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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10624 E Nido Avenue Mesa, AZ 85209

$565,000

3 Beds

2.5 Baths

2,031 SqFt

Status Active

MLS # 6787188

Property Type Single Family Residence

Price Type --

Known for quality, Blandford Homes built this lovely and well cared for home in the coveted community of Mulberry. Great curb appeal thanks to a craftsman exterior design with stonework, beams, and a paver driveway and spacious porch. Low maintenance front yard with turf and gravel. You will be greeted by a welcoming entryway and will immediately notice the 10-foot ceilings which provide for a luxurious feel. Desirable floorplan with 2 bedrooms towards the front of the home and the primary suite at the back of the home, giving you the privacy you desire. This floorplan does not come up for sale too often! Brick-laid tile in the kitchen/bathrooms/hallways and brand new carpet in the living area and bedrooms. The kitchen features elegant staggered espresso colored cabinetry with a subway tile backsplash, gas stove, high-end KitchenAid stainless steel appliances, large island with pendent lighting, walk-in pantry, and granite countertops with plenty of space for all of your favorite cooking appliances. Good-sized primary suite and primary bath with a dual sink vanity, separate shower and tub, and a large walk-in closet. 3-car tandem garage which means plenty of space for storage, and a water softener too! The home has been freshly painted from top to bottom with one of the most popular neutral colors from Dunn Edwards. Spacious covered back patio with pavers extending to a separate lounge area. Ample backyard space with just the right amount of vegetation including a grapefruit and fig tree. Jacuzzi and gazebo are included in the sale! Community amenities include 2 pools, multiple parks, fitness center, clubhouse, tennis/pickleball courts, basketball court, and a dog park. Tons of shopping and dining options nearby, including a Fry's grocery store less than a half mile away and a Walmart within 1.5 miles. Come take a look today to see what this home and the Mulberry community has to offer, and you will fall in love!

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691 N Bay Drive Gilbert, AZ 85233

$565,000

3 Beds

3.5 Baths

2,242 SqFt

Status Active

MLS # 6756218

Property Type Single Family Residence

Price Type --

Step into this beautiful two-story home nestled in a prime, peaceful subdivision. The open-concept floor plan flows effortlessly, showcasing a stunning upgraded kitchen with sleek black stainless steel appliances, quartz countertops, and an island, ample cabinetry, and a chic subway tile backsplash. The community offers a pool, playground, and scenic walking paths, with convenient access to downtown Gilbert, shopping, dining, and more. This home is a rare find

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3353 N Snead Drive Goodyear, AZ 85395

$565,000

2 Beds

2 Baths

1,914 SqFt

Status Active

MLS # 6773415

Property Type Single Family Residence

Price Type --

This immaculate home features a coveted spacious Golf Course lot, with a sonoran desert style landscape, Situated in a micro-neighborhood in Eagles Nest that shows pride of ownership. Newly remodeled kitchen, laundry room, bathrooms, New Windows, and roll-out shelves, Beautiful natural light flows inside throughout the home. Classic white cabinetry and quartz counters create a crisp modern style. The facade exterior features Stone trim and stamped concrete driveway. Enjoy a restful ambiance for backyard entertaining complete with built-in BBQ, covered and extended patio spaces and open views of Golf Course and Mountains. Don't miss seeing this exquisite home with all its creature comforts. Select furniture is available via separate Bill of Sale. Ring Doorbell does not con

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7346 S Debra Drive Gilbert, AZ 85298

$565,000

4 Beds

2 Baths

1,759 SqFt

Status Active

MLS # 6780815

Property Type Single Family Residence

Price Type --

Welcome to your new home in the beautiful Adora Trails community in Gilbert, AZ! This charming single-level residence sits on a spacious 10,000+ sq ft lot, offering plenty of room for outdoor activities and relaxation. Inside, you'll find 4 cozy bedrooms and 2 modern bathrooms. The kitchen features quartz countertops, stainless steel appliances, and sleek cabinets, making meal prep a breeze. The warm Pergo flooring, 4.5 inch baseboards and vaulted ceilings create a welcoming atmosphere throughout the home, and the split floor plan ensures privacy for the master suite. Living in Adora Trails means you'll enjoy a wonderful community atmosphere with access to walking trails, a gym, and a clubhouse. Spend your weekends lounging by the heated pool or exploring the nearby San Tan Mountains. This home is perfect for those looking for comfort and convenience in a friendly neighborhood. Don't miss out on this great opportunity!

