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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43298 W Desert Fairways Drive Maricopa, AZ 85138

$575,000

4 Beds

2.5 Baths

2,862 SqFt

Status Active Under Contract

MLS # 6761031

Property Type Single Family Residence

Price Type --

Welcome to this immaculate home located on the prestigious Duke Golf Course, offering breathtaking views and luxurious living. The oversized resort-style backyard is a true entertainer's dream, featuring a sparkling pool, a putting green for the golf enthusiast, an RV gate, and two expansive side yards. With OWNED SOLAR, you'll enjoy year-round energy savings, making the most of Arizona's abundant sunshine.The gourmet kitchen boasts beautiful granite countertops, stainless steel appliances, and ample space for any home chef to enjoy. The spacious primary bedroom offers an elegant ensuite bathroom, creating a private and luxurious retreat. There's also a dedicated office space that can serve multiple purposes, from a home office to a hobby room. This home perfectly blends comfort & style.

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1412 E Windsor Drive Gilbert, AZ 85296

$575,000

3 Beds

2.5 Baths

2,182 SqFt

Status Active Under Contract

MLS # 6764765

Property Type Single Family Residence

Price Type --

What a BEAUTY this one is**CORNER lot**GREAT curb appeal**Newer front door opens to COZY entry with den and staircase leading up to loft and bedrooms**Downstairs features bamboo flooring, warm tones great room and kitchen with lots of cooking space and good sized walk in panty**FRENCH doors (2020) in great room open to lush quiet pool area**Upstairs bedrooms are all oversized, primary has 2 walk in closets, Large loft can be used as game room, additional TV room, etc**All windows replaced 2023, front door replaced 2020**Newer dishwasher 2023**Exterior painted 2023**Updated pool decking, pool vacuum and cartridge 2024**Gas line to BB on patio**Take a look at the pictures, owners have taken care of their home and it shows**Golf course community**shopping etc all a few min away**

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8735 E Via De La Luna Road Scottsdale, AZ 85258

$575,000

2 Beds

2 Baths

1,213 SqFt

Status Active Under Contract

MLS # 6769405

Property Type Townhouse

Price Type --

Move fast on this beautifully remodeled 2 bed, 2 bath townhome with a 2-car garage in the heart of McCormick Ranch! Features stunning updates, including wood-look tile flooring, wood shutters, automatic blinds with remote, beamed ceiling, quartz countertops and custom marble backsplash. Master bedroom offers a private exit to patio and stylish barn door leads to ensuite with large walk-in shower. Vaulted open great room filled with natural light, skylights and cozy fireplace is perfect for entertaining. Private back patio provides a peaceful retreat. This home offers access to biking and walking paths, a lush pool/spa area surrounded by palm trees and close proximity to top dining, shopping and entertainment at Salt River Fields. Easy access to the 101 freeway!

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2989 N 44th Street Unit 3028 Phoenix, AZ 85018

$575,000

3 Beds

3 Baths

1,743 SqFt

Status Active

MLS # 6723473

Property Type Apartment

Price Type --

Sunsets and sparkling city light views frame this urban contemporary condominium in gated Arcadia Grove.Surrounded by towering pines, palms, Koi ponds and waterfalls this luxury property is 10 minutes to galleries, restaurants, Sky Harbor, Scottsdale, Biltmore, Tempe and downtown Phoenix. St. Joe's/Barrows, Phoenix Children's and AZ Heart hospitals are a dream commute.With private garages for 3 cars, this single level unit offers 1,743 square feet, 2 master bedrooms with large walk-in closets, a study (or 3rd bedroom) with custom office furniture and 3 baths. The neutral palette, great room floor plan and large private balcony with views of Camelback, provide a tranquil setting. Resort style heated pool/spa, 24 hour fitness center and clubhouse with catering kitchen complete this property

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6788 W Rose Garden Lane Glendale, AZ 85308

