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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20221 N 31st Street Phoenix, AZ 85050

$574,000

5 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6749488

Property Type Single Family Residence

Price Type --

Immaculate 5-Bedroom, 3-Bath Move-In Ready Home with Fresh Updates, and Backyard Paradise. Discover the perfect blend of modern luxury and convenience. This newly painted 5-bedroom, 3-bathroom home is move-in ready and packed with features that make it an exceptional find. With two brand-new AC units installed in May 2024, you'll enjoy year-round comfort in this energy-efficient, beautifully upgraded property. Step inside to find a bright, open layout with plenty of space to entertain. The living room is prewired for a large TV, ready for your home theater setup—perfect for movie nights or watching the big game in style. The home also features a remodeled master bathroom and new flooring upstairs, adding a touch of luxury at every turn. The wardrobe in the upstairs guest room conveys with the property, offering added convenience. Outside, the backyard oasis awaits, featuring a charming pergola and fruit trees that create the perfect setting for outdoor gatherings or peaceful evenings at home. Location couldn't be betterCostco is less than a mile away, and you're just minutes from Desert Ridge Marketplace for shopping, dining, and entertainment. Plus, with easy access to Loop 101 and SR-51, commuting anywhere in Phoenix is a breeze. This stunning home checks all the boxes: space, style, comfort, and a prime location. Don't miss this incredible opportunityschedule your showing today before it's gone!

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9413 E Osage Avenue Mesa, AZ 85212

$574,000

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6764630

Property Type Single Family Residence

Price Type --

Fantastic single story home featuring 4 bedrooms, 2 baths, 2 car garage, living room/dining room combo, ceramic tile flooring throughout the main areas except in bedrooms which have laminate wood flooring, kitchen boasts granite countertops and backsplash, stainless steel appliances, white cabs, dining area, kitchen island, flat top electric stove with above b-i microwave, huge walk-in pantry, family room with shiplap accent wall, sliding doors lead out to backyard with pebble sheen pool , covered patio, canopy, shed, large primary bedroom with walk-in closet and exit to patio, ensuite with dual sinks, separate shower & tub, chevron accent wall, nice sized secondary bedrooms, faux wood blinds. Close to schools, parks, restaurants and shopping. Just minutes from the 60 & 202 freeway!

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26916 N 52nd Glen Phoenix, AZ 85083

Open House

$574,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6749367

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning resort-style retreat featuring a fenced Pebble Tec saltwater pool and spa, heated and self-cleaning with a variable speed pump. The professionally landscaped yard boasts a pomegranate tree in the front, a synthetic grass backyard, and a covered patio with extended cool decking—perfect for outdoor relaxation. Nestled in a cul-de-sac, this home offers privacy and direct access to a greenbelt and walking trail, all framed by picturesque mountain views. Inside, enjoy a formal living and dining area, along with a spacious family room that flows seamlessly into an open-concept kitchen designed for entertaining. The kitchen is equipped with a large island and sink, a breakfast bar with ample seating, a gas oven/range, a pantry, and a reverse osmosis system. Modern touches include updated light fixtures, surround sound wiring, ceiling fans, and a combination of tile and laminated flooring. The master suite is a serene retreat with dual sinks, an updated walk-in shower, a spacious walk-in closet, and a private toilet room. This smart home is equipped with a programmable thermostat, security system, and an owned solar system with a loan assumption. Additional features include garage storage cabinets, overhead storage racks, a water softener, and an automatic garage door opener. With great curb appeal and a welcoming front porch, this home is conveniently located near top-rated schools, shopping, dining, Deem Hills Recreation Area, and major highways including I-17, Loop 101, and 303.

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1502 Oregon Avenue Prescott, AZ 86305

$573,818

2 Beds

3 Baths

2,125 SqFt

Status Active

MLS # 6731974

Property Type Single Family Residence

Price Type --

Nestled in the serene Oregon neighborhood on the coveted West side of Prescott, Arizona, this 2125 sqft two-story home epitomizes eco-friendly living. Situated gracefully alongside a tranquil creek, protected by towering granite boulders, this residence is a sanctuary for those who cherish comfort and sustainability. Step inside to discover an incredible conservatory, complete with heating and cooling, offering a year-round connection to nature's beauty. Imagine soaking in a jetted tub or simply relaxing in this serene space, which includes a connected half bathroom. During winter, imagine placing your bed here and gazing up through the glass ceiling as snow gently falls around you—an experience reminiscent of sleeping in an igloo under the stars. The home boasts a Trombe Wall, ... ... ... harnessing passive solar energy for efficient heating and cooling. Supplementing this green ethos are solar hot water panels with electric backup, an old unregistered well, and multiple large water storage tanks, ensuring self-sufficiency even in the driest months. Warmth and ambiance abound with furnace-rated fireplaces complementing a cozy wood-burning hearth, perfect for chilly Prescott evenings. Outside, the property is ensconced in natural beauty, seamlessly blending into majestic Granite Boulders topped by a durable metal roof and freshly painted exterior. Additional features include a detached two-car carport, multiple sheds for storage, and an attached carport. For the discerning buyer seeking a harmonious blend of luxury and environmental stewardship, this Green Home in Prescott's Oregon neighborhood is a rare gem waiting to be discovered.

