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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7832 E Osage Avenue Mesa, AZ 85212

$560,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6782211

Property Type Single Family Residence

Price Type --

This spacious family home features four large bedrooms and two bathrooms within 2,313 square feet, including a front living room and a separate family room that opens to the kitchen. The eat-in kitchen boasts ample oak cabinetry, granite countertops, stainless steel appliances, a tile backsplash, a center island, and a sizable walk-in pantry. Sliding doors open to the covered patio and expansive backyard, which includes a private pool and the privacy of no neighbors behind. The generous primary bedroom offers a double door entry, a private backyard exit, and an en-suite bathroom with a dual sink vanity and a shower. Additional highlights include tile and laminate floors, vaulted ceilings, water softening and reverse osmosis systems, and a two-car garage with cabinets.

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16946 W Holly Street Goodyear, AZ 85395

$560,000

2 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6772107

Property Type Townhouse

Price Type --

Immaculate-upgraded, elegant 1780 SF,2 BR/2BA + den [or other use] Lago floorplan . Robson 55+ community - beautifully maintained. MASTER BR/BA with walk-in closet w/built-ins, magnificent walk-in shower (no steps), dual sinks, separate water closet, stylish wood cabinetry. Ceiling Fans, Quartz countertops throughout. 20'' tile everywhere except 2 bedrooms which are Hickory Hardwood floors. KITCHEN features breakfast bar w/pendant lights, Backsplash, Coffee station area, Pantry. GE Profile French Door refrigerator/freezer - all stainless appliances/GE. DINING ROOM. with access to patio. GREAT ROOM concept. Owned Soft water system. GARAGE- epoxy floors, built-in cabinets. Owners have access to both Tuscany & Eagles Nest (across street) restaurants and facilities. See MORE for HOA See HOA Addendum with costs - Exterior Blanket insurance, Roof repair/replace, exterior maintenance, front yard plants/maintenance, Pest Control, Club House, Tennis, Pickleball, Guarded gate, Fitness, Restaurants, dog park, and more.

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11016 W Harrison Street Avondale, AZ 85323

$560,000

5 Beds

3 Baths

2,720 SqFt

Status Active

MLS # 6774304

Property Type Single Family Residence

Price Type --

Coming soon! Discover this stunning Tourmaline home with an expansive, inviting backyard featuring pavers, artificial turf, and ample space for outdoor living. This beautifully designed home offers a convenient downstairs bedroom and full bath, perfect for a guest suite. An entertainer's dream, it boasts a spacious open-concept great room ideal for hosting gatherings. The modern kitchen shines with quartz countertops, 42'' cabinets, and a sleek, stylish design perfect for cooking and entertaining. Walking distance to the Avondale Aquatic Center! Don't miss this opportunity to own a beautifully crafted home with impressive features inside and out!

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4037 E Marshall Avenue Gilbert, AZ 85297

$560,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6774788

Property Type Single Family Residence

Price Type --

Don't miss this single level 4 bedroom home in the desirable Power Ranch neighborhood in Gilbert. This home has been lovingly taken care of and upgraded throughout. Enjoy summer days in the sparkling pool and beautifully landscaped backyard. Power Ranch neighborhood offers gorgeous parks, community pools, and walking/biking trails. Located in Higley Unified School district with highly rated schools. You will love everything about this home and neighborhood.

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4518 E Ivanhoe Street Gilbert, AZ 85295

$560,000

4 Beds

2.5 Baths

2,426 SqFt

Status Active

MLS # 6776195

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 2.5-bath, 2 Car garage w/ Huge backyard, Full of potential! Situated in a sought-after area of Gilbert, this property features a spacious layout with plenty of room for family living and entertaining. While it hasn't been updated, its solid structure and care make it an excellent canvas for your personal touches. Enjoy the convenience of nearby schools, parks, and local amenities in this friendly neighborhood. Being sold as-is, this home offers a unique opportunity for buyers ready to invest in their vision. Don't miss the chance to turn this well-kept house into your dream home!

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5028 E Roy Rogers Road Cave Creek, AZ 85331

$560,000

2 Beds

2 Baths

1,227 SqFt

Status Active

MLS # 6779786

Property Type Single Family Residence

Price Type --

Don't miss out on this updated home in Tatum Ranch on a quiet street. Home has a brand new roof, fresh paint on interior and exterior, hardwood flooring throughout, renovated bathrooms, new lighting, new Anderson windows, new landscaping in front yard, new drip system, added a BBQ Grill, R/O system, new blinds in each room, epoxy garage floor and so much more! Home is in meticulous condition, and perfect for the second home located so close to North Scottsdale shopping, horse back riding barns, Mayo Clinic, Desert Ridge, and 101 freeway access. Charming backyard has built-in gas BBQ Island, and firepit. Office/Den is the perfect size to make a 3rd bedroom if needed. Inquire about costs, we have a plan all ready for you! Ready for you to move into!

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7637 N 46th Drive Glendale, AZ 85301

$560,000

3 Beds

2 Baths

2,757 SqFt

Status Active

MLS # 6777823

Property Type Single Family Residence

Price Type --

Welcome to your new home! A beautiful secluded neighborhood in the heart of the city with NO HOA. The home offers endless potential with many updates such as: an open kitchen, cabinets, countertops, SS appliances, tile, baseboards, fresh interior paint, and so much more. You will fall in love with the ATRIUM in the middle of the home. Come fall in love with this property! It also offers a private pool and an Arizona room to cool off in the warm summer days. The property boasts a three car garage with plenty of space for the family!

