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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9430 W Minnezona Avenue Phoenix, AZ 85037

$467,500

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6683540

Property Type Single Family Residence

Price Type --

Charming 3-bedroom home with a spacious great room and stunning mountain views, with the added privacy of no neighbors in front of the home. Nestled within a gated community offering park amenities, children's playgrounds, and scenic walking trails, this residence is designed for both comfort and convenience. Just outside the gated community you will find Westgate Entertainment District, which includes shopping, dining, sports and music. Want to stay inside? No problem, the chef's kitchen is a culinary delight, featuring stainless steel appliances, a gas stove, subway tile backsplash, white quartz countertops, and ample cabinetry with sleek handles, centered around a large island perfect for entertaining. Enjoy the seamless flow of large tile flooring throughout the living spaces. With a split floorplan and open layout, including a large slider leading to the back yard. This home offers versatility and elegance, enhanced by modern amenities such as a soft water loop, tankless water heater, and contemporary square sinks in the bathrooms with marble countertops and white cabinets. Additional highlights include a low-maintenance backyard with pavers, a covered patio for outdoor relaxation along with a very low-maintenance backyard. This home also features can lights throughout, a Ring doorbell for added security, and fresh interior paint for a polished finish. Experience the epitome of modern living in this meticulously crafted residence, where every detail is thoughtfully designed to elevate your lifestyle and create a sanctuary you'll be proud to call home.

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4966 N 205th Glen Buckeye, AZ 85396

$467,499

2 Beds

2.5 Baths

1,681 SqFt

Status Active

MLS # 6682555

Property Type Single Family Residence

Price Type --

Welcome to genuine small-town charm in the heart of esteemed Victory at Verrado! This charming home boasts 2 large master-sized bedrooms w/ spacious walk-in closets, 2.5 baths & 3-car garage spanning 1,681 sf. on a generous 5,170 sf lot! Enjoy upgraded wood-look porcelain floors, plush carpets, 9' ceilings, open floor plan, recessed lighting & an abundance of natural light & high-quality finishes. Expansive & inviting living room welcomes you in & flows effortlessly into the eat-in kitchen featuring a large island w/ seating, plenty of storage, s/s appliances, large walk-in pantry & dining area opens to double wide sliding patio doors leading to the paved covered patio. Master retreat is complete w/ a resort-style bathroom w/ dual sinks, extra-large shower & walk-in closet. Welcome Home! lead to the outdoor patio, offering scenic views and a perfect spot for relaxation or entertainment. The spacious master suite is a true retreat, complete with a resort-style full bathroom, dual sinks, an extra-large shower, and a walk-in closet. The guest suite also offers comfort and convenience with its own well-appointed bathroom and private toilet room. Additional highlights include a complete laundry room with counter space, sink, and cabinets, ensuring functionality meets style. This home is perfectly situated near restaurants, shopping destinations, easy freeway access, and a variety of other amenities, making it an ideal place to call home.

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792 E Cowboy Cove Trail San Tan Valley, AZ 85143

$467,000

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6660207

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom, 2.5-bathroom energy-efficient residence nestled in the charming Johnson Ranch. As you step inside, a grand formal living room welcomes you with neutral paint, 2-inch blinds, and luxurious vinyl plank flooring. The family room seamlessly connects to the kitchen, creating an ideal space for entertaining. The gourmet kitchen is a highlight, featuring stainless steel appliances with wall ovens, granite counters, glass backsplash, a pantry, recessed lighting, ample white cabinets, and a two-tier island with a breakfast bar. Upstairs, all bedrooms and a generously-sized loft await. The main bedroom, accessible through double doors, boasts an ensuite with dual sinks and a walk-in closet. Enjoy the expansive backyard with a blend of artificial and natural gras

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6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

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35795 W Cartegna Lane Maricopa, AZ 85138

Open House

New

$467,000

5 Beds

3 Baths

3,332 SqFt

Status Active

MLS # 6694840

Property Type Single Family Residence

Price Type --

Introducing a stunning property. An alluring neutral color paint scheme creates the perfect canvas to add your personal touch. The kitchen features a kitchen island for easy meal preparation and accent backsplash adds a chic touch to this space, while an abundant amount of cabinet storage provides practicality. The primary bedroom as a generous walk-in closet, reflecting all your storage needs. The primary bathroom, boasting double sinks and separate bathtub and shower contribute to its spa-like ambiance. Step outside for a private in-ground pool glistens under the sun. A fenced-in backyard ensures privacy for relaxation or friendly gatherings on the covered patio. The freshness of newly painted interiors adds touch for beauty. Make this house your life your vision of a comfortable.

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19139 W San Miguel Avenue Litchfield Park, AZ 85340

$466,990

4 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6673444

Property Type Single Family Residence

Price Type --

Surrounded by the White Tank Mountains and featuring a front porch perfect for taking in the breathtaking views. An open-concept kitchen includes ample countertop space, a center island, and an expansive walk-in pantry. The true heart of the home is the open-concept great room, amazing for your next movie or game night. Granite kitchen countertops, a powder room addition, soft water loop with drain, upgraded interior doors, and a tile kitchen backsplash are just some of the additional highlights. Located within the IronWing masterplan offers breathtaking mountain views and top-notch amenities. Our homeowners enjoy walking trails, a community park and a BBQ gathering area.

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3353 S 156th Avenue Goodyear, AZ 85338

$466,990

5 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6689589

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!! This single-story home design features everything families need to live in comfort with three secondary bedrooms, a study and a spacious owner's suite. The foyer leads into the open living area where the dining room, kitchen, Great Room and covered patio are all connected.

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16048 W El Cortez Place Surprise, AZ 85387

$466,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6594475

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. Umber cabinets with white/grey granite countertops and multi-tone carpet in our Elemental package. Paloma Creek is now pre-selling in Surprise. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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19617 W Cambridge Avenue Buckeye, AZ 85396

$466,638

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6675995

Property Type Single Family Residence

Price Type --

Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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634 N 48th Street Phoenix, AZ 85008

$466,000

5 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6655149

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix! Located only minutes from the freeway, this stunning 5-bedroom 2-bathroom home offers the perfect blend of modern luxury and desert charm. As you step inside, you'll be greeted by an open and spacious floor plan that's ideal for both comfortable family living and elegant entertaining. The living room boasts ample natural light creating a warm and inviting atmosphere. The gourmet kitchen is a chef's delight, featuring granite countertops, stainless steel appliances, and ample counter space. Enjoy the Arizona sunshine in your large backyard with endless potential. Perfect for family gatherings and outdoor relaxation. Spacious laundry room with washer and dryer included!

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17798 W Running Deer Trail Surprise, AZ 85387

$465,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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12565 N 175th Drive Surprise, AZ 85388

New

$465,900

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6688259

Property Type Single Family Residence

Price Type --

Beautiful property nestled on a desired corner lot! This gem displays a well-maintained front yard and a 2-car garage for your vehicles. The delightful interior features a spacious open floor plan, highlighting tall ceilings, a soothing palette, tile flooring, and soft carpet in all the right places. The kitchen is fully equipped with ample counter space, a walk-in pantry, rich wood cabinetry, recessed lighting, and an island with a breakfast bar, great for morning conversations. Double doors reveal a generous main retreat, offering a private bathroom with dual sinks and a large walk-in closet. Out the back, you'll find a covered patio for relaxing evenings after a busy day. Conveniently situated near schools, shopping, and parks. Stop searching!

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