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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40905 N 10th Street Phoenix, AZ 85086

$498,000

3 Beds

2.5 Baths

1,843 SqFt

Status Active

MLS # 6684047

Property Type Single Family Residence

Price Type --

Discover your desert sanctuary in this contemporary gem built in 2021. Set on almost an acre and a half at the base of a gentle hill, this two-story retreat offers three bedrooms, 2 1/2 bathrooms, and an airy open floor plan. Picture-perfect views greet you from every angle, with the master suite boasting panoramic vistas. Inside, a modern kitchen with top-of-the-line appliances beckons for culinary adventures, while expansive windows blur the lines between indoors and out, leading to a spacious patio ideal for entertaining or stargazing. This is more than a home—it's an invitation to embrace the desert lifestyle. Don't miss out on making it your own oasis.

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8641 N 61st Drive Glendale, AZ 85302

Open House

New

$498,000

3 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6698594

Property Type Single Family Residence

Price Type --

This home sits on a premium lot of 13,684 WOW. Nestled within the secure confines of a prestigious gated community, this charming 3-bedroom, 2-bathroom home offers an unparalleled blend of comfort, privacy, and elegance. Step inside to discover an inviting living space, tastefully adorned with modern finishes and ample natural light. The open floor plan seamlessly connects the living, dining, and kitchen areas, fostering a sense of togetherness and functionality. The heart of the home boasts a gourmet kitchen, complete with sleek countertops, stainless steel appliances, and an oversized island - perfect for culinary enthusiasts and casual gatherings alike. Retreat to the serene master suite, featuring a generous layout, walk-in closet, and a luxurious en-suite bathroom with dual sinks and a soaking tub. Two additional bedrooms offer comfortable accommodations for family members or guests. Step outside to enjoy the blissful outdoor living space, where lush landscaping and a private patio provide an ideal setting for al fresco dining, entertaining, or simply unwinding in the fresh air. Residents of this esteemed gated community benefit from exclusive access to a range of amenities, including a sparkling pool, fitness center, clubhouse, and meticulously maintained common areas. Ideally situated near top-rated schools, shopping centers, dining options, and recreational facilities, this home offers the perfect balance of tranquility and convenience for modern living. Don't miss the opportunity to make this stunning residence your own - and experience the epitome of luxury living in a gated community!

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25657 N 185th Drive Wittmann, AZ 85361

$497,995

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6669478

Property Type Single Family Residence

Price Type --

The Bronze floor plan would certainly take home gold for design! This ranch-style home centers around an open layout with a dining area, a kitchen with a center island, and a great room with center-meet doors leading to the covered patio. The primary suite is adjacent, and showcases a generous walk-in closet and a private bath. Two bedrooms and a second bath complete the residence, which also includes an attached RV garage. You'll love the professionally curated fixtures and finishes selected by our design team!

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17708 W Silverwood Drive Goodyear, AZ 85338

$497,950

3 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6677807

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#6677807 Ready March! Discover the Zafiro plan with 3 bedrooms and flex space. Enjoy curb appeal with a landscaped front yard and paver driveway leading to the porch. Perfect for entertaining, living space and covered patio are on one side, while bedrooms and flex room are on the other. Owner's suite offers privacy with walk-in closet, dual vanities, and walk-in shower. Located in a gated, active adult community with resort lifestyle in Estrella Mountain Foothills. Structural options include: paver front porch, multi-slide door at gathering, upgraded square corners, 5' baseboards, 8' interior doors, and pre-plumb reverse osmosis system.

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881 E Elgin Street Chandler, AZ 85225

$497,900

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6686609

Property Type Single Family Residence

Price Type --

Discover the allure of this delightful 3-bedroom home in Monterey Point II. Step inside to find an inviting interior graced with tile floors and vaulted ceilings, leading to a cozy living room perfect for gatherings. The great room is a haven for relaxation. The kitchen features white cabinetry, SS appliances, tile backsplash, granite counters, a pantry, and a center island with a breakfast bar. Serene main bedroom offers a private bathroom with dual sinks, a relaxing tub, and a walk-in closet. A practical laundry room includes built-in cabinets for additional storage. Outside, the backyard is a peaceful retreat with a covered patio and verdant grass, ideal for enjoying tranquil afternoons. This charming residence is awaiting its new owners - don't miss the opportunity to call it yours!

