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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18333 N Kokopelli Court Surprise, AZ 85374

Open House

$479,000

2 Beds

2 Baths

2,021 SqFt

Status Active

MLS # 6684060

Property Type Single Family Residence

Price Type --

Welcome to refined elegance in the sought-after active adult golf community of Sun City Grand, affectionately known as The Grand. Poised on a generous cul-de-sac lot, this impeccable home integrates luxurious living with the serenity of a private oasis. Spanning over 2000 sq ft, the residence reveals an open-concept design that exudes an inviting atmosphere ideal for both tranquil relaxation and spirited entertaining. Discover two well-appointed bedrooms complemented by a versatile den, perfect for crafting your secluded retreat or an engaging hobby space. Celebrate culinary excellence in the expansive island kitchen, offering a grand eating bar and commodious nook, designed to inspire your finest dining experiences. The living area, crowned with an airy ambiance and abundant natural light, flows seamlessly to the outdoors where an oversized patio offers a sublime setting amidst the fragrant allure of citrus trees and the tranquil whispers of nature. Enhancements include fresh paint indoors, recent paint outdoors Gas rangel,Crown Moulding and the timeless charm of engineered wood floors gracing the bedrooms and den. No detail has been overlooked in curating a space of supreme comfort and style. The home benefits from a 2.5 car garage, providing ample space for vehicles and golf carts alike. This is more than a home; it's a gateway to an enviable lifestyle. Residents of The Grand are privy to an array of amenities including four championship golf courses, five swimming pools, and a diverse selection of clubs catering to nearly any interest imaginable. Seize this dream opportunity and transform the way you celebrate life's moments.

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8932 W Maui Lane Peoria, AZ 85381

Open House

$479,000

3 Beds

2 Baths

1,965 SqFt

Status Active

MLS # 6688616

Property Type Single Family Residence

Price Type --

This home is nestled in the Desert Harbor Community in Peoria. With its scenic lakes and tranquil surroundings this Lake Community, is highly sought-after. This home offers a plethora of features. A 17 kW solar system was installed in 2022, it's owned (not leased) and is completely PAID IN FULL! You're greeted by a spacious living room and a dedicated Dining Area, perfect for entertaining guests or unwinding with loved ones. The office/den can also be a 4th Bedroom. The separate family room provides a comfortable space and includes a charming wood-burning fireplace. The kitchen has been remodeled with granite countertops and elevated appliances installed in 2022, creating a stylish and functional space. Updates including a new roof in 2017 and the AC was replaced in 2019.

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26311 W Matthew Drive Buckeye, AZ 85396

Open House

$479,000

2 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6698108

Property Type Single Family Residence

Price Type --

Oasis 2 Bedroom with a heated and cooled salt water Pool Sun City Festival!* Step into this beautifully maintained 2-bedroom with a separate small office area , 2-bathroom home in the heart of Sun City Festival, offering a seamless blend of comfort and style. The open floor plan welcomes you with abundant natural light that enhances the spacious living areas, perfect for relaxing and entertaining guests. The property has newly added engineered wood flooring throughout. The heart of the home features a modern kitchen equipped with top-of-the-line appliances, ample counter space, and a large island, ideal for gathering and meal preparation. The adjoining living area, with its expansive windows, provides stunning views of the outdoor oasis. Each bedroom provides personal retreats for family and guests. The master suite is a true sanctuary, featuring a large walk-in closet and a private bath with sophisticated finishes. Step outside to discover the outdoor entertainer's dream: a covered patio with added shade, creating a comfortable and inviting space for gatherings, BBQs, or quiet evenings. The highlight of the backyard is the sparkling pool, surrounded by a beautifully landscaped garden that promises endless days of fun and relaxation. Did we mention this is the ONLY PROPERTY IN SUBDIVISION with a POOL!! Located in a friendly community, this home is just minutes away from local schools, shopping, and dining options, combining convenience with quiet suburban living. Don't miss the opportunity to own this delightful home where every detail is designed for living well.

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16222 W Yavapai Street Goodyear, AZ 85338

Open House

$479,000

3 Beds

2.5 Baths

2,223 SqFt

Status Active

MLS # 6683999

Property Type Single Family Residence

Price Type --

This charming home is a perfect blend of luxury and convenience with an outstanding floor-plan! It spans 2,333 SF, featuring 3 bedrooms, 2.5 bathrooms, 1 den/office, a great room and a family room boasting beautiful QuietWalk Luxury Vinyl wood-like floors throughout. The heart of the home is its spacious kitchen, ideal for gatherings. Step outside to a large backyard, thoughtfully designed with synthetic grass and elegant pavers for easy maintenance and year-round enjoyment. Nestled in a prime Goodyear location, this property ensures you're close to everything, offering a serene yet connected lifestyle. Experience the best of modern living in a community that feels like home.

