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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1698 N San Gabriel Avenue Sierra Vista, AZ 85635

$569,900

3 Beds

2.5 Baths

2,079 SqFt

Status Active Under Contract

MLS # 6748521

Property Type Single Family Residence

Price Type --

This is it! HUGE PRICE IMPROVEMENT! NICELY REMODELED HOME WITH A POOL AND SPA and HEATED AND COOLED 1300 SQ FT WORKHOP in desirable Ranchos Carmela. This split floorplan home features 3 spacious bedrooms, 2.5 bath, Luxury Vinyl Plank Flooring, Formal Dining Room, Breakfast Nook, NEW HVAC and a beautifully updated kitchen. Featuring NEW Stainless Steel kitchen appliances, elegant Quartz countertops and Kitchen Island. Spacious outdoor entertainment area includes a solar heated pool and spa, complete with an automated pool cover and new water filter. This home also features a 10x16 storage shed, an access to a half bath from the pool and a 36x36 workshop, insulated from top to bottom and heated and cooled! Formal dining room can be easily converted into a 4th BR. FEATURES LIST ON PHOTOS

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5912 W Bushwood Way Florence, AZ 85132

$569,900

2 Beds

2 Baths

2,039 SqFt

Status Active

MLS # 6755790

Property Type Single Family Residence

Price Type --

ENJOY THE STUNNING VIEWS OF THE 8TH FAIRWAY of Poston Butte Golf Course with this gorgeous ''Pursuit'' model in Sun City Anthem at Merrill Ranch. This meticulously maintained home offers an abundance of upgrades that includes an outdoor living space that offers a paver entry w/sitting area, extended paver patio w/putting green, where all putts are good, and surrounded by beautiful landscape. Your new home is just as stunning inside with details that include upgraded LVP flooring throughout , reclaimed WY fence wood accent walls, French doors and Murphy bed for optional 3rd bedroom, simulated wood beam accents in great room and surround sound. Take advantage of the tremendous SOLAR SAVINGS w/23 panels producing 8.5kw of OWNED SOLAR and mini-split A/C in the garage. The Chefs kitchen... features true staggered upgraded cabinetry w/pull out shelves, pots/pans drawers, gas cooktop French door refrigerator, tiled backsplash, under cabinet and pendent lights over the spacious island. Additional features include a Roman walk-in shower with floor to ceiling tile in the primary en-suite, 4' extended garage and cabinets, epoxy garage floor, insulated garage, water softener, tankless water heater and a service door that leads to the exterior garbage corral. Some furniture available on a separate bill of sale...A MUST SEE HOME!! Merrill Ranch also offers the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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11514 E Kiowa Avenue Mesa, AZ 85209

$569,900

3 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6758282

Property Type Single Family Residence

Price Type --

This home offers the ultimate in comfort! Upgraded with attention given to every detail. The home offers a North/South exposure. The 3 bedroom, 2 bathroom home offers you a split bedroom design for the ultimate privacy for your guests. The 3rd bedroom is currently being used as a den and is adjacent to the Arizona/hobby room/studio which opens to the back yard. The remodeled kitchen offers alder cabinets, granite counter tops custom lighting and pull out drawers in both the kitchen & the pantry. Large laundry room offers a sink and the washer and dryer. The master bath has been upgraded with a custom walk-in shower with dual shower heads, double grab safety bars, double sinks, two large closets & separate commode room. Three car garage w/mini-split a/c!! This is a very nice home!!! There is a water softener, water distiller, plus a three car garage with epoxied flooring, mini split a/c system and abundant storage and shelving. Outside there is a concrete pad, storage shed, citrus, artificial grass, which is north facing for the best year round exposure. Sunland Springs Village is the east valley's PREMIER Adult Community!! This is an incredible home!!

