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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7380 W Paraiso Drive Glendale, AZ 85310

$575,000

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6772726

Property Type Single Family Residence

Price Type --

What makes Hillcrest so popular is LOCATION! 4 bedroom 3 bath on over a 10,000 sq. ft cul-de-sac lot. 3 car garage with extra concrete parking, RV gate, beautiful pool with water feature and security fencing. Very private spacious backyard with covered patio, built-in BBQ, newly installed artificial grass area, and mature landscaping. New roof in 2022 with 10 warranty, freshly painted inside and out, island kitchen with granite countertops.

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1339 N Tucana Lane Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

2,274 SqFt

Status Active

MLS # 6778780

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2-bathroom home sits on a large 8,764 sqft lot in a beautiful community. With a FULLY OWNED solar system for energy efficiency, the 2,274 sqft home features a gas fireplace and neutral-tone walls, creating a warm and inviting atmosphere. Sunscreen windows help keep the home cool and bright. The kitchen boasts a spacious island, sleek countertops, plenty of maple cabinets, an eat-in area, and formal dining space. The large bedrooms, including a primary suite with a walk-in closet, provide ample comfort. The extended covered back patio overlooks a serene yard with matures trees and grass. With a 3-car garage and community amenities such as a park and basketball court, this home offers a perfect blend of comfort and convenience!

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117 E Vaughn Avenue Gilbert, AZ 85234

$575,000

3 Beds

2.5 Baths

1,379 SqFt

Status Active

MLS # 6775846

Property Type Single Family Residence

Price Type --

This move-in ready gem is just steps away from vibrant Downtown Gilbert, where numerous dining, shopping, and entertainment experiences await! It is also beautifully remodeled with upgraded flooring, bathrooms, kitchen, windows, doors, paint, fixtures, and more inside. PLUS! Outside boasts new roof and paver patio. The main house features 3 bedrooms and 2 bathrooms, and a 160 sq ft detached bonus room with a half bath can be used as a playroom or office — offering endless possibilities to suit your lifestyle. The large yard has mature shade trees. Your new home perfectly blends vintage charm with modern conveniences. Don't miss your chance to own a piece of history in this fantastic location in Downtown Gilbert! No HOA.

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258 San Carlos Road Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6783559

Property Type Single Family Residence

Price Type --

Walk to historic downtown Prescott from this classic 1914 bungalow in the heart of the Pine Crest Historic District developed originally by the city's Chamber of Commerce which promoted it as ''close to town, benefited from clean air, offered an ideal climate and a healthful environment,'' according to the National Trust for Historic Preservation registration. Zoned multi-family medium density with wide open views of Thumb Butte and the National Forest, this home sits on .45 private acres with a large slate patio with conversation pit and fireplace, front yard with grass and seating areas and large back yard. Light and bright with a flexible floor-plan offering options for a family or second home, it features a huge living and dining room with fireplace, kitchen with vintage vibe, prima primary suite and 2 bedrooms sharing a full bath. Updates include freshly painted interior, new laminate flooring throughout, most windows, electrical and panel. Fireplace in the living room has an insert. Some hardwood under the laminate. Large workshop storage area under house. Detached one car and shed as well. Close to shops, restaurants, bars and special events, Dignity Health, Yavapai College, Prescott College, VA campus, public and charter schools, National Forest trails for hiking and biking. Property taxes could be lowered if used as a primary residence due to historic status.

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3705 E Toltec Court Sierra Vista, AZ 85650

$575,000

5 Beds

3.5 Baths

3,595 SqFt

Status Active Under Contract

MLS # 6662115

Property Type Single Family Residence

Price Type --

This beautiful, spacious 5BD/3.5BA/3CG, 3595 sq ft home is located in Sierra Vista, AZ near Fort Huachuca, Canyon Vista Medical Center, shopping, and schools. This home has a stunning kitchen with granite countertops, two large living areas, travertine tile floors, and a spacious backyard! The home is all electric and includes a double oven, two a/c units, two septic tanks, and a spacious garage. This home is the definition of space and comfort! Call today!

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7231 W Lone Cactus Drive Glendale, AZ 85308

$575,000

4 Beds

2 Baths

2,080 SqFt

Status Active Under Contract

MLS # 6731707

Property Type Single Family Residence

Price Type --

Back on the market! Buyer could not meet their contingency. **MOTIVATED SELLER** This meticulously maintained 4-bed, 2-bath home in the desirable Sierra Verde neighborhood, within Arrowhead Ranch, is ready for you to make it your own. Spacious bedrooms and ideal for entertaining. The kitchen & family room create a central hub, formal living and dining areas offer a touch of elegance. Large backyard with mature trees & oversized grassy area, perfect for gatherings or simply relaxing under the Arizona sky. This home boasts a recently replaced AC unit (2023) and a newer water heater, ensuring worry-free comfort. A+ Schools, lakes, walking paths, close to 101, golf, restaurants, shopping & sports complexes. Don't miss your chance to own this gem in a sought-after neighborhood

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5095 N Grand Drive Apache Junction, AZ 85120

$575,000

3 Beds

2 Baths

1,705 SqFt

Status Active Under Contract

MLS # 6733476

Property Type Single Family Residence

Price Type --

Enjoy awesome Goldfield and Superstition Mountain views from this 3 bedroom, 2 bath home situated on 1.25 acre. The open floor plan is enhanced with lots of natural light, vaulted ceiling and tile floors. Kitchen is complete with ample cabinets, granite counters, center island, wine bar and all appliances. Master suite offers large walk-in closet, spacious tile shower, dual vanities and exit to the extended front patio...A perfect place to enjoy amazing sunrises and sunsets while relaxing in the hot tub. The block fencing ensures privacy and defines multiple areas for additional garage space, horse facilities or room to roam.

