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,

What‘s 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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1011 Dusty Lane Show Low, AZ 85901

$1,300,000

3 Beds

2.5 Baths

3,422 SqFt

Status Active

MLS # 6658000

Property Type Single Family Residence

Price Type --

This gorgeous 2 story home, with over 3,000 Sq ft sits on just over 6 acres. With 3 bedrooms, 2.5 bathrooms, plus a large bonus room, this home has all the space you need. Attached is a 3-car garage, with a workshop. Included on the 6 acres is a storage building, playground, orchard and extra-large metal shop, complete with 2 garage doors, and a wood stove. Mature trees, owned solar panels, brand new quartz counter tops, a new pellet stove, custom master bathroom, lawns on sprinkler systems, and a private well are just a few more things this amazing property has to offer! Listing agent is directly related to sellers.

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18233 W Palo Verde Court Litchfield Park, AZ 85340

$1,300,000

4 Beds

5.5 Baths

3,733 SqFt

Status Active

MLS # 6699525

Property Type Single Family Residence

Price Type --

Welcome to your Desert Oasis! At the base of White Tank Mountains sits this premier home combining modern elegance with the highest standards of sophisticated living. Built with upgrades that represent the superior elements in today's trends. This 3700+ square foot cul -de-sac home is nestled over a 22,000 sq ft lot and crafted with the utmost attention to detail, this home showcases superior workmanship and timeless design elements throughout. The open-concept layout seamlessly connects the gourmet kitchen, dining area, and living room, creating a central center for everyday living. The chef's kitchen incorporates the kitchen island with seating for 8, stainless steel appliances, built-in microwave and wall oven, gas range, pantry and separate built-in wine fridge. The exquisite granite stone countertops complement this culinary masterpiece. This home offers vaulted ceilings, large glass slider door that invite abundant natural light and offers a panoramic view of the backyard, vaulted ceilings, and dramatic fireplace wall accents that flow harmoniously throughout the main living areas. This is a split floor plan with 3 bedrooms, 1 office, tv room and attached casita (or 4th bedroom)with its living area and bathroom. Relax in the master suite, spa-like bathroom and generous walk-in closet, dual sink vanities, oversized shower, freestanding bathtub that exudes resort ambiance. Step outside to your own private oasis where the sparkling pool and spa await you. The perfectly manicured low maintenance landscape surrounds the outdoor living spaces and creates a serene ambiance for entertainment and relaxation. Entertainers dream; custom pool and spa with expanded pool deck, covered patio, ramada with built-in BBQ, sink, wine fridge, fireplace, TV outlet, putting green and inground trampoline. The paver driveway leads you to the custom wrought iron gates directing you to the 6-car garage and boat parking. Don't miss the opportunity to own this elegant and modern real estate with all the amenities you could ever desire, this is not a home, it's a lifestyle.

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4330 S Neutron -- Mesa, AZ 85212

$1,300,000

3 Beds

2.5 Baths

3,392 SqFt

Status Active

MLS # 6730383

Property Type Single Family Residence

Price Type --

Highly upgraded and decked out designer Eastmark single-level home for sale (3-5 bedrooms) with three bedrooms plus an office, flex room, and a sparkling pool with heater AND CHILLER. The chef's kitchen, complete with ceiling heigh illuminated cabinets, quartz counters, stainless steel appliances, alongside a butler's pantry with wine fridge. Master bedroom with a separate entrance goes in and out of the pool area plus the master bathroom has a vanity. The backyard oasis has both patio and pergola, built-in BBQ, and a nice baja step in the pool to relax on. Perfect for entertaining. Plus, the flex room with double rench doors leading to an outdoor yoga/meditation and water area. Imagine high-end finishes and touches built into a home where their sudden need to move is your HUGE gain! FYI - you can enclose the space between the 2nd and 3rd bedrooms to add a 4th bedroom and closet if you would like a 4th bedroom.

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35203 W Indian School Road Tonopah, AZ 85354

$1,300,000

3 Beds

2 Baths

2,520 SqFt

Status Active

MLS # 6742738

Property Type Single Family Residence

Price Type --

Lot 2 and 5 is a total of 11.40 level acres of land being split from 504-10-003-B with a 3 bedrooms and 2 bathroom home, private well and room to expand! There is a large enclosed hall that can be used for gatherings, storage and more. The covered storage area offers its own possibilities for an income producing venue with the start of 9 individual rooms and three bathrooms along with one large central space that could be a centralized kitchen or living space. Private well and three separate septic tanks make the possibilities of this property endless! Near the future Belmont Master Planned Community and soon to break ground Desert Studios. 20 min to Buckeye Equestrian Center, 35 min to Wickenburg, Stone's throw from Teravalis, Desert Whisper, Tartesso etc. Easy access to Interstate I-10, MC-85, Loop 202 & 303. Close to the proposed I-11 freeway, connecting Arizona, Nevada & California. Early-stage planning efforts for I-11 to become a trade route connecting Canada & Mexico. Providing Arizona with access to regional & international markets, jobs & economic growth. Possible seller carry back with large down payment. You won't want to miss out on this property and all that it offers!

