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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1821 W Lacewood Place Phoenix, AZ 85045

$560,000

5 Beds

3 Baths

2,904 SqFt

Status Active Under Contract

MLS # 6703351

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful 5-bed, 3-bath home in the peaceful Foothills Club West! Nestled adjacent to a common area, it displays a 2-car garage, well-manicured landscape, & cozy front porch. Welcoming interior features tons of natural light, designer paint, carpet & tile flooring t/out. Perfect for entertaining, this gem boasts a living & dining room combo and an inviting family room that opens to the kitchen! The impressive kitchen has SS appliances, granite counters, recessed lighting, a pantry, espresso cabinetry w/crown molding, and an island w/breakfast bar. Versatile loft upstairs! Large main bedroom features an ensuite dual sinks & a sit-down shower. Outback, you have a covered patio, artificial turf, & well-laid travertine & solar to save! Enjoy the mountain views surrounding it. Home also features leased solar that offsets on average 53% of their utility bill!

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17810 W Summit Drive Goodyear, AZ 85338

$560,000

4 Beds

2 Baths

2,381 SqFt

Status Active Under Contract

MLS # 6722662

Property Type Single Family Residence

Price Type --

WOW!! Rare opportunity to own one of the few preserve lots in Estrella. Private setting with beautiful views, this premium lot (nearly 13,000 square feet) is a ''ONE OF A KIND''. Well kept home boasting 2381 square feet, 4 bedrooms & 2 baths is nestled by both lakes and all Estrella has to offer! Spacious kitchen opens to your family room with a fireplace & views of your incredible yard. An additional dining & living room or flex space for an office/ den. All the big ticket items have been done for you...NEWER ROOF, NEW PEBBLETEC POOL & TILE , NEW AC PLUS WINDOWS HAVE ALL BEEN REPLACED. Outside enjoy the oversized lot with FANTASTIC VIEWS perfect for entertaining. A refreshing pool, gazebo, BBQ, planter boxes, covered patio & of course the preserve as your neighbor. Buyer to verify info

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1228 E Wesleyan Drive Tempe, AZ 85282

$560,000

3 Beds

2 Baths

1,486 SqFt

Status Active Under Contract

MLS # 6758491

Property Type Single Family Residence

Price Type --

Prime Tempe Location! This stylish 3-bedroom, 2-bathroom home with 2-car garage is just minutes from ASU and the freeways. The kitchen boasts sleek stainless steel appliances, granite countertops, and seamlessly flows into the dining area. Enjoy the additional living space in the separate living room which opens to the backyard. Recently updated with new flooring installed in 2024, this home features a distinctive and modern look. The backyard is perfect for entertaining, with a covered patio, misting system and a refreshing diving pool. The property is situated among single-story homes, offering added privacy. New roof. No HOA. Come see it today!

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12910 W Rampart Drive Sun City West, AZ 85375

Open House

$560,000

3 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6780993

Property Type Single Family Residence

Price Type --

Shows like a model! Prepare to be impressed with the tasteful upgrades of this pristine Castillo model. Residing in a peaceful cul-de-sac, the welcoming courtyard invites you into the living room where you'll notice the high ceilings, recessed lighting, and wood-look laminate flooring that runs throughout most of the home. The kitchen is a showstopper, featuring sleek quartz countertops, abundant wood cabinetry, a stylish backsplash, and modern stainless-steel appliances. As if that weren't enough, there's a bright and cozy sunroom where you can soak up Arizona's beautiful weather, complete with dual-pane windows for comfort. The main bedroom is your personal retreat, offering sliding doors to a private courtyard for effortless indoor-outdoor living, not one but multiple spacious walk-in shower. Step outside to your newly updated backyard oasis! It's the perfect blend of style and function, with a spacious open patio, a charming gazebo, practical storage sheds, lush artificial turf, and even a tranquil water feature.

