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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870 W Shellfish Drive Gilbert, AZ 85233

$574,900

3 Beds

2.5 Baths

2,035 SqFt

Status Active

MLS # 6751826

Property Type Single Family Residence

Price Type --

Centrally located in the highly desirable Gilbert Islands community, this home offers both modern amenities and an eco-friendly lifestyle. Equipped with solar panels and an EV charging station, it's perfect for the environmentally conscious homeowner. This charming residence features a spacious layout with 3 bedrooms plus a loft/den, a large family room, and a well-appointed kitchen with stainless steel appliances and new granite countertops. Enjoy the serene ambiance of a quiet street across from the lake, with a private backyard that backs to a treed park—no neighbors directly behind. The resort-like outdoor space includes a large pool, ample gardening area, and side-yard storage for your toys. Great access to local amenities, schools and shopping.

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406 E Glenhaven Drive Phoenix, AZ 85048

$574,900

4 Beds

3 Baths

2,303 SqFt

Status Active

MLS # 6762786

Property Type Single Family Residence

Price Type --

Come see this beautiful, upgraded 4 bed, 3 full bath home in a quiet section of The Foothills. The kitchen features custom upgrades including Wellborn cabinets, quartz countertops, island, and pendant lighting. The guest bedroom is downstairs, with full bath. The owner's suite features vaulted ceilings, shutters, and a private balcony to enjoy the gorgeous mountain views. The attached bonus room can be used as an office, nursery, or workout room. The owner's bath has a custom tile shower, huge vanity with quartz countertop, dual sinks, and upgraded flooring. The custom closet has a built-in dresser and shelves. Both secondary baths have been updated with new vanities, quartz countertops, fixtures, and paint. The private north-facing backyard is perfect for entertaining or unwinding while taking in the gorgeous mountain views. New refrigerator and dishwasher installed this year. Roof and HVAC are less than 6 yrs old and will give you years of enjoyment without worry or cost.

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9136 E Plata Avenue Mesa, AZ 85212

$574,900

5 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6764130

Property Type Single Family Residence

Price Type --

Better than New!! Welcome to this Stunning Fully Remodeled 5-Bedroom 2-bathroom Home with100k in Quality Upgrades you wont find in a new build! This beautiful residence is meticulously updated. Home features appliances, custom cabinetry, Barndoor, lighting, and generous counter space perfect for both cooking and entertaining. Spacious living area flows into 5 well maintaned bedrooms, 5th bedroom used as a bedroom but could be a den, provides a great space for family and guests. Bathrooms have been beautifully updated, with modern finishes and fixtures. New landscaping in both front and back yards include sleek pavers. The backyard is designed for entertaining with welcoming lush synthetic grass complete with an above-ground pool, ideal for summer. See doc tab for generous list of upgrades

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2218 W Curry Street Chandler, AZ 85224

$574,900

4 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6774650

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Family Home! Fall in love with this stunning North Chandler residence featuring 4 Bedrooms, 2 Baths, and a Sparkling Pool—perfect for Family Fun and Relaxation! This beautiful Home boasts impressive Curb Appeal with a Spacious 2-Car Garage and an RV Gate for all your toys and adventures. Step inside to discover a Bright and Inviting Interior, highlighted by a completely remodeled Chef's Kitchen. Enjoy Upgraded Premium Cabinetry, a large Kitchen Island, Granite Countertops, and a cozy Eat-in Dining area, all complemented by elegant Tile Flooring and Soft Carpet in just the right places. The welcoming Living Room features French doors that lead to your own oasis—a Crystal-Clear Pool surrounded by a Covered Patio. The Oversized Main retreat is a true sanctuary, offering His and Hers Closets, a resort-style Ensuite Shower, and easy access to the backyard patio through more French Doors. Additional highlights include a Soft Water System, Dual-Pane Windows, recent Attic Insulation, and a Drop-Down Ladder in the Garage for extra storage. Both front and backyards are equipped with a Sprinkler System, and the New Turf creates a low-maintenance, green space. Enjoy modern conveniences with a 3-Stage Efficient Pool Motor, an Outdoor Hot and Cold Shower by the Pool, and Wi-Fi-controlled A/C thermostat and Garage Door. Located in a peaceful neighborhood, this home is surrounded by Parks and Common Areas, perfect for family outings and community fun. Don't miss this incredible opportunity....this gem is priced to sell!

