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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7559 W Cinnabar Avenue Peoria, AZ 85345

$509,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active

MLS # 6640008

Property Type Single Family Residence

Price Type --

Take a look at this incredible 4-bedroom home! Featuring a private pool, brand-new flooring, and gleaming stainless steel appliances, it's truly impressive. The master bedroom steals the show with its spacious walk-in closet and double sinks. With plenty of room for everyone, this place is a dream!

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4209 N Miller Road Scottsdale, AZ 85251

$509,000

3 Beds

2.5 Baths

1,704 SqFt

Status Active

MLS # 6690455

Property Type Townhouse

Price Type --

Location,Location Location! This meticulously maintained,remodeled 3 bed/ 2.5 bath Townhome is walking distance to everything that Old Town Scottsdale has to offer!Shopping,Restaurants, Bars, Civic Center, Scottsdale Fashion Square,Scottsdale water front,the greenbelt,Giants Spring Training facility, etc..... Perfect Lock & Go living for a permanent resident, as a vacation home or as Rental,Long or short term (AirBnb /VRBO), NO HOA time restrictions on short term rentals! Downstairs you will find a remodeled kitchen with granite counters,breakfast bar,pantry,dining area,Living room, powder room, inside laundry,under stair storage closet & a large covered patio with orange tree & plenty of space to relax or entertain.Upstairs you will find 3 bedrooms & a full guest bathroom. (Cont) The spacious primary bedroom includes a fully remodeled large ensuite bathroom with two sinks, a huge beautiful walk-in tiled shower, and a double walk-in closet with pocket door. The guest bathroom has been fully remodeled and beyond that are the two nicely sized guest bedrooms. Dual pane windows throughout. 2 car Carport and private storage shed are out back behind the patio. Casa Granada is in an amazing location, with a huge community pool,green areas with walking paths throughout & childrens playground. Don't miss out this home!!!!

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3011 Pleasant Valley Court Prescott, AZ 86305

$509,000

3 Beds

2 Baths

1,719 SqFt

Status Active

MLS # 6649988

Property Type Single Family Residence

Price Type --

Wonderful family home in a quiet, peaceful neighborhood! Perfect location that is central to everything, close to trails, downtown Prescott, shopping and parks. Enjoy the light, bright rooms with walls of windows looking toward the large privacy-fenced back yard backing 10 acres of open space. Drink coffee and enjoy evening BBQ and drinks on the private back patio under the shade tree. Custom concrete countertops, upgraded fixtures, newer laminate floors, 9 foot ceilings, tile surround jetted tub, newer carpet, French doors, stainless appliances, high efficiency furnace, large laundry room and solar electric system. The tranquil setting is perfect for the home gardener with an enclosed raised garden bed. Trees and berry bushes abound with apple, pear, cherry, plum, blueberry, raspberry and almond spread throughout the property all irrigated by a worry-free 6-zone sprinkler system in both the front and back yards! Shaded front patio adjacent to rose bushes & a butterfly garden. We are excited find someone to make their own memories in this wonderful home!!

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419 N 41st Street Phoenix, AZ 85008

$509,000

3 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6679229

Property Type Single Family Residence

Price Type --

Looking for a place to call home? This fully remodeled 4-bed, 2-bath residence boasting a well-maintained front lawn is the one for you! Discover a spacious great room with high ceilings, recessed lighting, a neutral color scheme, and stylish wood-look tile flooring. The family room boasts vaulted ceilings and sliding doors leading to the backyard for seamless indoor-outdoor living. The kitchen features quartz counters, white shaker cabinets, chic tile backsplash, SS appliances, pendant lighting, and a center island with a breakfast bar. The main bedroom includes a private bathroom with dual sinks and a walk-in closet for all your belongings. Enjoy quiet afternoons in the backyard, which displays an open patio. Approved permits for the casita at back are available for the next owner

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11676 W Levi Drive Avondale, AZ 85323

$509,000

4 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6690220

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of the coveted Avondale community within Alamar! This methodically crafted home is highlighted by an inviting open-concept floor plan, perfect for both entertaining and everyday living. Step into the spacious living area adorned with a custom-built entertainment center, where relaxation meets sophistication. The updated gourmet kitchen is highlighted by roll out cabinets, gas cooktop and a large granite sink. This freshly painted home also boasts a 3-car tandem garage and thoughtful custom storage at the entryway. Beyond the sleek interior lies a masterfully designed backyard, offering a tranquil escape from the hustle and bustle of daily life. Enjoy gatherings around the cozy firepit, surrounded by plush seating that beckons you to unwind under the stars. Whether hosting friends or simply enjoying a quiet evening, this outdoor sanctuary provides the ultimate setting for unforgettable moments. Indulge in the luxury of modern living combined with the charm of the Alamar community. Don't miss the resident-only Hay Moon community park, complete with beautiful pool, playground, BBQ grills and large open spaces. Just 1 mile outside the community is the 40-acre Alamar Park which offers Pickleball, Dog Park, Tennis, Basketball, Splash Pad, Urban Fishing and so much more. With the recently opened Lakin Preparatory Academy this community truly has it all. Experience the essence of comfort, style, and serenity of this exceptional home in a thoughtfully built community.

