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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9858 E Seismic Avenue Mesa, AZ 85212

$589,990

3 Beds

2.5 Baths

1,963 SqFt

Status Active

MLS # 6748278

Property Type Single Family Residence

Price Type --

Ready End of September!! Near all the amenities and park area. 3 Bedrooms and a den with 12ft slider, Quartz counter tops, 42'' Stone Grey Cabinets with black hardware, Subway tile backsplash, gas cooktop with hooded vent, built in wall micro and oven, wood look tile and upgraded carpet in bedrooms!! Great sized backyard with plenty of room for a pool, extended covered patio to enjoy and partial view of mountains. Lots of great upgrades come see for yourself! Don't miss out this is the last home at Enchantment!

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22312 W Hammond Drive Buckeye, AZ 85326

$589,950

3 Beds

2 Baths

1,654 SqFt

Status Active Under Contract

MLS # 6705232

Property Type Single Family Residence

Price Type --

Welcome to Buckeye, Arizona! This newly renovated home offers breathtaking mountain views. Situated on over an acre of land, this property is a haven for nature lovers and outdoor enthusiasts alike. Step inside to discover a meticulously updated interior, boasting new appliances & modern finishes throughout. The spacious floor plan is perfect for entertaining, with ample natural light & stunning views. Outside, the expansive grounds have been beautifully landscaped, creating a serene oasis for relaxation & recreation. Practice your putting on the custom golf greens, or explore the nearby trails on horseback, as this property allows for horses. RV parking provides convenience for travel enthusiasts, while the proximity to the fastest-growing city in Arizona ensures access to all the amenities and opportunities Buckeye has to offer. Don't miss your chance to own this unparalleled slice of paradise in Buckeye - come check out and fall in love with your forever home!

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Show Low AZ 85901

$589,900

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6731512

Property Type Single Family Residence

Price Type --

Your search is over for the Perfect Getaway Cabin in the Pines! Formal Model so has beautiful finishes throughout. This beauty conveys furnished so you can immediately come relax & enjoy the White Mountains. Nestled in the Tall Pines on apx .53 of an acre on a corner lot, landscaped & fenced. WOW! Call for more details...

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1124 S Sycamore Circle Unit 1 Payson, AZ 85541

$589,900

3 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6700921

Property Type Single Family Residence

Price Type --

New custom build Has completed! Amazing views of the Mogollon Rim and the town of Payson! This spectacular home sits in a cul-de-sac, and is located adjacent to vacant land for complete privacy to the rear of the home.

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16462 W Lava Drive Surprise, AZ 85374

$589,900

2 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6767563

Property Type Single Family Residence

Price Type --

Discover this popular Palo Verde model nestled on the 7th green of Granite Falls South Golf Course, offering breathtaking views of the course and White Tank Mountains. The home features a spacious 3-car garage with fresh paint and garage floor. Enjoy natural light streaming through bay windows in the kitchen and primary bedroom. This meticulously maintained residence boasts recent updates, including freshly painted interior and garage 2024 a new A/C system installed in 2018 and fresh exterior paint in 2022. Relax and soak in the stunning views from the back patio. The Grand is a premier age-restricted community for those 45 and older, offering a variety of amenities such as golf, pools, spas, pickleball, tennis, and more.

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6501 W Molly Lane Phoenix, AZ 85083

$589,900

3 Beds

2 Baths

2,078 SqFt

Status Active Under Contract

MLS # 6771053

Property Type Single Family Residence

Price Type --

This rare, one-story gem sits on a corner lot & backs directly to a serene mountain preserve, providing both views/sunsets & total PRIVACY! Step inside to find a bright, open-concept great room. Newly updated kitchen showcases modern stainless steel appliances, gas cooktop, charming farmhouse sink, upgraded faucet, pendant lighting & more! Primary BR is spacious with fully remodeled bathroom and stand alone soaking tub, quartz double vanity. Other features inc: Water Softener, R/O, Garage Floor Epoxy, professional paint throughout, replaced outlets, door hardware, ceiling fans, Ring security, yearly A/C tune ups, replaced Garage Rollers, New Thermostat, surround sound, etc. Don't miss this opportunity to own a truly unique property w/peaceful setting, modern conveniences at a great value

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39724 N Rolling Green Way Anthem, AZ 85086

$589,900

4 Beds

2.5 Baths

2,815 SqFt

Status Active

MLS # 6744991

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2.5-bath home is located in the highly sought-after Anthem Parkside community! Boasting a detached 240 sq. ft. casita with a private entrance - perfect for guests, a home office, or a gym. Inside, you'll find stylish tile flooring with plush carpeting in all the right places. The large primary bedroom features an ensuite bathroom with double sinks and ample closet space. A versatile loft area offers additional living space or a playroom. The 2-car garage provides plenty of storage, and the home is part of a vibrant community with top-notch amenities including parks, pools, and trails. Located in the heart of Anthem, this home offers both comfort and convenience.