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17243 W Seldon Lane Waddell, AZ 85355

Open House

$560,000

4 Beds

3 Baths

2,326 SqFt

Status Active

MLS # 6788023

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home - A Smart, Stylish, & Functional Oasis! From the moment you enter, you'll notice the attention to detail, quality finishes, & thoughtful design that make this home stand out. The master bedroom boasts luxurious wood laminate flooring, seamlessly matched with a one-of-a-kind, custom-designed closet boasting floor-to-ceiling storage, built-in shoe racks, & stunning full-length mirror - everything you need for a stylish, organized space. Cook in style with chic 6-inch subway tile backsplash & soft-close cabinets that add both elegance and functionality. Expansive backyard features large paver patio - perfect for hosting gatherings or enjoying peaceful evenings outdoors. Experience a truly unique living environment with an abundance of lemon, orange, and grapefruit trees throughout the community to enjoy fresh fruit anytime - a rare treat that adds charm and character to this wonderful, tight-knit community with warm, welcoming neighbors. Whether you're running errands or grabbing a bite, everything is within easy reach, located just 3 miles away. This home is a rare find - a perfect blend of luxury, comfort, and functionality. Don't miss your chance to own this lovely property in a truly exceptional neighborhood. Book your tour today!

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3406 E Libby Street Phoenix, AZ 85032

Open House

$560,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6717614

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated three-bedroom, two-bath home nestled in a prime location backing directly onto a beautiful golf course. This open-concept floorplan boasts a bright and spacious layout, The kitchen flows seamlessly into the living and dining areas, ideal for entertaining. Step outside to your private oasis which features a view fence that showcases the golf course, a large putting green, and a chipping area, perfect for golf enthusiasts. Enjoy evenings by the firepit, soaking in the serene surroundings of AZ. Best of all, there's NO HOA, offering you unparalleled freedom and flexibility.

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26916 N 52nd Glen Phoenix, AZ 85083

Open House

$560,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6749367

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning resort-style retreat featuring a fenced Pebble Tec saltwater pool and spa, heated and self-cleaning with a variable speed pump. The professionally landscaped yard boasts a pomegranate tree in the front, a synthetic grass backyard, and a covered patio with extended cool decking—perfect for outdoor relaxation. Nestled in a cul-de-sac, this home offers privacy and direct access to a greenbelt and walking trail, all framed by picturesque mountain views. Inside, enjoy a formal living and dining area, along with a spacious family room that flows seamlessly into an open-concept kitchen designed for entertaining. The kitchen is equipped with a large island and sink, a breakfast bar with ample seating, a gas oven/range, a pantry, and a reverse osmosis system. Modern touches include updated light fixtures, surround sound wiring, ceiling fans, and a combination of tile and laminated flooring. The master suite is a serene retreat with dual sinks, an updated walk-in shower, a spacious walk-in closet, and a private toilet room. This smart home is equipped with a programmable thermostat, security system, and an owned solar system with a loan assumption. Additional features include garage storage cabinets, overhead storage racks, a water softener, and an automatic garage door opener. With great curb appeal and a welcoming front porch, this home is conveniently located near top-rated schools, shopping, dining, Deem Hills Recreation Area, and major highways including I-17, Loop 101, and 303.

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16972 W Alice Avenue Waddell, AZ 85355

Open House

$560,000

4 Beds

3 Baths

2,788 SqFt

Status Active

MLS # 6763393

Property Type Single Family Residence

Price Type --

This better-than-new 4-bedroom + Den, 3-bathroom home is nestled in a peaceful community with no homes behind, offering ample privacy. Conveniently located near shopping, dining, and entertainment, you'll have everything you need just minutes away. Whether you're looking for a primary residence or an income generating property, this home is perfect - currently operating as an established Airbnb. It features a family room and upstairs loft, highlighted by fresh interior paint, soft carpet and wood-look tile flooring. The oversized primary bedroom on the main floor has an oversized ensuite bathroom with double sinks and a walk-in shower. The kitchen offers a pantry, granite countertops, a kitchen island and an eat-in dining area. The exterior features a covered patio and lush real grass!

