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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3608 N Navajo Drive Pine, AZ 85544

$510,000

4 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6634761

Property Type Single Family Residence

Price Type --

Don't miss out on seeing this property with all that it has to offer. Charming residential property on a coveted corner lot, offering both privacy and convenience. The fenced yard envelops a tranquil oasis, providing a secure space for relaxation and recreation. Inside, the warm ambiance is enhanced by a distinctive tongue-and-groove ceiling, adding character to the living space. A cozy fireplace creates a focal point, perfect for intimate gatherings. Additionally, this unique property features a separate 1-bedroom apartment with its own private yard and entrance, offering versatility for guests or rental income. Embrace the comfort and flexibility this residence provides, blending style with practicality for modern living. Sheds in back yards that are separated by wood privacy fencing for both the main home and the apartment. Pictures 22-32 Are of the APARTMENT

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10080 E Mountainview Lake Drive Scottsdale, AZ 85258

$510,000

1 Bed

1 Bath

1,095 SqFt

Status Active

MLS # 6641701

Property Type Apartment

Price Type --

Breathtaking views of lake Serena and the McDowell Mountains enjoyed from your private balcony and living room with no one above you! Spacious open floor plan. Living Room has a fireplace and extra side window to enjoy the lake view to the west. Gated Community offers pools, spas, workout room, steam room. One car garage. Kitchen appliances are stainless, washer & dryer are included in sale. Great location, close to several restaurants. Large Master bedroom with walk in closet! One car garage. Ring Doorbell . Nearby park includes 18 lighted tennis courts, our racquetball courts (lighted), Squash court (lighted) Six sand volleyball courts (lighted) Full basketball court (lighted) Two half basketball courts (lighted) Four lighted baseball fields 6 picnic ramadas, Enjoy Scottsdale!

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12939 W Fossil Drive Peoria, AZ 85383

$510,000

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6652040

Property Type Single Family Residence

Price Type --

This Flora Model Sets Itself Apart From The Others With Its Enhancements. You Will Be Captured By The Curb Appeal As You Drive Up To The Tuscan Stone Façade & Gated, Pavered Courtyard. Inside You'll Find Diagonal Tile, Designer Window Coverings, Whole House Filtration System, Decorative Iron Screen Doors & Central Vac. Kitchen Boasts Breakfast Nook & Door To Your Front Courtyard, Engineered Stone Counters, Raised Panel Maple Cabs w/Crown Molding, Convenient Island & Bar Open To Your Great Room w/Wall Of Windows. Main Bedroom Features Upgraded Bath & Custom Closet. 3rd Bedroom/Office Showcases A Unique Stone Wall, Matching Built-In Desk & Murphy Bed. Lushly Landscaped Backyard Offers Plenty Of Privacy, Pavers, Fruit Trees & Gas Fire Pit. 4ft Garage Ext, Epoxy Floor & Cabs. PLUS OWNED SOLAR

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3216 W Hearn Road Phoenix, AZ 85053

$510,000

3 Beds

2 Baths

2,216 SqFt

Status Active

MLS # 6667101

Property Type Single Family Residence

Price Type --

Discover this extensively renovated home with a contemporary flair! The well-lit interior showcases neutral tones & wood-style flooring, creating an inviting atmosphere. The open floor plan is perfect for hosting gatherings, & the kitchen has undergone a stylish transformation with white cabinetry, granite counters, mosaic tile backsplash, & new stainless steel appliances, including a farmhouse sink & wall oven. The primary bedroom boasts a sophisticated en suite featuring dual sinks & a custom walk-in closet. Outside, the backyard offers a refreshing pool (refinished in 2019), a screened in patio for relaxation, & a workshop. The property is equipped with solar panels, providing both environmental consciousness & cost savings. Immerse yourself in refined living in this updated home!

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31110 N 137th Avenue Peoria, AZ 85383

$510,000

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6664928

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought after Vistancia community in North Peoria! This 3 bed, 2 bath, ranch style home is nestled within a beautiful desert landscape and surrounded by mountain views. The home features an updated kitchen, custom formal dining area(could be used as an office or den), and primary bath. Additionally, the AC unit is only 3 years old (replaced in 2021), the home has new insulation, luxury sunscreens, and BRAND new water softener (2024). The 2-car garage is wired for electric vehicle charging station AND overhead storage will convey in sale! Despite the serene location of this home it is only 15-20 min. from TONS of recreation + amenities (shopping, movies, Lake Pleasant and more), and only a 20 min. drive the new TSMC factory Thx to its proximity to 303!

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4525 N 66th Street Scottsdale, AZ 85251

$510,000

3 Beds

2 Baths

2,109 SqFt

Status Active

MLS # 6666635

Property Type Townhouse

Price Type --

Looking for a great vacation home or opportunity to own a great vacation rental home, look no further this beauty is ready. All furniture & household items are included with the sale. Come check out this nicely appointed 3 bed/2 bath townhome on a premium, corner lot close to Fashion Square in Old Town Scottsdale & minutes away from Camelback Mountain. This is one of the largest models in Casa Del Monte & features a split floorplan, large covered patio, 2 new Crane A/C units installed in Feb 2023 as well as new LG washer & dryer, wifi thermostats & ring camera, all upstairs & kitchen windows replaced in Feb 2024. This truly lock & leave home in Casa Del Monte boasts a 24/7 guard gate, 3 pools, basketball, tennis/pickleball courts, clubhouse & gym.