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19895 W Annika Drive Litchfield Park, AZ 85340

$560,000

4 Beds

3.5 Baths

2,605 SqFt

Status Active

MLS # 6780287

Property Type Single Family Residence

Price Type --

Fantastic two-story home in Canyon Views! Sits on a corner lot, this beauty offers 4 beds, 3.5 baths, RV gate, & a 2-car garage w/paver driveway. Fabulous interior showcases tons of natural light, plantation shutters, neutral paint, and tasteful flooring - tile & plush carpet. You'll LOVE the formal living room and the open-concept family room w/high ceiling! The kitchen boasts SS appliances, granite counters, tile backsplash, recessed lighting, wood cabinetry, a pantry, and an island w/breakfast bar. Large main bedroom is downstairs, offering an ensuite with dual sinks & a walk-in closet. A versatile loft awaits upstairs, along with the other bedrooms. Check out the spacious backyard, featuring a covered patio! With room for a pool, you can make it a complete outdoor oasis. Welcome home!

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26059 S 202nd Street Queen Creek, AZ 85142

$560,000

3 Beds

2 Baths

1,261 SqFt

Status Active

MLS # 6783011

Property Type Manufactured Home

Price Type --

NEW AC! NEW METAL ROOF! Don't miss this opportunity to own a charming horse property nestled in the heart of Queen Creek! Start your day by savoring your morning coffee on the cozy front porch. The lovely interior is adorned with vaulted ceilings, brick wall accents, an exposed beam, wood-style flooring, and a welcoming living room. The eat-in kitchen is fully equipped with a mosaic tile backsplash, white cabinetry with crown molding, and an island with a breakfast bar. Relax in the main retreat with a sliding door closet and an ensuite. This home has room for all your horses, toys, RV (with private extra panel for hook up) or build a shop. This property will not disappoint with all the options that are included. These options include a super upgraded private above-ground pool, several stalls, storage areas, a covered hay storage area, a tack room, a wash rack, and a riding arena. You can also ride on the city of Queen Creek trails or be at the Queen Creek equestrian facility in minutes. Act now!

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6782 S Black Hills Way Chandler, AZ 85249

New

$560,000

3 Beds

2.5 Baths

2,127 SqFt

Status Active

MLS # 6787853

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this beautiful 3 Bedroom, 2.5 Bath single-level home in the sought-after Sun Groves community. From the moment you step into the welcoming foyer, you'll feel right at home. This thoughtfully designed layout features a spacious great room concept, seamlessly connecting the kitchen, breakfast nook, formal dining area, and family room—perfect for everyday living and entertaining. The split primary suite offers added privacy and includes a full ensuite bathroom with dual vanities, a separate shower and tub, a private toilet room, and walk-in closet. Recent updates include fresh exterior paint, a new roof (2023), a newer water heater (2022), epoxy-coated garage flooring, ceiling fans throughout, sunscreens, and more. Step outside to enjoy mature landscaping and a backyard oasis with citrus and fruit trees, including navel and Valencia oranges, lemons, and figs. This yard is ideal for outdoor relaxation or hosting gatherings. This popular South Chandler community provides a life of convenience and outdoor enjoyment. Situated on nearly 600 acres, Sun Groves features a beautiful lake, nearly 93 acres devoted to parkland and common areas, miles of walking trails, basketball courts, sand volleyball, playgrounds, and so much more. Navarette Elementary is located within the community and Basha HS is right across the road. Residents can also enjoy hiking, golfing, and Mesquite Groves Aquatic Center nearby!

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27478 W Tonopah Drive Buckeye, AZ 85396

$560,000

2 Beds

2.5 Baths

1,998 SqFt

Status Active

MLS # 6786670

Property Type Single Family Residence

Price Type --

Exceptional Opportunity at Sun City Festival in this highly upgraded Preserve model, located in the sought-after Sun City Festival community. This stunning home is truly move-in ready and offers a host of impressive features. Enter through the custom iron entry door and see well over $100,000 in thoughtful upgrades throughout. Open concept kitchen / dining / living. Two spacious suites, a primary and a guest, each with its own bathroom. An additional tiled and HVAC connected utility / hobby room off the laundry room brings living space up closer to 2,100 square feet. Step outside to the extended, beautifully paved patio, complete with a charming pergola with built-in fireplace and BBQ, perfect for entertaining or relaxing in style. Pride of ownership shines at this lightly used home.

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4532 E White Aster Street Phoenix, AZ 85044

$560,000

4 Beds

2 Baths

1,682 SqFt

Status Active Under Contract

MLS # 6777443

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled 1,690 sq ft residence features 4 bedrooms and 2 baths. The open concept layout seamlessly connects the living room, dining area, and updated kitchen, which boasts custom cabinetry with slide-outs, a state-of-the-art induction range, and a quiet dishwasher, all highlighted by elegant Dekton countertops. Newly upgraded fixtures throughout the home, shutters & both bathrooms upgraded as well. Step through the French doors to a covered patio with a bead board ceiling and custom BBQ area adorned with Italian tile, large propane fireplace & open to a stunning propane gas-heated pool and spa, newly renovated in 2024. Enjoy the comfort of an electric air conditioning system, replaced in 2019. All well maintained and move-in ready. The two-car garage offers ample storage with cabinets and professional flooring. The primary suite features a bay window and walk-in closet, while versatile bedrooms include a fourth room that can serve as a den or office. Both bathrooms have been stylishly remodeled, and the front yard showcases drought-tolerant landscaping. This charming home perfectly blends modern amenities with inviting outdoor spaces!

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