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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11077 N 111th Street Scottsdale, AZ 85259

New

$574,900

2 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6789137

Property Type Single Family Residence

Price Type --

This stunning, fully renovated Villa De Cholla home offers modern upgrades throughout, including a new roof underlayment and fresh exterior paint. The expansive family room features a striking floor-to-ceiling custom fireplace surround, seamlessly flowing into a gourmet kitchen. The kitchen boasts elegant granite countertops, a stylish tile backsplash, and stainless steel appliances, including a slide-in stove, microwave, dishwasher, and refrigerator. The large primary suite includes a spacious walk-in closet, granite countertop, luxurious tile flooring, and an upscale shower. The main bathroom is highlighted by a new vanity. Outside, enjoy a covered patio surrounded by flourishing citrus trees. All new LVP flooring, interior paint, and fixtures complete this move-in-ready home. -Underlayment and coating on flat roof -SS stove and microwave -Fireplace tile -Mantle -Flooring -Baseboard -Scrape popcorn -Granite tops -Tile backsplash -Floating shelves -Kitchen sink -Hall bath vanity -Faucet -Resurface surround -Paint primary vanity -Granite top -Tile flooring -Tile surround -Plumbing fixtures -Cleaning -Landscaping -Hardware -Rock -Interior paint -Exterior paint

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23012 N Giovota Drive Sun City West, AZ 85375

$574,900

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6769607

Property Type Single Family Residence

Price Type --

Discover the epitome of retirement luxury in this exceptional 1,904 sq ft home, perfectly positioned on a larger lot with no direct rear neighbors, offering maximum privacy and serenity. Embrace the elegance of a lushly landscaped front yard featuring a private courtyard complete with a cozy fireplace, setting the scene for unforgettable gatherings. Step inside and be greeted by the impressive rotunda foyer leading to an open-concept living space. Seamlessly connecting the living, dining, and kitchen areas, this layout is ideal for entertaining and everyday living. The kitchen boasts granite countertops, raised panel cabinets with both under and upper lighting, and a breakfast bar island for your culinary explorations. The primary suite is a sanctuary of comfort, offering ample room for a sitting area or office workspace, a walk-in closet, dual sinks, a vanity counter with granite tops, and a beautifully remodeled master walk-in custom shower. Across the home, find two additional spacious bedrooms with easy access to a second bathroom featuring a walk-in shower. This residence is further enhanced by plantation shutters, 18 southwestern tiled flooring, newer tile plank flooring in bedrooms, upgraded lighting fixtures, a newer hot water heater, and a water softener system. The rear yard is a private retreat with a raised conversation firepit area, built-in BBQ, extended patios, and rear awning  all designed for your relaxation and enjoyment. Experience active adult living at its finest in one of Corte Bella's most exquisite homes. Don't miss out on this unique opportunity to own a piece of paradise!

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3426 W Carter Road Phoenix, AZ 85041

$574,900

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6773448

Property Type Single Family Residence

Price Type --

This stunning home has it all! 4 y/o Woodside home with endless upgrades in gated community. Kitchen is perfect for preparing & sharing meals and memories, Gas stove with stainless range hood, wall oven and microwave, upgraded refrigerator, step in pantry, extended island and beautiful backsplash. Home has large den/office; upgraded shutters throughout the home. The backyard is a beach lover's dream with a gorgeous pool that has a fountain and a large Baja step. The backyard also has a custom Palapa and a putting green. Extended patio with ceiling fan and turf for easy maintenance. Surround sound is installed in the home. House was set back further than others to allow for a longer driveway for room to park an extended vehicle. Home neighbors beautifully landscaped greenbelt.

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3448 W Sunshine Butte Drive San Tan Valley, AZ 85144

$574,900

4 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6777185

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bath home, nestled near the beautiful San Tan Mountains in a wonderful neighborhood. This 3,290 square foot home features large vaulted ceilings and newer flooring throughout. The updated kitchen is perfect for any home chef, and the pebble tech pool offers a refreshing retreat. With solar panels and a Tesla charger connection in the 3-car garage, this home is both eco-friendly and convenient. Enjoy the spacious layout and all the modern amenities this home has to offer. The community also boasts a park, schools, walking paths, and plenty of shopping and restaurant amenities nearby.