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9906 E Tamery Avenue Mesa, AZ 85212

$497,840

3 Beds

2.5 Baths

1,965 SqFt

Status Active

MLS # 6701113

Property Type Single Family Residence

Price Type --

Available NOW!! Check out this Beauty! 3 bedrooms, 2.5 bath with a loft and split garage!! Enjoy all the upgrades and amenities such as 42' white cabinets, white backsplash and gorgeous granite countertops!! First floor is all tile. Large master closet and Walkin shower. Appliances INCLUDED!! Come see today 🙂

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19032 N 83rd Lane Peoria, AZ 85382

$497,500

2 Beds

2 Baths

1,357 SqFt

Status Active

MLS # 6696335

Property Type Townhouse

Price Type --

This beautifully remodeled golf course home in Westbrook Village's premier 55+ community truly stands out with its array of features and amenities. Let's delve into what makes it exceptional: The kitchen has been tastefully updated with Quartz countertops and stainless-steel appliances, combining style with functionality for cooking enthusiasts. The bathrooms have been modernized to provide comfort and elegance, adding to the overall appeal of the home. The open living area, featuring a full glass wall slider, offers panoramic views of the golf course, creating a serene and inviting ambiance. Tile flooring and vaulted ceilings enhance the spaciousness and elegance of the home, while wood shutters add a touch of sophistication and elegance of the home, while wood shutters add a touch of sophistication. The master bedroom not only offers comfort but also provides a designated office space overlooking the golf course, perfect for remote work or leisurely activities. 2 car garage with epoxy floors, new water softener, new hot water heater. The outdoor patio serves as a tranquil retreat for outdoor gatherings and relaxation, allowing residents to enjoy the picturesque views and pleasant weather. Residents can take advantage of a wide range of amenities, including golf, double restaurants, RV parking, and convenient access to essential services like doctors, shopping, banks, and freeways. Community Safety: The presence of the Posse, which patrols the community, enhances safety and security, ensuring residents feel protected and at ease. Active Lifestyle: Living in Westbrook Village offers a vibrant and active lifestyle, with opportunities for golfing, socializing, and enjoying the beautiful surroundings, fostering a sense of camaraderie among residents. Being part of a 55+ community provides a sense of community and shared experiences among residents who are in a similar stage of life, creating a supportive and welcoming environment. Overall, this home offers a perfect blend of luxury, comfort, and convenience, making it an ideal retreat for those seeking a fulfilling Arizona living experience in Westbrook Village's premier 55+ community.

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38407 N Front Runner Lane San Tan Valley, AZ 85140

$497,490

4 Beds

3 Baths

2,549 SqFt

Status Active

MLS # 6701038

Property Type Single Family Residence

Price Type --

Welcome to Wales Ranch! San Tan Valley's newest master planned community with a wealth of amenities to enjoy. Conveniently located with easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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23806 N 162nd Avenue Surprise, AZ 85387

$497,468

4 Beds

3 Baths

2,363 SqFt

Status Active

MLS # 6674716

Property Type Single Family Residence

Price Type --

POPULAR ESCALANTE Community, INCENTIVES TOWARDS FINANCING, Pinecrest Plan, 4 bedroom, 3 Baths, 2 Car Garage, 9 Foot Ceilings With 8 Foot Interior Doors On Both Floors, Gourmet Kitchen, HIGHLY UPGRADED FLOORING, CABINETS COUNTERTOPS, 2 Inch Pearl White Blinds, OPEN Floor plan, 16 Foot Atrium Glass Doors, Ceiling Fans In All Rooms. Energy Star Qualified Home, Indoor Air Plus, 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. Buyer May Still Select Appliances, Schools And New Shopping Center Nearby. Full Builder Warranty.

