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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813 W Diamond Drive Tempe, AZ 85283

$589,900
3 Beds
2 Baths
1,915 SqFt
Status Active
MLS # 6692907
Property Type Single Family Residence
Price Type --
Experience the joy of owning this fully remodeled, charming 3-bedroom home with new windows, RV gate/parking, and no HOA. Step inside to discover vaulted ceilings and tile floors that enhance the spacious living room, designed for memorable gatherings. The family room invites relaxation, creating an ideal setting for bonding. Dine in the cozy breakfast nook or in elegance in the formal dining area. Kitchen is equipped with stainless steel appliances, tile backsplash, solid wood maple cabinets, quartz counters, breakfast bar, and pantry. Main bedroom offers backyard access, a dual-sink vanity, and a walk-in closet. Convenience continues with a sizeable laundry room with storage and a two-car garage that includes attached cabinets. Outdoors, the backyard features a covered patio with ample space for a pool or various entertainment activities.

3149 W Golden Lane Chandler, AZ 85226

$589,900
4 Beds
2.5 Baths
2,231 SqFt
Status Active
MLS # 6740031
Property Type Single Family Residence
Price Type --
This beautifully updated 4-bedroom, 2.5-bath home offers modern amenities and spacious living. The primary bedroom is conveniently located on the main floor, providing ease and privacy. The kitchen is a chef's dream, featuring a large island, stainless steel appliances, including a microwave, range, and dishwasher, and seamlessly opens up to a generous living space, perfect for entertaining. The fully finished basement expands the living area with a large bonus room, an additional kitchen with refrigerator, and three more bedrooms, making it ideal for guests, extended family, or potential rental income. Washer/dryer combo units for main level and basement. This home combines comfort, functionality, and style in every detail.

11667 W Luxton Lane Avondale, AZ 85323

$589,900
4 Beds
3.5 Baths
2,937 SqFt
Status Active
MLS # 6741312
Property Type Single Family Residence
Price Type --
Explore Alamar! A community where neighbors become friends & friends become family! Downstairs you will find 2 primary bdrms w/walk in closets & private baths. Main primary has generous custom closet space. Flex room w/built in desks for everything from homework to zoom meetings! Chef's kitchen features built in gas oven, 36'' cooktop & generous center island. The view through the 16' glass doors brings you a yard w/entertaining in mind. 2 gas stubs to add a BBQ & fire feature. Solar has offered savings on the electricity. Alamar features well thought out parks for grilling & playing-4 around this home alone. Enjoy the community pool & BBQ ramada at Haymoon Park. Head to Alamar park for pickleball, fishing, outdoor exercise area, splash pad & 2 dog parks. Come live in ALAMAR!

3724 E Vest Avenue Gilbert, AZ 85295

$589,900
5 Beds
3 Baths
2,512 SqFt
Status Active
MLS # 6748533
Property Type Single Family Residence
Price Type --
The search is over! Welcome to this stunning residence featuring charming brick accents, PREMIUM lot, low-maintenance artificial turf, & a convenient rear-entry 3-car garage. New interior paint and brand new carpet in the bedrooms! The great room offers high ceilings, a soothing palette, and stylish wood-look planks. The gourmet kitchen comes with granite counters, ample white cabinetry with crown moulding, SS appliances, and an island with a breakfast bar for casual dining. The cozy loft provides a versatile space for relaxation or entertainment. The main bedroom includes plush carpeting, balcony access for a breath of fresh air, a walk-in closet, and an ensuite with dual sinks. Outside, the paver patio invites you to unwind or host memorable outdoor gatherings. This gem will sell fast!

20830 N 98th Avenue Peoria, AZ 85382

$589,900
4 Beds
2 Baths
1,828 SqFt
Status Active
MLS # 6755466
Property Type Single Family Residence
Price Type --

12826 N 29th Street Phoenix, AZ 85032

$589,900
3 Beds
2 Baths
1,545 SqFt
Status Active
MLS # 6715302
Property Type Single Family Residence
Price Type --
Welcome to a meticulously renovated sprawling ranch home where no detail has been overlooked. This home has undergone a comprehensive transformation! Upon entry, you're greeted by new waterproof flooring that extends throughout. Natural light floods the interior through newly installed energy efficient dual pane windows. New custom windows & coverings combined style w/ functionality. The fully remodeled kitchen, featuring new custom Thomasville shaker cabinets, Quartz countertops & designer backsplash. Equipped w/ top-of-the-line LG appliances including a fridge, stove, dishwasher, & in-drawer microwave. The primary bath has been completely reimagined to offer a luxurious retreat, while an additional bath off the hallway is also fully renovated. Private pool just in time for summer!

