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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4571 W Shannon Street Chandler, AZ 85226

$579,000

4 Beds

2.5 Baths

2,080 SqFt

Status Active Under Contract

MLS # 6748421

Property Type Single Family Residence

Price Type --

This stunning two-story property boasts of FULLY OWNED TESLA SOLAR! It has a great curb appeal, a two-car garage, and a beautifully landscaped yard. Step inside to discover a cozy living/dining area complete with a fireplace. The eat-in kitchen boasts of upgraded cabinetry and granite countertops. The master suite has a walk in closet & separate shower/tub. The spacious loft, offers a versatile space that could serve as a media room, play area, or anything you envision. The backyard features a covered patio perfect for hosting. Ideally located near restaurants, grocery stores, public library & the Desert Breeze Park! The home has been cared for and upgraded by the seller over the years. NEW ROOF (2021), NEW ENERGY EFFICIENT WATER HEATER (2021), NEW GARAGE DOOR(2021)

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3034 E Marilyn Road Phoenix, AZ 85032

$579,000

3 Beds

2 Baths

1,913 SqFt

Status Active Under Contract

MLS # 6763014

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath home with a 2 car garage in a great neighborhood with no HOA. This gorgeous home is move in ready with some nice upgrades like flooring, fixtures, ceiling fans, appliances, washer/dryer and remodeled bathrooms. Separate Living Room and Family Room. Windows have been updated and all windows have shutters or blinds. A/C was replaced in 2019. Ring Doorbell. Security Screen Door in front. French doors in back. There is an above ground spa that stays with the home (as-is). Sprinkler system in the front and the backyard. Beautiful mature trees, palms and citrus trees. Large laundry room plus extra storage room. Covered Patio and shed.

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16085 W Alameda Road Surprise, AZ 85387

$579,000

3 Beds

2.5 Baths

2,019 SqFt

Status Active

MLS # 6772867

Property Type Single Family Residence

Price Type --

The seller is offering a 3% concession PLUS a $5,000 allowance for landscaping. This beautiful, move-in-ready home features a gourmet kitchen with upgraded cabinetry, a stylish backsplash, stainless steel appliances, granite countertops, and a walk-in pantry. The spacious great room opens to a backyard that is ready for you to create your ideal outdoor oasis. Bedrooms #2 and #3 share a guest bathroom and are separated from the primary bedroom for added privacy. Enjoy shutters and ceiling fans throughout, and soft water system. The community provides exceptional amenities, including an aquatic center, pickleball, sand volleyball, bocce ball, playgrounds, trails, zip lines, and frisbee golf! Special financing incentives are available on this property through SIRVA Mortgage.

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2560 W Goldmine Mountain Drive San Tan Valley, AZ 85144

$579,000

5 Beds

2.5 Baths

3,242 SqFt

Status Active

MLS # 6750598

Property Type Single Family Residence

Price Type --

This spacious 3,242 sq. ft. home with 5 bedrooms and 2.5 bathrooms is located in the desirable Santan Heights community in Santan Valley. Price reduced! Now offered at $579,000. With a bright and airy interior, the home features large windows throughout, allowing for plenty of natural light to fill the space. Its large, open layout offers plenty of room for families and those who enjoy entertaining. The kitchen comes equipped with modern stainless steel appliances, granite countertops, and plenty of cabinet space, making it both functional and stylish for everyday cooking or hosting. The living area leads directly to the backyard through sliding glass doors, opening up to a landscaped yard with green grass and palm trees, offering a peaceful and relaxing outdoor space. The backyard features a covered patio with ceiling fans, perfect for barbecues or family gatherings, and a pool, great for cooling off in the Arizona heat. An RV gate provides added convenience, and the home's solar panels are fully paid off, helping to lower utility costs. The primary suite includes a private balcony overlooking the pool, a perfect spot for unwinding or enjoying sunsets. The attached bathroom offers a walk-in shower, a soaking tub, and a large walk-in closet. In addition to the five bedrooms, there's an extra room upstairs that can be used as an office, nursery, or extra living space. The three-car garage provides plenty of space for vehicles and storage. Recent updates include the replacement of both AC units, adding to the home's energy efficiency. Located in a quiet neighborhood, this home is within walking distance of parks and is close to local shopping and dining options like Home Depot, Walmart, Starbucks, and more.

