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,

Whats 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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3819 N Springfield Street Buckeye, AZ 85396

$565,000
3 Beds
2 Baths
2,036 SqFt
Status Active
MLS # 6764983
Property Type Single Family Residence
Price Type --
LOCATED IN HIGHLY DESIRABLE VERRADO, PRIDE OF OWNERSHIP, PARKING FOR 6 CARS! This Pulte Magnolia model features a cozy front porch, high-end turf in both front and backyard, expansive great room that opens to the gourmet kitchen w/island, breakfast bar, eat-in kitchen, formal dining room, staggered cabinets, Corian countertops, granite stone sink, wall oven, cooktop, black appliances, and a large pantry, the split master floor plan includes an oversized master suite, his/her closets, raised vanities w/double sinks, separate tub/shower, 2 large additional bedrooms, and full bath. The backyard boast of a covered patio, extended custom pavers designed for a park-like setting, built-in pergola makes this the perfect place for entertaining. The 2car garage includes high-end epoxy flooring, storage cabinets, an extended driveway with room to park 4 additional vehicles.

272 N 167th Lane Goodyear, AZ 85338

$565,000
4 Beds
3 Baths
2,735 SqFt
Status Active
MLS # 6767667
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Canyon Trails! Nestled in a peaceful cul-de-sac, this 4-bedroom, 3-bathroom residence is loaded with premium upgrades. Step outside to your own slice of paradise, featuring a splash pad for endless summer fun and an outdoor kitchen perfect for al fresco dining and entertaining family and friends. The area directly behind your back fence boasts lush greenery, ensuring added privacy for your backyard. Enjoy the convenience of a full bedroom and bathroom on the main level, ideal for guests or multi-generational living. The extended garage provides ample space for your vehicles, while the built-in shelving offers extra storage and a dedicated workspace. Upstairs, the primary bedroom features a luxurious walk-in shower and two separate walk-in closets.

10521 E Hawk Avenue Mesa, AZ 85212

$565,000
3 Beds
2.5 Baths
2,104 SqFt
Status Active
MLS # 6767313
Property Type Single Family Residence
Price Type --
Beautiful residence in the esteemed Eastmark Community is the one! Lovely curb appeal with a well-maintained front yard and a 3-car garage. Be welcomed by an inviting foyer leading to the spacious living room enhanced with tall ceilings, pre-wired surround sound, and sleek wood-look tile flooring. The chef's kitchen is fully equipped with an electric cooktop, a wall oven, granite counters, a walk-in pantry, ample white cabinetry with crown molding, and an island with a breakfast bar. The primary retreat has plush carpeting, an immaculate ensuite, and a walk-in closet. Secondary bedrooms enjoy a Jack & Jill bathroom! The home's elegance extends outdoors to the tranquil backyard with a covered patio and pavers, great for relaxation. Make this gem yours today!

17814 N 137th Drive Sun City West, AZ 85375

$565,000
2 Beds
3 Baths
2,532 SqFt
Status Active
MLS # 6776829
Property Type Single Family Residence
Price Type --
This exquisite San Simeon model was originally designed by Del Webb as a 3-bedroom home or 2 bed with study. This particular one is unique because it actually has a 3rd bathroom. As you approach this stunning property, you're greeted by a private front courtyard that promises tranquil mornings and an intimate space for reflection or casual conversation. Inside, you'll find a home that with a spacious layout that is perfect for both relaxation and entertaining. The living spaces flow seamlessly to the extended back patio, where the home's true gem lies: breathtaking views of the golf course, lake, and distant mountains that has delighted the owners for a quarter of a century enjoying these sunsets from the extended patio. Garage can accommodate a golf-cart. Roof replaced 2019. Situated on a tranquil street void of through traffic, it's peaceful, yet convenience is just around the corner, with easy access to all the shopping, dining, and amenities that Sun City West has to offer. Live your adventure now.