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29449 N Sorrento Drive Peoria, AZ 85383

$569,900

2 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6761271

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of Trilogy of Vistancia. This Shea built home is the Vibrant Model and features charming stone accents and entry paver details. As you walk inside, you'll see the pride of ownership is throughout. It features an open-concept layout with living, dining and kitchen flowing easily together. The kitchen features designer cabinetry, tile backsplash, granite countertops, pendant lighting, pantry and a full stainless steel appliance package. The master bedroom offers plenty of room for large furniture and includes a walk-in closet, along with a master bathroom featuring dual sinks and a walk-in shower. The secondary bedroom is separate from the master and conveniently located near the additional bath. The den / office features multiple areas of built in cabinets. It could also be converted to a third bedroom or formal dining. The laundry room is complete with washer, dryer, lower and upper cabinets, and additional hobby / craft area. The backyard is an absolute delight and perfect for entertaining with a full covered patio. Additional features include plantation shutters throughout and a central vacuum system which has additional connections for the garage. Trilogy at Vistancia combines luxurious amenities with a vibrant social atmosphere.

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4043 N Smithsonian Drive Florence, AZ 85132

$569,900

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6762591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Enjoy the tour and views of this stunning 3 bedroom, 2.5 bath ''Endeavor'' model. The PREMIUM WASH LOT and outdoor living space offers gorgeous sunrises and private Sonoran desert views from the extended paver patio, surrounded by beautiful mature landscape. The home is just as beautiful inside with details that include a gourmet kitchen featuring upgraded staggered cabinetry w/roll-out trays, gas cooktop, beautiful granite countertops, tile backsplash, pendant lighting, RO system, water softener, tankless hot water, NEW A/C unit, impressive entry door, laundry/garage cabinets, entertainment center, solar and MUCH MORE! The primary suite features matching granite and cabinets, soaking tub w/separate shower and a large walk in closet. A MUST SEE HOME! Enjoy our Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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17334 E San Marcus Drive Fountain Hills, AZ 85268

$569,900

3 Beds

2 Baths

1,354 SqFt

Status Active

MLS # 6769056

Property Type Single Family Residence

Price Type --

WOW! Don't miss out on this gorgeous, remodeled 3 bed 2 bath home steps away from Four Peaks Park in Fountain Hills. Walking in, you will be greeted by a fully renovated kitchen & a beautiful open floor plan. Enjoy all new flooring throughout the entire home that creates a perfect flow. Additional updates include; NEW AC, NEW water softener, NEW RO water system, NEW exterior and interior paint, raised ceilings and so much more! In addition to all the interior updates, you will love spending time outside on this oversized private lot that backs to a wash giving added privacy. This backyard has new artificial turf & pavers that allow for a year-round beautiful look, that is conveniently low maintenance. Another amazing feature of the backyard is the RV gate and RV parking with NO HOA

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2856 N 71st Street Scottsdale, AZ 85257

$569,900

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6770564

Property Type Single Family Residence

Price Type --

Location, Location, Location! A charming home situated in the Heart of Scottsdale! Close to Old Town, Tempe, shopping, dining, & entertainment. NO HOA! This preferred, split, Great Room floor plan shows very light & bright and exudes a cool vibe. The crown molding is a nice accent! Perfect for entertaining or Family/Friend time. A Guest Bedroom offers a separate entrance. The updated Kitchen features a gas stove, granite counters, stainless steel appliances, tiled backsplash, and a skylight. French doors lead to a large screened in Arizona Room/Patio. The Primary Bedroom is sizable and offers a walk-in closet. French doors provide an escape to a quaint Private Patio. The Primary Bath boasts a beautiful tiled walk-in shower. NEWER A/C! NO CARPET HERE, just lovely wood-look plank tile floors throughout. Relax in the spacious, private Backyard with mature shade trees & Mountain views. This home is move-in ready and a must-see!