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5100 E Rancho Paloma Drive Unit 2077 Cave Creek, AZ 85331

$565,000

2 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6673934

Property Type Apartment

Price Type --

MOTIVATED SELLER -OPEN TO RATE BUYDOWN! Experience the ease of condo living! This like new property is perfect for a primary or second home. A perfect pied-a-terre if you travel to the city for business frequently. Expansive, open layout provides multiple design opportunities. Kitchen with island, Tiled-to-the-Ceiling backsplash, LG Refrigerator that pops out those perfect round ice spheres and a spacious patio make entertaining delightful. Bedrooms are split for privacy, with the guest room enjoying an en-suite bath. The primary bedroom carries off a king bed, large nightstands & still has room for seating. The primary bath has a light, bright ambience with upgraded LED Lighting. Walk in Shower, dual sinks, and extra storage - nd just beyond is the walk-in closet of your dreams. Punctuated with encaustic tile in the laundry and entry, with custom window coverings throughout, this stylish home needs nothing. Schonbek modern crystal pendant lighting, Modern Forms kwall sconce and ceiling fans are all in place. Enjoy the mountain views from the living and dining room, sunsets and sunrises from the patio, overlooking the central common grounds and pool. Patio is oriented for maximum shade. This location is quiet, away from traffic noise. it's a short walk to enjoy the spa, pool or workout facility. Just steps to your private, 2 car garage. What are you waiting for? The Mirror in Guest Bath doesn't convey, but like styles can be found online. Washer and Dryer negotiable. Listing Agent is a friend of Seller. Also available as rental under MLS 6720915

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9854 W Ross Avenue Peoria, AZ 85382

$565,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6678518

Property Type Single Family Residence

Price Type --

Welcome Home! This 4-bed, 2-bath home sits on a huge 15,284 Sq. Ft. lot! The home offers vaulted ceilings, a freshly painted interior, tile and laminate flooring throughout. Be greeted upon entry to a gracious amount of living space. The owner's suite boasts a walk-in closet and private bathroom offering dual sinks with a separate shower and tub. The eat-in kitchen features granite countertops, a breakfast bar, stainless steel appliances and plenty of natural lighting. Make your way out back to an above ground hot tub and a SPARKLING PEBBLE FINISH POOL entirely resurfaced in 2022. Relax comfortably under the paved and extended covered patio. Here you will be conveniently located just minutes from Peoria's most popular shopping, dining and entertainment spot

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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$565,000

4 Beds

4 Baths

1,853 SqFt

Status Active

MLS # 6693190

Property Type Townhouse

Price Type --

Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

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19403 N Ponderosa Court Surprise, AZ 85387

$565,000

2 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6772861

Property Type Single Family Residence

Price Type --

CHARMING MISSION MODEL WITH GREAT CURB APPEAL. HOME FEATURES STACK STONE FRONT, FRESHLY PAINTED EXTERIOR AND COATED WALKWAY. 2.5 GARAGE, NEWER HVAC, NEWER HOT WATER HEATER, NEW 6080 SLIDING PATIO DOOR JUST TO NAME A FEW UPDATES. PREMIER LUXURY KITCHEN-GRANITE COUNTERS, CHERRY CABINETS, CROWN MOLDING , SLIDE OUT SHELVES, UPPER LIGHTING, SOLAR TUBE, ELECTRIC COOK TOP, BAY WINDOW IN KITCHEN NOOK AND PRIMARY BEDROOM. GREAT ROOM CUSTOM FAUX STONE MEDIA WALL,,ACCENT LIGHTING. LUXURY PRIMARY BATHROOM WITH SOAKING TUB AND SHOWER STALL. OFFICE/FLEX ROOM NO BUILT-INS SO YOU CAN DESIGN. FLOORING IS TILE, NEW LAMITE FLOORS & CARPET. PATIO COVERED AND EXTENDED WITH FLAGSTONE.

