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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7227 W Corrine Drive Peoria, AZ 85381

$570,000

5 Beds

3 Baths

2,720 SqFt

Status Active Under Contract

MLS # 6759230

Property Type Single Family Residence

Price Type --

Don't miss out on this stunning 5-bedroom, 3-bath home with a 3-car garage in Peoria! One great feature is that there's no HOA. Upstairs, you'll discover the main living area and kitchen, filled with natural light and accented by beautiful oak wood floors. The kitchen offers elegant brown granite countertops, crisp white cabinetry, stainless steel appliances, and a view overlooking the backyard. The lower level provides a spacious bonus room, ideal for entertaining. Outside, the backyard offers mature trees for added privacy, a sparkling pool, and plenty of space on the side of the home for your larger toys.

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19445 E Oriole Way Queen Creek, AZ 85142

$570,000

4 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6710493

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in Queen Creek! This stunning 4-bed, 2-bath residence, is complete with a versatile den/office. As you step through the beautiful iron front door, you'll be greeted by high ceilings and an inviting ambiance. The home boasts an upgraded kitchen and the ability to entertain guests in the separate formal dining area, or enjoy family meals in the casual dining space. Practicality meets convenience with a separate laundry room, making chores a breeze. Each bedroom offers ample space and comfort, while the den/office provides the flexibility you need for work or leisure. Located close to shopping, dining, and recreational options, this home offers the best of Queen Creek living. Don't miss the opportunity to make this exceptional property your own!

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17831 N 130th Avenue Sun City West, AZ 85375

Open House

$570,000

4 Beds

2 Baths

2,394 SqFt

Status Active

MLS # 6703110

Property Type Single Family Residence

Price Type --

Come see this completely renovated 4 Bedroom/2 Bath home with paid off solar! No detail was missed in this stunning 2394 square foot property. All work was permitted and completed by licensed, bonded, and insured contractors. Updates include: New Windows, Electrical, Plumbing, Fixtures, Paint, Flooring, ductwork, courtyard tile, and Appliances. From the new flooring to the kitchen upgrades, you don't want to miss out on the opportunity to tour this home! Enjoy all of the amenities Sun City West provides! The new owner(s) will be able to pick out their new backsplash for the kitchen and installed by our contractor.

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925 N Blue Marlin Drive Gilbert, AZ 85234

Open House

$570,000

4 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6756924

Property Type Single Family Residence

Price Type --

Welcome home to this updated 4-bedroom, 2-bathroom property in a prime Gilbert location! Inside, you'll discover updated luxury vinyl plank flooring, and a modern kitchen featuring stone counters, all bathed in natural light. New paint in 2024! The master bedroom boasts a walk-in closet and a separate bath and shower with dual sinks. The backyard is perfect for entertaining, complete with a sparkling blue pool and turf. Plus, there's ample storage space with two powered sheds. Grass seed has been planted in the front yard. Enjoy being just 5 minutes away from Dana Park and 8 minutes from Downtown Gilbert, with easy access to the 60 for convenient travel around the Valley.

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2471 E Stacey Road Gilbert, AZ 85298

$569,999

4 Beds

3 Baths

2,121 SqFt

Status Active

MLS # 6739474

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after community of ADORA TRAILS in Gilbert! This single story home has 4-bedrooms, 3-full baths, a Den/Flex space & sits on a desirable corner lot. As you step inside, you'll be greeted by an open & inviting floor plan, perfect for modern living & entertaining. The 2nd guest bedroom, full bath & den'/flex space are perfectly appointed off the foyer of the home. The kitchen features granite countertops, ample cabinet space, a kitchen island with pendulum lighting & breakfast bar seating that seamlessly flows into the formal dining area & spacious family room complete with a 12' sliding glass door, overlooking the expanive covered patio. The primary suite has everything you could ask for complete with on on suite bath with dual sinks.... seperate shower/tub, a private toilet room & spacious walk in closet. The 3rd & 4th bedrooms are accompanied by their own full bath, making this home the perfect floorplan for a family, residents that work from home and/or someone who likes to entertain with guests! Outside, the easy maintenance front yard is perfectly designed & the backyard is complete with desert rock & ready for a new owner to create their dream oasis. Nestled at the base of the majestic San Tan Mountains, this family-friendly neighborhood offers the perfect blend of natural beauty & modern convenience. Residents of the master planned community of Adora Trails enjoy access to a wealth of community amenities including: 10-Acre Neighborhood Park, 12 Miles of Walking Trails, 10,000 Sq. Ft. Clubhouse/Activity Rooms, Fitness Center, Community Swimming Pool, Water Playground, Adora Trails Lake Featuring Fresh Water Fishing, Picnic Tables, Grilling Stations, Shaded Ramadas Playgrounds & Championship Basketball Courts.

