What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.

Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.

According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.

Housing Starts Up, Building Permits Issued Slip in July

Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.

Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.

Mortgage Rates Mixed, New Jobless Claims Lower

Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.

New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,

Whats Ahead

This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.

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8208 E Morgan Trail Scottsdale, AZ 85258

$1,465,000
3 Beds
2 Baths
2,482 SqFt
Status Active Under Contract
MLS # 6782416
Property Type Single Family Residence
Price Type --
Remodeled gem in McCormick Ranch. Situated on approximately 14,000 sq ft n/s landscaped lot, w/ updated pool and bbq. This home is spectacular w/ oversized master suite, his and hers walk in closets, wood floors throughout, gourmet kitchen and much more.

10220 N 175th Avenue Waddell, AZ 85355

$1,459,000
5 Beds
6 Baths
4,053 SqFt
Status Active
MLS # 6755960
Property Type Single Family Residence
Price Type --
Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

8733 E Russell Street Mesa, AZ 85207

$1,455,000
5 Beds
4.5 Baths
4,325 SqFt
Status Active
MLS # 6763387
Property Type Single Family Residence
Price Type --
Desert Upland living at it's finest, with unparalleled city light and mountain views from all windows and wrap around balconies! With No HOA, this beautiful home sits on 1.2 acres and is only minutes from Saguaro Lake and Usery Mountain Regional Park. This home features 5 bedrooms ( 2 master retreats for multigenerational living...one upstairs and one downstairs), 4.5 bath, great room floorplan and 4 car garage (extended and over-height). High end finishes include extensive travertine flooring, travertine bathroom vanities and surrounds, marble tile jacuzzi tubs in both master bedrooms, cherry 42 inch staggered cabinetry with crown molding in kitchen, new Revati undermount, stainless steel workstation sink, new roof coating, new ac on east side, new Mohawk Smart Strand Carpet, new smart garage door openers, new 50 gal energy star water heaters, freshly painted exterior, Vivint smart home, gourmet kitchen with double ovens and built in refrigerator, mahogany floors in downstairs master bedroom, double sided fireplace in master bedroom, fireplace in great room and more! The wrap around balcony allows for a jacuzzi with access to electrical and water already in place. The lot also accommodates horses and RV parking. Close to hiking, restaurants, 25 min to Sky Harbor Int'l Airport and downtown Scottsdale you won't want to miss out on this amazing home!

43720 N Acadia Way New River, AZ 85087

$1,453,900
4 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6758276
Property Type Single Family Residence
Price Type --
Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

6828 N 177th Place Waddell, AZ 85355

$1,450,000
5 Beds
3.5 Baths
3,300 SqFt
Status Active
MLS # 6744338
Property Type Single Family Residence
Price Type --
This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

8294 E Buteo Drive Scottsdale, AZ 85255

$1,450,000
3 Beds
2.5 Baths
2,704 SqFt
Status Active Under Contract
MLS # 6773104
Property Type Single Family Residence
Price Type --
North Scottsdale GRAYHAWK Guard Gated luxury living in this STUNNINGLY REMODELED 3BR, 2.5BA PRIVATE cul-de-sac Retreat! Live the Arizona Dream, savoring this 2704 SF of elegantly reimagined space on a Large MOUNTAIN VIEW lot! This reinvented private semi-custom offers a rare 3CG + host of REMODELED AMENITIES all elevating its appeal. From the moment you step inside, the pride of ownership shines through. The grand foyer welcomes you with high ceilings, decorative light fixtures, and fresh interior paint throughout. The bright living and dining areas boast large windows that flood the space w/ natural light, complemented by stunning real wood flooring. The gourmet kitchen is a true centerpiece, featuring all-new appliances, a custom kitchen island, bar, and striking...CLICK ''MORE''.. ...real QUARTZITE stone countertops. The Gourmet kitchen also offers wood cabinetry, a gas cooktop, wall ovens, and a breakfast nook, making it a dream for culinary enthusiasts. Additional upgrades include new lighting, ceiling fans, and a convenient hot water dispenser. Relax in the bright and spacious family room, complete with new custom windows, a beautifully updated fireplace surround, and an electric fireplace for added ambiance. The oversized main suite is a serene retreat, with patio access, a cozy seating area, and a fully remodeled ensuite. The primary bath features dual vanities, quartzite countertops, and a custom walk-in closet. Outdoor living is just as impressive, with a covered patio, built-in BBQ, new outdoor gas fireplace, and a Jacuzzi hot tub. The professionally redesigned backyard also includes a new fountain, all-new landscaping with updated irrigation and lighting, and a new outdoor gate and courtyard fencing for added privacy. Please note: The chandelier in the Dining Room does not convey. **UPGRADES & UPDATES TO HOME AT A GLANCE:** - All new appliances - Custom kitchen island and bar with quartzite countertops - Master and guest bathroom remodel - Custom security doors (three) - New bedroom and kitchen windows - Custom fireplace surround with electric fireplace - New faucets and kitchen hot water dispenser - New blinds and all-new lighting and fans - Tankless hot water heater - New door hardware throughout - New outdoor gate and courtyard fencing - All-new landscaping, irrigation, and lighting - Jacuzzi hot tub, outdoor fountain, and gas fireplace - Insulated new garage doors - Custom master closet This Grayhawk gem is ready to welcome you home with its combination of timeless elegance and modern upgrades. NEAR ARTISAN RESTAURANTS, DINING, SHOPPING, WORLD CLASS GOLF, SPAS, HIKING AND MORE....Don't miss the chance to make it yours! Call for your Tour today!

