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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223 S Thunder Mountain Payson, AZ 85541

$475,000

2 Beds

2 Baths

1,269 SqFt

Status Active

MLS # 6692913

Property Type Single Family Residence

Price Type --

Gorgeous single level home built in 2019 in the beautiful Sanctuary At The Rim Subdivision! This 2 bedroom, 2 bathroom home features 1,269 sq. ft., vaulted ceilings, and a 2 car garage. The living room has luxury vinyl plank floors, and an open floor plan to the kitchen for easy entertaining. The kitchen has a gas stove, quartz counter tops, plenty of storage space, and a kitchen island with a breakfast bar. The master suite features a walk-in closet, double sinks, a private toilet room and a walk-in shower. The backyard is fenced with astro-turf, paver patio and a covered patio perfect for summer get togethers.

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6145 E Sierra Morena Street Mesa, AZ 85215

$475,000

3 Beds

2 Baths

1,595 SqFt

Status Active

MLS # 6695979

Property Type Single Family Residence

Price Type --

Nestled within a serene community, this inviting 3-bed, 2-bath residence exudes tranquility and comfort. The home boasts airy interiors illuminated by vaulted ceilings and abundant natural light, enhanced by wood flooring and tasteful two-tone paint. The kitchen offers ample storage with a pantry. Whether enjoying meals in the formal dining area or the cozy eat-in kitchen, every moment is savored in this versatile space. Outside, residents indulge in a plethora of community amenities including biking/walking paths, a clubhouse, tennis courts, and a refreshing pool and spa, all enveloped by the lush backdrop of a nearby golf course. This residence harmoniously blends modern living with a tranquil lifestyle!

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12623 W Apodaca Drive Litchfield Park, AZ 85340

$475,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6703711

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2-bathroom home. New quartz countertops, low maintenance flooring & updated bathrooms. Freshly painted inside with new lighting fixtures throughout. This home is conveniently located near top-rated schools, lush parks, and the Wigwam Golf Resort, offering a variety of recreational activities. Embrace a blend of comfort and convenience in this stylish home!

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1432 E Maricopa Street Cottonwood, AZ 86326

$475,000

3 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6703901

Property Type Single Family Residence

Price Type --

Welcome to your beautifully remodeled 3-bedroom, 2-bath residence is perfectly situated on a spacious .24-acre lot. Inside, you'll find a fresh, modern update with new flooring that flows throughout the home. The kitchen is a chef's dream, featuring sleek new cabinets, sparkling quartz countertops, and stainless steel appliances. Bright, updated lighting fixtures illuminate the entire space, enhancing the fresh paint both inside and out. Includes a very nice storage shed ($10k value) Your new home is just minutes away from Cottonwood's charming Old Town, where local shops, cafes, and cultural events await. Enjoy easy access to outdoor adventures along the Verde River and the scenic beauty of the Mingus Mountain area.

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6962 W Glenn Drive Glendale, AZ 85303

$475,000

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6695811

Property Type Single Family Residence

Price Type --

Clean, well maintained 3 bedroom, 2.5 bath w extra large loft and family room, sitting on a corner lot. Extra wide stairway leading to second floor w safety gate at top. Bedrooms & Laundry all upstairs. Grab-bars in all bathrooms. Beautiful kitchen, extended granite counters & white cabinets w pull out organizers, corner pantry, upgraded appliances, Lg. breakfast island open to living space makes home great for entertaining. Double-gate to backyard that has well established shade trees, extended patio for relaxing, 220 volt hookup installed, and plenty of room for a pool. Storage cabinets in garage, Solar sunscreens on every window. House pre-wired ethernet, wired surround sound in family room and loft as well as home security system & med sized dog door. Ready to be your new family home

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4138 E Orchid Lane Gilbert, AZ 85296

$475,000

4 Beds

2.5 Baths

1,990 SqFt

Status Active

MLS # 6695793

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this stunning single-family home located in the highly sought-after THE GARDENS community in Gilbert. Boasting 4 bedrooms and 2.5 bathrooms, this residence offers the ideal backdrop for modern family living. Step inside and be greeted by the beautifully updated open-concept living, dining, and family rooms. Light gray tile plank flooring graces all traffic areas, creating an inviting and contemporary atmosphere. New window coverings and updated electric outlets, along with modern lighting fixtures, add a touch of elegance to every space. Bright open kitchen, featuring pristine white cabinetry, a convenient island, and stainless steel appliances. Primary suite on the second level, complete with a spacious walk-in closet and extended sink bathroom vanity. Newer AC unit and a gas water heater, ensuring your comfort and convenience year-round. Grassy shade covered backyard, It's the perfect space to unwind after a long day. THE GARDENS community is truly unique, with its tree-lined streets, 11 parks, 3 sparkling pools, sand volleyball courts, basketball courts, and an abundance of scenic walking paths. It's a neighborhood designed for an active and vibrant lifestyle. Conveniently located near the 202 freeway, top-rated schools, and the popular San Tan Village shopping district, you'll have everything you need just moments away. Don't miss out on the opportunity to make this beautiful home yours today. Act quickly, as homes in this prime location don't stay on the market for long! Come and see it soon! *****Temporary 1-0 Buydown offered by preferred lender for qualified buyers.*****

