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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23500 W Galpin Road Buckeye, AZ 85326

$575,000

3 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6693853

Property Type Single Family Residence

Price Type --

** Motivated seller. Ranch style home on nearly an acre lot with beautiful mountain views on a quiet cul-de-sac! Irrigated lot with your own private well! No water shortages here! Home features granite counter tops in both Kitchen & bathrooms. Huge laundry room with plenty of storage, and a large game room/ workout room with brick fireplace. Come check out this property today and see all the space you can have for your animals, toys & more!! No HOA, possibilities are endless!!

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17830 W Columbine Drive Surprise, AZ 85388

$575,000

5 Beds

3.5 Baths

3,799 SqFt

Status Active

MLS # 6699865

Property Type Single Family Residence

Price Type --

As you step into this home you will see pride of ownership throughout. With upgrades through out the down stairs. This sprawling 5-bed, 3.5-bath with a 4-car tandem garage 39'x19'. This home boasts charm and functionality throughout. There is a large office downstairs that is ideal for remote work. The farmhouse kitchen exudes warmth, with the living area off the kitchen. The large living room has a built-in fireplace with shelves and a cabinet with a large remote animal door. Walking upstairs, you see that a large loft offers endless possibilities. An RV gate on the side of the house leads to a great backyard space. The backyard is also plumbed for a gas grill. This is a must-see home in the West Valley.

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5526 S Grenoble Street Mesa, AZ 85212

$575,000

3 Beds

2 Baths

2,020 SqFt

Status Active

MLS # 6700408

Property Type Single Family Residence

Price Type --

The things this home has to offer!!! From the 3 Beds, 2 baths, the Glass Doors Studio/DEN to the Tankless Gas Water Heater, the water Softener and water Filter, to the hidden Safe, extended cabinets at kitchen, the quartz countertops, Murphy Bed for your guests, to the surround system in the great room and the TV on the patio, colorful outdoor Jacuzzi to relax under the pergola, the outdoor lightening, Variety of Fruit Trees, and top it off with the separate doggy play area. Come see it and you will fall in love!

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7604 W Molly Drive Peoria, AZ 85383

$575,000

3 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6708257

Property Type Single Family Residence

Price Type --

Beautiful home in the gated community of Rock Springs featuring 3 Bedrooms/Den/2 Bathrooms and Pool! Don't miss this opportunity to purchase this low maintenance, upgraded, modern gem. Located on a corner lot, North/South facing, extended driveway are all exterior bonus features. The interior showcases an open-concept Great Room, modern kitchen with spacious island for entertaining, and recessed entertainment wall. The den or flex-room is located off of the Great Room and the two other bedrooms are split from the Master Bedroom. The upgraded garage has storage cabinets, overhead storage, and space for refrigerator. Energy efficiency and low utilities are other features of this well built home.

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3862 E Narrowleaf Drive Gilbert, AZ 85298

$575,000

4 Beds

3 Baths

1,940 SqFt

Status Active

MLS # 6747524

Property Type Single Family Residence

Price Type --

This charming home, located in the highly sought-after Bridges at Gilbert, is brimming with character and ready for its next owner. Meticulously maintained and turn-key ready, this residence features an open-concept floor plan that seamlessly combines a spacious living area with upgraded plank tile flooring, soaring vaulted ceilings, granite countertops, and modern cabinetry. The generously sized primary bedroom, tucked away at the rear of the home, offers privacy and direct access to the backyard. A Jack and Jill bathroom serves an oversized secondary bedroom, providing convenience and functionality. The split and open floor plan enhances the home's cozy yet private atmosphere. The RO system and Water softener are owned and convey with the property. With professional low-maintenance landscaping, impressive curb appeal, practical updates, community amenities, and an unrivaled location, this property is the perfect place to call home.