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1065 W Road 2 -- Chino Valley, AZ 86323

$575,000

3 Beds

2 Baths

2,305 SqFt

Status Active Under Contract

MLS # 6738551

Property Type Manufactured Home

Price Type --

Welcome to your own slice of heaven. This gorgeous fully fenced 2.5 acre corner lot is what your dreams are made of ! Freshly painted home is 2300' of complete luxury with a country charm. Upgraded carpet and flooring throughout, new SS appliances, stunning quartz countertops w/ large island, insta hot, central vacuum, new heat pump A/C. Upgraded insulation pkg., Property has good producing well with filtration system, landscaped yard with rear yard fencing and oversized 3car garage w/ automatic gate access and concrete driveway. Bring your animals and your toys ! you don't want to miss this one.

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725 W Palo Verde Street Gilbert, AZ 85233

$575,000

5 Beds

3 Baths

2,501 SqFt

Status Active Under Contract

MLS # 6741137

Property Type Single Family Residence

Price Type --

Wonderful 5 bed, 3 bath home with pool in prime Gilbert location! Top features include: high ceilings in family room, beautiful stone feature wall in dining room, wood burning fireplace in living room off the kitchen, newer SS appliances in the kitchen, bedroom & full bathroom on main level, 3 oversized bedrooms upstairs, huge primary suite w/ jetted soaking tub & tiled walk-in shower, and all rooms have blinds & ceilings fans. Backyard offers a covered patio, entertainers area w/built-in table, seating around firepit, BBQ area, & a built-in chiminea. Pebble tec pool is fenced & has a variable speed pump, and large grassy area as well. All of this just a couple miles from Downtown Gilbert, highway access, restaurants, shopping, hospitals, and so much more. Make it yours today!

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2760 S Seton Avenue Gilbert, AZ 85295

$575,000

4 Beds

2.5 Baths

2,274 SqFt

Status Active Under Contract

MLS # 6741953

Property Type Single Family Residence

Price Type --

This enchanting 4-bedroom home in the serene Chaparral Estates is the one for you! This home is sure to check all the boxes, boasting a 3 car garage, split floor plan, high ceilings and a corner lot! As you enter, the living room sets a warm ambiance for relaxation. Host festive meals in the formal dining area and make memories in the spacious great room.The kitchen features rich wood cabinets, built-in appliances, a pantry, expansive counters, and a center island with a breakfast bar. Retreat to the expansive main suite, accessible via double doors, featuring a private bath with dual sinks, a soaking tub, and a walk-in closet. Outside, the covered patio and lush grassy area offer a perfect setting for outdoor enjoyment. This home is truly a treasure, ideal for creating cherished moments! Recent updates include fresh interior paint, brand new carpet in all of the bedrooms, and 2 new AC units! Location is A+, walking distance to one of the schools, nearby the San Tan Village and Agritopia ! MUST SEE!!

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19052 N 39th Way Phoenix, AZ 85050

$575,000

3 Beds

2 Baths

1,992 SqFt

Status Active Under Contract

MLS # 6761701

Property Type Single Family Residence

Price Type --

*** FREE 1% RATE BUYDOWN AVAILABLE FOR THE FIRST 12 MONTHS*** Step into this beautifully maintained single-level home nestled in the sought-after Trovare community. From the moment you arrive, you'll appreciate the low-maintenance front yard and expansive driveway with room for three cars. Inside, the spacious living room welcomes you with warmth, while a charming office space, tucked behind elegant French doors, provides the perfect setting for productivity. At the heart of the home, a cozy gas fireplace with a striking stone hearth draws your attention, seamlessly complementing the stunning stone-wrapped kitchen island, ideal for gatherings of any kind. Down the hallway, you'll discover three generously sized bedrooms, offering comfort and privacy for all. The backyard is an an oasis of tranquility, where you can savor peaceful sunsets amidst lush natural grass and mature landscaping. This home truly has it all, space, style, and serenity!

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1639 E Redfield Road Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6750971

Property Type Single Family Residence

Price Type --

ALL ELECTRIC* ZERO UTILITY BILLS *MONTHLY REBATE FROM SRP* TOP OF THE LINE TESLA SOLAR SYSTEM WILL BE PAID OFF AT THE CLOSE OF ESCROW.* *HIGH EFFICIENCY HVAC SYSTEM 2023* *WOOD FLOORING AND CARPET 2024* *HALL BATH ENLARGE AND REMODEL 2024* *TESLA SOLAR SYSTEM 2022* PERFECT FAMILY HOME IN SONOMA RANCH. GREAT SCHOOLS CLOSE BY, NEIGHBORHOOD PARKS, BEAUTIFUL YARD WITH SWIMMING POOL. NORTH SOUTH FACING HOME. HOME IS MOVE IN READY.

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