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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1150 S Karen Lane Gilbert, AZ 85296

$570,000

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6767613

Property Type Single Family Residence

Price Type --

Beautiful, and very well-maintained home in a great location! Home features big open space with vaulted ceiling. kitchen with stainless steel appliances and lots of cabinets with granite counter tops. A nice size master suite with walk-in closet and private access to backyard, and sparkling pool with waterfall feature. Three bedrooms plus an office. Easy maintenance front and backyard landscape. Home located in a nice quiet cul de sac. Move in ready with NEW roof (2021), AC unit (2022), water heater (2024), and irrigation system (2023) throughout the lot with extra new lines for future planting. Greenfield Lakes has an executive length 18-hole golf course and driving range. Located near Santan Mall, Top Ranked Restaurants, and highly desired School District!

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18146 W Ocotillo Avenue Goodyear, AZ 85338

$570,000

4 Beds

2.5 Baths

2,700 SqFt

Status Active

MLS # 6679058

Property Type Single Family Residence

Price Type --

Four Bedroom - top-of-the-line (semi-custom) property has it all. GATED COMMUNITY is located within the popular Estrella Mountain Ranch with all its amenities - community pool and exercise amenities, lakes, and golf course. Granite countertops - an extra large island, Cherry wood cabinets, and classic dark wood shutters are just a few of the upgrades—the large entry door to the foyer - tile throughout most of the home. Wrought iron wine bar enclosure, stone fireplace, and stainless steel appliances are a few more reasons you will want to own this spectacular home—schools—large within proximity. Back yard has a grassy island and a variety of plants. Owner/Agent

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5153 N Main Drive Apache Junction, AZ 85120

$570,000

3 Beds

2 Baths

1,640 SqFt

Status Active

MLS # 6690299

Property Type Single Family Residence

Price Type --

Beautiful 2.5 acres close to freeway, and surrounded by views, clear skies, city lights and peace and quiet! This 3 bedroom, 2 bath home has updating and room for the family. Updates include engineered wood flooring, Thermaster energy efficient windows, French doors, beadboard, stainless appliances, new roof and more. The great room is open concept with wood beams and a real wood burning fireplace. Bring your toys and horses as there is room for all! This horse property/mini farm has 2 stalls, a barn or 2 car garage, storage shed and a carport. Home has it's own well. The east 1.25 acres share a well with one other and can be subdivided. Easy to show. This property has something for everyone!

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16202 W Granada Road Goodyear, AZ 85395

$570,000

3 Beds

2.5 Baths

2,274 SqFt

Status Active

MLS # 6705876

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, single story, Palm Valley home on an oversized lot with OWNED SOLAR PANELS. The kitchen features granite countertops, espresso cabinets, stainless steel appliances with a double oven, gas cooktop, and walk-in pantry. The master suite includes a spacious walk-in closet with built-ins, separate tub & shower, and double sinks. The 3-car tandem garage is equipped with built-in cabinets, overhead storage racks, water softener, and an exterior service door. Large backyard with extended covered patio, gas stub, pavers, artificial turf, and gazebo with ceiling fan and electrical. Additional features include gas fireplace, pre-wired for surround sound & security system, & elegant coffered/tray ceilings.

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9322 W Juniper Road Strawberry, AZ 85544

$570,000

3 Beds

2 Baths

2,368 SqFt

Status Active

MLS # 6705096

Property Type Manufactured Home

Price Type --

Welcome to your new haven in Strawberry! This charming home offers the epitome of country living, nestled among majestic oaks and pine trees on a generous .5-acre lot. Step inside to discover a spacious great room with BRAND NEW vinyl floors, a soaring vaulted ceiling, and a recently remodeled kitchen. The kitchen is a culinary dream, featuring a gas range, stainless steel appliances, granite counters, new cabinets, a walk-in pantry, and a cozy breakfast nook. Unwind in the luxurious primary retreat, complete with an ensuite bath boasting a soaking tub, dual vanity sinks, and a separate walk-in shower. Additional bedrooms share a beautifully remodeled bathroom, ensuring comfort for the entire family. Outside, revel in breathtaking mountain views from both the front and back of the house. The serene atmosphere is enhanced by the absence of an HOA, allowing you the freedom to bring your horses and embrace your future options. Conveniently located just minutes from downtown Strawberry and surrounded by an abundance of riding trails, this home offers the perfect blend of tranquility and accessibility. Don't miss out on the opportunity to make this flexible and welcoming property your own slice of paradise. Come see this home today and experience the allure of country living at its finest!

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12617 W Sells Drive Litchfield Park, AZ 85340

$570,000

5 Beds

2.5 Baths

3,394 SqFt

Status Active

MLS # 6715489

Property Type Single Family Residence

Price Type --

Stunning large home in the heart of Litchfield Park in Wigwam Creek community! Complete with Large WORKSHOP building w/electric! Prepare to be impressed by a perfectly flowing layout featuring spacious living areas, neutral tile floor, a designer color palette, & arched doorways. The beautiful chef's kitchen is a cook's delight, offering sleek granite counters, a pantry, recessed lighting, maple cabinets adorned w/crown moulding, a chic mosaic backsplash, double wall oven, SS appliances, & a two-tier island w/a breakfast bar. Double doors open to the main bedroom, comprised of plush carpet in all the right places, a private bathroom w/dual sinks, a walk-in closet, & access to the fabulous balcony. Host fun gatherings in the serene backyard, including a built-in BBQ & covered/open patios!