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4511 W Loma Lane Glendale, AZ 85302

$478,999

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6629296

Property Type Single Family Residence

Price Type --

Fantastic cul de sac property we know you will love. 2 Family rooms, 2 living rooms, an open floor plan, and wood flooring throughout which makes for a very elegant look. The kitchen offers stainless steel appliances, contemporary cabinets with lots of storage space, and granite countertops. Spacious bedrooms and the home is move-in ready. The backyard has all the room you need to play, entertain, and relax. It's a fantastic starter home and would also be a great rental. Hurry and come take a look for yourself!

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18795 E Elizar Drive Gold Canyon, AZ 85118

$478,995

4 Beds

3 Baths

1,930 SqFt

Status Active

MLS # 6672627

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 4BR/3BA home! The front yard offers picture perfect views of Dinosaur and the Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!

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16189 N 137th Drive Surprise, AZ 85374

Open House

$478,900

3 Beds

2.5 Baths

2,117 SqFt

Status Active

MLS # 6694183

Property Type Single Family Residence

Price Type --

Beautiful remodel located in West Point Towne Center. This is a must see with high ceilings, a large kitchen gorgeously remodeled and is adjacent to green space with playground. Large loft provides endless opportunities for entertaining or office space. Master suite boasts a large walk in closed and private bath. Home is located close to shopping, dining entertainment with close freeway access to the 303.

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7124 W Southgate Avenue Phoenix, AZ 85043

$478,500

4 Beds

2.5 Baths

2,938 SqFt

Status Active

MLS # 6618195

Property Type Single Family Residence

Price Type --

This spacious 2-story open floor plan home is conveniently located minutes from SR-202 and I-10. The first-floor home office and second floor, including the staircase and loft, were updated to LVP with the realistic look and feel of hardwood, making this home CARPET FREE! The powder room was recently updated with tile-to-ceiling backsplash and a vessel sink vanity. The kitchen offers plenty of cabinets and a large walk-in pantry. The granite kitchen island with breakfast bar features a new stainless steel double apron sink and reverse osmosis system. The second-floor laundry room offers extra storage shelving. New HVAC in August 2023. Paint allowance $2,500. The second-floor bedrooms all have 9-foot ceilings with ceiling fans. The master bath is customized with a raised comfort height vanity and dual sinks, separate garden tub and shower, and a walk-in closet.

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21626 N 157th Drive Sun City West, AZ 85375

$478,500

2 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6670916

Property Type Single Family Residence

Price Type --

SELLER OFFERING $5000 IN CONCESSIONS TO BUYER AT CLOSING. LOW TAX AREA & NO HOA. Expanded,remodeled 2 bed/2bath 2,032 sf Chandler model with bright charming atmosphere.Ceramic wood plank tile floors,new baseboards,crown molding,skylight in cozy living space.Expanded area can be an office,bedroom or sitting area.Kitchen features soft close cabinets with P/Os,under cabinet lighting,quartz counter tops,gas cooking,stainless appliances,2 pantries,eat in kitchen w/bay windows.Spacious owner's suite vaulted ceiling & new windows,remodeled bath raised marble double vanity,lighted vanity mirrors,new fixtures,walk in shower,walk in closet & linen closet.Guest bathroom raised quartz vanity,tub subway tile surround,lighted vanity mirror,new fixtures.Inside laundry.Solar.NEWER ROOF/HVAC. -Exterior/Entry Epoxy driveway, sidewalk and entry~Courtyard with pavers and landscape wall~Security shutters on front windows ~Synthetic grass in front landscape~Vacation mailbox -Front Entry/Foyer Security Door~Wood plank ceramic tile floor-sealed -Throughout Replaced smoke detectors~Replaced door hardware~Ductwork cleaned and sealed -Arizona Room with Extension Wood plank ceramic tile floor-sealed~New baseboards~Crown molding~Surround sound in TV room~Skylight with remote controlled shade~New vinyl framed operable windows and sliding glass patio door~Arched passage ways with Onyx window sill caps~New blinds on exterior Arizona room windows~2 Ceiling fans with remotes and lights -Kitchen Dunn Edwards Stucco Tan/Ivory cabinets with molding~Soft close cabinets~Quartz counter tops~Granite composite sink~Stainless French door refrigerator~Gas stove/oven~Stainless dishwasher, microwave~Wood plank ceramic tile floor- sealed~New baseboards~2 pantries Pull out shelves~4 glass arched cabinets~Glass block inlays at kitchen counter top~Under cabinet lighting~Newer faucet~Replaced cabinet hardware~Reverse Osmosis -Breakfast Nook Bay windows~Ceiling fan with light~Tile floor~Roll down security screens on exterior windows~Wood plank ceramic tile floor - sealed -Owner's Suite Carpet~Vaulted ceiling~New vinyl framed windows~Ceiling fan~Roll down security screens on exterior windows -Owner's Bathroom Raised double marble vanity with oval sinks~Dunn Edwards Stucco Tan/Ivory cabinets~New lighting~New fixtures~Two new lighted vanity mirrors~Walk in shower with marble/tile surround, bench, shampoo box, corner shelves, frameless glass wall/door~Tile floors cleaned and sealed Separate water room with raised height toilet and roll down security screens on exterior windows~Extra clothes/linen storage closet~Added ceiling heater~Walk in closet -Bedroom 2 Ceiling fan with light~Carpet~New vinyl framed windows~Roll down security screens on exterior windows -Guest Bathroom Raised height quartz vanity~Dunn Edwards Stucco Tan/Ivory cabinets~New bathtub~Subway tile surround~New fixtures~New lighting~New lighted vanity mirror~Wood plank ceramic tile floor sealed~Raised height toilet -Laundry Room LG white washer/dryer on pedestals~Cabinets~Wood plank ceramic tile floor sealed~Roll down security screen on exterior window -Garage Epoxy floor~Attached cabinets~Work bench~Whole house water filtration and saltless softener HVAC 2014~Hot water heater 2019~Garage door opener -Exterior Rear Epoxy coated extended patio~Pull down sun shades on patio cover~Alumawood cover~Roll down security screens on owner's suite and water room windows~Electric hot tub/spa included Roof Updated 2022