1749 Silver Spur Circle Clarkdale, AZ 86324

$565,000
2 Beds
2 Baths
1,715 SqFt
Status Active
MLS # 6767718
Property Type Single Family Residence
Price Type --
Discover your dream home with unparalleled charm and comfort! This property offers a unique blend of elegance and privacy, perfectly situated on an expansive 1/2 acre lot for ultimate seclusion with the option for an additional 1/2 acre. Imagine cozy evenings by the fireplace, and waking up every day to a magnificent view of the Red Rocks that never fails to inspire. One of this property's unique highlight is an exquisite imported, hand-peeled and stained log ramada with elegant pavers and a six-person hot tub, perfect for outdoor relaxation or entertaining guests. Whether you're seeking tranquility or a place to entertain, this home provides the perfect backdrop for all your aspirations. Step through a charming front door courtyard, adorned with a decorative steel gate, setting the scene for a warm welcome. Beyond the front, discover a fully gated fenced backyard offering privacy. Embrace the sophistication of 9 ft ceilings and charming bullnose corners throughout plus the elegance of ceramic flooring, with cozy carpeted bedrooms for ultimate comfort. Gather around the stunning Southwestern-style glass-enclosed propane fireplace, complete with a mantel, hearth, and beautifully crafted faux logs that evoke a cozy atmosphere. Adjacent to the hearth, a full-length sitting bench offers a perfect spot to relax and enjoy the warmth. This exquisite property boasts a kitchen that is a culinary enthusiast's delight, featuring ample counter space, an abundance of cabinets, and a convenient breakfast bar. A spacious pantry complements the setup, ensuring you have all the storage you need. Enjoy leisurely breakfasts in the adjoining breakfast nook, a perfect spot for morning routines. The heart of the home shines with tubular skylights in the kitchen, laundry, and oversized tiled walk-in shower. Split bedroom plan that promises both privacy and comfort. Enjoy the seamless indoor-outdoor flow, with glass patio doors leading off both the dining room and master bedroom onto spacious patios. Peace of mind with newer appliances, including a dishwasher, hot water heater, washer, and dryer, ensuring modern comfort and convenience. The property boasts a fully functional sprinkler system equipped with new valves, a system water shut off, and a sprinkler control panel for easy plant maintenance. Additionally, enjoy peace of mind with new garage door springs enhancing safety and reliability. A custom designed elevated lot to not only enhance the views but to accommodate runoff and prevent erosion. This unique home is surrounded by hand-placed native rock lining the front and back ditches, offering a distinct and harmonious landscape design. The rip-rapped berms elegantly frame the remaining sides, enhancing both functionality and aesthetics. Additionally, the property features attractive rock-lined drainage swails, providing efficient water management while adding to the overall charm. This property is a perfect blend of thoughtful design and natural allure. Thoughtfully designed exteriors featuring a delightful wraparound sidewalk leading to one porch, complemented by hand-placed steppingstones guiding you to the opposite porch. This property boasts an oversized 2-car garage featuring pull-down concealed wooden steps for full attic access, offering ample storage and convenience. The approach to this home is nothing short of impressive, featuring a commercial-grade compacted gravel path that seamlessly transitions into a wide concrete driveway.

112 N 3rd Street Buckeye, AZ 85326

$565,000
5 Beds
6.5 Baths
5,264 SqFt
Status Active
MLS # 6769706
Property Type Single Family Residence
Price Type --
Check out 1 of Historical Downtown Buckeye building that was built in 1927. Flood irrigation is available on this 15000 sq ft lot. This property can be residential or commercial. it has 5 bed, 6.5 baths . Roof had new sealant , all new pool equipment, and resurfacing. new primary shower, new flooring in dining area, remodeled front half bath. new hot water heater. 2 car garage plus 8 assigned parking spaces. Basement has bedroom and bath plus living area. Green house and a shed. Shared parking with bank,verify all info.

3353 N Snead Drive Goodyear, AZ 85395

$565,000
2 Beds
2 Baths
1,914 SqFt
Status Active
MLS # 6773415
Property Type Single Family Residence
Price Type --
This immaculate home features a coveted spacious Golf Course lot, with a sonoran desert style landscape, Situated in a micro-neighborhood in Eagles Nest that shows pride of ownership. Newly remodeled kitchen, laundry room, bathrooms, New Windows, and roll-out shelves, Beautiful natural light flows inside throughout the home. Classic white cabinetry and quartz counters create a crisp modern style. The facade exterior features Stone trim and stamped concrete driveway. Enjoy a restful ambiance for backyard entertaining complete with built-in BBQ, covered and extended patio spaces and open views of Golf Course and Mountains. Don't miss seeing this exquisite home with all its creature comforts. Select furniture is available via separate Bill of Sale. Ring Doorbell does not con