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2620 W Wolftrap Road New River, AZ 85087

$1,300,000

4 Beds

3.5 Baths

3,728 SqFt

Status Active

MLS # 6752662

Property Type Single Family Residence

Price Type --

Perched on a 1-acre lot with no HOA, this impeccable home was newly built in 2021. Over $300k in upgrades have been added! Offers the perfect blend of modern luxury and rural serenity. Located in one of New River's most picturesque neighborhoods with well-paved streets, this spacious 4-bedroom, 3.5-bath residence showcases breathtaking mountain vistas and expansive desert views—ideal for those seeking peaceful, wide-open spaces outside of the city yet just 10 minutes from shopping and dining conveniences. As you step inside, you'll immediately appreciate the meticulous attention to detail. The open layout is designed to maximize the panoramic views from every room, enhanced by custom wall treatments and elegant finishes throughout. The main level is thoughtfully designed for single-level living with a welcoming great room with fireplace, an open kitchen with large island, and the luxurious primary suite. This private retreat features a spa-like bath with a freestanding tub, dual vanities, and a generous walk-in closet with direct access to the laundry room, offering ultimate convenience. Also on the main level is an Air Conditioned 4-car Garage, fully equipped with custom cabinetry and an electric vehicle charging outlet. Downstairs is home to a second living room, three additional split bedrooms, two full baths, and an open bonus room providing flexibility for multi-generational living, large families, or long-term guests, with direct access to the large patio and beautifully landscaped backyard. Whether you're entertaining on the covered patio, enjoying a glass of wine on the balcony, or simply taking in the star-filled night sky, this home is perfect for those who value quality, tranquility, and a lifestyle surrounded by wide open spaces. See list of Features & Upgrades in Documents tab. Only 4 minutes to the I-17 and 8 minutes to Great Hearts Anthem K-12. Don't miss the opportunity to make this exceptional property your own!

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376 N Iron Horse Drive Coolidge, AZ 85128

$1,300,000

6 Beds

4.5 Baths

3,121 SqFt

Status Active

MLS # 6751108

Property Type Single Family Residence

Price Type --

TWO PARCELS are included in the sale for a total of 5 acres! Stunning 5 bd/4 bath rustic home situated on a 2.5 acre lot featuring resort style pool and a 1 bd Casita with kitchen. Formal dining room, gourmet chef's kitchen, custom cabinetry, broken edge granite counters, center island, breakfast bar, pantry, SS appliances, & French doors to the patio. Generous size bedrooms, ample closets & upscale travertine baths. Oversized doors, 12' ceilings, travertine floors, grid ceiling in the den, hand hewn beams throughout. The primary bedroom offers patio access, plush carpet, & private en suite w/dual sinks. House includes 8 insulated garage spaces. Enjoy the backyard covered patio, lush green grass, outdoor kitchen & exquisite pool. NEW BUILT HORSE STALLS! Horse shades, 24X40 hay barn, 2000 sq ft non-climbable horse fence. Surrounded by fantastic mountain views!

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3218 S Jackrabbit Trail Buckeye, AZ 85326

$1,300,000

4 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6767926

Property Type Single Family Residence

Price Type --

**HUGE $200,000 PRICE REDUCTION**. YOU WILL LOVE THIS AMAZING HORSE PROPERTY. THIS PROPERTY WAS DESIGNED WITH A TEAM ROPER IN MIND. FOR THOSE WARM SUMMER NIGHS THERE IS A LIGHTED ROPING ARENA WITH SAND AND LED LIGHTS. PLENTY OF ROOM FOR ALL YOUR TOYS WITH A LARGE 40'x45' GARAGE/WORKSHOP. ON THE SIDE OF THE SHOP THERE IS A COVERED RV SPOT OR IT CAN BE USED FOR A HAY BARN. RECENTLY NEW CARPET WAS INSTALLED, THE INTERIOR/EXTERIOR PAINTED, AND BATHROOM SHOWERS UPDATED WITH TILE AND NEW GLASS DOORS. THE ENTIRE PROPERTY IS FENCED WITH ALMOST 3 ACRES OF PASTURE. SELLERS JUST HAD THE INTERIOR PROFESSIONALLY CLEANED SO IT'S MOVE IN READY. THE RANGE/OVEN AND DISHWASHER WILL BE REPLACED WITH STAINLESS STEEL APPLIANCES TO MATCH THE MICRO AND FRIDGE BEFORE COE.

