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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17392 W Grant Street Goodyear, AZ 85338

$575,000

4 Beds

3.5 Baths

3,148 SqFt

Status Active

MLS # 6753144

Property Type Single Family Residence

Price Type --

Welcome to your new home in Canyon Trails! It's a 4-bedroom, 3.5 bath, 3148 sf single-level home on an oversized corner lot with a 3-car tandem garage and RV gate! Enter through the charming courtyard that leads into a home rich with character. Enjoy a spacious open floor-plan with natural light pouring through the windows, neutral custom paint throughout, and a blend of tile and wood-look floors. The large kitchen shines with stainless steel appliances, wall ovens, tons of cabinetry for extra storage, granite countertops, and a large center island with a breakfast bar. Get a good night's sleep in the main suite, featuring backyard access, a sitting area, and a private bathroom with dual vanities, a soaking tub, walk in shower, and walk-in closet. 3 additional bedrooms, including another en-suite, plus a versatile den offers office potential towards the front of the home. Out back you'll find a low maintenance yard with a screened-in patio and Ramada ready for cooler temps! Easy access to major freeways, shopping, dining and Spring Training Games at Goodyear Ballpark. Don't miss out!

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9518 W Menadota Drive Peoria, AZ 85382

$575,000

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6755883

Property Type Single Family Residence

Price Type --

PRICED TO SELL & MOTIVATED SELLER: Experience resort-style living in this immaculate move-in ready home situated in the desirable active adult community of Westbrook Village. Boasting 3 bedrooms, 2.5 baths, and a private pool, this well-appointed residence is perfect for those seeking a luxurious and low-maintenance lifestyle. Enjoy the open great room with soaring ceilings, perfect for entertaining, and the spacious eat-in kitchen designed with the chef in mind. The lavishly remodeled master bathroom and expansive walk-in shower are sure to impress. The beautifully landscaped front and backyards add to the home's excellent curb appeal. Westbrook community offers numerous amenities including rec. centers, golf courses, a restaurant, pools, tennis/pickleball courts, and much more. Located near an array of shopping, dining, and entertainment options and just 20 minutes from the Westgate entertainment district, this home offers the perfect combination of comfort and convenience. UPGRADES: New Roof and AC both with warranties, Sunscreens, security door, 80gal water heater, exterior painted, kitchenAid dishwasher, refrigerator, handicap accessible and more!

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3125 W Whitman Drive Anthem, AZ 85086

$575,000

4 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6758961

Property Type Single Family Residence

Price Type --

RARE CORNER LOT OPPORTUNITY in ANTHEM Parkside offers a unique lot in that it is adjacent to the grass common area AND no home in front. The N & S sun exposure makes this desirable for the hot summer months. The upgrades and meticulous condition this place has been kept in will provide an easy move in ready opportunity. 3 CAR garage, 6 person Dr. Wellness spa, water feature, built in BBQ with a view fence and so much more! The ultimate entertaining space for friends and family. THIS oasis extends its backyard presence into the MASTER bedroom with NEW Dual pane sliding glass Arcadia doors. If you are someone who appreciates attention to detail, consideration for lower sun exposure, and a more private lot while getting the amenities an HOA community has to offer this could be your match

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21527 N 78th Lane Peoria, AZ 85382

$575,000

4 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6768859

Property Type Single Family Residence

Price Type --

WHAT COULD HAVE BEEN THE FORMER MODEL IS NOW AVAILABLE AND LOADED WITH EXTRAS/ EXCELLENT FLOORPLAN WAS DESIGNED FOR FAMILY LIVING W/ SPACIOUS FAMILY & LIVING ROOMS/ BAY WINDOWS IN BOTH DR & LR/ CUSTOM DISTRESSED WOODWORK AND DECORATIVE STONE ACCENTS GIVE THIS HOME THE ''FLETCHER FARMS FEEL''/ CUSTOM PLANTATION SHUTTERS COVER ALL OF THE WINDOWS/ TILE AND LAMINATE COVER THE FLOORS EXCEPT THE CARPETED BEDROOMS/ KITCHEN HAS UPGRADED CABINERTY, GRANITS TOPS, SS APPLIANCES, GAS STOVE, W/I PANTRY AND GREAT BREAKFAST BAR/ OTHER EXTRAS INCLUDE FANS IN ALL ROOMS, 9' CEILINGS, SECURITY SYSTEM, R/O & SOFT WATER, GAS HOT WATER & HEAT & SUNSCREENS/ THE 3CGARAGE HAS EPOXY FLOORS AND ATTACHED GARAGE CABINETS/ EASY CARE DESERT FRONT YARD AND GRASS REAR FOR THE KIDS/ NICE STORAGE SHED W/ ELECTRIC/ SPACIOUS PAVER PATIO WITH OVERSIZED GAZEBO/ YOUR OWN PARK IS DIAGONAL TO THE HOME A BALL THROW AWAY/ THIS HOME IS MOVE IN READY

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341 E Constitution Drive Gilbert, AZ 85296

$575,000

4 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6765967

Property Type Single Family Residence

Price Type --

Welcome to your dream home, ideally located in a quiet cul-de-sac near Ray and Gilbert Rd in the heart of Gilbert! This stunning single-story, 4 bedroom, 2 bathroom home offers a bright and airy interior with hardwood floors and tile in the main living areas, and carpet in the bedrooms for maximum comfort. The inviting great room features a cozy fireplace with a custom mantel, perfect for relaxing evenings. The open kitchen is great for entertaining, equipped with stainless steel appliances, updated light fixtures, and a charming eat-in breakfast nook. Step outside to your backyard oasis, complete with a PebbleTec pool, spa, and real grass for outdoor enjoyment. A custom mural adds an artistic touch to the space. The home also boasts a 3-car garage, complete with an extra electrical sub-panel, ideal for a workshop. Plus, there's an RV gate with a cement pad for all your storage needs. With solar panels to keep electric bills low, this home is as efficient as it is beautiful. Don't miss your chance to own this exceptional property in a prime Gilbert location!