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3225 N Lost River Drive Camp Verde, AZ 86322

$570,000

4 Beds

3 Baths

3,640 SqFt

Status Active

MLS # 6727355

Property Type Single Family Residence

Price Type --

With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Updated 4 Bed, 3 Bath Home on 2 separate Parcels totaling over an Acre of Land. Brand New 2024 Roof. Brand New 2024 HVAC. All New LVP flooring & Fresh Carpet. Kitchen Boast New Quartz Countertops, Stainless Steel Appliances, & Tile Backsplash. Master Bedroom features Custom Walk-In shower, His & Her sinks, & Barndoor entry. New Light fixtures and Contemporary Fans throughout. Freshly Painted Inside & Out. Great for Animals or Extra Toys/RV's. Just Blocks away from the Verde River - Excellent Location!

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22408 N Las Vegas Drive Sun City West, AZ 85375

$570,000

2 Beds

2 Baths

2,033 SqFt

Status Active

MLS # 6745215

Property Type Single Family Residence

Price Type --

Step inside this beautifully updated 2-bedroom plus a den, home in the sought-after Sun City West community. Freshly painted throughout & featuring brand-new wood-look tile flooring in the main living areas. The kitchen is showcasing sleek quartz countertops, white wood shaker cabinetry, chic shiplap backsplash & stainless steel appliances. The primary suite is boasting a generous walk-in closet & plush new carpet. The bathroom features unique mosaic tile, a black vanity, & a quartz countertop, creating a sophisticated & spa-like environment. The spacious 2 car garage is equipped w/ ample storage cabinets. The backyard has a covered patio, ideal for relaxing & enjoying the beautiful desert landscaping that surrounds it. To top it all off, this home also features a brand-new roof & HVAC.

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11541 E Corbin Avenue Mesa, AZ 85212

$570,000

4 Beds

2.5 Baths

2,373 SqFt

Status Active

MLS # 6767202

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2.5-bath home is located in the highly desirable Warner Enclave subdivision in Mesa. With 2,377 sq. ft. of upgraded living space, this 2-story home offers a bright and open floor plan perfect for entertaining. The kitchen features stunning Valhalla granite countertops, soft-close cabinets, a large pantry, and stainless steel appliances, including a gas range. The primary suite boasts a spacious walk-in closet, dual vanities, and a separate tub and shower. Additional features include a cozy upstairs loft, a dedicated office space, and a convenient upstairs laundry. The home is ENERGY STAR certified with a low HERS rating of 51, ensuring excellent energy efficiency. Outside, you'll find a well-maintained desert landscape with a covered patio, perfect for outdoor relaxation. Located near top-rated schools such as Queen Creek Unified District, this home also offers quick access to shopping, dining, and entertainment. Plus, with no rear neighbors, you'll enjoy added privacy. Don't miss out on this gemschedule your tour today!

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310 W Pacifico Circle Litchfield Park, AZ 85340

$570,000

4 Beds

2 Baths

1,874 SqFt

Status Active

MLS # 6752715

Property Type Single Family Residence

Price Type --

Located in the heart of Old Town Litchfield Park just a short walk from The Wigwam Resort and the new Litchfield Square which is estimated to be completed in December 2024. This charming block home is in a quiet cul-de-sac with all the desirable features such as, No HOA, RV gate, private diving pool refinished in 2023, built in BBQ and a huge covered patio on a large lot. Hardwood flooring in the living areas is original to the home and it has a brand new A/C. Pitched roof redone July 2024 and flat roof redone July 2023. Patio completely redone also 2024.

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3121 W Pima Street Phoenix, AZ 85009

$570,000

4 Beds

2 Baths

1,471 SqFt

Status Active

MLS # 6760103

Property Type Single Family Residence

Price Type --

Investment opportunity! This property has many different potential uses. Fix up the houses and flip them, or even rent them. Depending on your desired outcome, you could remove the homes and build something else on the property. This property is zoned R-3 multifamily medium density. If you are looking for your next investment opportunity, you should look at this one.

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6688 S Cartier Drive Gilbert, AZ 85298

$570,000

3 Beds

2 Baths

1,665 SqFt

Status Active

MLS # 6766756

Property Type Single Family Residence

Price Type --

This absolutely stunning home resides in the highly desirable community of Seville. Single level with 3 bedrooms/2 bathrooms plus office space. Located in a gated community, NS facing, corner lot with an amazing view of the golf course and San Tan Mountains. Kitchen has stainless steel appliances with granite counter tops. HVAC recently replaced and all new windows installed. Sprinkler system replaced and landscaping updated. Plantation shutters throughout. No carpet. Country club membership is available for golfing, pool, restaurant, tennis/pickle ball courts. Home is located in the award winning Chandler school district. Lots of dining and shopping nearby.

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