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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43131 N 11th Avenue New River, AZ 85087

$589,500

3 Beds

2 Baths

1,818 SqFt

Status Active Under Contract

MLS # 6769538

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This newly built 2024 single-level home offers modern design, energy efficiency, and tranquil desert living. Featuring 3 bedrooms and 2 bathrooms, the open layout includes a gourmet kitchen with granite countertops, a large island, and stainless steel appliances, flowing into a spacious living area with sliding doors to a large back porch. A high-end water filtration system filters out toxins, including arsenic, and provides soft water throughout the home. Custom sun screens on every window enhance energy efficiency year-round.

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624 E Laguna Drive Tempe, AZ 85282

$589,500

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6759953

Property Type Single Family Residence

Price Type --

Family home located in a quiet cul-de-sac. 3 bedroom 2 bath, 2 car attached garage and private extra large swimming pool. Tons of remodeling done with new bathroom, new flooring, new electrical, new pump and filter for pool, all new HVAC and demolition to open up the space. Still needs some TLC. Finish to your tastes. Great rental for long or short term with no HOA. Near schools in an up and coming area of Tempe. 2 miles from campus. Walk to ASU events! New solar installed in 2023 with a new electrical panel and an EV installed in the garage. New pool decking in 2024!

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14687 W Larkspur Drive Surprise, AZ 85379

$589,500

5 Beds

3 Baths

2,375 SqFt

Status Active Under Contract

MLS # 6743505

Property Type Single Family Residence

Price Type --

*Seller credit available upon an acceptable offer before 10/15/2024.* Located in the heart of Surprise in the desirable neighborhood of Marley Park, this well maintained 2020 built home features 5 bedrooms, 3 bathrooms, pool, corner lot and much more! Entering the home you are greeted with an open floorpan with tile in all the main living areas. A kitchen that boasts granite counter tops, tons of cabinet space, walk-in pantry and family room with premium shutters on all windows. Primary bedroom features large walk-in closest and an upgraded tiled shower. The premium double slide patio door gives the home an open indoor / outdoor feel. The landscaped backyard features a pebble tec pool, synthetic grass and a built in fire pit. Close to shopping, restaurants, freeway access and more!

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14809 W Tether Trail Surprise, AZ 85387

$589,410

4 Beds

3 Baths

2,657 SqFt

Status Active

MLS # 6747463

Property Type Single Family Residence

Price Type --

New home ready for move in this summer. Single-story Crimson floorplan with Spanish style exterior. This open floor plan with three car garage features four bedrooms, three bathrooms plus a flex room that can serve as a home office, game room or sitting area. The owner's suite has a spacious walk-in closet and bathroom with large vanity and a step-in shower with tile flooring and tile walls. The spacious kitchen features stainless steel appliances, gas cooktop, and a large island with ample sitting space. The stylish cabinetry in a creamy white tone is complemented by upgraded quartz countertops and wood color plank tile. Great home with spacious sitting and socializing areas. Home warranty included.

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2585 S Reno Drive Humboldt, AZ 86329

$589,000

5 Beds

2.5 Baths

2,769 SqFt

Status Active

MLS # 6727919

Property Type Single Family Residence

Price Type --

We invite you to explore this one-of-a-kind custom home built from the ground up with quality. Sitting on 0.46 and having space for a garage, this home has space for additions. Once you walk through the front door, you will discover an open floor plan, vaulted ceilings, natural light cascading in, and beautiful views. You won't be able to keep your eyes off the large living room with a gas fireplace and the stunning kitchen with a long island. As you explore the home, notice the split floor plan and large laundry room. Step into the primary suite, and you will feel the spacious bedroom, walk-in closet, and primary bathroom. The primary bathroom has a significant step-in shower and space for a sauna. Don't forget to explore the backyard of a gas fire pit. Explore this home for yourself.

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26085 W Siesta Lane Buckeye, AZ 85396

$589,000

3 Beds

2 Baths

2,376 SqFt

Status Active

MLS # 6768129

Property Type Single Family Residence

Price Type --

You'll love this highly-upgraded extended SERENITY on a huge 1/3 acre homesite in amenity-filled Sun City Festival! Home warranty being offered! This popular floor plan offers 3 bedrooms + den/office with French doors & 2 baths in 2376 SqFt. The great room features a custom media wall with shelving and electric fireplace, in-ceiling surround sound speakers, and large picture windows letting in tons of natural light and backyard views. The gourmet kitchen features an abundance of white cabinetry with under-cabinet lighting, Quartz countertops, tile backsplash, upgraded stainless Kitchen Aid appliances including a 5-burner gas cooktop & wall ovens, large walk-in pantry, and an island with breakfast bar & pendant lighting. The dining area has a tray ceiling and sliding doors leading out to the extended paver patio that a ceiling fan, is wired for surround sound, and has a gas stub for your BBQ; and a large backyard with easy-care desert landscaping and tranquil water feature. The primary bedroom also has a tray ceiling and an en-suite bath offering an oversized tiled no-threshold shower with bench seating and rain shower head, a dual sink vanity, and large walk-in closet. Other features include plank tile flooring throughout, black-out shades in bedrooms, upgraded electrical package, rain gutters, an oversized 2 car fully-insulated garage with 4-foot extension and epoxy floors, separate fully-insulated golf cart garage, kool-deck driveway, and leased solar providing utility savings. Sun City Festival includes two recreation centers featuring resort-style pools and spas, fitness centers, group fitness studios, outdoor patios, and an indoor walking track. Tee off at the 27-hole golf course managed by Troon Golf® or create a masterpiece in the woodshop and crafts studio. You can also play pickleball, bocce and tennis.