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14041 W Monte Vista Road Goodyear, AZ 85395

$569,999

3 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6746730

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly desirable, gated Vistas at Palm Valley, a vibrant golf course community with fantastic amenities, including a pool, playgrounds, sports courts, and scenic walking trails. Plus, you're just minutes from great restaurants and shops. This home offers excellent curb appeal with charming stone accents, a 3-car garage, and a gated courtyard. Step inside to an open floor plan with tall ceilings and windows, luxury vinyl plank flooring, and tons of natural light! The chef's kitchen is a dream: gas cooktop, wall oven, quartz countertops, subway tile backsplash, recessed and pendant lighting, and a large island with breakfast bar seating. See more.. The owner's retreat is a peaceful sanctuary with a spa-like ensuite featuring double vanities, walk-in shower, freestanding bathtub, and a big walk-in closet. The expansive backyard includes a covered patio, pergola, and low-maintenance artificial turf, perfect for entertaining!

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4324 W Orchid Lane Glendale, AZ 85302

$569,999

3 Beds

2 Baths

2,237 SqFt

Status Active

MLS # 6755871

Property Type Single Family Residence

Price Type --

A stunning and completely renovated home boasts an open floorplan, 3 bedrooms, 2 bath and a Den with 2237 sqft, 2 car garage with a large backyard RV gate & parking, large lot room for all the toys and a sparling pool with covered patio. The kitchen comes with stainless-steel appliances, quartz countertops and brand-new white shaker cabinets. Brand new vinyl wood flooring & upgraded carpet throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, and custom vanities. Brand new water heater. Located in a lovely desirable neighborhood located close to shopping, parks, schools, and dining. No HOA's A Must see

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2937 E Osborn Road Phoenix, AZ 85016

$569,999

3 Beds

3 Baths

1,500 SqFt

Status Active

MLS # 6719015

Property Type Single Family Residence

Price Type --

Welcome home to an amazing turn key home with A DETACHED 1/1 GUEST HOUSE is now available! 2 properties! Great for an investor or live in the main house and rent out the casita! Upgrades in the last 4 years include new sewer lines, new main water line, new air conditioning units in casita and primary suite in the main house, new washer, dryer and dishwasher! Both kitchens and all three bathrooms have been recently updated, including quartz countertops. Casita can be sold FULLY FURNISHED, so it's ready to start renting immediately. Come take a look! Great STR and LTR potential, reach out to agent for financials!

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11950 W Parkway Lane Avondale, AZ 85323

$569,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6741755

Property Type Single Family Residence

Price Type --

Welcome to this exciting Raleigh home, ready for quick move-in! Included features: a covered entry; a gourmet kitchen offering 42' cabinets, quartz countertops, stainless-steel appliances, an island, and large butler's and walk-in pantries; an open dining nook; an impressive great room with center-meet patio doors; a beautiful primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a spacious study; three secondary bedrooms with a shared bath; a central laundry and a cheerful covered patio. This home also boasts soaring 10' ceilings, wood laminate flooring, cultured marble bath countertops, extra windows and ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the driveway and walkway.

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11941 W Parkway Lane Avondale, AZ 85323

$569,995

4 Beds

3 Baths

2,370 SqFt

Status Active

MLS # 6762180

Property Type Single Family Residence

Price Type --

Explore this dynamic Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an impressive guest suite; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; an expansive great room with center-meet doors leading onto a charming covered patio; a beautiful primary suite showcasing an immense walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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16364 W Avenida Del Sol -- Surprise, AZ 85387

$569,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6724796

Property Type Single Family Residence

Price Type --

Thoughtfully designed 4-bedroom home with 3 baths and 10-foot ceilings. Deluxe master bath with walk-in shower, Gourmet kitchen includes 42-inch upgraded cabinets, and a center-meet slider at kitchen nook, paver driveway, walkway to entrance, laundry sink pre-plumb and an impressive tray ceiling entrance.

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11949 W Parkway Lane Avondale, AZ 85323

$569,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6761571

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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