23105 E Camina Buena Vista Queen Creek, AZ 85142

$565,000
4 Beds
2.5 Baths
2,381 SqFt
Status Active
MLS # 6777387
Property Type Single Family Residence
Price Type --
MUST SEE! Take a look at this incredible 2,381 sqft single-story home with 4 bedrooms, large GREAT ROOM, and a prime spot near the community pool, splash pad, and parks—perfect for relaxing and having fun! Step inside to find a spacious, open floor plan that brings together the living, dining, and kitchen areas, making it great for both everyday life and hosting. The living room is bright and airy, thanks to large windows and a sliding glass door that lets in an abundance of natural light. The open kitchen has a sleek, modern look with upgraded countertops, plenty of cabinets, and a HUGE ISLAND —ideal for casual meals or hanging out with guests. The kitchen opens up perfectly to the great room and dining areas. The primary suite is split perfectly from the other three bedrooms features an upgraded bathroom. Head out back to enjoy a beautifully designed yard with a large covered patio, a cozy paver sitting area, and a low maintenance artificial turf area. It's perfect for entertaining, gardening, or just kicking back in your own private space to watch a breathtaking Arizona sunset. Other features include: 3 car tandem epoxy garage with built-in storage, energy efficient home, vinyl frame windows, new carpet, mudroom, reverse osmosis, water softener, tankless water heater, and so much more. This home is perfectly located in Queen Creek, AZ with every convenience just minutes away - close to shopping, Golfing, Freeways, Dining, Schools, Downtown Queen Creek. You don't want to miss out on this property. Schedule your showing today!

7346 S Debra Drive Gilbert, AZ 85298

$565,000
4 Beds
2 Baths
1,759 SqFt
Status Active
MLS # 6780815
Property Type Single Family Residence
Price Type --
Welcome to your new home in the beautiful Adora Trails community in Gilbert, AZ! This charming single-level residence sits on a spacious 10,000+ sq ft lot, offering plenty of room for outdoor activities and relaxation. Inside, you'll find 4 cozy bedrooms and 2 modern bathrooms. The kitchen features quartz countertops, stainless steel appliances, and sleek cabinets, making meal prep a breeze. The warm Pergo flooring, 4.5 inch baseboards and vaulted ceilings create a welcoming atmosphere throughout the home, and the split floor plan ensures privacy for the master suite. Living in Adora Trails means you'll enjoy a wonderful community atmosphere with access to walking trails, a gym, and a clubhouse. Spend your weekends lounging by the heated pool or exploring the nearby San Tan Mountains. This home is perfect for those looking for comfort and convenience in a friendly neighborhood. Don't miss out on this great opportunity!

813 W Diamond Drive Tempe, AZ 85283

$565,000
3 Beds
2 Baths
1,915 SqFt
Status Active
MLS # 6782021
Property Type Single Family Residence
Price Type --
This beautifully upgraded home is a standout gem! Thoughtfully renovated inside and out, this home combines efficiency, elegance, and high-end finishes and is 100% move-in-ready. Be the very first to live in this freshly renovated home! Stunning wood-look porcelain tile throughout the entire home - no carpet here! Upgrades include solid maple cabinet doors, white quartz countertops, all new dual pane argon windows throughout the home, new fans, hardware, light fixtures, toilets, mirrors, and the list goes on and on!! The details and touches put into this home are unmatched. Freshly epoxied garage with storage cabinets, plus a RV gate w\ concrete slab for your motorhome, boats, or other toys. Add this one your short list - this home is gorgeous and completely turnkey!!

3355 E Los Altos Road Gilbert, AZ 85297

$565,000
4 Beds
2 Baths
1,952 SqFt
Status Active
MLS # 6785311
Property Type Single Family Residence
Price Type --
This 4-bed 2-bath Gilbert home is situated on a corner lot with mature landscaping all around. The home includes a 3-car garage with storage cabinets. The oversized driveway includes a RV gate next to the home. This single owner property has been meticulously maintained throughout its life. The home features a R/O System as well as brand new complete A/C system. The home also has newer LVP flooring with fresh paint. Backyard features an Extended patio with a pergola, perfect enjoy the AZ weather.

108 W Hackamore Avenue Gilbert, AZ 85233

$565,000
3 Beds
2 Baths
1,230 SqFt
Status Active
MLS # 6786990
Property Type Single Family Residence
Price Type --
Fully REMODELED ! NO HOA -You have to see it to believe the detail in this house. 3/2 An amazing property in the PERFECT LOCATION (Warner /Gilbert Road area) Huge yard and RV gate rear entry and workshop/RV Pad . NEW appliances, Bathrooms, Flooring/whole house, Cabinets quartzite countertops. Added in 2020 AC, Roof (see upgrade list). 2024 New paint exterior and interior. Warm wood shutters on outside, new recessed can lights, fixtures whole house. New flowers and plants in front yard along with winter grass. 2 car garage with epoxy floors. Washer and Dryer can convey-not new. Welcome home to a fabulous home in the wonderful city of GILBERT -approximately 4-5 blocks walk to all the downtown restaurants and events ! Hackamore Avenue is off Gilbert Road across from the Historic Farmho