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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2882 N 155th Drive Goodyear, AZ 85395

$477,000

2 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6684854

Property Type Single Family Residence

Price Type --

Beautiful Augusta model features a renovated kitchen with granite counters and upgraded appliances. Hardwood floors and tile floors throughout, no carpet to clean! Great room boasts media wall with a cozy built-in fireplace. Aluma wood awning covers this huge patio overlooking the golf course. The picturesque views of the golf course and mountains can be enjoyed from all main living areas. Additional upgrades include a built-in BBQ, sunscreens, plantation shutters, security front entrance door and stone exterior. Both bathrooms renovated with the latest design trends. This move-in ready home is the perfect winter get-a-way that you've been looking for!

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802 N Easy Street Payson, AZ 85541

New

$477,000

4 Beds

3 Baths

1,860 SqFt

Status Active

MLS # 6706990

Property Type Single Family Residence

Price Type --

Stunning move in ready home in the heart of Payson on a beautiful treed lot. This well cared 4 bedroom 3 bath home has been recently renovated and boasts a large open area with great room, dining room and eat in kitchen. In addition, there is a separate area that could be used as a formal dining room, office or game room. The gorgeous interior has natural pine wood accented ceilings and wood shutters. Large lot with covered front porch, workshop and covered storage area. Back deck, bathrooms and brand new appliances in 2023. New exterior paint, water heater and roof in 2019. This home is truly a MUST SEE!

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4126 E Camden Avenue San Tan Valley, AZ 85140

$477,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6650702

Property Type Single Family Residence

Price Type --

Affordable! 3 Car Garage & Pool! Slice of paradise in Castlegate , Queen Creek/San Tan Valley! This beautiful 3 bedroom + den/flex or 4th bed, 1,940 sq ft residence & backyard oasis defines comfort and style. Your 3-car garage features two roll-up doors, a side door for yard access to where the double side gate opens to RV parking, a toy owner's dream! Step inside to the heart of the home to see 3 living spaces kitchen/great room, living/dining, & de/flex/4th bedroom. You'll love it all, from the beautiful tree shaded grand front patio, the stylish archways & light bright windows to the private backyard oasis with mature landscaping. Primary suite offers the indulgence of a soaking tub next to a separate shower, walk-in closet, double sinks, W/C & 2 garden views. See it & fall in love! Two additional bedrooms ensure ample space for family or guests. Relax in your own backyard sanctuary, where a sparkling pool awaits your enjoyment. The extra-tall privacy wall ensures tranquility, and when you're in the mood for outdoor entertaining, the stylish outdoor bar & BBQ area is your go-to spot for creating unforgettable memories. And the allure extends beyond the main living space - a pull-down ladder reveals an accessible attic providing a perfect storage solution. Plus a free-standing 'pool shack', finished inside, currently a 'she-shed' could be an arts and crafts workshop or more storage & it's equipped with a window-mounted A/C for comfort. To sweeten the deal, the seller is open to carryback financing with 50% down, making this dream home even more attainable. Conveniently located near shopping, dining & schools, this residence is a rare gem! Don't miss this extraordinary opportunity to call this stunning home yours, complete with a 3-car garage, a toy friendly double side gate, and a refreshing, private, garden party retreat.

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4002 N 113th Avenue Avondale, AZ 85392

$477,000

3 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6665765

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Avondale, AZ! This stunning 3 bed, 2 bath home boasts luxury and comfort at every turn. The expansive travertine patio leads you to a sparkling pool, perfect for entertaining or unwinding after a long day. Inside, you'll find a marble fireplace that adds elegance and warmth to the space. Upgraded light fixtures illuminate the open concept layout, showcasing the beautiful tile flooring throughout. The gourmet kitchen boasts top-of-the-line appliances and ample counter space for all your cooking needs. With 1798 sq ft of living space, this home offers comfort and style at every turn. Don't miss out on the opportunity to make this your forever home in Avondale!

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27370 W Sierra Pinta Drive Buckeye, AZ 85396

$477,000

2 Beds

2.5 Baths

1,856 SqFt

Status Active

MLS # 6648953

Property Type Single Family Residence

Price Type --

EXPANDED SANCTUARY WITH GUEST SUITE ON A HUGE 15,373 SQ FT PRIVATE WALLED LOT! 2 Bed, 2 .5 Bath at 1,856 sq ft, shows like a model. Paver Drive, walkway & large paved courtyard w\mountain views. Inside you'll find 8 ft doors. Kitchen features Quartz counters, backsplash, pendant lights, & walk in Pantry. Owner's Suite w\Quartz counters, modern walk in tiled shower w\seat, dual sinks, & huge walk in closet. Guest room has an en-suite full bath with tub, perfect for guests. There's also a half bath with pedestool sink. Laundry room provides space for a work station. Garage has a 4 ft extension, built in storage cabinets, water softner, insulated door & is plumbed for a sink. The huge backyard has an epoxy patio & is a blank canvas for you to design your own entertainment area or pool