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142 W Ivanhoe Place Chandler, AZ 85225

$575,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6711592

Property Type Single Family Residence

Price Type --

Calling All Investors! Long term tenant in place currently paying $5,500 in rent until December 2024. Tenant willing to renew for minimum 12-18 month extension & Seller willing to do up to $150K seller carry back loan! Behavioral Group Home licensed up to 5 residents in Chandler AZ with long term tenant in place (Real Estate Only) - priced at over a 10% cap rate! Perfect investment opportunity or 1031 exchange opportunity to purchase a highly profitable and extremely easy rental income property. Tenant pays for utilities except solar payment. Property can be zoned for 10 with addition sq ft and fire sprinklers. The tenant has been running his business in the home since 2020. Complete rental history available including all operating expenses. Low overhead and easy rental income home.

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3956 W Salter Drive Glendale, AZ 85308

$575,000

4 Beds

4 Baths

3,590 SqFt

Status Active

MLS # 6718663

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your future home! This BASEMENT property features 4 bedrooms and 4 baths with an open floor plan. In the kitchen, a functional island offers extra counter space and storage. The primary bathroom boasts double sinks, a separate tub, and a shower for added luxury. The primary bedroom includes a practical walk-in closet for ample storage. Outside, the patio provides a relaxing space to unwind or entertain, surrounded by a fenced-in backyard for privacy. Recent updates include partial flooring replacement, giving the home a fresh, modern feel. Every detail of this property has been meticulously planned to create a welcoming space for your memories. Come and see this beautiful home, which could be yours. Don't miss out on thi

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9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000

5 Beds

3 Baths

1,934 SqFt

Status Active

MLS # 6722619

Property Type Single Family Residence

Price Type --

BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

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7513 E Mckinley Street Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,312 SqFt

Status Active

MLS # 6736664

Property Type Single Family Residence

Price Type --

Lovely 3 Bedroom 2 Bath Scottsdale home with NO HOA. NO Carpet. Large Covered Patio. Home updates 2020/2021: Kitchen Cabinets, Kitchen Countertops, Kitchen Appliances, Porcelain Tile Flooring throughout, Bathrooms, Water Heater, Large Primary Closet, Plumbing, Electrical and Electrical Panel. Patio Roof was redone July 2024. Minutes from Sky Harbor, Old Town, Fashion Square, ASU, Desert Botanical, Phoenix Zoo, 101, 202 and more! Can be turn-key as furnishings can be purchased on a separate bill of sale. Buyer to verify all facts and figures.

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5095 N Grand Drive Apache Junction, AZ 85120

$575,000

3 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6733476

Property Type Single Family Residence

Price Type --

Enjoy awesome Goldfield and Superstition Mountain views from this 3 bedroom, 2 bath home situated on 1.25 acre. The open floor plan is enhanced with lots of natural light, vaulted ceiling and tile floors. Kitchen is complete with ample cabinets, granite counters, center island, wine bar and all appliances. Master suite offers large walk-in closet, spacious tile shower, dual vanities and exit to the extended front patio...A perfect place to enjoy amazing sunrises and sunsets while relaxing in the hot tub. The block fencing ensures privacy and defines multiple areas for additional garage space, horse facilities or room to roam.

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1327 N Joplin Circle Mesa, AZ 85207

$575,000

3 Beds

2 Baths

1,809 SqFt

Status Active

MLS # 6734841

Property Type Single Family Residence

Price Type --

Clean and move in ready home in the tranquil Saguaro Mountain gated community. Cul-de-Sac lot, original owner, lots of curb appeal, single level which means no stairs. Wonderful private community park with playground, basketball and volleyball courts. Close to Red Mountain Community Park, and Usery Mountain Park with hiking and biking trails throughout. Home offers an open floor plan which is great for entertaining. Large backyard with extended covered patio allows for a great place to unwind after a long day. Close to shopping, dining and entertainment. Come take a look at your future home.

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

Price Type --

Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate, 3-car garage, and a large laundry room. This home truly has it all for comfort and convenience. Solar too !

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