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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9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000

5 Beds

3 Baths

1,934 SqFt

Status Active

MLS # 6722619

Property Type Single Family Residence

Price Type --

BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

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3792 S Tower Avenue Chandler, AZ 85286

$575,000

3 Beds

2.5 Baths

2,042 SqFt

Status Active

MLS # 6730052

Property Type Single Family Residence

Price Type --

Seller offering $5,000 credit! Well maintained 3 bedroom, 2.5 bathroom home with a pool, irrigated front yard, newly painted interior walls. Great floor plan with 2 living areas on the main floor - open area when you enter the home plus great room concept kitchen and family room at the back of the house. The kitchen has ample storage and counter space and is open to the spacious family room with dramatic two story ceiling. All 3 bedrooms are upstairs. The oversized primary suite faces the back of the home. The attached bath features dual vanities, soaking tub, step in shower, and walk in closet. The secondary bedrooms are nice sized and both have ceiling fans. There is a nice built in desk at the top of the stairs plus upstairs laundry! BRAND NEW AC UNIT! The backyard has a covered patio, a meticulously maintained pool and waterfall feature. Plus mature landscaping and a fire pit! Great location near freeways and amenities!

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22701 E Avenida Del Valle -- Queen Creek, AZ 85142

$575,000

5 Beds

3 Baths

2,799 SqFt

Status Active

MLS # 6732380

Property Type Single Family Residence

Price Type --

Contemporary 5 bed, 3 bath house with 2,800 sqft in Queen Creek's sought-after Meridian community. Built in 2018, with updated styling throughout. Enjoy a gourmet kitchen, spacious master suite, and a low-maintenance yard. The residence also boasts a 3-car garage. Experience Arizona living at its finest with access to the 5,000 sqft community pool and quick access to Queen Creek Marketplace, top-rated schools and scenic parks. This house is also pre-wired for 16 security cameras.

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

Price Type --

**ASSUMABLE LOAN ** THE SELLER IS OFFERING $5,000 TOWARDS THE BUYER'S CLOSING COSTS WITH A FULL-PRICE OFFER!**Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate.and a 3 car garage.

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116 S Arizona Avenue Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,320 SqFt

Status Active

MLS # 6739131

Property Type Single Family Residence

Price Type --

Your fully remodeled home in downtown Prescott awaits! Only a half mile from the court house square you will find this updated home boasting a new roof; all new windows; all new flooring; all new kitchen cabinets and granite counters; all new appliances; new heating and central air; fully remodeled bathrooms; new stucco exterior; and all new paint inside and outside. Ample off street parking combined with a detached 1 car garage would make this a great second home with endless rental possibilities due to being walking distance to the Courthouse Square; tennis courts, and soccer field across the street; and only 3 blocks from the famous Mt Vernon Street!

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13357 W Mayberry Trail Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6743221

Property Type Single Family Residence

Price Type --

Very livable, Charming 2 bedroom, 2 bath plus Den home in the highly desirable Adult community of Trilogy in North Peoria! This special home has great curb appeal. Step inside to a nice open den space and split front bedroom. Initing living/dining and kitchen area where you will find a large seating island, granite counter tops, Clean white cabinets and stainless appliances. Primary bedroom with ensuite bath featuring dual vanities, beautiful step in shower and walk in closet. Wonderful outdoor living with large covered patio overlooking a beautifully landscaped yard with extensive use of pavers and artificial turf. Trilogy offers the very best of retirement living in Arizona - community pools, fitness centers, golf, tennis, pickleball and loads of classes and clubs!

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6402 N 45th Avenue Glendale, AZ 85301

$575,000

5 Beds

4 Baths

2,681 SqFt

Status Active

MLS # 6744593

Property Type Single Family Residence

Price Type --

Welcome to this stunningly remodeled 5-bedroom, 4-bathroom home, where no detail has been overlooked. Every aspect has been updated, featuring new tile flooring, Italian cabinetry, sleek black stainless steel appliances, modern windows, fresh lighting, new paint throughout, and so much more. The spacious open floor plan includes multiple living areas and a versatile den or dining room. Outside, enjoy a generous covered patio perfect for entertaining, alongside a garden area surrounded by mature citrus trees. Conveniently located within walking distance to schools and shopping, this home offers both luxury and practicality with space for everyone to enjoy!

