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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4501 E Grovers Avenue Phoenix, AZ 85032

$589,999

4 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6723893

Property Type Single Family Residence

Price Type --

Huge price drop! Corner lot! NO HOA! This fantastic 4 bedroom, 2 bath home is located in a quiet North Phoenix neighborhood off Tatum & Bell. The home features vaulted ceilings and tile and engineered wood floors. The kitchen features espresso cabinets, granite counters, and a large island with a breakfast bar. It also features a gas stove and a stainless steel refrigerator. The master bath features a beautiful master shower with tile, glass door, and 3 showerheads, a vanity with dual sinks and granite countertop, and a walk-in closet. You will love the pebble tech pool, covered patio, and misting system. The garage is large with attached cabinets. The home has an easy to maintain desert landscape with a drip system. It has been freshly painted and is ready for you to move in

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5431 S Canyon Rim -- Mesa, AZ 85212

$589,998

4 Beds

2.5 Baths

2,478 SqFt

Status Active

MLS # 6757149

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the sought-after Cadence subdivision of East Mesa! Built in 2019, this stunning 4-bedroom, 3-bathroom home spans 2,478 square feet and is designed for modern living. As you step inside, you're greeted by a spacious open floor plan featuring an office/den on the main level, perfect for remote work or a quiet retreat. The heart of the home is the upgraded kitchen, complete with a gas range, a large island, sleek quartz countertops, and rich cabinetry—ideal for both daily cooking and entertaining. The house features a whole home water filtration system. Upstairs, the main suite offers a private sanctuary with an ensuite, dual vanities, a glass-enclosed shower, and a generous walk-in closet. The open loft provides additional living space for relaxation or play. Outside, enjoy Arizona's beautiful weather in your professionally landscaped backyard, featuring a covered patio and low-maintenance synthetic grass. Living in Cadence means access to incredible community amenities, including a pool, spa, gym, parks, and a vibrant community center. Plus, you're just minutes from the 202 & 24 Freeways, making commuting a breeze, and Downtown Queen Creek's popular dining, retail, and grocery options are only 15 minutes away.

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17632 W Blue Sky Drive Surprise, AZ 85387

$589,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6766476

Property Type Single Family Residence

Price Type --

The Darius provides a sophisticated and accommodating ranch-style layout. In addition to a lavish owner's suite— with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for MULTI-generational living. For a more complete secondary residence, in addition to a kitchenette with a sink, refrigerator and cabinets. You'll also enjoy a 3-car garage, a study, a great room with an adjacent covered patio—featuring optional center-meet or multi-slide doors—and an inviting kitchen with a generous island, built-in pantry, dining nook and optional gourmet features. This new addition to the sought-after Desert Oasis masterplan in Surprise offers five impressive ranch plans, including some with UltraGarage® attached RV/boat garages! The beautiful masterplan also boasts an onsite K-8 school, community pool, parks, basketball, trails and open space, as well as easy access to nearby shopping, dining and recreation.

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21723 E Roundup Way Queen Creek, AZ 85142

Open House

$589,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702192

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pinecrest plan! This home boasts 2390 square feet of meticulously crafted living space. With three bedrooms, two and a half baths, and a dedicated study, every corner of this home is designed with purpose. The kitchen features quartz countertops, upgraded shaker cabinets, and a central island that doubles as a culinary hub and gathering place. The owner's suite with en-suite bath, offers an over-sized walk-in closet. Outside, both a single-car garage & a 2-car garage offer ample storage for vehicles, outdoor gear, and more, ensuring both convenience and practicality. With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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35775 N Zinc Drive San Tan Valley, AZ 85144

Open House

$589,995

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6732869

Property Type Single Family Residence

Price Type --

Check out this stunning move-in ready home! The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. The second-story loft offers an open space ideal for families. A private flex space extends the possibilities of this home, creating plenty of space for personalization. Pristine walking and biking trails showcase everything this community has to offer.

