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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7636 E Thornwood Drive Scottsdale, AZ 85251

$577,500

2 Beds

2 Baths

1,700 SqFt

Status Active Under Contract

MLS # 6730272

Property Type Townhouse

Price Type --

Accepting backup offers! Welcome to your meticulously maintained abode—a harmonious blend of comfort and style. Here's what makes it shine: Modern Upgrades: In 2022, all plumbing received a complete update, ensuring worry-free living. And in 2023, a brand-new roof was completed. Tile Elegance: Wood-like tile flows seamlessly throughout, creating a warm ambiance. But step into the Arizona room, and you'll find charming Saltillo tiles—a nod to the Southwest. Crisp Kitchen: White shaker cabinets grace the kitchen, offering ample storage. Quartz countertops sparkle, inviting culinary adventures. Picture yourself sipping morning coffee at the breakfast bar. Low-Maintenance Bliss: The front and backyard require minimal effort. Paver Perfection: The driveway—crafted with precision pavers. And the epoxy-coated carport practical and is stylish. Community Comforts: As part of the 55+ community, you'll enjoy camaraderie, activities, and a sense of belonging. It's more than a house; it's a lifestyle. Ready to Unpack: No stress here just move in and relish coffee through the French doors off the main suite to your patio.

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9038 W Orchid Lane Peoria, AZ 85345

$577,500

4 Beds

2.5 Baths

2,437 SqFt

Status Active

MLS # 6738790

Property Type Single Family Residence

Price Type --

Seller Concession Available ! Beautifully maintained single-story home nestled in a gated community on a quiet Cul-De-Sac. The kitchen is a chef's dream with granite countertops, a large island adorned with pendant lights, a gas cooktop, stainless steel appliances & LED lighting, all complemented by high ceilings. The split floor plan includes a versatile flex room, perfect for a home office or playroom. The luxurious primary bathroom boasts a soaking tub & a spacious frosted glass tiled shower, alongside a generous walk-in closet. The 3-car garage provides ample storage space. Enjoy the low-maintenance backyard, complete with artificial turf, a dog run, an RV gate, a kids' play structure. Plus, there are no two-story homes behind the property, ensuring privacy. Conveniently located, close to The Westgate Entertainment Complex! This home offers both tranquility and entertainment at your doorstep.

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43227 W Caven Drive Maricopa, AZ 85138

$577,000

5 Beds

3 Baths

3,955 SqFt

Status Active

MLS # 6758139

Property Type Single Family Residence

Price Type --

Must see this GORGEOUS HACIENDA home located in Pecan Groves, Maricopa's most desirable community! This multi-level floorpan with 5 Beds & 3 Baths + LOFT is accented by soaring ceiling & Travertine Tile! Create an incredible life with this 3,901 Sq ft nestled in the GREAT- The Villages of Rancho El Dorado. CHECK OUT THE SPECTACULAR VIEW of the LAKE and the GREAT AMENITIES as YOU enter the subdivision ! You'll love the beautiful Grand Front Porch! Bright open floor plan w/ separate living room & dining room, Lovely KITCHEN w/ Stunning Granite Counter Tops, S/S Appliances w/ Double Oven, Gas Stove & Dishwasher, S/S French door Refrigerator & Microwave Oven.

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2352 W Willow Breeze Road Chino Valley, AZ 86323

$577,000

3 Beds

2 Baths

1,512 SqFt

Status Active

MLS # 6728432

Property Type Single Family Residence

Price Type --

This gorgeous home sits on 3.45 acres of fully fenced property offering breathtaking views from your whole property. The large circular driveway offers more than enough room for parking and guests. The interior of the home is elegantly done, with modern finishes including tile throughout, quartz countertops and a butcher block island. Both bathrooms are well finished with tile and upgraded vanities. The large patio is a perfect place for entertaining or just enjoying the amazing views. The property also features is a large detached shop as well as being equipped for horses and other livestock with stables, tack shed and separately fenced portions of the property. Brand new roof!

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3536 N Snead Drive Goodyear, AZ 85395

$577,000

3 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6748270

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home + casita w/ full bath surrounded by a private backyard oasis featuring multiple entertaining areas, covered patio & gorgeous water feature. Charming courtyard entrance with pavers. Elegant Great Rm with vaulted ceilings & French doors to patio, game table or dining area & entertainment area with media cabinet. Rich wood cabinets, granite counters, stylish tile backsplash, SS appliances incl gas stove (new in 2012), portable prep-bar, walk in pantry & breakfast bar. The primary suite offers a cozy sitting area, patio access, bathroom with dual sinks, shower & walk-in closet. Addtl guest bdrm, full bath, home office/den. Travertine tile throughout home. Re-imagined laundry/craft room with extra storage. GORGEOUS HOME!

