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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19063 N 265th Avenue Buckeye, AZ 85396

$595,000

2 Beds

2.5 Baths

1,864 SqFt

Status Active

MLS # 6707112

Property Type Single Family Residence

Price Type --

ASSUMABLE 3% FHA MORTGAGE WITH $285,000 DOWNPAYMENT, or fund a second! Get a pool, owned solar, golf and mountain views at a great price. This highly upgraded Sanctuary model with approximately 1,864 sf. has two suites, a half-bath, and a den. The home has a 2-ft. rear extension and 2-ft. extended garage which is air-conditioned. Upgraded Taupe cabinets, dark granite counters and a stainless-steel gas cooktop create contrast and brighten up the living space. An electric fireplace with a framed and tiled mantle, and accent wall paint, complements the hardwood floors in the gathering room. From the pool you can enjoy a view of the White Tank Mountains & the green at the 9th hole on the Mountain Course at Sun City Festival, Arizona's premier 55+ community.

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2177 E Alameda Drive Tempe, AZ 85282

$595,000

3 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6710147

Property Type Single Family Residence

Price Type --

Newly remodelled Tempe beauty at a exceptional price way below market! Such a great layout too! 3 bedroom, 2 bath, oversized 2 car with a bonus room in garage. The spacious vaulted ceilings w/ great room has pre-wired surround sound, tile flooring, a beautiful tile fireplace, and plantation shutters throughout. Remodelled kitchen has lots of white cabinets, newer stainless steel appliances, quartz counters, tile backsplash, and a convenient breakfast bar. Large primary bedroom offers bay window, direct outdoor access, a walk-in closet, and a remodelled ensuite. On the other side of the home is 2 more bedrooms & bath. Large laundry room with ample storage. Conveniently located just minutes away from golfing, ASU, shopping, restaurants, and easy access to the freeway. Great rental

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2542 S Canfield -- Mesa, AZ 85209

$595,000

5 Beds

3 Baths

2,435 SqFt

Status Active Under Contract

MLS # 6712560

Property Type Single Family Residence

Price Type --

Meticulously maintained, original owners pride of ownership shows in this fabulous single level apacious home in the highly sought-after Mulberry planned community in Mesa, Arizona. The home features 3 bathrooms, 5 bedrooms with the owner suite split from the rest of the bedrooms. An open great room concept featuring crown molding at the ceilings here plus in hallways & primary bedroom/bath, 20x20 tile set on the diagnal all but 4 bedrooms which have wood flooring, gourmet kitchen with granite countertops plus custom full height backsplash, gas range, SS appliances, center island & walk in pantry. The outdoor space includes patio with extended pavers which include a walkway to side of home, 2 pergolas & retractable privacy screens, a custom art painted landscape scenery on rear MORE.. a custom art painted landscape scenery on rear block wall 50 ft in length. Oversized 2 car garage with 4 layer max chip floor by Epoxyology Garage Floor Coating plus four 4 ft x 8ft hanging storage racks,

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9409 E Nacoma Drive Sun Lakes, AZ 85248

$595,000

3 Beds

3 Baths

2,443 SqFt

Status Active

MLS # 6713360

Property Type Single Family Residence

Price Type --

Pride of ownership is apparent in this 3 bedroom, 3 bath home in the gated active adult community of Oakwood CC. The casita with separate entrance provides flexibility for guests, a home office or exercise studio. Entertain in the great room or family room with adjacent kitchen and breakfast nook. Granite counters, SS appliances, newer paint and hardware with loads of cupboard space. Retire to the primary suite with patio access, walk in closet, dual split sinks and separate shower and tub. Guests will appreciate the spacious bedroom with walk in closet and nearby bath. New AC in 2021. Newer wood look tile flooring with some carpeted areas. You'll love the large picture windows and slider leading to the backyard with expanded covered patio and lush landscaping. See upgrade list.

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1357 W Port A Sail Drive Gilbert, AZ 85233

$595,000

3 Beds

3 Baths

1,797 SqFt

Status Active

MLS # 6741454

Property Type Single Family Residence

Price Type --

This stunning waterfront home in gated community offers breathtaking views with three bedrooms, third bedroom converted to an office, and three full baths. Freshly painted, this two-story residence exudes modern elegance and charm. The gourmet kitchen boasts granite countertops, newer appliances, and opens to a sunlit dining area, perfect for entertaining. The living room, featuring water views and a wood-burning fireplace. Each bedroom serves as a private haven, with the primary suite offering a luxurious en-suite bath. Outside, the beautifully landscaped yard, complete with turf and mature trees, provides the perfect setting for relaxing and enjoying the waterfront lifestyle. 2 A/C units 2020, water heater 2021, kitchen appliances 2021, lighting and house painted 20

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17983 E Vista Desierto -- Rio Verde, AZ 85263

$595,000

2 Beds

2 Baths

1,370 SqFt

Status Active

MLS # 6724151

Property Type Single Family Residence

Price Type --

Spectacular 2 bedroom 2 bath home with $100,000 in upgrades in Trilogy at Verde River. Chef's kitchen features stainless steel Monogram appliances including built-in refrigerator/freezer, gas cooktop, dishwasher microwave and wall oven. Granite and quartz countertops. Magnificent glass tile backsplash. Very open great room floor plan is ideal for entertaining. Primary suite offers luxurious bath room with double sinks, built-in vanity, oversized shower. and custom walk-in closet. Private back yard with large covered patio, desert landscaping and artificial turf. Trilogy at Verde River offers an array of activities. Please visit their website for details.