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4307 E Jesse Street Gilbert, AZ 85295

$574,900

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6784518

Property Type Single Family Residence

Price Type --

To be built: This beautiful Blue Streak plan, 1693 sf single story home with 2 car garage side entry garage is beautifully laid out with 3 bedrooms and 2 baths off a spacious great room with open kitchen. The master bedroom features a roomy walk in closet and a beautiful appointed master bath highlighted by a separate bath and shower. Come visit Cooley Station by Fulton Homes, you won't be disappointed!

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1309 E Ellis Drive Tempe, AZ 85282

$574,900

3 Beds

2 Baths

1,852 SqFt

Status Active Under Contract

MLS # 6767556

Property Type Single Family Residence

Price Type --

No HOA!!! This beautiful 3-bed, 2-bath home w/ pool in a highly desirable area of Tempe offers all the convenience with easy access to the 101 & 60 freeways, Sky Harbor, ASU and all the dining and shopping you need! It gets even better with a complete remodel in 2018 including new wood-look tile flooring, new AC, new roof, new paint, new windows and new cabinets and countertops. This home is move-in ready with a washer/dryer and refrigerator as well as a neutral palette to suit any style. When you want to entertain, step outside to the expansive backyard where you will find an oasis ideal for entertaining, cooling off in the pool or simply enjoying the Arizona sunshine. The covered patio offers shade for those warm afternoons, while the low maintenance yard allows for more leisure time and less upkeep. Don't miss out on this incredible opportunity to own a piece of Tempe real estate! Come take a tour today and fall in love with everything this home has to offer. **Please note that the large cactus in the front yard was removed on 11/16/24.

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2545 E Vista Bonita Drive Phoenix, AZ 85024

$574,900

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6768128

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2.5-bathroom home in the highly sought-after Crescent Butte neighborhood (perfect for an AIRBNB or personal residence). As you approach, you'll be greeted by a charming exterior with stunning curb appeal, setting the tone for what lies inside. Step through the front door and into a light-filled space, featuring large arched windows that flood the home with natural light. The newly remodeled kitchen is a showstopper, complete with crisp white shaker cabinets, elegant quartz countertops, stainless steel appliances, and under-cabinet lighting. Luxury vinyl plank flooring flows throughout, offering both style and durability. The spacious primary suite offers a peaceful retreat, boasting a spa-like bathroom with modern finishes and a large walk-in closet. The additional three bedrooms provide ample space, perfect for a growing family or those who need a home office or guest room. The backyard is a true oasis, with lush green grass that's perfect for relaxing evenings or entertaining friends and family. With a newer HVAC system (2021), this home is move-in ready, ensuring your comfort year-round. Located in the heart of Crescent Butte, you'll enjoy the best of both worlds: a serene neighborhood with easy access to local amenities, parks, and schools. Don't miss the opportunity to make this stunning home yours!

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18150 W Las Cruces Drive Goodyear, AZ 85338

New

$574,900

3 Beds

2 Baths

2,671 SqFt

Status Active

MLS # 6788425

Property Type Single Family Residence

Price Type --

What a wonderful home with incredible pool & spa located in the resort style community of Estrella MTN Ranch! Marvelous interior offers two way fireplace in family room and great room, 3 bed, 2 bath, bar, and fabulous media/theater room perfect to entertain your guests. You'll love the huge kitchen equipped with a plethora of cabinets, granite counters, and center island. The roomy master suite has a private exit to backyard and a lavish bath with double sinks, makeup vanity, Garden tub, glass shower, & large walk-in closet with custom built ins. Serene over sized lot, premium backyard is great for gatherings with its blue Heated pool, relaxing spa, lovely covered patio, and personal putting green with Turf (Low maintenance). Location is IDEAL. Absolute Entertainers Delight! Theater-- Has 1L0 Screen, Risers, & soundboard insulated ROOM with Equipped surround sound throughout the home with all of the goodies. MUST see pictures & please review document tab to see additional Estrella & home Amenities. Premium Mountain views! Walking distance to North & South Lake as well as MTN Trails. Superior Floor plan design with exceptional finishes providing beauty & comfort with Amenities of much higher priced homes. Surrounded by majestic mountains and wide-open desert vistas, life in Estrella is a masterpiece of harmonious balance dynamic, yet sereneoffering something for everyone no matter what stage of life. Backyard oasis with putting green. Freshly painted exterior in 2023 and newer painted interior. HVAC is 2 yrs old and has a 15-yr transferable warranty. A resort-inspired lifestyle with state-of-the-art amenities awaits.