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23131 E Twin Acres Drive Queen Creek, AZ 85142

$576,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6766341

Property Type Single Family Residence

Price Type --

Brand new phase!. Our popular Sage plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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3131 N Central Avenue Unit 6021 Phoenix, AZ 85012

$576,913

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568555

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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18231 E Coronado Cave Court Rio Verde, AZ 85263

$576,862

3 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6630554

Property Type Single Family Residence

Price Type --

Welcome to this brand new home in the desirable Trilogy at Verde River community! This is the Valletta model and offers 3 bedrooms, 2 bathrooms, and stunning upgrades throughout! Featuring upgraded flooring, upgraded stained cabinets throughout, a R/O system, and tankless water heater. The kitchen is gorgeous with Quartz countertops and Chevron tiled backsplash! The primary suite is spacious with a lavish ensuite bathroom featuring a dual sink vanity, tiled shower, and a walk-in closet! Do not miss out on this beautiful 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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2225 W Peak View Road Phoenix, AZ 85085

$576,500

4 Beds

2 Baths

2,313 SqFt

Status Active Under Contract

MLS # 6764557

Property Type Single Family Residence

Price Type --

Rare Find! Wonderful ''family friendly'', 4 bed/ 2 bath Home! Single level, 7000+ sq. ft. lot, heated pool W/water fall feature,& lush, mature fruit trees!! Perfect condition! Easy access to I17 Expressway! W/Plenty of nearby shopping & Restaurants in the Norterra area of N. Phoenix & hiking trails just steps away in the Sonoran Preserve! Ideal N/S Exposure! Home features a large, open Greatroom, Vaulted ceilings & neutral paint! 18'' neutral tile T/O except carpet in bedrooms! Totally re-painted inside & out in late 2023/24! Tile & grout just cleaned; outdoor kool deck resurfaced! Open & bright kitchen W/plenty of cabinets! New S.S. appliances, kitchen faucet! Plus HUGE walk-in pantry. Spacious Master bedroom W/ensuite full bath & separate exit to the backyard patio & Paradise! Must See!

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12012 W Parkway Lane Avondale, AZ 85323

$576,310

3 Beds

2.5 Baths

2,480 SqFt

Status Active

MLS # 6741797

Property Type Single Family Residence

Price Type --

Explore this must-see Alden home, ready for quick move-in! Included features: a covered entry; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a center island and a roomy walk-in pantry; an open dining nook with center-meet patio doors; an inviting great room; a thoughtfully designed primary suite offering an oversized walk-in closet and a private bath with double sinks; three secondary bedrooms; two additional baths; a convenient laundry and a tranquil covered patio. This home also boasts impressive 10' ceilings, 9'' x 35'' stone tile flooring, cultured marble bath countertops, extra windows and ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the walkway and driveway.

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3355 Rising Sun Ridge Wickenburg, AZ 85390

$575,950

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6745962

Property Type Single Family Residence

Price Type --

Amazing off-the-grid, very well-maintain cozy house, sitting on a premium lot. Features: high tech appliances, walk-in pantry, spacious master bedroom, built-in vacuum system, solar panels with bird proofing, inverter and storage batteries. House has an extended length garage with beautiful epoxy floor and installed shelves on the walls. House stays attached to the grid in order to sell excess electricity to APC. House is energy efficient in many ways. A Trane XV20i Variable Speed Heat Pump (20 SEER) with 4-ton Hyperion Air Handler was installed in 2022. In 2023 the complete exterior of the house painted, windows and seams caulked. Deal includes an EZ-GO RXV (golf cart) with replaced batteries.

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9229 E Spiral Avenue Mesa, AZ 85212

$575,700

4 Beds

3 Baths

2,224 SqFt

Status Active

MLS # 6755701

Property Type Single Family Residence

Price Type --

BRAND NEW MOVE IN READY HOME! This SLOAN plan includes a DELUXE gourmet kitchen, white cabinets, black pulls, quartz counter tops, subway tile backsplash, upgraded tile and carpet flooring, and Apple Pod Smart Home Kit. READY SEP!

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