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23827 N 163rd Drive Surprise, AZ 85387

$589,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6772244

Property Type Single Family Residence

Price Type --

Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a spacious great room; a gourmet kitchen offering 42'' cabinets, a double oven, quartz countertops, stainless-steel appliances, a center island and a walk-in pantry; an open dining area; a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath; a convenient laundry; a mudroom; an RV garage and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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209 E Joan D Arc Avenue Phoenix, AZ 85022

$589,995

3 Beds

2 Baths

1,668 SqFt

Status Active Under Contract

MLS # 6769744

Property Type Single Family Residence

Price Type --

Wow! Don't miss this beautifully updated 3 bedroom, 2 bath home with a pool! Gorgeous kitchen overlooking backyard with new shaker cabinetry, soft close, quartz counters, tile backsplash & stainless steel appliances will make cooking a delight. Luxury vinyl plank flooring throughout. Warm & inviting fireplace in living room. Modern bathrooms fully updated with cabinetry, quartz counters & designer tile. Backyard is an amazing oasis with a covered patio, sparkling pool and no maintenance artificial grass all perfect for entertaining or just relaxing. Dual pane windows & slider. 2 car garage. Newer roof.

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29407 N 31st Lane Phoenix, AZ 85083

$589,990

4 Beds

3 Baths

1,946 SqFt

Status Active

MLS # 6772477

Property Type Single Family Residence

Price Type --

Ask about special financing with preferred lender! A generous open living space serves as the heart of this single-level home, offering seamless transition between the Great Room, kitchen and dining room, while sliding glass doors lead to a covered patio for indoor-outdoor living. You will find plenty of room for your family with three secondary bedrooms and a stunning owner's suite complete with a spa-like bathroom. Photos are renderings of a model home, not the actual home.

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11590 N 170th Lane Surprise, AZ 85388

$589,990

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6633496

Property Type Single Family Residence

Price Type --

MLS#6633496 Ready Now! The Appaloosa at Paradisi Venture is a single-story floor plan that boasts 2,467 sq. ft., 3 beds, 2.5 baths, a 2.5-car garage, and a study. A captivating paver courtyard, enclosed by the home, offers privacy for relaxation or entertaining. The foyer leads you to secondary bedrooms, study and into the living area. The open layout of the gathering room, kitchen, and dining area forms the heart of the home. The gourmet kitchen features upgraded 42'' maple cabinets with undermounted lighting, white quartz countertops, & gas cooktop with double oven. The owner suite features walk-in closet, double sinks and countless design upgra Structural options include: pavers at courtyard, garage service door, gourmet kitchen, and gas line for future outdoor kitchen.

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32017 N 117th Avenue Peoria, AZ 85383

$589,990

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6755518

Property Type Single Family Residence

Price Type --

New home in Mystic - It's the charming Bluebell. Kitchen features include Maple Slate-gray cabinets with 42'' kitchen uppers, soft close doors and drawers and laundry cabinets. AZT Hana Sky quartz countertops in kitchen and baths. Stainless steel appliances include a 36'' cooktop, wall oven, microwave and glass canopy hood. Walk-in shower at owner's bath. Multi slide door that leads out the covered patio. Flooring includes San Matte 12x24 Sand Matte laminate wood in all areas except beds/closets and so much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 303. PICTURES OF THIS HOME ARE FROM THE BLUEBELL MODEL.

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31985 N 117th Avenue Peoria, AZ 85383

$589,990

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6755529

Property Type Single Family Residence

Price Type --

It's the spacious Bluebell in the stunning community of Mystic. Walk-in shower at owner's bath with tile surrounds/floor. Multi slide door leads out to the covered patio. Pavers at drive, walk and entry. Stainless steel appliances include a 30'' cooktop, wall oven, microwave & canopy hood. Maple Linen-off white cabinets with soft close drawer and doors, pull out trash drawer and additional cabinets in laundry room and at owner's entry. Driftwood wood laminate floors in all areas except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 303. THE PICTURES ARE FROM THE BLUEBELL MODEL HOME.

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16728 W Saguaro Park Lane Surprise, AZ 85387

$589,990

3 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6770954

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. The Parklane floor plan offers 3 bedrooms, 2.5 baths, a 4' garage extension, no-step walk-in shower, and 8' interior doors. Additional highlights include built-in appliances, quartz kitchen countertops, a gas stub in the kitchen, a backyard perfect for BBQs, and a gas dryer connection in the laundry.

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