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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4043 N Smithsonian Drive Florence, AZ 85132

$569,900

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6762591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Enjoy the tour and views of this stunning 3 bedroom, 2.5 bath ''Endeavor'' model. The PREMIUM WASH LOT and outdoor living space offers gorgeous sunrises and private Sonoran desert views from the extended paver patio, surrounded by beautiful mature landscape. The home is just as beautiful inside with details that include a gourmet kitchen featuring upgraded staggered cabinetry w/roll-out trays, gas cooktop, beautiful granite countertops, tile backsplash, pendant lighting, RO system, water softener, tankless hot water, NEW A/C unit, impressive entry door, laundry/garage cabinets, entertainment center, solar and MUCH MORE! The primary suite features matching granite and cabinets, soaking tub w/separate shower and a large walk in closet. A MUST SEE HOME! Enjoy our Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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2044 W Trotter Trail Phoenix, AZ 85085

$569,900

3 Beds

2.5 Baths

1,942 SqFt

Status Active

MLS # 6770717

Property Type Single Family Residence

Price Type --

Modern home located in the highly sought after north Phoenix community of Union Park At Norterra. Home is only 5 years old w/ desirable open floor plan & great room feel. Upgraded gourmet kitchen has breakfast island, gas cook top & walk-in pantry. Large primary suite features dual vanities, oversized shower and spacious walk-in closet w/access to laundry room located on 2nd floor and the low maintenance yard has artificial turf & water fall. Conveniently located near DVUSD K-8, shopping & dining at Shops at Norterra, close to TSMC and has easy access east to Scottsdale or north to Sedona/Flagstaff via nearby I-17 & 101 Hwys. Friendly community w/resort-style heated pool & kids play pool, playgrounds, dog park, pickle ball & basketball courts too.

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4196 E Bonanza Road Gilbert, AZ 85297

$569,900

4 Beds

2.5 Baths

2,257 SqFt

Status Active

MLS # 6772058

Property Type Single Family Residence

Price Type --

This is it folks very well maintained lovely two story home in Popular Power Ranch. Formal Living and Dining with a Family room kitchen area. Kitchen has stainless appliances with beautiful dark cabinets. 4 bedrooms plus a loft area, 2.5 bathrooms. Primary Bedroom ensuite with a separate tub and shower, double sinks and walk in closet. Low maintenance front and back yards with auto drip system. Power Ranch offers Elementary School across the street from subdivision, Tennis courts, pickle ball, heated pool, spa, 2 catch and release lakes, two club houses, playgrounds and walking trails and so much more. SO MANY COMMUNITY AMMENITIES.......

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744 E Laddoos Avenue San Tan Valley, AZ 85140

$569,900

2 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6772857

Property Type Single Family Residence

Price Type --

Fabulous Alexandria model on large corner lot! Welcome to this beautifully designed home featuring an open and functional floor plan, 10' ceilings perfect for modern living. The expansive great room seamlessly integrates a gourmet kitchen with a large island, a cozy breakfast nook, and a dining area, ideal for both casual meals and formal gatherings. The spacious living room offers ample room for relaxation, while an additional flexible space can serve as a home office, library, or den. The home boasts two generously sized BRs, including a luxurious primary suite complete with double sinks w/new fixtures, and walk-in closet. Cozy rear patio with fireplace, ideal for those cool AZ evenings, allows for outdoor living! All of this plus solar and a 4' extended garage, new paint in and out!

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8304 E Posada Avenue Mesa, AZ 85212

$569,900

4 Beds

2.5 Baths

3,487 SqFt

Status Active

MLS # 6678957

Property Type Single Family Residence

Price Type --

4 spacious bedrooms plus a loft, each equipped with its own walk-in closet for unparalleled storage. Enjoy awesome upgrades throughout, exquisite bathroom vanities and countertops, sleek faucets, a beautifully remodeled master shower, and the added convenience of comfort-height toilets. We continue with the addition of meticulously chosen light fixtures and five stylish ceiling fans, perfectly complementing the tiled flooring and upgraded upstairs baseboards. The kitchen, features refinished cabinets with new hardware, striking granite countertops, and a charming farm sink. Step outside to your own private Pebble Tec pool for endless hours of relaxation and enjoyment. Every room is spacious, separate living room and family room, 2 areas for dining + breakfast bar, granite counter tops and white cabinets, gas cook top, SS appliances. Charming light and bright bay window breakfast nook Amazing walk -in pantry seems endless, with additional storage area. Handy sink in laundry room. So much storage everywhere in this home, with closet after closet, including in loft, and large nicely finished expanded storage closet with light, under the stairs. Sparkling pool makes for at home entertainment and relaxing, easy maintenance back yard with grapefruit and orange trees, and recently replaced drip lines. solar panels for energy savings! So much more!

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4340 E Park Avenue Gilbert, AZ 85234

$569,900

4 Beds

3 Baths

2,556 SqFt

Status Active Under Contract

MLS # 6783894

Property Type Single Family Residence

Price Type --

Discover the charm of this home in Highland Groves at Morrison Ranch! Step inside to an inviting interior bathed in natural light, featuring two-tone paint, elegant archways, recessed lighting, and a blend of wood and carpeting throughout. The expansive living/dining area flows seamlessly into the cozy family room, complete with a fireplace and a built-in media niche. The gourmet kitchen is a chef's dream, offering stainless steel appliances, sleek granite countertops, a stylish mosaic tile backsplash, a pantry, a central island, and cabinetry with crown molding. A versatile den and a full bath are conveniently located downstairs, while a spacious loft awaits upstairs. The luxurious master suite boasts a spa-like ensuite with dual vanities, a separate tub and shower, and a generous walk-in closet. Step outside to the backyard, where you'll find a covered patio, a putting green, and beautifully arranged pavers for a perfect outdoor retreat.