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42414 N 46th Lane Anthem, AZ 85086

$510,000

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6670652

Property Type Single Family Residence

Price Type --

Exceptionally maintained 4-bed, 2-bath Anthem home with a superb layout, real wood floors, 9 ft ceilings, coated garage floors, and manicured landscaping near the TSMC plant. Save thousands on appliances as the washer/dryer and refrigerator all convey! Community pool, parks and recreational center all close by. Lower water bills with water sourced from City of Phoenix. This house is clean, has neutral colors throughout and is move in ready!

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42805 N Hudson Trail Anthem, AZ 85086

$510,000

4 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6676018

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Anthem! This 4-bed, 2-bath residence features new flooring through out, new baseboards, and new appliances that create a modern and inviting space. The kitchen is a chef's delight, while the master suite offers a private and comfy oasis. Enjoy the grassy and secluded outdoor space with the convenience of Anthem's amenities. Don't miss the chance to make this house your home - come check out the beauty of living in Anthem!

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8160 E Pueblo Avenue Mesa, AZ 85208

$510,000

2 Beds

2 Baths

1,694 SqFt

Status Active

MLS # 6679661

Property Type Single Family Residence

Price Type --

Welcome Home to this beautifully updated Fully Furnished, GOLF COURSE HOME WITH VIEWS OF THE SUPERSTITION MOUNTAINS AND THE 12TH GREEN!! Two Bedroom, 1.75 Bathroom(1694 sq ft). Kitchen has been renovated with New Soft close cabinets, Quartz countertops, Stainless Appliances and enormous Walk-In Pantry. New Jeld-Wen windows throughout, New HVAC (2022), Roof2015),New water heater (2024), R/O system installed(2022), Luxury Vinyl Flooring, and new Baseboards throughout the home. Master Bedroom has a Golf Course View, double closets and a beautifully remodeled Master Bathroom. New Vanity, Quartz Counter & tiled Walk-In Shower. Guest Bathroom also has a new Vanity, Quartz Counter and Tub/Shower combo. Two car garage with epoxy coating (2022) CLICK MORE Expansion of 432 sq ft, was added to the back of home and includes vaulted ceiling, duct work and great space for entertaining. Sit on your back patio and enjoy watching the golfers on the 12th green or the take in the beautiful Mountain View's! Large backyard to create any space you can dream up. Convenient to the US 60 and Red Mountain freeways, close to the Mesa Gateway Airport, Sky Harbor, and Costco! If shopping & dining out is your thing...Superstition Springs & San Tan Mall are a short drive away. Enjoy the Country Club & Golf Community offering a lake, golf course, and post office. Lots of planned activities, pickleball, Bocce Ball, Fitness, billiards, library, horseshoes, arts & crafts, card room, shuffleboard, and more! Birdie's restaurant is open daily!

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34457 N Legend Trail Parkway Scottsdale, AZ 85262

$510,000

2 Beds

2 Baths

1,253 SqFt

Status Active

MLS # 6679036

Property Type Townhouse

Price Type --

2 bedroom, 2 bath upper-level condo with private views high above the golf course. Includes TWO PRIMARY SUITES, a great room, and a private garage. It's an end unit right next to the community center and all amenities. FEATURES TWO PATIOS, ONE WITH GOLF COURSE VIEWS AND THE OTHER WITH SUNSET AND MOUNTAIN VIEWS, ensuring privacy and no ground-level animal issues. Inside, you'll find a large living space, a kitchen with granite countertops, new stainless steel appliances, maple wood cabinets, and a breakfast bar. The condo has new carpet and paint. The main bedroom has an en-suite bathroom with a walk-in shower, double sinks, and a walk-in closet. Second bedroom has a bath and fantastic mountain views for your guests. Enjoy access to two community pools, golf, pickleball and tennis courts, and a fitness center with classes. Located near Cave Creek's and Carefree's dining and downtown areas. And a short drive to all Scottsdale North has to offer. More features include: New carpet new paint new fridge, dishwasher, ss appliances (All new within a few years) granite counters Pantry Kitchen Sink Window with mountain and golf views Extended balcony patio with golf and mountain views front patio with sunset and mountain views mountain views from every window great room with gas fireplace Second Bedroom with nook for dresser/wardrobe Large second bathroom Walk in closet in master Master bath dual sinks, large shower Maple cabinets throughout canned lighting Washer Dryer included Storage above washer Separate single car garage Walk to clubhouse and all amenities! On 17th far from errant shots

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4647 N 9th Street Phoenix, AZ 85014

$510,000

4 Beds

3 Baths

1,600 SqFt

Status Active

MLS # 6681941

Property Type Single Family Residence

Price Type --

MULTIGENERATIONAL LIVING! Growing families! Home was updated in 2021. Main home has 3 bed 2 bath plus office. Private guest house attached to the home has 1 bedroom, 1 full bathroom, kitchen area with potential to add an oven, along with separate private entrance. Located in the heart of Phoenix, in the Uptown area, minutes away from the city's downtown area. Features carport parking, SS appliances, & covered back patio. This home is also ideal for the investor that cater to traveling nurses. Minutes away from Phoenix Children's Hospital. SELLER IS SELLING HOME AS-IS.

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1641 E Sattoo Way Queen Creek, AZ 85140

$510,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6682458

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This St.Tropez home is a gem and it's ready for you to call it home. Upon entry, you'll be greeted by a spacious and inviting living area, seamlessly leading into the heart of the home - a kitchen designed for the culinary enthusiast. The kitchen has high-quality stainless steel appliances, stunning granite countertops, and ample cabinet space. One of the home's standout features is its 4-foot garage extension, providing extra space for vehicles, storage, or a workshop, making it an ideal choice for hobbyists or those in need of additional space. Step outside to discover an outdoor oasis in the beautifully landscaped backyard. As an added bonus, the home comes with a PRE-PAID SOLAR LEASE for top of the line energy bills. Make Encanterra your new home today!

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