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3212 S Marryvale Lane Flagstaff, AZ 86005

$595,000

2 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6728129

Property Type Townhouse

Price Type --

RARE OPPORTUNITY for a SINGLE LEVEL in Pinnacle Pines - and it even includes A/C! Come take a look at this nicely appointed 2 bedroom home with a great layout and use of space. The split floor plan design provides privacy for each of the two bedrooms while the great room combines the Living/Kitchen/Dining into an open and comfortable gathering space. A modest sized covered deck overlooking the backyard is great for spending a relaxing afternoon enjoying the outdoors. Other wonderful features include a flat, SW facing driveway, separate laundry room, lots of extra storage in the large crawl space, and did I mention A/C? Come take a look at this great home located on a quiet cul-de-sac in Pinnacle Pines!

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415 W Monterosa Street Phoenix, AZ 85013

$595,000

3 Beds

3 Baths

1,380 SqFt

Status Active Under Contract

MLS # 6732264

Property Type Single Family Residence

Price Type --

REMODELED! $15,000 towards buyer's closing costs with acceptable offer!! Great opportunity for this beautiful home that's had a HUGE makeover including plumbing, electrical, roof and hvac. Be prepared to fall in love with the classy, modern colors and big backyard with artificial turf. The paved sitting area is perfect for outdoor dining or lounging. There's even a 300 sq ft casita with it's own entrance.! You can make it your primary home, or income property, but don't wait to make it your own! Located in the heart of Phoenix surrounded by schools, parks and amazing restaurants and shopping.

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8814 E Sunnyside Drive Scottsdale, AZ 85260

$595,000

3 Beds

2 Baths

1,385 SqFt

Status Active

MLS # 6739588

Property Type Single Family Residence

Price Type --

Quiet neighborhood in a fantastic North Scottsdale location with easy access to Loop 101. This 3 bedroom home offers a 2 car garage with a Brand New epoxy floor, a newer tankless water heater (2023), and spacious living. Welcoming courtyard & private backyard. The sizeable living room has newer ceiling fans and plantation shutters. Breakfast area in the kitchen, large primary bedroom with walk-in closet & open vanity area, ceiling fans in every room, and all appliances are included. Very well maintained community with heated pool, spa, & tennis/pickleball. HOA maintains the front yard too!

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1357 N Nebraska Street Chandler, AZ 85225

$595,000

3 Beds

3 Baths

1,971 SqFt

Status Active

MLS # 6740805

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler! Situtated on a cul-de-sac lot, this main house is 1,971 sq ft, 3 bedrooms, 2 baths, PLUS 356 sq ft detached guest house with a full bath and kitchenette. Enjoy no HOA restrictions and a 9ft RV gate with a slab for boats, campers, and other toys. The backyard features a Pebble Tec pool with a rock water feature and slide (updated in 2017), a ramada, and an extended covered patio. The main house, guest house, and storage shed received new roofs in 2021. Main & guest house exterior paint in 2022 with 20 year warranty. Stay comfortable with two new HVAC systems installed in 2020 and a solar water heater added in 2023. This home is a perfect blend of comfort and convenience in Chandler! Be sure to ask about the energy audit & solar savings!

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8314 W Berridge Lane Glendale, AZ 85305

$595,000

4 Beds

2 Baths

2,696 SqFt

Status Active Under Contract

MLS # 6752281

Property Type Single Family Residence

Price Type --

This home is spacious with 4 bedrooms, office and an extra flex space. The open concept is light and bright, and the home has recently had some nice cosmetic updates with new quartz countertops throughout, new light fixtures, new plumbing fixtures, freshy painted inside and out, new carpet in the bedrooms, new door hardware, new slider, and nice backyard. This open floor plan has a large, updated kitchen with all new stainless-steel appliances, island that seats 4, and opens to an inviting family room. The home has a split floorplan, and the primary bedroom is large with ample space and a walk in closet. Home is in a great location less than a mile from all the amenities at Westgate Mall. Seller willing to offer a rate buy down. The home has a split floorplan, and the primary bedroom has a beautiful new shower and walk in closet. Landscaping has been updated and there is a large, covered patio and 3 car garage with new openers. See documents tab for all upgrades.

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2136 W Village Drive Phoenix, AZ 85023

$595,000

4 Beds

3 Baths

2,757 SqFt

Status Active

MLS # 6751243

Property Type Single Family Residence

Price Type --

This inviting 4-bedroom, 3-bath residence is the one you've been searching for! Every inch of this home has been thoughtfully remodeled, offering 2,750 square feet of stylish interior living space. The spacious family room features exposed beams, an inviting stone fireplace, and double sliding doors that open to the recently updated backyard. The sleek kitchen boasts quartz counters, abundant shaker cabinets, stainless steel appliances, a walk-in pantry, and a convenient breakfast bar. The main bedroom includes a modern ensuite bathroom. Step outside to the welcoming backyard, perfect for outdoor entertaining. It includes a 10' x 20' pergola, lighted cornhole, and spaces devoted to both dining and a firepit all surrounded by low-maintenance artificial turf. Additionally, a 560 sq ft air-conditioned and heated detached bonus building awaits, ready to serve as a home office, gym, or hobby space. Make this gem yours today!

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