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397 W Golden Aspen Drive San Tan Valley, AZ 85140

Open House

$478,500

3 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6702437

Property Type Single Family Residence

Price Type --

Welcome to your new home in The Parks community! Closely located to downtown Queen Creek, The Olive Mill, and Schnepf Farms, this newly built craftsman-style home boasts a perfect blend of modern upgrades and timeless charm. Step inside to discover a spacious layout, featuring 3 BRs, 2 BAs, and a versatile den/bonus room. As you enter, be greeted by soaring 10-foot ceilings and luxurious wood-look tile flooring throughout, creating an inviting atmosphere. Entertain with ease in the gourmet kitchen, complete with a large island, upgraded appliances, and soft close cabinets. Retreat to the spacious primary bedroom with a beautiful en-suite bathroom, featuring an expansive WALK-IN SHOWER, providing the ultimate relaxation after a long day. Escape to your own private outdoor oasis, where you'll find a maintenance-free yard with lush turf, a patio equipped with a misting system for hot summer days, and a built-in outdoor BBQ, perfect for hosting unforgettable gatherings under the Arizona sky. Cool off in style with your very own pebble tech POOL, heated for year-round enjoyment! This smart home also features indoor/outdoor surround sound, smart locks, garage door opener, lights, and switches, giving you convenience at your fingertips. Don't miss your chance to make this amazing property your own!

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10720 W Saratoga Circle Sun City, AZ 85351

$478,000

3 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6704524

Property Type Single Family Residence

Price Type --

Beautiful Stunning Remodel - 3 Bedroom, 2 Bath, North/South Facing Property. This Immaculate Home has Every Major Upgrade! Open Floor Plan, Spacious Open Kitchen Concept, Quartz Breakfast Bar, Large Living Room, Dining Room & Great Room. 3 Generous Sized Bedrooms, All Wood Flooring, No Carpet! Surround Sound, Recessed Lighting. Indoor Laundry Room with Craft/Utility/Workshop Area. 2 Car Garage. Amazing Ultra Private Lush Mature Landscaped Backyard with French Doors leading to Cozy Quiet Covered Patio! ***New Windows 2016 & 2023, Roof 2016, Water Heater 2023, All Wood Flooring 2020 & 2023, New Interior Paint 2023, Updated Kitchen with Quartz Breakfast Bar 2023.*** AMAZING UPDATED REMODELED HOME! No Popcorn Ceilings, No Solar, No HOA!

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8381 E Indian School Road Scottsdale, AZ 85251

New

$478,000

3 Beds

2.5 Baths

1,608 SqFt

Status Active

MLS # 6707044

Property Type Townhouse

Price Type --

Magnificent 3 bdrm 2.5 bath located near highly desired Old Town Scottsdale! Enjoy the close proximity to premier dining & shopping, and quick access to the 101 & 202 freeways! Stellar upgrades incl new energy-efficient Milgard windows w/ lifetime warranty, all new interior lighting, fresh interior paint, new carpet, & LG front-loading washer & dryer. Smart home upgrades incl Ring cameras & smart locks at front & rear entries, Alexa smart hub in kitchen, & smart switches w/dimmers in kitchen & primary bdrm. Pristine kitchen hosts maple cabs, tile counters w/backsplash, recessed lighting, stainless appl, pantry, & breakfast bar. Spacious primary suite dons a private bath, make-up vanity, & sizeable walk-in closet. Sure to please are the granite counters & custom tile surrounds at baths. Enjoy generous cabinet and closet space throughout. Coveted end unit with mature trees lining back patio. The complex has a community pool & clubhouse. Shed to be refurbished by HOA soon.

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