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15829 N 168th Avenue Surprise, AZ 85388

$565,000

5 Beds

3 Baths

2,873 SqFt

Status Active

MLS # 6715613

Property Type Single Family Residence

Price Type --

Stunning two-story residence offering 5 spacious bedrooms and 3 full bathrooms, situated on a large cul-de-sac lot. This home combines elegance with functionality. Dramatic ceilings and decorative archways add a touch of sophistication & grandeur to the living spaces and the host of modern amenities. Enjoy elegant gatherings in the formal living & dining rooms. The kitchen is a chef's delight, featuring ample counter space, modern appliances and opening to the family room, perfect for relaxing while socializing with the cook! Durable & stylish laminate flooring runs throughout the home, except for the stairs, providing an easy-to-maintain living environment. A convenient bedroom & full bathroom on the ground floor offer flexibility, Transferable Home Warranty in place! for guests, in-laws, or a home office. Upstairs and away from the downstairs activity, is the spacious primary suite, offering a private retreat with plenty of room for a sitting area or home office. The en-suite bathroom features double sinks, a separate shower and a luxurious soaking tub, perfect for unwinding after a long day. A large walk-in closet provides abundant storage for all your wardrobe needs. The home is situated on a generous cul-de-sac lot providing a private and spacious outdoor area with a heated pool and spa for relaxation or hosting outdoor gatherings.

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36038 N Puente Alto Avenue San Tan Valley, AZ 85140

$565,000

2 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6717592

Property Type Single Family Residence

Price Type --

Stunning home that will deliver perfection to any buyer. Home is upscale and the sellers did many upgrades after moving into the property including glass and iron front door, upgraded springs on garage door, upgraded all appliances in property. landscaping is immaculate with fencing around property, travertine tile on patio and front entryway, electric screen enclosure on patio installed, cabinets painted, ventilation system installed. Back porch fireplace is perfect. Quiet location with privacy has a greenbelt in the back of home. Mountain views are amazing. Home is amazing please get this one while it is available.

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22663 E Rosa Road Queen Creek, AZ 85142

$565,000

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6722640

Property Type Single Family Residence

Price Type --

Charming home nestled in the lovely Spur Cross Community located on a corner lot next to a small green belt area. Don't miss this opportunity to have a home within a home! Gen Suite with separate exterior entrance, living area, kitchenette, bedroom and full bath. Home has additional 3 bedrooms, Great room, Kitchen Island, 42in upper Cabinets, Shutters throughout. Back yard includes covered patio, pavers and turf! Clean and move in ready!

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1723 E Windsong Drive Phoenix, AZ 85048

$565,000

4 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6736870

Property Type Single Family Residence

Price Type --

This two story 4-bed, 2.5-bath home is located in the Ahwatukee Foothills. The prime location offers an idyllic backdrop for relaxation and leisure. The fresh interior, high ceilings, ample windows create an airy and bright feel. Enjoy the comfort of the backyard with the built-in pool. Noteworthy enhancements done in 2024 include new roof, water heater, stove, showers and vanities in both bathrooms, pool resurfacing, carpet, quartz countertops, interior paint, blinds, fixtures, and landscaping. Situated within the esteemed Kyrene School District, renowned for its exceptional educational opportunities, and in close proximity to The Foothills Golf Club, this property offers access to top-tier amenities and recreation, catering to a lifestyle of sophistication and convenience.

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