9251 N Sunset Ridge Fountain Hills, AZ 85268

$1,450,000 - 3Br/3Ba -  for Sale in Eagle Mountain Parcel 12 Amended, Fountain Hills
New
$1,450,000
3 Beds
3 Baths
3,622 SqFt
Status Active
MLS # 6788967
Property Type Single Family Residence
Price Type --
Enjoy breathtaking golf course & mountain views from this former model home in an exclusive double-gated community, filled with exceptional upgrades. The gourmet kitchen features hickory cabinets, granite countertops, double ovens, while travertine flooring enhances the elegance throughout. A wet bar with a refrigerator and ice maker complements the custom library with floor-to-ceiling bookcases and a rolling ladder. The master suite boasts a sitting room, fireplace, and a spa-like bath with marble finishes, a soaking tub, and a large custom shower. Outside, enjoy fountains in the front and back, a rose garden, a negative-edge pool, spa, and a covered patio perfect for entertaining or relaxing in serene surroundings. Eagle Mountain Golf Club is a prestigious Troon-managed course.

5659 W Chaparal Lane Pine, AZ 85544

$1,450,000
9 Beds
8 Baths
8,500 SqFt
Status Active
MLS # 6742110
Property Type Single Family Residence
Price Type --
Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000
6 Beds
4 Baths
5,062 SqFt
Status Active
MLS # 6720121
Property Type Single Family Residence
Price Type --
Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

5227 E Canyon View Court Prescott, AZ 86303

$1,450,000
6 Beds
4 Baths
3,949 SqFt
Status Active
MLS # 6755842
Property Type Single Family Residence
Price Type --
Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!

14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000
4 Beds
3 Baths
3,044 SqFt
Status Active
MLS # 6759013
Property Type Single Family Residence
Price Type --
Welcome to this impeccably maintained 4-bedroom + office (or optional 5th bedroom), 3-bathroom home that blends modern upgrades with classic elegance. Set within a peaceful Scottsdale community, this 3,044 sq. ft. gem boasts plantation shutters across 32 newly customized windows, offering both privacy and style. Major updates include a new roof and dual AC units installed in 2016, giving you added comfort and peace of mind. The expansive primary suite offers a luxurious retreat, complete with three walk-in closets and a spa-like ensuite featuring dual vanities, a soaking tub, and a separate shower. At the heart of the home, the sophisticated kitchen shines with granite countertops, stainless steel appliances, a gas cooktop, and a generous island—perfect for hosting gatherings. The backyard is a true oasis, showcasing a Pebble Tec play pool with a tranquil waterfall, a built-in BBQ area, and lush landscaping, ideal for entertaining or quiet relaxation. Just minutes from Kierland Resort & Golf Course, and the upscale shops and dining of Scottsdale Quarter, this home offers luxury living in one of Scottsdale's most sought-after locations. Come experience it for yourself today!

2554 N Tambor -- Mesa, AZ 85207

$1,450,000
4 Beds
3.5 Baths
4,143 SqFt
Status Active
MLS # 6773392
Property Type Single Family Residence
Price Type --
Experience tranquility and privacy in this exquisite semi-custom home nestled on over an acre, backing up to the serene Tonto National Forest. Enjoy panoramic mountain and city views from nearly every angle of this 4-bedroom split floor plan, designed to maximize space and natural light with its soaring 12' ceilings and large windows. The gourmet kitchen features granite countertops and custom maple cabinets, perfect for culinary enthusiasts. Entertain or unwind in the formal living room with a cozy fireplace or step outside to the private courtyard and savor peaceful moments. Private backyard oasis includes a sparkling pool, spa, built-in BBQ, and multiple patios ideal for dining al fresco while enjoying breathtaking sunsets and uninterrupted mountain vistas and Usery Mtn. Regional Park!