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2103 W Claremont Street Phoenix, AZ 85015

New

$579,000

3 Beds

2 Baths

2,254 SqFt

Status Active

MLS # 6778124

Property Type Townhouse

Price Type --

Stunning transformed home showcasing meticulous design and lavish upgrades throughout. As you approach, custom security and entry doors welcome you. Upon entering, custom luxury vinyl plank floors flow seamlessly into the open-concept living area. The chef's dream kitchen features top-of-the-line premium appliances, custom cabinetry, and a massive quartz-topped center island. The spacious master suite is a true sanctuary, offering a huge walk-in closet with its own washer and dryer hookup. The luxurious en-suite bathroom features a custom tiled walk-in shower with built-in seating, a freestanding soaking tub, and a double vanity with stylish fixtures. Additionally, the home includes two multi-functional bonus rooms PLUS an indoor enclosed patio. A true dream home!

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342 W Beechnut Place Sun Lakes, AZ 85248

$579,000

2 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6773289

Property Type Single Family Residence

Price Type --

REMODELED PALMERA model w/ SPLIT BEDROOMS & Den + MULTI-PURPOSE Climate Controlled AZ Room on PRIVATE Corner Lot in the GATED, ADULT community of Ironwood. ALL NEW: Luxury Plank Flooring, Baseboards, Lighting/Fans, Fixtures & Interior/Exterior Paint. 2017 AC, VAULTED CEILINGS & Water Softener. GREAT ROOM is open to the EAT-IN KITCHEN w/ Pantry, Island, Stainless Appliances, INDUCTION COOKTOP & 42''Maple Cabinets. Spacious Primary Bedroom w/Bay Window has a LARGE BATHROOM w/ Quartz, Double Vanity, tiled WALK-IN Shower + HUGE WALK-IN CLOSET. Tons of STORAGE in the Laundry Room & EXTENDED 2 CAR Epoxied Garage. Low maintenance NORTH-FACING backyard w/ fruit trees. Come enjoy Sun Lakes w/ its amenities of golf, tennis, pickleball, pools, fitness center, clubs, social activities & restaurant.

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22410 N Arrellaga Drive Sun City West, AZ 85375

$579,000

2 Beds

2 Baths

1,684 SqFt

Status Active

MLS # 6775501

Property Type Single Family Residence

Price Type --

Presenting blue skies and green grass as far as the eye can see! This beautiful Arcada model is perfectly positioned on an elevated lot & on the 5th Fairway of Corte Bella Country Club. This home captures a stunning environment that's designed to make every day seem like you're on vacation. The covered patio spans the width of the house and pavers invite you to sit by the firepit or trickling fountain. The focal point of the living room is the designer entertainment wall with lighted niches. The dining area has a view! The kitchen includes gas stove and granite counters, Two spacious bedrooms and a den with double doors. The bonus space behind the kitchen can be used for a desk, hobby room, pet room, or air-conditioned storage. Most of the furniture is available outside of escrow.

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3200 W Black Oak Loop Show Low, AZ 85901

$579,000

3 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6669326

Property Type Townhouse

Price Type --

This Torreon golf villa offers a comfortable and convenient living space with its 3 bedrooms and 2 bathrooms. It is designed for a lock and leave lifestyle, providing you with peace of mind when you're away. The property features a detached 1-car garage, offering secure parking and additional storage space. Surrounded by a lush canopy of trees, this villa provides a serene and private atmosphere. The covered deck and patio area are perfect for relaxing or entertaining, allowing you to enjoy the beautiful surroundings. The open floorplan creates a spacious and airy feel, while the split layout ensures privacy between the bedrooms. Large spacious kitchen makes meal prep a breeze while guest can accompany around the breakfast bar. Whether you're a golf enthusiast or simply..

