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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274 S 164th Drive Goodyear, AZ 85338

$594,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6744181

Property Type Single Family Residence

Price Type --

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. 8' tall garage door with two controls. 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. Estimated completion October.

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8190 N Bel Air Road Casa Grande, AZ 85194

$594,900

3 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6765429

Property Type Single Family Residence

Price Type --

The home boasts 3 large bedrooms with lighted closets and 2.5 baths, an open floor plan that includes a great room with vaulted ceilings, dining area & views of the backyard, covered patio and rock fire pit. The kitchen features plenty of granite counter space, pantry, spice cabinet, stainless/black appliances, the fridge and built-in microwave are just over a year old. The oversized laundry room has extra space, lots of cabinets and a half bath. The 2 car attached garage is extended length and has a 220 plug for compressor/welder etc. All has been freshly painted inside and out 7/2023, with a new roof installed on both the home and the workshop 8/2024. There is also a 220 electric RV hook up on the exterior of the home near the RV gate. Behind the RV gate is a large covered parking area and patio off the garage. The detached workshop is 16'X24' with a sub-panel, ample electrical outlets, multiple workbenches, drawers and shelves. All on 2.44 surveyed acres of land with approximately 1 acre cleared and gravel base. There are also multiple water spigots around the exterior of the home for convenience. The home is located approximately 2.5 miles from I10 and just minutes from shopping, dining and entertainment and just a 30 minute drive to Chandler, Gilbert and the East Valley. Property owner is a licensed Realtor.

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9919 E Radioactive Drive Mesa, AZ 85212

$594,900

3 Beds

3 Baths

2,115 SqFt

Status Active

MLS # 6655238

Property Type Single Family Residence

Price Type --

Major Price Reduction! Better than New! 3 Bed + Den, 3 Baths, 3 Car Tandem Garage. Very spacious floorplan. Wood Plank Like Tile Flooring w/Upgraded Carpeting. Across the street from a park. Features Include: Butler Pantry, Large Kitchen Pantry, Gas Cook Top, Granite Countertops throughout w/ Island &Breakfast Bar, White Cabinets with Pull Handles, Wood Shutters, Soft close drawers & cabinets, Gas Stub for BBQ, Walk-In Master Shower, Extra Insulation to Garage, Built in Classy Closets in Garage w/overhead cabinets, Epoxy Garage Floor, Backyard Fully Landscaped w Brick Pavers and Artificial Turf, Water plumbed to backyard to add irrigation for garden boxes, Pavers at Front making driveway wider, Overhead cabinets in Laundry. 5 minute freeway access. Eastmark Community offers: Heated Pool, Splash pad, Dog parks, Many Parks, Tennis courts, Fishing Pond, Ball fields, Frisbee golf course and Rec Center. There are many recreational spots close by including a regional sports park just south of this home on Ellsworth and Pecan Lake Entertainment which offers many various attractions and restaurants.

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2627 N 30th Place Phoenix, AZ 85008

$594,900

2 Beds

1 Bath

800 SqFt

Status Active

MLS # 6688674

Property Type Single Family Residence

Price Type --

ATTENTION INVESTORS AND BUILDERS. Small rental home on this amazing RARE LARGE parcel size of 17,000sf!! Zoning is R1-6, so each lot (without a variance) needs a minimum of 6,000sf per lot, but many lots in the area are less than 6,000sf. No variance needed if you split the site into two lots and you could build one home on the South lot and keep the small home on the North lot as rental income ($1,500/mo) until you are ready to tear it down and build a new home. Phoenix zoning now allows ADUs (Additional Dwelling Units). Many new homes are being built in the immediate area and this is a RARE parcel size!! See photos with potential development ideas. Check with city to verify all info. Please don't disturb the tenants by walking the lot without permission from agent. THANK YOU!

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22101 W Ripple Road Buckeye, AZ 85326

$594,900

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6719977

Property Type Single Family Residence

Price Type --

Move in ready 3BD/2BA horse property on an acre lot with NO HOA. This has a spacious living/family room complete with a lovely propane fireplace and plenty of natural light. The kitchen boasts tiled counters, painted cabinets, and large breakfast/informal dining area. Master suite includes walk in closet and separate exit to the back patio. Relax outside under an extended covered patio while enjoying the mountain views with no neighbors behind. Land is the one thing they are not making more of so grab this one while you can.

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769 W Citrus Way Chandler, AZ 85248

$594,900

3 Beds

2 Baths

1,979 SqFt

Status Active

MLS # 6738698

Property Type Single Family Residence

Price Type --

This fabulous residence nestled in the Fox Crossing Community is the one you've been looking for! Make yourself at home in the inviting interior showcasing a designer color palette, neutral tile flooring, and soft carpet in all the right places. The well-appointed kitchen boasts wood cabinetry adorned with crown moulding, sleek granite counters, matching built-in appliances, pendant lighting, a stylish mosaic backsplash, and a center island equipped with a breakfast bar. The serene main bedroom features private outdoor access, an immaculate ensuite with dual sinks, separate tub/shower, and a walk-in closet. Spend relaxing afternoons along with your loved ones in the charming backyard, offering a covered patio and an easy-care landscape! Don't let this home slip by!