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4570 S Felix Place Chandler, AZ 85248

$574,900

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6757381

Property Type Single Family Residence

Price Type --

Welcome to Parkview Place, a beautiful GATED Ocotillo community. This home has been meticulously maintained by original owner and shows like a model! Fabulous floor plan features 3 bedrooms, 2.5 baths PLUS a large open LOFT and 2 car garage. Modern Craftsman design features 42'' white cabinetry, stainless steel appliances, quartz kitchen countertops, wood plank style tile, upgraded carpet in bedrooms, white blinds, satin nickel fixtures and finishes, 8' four panel sliding patio door and much more. Artificial turf in yard and sparkling community pool with BBQ area.. At Parkview Place, convenient, low maintenance living meets exceptional design & innovation. Snedigar Park and the Fulton Ranch walking paths and lakes just steps away. Fabulous lock and leave opportunity!

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20148 N 109th Drive Sun City, AZ 85373

$574,900

4 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6762784

Property Type Single Family Residence

Price Type --

BRAND NEW ROOF, JUST ADDED! With a warranty! Don't miss out on this rare opportunity to own a beautifully renovated gem in the highly sought-after Ventana Lakes community! This stunning 4-bedroom, 2-bathroom home is perfectly situated on a sprawling 16,000 square-foot cul-de-sac lot, offering ample space and privacy. The home has been completely transformed with modern upgrades, including brand-new flooring, fresh interior and exterior paint, sleek quartz countertops, freshly painted cabinets, new hardware, state-of-the-art kitchen appliances, updated lighting and fans, modern plumbing fixtures, baseboards, and more! As you step inside, you'll immediately be greeted by the soaring vaulted ceilings and an abundance of natural light that fills every corner of this open and airy space. The tranquil atmosphere creates the perfect backdrop for both entertaining guests and enjoying peaceful moments at home. The highly desirable Ventana Lakes community offers more than just a homeit's a lifestyle. Enjoy the scenic walking paths winding around nine beautiful lakes, catch-and-release fishing in fully stocked waters, and a wealth of amenities including pickleball courts, four community pools, tennis courts, and a well-equipped clubhouse with a fitness center and rooms for classes and activities. This home embodies the perfect blend of comfort, style, and community living. Come see it for yourself before it's gone!

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12827 S Hermit Road Buckeye, AZ 85326

Open House

$574,900

4 Beds

2 Baths

2,161 SqFt

Status Active

MLS # 6729702

Property Type Single Family Residence

Price Type --

Welcome into your beautiful spacious horse property with a pool located on just over an acre! The property is fully fenced and has a 2 car garage. You'll love this spacious floor plan, with 4 bedrooms, 2 bathrooms and has tons of natural light throughout with vaulted ceilings. The gorgeous kitchen has custom cabinets, stainless steel appliances and a breakfast bar. The owner's suite features tons of space, with a large master bathroom that has a separate tub and shower and double sinks. Out back you'll find a fenced pool with a large baja step and is surrounded with travertine decking. The extended covered patio makes for great entertaining space. This oversized lot has tons of space to build horse stalls, storage sheds etc. Home is located in a non HOA community. Come out to see it!

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19001 W Desert Mirage Drive Surprise, AZ 85388

$574,500

3 Beds

2 Baths

2,010 SqFt

Status Active Under Contract

MLS # 6756108

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Surprise! This stunning 3-bedroom, 2-bath residence with a den boasts impressive curb appeal, featuring a tranquil front porch. Inside, you'll find a meticulously maintained space, highlighted by a gourmet kitchen with custom cabinets, a pantry, an oversized island, and stainless-steel appliances. The open-concept design seamlessly flows to an inviting outdoor area with dual sliders, a covered patio equipped with ceiling fans and TV hookups, and a self-cleaning, heated, and cooled saltwater pool with a beautiful water feature. The owner's suite is a spacious retreat, featuring a spa-like bathroom and a custom closet. Additional highlights include plantation shutters, solar, sun screens, and an oversized garage with built-in cabinets. Come see it today!