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5053 S Laguna Avenue Sierra Vista, AZ 85650

$573,500

5 Beds

2.5 Baths

3,673 SqFt

Status Active

MLS # 6763911

Property Type Single Family Residence

Price Type --

Solar was added to eliminate high electric bills- solar lease to be assumed by new owner. Escape to your private oasis and grand estate. This property boosts more than you can even imagine. Entry is enclosed with bright light inviting windows then you enter your home through brand new custom doors to an abundance of space starting with a formal dining room and living room with a 2-sided fireplace - you will notice new wood laminate floors. Kitchen fit for a chef - Kitchen Aid appliances, wall oven, huge island with cook top, granite counter tops and newly refinished cabinets. Just off the kitchen is eat in dining area, guest bathroom and bedroom AND your private sauna room. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Outside - welcome to your resort enjoy a private pool and hot tub within the primary yard but wait there is more with over 1 acre of land bring your toys, horses or pets with ample space and additional storage building that could be used for whatever you need. You don't want to miss the opportunity to own this 1 of a kind home. You will also find a very large bonus space, with wall-to-wall windows to take in all the beautiful views of the area. Use for your games, living, hobby etc. room the possibilities are endless.

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7950 E Queensborough Avenue Mesa, AZ 85212

$573,300

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6676004

Property Type Single Family Residence

Price Type --

MLS6676004. Ready Now! PRICE REDUCTION! The Edmonton at Hawes Crossing Discovery presents a charming single-story residence boasting 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. As you step inside, the foyer effortlessly guides you towards the dining and kitchen space, providing abundant room for culinary endeavors. Revel in the spacious and welcoming ambiance of the casual dining and great room area, seamlessly connected to the outdoor living space and backyard, perfect for hosting gatherings. The generously proportioned primary suite offers a serene retreat with its private bathroom featuring double sinks and a walk-in closet. Structural options include: paver front porch, garage service door, and extended owner's suite.

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10262 W Columbus Avenue Avondale, AZ 85392

$573,279

4 Beds

2 Baths

2,587 SqFt

Status Active

MLS # 6761862

Property Type Single Family Residence

Price Type --

MLS#6761862 November Completion! Welcome to the 45-3 at Parkside Almeria, a spacious single-story home spanning 2,567 square feet with 4 bedrooms. The heart of the home is the expansive great room, effortlessly blending with the dining area to create an open, inviting space perfect for gatherings. The primary suite offers a private retreat with plenty of space to unwind. The smart floorplan also includes a flexible room, ideal for a home office, creative space, or even an additional bedroom. The primary bathroom adds a touch of luxury with its super shower, transforming daily routines into spa-like experiences. This home combines thoughtful design with luxurious living for ultimate comfort and style. Structural options include: soft water loop, gas line outdoor kitchen, garage service door, and paver porch and walkway.

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374 E Citrus Hollow Way Queen Creek, AZ 85140

$573,088

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6605086

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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3070 E Bellerive Drive Gilbert, AZ 85298

$572,990

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6774476

Property Type Single Family Residence

Price Type --

This charming single-story home offers a thoughtfully designed open floor plan with 9-ft. ceilings, a large great room, and beautiful vinyl plank flooring throughout the common areas. The modern kitchen is a standout, featuring sleek quartz countertops, a center island prewired for pendant lighting, a walk-in pantry, and extended 42-in. upper cabinets. The spacious primary suite, located at the back of the home for added privacy, includes an en-suite bath with a walk-in shower, dual-sink vanity with WaterSense® labeled faucets, and a linen closet with ample storage space. Additional highlights include a soft water loop, ceiling fans in the great room, bedrooms, and covered patio, a convenient side-access door to the garage, and a Wi-Fi-enabled ecobee smart thermostat.

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3131 N Central Avenue Unit 6014 Phoenix, AZ 85012

$572,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6420041

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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2563 W Spaulding Avenue Apache Junction, AZ 85120

$571,065

5 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6773064

Property Type Single Family Residence

Price Type --

This expansive 2,444 square-foot single-level home offers the perfect combination of space and comfort. With 5 bedrooms/3 full bathrooms, this residence is ideal for large gatherings for those who love to entertain.The home's open-concept design creates a seamless flow between the main living areas. The kitchen is a highlight, featuring modern appliances with a gas stove, ample cabinetry, a large center island, and a breakfast bar. Adjacent to the kitchen is a spacious dining area that comfortably accommodates family meals and gatherings. The living room is designed for relaxation and socializing, with plenty of natural light streaming through large windows. 3 car garage & HUGE yard! tankless water heater!

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23055 E Watford Drive Queen Creek, AZ 85142

$570,990

4 Beds

3.5 Baths

2,688 SqFt

Status Active

MLS # 6770743

Property Type Single Family Residence

Price Type --

To Be Built of our very popular Pebble single story plan. This plan boasts a 3 car garage, 4 bedrooms, 3.5 baths and an office. Build time is approximately 7 months. We offer a full design center experience where you can colorize the home to your liking. Options and upgrades may increase the price of the home. Please ask about our special financing promotions.

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