$575,000

3 Beds

2 Baths

1,779 SqFt

Status Active Under Contract

MLS # 6771051

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home with OWNED SOLAR, nestled in a picturesque lake subdivision! Step inside to a spacious interior featuring new flooring (2022) and abundant natural light streaming through dual-pane windows. The kitchen features white cabinets, granite countertops, stylish backsplash, stainless steel appliances and an island with breakfast bar seating. The separate den is complete with custom-made office cabinets and desk. Recent updates enhance this home, including a newly coated pebble tech pool, variable speed pump, new roof 2020, new water heater 2024, and newer A/C in 2018. The outdoor oasis boasts a large covered patio overlooking a beautifully landscaped, low-maintenance yard with synthetic grass, a sparkling private pool and above ground spa. Convenient access to the 101 freeway, a 2.5-car garage with ceilings storage racks and epoxy floors, and an RV gate complete this fantastic home!

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18051 N 5th Avenue Phoenix, AZ 85023

$575,000

3 Beds

2 Baths

2,088 SqFt

Status Active Under Contract

MLS # 6772855

Property Type Single Family Residence

Price Type --

A PREMIUM, PRIVATE lot backing to a wash, this 3 bedroom PLUS a DEN home, with 2 full bathrooms is simply FABULOUS! The floorpan highlighted by vaulted ceilings and tile flooring throughout consists of a formal living room with dining area, and a family room ideally situated off the kitchen. This kitchen has an eat-in area, stainless appliances, a gas cooktop, granite countertops, pantry and a kitchen island, The backyard boasts VIEW fencing, a covered patio, and a sparkling pool with a spillover spa. There is a 3 car garage and the interior has been freshly painted in 10/24. The subdivision Arroyo Crossing is only minutes to the 101. This wonderful home in such a GREAT location makes it a must-see property for discerning Buyers!

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2737 W Wayne Lane Anthem, AZ 85086

$575,000

4 Beds

2 Baths

1,890 SqFt

Status Active Under Contract

MLS # 6771096

Property Type Single Family Residence

Price Type --

Immaculate and hard to find 4-bedroom 2 bath ''Liberty'' Floor plan home on a superior view lot in Anthem Parkside. Kitchen features Granite counters, kitchen island, white cabinetry and stainless steel appliances. Spacious master bedroom with French door entry and walk-in closet. Master bath offers double sinks, separate garden tub and seamless glass shower. Additional 3 bedrooms with wood like flooring, blinds and ceiling fans. Home also boasts a large living / Dining room. HVAC was replaced in 2023, roof 2020. Located in the community of Anthem that offers a 40,000 sqft Community center and a 63 acre park with too many amenities to list. All items in the home are available for purchase on a separate bill of sale.

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8374 W Palo Verde Avenue Peoria, AZ 85345

$575,000

5 Beds

4 Baths

3,704 SqFt

Status Active

MLS # 6776559

Property Type Single Family Residence

Price Type --

Enormous opportunity for this BIG home in a gated neighborhood. 5 bedrooms, 3.5 bathrooms with the master conveniently located on the main floor. Beautifully updated master bathroom with separate tub and shower, private toilet room and large master closet. First floor has newer luxury vinyl flooring. Breakfast island in the kitchen plus dining area. Adjacent family room allows for maximum entertainment options with an exit to the large covered patio. Upstairs, you'll find a large loft area, 4 bedrooms ( some with walk in closets), 2 full baths and storage closets. Updates include: windows, tankless heater, appliances. Over sized triple garage can accommodate a full size SUV.

