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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5329 W Rainwater Drive Laveen, AZ 85339

$569,990

5 Beds

4 Baths

2,838 SqFt

Status Active

MLS # 6769226

Property Type Single Family Residence

Price Type --

MLS#6769226 Ready Now! The Pinnacle at Tierra Montana Encore presents a stunning two-story design with a spacious primary suite located on the main floor. This suite offers a large shower, soaking tub, dual-sink vanity, and a walk-in closet perfect for year-round storage. The open-concept layout connects the expansive gathering room to the gourmet kitchen and dining area, creating an ideal space for entertaining. Also on the first floor, you'll find a laundry room and a guest bedroom with a full bath, perfect for hosting overnight guests. Upstairs, three additional bedrooms, two full baths, and a generous loft provide ample space for family living. Structural options include: 5th bedroom and 4th bath in lieu of study and half bath.

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20095 W San Juan Avenue Litchfield Park, AZ 85340

$569,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6775719

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Cinnabar with 4 bedrooms + study, dining room, 3 full baths and 3 car garage. 8' gate for easy access to the backyard. Multi slide door that leads out the covered patio. Stainless steel gas appliances with 36'' cooktop, wall oven and canopy hood. Sonoma Maple Slate (Gray) cabinets with 42'' kitchen uppers, pull out trash drawer. Himalaya white granite countertops in the kitchen and at the enhanced kitchen island. Stainless steel single bowl undermount sink. Upgrade flooring includes EMS Baccarate 12x24 Astra tile in all areas of the home except bedrooms and closets. Dual sinks at bath 2. Soft water loop, garage service door, 8' tall garage door with two controls. Please verify all information with onsite agent . Thank you!

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20287 W Catalina Drive Buckeye, AZ 85396

$569,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6783358

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Jade floor plan sitting on a LARGE LOT with over 10,250 SQ. FT and a 10' GATE in addition to the 4' gate. Brick pavers at drive, walk and entry. Multi slide door off the great room that leads out to the covered patio. Kitchen features include stainless steel gas appliance package with a 36'' cooktop, wall oven, Microwave, dishwasher and canopy hood. Barnett Latte stain cabinets with 42'' kitchen uppers, pull out trash drawer. AZT White Sands quartz countertops in and at enhanced countertop. White undermount single bowl sink. Dual sinks at bathroom 3. Upgrade flooring includes wood laminate in all areas of the home except for bedrooms and baths and so much more.

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274 S 164th Drive Goodyear, AZ 85338

$569,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6744181

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Very spacious Jade floor plan with 5 bedrooms, 3 baths and 3 car garage. Multi slide door off the great room. Bedroom #4 has it's own private full bath and walk in closet perfect for a guest suite. All secondary bedrooms have walk-in closets. Plenty of storage space. Large walk in shower at owner's bath. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Additional kitchen cabinets in Barnett Maple Boulder (Gray) with 42'' uppers and pull out trash bins. AZT Hana Sky quartz countertops in kitchen and the enhanced kitchen countertop. Upgrade flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. Please verify all information with onsite agent . Thank you!

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4523 E Camino De Cafe -- Hereford, AZ 85615

$569,900

4 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6782421

Property Type Single Family Residence

Price Type --

Custom New Construction by Sun Canyon Homes. This home is located in the beautiful subdivision Ranchos San Pedro all home sites are up to one acre and have mountain views in several directions. This home has wood-look ceramic tile throughout, granite countertops, stainless appliances including refrigerator. Concert driveway to the street with plenty of parking in addition the 3car garage finished with epoxy floor finish. steal insulated garage doors withJackshaft Wifi openers. Large walk-in shower with double faucets. Built with high-quality construction materials. This home includes 2x6 exterior framing, Polyglass premium roof underlayment, R-21 open-cell foam insulation in exterior walls, and a Tyvek wrap vapor barrier for energy efficiency & durability plus a 2-10 Home Warranty.

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17871 W Southgate Avenue Goodyear, AZ 85338

$569,900

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6734110

Property Type Single Family Residence

Price Type --

30 DAY QUICK MOVE IN!! ASK ABOUT OUR LOWER THAN MARKET FINANCING! BEAUTIFUL 2-STORY HOME* EN SUITE ON 1ST FLOOR* FLEX ROOM & LOFT* WHITE SHAKER CABINETS* WOOD-PLANK LVP FLOORING* QUARTZ COUNTERTOPS* END LOT* N/S FACING!!!

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13442 W Blackstone Lane Peoria, AZ 85383

$569,900

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6624856

Property Type Single Family Residence

Price Type --

Like NEW 2021 Built '' Vibrant Situated on an OVERSIZED Lot with N/S Exposure in Award Winning Trilogy at Vistancia. TREMENDOUS Curb Appeal with Mature Lush Desert Landscape, Stone Accent and PAVER Driveway. Backyard with Putting Green .Inside includes Neutral Palette , ALL Tile Flooring along with 9FT Ceilings and Window Treatments T/0. Beautiful Kitchen with Large Granite Island , Designer Backsplash. and Rich Dark Cabinetry. Primary BR with LARGE Closet . BR 2 is Split with South Exposure . Bath 2 with Soaking Tub. Gorgeous Den with Built Ins and French Doors - Would make a Great 3rd BR. Backyard with Expanded Covered Patio , Travertine & Putting Green . Smart Space for extra storage or Office. This Home is in Terrific Condition . Sellers are MOTIVATED . Home is available TURNKEY