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12568 W Chucks Avenue Peoria, AZ 85383

$575,000

4 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6767402

Property Type Single Family Residence

Price Type --

BACK ON MARET! Welcome to Vistancia! NEWLY UPDATED Kitchen, Countertops, Bathrooms, Paint, and Flooring Throughout The Home. This 4-bed, 2-bath home offers a wonderful opportunity to live in a top ranking master planned community, with pools, playgrounds, schools, shopping, dinning, sports, and entertainment options nearby. This is a well-maintained single level home with rare 3-car garage, with mountain views & no neighbors behind you. The open concept, split floor plan ensures privacy and easy entertaining. Conveniently located near amenities in Peoria and twenty minutes from Lake Pleasant.

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8912 N Johnson Court Maricopa, AZ 85139

$575,000

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6773783

Property Type Single Family Residence

Price Type --

**Motivated sellers!! Beautiful 1,500 sq. ft. 3 bed, 2 bath home on a 4.2-acre property. This handcrafted single-story residence offers a spacious split floor plan, a large chef's kitchen with a great room concept, and modern cabinetry. The home is filled with natural light thanks to numerous windows and an Arcadia door leading to outdoor living spaces. The master bedroom features both a walk-in closet and a linen closet. Take in the stunning mountain views with true indoor/outdoor Arizona living with front and rear covered patios. Located at the end of a cul-de-sac with no HOA, perfect for those who want to bring their toys and enjoy the serene horse-friendly environment. This property is ready to be your dream home.

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5929 N 189th Glen Litchfield Park, AZ 85340

$575,000

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6771789

Property Type Single Family Residence

Price Type --

BETTER THAN NEW!! This gorgeous home built in 2021 sits on a corner lot and is perfect for entertaining! Open and spacious floor plan with 3 bedrooms, 2.5 bathrooms, 10 ft ceilings, and a separate den/office. The gourmet kitchen features a massive island (just shy of 11 ft), quartz countertops, double wall oven, gas cooktop, built in microwave, deep farmhouse sink, walk in panty, and stainless-steel appliances. Stunning sunset mountain views from the front of the home. Primary suite has its own zone for AC and heat and a large walk-in closet. Owners have installed a water softener and epoxied the garage floor. The back yard is complete with a covered patio, pavers, palm and fruit trees, and turf. Walking distance to Canyon View High School

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7380 W Paraiso Drive Glendale, AZ 85310

$575,000

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6772726

Property Type Single Family Residence

Price Type --

What makes Hillcrest so popular is LOCATION! 4 bedroom 3 bath on over a 10,000 sq. ft cul-de-sac lot. 3 car garage with extra concrete parking, RV gate, beautiful pool with water feature and security fencing. Very private spacious backyard with covered patio, built-in BBQ, newly installed artificial grass area, and mature landscaping. New roof in 2022 with 10 warranty, freshly painted inside and out, island kitchen with granite countertops.

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117 E Vaughn Avenue Gilbert, AZ 85234

$575,000

3 Beds

2.5 Baths

1,379 SqFt

Status Active

MLS # 6775846

Property Type Single Family Residence

Price Type --

This move-in ready gem is just steps away from vibrant Downtown Gilbert, where numerous dining, shopping, and entertainment experiences await! It is also beautifully remodeled with upgraded flooring, bathrooms, kitchen, windows, doors, paint, fixtures, and more inside. PLUS! Outside boasts new roof and paver patio. The main house features 3 bedrooms and 2 bathrooms, and a 160 sq ft detached bonus room with a half bath can be used as a playroom or office — offering endless possibilities to suit your lifestyle. The large yard has mature shade trees. Your new home perfectly blends vintage charm with modern conveniences. Don't miss your chance to own a piece of history in this fantastic location in Downtown Gilbert! No HOA.

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2942 S Sierra Heights Mesa, AZ 85212

$575,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6781940

Property Type Single Family Residence

Price Type --

Recently updated! This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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3705 E Toltec Court Sierra Vista, AZ 85650

$575,000

5 Beds

3.5 Baths

3,595 SqFt

Status Active Under Contract

MLS # 6662115

Property Type Single Family Residence

Price Type --

This beautiful, spacious 5BD/3.5BA/3CG, 3595 sq ft home is located in Sierra Vista, AZ near Fort Huachuca, Canyon Vista Medical Center, shopping, and schools. This home has a stunning kitchen with granite countertops, two large living areas, travertine tile floors, and a spacious backyard! The home is all electric and includes a double oven, two a/c units, two septic tanks, and a spacious garage. This home is the definition of space and comfort! Call today!

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