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17334 E San Marcus Drive Fountain Hills, AZ 85268

$569,900

3 Beds

2 Baths

1,354 SqFt

Status Active

MLS # 6769056

Property Type Single Family Residence

Price Type --

WOW! Don't miss out on this gorgeous, remodeled 3 bed 2 bath home steps away from Four Peaks Park in Fountain Hills. Walking in, you will be greeted by a fully renovated kitchen & a beautiful open floor plan. Enjoy all new flooring throughout the entire home that creates a perfect flow. Additional updates include; NEW AC, NEW water softener, NEW RO water system, NEW exterior and interior paint, raised ceilings and so much more! In addition to all the interior updates, you will love spending time outside on this oversized private lot that backs to a wash giving added privacy. This backyard has new artificial turf & pavers that allow for a year-round beautiful look, that is conveniently low maintenance. Another amazing feature of the backyard is the RV gate and RV parking with NO HOA

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322 E La Diosa Drive Tempe, AZ 85282

$569,900

3 Beds

2 Baths

2,035 SqFt

Status Active Under Contract

MLS # 6780028

Property Type Single Family Residence

Price Type --

Beautiful spacious Tempe home with mature trees on a large corner interior lot! Just 1.5 blocks from ASU. This home is ready to become whatever you envision, is livable and could us some serious updates. Larger a/c unit replaced this last June, plumbing work done a few years ago too. Alley entry 2 car garage with extra storage space and a covered space to park out front of the home too. Possibilities are endless and this one won't last long once it goes active.

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22633 W Yellow Bird Lane Wittmann, AZ 85361

$569,900

4 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6787326

Property Type Single Family Residence

Price Type --

A true desert dream, with Mountain views of the White Tank from your backyard. Over 52,000 square feet of land, bring your desert toys, this property offers privacy and tranquility.Split designed floor plan, offers four large bedrooms and an oversized walk-in closet in the Master Suite. The guest bathroom features dual sinks and tons of storage. A very welcoming open living area, spacious kitchen, as well as formal dining area, breakfast nook and bar seating. The soaring ceilings and full fresh interior paint create a bright and airy atmosphere with beautiful desert views. You will love the three car garage and additional parking, with plenty of room for all of your vehicles and off-road toys! The additional outdoor shed provides space for tools and storage, and the covered patio in the backyard is the perfect place to relax as the sun goes down. This home also has a brand new roof and no HOA!

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13442 W Blackstone Lane Peoria, AZ 85383

$569,900

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6624856

Property Type Single Family Residence

Price Type --

Like NEW 2021 Built '' Vibrant Situated on an OVERSIZED Lot with N/S Exposure in Award Winning Trilogy at Vistancia. TREMENDOUS Curb Appeal with Mature Lush Desert Landscape, Stone Accent and PAVER Driveway. Backyard with Putting Green .Inside includes Neutral Palette , ALL Tile Flooring along with 9FT Ceilings and Window Treatments T/0. Beautiful Kitchen with Large Granite Island , Designer Backsplash. and Rich Dark Cabinetry. Primary BR with LARGE Closet . BR 2 is Split with South Exposure . Bath 2 with Soaking Tub. Gorgeous Den with Built Ins and French Doors - Would make a Great 3rd BR. Backyard with Expanded Covered Patio , Travertine & Putting Green . Smart Space for extra storage or Office. This Home is in Terrific Condition . Sellers are MOTIVATED . Home is available TURNKEY

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34214 W Sahuaro Street Tonopah, AZ 85354

$569,900

4 Beds

2.5 Baths

2,336 SqFt

Status Active

MLS # 6672281

Property Type Single Family Residence

Price Type --

This stunning property is eligible for a 0% down payment with a USDA loan! Sitting on a 2-acre lot, offering endless possibilities for expansion or additional structures such as a second home or workshop. This home has 4 bedrooms and 2.5 bathrooms. Beautiful kitchen with granite counter tops and open spaces to the living and dining rooms. The master bedroom offers a walk-in shower, private toilet room and a walk-in closet. A beautiful, covered patio and irrigation system was installed on all the plants in the backyard. The house is equipped with ready fast satellite internet. Completely move-in ready. With no HOA restrictions, BRING YOUR HORSES, TOYS, RV'S, ETC!! This home features upgraded foam insulation, Nest smart home thermostat, Trane A/C unit, the 220-volt setup is perfect for a wo

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1698 N San Gabriel Avenue Sierra Vista, AZ 85635

$569,900

3 Beds

2.5 Baths

2,079 SqFt

Status Active Under Contract

MLS # 6748521

Property Type Single Family Residence

Price Type --

This is it! HUGE PRICE IMPROVEMENT! NICELY REMODELED HOME WITH A POOL AND SPA and HEATED AND COOLED 1300 SQ FT WORKHOP in desirable Ranchos Carmela. This split floorplan home features 3 spacious bedrooms, 2.5 bath, Luxury Vinyl Plank Flooring, Formal Dining Room, Breakfast Nook, NEW HVAC and a beautifully updated kitchen. Featuring NEW Stainless Steel kitchen appliances, elegant Quartz countertops and Kitchen Island. Spacious outdoor entertainment area includes a solar heated pool and spa, complete with an automated pool cover and new water filter. This home also features a 10x16 storage shed, an access to a half bath from the pool and a 36x36 workshop, insulated from top to bottom and heated and cooled! Formal dining room can be easily converted into a 4th BR. FEATURES LIST ON PHOTOS

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