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1824 N Vista Lane Casa Grande, AZ 85122

$475,000

5 Beds

3 Baths

2,942 SqFt

Status Active

MLS # 6697569

Property Type Single Family Residence

Price Type --

Welcome to your dream home on a serene cul-de-sac lot, surrounded by lush landscaping and boasting a crisp curb appeal. With only one neighbor, you'll enjoy privacy and tranquility in this peaceful neighborhood. Step inside and be greeted by a grand entryway into the spacious living room, featuring vaulted ceilings, two-tone paint, and stunning wrought iron railing. The open floor plan flows seamlessly into the eat-in kitchen with a breakfast bar, perfect for entertaining guests or enjoying family meals. The kitchen is any chef's dream with stainless steel appliances, maple spice cabinets, crown molding, and recessed lighting. Enjoy cooking outside in the outdoor kitchen equipped with a built-in BBQ while taking in views of your beautiful koi pond. Retreat to your primary bedroom oasis with access to a private view deck where you can relax and take in the breathtaking surroundings. The en-suite bathroom offers raised vanities with dual sinks, separate shower/tub, double closets for ample storage space. This former model home also features an upstairs laundry for convenience and a downstairs mother-in-law suite for guests or multigenerational families. Don't miss out on this rare opportunity to own such a unique home that checks off all boxes - location, privacy, luxury amenities - all wrapped up in one gorgeous package!

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2141 N 135th Drive Goodyear, AZ 85395

$475,000

3 Beds

2.5 Baths

2,064 SqFt

Status Active

MLS # 6698130

Property Type Single Family Residence

Price Type --

Nestled in the well-maintained Palm Valley community, boasting gated entry, a community pool and spa, playgrounds, community golf course, sports courts, and biking/walking trails! This residence harmonizes modern living with tranquil outdoor beauty, epitomizing the allure of Arizona living.

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2118 W Carson Road Phoenix, AZ 85041

$475,000

3 Beds

2 Baths

2,181 SqFt

Status Active

MLS # 6701533

Property Type Single Family Residence

Price Type --

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4627 N 11th Street Phoenix, AZ 85014

$475,000

3 Beds

2 Baths

1,100 SqFt

Status Active

MLS # 6698442

Property Type Single Family Residence

Price Type --

AMAZING OPPORTUNITY to own this home with a guest house!!! Front house: 3 bedrooms/ 2 baths! Guest house: 1 bedroom/1bath! Super convenient location in Central Phoenix and highly desirable school districts. Recent updates: new roof, both units fully painted, carpets and blinds, and in 2023. Front home water heater replaced in 2023. Also in 2023, all gas lines to appliances in the front house repaired. Kitchen sink new pipe and fittings. Installed clean outs in yard. New Day & Night 4 ton 14 seer AC on front house Jan 2024 through Viking heating & air 10 yr parts warranty & 2 yr labor. New toilet in guesthouse. THIS ONE WILL GO FAST!

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20603 N Stonegate Drive Sun City West, AZ 85375

New

$475,000

2 Beds

2.5 Baths

1,868 SqFt

Status Active

MLS # 6707012

Property Type Single Family Residence

Price Type --

TWO SPLIT PRIMARY SUITES in this extended Francisco floor plan w/2-1/2 bathrooms. IDEALLY located on a NORTH/SOUTH CORNER LOT backing to the ECHO MESA GOLF COURSE putting green - no worry about flying golf balls here! SPACIOUS home has RENEWAL by ANDERSEN WINDOWS/patio SLIDER, VAULTED CEILINGS overhead & LARGE PORCELAIN TILE underfoot. Ample cabinetry in the SPACIOUS galley kitchen w/GRANITE countertops, smoothtop stove, m/w, pantry & EXPANSIVE BREAKFAST BAR. Entertain in the living & dining rooms which can be multi-use. Abundant storage w/a WALK-IN CLOSET in EACH bedroom & BUILT-IN CABINETS in the garage & laundry room w/SINK. REMODELED BATHROOMS & PLANTATION SHUTTERS. Original owners spared no expense in maintenance over the years. Enjoy your active adult lifestyle - you deserve it!

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19217 W Culver Street Buckeye, AZ 85326

$475,000

3 Beds

3 Baths

1,300 SqFt

Status Active

MLS # 6702009

Property Type Single Family Residence

Price Type --

HORSE PROPERTY WITH HORSE CORRALS IN PLACE ALREADY. RIGHT OFF 1-10 AND JACKRABBIT TRAIL WITH A NICE LITTLE GUEST HOME WITH ITS OWN BATHROOM, KITCHEN AND PORCH. ALL DETAILS TO BE VERIFIED BY BUYER. **There is no record of the well, seller has never used it** Buyer to do due diligence.

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