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7243 E Portland Street Scottsdale, AZ 85257

$575,000

4 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6775154

Property Type Single Family Residence

Price Type --

Fabulous South Scottsdale home in New Papago Park community just steps to Scottsdale Sky Song! Spacious home w/4 Bedrooms & 2 bathrooms. Enter into the FORMAL living room that peeks into the updated Kitchen w/pass through to kitchenette & dining room. Flex space ideal as a sunroom, office, or den. Primary ensuite has built-in linen closet, & exits onto enclosed porch w/backyard access. Primary bathroom has updated shower w/white tile surround. All bedrooms feature mirrored closet doors & ceiling fans. Guest bathroom has tub/shower combo. Updates include wood laminate flooring, 200amp electrical panel & dual pane windows. Enclosed porch has closed-in laundry room. Large backyard w/beautiful poured concrete patio. Opportunity to create your perfect dream backyard. Spacious shed (with electricity) in backyard for extra storage. One acre Papago Rotary Park just a few streets away. Minutes to active Scottsdale Green Belt, Vista del Camino, El Dorado Park & Sky Song. Near popular SoSco hotspots DeFalco's, Fellow Osteria, & hidden gem Hai Noon. Tucked into the SkySong neighborhood of South Scottsdale, just minutes to Old Town, ASU, PHX Sky Harbor Airport, freeways, & so much more! Enjoy all the world famous amenities of South Scottsdale AND Tempe!

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818 N 87th Street Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6761025

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! Welcome to this spacious home, nestled in the heart of South Scottsdale. With some modern updates, this home will easily return to its full potential. It has great bones and a fabulous layout with both a family room and a living room, spacious kitchen, and a pool that's serviced weekly behind a new wrought-iron fence and a newer variable speed pump and filter. New'ish SS appliances are staying, along with the W&D. An atrium off the family room is a perfect place for a flower garden or water feature. This is your opportunity to put your own touches and style on an affordable home in a prime location with a LOW HOA near the 101 and 202, and a 7 minute drive to both Old Town Scottsdale and ASU.

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1844 W Virginia Avenue Phoenix, AZ 85007

$575,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6770895

Property Type Single Family Residence

Price Type --

Charming 3-bed, 2-bath Home backed up to the beautiful Encanto Golf Course, this home offers breathtaking views! With new Anderson windows and a sliding door, plus custom stonework inside and out, this house blends elegance with durability. The AC system is only 2-3 years old and comes with a premium dust-collecting filter, an upgrade valued at $1,250. The kitchen floor is finished with luxurious Colorado stone, New dishwasher and washer ready to go. The property features beautiful landscaping, a large garage that fits both a sedan and a truck. New electrical box. All the fascia and soffits are covered, so you'll never need to repaint. Enjoy energy efficiency with awnings on all windows, and the monthly electric bill is just $168 for this all-electric home. Don't miss this opportunity!!!

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2325 Mohave Street Chino Valley, AZ 86323

$575,000

3 Beds

2 Baths

1,350 SqFt

Status Active

MLS # 6766952

Property Type Single Family Residence

Price Type --

Welcome home to this charming, site-built home on a beautifully level homesite in the heart of Chino Valley. This property is a true gem, boasting a newly constructed, RV garage that offers ample space for cars, toys, or even a workshop. Nestled on nearly an acre, the fully landscaped homesite evokes a park-like atmosphere, complete with mature shade trees and lush green lawns in both the front and back, all maintained by a sprinkler and drip system. As you step inside this single-level home, you're greeted by a great room designed for comfort and relaxation. The open-concept layout flows seamlessly into the kitchen, which is a chef's dream. Outfitted with sleek granite countertops and a full suite of stainless steel appliances, it's perfect for preparing meals and entertaining. The primary bedroom is a peaceful retreat, featuring a luxurious ensuite bathroom, while the two additional bedrooms share a well-appointed full bathroom. Direct access from the 2-car garage to the home is an added convenience. Significant upgrades include a brand-new roof installed in 2024 and a new well pump installed in 2021. Plantation shutters throughout the home add a touch of elegance. The detached RV garage is an ideal space for hobbyists or those needing additional storage and is perfect for storing vehicles as it offers enough room to install a car lift, if desired. This property truly offers it all space, comfort, and modern amenities in a tranquil setting! Owner/Agent

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