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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372 W Nikita Drive San Tan Valley, AZ 85140

$499,890

5 Beds

3 Baths

2,586 SqFt

Status Active

MLS # 6630546

Property Type Single Family Residence

Price Type --

On 4-18-24, the Carpets were cleaned and ready for a new owner. Large backyard! Don't wait any longer, as the seller is highly motivated. This is your chance to own a stunning McKinley floor plan with a 5-bedroom, 3-bathroom that includes a loft in the coveted Meadows community. The house is close to a new shopping complex, restaurants, a hospital, and grocery stores. You'll love the spacious and well-designed floor plan, which features an open concept on the main floor with access to a covered patio. The kitchen is a chef's dream, with plenty of cabinet and counter space and a walk-in pantry. With one bedroom and a full bath downstairs, you'll have plenty of space for your family and guests. Upstairs, you'll find the laundry room, three additional bedrooms, and a split primary bedroom, each spacious and perfect for relaxation. The primary suite is the ideal retreat, with a large, secluded room, a private ensuite bathroom with dual sinks, and a walk-in closet. The loft is suitable for movie nights or a separate space to unwind. The house is fully landscaped and ready for you to move in. The lot is large enough for a future pool/spa/spool. Take advantage of this opportunity to own your dream home!

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1731 W Palmaire Avenue Phoenix, AZ 85021

$499,880

3 Beds

2 Baths

1,375 SqFt

Status Active

MLS # 6694080

Property Type Single Family Residence

Price Type --

WOW, this home has just completed an extensive remodel and it looks great! This 3 bed 2 bath home on a large north central, culdesac lot also has a great pebble tech pool! The interior has been updated with plank flooring, quartz counters, new paint inside and out, baseboards, vanities, tile showers, lighting, landscaping, epoxy garage floors, the list goes on! Located in area of million dollar homes, this house has it all at half the price. Large back yard for entertaining, two car garage, storage, large interior laundry room, space for RV, no HOA. Newer AC and appliances. Third bedroom can make a great work from home office. Come check out this north central Gem today!

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25229 W Rockaway Hills Road Morristown, AZ 85342

$499,800

3 Beds

2 Baths

1,801 SqFt

Status Active

MLS # 6639688

Property Type Manufactured Home

Price Type --

Your new home away from the crowds awaits in Morristown! Santa-Fe-style residence sitting on a more than 1-acre lot on a desired corner! This property is fully fenced w/an RV gate for all your toys. Beautiful interior has tile floors, a cozy fireplace in the living room, gorgeous light fixtures, and neutral paint. Cook gourmet dishes in the eat-in kitchen showcasing SS appliances, center island, a walk-in pantry, white cabinetry, and ample counter space. Split main retreat has a walk-in closet and a full bathroom with a dual sink vanity and a jetted tub for a spa-like feel. In the backyard, discover a fenced covered patio w/a Ramada, a greenhouse, a detached garage w/a small workshop attached, a fire pit, and natural desert landscaping. Don't miss the AZ sunsets and mountain views! Hurry!

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18326 N Gila Springs Drive Surprise, AZ 85374

$499,800

2 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6673887

Property Type Single Family Residence

Price Type --

Beautifully designed home in the highly sought-after Sun City Grand community! Versailles pattern travertine flooring extends through the living area with a stone fireplace & additional sitting area off the kitchen ideal for a conversation or game table. The open kitchen boasts granite countertops, stainless steel appliances, drawer pull-outs, & RO. All bathrooms have been elegantly crafted with travertine & gorgeous vanities. Den area complete with custom built-in desk & shelving. The backyard offers a covered patio with a built-in BBQ ideal for hosting & citrus trees. Also featured, a 2-car garage with built-in cabinetry, water softener, & heat shield. You'll love the Sun City Grand community with amenities like a pool, spa, gym, clubhouse, sports courts, & fun community events!

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5160 W Village Drive Glendale, AZ 85308

Open House

$499,800

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6692890

Property Type Single Family Residence

Price Type --

WOW!! This immaculate,ultra clean 3 Br/2 Bath, 3 CAR GARAGE home is located on a Cul-De-Sac lot. New natural color painted inside. Eat-in kitchen has GRANITE COUNTERTOPS, decorative backsplash, plenty of cabinets, stainless steel KitchenAid appliances. Spacious master suite has a bay window, dual sinks, & separate shower& soaking tub. Tile in all the right places, new carpet in bedrooms, plank flooring in Living Room. The covered, tiled Patio has sunscreens. Enjoy the beautiful and immaculate desert landscaping in this inviting backyard with manicured bushes, fruit trees, & a raised garden. A CUSTOM-BUILT FIREPLACE is the Focal Point. LOCATION! Easy access to 101 & 17 freeways, Arrowhead restaurants and Shopping Mall. Beautifully maintained subdivision with acres of trails & parks.

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10778 W Mckinley Street Avondale, AZ 85323

$499,775

3 Beds

2.5 Baths

2,269 SqFt

Status Active

MLS # 6655230

Property Type Single Family Residence

Price Type --

New home ready for move in this spring. Two-story Tisdale floorplan with sought after Craftsman style exterior. The first floor features a flex room with elegant double glass doors. This room can serve as a home office, game room or sitting area. The second floor features a loft, the owner's suite and two additional bedrooms. The spacious kitchen features stainless steel appliances with gas range and a large island with ample sitting space, overlooking the dining and sitting areas. The stylish cabinetry is a gray tone which is complemented by upgraded quartz countertops, subway tile backsplash, and wood color plank tile. Great home with spacious sitting and socializing areas. Home warranty included.