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12414 N 33rd Street Phoenix, AZ 85032

$574,900

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6787192

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath home on a spacious lot with no HOA in Paradise Valley West! Enjoy east-west exposure and a remodeled interior featuring a formal living room, a family room, and wood laminate flooring. The updated kitchen boasts an Alexa-enabled Smart Faucet, island breakfast bar, quartz countertops, stainless steel appliances, and white shaker cabinets. The primary bedroom offers French doors to the backyard and a stylish en suite bathroom with touch-screen mirrors. Bonus: A separate guest house (single-wide) with bathroom and kitchenette offers Airbnb potential or extra living space. The enclosed carport serves as a 2-car garage, complete with 220 EV charging, and the property includes two RV gates, a dog wash tub in the laundry room, and owned solar that conveys at no cost. cost, adding energy efficiency. Located near freeways, shopping, dining, schools, parks, and hiking trails, this home offers unbeatable convenience. Schedule your showing today!

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33395 N 132nd Drive Peoria, AZ 85383

$574,900

4 Beds

2.5 Baths

1,940 SqFt

Status Active

MLS # 6748045

Property Type Single Family Residence

Price Type --

MOVE IN NOW! Welcome to your brand NEW HOME in Villages at Vistancia, North Peoria. With a premium oversized lot and a north-facing view, you are surrounded by the natural beauty of the Sonoran desert and the mountains. Step inside this elegant Shiloh Model by Beazer Homes. 1942 sq.ft. of living space, 4 BED + 2.5 BATHS + 2 CAR Garage with a Double RV Gate! Open concept main living area with classic herringbone-natural wood look porcelain tile floors, 12' great room double sliding doors, LED recessed canned lighting, oil rubbed bronze fixtures and hardware, upgraded designer wood shutters, blinds, trim, and doors throughout. The open-concept kitchen features beveled edge warm-tone granite countertops and an island, rich walnut cabinets, under-cabinet lighting,... stylish smoked glass pendant lighting, stainless steel Whirlpool appliances with double ovens, and a pantry for all your storage needs. Spacious master suite with wood shutter and can-lighting, master bath features porcelain tile floors, executive height granite vanity, double sinks, oil rubbed bronze fixtures, large walk-in shower with dark trim, and a walk-in closet. 3 additional bedrooms, a full bathroom, and a convenient powder room offer plenty of space throughout the home. Pre-wired for cameras, security flood lights, electric car, solar, and ceiling fans. Step out back and enjoy the scenic mountain views, bring your decorating ideas, and create your perfect Arizona oasis on this premium oversized lot. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. Full list of updates available.

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2166 S 217th Lane Buckeye, AZ 85326

$574,900

4 Beds

2.5 Baths

3,523 SqFt

Status Active

MLS # 6729300

Property Type Single Family Residence

Price Type --

This spectacular two-story home is perfect for a large family with plenty of room to spread out! Enjoy New Paint outside, new carpet, a water softener, and OWNED solar panels for energy efficiency. Downstairs offers eat in kitchen to entertain your guests with ease. Upstairs boasts four spacious bedrooms with ample closet space. The master bedroom has French doors, walk-in closet and garden tub plus separate shower. Step outside to find your own private oasis complete with brand new sparkling pool, landscaping and views of the desert green belt! Plus there's an extended driveway, three car garage, RV gate and plenty of slab parking. This home is located conveniently close to shopping, restaurants, easy freeway access, hiking & more!

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12384 W Hazelwood Street Avondale, AZ 85392

$574,900

8 Beds

4 Baths

3,900 SqFt

Status Active

MLS # 6746885

Property Type Single Family Residence

Price Type --

Welcome to this spacious 8-bedroom, 4-bath home with a 3-car garage, featuring the quality craftsmanship of a DR Horton floor plan. The heart of this home is the enormous kitchen, complete with cherry cabinets, stainless steel appliances, granite countertops, and a large island—perfect for cooking and entertaining. The master suite offers a luxurious retreat with dual vanities, a separate garden tub, shower, and a huge walk-in closet. Step outside to the spectacular private backyard, where a covered patio spans the entire width of the home, ideal for outdoor gatherings. With dual AC units and a desirable North/South exposure, you'll enjoy comfortable indoor temperatures year-round while keeping utility costs low. Don't miss out on this exceptional property!

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