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6713 W Valley View Drive Laveen, AZ 85339

$569,900

4 Beds

3 Baths

2,048 SqFt

Status Active Under Contract

MLS # 6670796

Property Type Single Family Residence

Price Type --

Highly desired Jubilee floorplan on the LARGEST LOT w/resort style backyard can now be yours! Built in 2022, this gorgeous single story offers 4 bedrooms, teen/bonus room, 3 bathrooms, spacious open floorplan, ceramic wood plank flooring, Chef's kitchen w/granite countertops, apron sink, huge island, 5 burner gas stove, W/I pantry, fan/blinds throughout, designer light fixtures & window treatments, oversized bedrooms, & epoxy flooring in garage. Then step outside to the serene mountain views & your resort style backyard featuring extended covered patio w/pavers, travertine tiling around the gorgeous pebbletec pool w/Baja shelf, water feature, & lights. You will also enjoy the mutliple paved areas for seating, turf & grassy areas, and the luscious grapefruit, lemon, lime, & orange trees. Owners have put in well over $130K in upgrades after the home was built. You cannot get a new build with this large of a lot & mountain views, completed backyard w/pool, AND all the high-end interior finishings for under $600K. This is a once in a lifetime deal, hurry before it's gone!

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8304 E Posada Avenue Mesa, AZ 85212

$569,900

4 Beds

2.5 Baths

3,487 SqFt

Status Active

MLS # 6678957

Property Type Single Family Residence

Price Type --

4 spacious bedrooms plus a loft, each equipped with its own walk-in closet for unparalleled storage. Enjoy awesome upgrades throughout, exquisite bathroom vanities and countertops, sleek faucets, a beautifully remodeled master shower, and the added convenience of comfort-height toilets. We continue with the addition of meticulously chosen light fixtures and five stylish ceiling fans, perfectly complementing the tiled flooring and upgraded upstairs baseboards. The kitchen, features refinished cabinets with new hardware, striking granite countertops, and a charming farm sink. Step outside to your own private Pebble Tec pool for endless hours of relaxation and enjoyment. Every room is spacious, separate living room and family room, 2 areas for dining + breakfast bar, granite counter tops and white cabinets, gas cook top, SS appliances. Charming light and bright bay window breakfast nook Amazing walk -in pantry seems endless, with additional storage area. Handy sink in laundry room. So much storage everywhere in this home, with closet after closet, including in loft, and large nicely finished expanded storage closet with light, under the stairs. Sparkling pool makes for at home entertainment and relaxing, easy maintenance back yard with grapefruit and orange trees, and recently replaced drip lines. solar panels for energy savings! So much more!

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27413 N 23rd Drive Phoenix, AZ 85085

$569,900

3 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6719855

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! This single story home is located in the most sought ever popular Norterra Dynamite Mountain Ranch! Move in ready 3 bedrooms with a sizeable den, 2 bath and 2 car garage. Cozy front porch. Impressive entrance with Vaulted ceiling. Updated wood tile like flooring and newly installed carpet and paint. Center Kitchen island. Freestanding Stainless steel stove, so is the microwave. Neutral kitchen Backsplash to include the tech area. Spacious pantry. Master's bedroom with wide walk-in closet. Large Covered patio. Close to Shopping, Restaurants and Entertainment, and TSMC. Minutes to I-17. A MUST SEE!!!

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20314 N Wagner Wash Drive Buckeye, AZ 85396

$569,900

2 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6733834

Property Type Single Family Residence

Price Type --

**PREMIUM DESERT VIEW HOMESITE** This extended popular Refuge model includes the 4' garage extension and a 2' rear extension. Wonderfully appointed with a chef's kitchen, large pantry and two dens, each with glass French doors. Also, this home has 2 bedrooms, each with its own en-suite bath, plus a powder room for guests. Other add-ons include plantation shutters throughout, pre-wired surround sound, built in storage in garage, fully enclosed backyard, custom designed lighting and so much more!. Do not let this opportunity pass you by. Elegant French doors enhance the home's aesthetic appeal, adding a touch of sophistication to your living spaces. Step outside to your large covered patio, perfect for outdoor dining and relaxation. The electric sun screen provides shade and comfort, allowing you to enjoy the outdoor space year-round. Experience the best of active adult living in this exceptional home. Don't miss out on this opportunity!

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3422 E Powell Way Gilbert, AZ 85298

$569,900

5 Beds

4 Baths

2,528 SqFt

Status Active Under Contract

MLS # 6743650

Property Type Single Family Residence

Price Type --

5 Bedrooms, 4 bathrooms and a loft*2 bedrooms are split downstairs, 1 with an attached bath*Upstairs bedrooms with Jack & Jill bath, Tech center hallway*Oversized master bedroom w/separate garden tub & shower, dual sinks, & walk in closet*Upgraded kitchen with white cabinets, Quartz countertops, pantry, & island open to the family room w/surround sound*Freshly painted interior w/neutral color*Recessed lighting, new carpet & new luxury vinyl t/o*Covered back patio, grass and mature landscaping*Excelling A+ rated schools Casteel Junior High & Casteel High School*Seville Golf & Country Club features pools, water-slides, private restaurant, tennis, basketball, beach volleyball, a state of the art gym, child care & more for a separate monthly payment*Close to fine dining, high end shopping... & easy access to 60 & 202 FWYS*

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