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4338 E Desert Marigold Drive Cave Creek, AZ 85331

$575,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6744958

Property Type Single Family Residence

Price Type --

Priced to sell! Beautifully upgraded 3-bedroom, 2-bathroom single-story home. Over the past 3-4 years, this residence has undergone extensive updates. Significant improvements include a new roof underlayment, new A/C system, updated kitchen and bathrooms, over $40k invested in new windows and exterior iron doors, custom trim work, newer carpet, fresh interior paint, new outlets, new light switches, and updated lighting fixtures. The 1,588 square foot floor plan is thoughtfully designed for maximum efficiency, ensuring every inch is utilized effectively with no wasted space. The backyard offers a blank canvas, ready for your personal customization. Ideally located in Tatum Ranch, this home is just a short drive from dining, golf courses, and schools

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2647 N Miller Road Unit 16 Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6746341

Property Type Single Family Residence

Price Type --

Rare Old Town Scottsdale Single Family Detached with Two Car Garage on the Coronado Golf Course. New paint in and out with BRAND NEW HVAC system. New Water Heater, and Appliances. Three 3yr old Roof and Updated fire sprinkler heads. This amazing home on a premium lot with a community pool and no common walls. A wonderful year-round home, winter getaway or income property. Large living/dining area with fireplace, tall ceilings, and golf course views. Owner's suite has golf course views, private bath, walk-in closet and patio exit. Third bedroom can be an office with french doors. Direct entry to kitchen with pantry from a 2 car garage with built-ins. Full size washer and dryer with lots of storage space. Enjoy premier Scottsdale art galleries, upscale shopping, restaurants, local music

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28721 N 128th Drive Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6749410

Property Type Single Family Residence

Price Type --

This charming, meticulously cared for home has 2bd/2ba + den and is located on a quiet cul-de-sac in the highly desirable, gated community of Trilogy at Vistancia. This lovely home has many upgrades including central vac, a large eat-in kitchen with loads of storage, s/s gas appliances, and it opens to the great room with a custom wall unit and built-in surround sound. Just off the great room is access to a tranquil, private courtyard complete with a gas fireplace. The backyard has lush landscaping, fire pit, fountain, mister system, artificial turf and generous use of pavers. The upgrades continue in the extended garage which has plenty of storage cabinets, shelving, mop sink, and epoxy floor. You can even listen to music/tv from the great room with the built-in speakers in the garage. You will absolutely love the world class amenities in the active adult community of Trilogy at Vistancia.

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3885 E Juanita Avenue Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6750086

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Single-Level Home in Desirable Gilbert Location! This stunning single-level home features 4 bedrooms, 2 bathrooms, and a 2-car garage in the quiet community of Carol Rae Ranch. Recently remodeled, the home showcases new wood tile floors, baseboards, carpet, fresh interior paint, updated hardware, and more. The kitchen boasts modern updates, including new quartz countertops, freshly painted cabinets, and stainless steel appliances, making it both stylish and functional. Conveniently located with quick access to State Routes 202 and 60, this home is near excellent schools, hiking and biking paths, shopping, dining, and all the amenities that make Gilbert such a sought-after location.

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12311 W Tigerseye Drive Sun City West, AZ 85375

$575,000

3 Beds

2 Baths

2,157 SqFt

Status Active

MLS # 6752337

Property Type Single Family Residence

Price Type --

Welcome to your Desert Oasis... Pride of ownership is definitely shown in this move in ready 3 bedroom 2 bath home with a retreat style backyard. The home has many updates in the kitchen, living room, formal dining/family room, bathrooms, flooring, Arizona room, pergola with 6 person hot tub, updated pool decking, and painted sidewalks. All major appliances included. Interior window shutters on all front windows and new mini spilt in the Arizona room. Don't miss this one of kind gem! Come see it today!

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