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18508 N Avalon Lane Surprise, AZ 85374

$589,000

2 Beds

2 Baths

2,021 SqFt

Status Active

MLS # 6691782

Property Type Single Family Residence

Price Type --

This well cared for 2 bedroom,2 bathroom plus den 2,021 square foot property offers many sought after features including a 2.5 car garage. Situated on Granite Falls North Course offering expansive views & beautiful sunsets.18 in tile floors on the diagonal except bedrooms.Kitchen corian counter tops,backsplash,new sink, stainless built in appliances & stone finish at breakfast bar.Extended breakfast nook bay windows with shutters & plenty of room for entertaining.Settle into the great room and take advantage of the gas fireplace finished with stone.Privacy doors at den.Primary suite has door to patio,bay windows,two sinks,separate tub & walk in closet in bathroom.Raised panel doors.Inside laundry with sink,W/D included.Side garage door & built in cabinets.Expaned patio & built in BBQ.

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104 N Center Way Benson, AZ 85602

$589,000

3 Beds

2.5 Baths

4,020 SqFt

Status Active

MLS # 6709731

Property Type Single Family Residence

Price Type --

Incredible HOME BUSINESS COMBINATION. Professionally designed 100% new remodel on large commercial lot. Huge attached garage/shop perfect for everything from a car collection to heavy industry (has 3PH power). Extra large bonus room could be an office/den/bedroom. Upstairs efficiency suite. New lifetime metal roof. Live and work in the same building. Excellent for home based business. Just off the freeway, 30 minutes to Tucson. This is truly a one-of-a-kind building to live and work in and have all your stuff in one place. 4020 SF living area - 4368 SF under roof This is a unique property like no other on the market it is one of a kind. Would be great for a car collector with a large garage or shop attached to the home. OWNER WILL CARRY

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1475 Barberry Lane Prescott, AZ 86301

$589,000

3 Beds

2 Baths

1,520 SqFt

Status Active

MLS # 6721728

Property Type Single Family Residence

Price Type --

Come see this brand custom home on almost a 1/4 acre private lot with high end finishes and wonderful views all the way to the mountains. The home borders a seasonal creek with direct trail access to Vista and Petroglyph Parks with more than 4 miles of walking/hiking trails. The private pavered driveway brings you to the front of this stucco and stone front home. As you enter the home, you'll see soaring high ceilings, a custom stone gas fireplace, spacious great room, a dining room with great views and access to the deck from the slider, and luxury vinyl flooring and tile throughout. Custom kitchen with quartz countertops, knotty cupboards, gas range and island for additional seating. Private master suite with access to the large exterior deck, walk-in closet, custom shower and quartz countertops. Two nice sized guest rooms and a full quest bath that has quartz countertops, custom cabinets and a stunning tiled tub/shower surround. The garage has been extended for additional space. Enjoy the open space and long views behind the house while you are sitting on the back deck that runs the full length of the home.

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6860 N Bridle Path Prescott, AZ 86305

$589,000

4 Beds

3 Baths

2,188 SqFt

Status Active

MLS # 6734725

Property Type Single Family Residence

Price Type --

Welcome to this spacious 4-bedroom, 3-bathroom home located in the desirable Williamson Valley area of Prescott, AZ. With 2,188 square feet of living space, this property offers a fantastic opportunity to create your dream home with a little TLC. The living room is bright and inviting, featuring a cozy wood-burning stove and large windows that fill the space with natural light. The kitchen, while in need of some updates, provides ample space and potential for customization to suit your needs. The bedrooms are well-sized, with the primary suite featuring an en-suite bathroom for added convenience. The family room offers a comfortable space for relaxation and entertainment, complete with French doors leading to the backyard. Situated on a large lot, this property offers plenty of room for outdoor activities and entertaining. Located in a peaceful neighborhood with stunning views of the surrounding landscape, this home is perfect for those looking to invest in a property with great potential. Don't miss out on this chance to make this house your own and enjoy all that the Williamson Valley community has to offer!

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4593 W Bush Bean Way San Tan Valley, AZ 85144

$589,000

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6766477

Property Type Single Family Residence

Price Type --

IT'S ALL READY! Energy efficient 4 bedroom/2.5 bathroom split floorplan has it all! Built in 2021 - lightly lived in (seasonal) with a HEATED pool, 3 car tandem garage & only minutes from Mesa Gateway airport + restaurants, shopping & entertainment! Kitchen boasts a huge granite island, lots of white cabinetry, stainless appliances with gas stove, large walk-in pantry with beverage fridge, neutral backsplash & view to all living areas including patio & pool. Spacious primary bedroom suite with separate shower/bath & large walk in closet. Garage has extra storage. Whole house water system. Please view the prictures & the list of home features for the whole story. Like new without the wait or extra expense!

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17932 W Jojoba Road Goodyear, AZ 85338

$589,000

4 Beds

2.5 Baths

3,294 SqFt

Status Active

MLS # 6757606

Property Type Single Family Residence

Price Type --

This beautifully upgraded and spacious home located in the master planned lake community of Estrella is a must see in person! Located less than a mile from just one of the community's amazing clubhouses, with inclusive 2 story gym and impressive pools it is truly incomparable. Pictures do not do it justice as this home is in immaculate, like new condition and has been upgraded with no expenses spared. The 1st floor primary bedroom is a massive retreat with a spa like ensuite and huge walk-in closet! High end upgrades throughout the home such as new plush carpet, custom shelving/storage, fresh paint, new ss appliances, wood plank flooring are just a few to name and that doesn't even begin to describe what's been done to the huge backyard oasis. The artificial turf, garden and fruit trees, make you feel like you are living more in a resort than the desert...all the greenery and no mowing! What's the best part of owning this enormous home full of upgrades and turn key? The solar savings will make you feel like you can have all the space, without the high electric bills!

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