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18313 E Spring Valley Court Rio Verde, AZ 85263

$574,449

2 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6758949

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well thought-out layout with 2 bedrooms, 2 bathrooms, and an office. Enjoy Beautiful Gold Landscape Package which Includes Pavers and upgraded window covering package. The kitchen is stunning with Barcelona Granite Countertops and a spacious kitchen island with a breakfast bar. The great room boasts a 12 foot multi-slide door that open to the covered patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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14226 W Parkland Drive Sun City West, AZ 85375

$574,400

2 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6761226

Property Type Single Family Residence

Price Type --

Welcome to this spectacular home-resort style living with a serene interior atmosphere! Meticulously updated San Carlos model featuring private, heated pool and amazing views of the 18th fairway of the Grandview Golf Course-situated on a large lot in a low tax area with no HOA fees! Come inside this luxurious dream home that features custom granite countertops throughout, upgraded GE Profile S/S kitchen appliances & updated spa-inspired bathrooms, plantation shutters T/O, popcorn ceilings removed, wall corners bullnosed, int/ext neutral paint, OWNED SOLAR BLANKET HEATING SYSTEM FOR POOL, automatic Remote-Controlled Misters on rear patio, Culligan water softener system & mature fruit trees, beautifully landscaped, Oversized utility room w custom utility sink-storage & pull-out faucet.

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8762 E Posada Avenue Mesa, AZ 85212

$574,000

4 Beds

2 Baths

2,516 SqFt

Status Active

MLS # 6732222

Property Type Single Family Residence

Price Type --

Highly sought-after MOVE-IN READY single level home with 4 spacious bedrooms and 2 full bathrooms! The open kitchen features a large island, granite counters, tile backsplash, and stainlesss steel appliances- perfect for hosting gatherings with family and friends. The walk-in pantry provides ample storage space for all your kitchen essentials. Outside you will find a private pool with a waterfall feature and pergola, perfect for outdoor entertaining and relaxation. The primary bedroom is spacious with a bathroom that offers dual sinks, separate shower/bathtub, and a large walk-in closet. A new AC was installed this year, so you don't have to worry about the heat. Quick access to 202 & 60 freeways! Don't miss out on the chance to make this house your home! Gilbert Schools/Mesa taxes

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20221 N 31st Street Phoenix, AZ 85050

$574,000

5 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6749488

Property Type Single Family Residence

Price Type --

Immaculate 5-Bedroom, 3-Bath Move-In Ready Home with Fresh Updates, and Backyard Paradise. Discover the perfect blend of modern luxury and convenience. This newly painted 5-bedroom, 3-bathroom home is move-in ready and packed with features that make it an exceptional find. With two brand-new AC units installed in May 2024, you'll enjoy year-round comfort in this energy-efficient, beautifully upgraded property. Step inside to find a bright, open layout with plenty of space to entertain. The living room is prewired for a large TV, ready for your home theater setup—perfect for movie nights or watching the big game in style. The home also features a remodeled master bathroom and new flooring upstairs, adding a touch of luxury at every turn. The wardrobe in the upstairs guest room conveys with the property, offering added convenience. Outside, the backyard oasis awaits, featuring a charming pergola and fruit trees that create the perfect setting for outdoor gatherings or peaceful evenings at home. Location couldn't be betterCostco is less than a mile away, and you're just minutes from Desert Ridge Marketplace for shopping, dining, and entertainment. Plus, with easy access to Loop 101 and SR-51, commuting anywhere in Phoenix is a breeze. This stunning home checks all the boxes: space, style, comfort, and a prime location. Don't miss this incredible opportunityschedule your showing today before it's gone!

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