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3839 N St Elias Circle Mesa, AZ 85215

$559,999

3 Beds

3 Baths

2,181 SqFt

Status Active

MLS # 6766638

Property Type Single Family Residence

Price Type --

Welcome to 3839 N St Elias Cir, nestled on a quiet cul-de-sac with mountain views in the highly desirable Red Mountain Ranch community of Mesa, AZ. This 3 bedroom home, plus a spacious den, offers not only a beautifully maintained interior but also a lifestyle that embraces Arizona's natural beauty. The peaceful backyard is a private retreat with a large, extended covered patio, perfect for dining, surrounded by vibrant landscaping. From your kitchen window, enjoy the view of blooming flowers and frequent hummingbird visits. The cozy gazebo offers a shaded sitting area, making it the ideal spot to savor your morning coffee. Inside, the home features soft, clean carpeting with upgraded padding, providing comfort underfoot. High ceilings and very large energy efficient windows invite an abundance of natural light, creating a bright, airy atmosphere throughout. The kitchen overlooks the living room and is designed with granite countertops, stainless steel appliances, and soft close cabinetry, blending style and function. The den, larger than a standard bedroom, is equipped with custom shelves and drawers, offering versatility for work or leisure. Living in Red Mountain Ranch means more than just a home; it's a lifestyle. With access to world class golf courses, fitness centers, hiking trails, and more, there's always something to enjoy. Plus, located just minutes from the Red Mountain 202, the home's location provides easy access to local dining, shopping, and entertainment. This well maintained property combines comfort, convenience, and a true sense of community. With its move in ready condition and prime cul-de-sac location, this home is a perfect sanctuary for those looking to embrace both relaxation and an active lifestyle.

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4324 W Orchid Lane Glendale, AZ 85302

$559,999

3 Beds

2 Baths

2,237 SqFt

Status Active Under Contract

MLS # 6755871

Property Type Single Family Residence

Price Type --

A stunning and completely renovated home boasts an open floorplan, 3 bedrooms, 2 bath and a Den with 2237 sqft, 2 car garage with a large backyard RV gate & parking, large lot room for all the toys and a sparling pool with covered patio. The kitchen comes with stainless-steel appliances, quartz countertops and brand-new white shaker cabinets. Brand new vinyl wood flooring & upgraded carpet throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, and custom vanities. Brand new water heater. Located in a lovely desirable neighborhood located close to shopping, parks, schools, and dining. No HOA's A Must see

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3224 W Garnet Street San Tan Valley, AZ 85144

$559,995

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6773032

Property Type Single Family Residence

Price Type --

Pack your bags, this home is move-in ready! This home sits on an oversized 9,145sqft lot, ideal for a backyard oasis. The oversized kitchen island is the perfect centerpiece for entertaining. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. A first-floor office provides the space to work from home. The home is complete with designer curated finishes.

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5608 W Paseo Way Laveen, AZ 85339

$559,990

3 Beds

2.5 Baths

2,024 SqFt

Status Active

MLS # 6744935

Property Type Single Family Residence

Price Type --

''Discover the perfect blend of style and functionality in The Topaz, a meticulously designed 3-bedroom, 2.5-bath home offering just over 2,500 square feet of luxurious living space. This stunning residence features a striking Craftsman exterior, setting the stage for a refined and welcoming interior. Step inside to be greeted by a spacious den perfect for a playroom and office. The heart of the home, the kitchen, is a chef's delight with its sleek 42-inch upper cabinets. The kitchen island contrasts elegantly with gray cabinetry and is complemented by matte black hardware, while the pristine white quartz countertops and neutral gray backsplash add a touch of sophistication. Top-of-the-line stainless steel appliances, including a refrigerator, gas stove, microwave, and dishwasher, are perfectly paired with a single-bowl stainless steel undermount sink and an upgraded faucet for a contemporary finish. Enjoy the convenience of 6x36 wood-like tile flooring throughout the main areas, paired with 9-foot ceilings and 8-foot interior doors that enhance the sense of space and openness. The expansive living room features a large 4-panel sliding glass door that seamlessly connects indoor and outdoor living, offering a light-filled, airy ambiance. The layout is thoughtfully designed with secondary bedrooms positioned at the front of the home, providing a private retreat for family or guests. The serene primary suite, tucked away at the back, is a true sanctuary. It boasts a spacious layout and an indulgent bathroom with dual square sinks, quartz countertops, and upgraded matte black fixtures. Quartz surrounds for the countertops add a luxurious touch to your daily routine. Additional features include a 3-car garage with a convenient garage door opener and a washer and dryer for added convenience. With its blend of modern amenities and thoughtful design, The Topaz offers the perfect setting for comfortable and stylish living. Experience the refined elegance of The Topaz Floorplanwhere every detail is designed with your comfort and convenience in mind.

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