

Price Type --

In 1935, amidst the dust storms and Great Depression, one resilient home emerged from the arid landscapes of the American Southwest: the Adobe Home. Step into the timeless allure of Southwest living with this captivating Adobe Home, a masterpiece of rustic elegance nestled in the heart of Downtown Phoenix. Built in 1935, this meticulously maintained residence seamlessly blends historic charm with modern comfort. The thoughtfully designed floor plan encompasses 2 bedrooms and 2 bathrooms, providing ample space for relaxation and entertaining. The kitchen, adorned with hand-painted cabinets and equipped with modern appliances. Perfect for culinary adventures inspired by the flavors of the Southwest. Don't miss your chance to own a piece of history in this iconic Adobe Home.

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3444 E Lance Lane Phoenix, AZ 85018

$500,000

3 Beds

3 Baths

1,651 SqFt

Status Active

MLS # 6666041

Property Type Townhouse

Price Type --

Qualifies for LOW INTEREST RATE OPTION! Designer swaggy townhome has the feel of luxury and comfort w/ soaring 20-foot ceilings and impressive art walls. Highly profitable Airbnb for investors! 3 bedroom, 3 bathroom home features updated floors, light fixtures, and a modern kitchen and layout great for a first time buyer and family as well. The 2-car garage provides ample storage space, and the rooftop deck offers breathtaking 360-degree views of Camelback Mountain, Piestewa Peak, South Mountain, and downtown. Residents have access to the community pool and spa, and the low HOA fee includes internet. The property is close to shopping and entertainment, including Biltmore Fashion Park and just a short drive to Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale.

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