4941 Saddle Blanket Circle Happy Jack, AZ 86024

$589,900
3 Beds
2 Baths
1,531 SqFt
Status Active
MLS # 6682510
Property Type Single Family Residence
Price Type --
Are you ready to escape the heat and bring your horses with? This is the home for you. Almost an acre and a half with great corrals, tack shed ,horse wash area, and so much more. This beautiful log sided cabin/home is decorated for the horse lover and comes completely furnished. It has been taken care of and is filled with love , perfect for a permanent home or weekend or summer home. Get your horses out of the heat, take them for some amazing forest rides with our great riding group up here. This is a must see ''mini ranch''. 3 bedroom/2bath cozy but with enough room for your guests. Come see it now. Sit in your front yard and watch the elk graze on the beautiful grass or sit in the back barbuque area and watch as your horses play.in the 60 x 120' ft corrals. Must see in person.

4120 E Donato Drive Gilbert, AZ 85298

$589,900 - 2Br/2Ba -  for Sale in Trilogy, Gilbert
Open House
$589,900
2 Beds
2 Baths
2,114 SqFt
Status Active
MLS # 6774491
Property Type Single Family Residence
Price Type --
Discover the charm of this exceptional home situated on a desirable corner lot in a wonderful, gated community. Offering a split floor plan that ensures privacy and functionality, this home is perfect for modern living. The inviting great room, complete with a cozy gas fireplace, is bathed in natural light, creating a warm and welcoming ambiance. The large kitchen is a chef's delight featuring an expansive island and a gas cooktop, ideal for both everyday meals as well as entertaining. The home also includes a versatile den, perfect for a home office or reading nook. Retreat to the spacious primary suite, boasting a luxurious bathroom for your personal sanctuary. Step outside to the patio courtyard with a firepit, an idyllic setting for relaxing evenings in a quiet neighborhood. Enjoy the added benefit of numerous amenities while taking advantage of the golf course, pool and spa, tennis and pickleball courts, fitness center, and clubhouse. This home is a rare find, offering a blend of comfort, style, and community to help you live your best life!

2545 E Vista Bonita Drive Phoenix, AZ 85024

$589,900 - 4Br/3Ba -  for Sale in Crescent Butte 2, Phoenix
Open House
$589,900
4 Beds
2.5 Baths
2,094 SqFt
Status Active
MLS # 6768128
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled 4-bedroom, 2.5-bathroom home in the highly sought-after Crescent Butte neighborhood (perfect for an AIRBNB or personal residence). As you approach, you'll be greeted by a charming exterior with stunning curb appeal, setting the tone for what lies inside. Step through the front door and into a light-filled space, featuring large arched windows that flood the home with natural light. The newly remodeled kitchen is a showstopper, complete with crisp white shaker cabinets, elegant quartz countertops, stainless steel appliances, and under-cabinet lighting. Luxury vinyl plank flooring flows throughout, offering both style and durability. The spacious primary suite offers a peaceful retreat, boasting a spa-like bathroom with modern finishes and a large walk-in closet. The additional three bedrooms provide ample space, perfect for a growing family or those who need a home office or guest room. The backyard is a true oasis, with lush green grass that's perfect for relaxing evenings or entertaining friends and family. With a newer HVAC system (2021), this home is move-in ready, ensuring your comfort year-round. Located in the heart of Crescent Butte, you'll enjoy the best of both worlds: a serene neighborhood with easy access to local amenities, parks, and schools. Don't miss the opportunity to make this stunning home yours!

25139 N 171st Lane Surprise, AZ 85387

$589,868
5 Beds
4 Baths
3,185 SqFt
Status Active
MLS # 6762097
Property Type Single Family Residence
Price Type --
MLS#6762097 January Completion! This flexible Victory floor plan offers an open-concept living area where the kitchen seamlessly flows into the great room, with a separate dining area nearby. The primary suite, conveniently located on the first floor, features a generous walk-in closet and a beautifully designed bath. Also on the main level are a full bathroom, an additional half bath, and a versatile flex space to suit your needs. Upstairs, you'll discover secondary bedrooms, a full bathroom, ample storage space, and a loft for added living or entertaining space. Structural options added include; Gourmet kitchen, paver front porch and walkway, bedroom 5 with bath 4, and garage service door.

15935 W Montana De Oro Drive Surprise, AZ 85387

$589,595
4 Beds
3 Baths
2,165 SqFt
Status Active
MLS # 6764951
Property Type Single Family Residence
Price Type --
READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 4br, 3ba., 3 car garage home has all the designer touches. Truly move in ready. Features include, 2'' blinds on all the windows, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank floor tile, fans in all the rooms, 16' atrium doors, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, granite tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more.

14676 W Windrose Drive Surprise, AZ 85379

$589,500
4 Beds
3 Baths
2,272 SqFt
Status Active Under Contract
MLS # 6757135
Property Type Single Family Residence
Price Type --
Beautifully appointed home in the highly desired Marley Park! This home has a upgraded flooring in the main living areas, den/secondary living room upon entry. Open concept family, dining, and kitchen. Kitchen features upgraded granite counters, cabinetry, tiled backsplash, and appliances. Primary bedroom features large closet and en-suite bath with granite counters, dual sinks, separate tub and shower. Resort-style backyard features sparkling pool with Baja shelf, gas firepit, build in bar perfect for relaxing or gathering. Convenient location, close to highly rated schools, parks, shopping, and restaurants!