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22608 W Mohawk Lane Surprise, AZ 85387

$476,375

4 Beds

3 Baths

2,511 SqFt

Status Active

MLS # 6696912

Property Type Single Family Residence

Price Type --

Introducing the latest addition to Surprise, is Frontera in Mesquite Mountain Ranch. Available now is this new detached single-level home, situated on a corner next to a park, this charming one-story residence features four bedrooms, two and a half bathrooms, and a two-car garage. Boasting front yard landscaping, granite countertops, a generously sized kitchen island with a single bowl sink, tile flooring, stainless steel appliances, and a gas range, this home is designed for modern living. It also comes equipped with a smart home package, a gas tankless hot water heater, and Deako smart light switches for added convenience. Residents of Frontera, will have access to an array of community amenities, including hiking and biking trails, pickleball and basketball courts and play areas.

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7123 Pair O Dice Road Show Low, AZ 85901

$476,000

3 Beds

2 Baths

1,404 SqFt

Status Active

MLS # 6573232

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3 bed 2 bath home in the ideal location of Linden. Close to Show Low, shopping and restaurants, but with country living! This home has been lovingly remodeled this year with new flooring, a brand-new kitchen, fresh paint from floor to ceiling, a new roof and so much more! Take advantage of the beautiful yards, garden space, outside pavilion, fire pit and so much more! This home has indoor and outdoor space to entertain through all 4 seasons! Seller is directly related to the listing agent.

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2027 W Monte Vista Road Phoenix, AZ 85009

$476,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6688921

Property Type Single Family Residence

Price Type --

Welcome Home to Monte Vista! This recent remodel is nestled near the serene Encanto Park and golf course, this spacious abode stands out as one of the largest in the neighborhood. A unique feature includes an additional attached room with a separate entry, offering versatility as an extra bedroom, workshop, or private office. Revel in the comfort of new windows throughout the home, ensuring energy efficiency and aesthetic appeal. Don't miss out on this rare opportunity to own a beautifully renovated home with endless possibilities.

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2321 E Millbrae Court Gilbert, AZ 85234

Open House

$476,000

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6687346

Property Type Single Family Residence

Price Type --

Welcome to this charming property featuring a cozy fireplace, creating a warm and inviting atmosphere. The natural color palette throughout the home adds a sense of tranquility and easy living. With additional rooms for flexible living space, you have endless possibilities to customize to your needs. The primary bathroom boasts a separate tub and shower, double sinks, and good under sink storage. Step outside to enjoy the fenced backyard with a covered sitting area, perfect for relaxing or entertaining. Fresh interior paint and new flooring throughout the home provide a modern touch. Don't miss the opportunity to make this your dream home!

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12426 W Levi Drive Avondale, AZ 85323

Open House

$475,973

5 Beds

3 Baths

2,723 SqFt

Status Active

MLS # 6690949

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Under construction Rockrose design at Highland Sage. 2-story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the two-car garage leads you into the drop zone, front covered porch with downstairs bedroom and bathroom, bonus room upstairs with 4 other bedrooms. $38,000 in upgrades are included in this home! 5.99% Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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10722 E Dragoon Circle Mesa, AZ 85208

$475,610

4 Beds

2.5 Baths

1,807 SqFt

Status Active

MLS # 6652744

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! UP TO $20,000 IN BUILDER INCENTIVES ON THIS ONE! LOW interest rate programs available! Diamond Court, built by Newmark Homes, is an 18 home community nestled in a prime location in Mesa with lots of new retail/restaurants close by. This floorplan (see photos) is the Residence 3 with the 4th bedroom option added! Dual walk in closets in Primary Bedroom! The slab is already poured on one of the larger premium lots in the subdivision- check out the extended length driveway and has no neighbors behind it! Some structural options have been added, but buyer can still choose flooring, cabinets, counters, etc!

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13148 W Nogales Drive Sun City West, AZ 85375

$475,500

2 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6660568

Property Type Single Family Residence

Price Type --

**ABSOLUTELY BEAUTIFUL** SAN MARCO MODEL** PRIDE OF OWNERSHIP ABOUNDS** IN THE SPOTLESS GEM **NEWER STAINLESS STEEL APPLIANCES WITH CHOICE HOME APPLIANCE WARRANTY UNTIL 2026** NEWER AC** TURNKEY OPTION IS AVAILABLE** EXTENDED COVERED PATIO WITH AWNING AND SUNSCREENS** WORRY FREE LIVING WITH TRANSFERABLE HOME WARRANTY THROUGH 2026**H2O CONCEPTS WHOLE HOUSE WATER SYSTEM **PRACTICAL MEETS LUXURY** IN THIS STUNNING HOME** ARIZONA LIVING AT ITS FINEST **SOLAR PANELS FOR ENERGY SAVINGS!

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