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26532 W Cat Balue Drive Buckeye, AZ 85396

$499,700

2 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6700826

Property Type Single Family Residence

Price Type --

WELCOME HOME! This Fabulous Haven model features a light & bright, open concept, split floor plan w/neutral tones, vinyl wood, carpet & tile flooring, plantation shutters & designer lighting features throughout. The inviting gathering space features a media wall w/fireplace. The kitchen boasts white cabinets, backsplash, granite counters & island w/seating overlooking the private courtyard w/ water feature, perfect for morning coffee. Owner's suite has adjoining bath w/tile surround shower, granite counters, dual sinks, & large walk-in closet. A large den can be used for office or hobbies. Guest room has adjacent bath. Utility room has up/low cabinets & sink. Enjoy outdoor living on your extended, covered patio with built in barbecue & bar seating overlooking your beautiful, fenced yard

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1335 W Monroe Street Phoenix, AZ 85007

$499,600

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6652210

Property Type Single Family Residence

Price Type --

Imagine residing in a home drenched in historical charm in Phoenix's Woodland Historic District. This abode is more than just a dwelling; it's a gateway to yesteryears, yet infused with contemporary comforts. Greeting you is an inviting front porch, leading to a living area where the original fireplace kindles tales of old. Across, the dining space reverberates with stories of grand meals past. Venturing further, you'll discover bedrooms that murmur ancient secrets, alongside a master suite that epitomizes today's opulence. The upper level hosts a generous bedroom, a blank slate for your creativity. Just a stone's throw from the Arizona Capitol, this location offers swift access to governmental hubs, entertainment arenas, and the lively downtown scene. Seize the chance to claim a slice of Phoenix's heritage in a neighborhood buzzing with renewal and rejuvenation.

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4809 E Fire Opal Lane San Tan Valley, AZ 85143

$499,600

3 Beds

2 Baths

2,228 SqFt

Status Active

MLS # 6677812

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the Village at Copper Basin Community of San Tan Valley! This stunning 2019-built residence boasts 3 bedrooms and 2 bathrooms, offering a perfect blend of modern design and functionality. The kitchen is complete with granite countertops, a large island, and a stainless steel appliance package. It seamlessly flows into the spacious great room, creating an ideal space for family gatherings and entertaining guests. The oversized primary suite is a true retreat, featuring ample room for a sitting area or home office with views of the pool, dual sinks in the en-suite bathroom, and a generous walk-in closet. The original 4th bedroom has been ingeniously merged to create an oversized double master feel, perfect for accommodating guests, setting up a home gym, or creating a cozy man-cave. Step outside through the glass sliding doors to discover your private backyard oasis. Enjoy lazy afternoons under the covered patio, take a refreshing dip in the PebbleTec SHASTA pool, or let the kids and pets play freely on the lush turf area. Plus, benefit from added privacy as the home backs to a park. This home offers not just a place to live but a lifestyle of luxury and comfort. Don't miss the opportunity to make it yours!

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2480 S Pinegrass Road Show Low, AZ 85901

$499,500

2 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6684591

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we will build for you. Let's build you this beautiful custom home in Torreon for under $500,000 with standard features like stainless steel appliances, granite, soft close cabinets, LVP floors, walk-in shower, great room, LP Smart Siding (no staining), Trex deck, iron railing, AC, gas heat, covered back deck and more. Some interior & exterior selections can be made by the buyer. Great pine trees on this lot. To be built with buyer's cash or construction loan. We have lenders to accommodate this lot/home package. Estimated build time is 12 months from permits. We can also help design a custom home if you prefer. Other lots available. Call for details.

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13870 N 96th Street Scottsdale, AZ 85260

$499,500

3 Beds

3.5 Baths

1,873 SqFt

Status Active

MLS # 6601794

Property Type Townhouse

Price Type --

Large 3 bedroom, 3.5 bath townhome with expansive loft. Dual primary suites: 1 downstairs, other upstairs. Freshly painted interior. New A/C in 2021. Oversized 2.5 car garage. Walking paths and community pool. Oversized patio perfect for entertaining. Fantastic balcony with majestic mountain views. Brand new roof 2022. LOWEST PRICE PER SQ FT 3BED UNIT WITH A 2 CAR GARAGE IN SCOTTSDALE

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20434 W Meadowbrook Avenue Buckeye, AZ 85396

$499,500

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6625864

Property Type Single Family Residence

Price Type --

VICTORY living is yours in this stunning 2022 build Lennar home! 1657 SF of living space gives you 2 beds, 2 bath with a huge bonus room that can be used as a formal dining room or a spacious office/den! Tile floors everywhere but bedroom 2 and closets! Stunning white theme kitchen with stainless steel appliances, quartz counters and under cabinet LED lighting! Spacious main living area is an entertainers dream! Let the fun spill out into the backyard where your oversized covered patio is paired with a professionally installed hardscape patio just perfect for a outdoor dining set and BBQ! Views of the White Tank Mountains from your back yard and a beautiful wash/greenspace views! Enjoy the tankless gas water heater for UNLIMITED hot water! Flexible COE, so send us an offer!

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