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2930 E Leland Street Mesa, AZ 85213

$594,900

4 Beds

2 Baths

1,796 SqFt

Status Active

MLS # 6749119

Property Type Single Family Residence

Price Type --

This newly painted home w/garages & parking galore!! NO HOA!! 3 car garage, a 12 ft RV gate, & a 60 ft long by 15 ft wide concrete pad behind the gate. A 46 ft long by 5 ft wide concrete walk leads from the garage walk door to back yard. Front door is under a covered pergola seating space & opens to a large front living room & then into the spacious kitchen, great room & breakfast nook. 42'' wood cabinets glow, accented by the beautiful granite and tile work. Master and 3 bedrooms complete the package. Lg master w/walk door to back patio, walk-in closet & beautiful bath w/custom tiled shower. Newer appliances. Interior just painted/freshened up, as well as exterior and trim painted. Large back yard is an open canvas & sale includes the 10 ft x 8 ft shed. Convenient NE Mesa location

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1814 N Miller Road Scottsdale, AZ 85257

$594,500

3 Beds

3 Baths

1,482 SqFt

Status Active

MLS # 6749537

Property Type Single Family Residence

Price Type --

Scottsdale for $594,500!! Great investment , casita has remote access through the gate. Home has a pool house / casita with full bath. Wonderful opportunity for additional rental income. (Home 1482 sq. Ft. + Casita 240 sq. ft. = 1722 livable sq. footage as shown on the Maricopa tax) Sparkling pool, The following items have been replaced in (2023) AC unit, Stove, Refrigerator, Washer & Dryer, Water Heater, fans & lighting), (2022) Plantation Shutters. (2020) Casita has portable AC for cooling.

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7314 W Surrey Avenue Peoria, AZ 85381

Open House

$594,500

5 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6719780

Property Type Single Family Residence

Price Type --

** FIRST LEVEL MAIN BEDROOM / BATH DOWNSTAIRS* also second bedroom / bath down stairs ** SWEETWATER RIDGE is where this gem lies. Meticulously cared for the past 13 years. Kitchen has been fully updated and remodeled from the original look. Newer paint throughout the home inside and out. Downstairs primary bath was remodeled in 2015 with soaking tub and separate shower. Lush carpet. Plank tile. *OVERSIZED BEDROOM UPSTAIRS with TWO CLOSETS. Outside features include RV GATE with concrete slab in front and back yard. Irrigation system for grass and plants in front and back yard. Back patio and aluminum pergola extend from one end of the home to the other end. Sunscreens throughout. Two car garage with enclosed workshop/storage. Near ASU WEST, AZ Christian University , Mid West University.

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12800 N 172nd Drive Surprise, AZ 85388

Open House

$594,321

5 Beds

3.5 Baths

3,159 SqFt

Status Active

MLS # 6756193

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN!!!!! SELLER IS OFFERING INTEREST RATE AND CLOSING COST ASSISTANCE! This beautiful new home is a must see. 5 bedrooms, 3.5 baths, loft and a 3-car tandem garage. 1st floor Owner's Suite! Beautiful, tiled floors on 1st floor including the Great Room, upgraded carpet upstairs and in bedrooms, The home has a large open kitchen and great room. Beautiful gray Cabinets, Quartz countertops, Stainless steel appliances and a large kitchen island. Secondary bedrooms are good size, and some have walk in closets, they are all surrounded by a spacious loft. The home is on a large lot that gives you many entertaining opportunities and has no backyard neighbors. THIS HOME IS COMPLETED!

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4307 N 15th Drive Phoenix, AZ 85015

$594,100

4 Beds

2 Baths

1,629 SqFt

Status Active

MLS # 6723895

Property Type Single Family Residence

Price Type --

Welcome to this charming single-family home located in the desirable Bel Air community. It features 4 bedrooms, 2 bathrooms, and spans 1,629 square feet in a desirable area. This home offers a mix of classic appeal and modern updates. This home provides an ample outdoor space, including a private pool which has been fully updated and covered patio. The home is near schools, parks, and shopping, making it ideal for families.

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18710 E Rio Lane Rio Verde, AZ 85263

$594,000

2 Beds

2 Baths

1,954 SqFt

Status Active

MLS # 6743115

Property Type Townhouse

Price Type --

Being sold *COMPLETELY FURNISHED*, large townhouse in Rio Verde with golf and mountain views. Located on the 3rd green of the Quail Run golf course . With 1954 Sq Ft, two Primary En-Suites, large great room and dining areas. This home has been remodeled with tile floors, carpet in the bedrooms. Kitchen recently remodeled, featuring new cabinets and stainless steel appliances, both bathrooms have been remodeled as well. Large walk-in pantry. Split floorplan with security roller shields on each window, pavers on the back patio. Two new AC units in 2023. Across the street is a small community pool! The Country Club is within walking distance with fine and casual dining. the Community Center, Tennis, Pickle Ball and Boccee Ball Courts as well as the large community pool and heated spa.

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