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16182 W Casa Bonita Court Surprise, AZ 85374

$589,900

3 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6768602

Property Type Single Family Residence

Price Type --

Welcome Home! This Cordova Model Features New Roof 2024, HVAC Replaced in 2021, Exterior Painted 2021, 3 Bedrooms, 2.5 Baths, Electric Stove/Oven, Newer Microwave, Black Slate Whirlpool Refrigerator, RO, Inside Laundry with Cabinets, 3 Car Garage with Sink, Recirculating Hot Water, Lots of Storage, Exit to Rear Yard, on Large cul-de-sac, Extended Front Courtyard, Extended Rear Patio Partially Fence,

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1382 W Chillingham Road San Tan Valley, AZ 85143

$589,900

4 Beds

3.5 Baths

2,679 SqFt

Status Active

MLS # 6775708

Property Type Single Family Residence

Price Type --

Welcome to this stunning beauty in the gated neighborhood of Magnolia Circle. This incredible home features four bedrooms, three and half bathrooms and multiple living areas for a large family! The breathtaking kitchen features a large open concept for a chef and entertainer's dream. Step to the backyard and discover a newly constructed play pool! This home truly has it all at a price that will not last.

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2218 W Curry Street Chandler, AZ 85224

$589,900

4 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6774650

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Family Home! Fall in love with this stunning North Chandler residence featuring 4 Bedrooms, 2 Baths, and a Sparkling Pool—perfect for Family Fun and Relaxation! This beautiful Home boasts impressive Curb Appeal with a Spacious 2-Car Garage and an RV Gate for all your toys and adventures. Step inside to discover a Bright and Inviting Interior, highlighted by a completely remodeled Chef's Kitchen. Enjoy Upgraded Premium Cabinetry, a large Kitchen Island, Granite Countertops, and a cozy Eat-in Dining area, all complemented by elegant Tile Flooring and Soft Carpet in just the right places. The welcoming Living Room features French doors that lead to your own oasis—a Crystal-Clear Pool surrounded by a Covered Patio. The Oversized Main retreat is a true sanctuary, offering His and Hers Closets, a resort-style Ensuite Shower, and easy access to the backyard patio through more French Doors. Additional highlights include a Soft Water System, Dual-Pane Windows, recent Attic Insulation, and a Drop-Down Ladder in the Garage for extra storage. Both front and backyards are equipped with a Sprinkler System, and the New Turf creates a low-maintenance, green space. Enjoy modern conveniences with a 3-Stage Efficient Pool Motor, an Outdoor Hot and Cold Shower by the Pool, and Wi-Fi-controlled A/C thermostat and Garage Door. Located in a peaceful neighborhood, this home is surrounded by Parks and Common Areas, perfect for family outings and community fun. Don't miss this incredible opportunity....this gem is priced to sell!

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4602 E Monte Way Phoenix, AZ 85044

$589,900

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6682751

Property Type Townhouse

Price Type --

Price Reduction!!! Excellent Golf Course Lot has the views but far enough away to be private & very few if any golf balls*Corner lot*Mountain Views*Home is a block away from South Mtn Park*Private In Ground Heated Spa*Multiple Patio Areas*Wood Shutters*Tile Floors Through-out*Vaulted Ceilings*Newer Heat Pump*Split Bdrm Plan*3rd Bdrm Can be Den or Bdrm*Nicely landscaped*Community pools & spas*

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20038 N 21st Street Phoenix, AZ 85024

$589,900

4 Beds

2 Baths

1,784 SqFt

Status Active

MLS # 6687430

Property Type Single Family Residence

Price Type --

Come see this beautiful 4 bedroom, single level home with a pool in a quiet hidden alcove neighborhood in north Phoenix. This home features: plank tile flooring, quartz countertops in the kitchen, a 3 car garage, NO HOA, full length rear covered patio, pebble tec swimming pool, ceiling fans throughout, newer windows, updated fixtures throughout, dual sinks in both bathrooms, a nice open & flowing floor plan, vaulted ceilings, & brand new hot water tank (2024). This neighborhood is extremely quiet, with gorgeous mountain views, easy access to the 101, & has a lot of great restaurants and shopping close by (Costco is up the street, multiple public parks, Desert Ridge shopping & restaurants). Also close by is the Arrowhead Mall area, Westgate shopping & Arizona Cardinals stadium. NO HOA!!

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