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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6538 N 190th Drive Waddell, AZ 85355

New

$559,990

4 Beds

2.5 Baths

1,930 SqFt

Status Active

MLS # 6788656

Property Type Single Family Residence

Price Type --

This beautiful home back towards the White Tanks Mountains on large homesite with no neighbors behind you. The beautiful floorplan has a 3 wide garage, 4 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash, huge island and multislide glass door for amazing indoor-outdoor living makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home is ready now!

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5607 W Paseo Way Laveen, AZ 85339

$559,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6728643

Property Type Single Family Residence

Price Type --

Introducing the exquisite Jade floorplan, a haven of sophistication and comfort. With over 2600 square feet, this spacious residence boasts 4 bedrooms and 3.5 baths, complemented by a 3-car garage and features such as a formal dining area and butler's pantry—ideal for entertaining guests in style. Approaching the home, its picturesque farmhouse exterior, accented by a charming paver driveway, sets the stage for the exceptional elegance within. Step inside to discover a gourmet kitchen that is the heart of the home, featuring 42-inch white shaker style cabinets adorned with gun metal hardware. Mosaic white backsplash flows seamlessly with the pristine Carrara style white quartz countertops, offering a timeless canvas for culinary creativity. The expansive great room, bathed in natural light streaming through a magnificent 4-panel sliding glass door, seamlessly connects indoor and outdoor living spaces. Enjoy gatherings or quiet moments alike in the expansive backyard oasis beyond. Throughout the main living areas, 6 by 36 wood-like plank tile flooring provides not only durability but also warmth and visual appeal. This flooring choice enhances the home's charm and complements its modern design elements. Every bathroom in the Jade Floorplan is a testament to luxury, boasting round sinks with upgraded matte black finishes. Quartz countertops grace each bathroom, continuing the theme of sophistication and quality craftsmanship. Additional features include stainless steel appliances throughout, encompassing a washer, dryer, refrigerator, and garage door opener, along with a soft water loop for enhanced comfort and convenience. This meticulously crafted residence exemplifies the perfect union of luxury and practicality, offering a haven for discerning buyers seeking a superior lifestyle. Experience the unparalleled elegance of the Jade Floorplan firsthand.

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16911 W Jenan Drive Surprise, AZ 85388

$559,990

3 Beds

2.5 Baths

2,587 SqFt

Status Active

MLS # 6758419

Property Type Single Family Residence

Price Type --

MLS#6758419 January 2025 Completion! The 45-RM3 at Paradisi Almeria Collection is a single-story home offering 2,587 square feet of living space, with 3 bedrooms, 2.5 bathrooms, a study, and a 2-car garage. The foyer guides you past the secondary bedrooms and laundry room, leading into a spacious open-concept kitchen, casual dining area, and gathering room. Conveniently located off the kitchen and dining space, the study offers added flexibility. The primary suite features a large walk-in closet, dual vanities, and a split tub and shower in the bathroom, perfect for enjoying a relaxing soak. Structural options include: gourmet kitchen with gas cooktop, 12' multi slide glass door, 8' interior doors, garage service door.

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12246 W Lonesome Trail Peoria, AZ 85383

$559,990

4 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6775929

Property Type Single Family Residence

Price Type --

MLS#6775929 February Completion! The Champlain in Mystic Discovery offers a stunning single-level design with 1,967 square feet of comfortable living space, including 4 bedrooms, a study, 2.5 baths, and a 2-car garage. Located in a master-planned community nestled in the scenic hills of North Peoria, this neighborhood features a resort-style amenity center complete with a heated pool, event lawn, covered outdoor play area, and inviting indoor-outdoor gathering spaces. The Champlain's Tuscan-inspired elevation adds instant curb appeal, while its thoughtfully selected interiors feature upgraded quartz countertops, 42'' recessed panel maple cabinetry, a custom kitchen backsplash, upgraded carpeting, and elegant matte black hardware.

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13593 W Calle De Pompas -- Peoria, AZ 85383

$559,990

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6785551

Property Type Single Family Residence

Price Type --

Move-in ready - The Hewitt II, situated on a corner lot with breathtaking White Peak views in Northpointe at Vistancia, is a beautifully designed single-story home with an exceptional layout and stylish designer upgrades throughout.

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14155 W Alameda Road Surprise, AZ 85387

$559,990

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6734303

Property Type Single Family Residence

Price Type --

MLS#6734303 November Completion. The 50RM1 floorplan at Raveena at Rancho Mercado features 4 bedrooms, a flex room, 2.5 bathrooms, a 3-car garage, and 2,226 sq ft all on one level. Upon entering the foyer, you'll be captivated by the open-concept design, leading to a spacious gathering room, dining area, and a gourmet kitchen. The outdoor living space is perfect for al fresco meals and family time. The owner's suite, secluded for privacy, offers double vanities and a generous walk-in closet. The flex room is ideal for a home office or study area. Two additional bedrooms and a laundry room complete this luxury home. Structural options include: covered outdoor patio, paver front porch, garage service door, alternate A/C location, and soft water loop.