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40911 N Prestancia Drive Anthem, AZ 85086

$497,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6622808

Property Type Single Family Residence

Price Type --

Welcome to 40911 N Prestancia Dr, Anthem, AZ 85086, located in the prestigious Anthem Country Club. This home offers a range of desirable features and is situated in an exclusive location, makes this home all your own with some new flooring and paint!! All at an incredibly competitive price. Upon entering, you'll immediately notice the attention to detail and meticulous maintenance this home has received. The interior boasts numerous upgrades and a thoughtfully designed layout, making it both functional and visually appealing. With all-new exterior paint, this home exudes a fresh and inviting atmosphere. The kitchen is truly a highlight, featuring cherry cabinets and stunning granite countertops. It offers ample space for preparing meals and entertaining guests. MORE Whether you're an aspiring chef or enjoy cooking for loved ones, this kitchen will exceed your expectations. The great room concept creates a spacious and open living area, ensuring there is no wasted space. The large living areas provide flexibility for arranging furniture and accommodating various activities. The tile flooring throughout the home adds a touch of warmth with its neutral tones, complementing any décor. The master bedroom is generously sized and includes a large walk-in closet, offering plenty of storage for your personal belongings. This retreat provides a tranquil space to unwind and recharge after a long day. Exuding curb appeal, the front elevation of the home is impressive and beautifully landscaped. The surrounding area is exceptionally peaceful, providing a serene setting to enjoy your surroundings. Living in Anthem Country Club allows you access to a wide array of unique amenities. Whether you're a golf enthusiast, tennis player, or simply enjoy an active lifestyle, this community has something for everyone. Take advantage of the clubhouse, fitness center, pools, parks, and other recreational facilities, all within close proximity to your new home. In addition to its outstanding location and amenities, this property has been upgraded with a new reverse osmosis system, new water softener, new microwave, new refrigerator, and a brand-new AC installed in 2022. These upgrades further enhance the value and convenience of this already exceptional home. Don't miss the opportunity to own this well-maintained residence in Anthem Country Club. With its attractive design, desirable features, and access to exclusive amenities, this property represents an incredible value. Schedule a showing today and experience the charm and elegance of 40911 N Prestancia Dr.

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4808 N 24th Street Phoenix, AZ 85016

New

$497,000

2 Beds

2 Baths

1,089 SqFt

Status Active

MLS # 6698638

Property Type Apartment

Price Type --

Welcome to your urban oasis at Optima Biltmore Towers. Experience resort-style living in this stunning high-rise located in the heart of the Camelback Corridor. This fabulous 2-bedroom, 1.75-bathroom condominium offers the perfect blend of luxury, convenience, and urban living. Upon entering, you'll be greeted by a modern split floor-plan featuring high ceilings, neutral tones, tile flooring throughout, and large windows that fill the space with natural light. The open kitchen boasts ample storage space and elegant granite countertops. The main suite provides a serene escape with direct balcony access, offering palm-lined views that perfectly highlight Arizona's famous sunsets. Complete with dual closets and a spacious remodeled bathroom, this suite is your personal retreat. The second bedroom features floor to ceiling windows, spacious closet, and an adjacent bathroom This unit also includes a stacked washer and dryer for added convenience. Residents enjoy access to top-notch community amenities, including a fitness center, clubhouse, concierge service, and gated parking. The rooftop deck features a resort-style swimming pool and spa, lounge areas, and outdoor cooking spaces, all with unobstructed 360-degree views of the Phoenix skyline. With its prime location, you'll have easy access to highways, Sky Harbor International Airport, and some of the best dining, shopping, and entertainment the Valley has to offer. Don't just imagine the lifestylecome experience it for yourself! This luxurious value won't disappoint. Come see it for yourself!

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5755 W Ivanhoe Street Chandler, AZ 85226

$497,000

3 Beds

2.5 Baths

1,873 SqFt

Status Active

MLS # 6667917

Property Type Single Family Residence

Price Type --

Nestled in the serene neighborhood of Mays Pond in Chandler, AZ this beautiful 2-story home offers a perfect blend of comfort and style. Boasting a freshly painted interior, 3 beds & 2.5 baths, granite kitchen countertops, this charming residence provides ample space for both relaxation and entertainment. The open floor plan on the main level seamlessly connects the living room, dining area, and kitchen, creating a welcoming atmosphere for gatherings with family and friends. Upstairs features updated flooring, the spacious bedrooms offer a peaceful retreat, with the master suite featuring a private en-suite bathroom for added convenience. Great location with easy access to shopping, dining, & entertainment options, as well as top-rated schools & beautiful community park, paths plus more!

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