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8757 E Lariat Lane Scottsdale, AZ 85255

$1,300,000

3 Beds

3 Baths

2,888 SqFt

Status Active

MLS # 6776524

Property Type Single Family Residence

Price Type --

Introducing an Exquisite Professionally Designed Home in North Scottsdale! Nestled in the coveted 85255 zip code, this stunning, fully remodeled residence is situated on an expansive acre-sized lot, showcasing beautiful desert landscaping and mature shade trees. The spacious, epoxied three-car garage and extended driveway offer ample parking for guests. Step inside to discover a generous living area highlighted by high ceilings and large windows that flood the space with natural light, offering breathtaking panoramic mountain views. You'll fall in love with the waterproof LVP flooring, a cozy wood-burning fireplace with a custom-designed mantle, freshly painted walls, and elegant light fixtures throughout. The chef's kitchen is a culinary delight, featuring brand new upgraded cabinetry, a professional-grade Bertazzoni induction range, Mykonos quartzite countertops, an apron front sink, and a charming breakfast nook. The gorgeous custom glazed cabinets come with all with soft close doors and drawers, lots of storage, and elegant crown molding. This inviting space is perfect for gathering, cooking, and entertaining. Retreat to the large master bedroom, accessed through double French doors, complete with a vaulted ceiling, designer accent wall, and a private balcony that showcases spectacular mountain and city light views. The luxurious master bath boasts a freestanding clawfoot tub, a spacious walk-in shower with body sprays, a tremendous LED vanity mirror, stylish lighting accents, and ample vanity space adorned with spectacular real marble countertops. This magnificent, move-in ready home offers the perfect blend of luxury and comfort in a superb location. Don't miss the opportunity to make it yours!

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7538 E Larkspur Drive Scottsdale, AZ 85260

$1,300,000

4 Beds

2.5 Baths

2,726 SqFt

Status Active Under Contract

MLS # 6728734

Property Type Single Family Residence

Price Type --

Nestled in Scottsdale, this fully remodeled four-bedroom, 2.5-bath home epitomizes turnkey elegance. Bright interiors complement modern upgrades, offering a seamless blend of style and comfort. Minutes away from Kierland Commons, The Quarter, top-rated schools, golf courses, and restaurants; convenience meets luxury. The resort-style backyard beckons with a putting green and sparkling pool, ideal for relaxation and entertainment.

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31709 N 55th Way Cave Creek, AZ 85331

Open House

$1,300,000

3 Beds

3.5 Baths

3,342 SqFt

Status Active

MLS # 6745697

Property Type Single Family Residence

Price Type --

Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.

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16406 N 106th Way Scottsdale, AZ 85255

Open House

$1,300,000

5 Beds

3 Baths

2,932 SqFt

Status Active

MLS # 6777926

Property Type Single Family Residence

Price Type --

Fabulous single level, 4bed + a bonus room/3bath home w/mountain views in highly desired McDowell Mountain Ranch!! Backs to natural open space. No neighbors behind . Spacious home w/Great room & formal living/dining, plus an additional bonus room perfect for a home office, playroom or work-out space. Beautiful natural light from the large picture windows. Kitchen features gas cooktop, granite counters & large island with plenty of seating. Master bath updated - tiled walk-in shower. 2nd bath udated - tile walk in shower too. Freshly painted inside and out for a pristine look. Covered patio, grass yard & built in BBQ. Water softner. New roof 2024. Located 1 minute drive from the community center/pool & the biking/hiking trailhead.One of the best neighborhoods and Award winning schools McDowell Mountain Ranch has rec center, heated pools, spas, tennis, pickleball, basketball, volleyball, children's playgrounds, skate park & numerous trails. Award-winning McDowell Mountain Ranch is a premier master-planned community located in North Scottsdale. Situated at the foothills of the McDowell Mountains, enjoy the beautiful desert serenity, yet also have all the conveniences of living in-town just outside the neighborhood. The 101 Freeway is 5 minutes away, as well as restaurants, shopping, groceries, and so much more! This friendly neighborhood features 2 heated community pools/spas, playgrounds, basketball courts, tennis courts, and one of the best Pickleball leagues in town! The HOA hosts several events throughout the year for everyone to enjoy and connect with neighbors. Numerous trails, both paved & unpaved that, meander throughout the community. McDowell Mountain Golf Club, designed by Phil Mickelson, with the clubhouse & restaurant, is open to the public. The City of Scottsdale Aquatic Center w/lazy river & Library is close by in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.

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18118 E Parker Creek Road Rio Verde, AZ 85263

$1,299,999

2 Beds

2.5 Baths

2,619 SqFt

Status Active

MLS # 6764719

Property Type Single Family Residence

Price Type --

Located in the desirable Trilogy at Verde River, an amenity-rich guarded gate community with breathtaking mountain views, this luxurious home offers the Cordova layout with a casita. Featuring 2 bedrooms, an office, 2.5 bathrooms, and a 4-car tandem garage, no detail was overlooked in its design. The gourmet kitchen boasts Quartz countertops, high-end stainless-steel appliances, a tile backsplash, and a kitchen island with a breakfast bar. The spacious great room includes a cozy fireplace, while extras like a wine bar and high-end window blinds enhance the living experience. The primary suite offers a door to the back patio and a lavish ensuite bathroom with a separate shower, soaking tub, dual sink vanity, and walk-in closet. The casita includes a seating room with a kitchenette and a bedroom with an ensuite bathroom, ideal for guests. Outside, enjoy beautifully designed landscaping with paver stones, a fire table, an anti-snake fence, and an expansive covered patio complete with 2 ceiling fans and stunning mountain views! Additional features include a soft water system, a R/O system, huge laundry room with upper and lower cabinets, built-in desk, and a sink. This spotless home is a rare find! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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