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2044 W Trotter Trail Phoenix, AZ 85085

$569,900

3 Beds

2.5 Baths

1,942 SqFt

Status Active

MLS # 6770717

Property Type Single Family Residence

Price Type --

Modern home located in the highly sought after north Phoenix community of Union Park At Norterra. Home is only 5 years old w/ desirable open floor plan & great room feel. Upgraded gourmet kitchen has breakfast island, gas cook top & walk-in pantry. Large primary suite features dual vanities, oversized shower and spacious walk-in closet w/access to laundry room located on 2nd floor and the low maintenance yard has artificial turf & water fall. Conveniently located near DVUSD K-8, shopping & dining at Shops at Norterra, close to TSMC and has easy access east to Scottsdale or north to Sedona/Flagstaff via nearby I-17 & 101 Hwys. Friendly community w/resort-style heated pool & kids play pool, playgrounds, dog park, pickle ball & basketball courts too.

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4196 E Bonanza Road Gilbert, AZ 85297

$569,900

4 Beds

2.5 Baths

2,257 SqFt

Status Active

MLS # 6772058

Property Type Single Family Residence

Price Type --

This is it folks very well maintained lovely two story home in Popular Power Ranch. Formal Living and Dining with a Family room kitchen area. Kitchen has stainless appliances with beautiful dark cabinets. 4 bedrooms plus a loft area, 2.5 bathrooms. Primary Bedroom ensuite with a separate tub and shower, double sinks and walk in closet. Low maintenance front and back yards with auto drip system. Power Ranch offers Elementary School across the street from subdivision, Tennis courts, pickle ball, heated pool, spa, 2 catch and release lakes, two club houses, playgrounds and walking trails and so much more. SO MANY COMMUNITY AMMENITIES.......

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744 E Laddoos Avenue San Tan Valley, AZ 85140

$569,900

2 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6772857

Property Type Single Family Residence

Price Type --

Fabulous Alexandria model on large corner lot! Welcome to this beautifully designed home featuring an open and functional floor plan, 10' ceilings perfect for modern living. The expansive great room seamlessly integrates a gourmet kitchen with a large island, a cozy breakfast nook, and a dining area, ideal for both casual meals and formal gatherings. The spacious living room offers ample room for relaxation, while an additional flexible space can serve as a home office, library, or den. The home boasts two generously sized BRs, including a luxurious primary suite complete with double sinks w/new fixtures, and walk-in closet. Cozy rear patio with fireplace, ideal for those cool AZ evenings, allows for outdoor living! All of this plus solar and a 4' extended garage, new paint in and out!

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322 E La Diosa Drive Tempe, AZ 85282

$569,900

3 Beds

2 Baths

2,035 SqFt

Status Active Under Contract

MLS # 6780028

Property Type Single Family Residence

Price Type --

Beautiful spacious Tempe home with mature trees on a large corner interior lot! Just 1.5 blocks from ASU. This home is ready to become whatever you envision, is livable and could us some serious updates. Larger a/c unit replaced this last June, plumbing work done a few years ago too. Alley entry 2 car garage with extra storage space and a covered space to park out front of the home too. Possibilities are endless and this one won't last long once it goes active.

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4340 E Park Avenue Gilbert, AZ 85234

$569,900

4 Beds

3 Baths

2,556 SqFt

Status Active Under Contract

MLS # 6783894

Property Type Single Family Residence

Price Type --

Discover the charm of this home in Highland Groves at Morrison Ranch! Step inside to an inviting interior bathed in natural light, featuring two-tone paint, elegant archways, recessed lighting, and a blend of wood and carpeting throughout. The expansive living/dining area flows seamlessly into the cozy family room, complete with a fireplace and a built-in media niche. The gourmet kitchen is a chef's dream, offering stainless steel appliances, sleek granite countertops, a stylish mosaic tile backsplash, a pantry, a central island, and cabinetry with crown molding. A versatile den and a full bath are conveniently located downstairs, while a spacious loft awaits upstairs. The luxurious master suite boasts a spa-like ensuite with dual vanities, a separate tub and shower, and a generous walk-in closet. Step outside to the backyard, where you'll find a covered patio, a putting green, and beautifully arranged pavers for a perfect outdoor retreat.

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