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3033 E Millbrae Lane Gilbert, AZ 85234

$579,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6726711

Property Type Single Family Residence

Price Type --

MOVE-IN-READY!!! LOTS of CHARM & CHARACTER EVERYWHERE!!! This home is a MUST SEE!!! Full Bedroom & Bathroom DOWNSTAIRS!!! Upon entry, you're wowed by VAULTED CEILINGS, along with two separate living areas, a STUNNING KITCHEN overlooking the main living space, making this the PERFECT HUB OF THE HOME!!! Spend some time outback in your Sparkling POOL, or relax in tub HOT TUB, cook out in your BUILT-IN-BBQ, or even enjoy your very own PUTTING GREEN!!! This backyard is an Entertainer's Dream!!! Workbench area in garage, along with LOTS OF STORAGE!!! This home has it all!!! Home is steps away from a FANTASTIC park with playground area and Basketball courts!! Don't miss out on this one!!!

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1326 W Juanita Avenue Mesa, AZ 85202

$579,000

4 Beds

3 Baths

2,278 SqFt

Status Active

MLS # 6729599

Property Type Single Family Residence

Price Type --

Incredible opportunity for investors looking to secure a property with tenant and lease already in place!!! Gorgeous updated 4 bed/3bath sits on a large lush lot. Updated kitchen with stainless steel appliances. Separate office/den/sunroom adjacent to family room with separate sliding doors to backyard. One bedroom downstairs with bathroom, with remaining 3 upstairs. Lots of updates and great potential for investment property!!!

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8821 S 47th Place Phoenix, AZ 85044

$579,000

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6745563

Property Type Townhouse

Price Type --

A rare opportunity for totally updated residence w/ views in mountainside resort, gated community! Amazing 4 bed, 3 bath residence in Pointe South Mtn/ AZ Grande in Ahwatukee haven! Two master bedrooms/ two large bedrooms perfect for large family or multi generational living. Upstairs bedrooms have balconies. Downstairs master with outdoor access. Updates from 2024 include modern interior color palette (2023 colors of the year), ext paint, two luxurious tiled rain showers, SS appliances, granite counters in kitchen/ downstairs baths, new light fixtures, new plumbing fixtures, all new flooring (wood plank tile and carpet), feature wall, roof updated, new landscape design featuring artificial grass and nightscape. The joy of your own piece of resort living, totally updated!

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823 Sycamore Lane Chino Valley, AZ 86323

$579,000

3 Beds

2 Baths

1,554 SqFt

Status Active

MLS # 6748043

Property Type Single Family Residence

Price Type --

This meticulously maintained home in central Chino Valley offers something for everyone, blending comfort, convenience, and style. Located just minutes from Chino Valley's main commercial areas and a short drive from Prescott and Prescott Valley, this home's prime location is ideal. Upon entering, you're greeted by a spacious great room featuring a vaulted ceiling, ceiling fan, and a striking 3-sided gas fireplace. The luxury vinyl plank and tile flooring throughout adds to the home's elegance. The adjacent kitchen is a chef's dream, boasting solid surface countertops, abundant cabinetry, a corner pantry, and a large skylight that floods the space with natural light. The dining room, perfect for hosting meals, offers direct access to the charming rear patio, making entertaining a breeze. Designed with a sought-after split floor plan, the large master suite features vaulted ceilings and direct access to the back patio. The master bath is equally impressive with a spacious walk-in closet, garden tub, dual vanities, and a walk-in shower with grab bars. On the opposite side of the home, two sizable guest bedrooms and a full bath are privately situated off the great room, ensuring comfort and privacy for all. The pristine exterior is equally inviting, with a massive screened-in covered patio perfect for year-round entertaining. This space includes a fabulous hot tub that conveys with the property. The home also offers abundant RV parking, with two separate water, sewer, and power hookup locations. Both the front and rear yards are beautifully landscaped and low-maintenance. The front patio boasts views of Granite Mountain, while the large, flat backyard serves as an excellent starting point for any outdoor hobby. The oversized 3-car garage provides ample parking and storage, complemented by an additional high-quality Tuff Shed on the property. Recent updates include substantial repairs and upgrades to the septic system, a thorough revamp of the drainage and rain gutters, new luxury vinyl plank flooring, steam cleaning and sealing of tile areas, a significant tune-up of the hot tub's hardware, and several new high-quality windows.

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