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257 S 165th Avenue Goodyear, AZ 85338

$559,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6739809

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Amethyst floor plan with 3 bedrooms, 3 baths. Extended covered patio with a 12x8 sliding glass door. 8'garage door with two controls. Sonoma Maple ''Slate-gray cabinets with 42'' kitchen uppers. Enhanced kitchen island with Himalaya white granite countertops and white undermount single bowl sink. Stainless steel 30'' cooktop with wall oven, micro and canopy hood. Upgraded flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except beds & closets. Dual sinks in bath 2, 8' tall interior doors. 8' tall garage door with two controls. Please verify all information with onsite agent. Thank you!

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14632 W Georgia Drive Surprise, AZ 85379

$559,990

4 Beds

2.5 Baths

2,908 SqFt

Status Active Under Contract

MLS # 6744715

Property Type Single Family Residence

Price Type --

Take advantage of VA assumable loan at 2.75%. Welcome to your move in ready home with a Modern Barn style featuring an Open Floor plan, 4 Bedrooms, 2.5 Bath, Den/Office, Loft, Gourmet Kitchen with upgraded grey cabinets, Quartz countertops with glass tile backsplash & stainless-steel appliances, Walk in Pantry nestled next to a charming shiplap mudroom, large island opens to the Great Room complemented by elegant wainscotting wall with tile planks flooring, Master Suite with separate shower and soak in tub, walk in closet. Did I mention energy efficient with solar panels, RO system & water system, 3rd car garage! The extra-large patio slider welcomes you to an extended Patio cover. perfect for entertainment with a custom BBQ, large backyard! The community features resort style amenities including pool, clubhouse, fitness center, BBQ are and much more. Very close to the 303 & shopping center.

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31867 N 130th Avenue Peoria, AZ 85383

Open House

$559,990

4 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6649706

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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40721 W Georgia Avenue Tonopah, AZ 85354

$559,900

4 Beds

3 Baths

2,192 SqFt

Status Active

MLS # 6754914

Property Type Single Family Residence

Price Type --

This beautiful custom home is almost ready for a family to live in this peaceful area north of I-10. It features an RV garage, modern style double front door, matching modern garage doors, 10' ceilings, open floor plan, neutral warm colors, tile flooring and carpet in all the right places, with 6'' base boards. Kitchen will feature wood expresso color cabinets, granite or quartz counter tops, oven range, hood, plus wall oven and microwave, ss appliances and refrigerator. Split floor plan has 3 bedrooms with custom shelving and 1 of the bedrooms has a large walking closet, 1 bathroom has a large garden tub/shower with double sinks. Master bedroom has large walk-in closet, custom tile shower, and double sinks. Energy efficient home with dual pane windows, 2x6 framing, spray foam insulated ceilings and exterior walls, along with batted insulated walls. RV garage and garage are fully spray foam insulated, along with 220 amp in RV garage for a mini split ac system, lift master garage door openers, 220 amp in the 2 car garage for a future electric car charging plug. A 2000 septic tank to accommodate a future guest house. 3 share wells altogether. Must see!

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16918 S 180th Drive Goodyear, AZ 85338

$559,900

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6778923

Property Type Single Family Residence

Price Type --

Discover your dream lifestyle in this stunning, open-concept Ballad floorplan, nestled within the vibrant, lake-inspired Active Adult community of CantaMia! Set on an oversized lot, this home is a true oasis designed for both relaxation and entertaining. The entrance invites you into an outdoor paradise with a sparkling pool, built-in BBQ, charming pergola, and panoramic mountain views that will take your breath away. Inside, the thoughtful layout features wood plank tile flooring throughout all high-traffic areas, while luxury laminate adds warmth and sophistication to the bedrooms and office spaces. The beautifully upgraded kitchen boasts sleek smokey grey maple cabinets, elegant tan quartz countertops, a stylish white subway tile backsplash, and a gas range, making it the perfect space to enjoy cooking and hosting. Additional highlights include built-in garage cabinets for ample storage, a convenient water softener, and a backyard with a view fence that offers both privacy and scenic views. Enjoy incredible sunsets over the mountains from the comfort of your own private retreat, with no neighbors directly behind as it backs to a lush, expansive green space. Living in CantaMia means embracing an active, connected lifestyle. This exceptional community offers endless amenities, from sparkling lakes to scenic walking trails, fitness facilities, and social events that foster a close-knit community spirit. Don't miss the chance to live your best life in a home that combines luxury, comfort, and all the perks of the Arizona lifestyle!

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600 N Mariposa Drive Wickenburg, AZ 85390

$559,900

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6717080

Property Type Single Family Residence

Price Type --

Welcome to your new Territorial home! This remodeled home, located on ~2/3 acre corner lot offers a blend of Southwestern charm and modern convenience. Living room with panoramic views of Bradshaw Mtns to the north. Large living spaces bathed in natural light designed for both relaxation and entertainment. Beautiful and practical upgrades include custom travertine tile floors, custom (real) granite countertops, custom cabinets and totally remodeled master bath with Rohl fixtures. Kitchen boasts matching Frigidaire Gallery stainless steel appliances. For outdoor enthusiasts an RV shelter with water and electric hookups provides an ideal space to park your home on wheels or, if you prefer, your boat, motorcycles and/or ATVs. New window coverings include top of the line Hunter Douglas motorized blind, top down-bottom up front picture window shade and no-cord shades. Foam roof still under transferable warranty, new rain gutters with fun rain chains. Don't miss this opportunity to own a piece of old west Arizona! Relax in Wickenburg, the Most Western Town in Arizona, where it's easy to imagine yourself back in a slower paced time.

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