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6821 S 45th Lane Laveen, AZ 85339

$509,000

4 Beds

2.5 Baths

2,456 SqFt

Status Active

MLS # 6693265

Property Type Single Family Residence

Price Type --

This beautifully maintained home located in a cul de sac boasts 4 bedrooms 2.5 bathrooms, a downstairs den and living room with recently installed flooring opens to the kitchen, stainless steel appliances, a room with a closet can be converted to a 5th bedroom or used as a multipurpose space, high ceilings providing plenty of natural light in every room, a HUGE, lush one of a kind PRIVATE back yard for entertaining, a sparkling pool with a gorgeous rock formation and ambient lighting, a built in BBQ gas grill STILL NEW, newly installed turf, the covered patio is perfect for al fresco dining in this outdoor sanctuary. Welcome home to your own slice of paradise in Phoenix. Located in a prime location close to dining, shopping, outdoor recreational activities and cultural attractions

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1093 W Myrna Lane Tempe, AZ 85284

$509,000

3 Beds

2 Baths

1,661 SqFt

Status Active

MLS # 6699590

Property Type Single Family Residence

Price Type --

*Cute as a Button*Lovely 1-story in Conveniently Located Sierra Tempe*Vaulted Ceilings & Gleaming Saltillo Tile in Formal LR/DR & Kitchen/FR Areas*Bay Window in the Formal LR/DR space & Fireplace in FR*Refinished White Kitchen Cabinets & Counters, w/ the accent of Stainless Backsplash & Appliances*Porcelain Floor Tile installed in Guest Bedrooms, New Carpet in Owner's Ste.*Owner's Ste. Bath Remodel-'19 w/ Granite Countertop, Dual Sinks, Granite Shower Pan, Tile Surround & Non-Slip Floor Tile*Updates Galore: Fiberglass Pool & Backyard Turf-'21, New HVAC-'21, Roof Underlayment-'19, Owned Fusion Solar System-'20, Windows in 3 BR's, 1 window in LR Replaced-'21, Water Heater & Softener-'22, EV Charger(non-Tesla)-'22, Exterior Paint & Garage Door Opener-'23*Backyard Oasis w/ Pool, Fireplace...*

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6496 W Saratoga Way Florence, AZ 85132

Open House

$509,000

2 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6650565

Property Type Single Family Residence

Price Type --

Amazing 18th fairway views of Poston Butte Golf Course! This meticulously maintained and highly upgraded ''Arcadia'' floor plan w/3rd car garage is perfectly appointed on a N/S PREMIUM GOLF COURSE LOT. Enjoy the stunning views from the extended paver patio, surrounded by desert landscape within walking distance of the Anthem Grille and Club House. Enjoy the interior details that include a gourmet kitchen featuring true staggered cherry cabinetry w/crown molding, granite countertops, double wall ovens, electric cooktop, AC/Heat installed 2017, bay window in Cafe', den/office, new paint , new carpet, new travertine courtyard and laundry/garage cabinets. The primary en-suite offers soaking tub w/seperate shower, double vanity and a large walk in closet. The Florence bond is PAID IN FULL Take advantage of the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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1868 S Saddle Street Gilbert, AZ 85233

Open House

$509,000

4 Beds

2 Baths

2,004 SqFt

Status Active

MLS # 6693178

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! Rare to find below market value single-level residence in Westbank Estates! From the moment you arrive, the 2-car garage and the lovely mature front yard will greet you, making you feel instantly at home. Enter to find a large living & dining room combo and an inviting family room that opens to the kitchen! Natural light filled the spaces, complemented by neutral paint and tile flooring throughout. The kitchen features built-in appliances, ample wood cabinetry, a pantry, recessed lighting, and an island w/breakfast bar. It also includes a cozy nook with access to the back! The primary bedroom boasts an ensuite with dual sinks, a separate tub/shower, & a walk-in closet. Check out the backyard with a covered patio to relax and an additional open patio for enjoying BBQ! Below market value. Great opportunity to make your own dream home in this great community!

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28045 N 176th Avenue Surprise, AZ 85387

New

$508,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6706421

Property Type Single Family Residence

Price Type --

Explore this impressive Raleigh home, ready for an August-September move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath; a convenient laundry; a bedroom in lieu of a storage area; a mudroom and a 3-car garage. This home also offers ceiling fan prewiring and additional windows in select rooms. Tour today!

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20096 W Exeter Boulevard Buckeye, AZ 85396

$508,995

4 Beds

2.5 Baths

2,370 SqFt

Status Active

MLS # 6672223

Property Type Single Family Residence

Price Type --

Explore this impressive Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: a welcoming covered porch; a bedroom and bathroom in lieu of a study and powder room; a gourmet kitchen offering a double oven, 42'' cabinets, stainless-steel appliances, quartz countertops, a walk-in pantry and a center island; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a storage area; a covered patio and a 2-car garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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5029 N 83rd Street Scottsdale, AZ 85250

$508,900

2 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6684424

Property Type Townhouse

Price Type --

Fully upgraded beauty in heart of Scottsdale. Minutes from Fashion Square Mall is sitting this gorgeous oversized townhouse with 2 bedrooms, 2 baths. Remodeled designer home to be yours now.

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