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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15922 W Electra Lane Surprise, AZ 85387

$570,699

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6719014

Property Type Single Family Residence

Price Type --

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15922 W Electra Lane Surprise, AZ 85379

$570,687

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6770484

Property Type Single Family Residence

Price Type --

Welcome to Escalante! New Home Ready for immediate Occupancy. This single level 2229 SF, 4 BR, 3 BA with a 3 car garage is located on an interior NS facing homesite surrounded by single level homes, NO two Stories! Exciting included features! Upgraded white cabinets, 42'' Uppers, Granite Countertops, Tile Backsplash, Plank Tile on the floors in all traffic areas! 10' ceilings, 8' interior doors,, garage service door, large extended patio, tankless water heater, front yard landscaping with drip system, PLUS so much more. Neighborhood includes tree lined streets, Parks and Aquatic Center. Energy Star & Indoor Air Plus Certified for more energy savings! 5 Star Resort Style Amenities include, hiking trails, Aquatic Center, 8 select parks, Picnic Ramada's, Basketball, 3 Pickle Ball courts, bocce ball courts, 18 hole disc golf course, and a Zip Line for the kiddos! This home is Energy Star and Indoor Air Plus qualified. Includes full Builder Warranties plus so much More..

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5153 N 87th Drive Glendale, AZ 85305

$570,252

4 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6766175

Property Type Single Family Residence

Price Type --

MLS#6766175 December Completion! The Hudson features 4 bedrooms, 3 baths, a study, dining room, and a spacious great room that flows into a large kitchen with white shaker Barnett cabinets, white quartz countertops, and a tiled backsplash. The private owner's suite at the back of the home includes double sinks, a walk-in shower, and a large walk-in closet. The enclosed study is ideal for a home office, and the dining room overlooks the outdoor living space, perfect for entertaining. Structural options include: super shower at primary bath, GE profile gas appliances, pavers at driveway and walkway.

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2087 N 213th Drive Buckeye, AZ 85396

$570,000

5 Beds

3.5 Baths

2,590 SqFt

Status Active

MLS # 6727679

Property Type Single Family Residence

Price Type --

MOVE IN READY ENERGY EFFICIENT HOME! 5 bedroom, 3.5 baths, 3-car tandem garage & RV gate. Open floor plan with a gorgeous kitchen. All appliances as well as all TV's convey! BIG corner lot with room for a pool and great for entertaining. Private guest suite with full bath on first floor. Perfect as a ''Mother in law suite'' or for a multi-gen household. HUGE loft upstairs along w/other bedrooms and bamboo flooring! Enjoy the Community amenities including pools, playgrounds, picnic areas, gym, clubhouse, & more. 5 minutes from Verrado restaurants and shopping!

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11226 E Posada Avenue Mesa, AZ 85212

$570,000

2 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6728991

Property Type Single Family Residence

Price Type --

Live your best life in the lovely Sunland Springs Village (SSV) 55+ Adult Community. This cozy 2 bd/2bth plus den has all the right touches. Pride of Ownership on Display! Enjoy the Living Area with Electric Fireplace; Porcelain Tile Wall, Stunning Wall of Glass looks out to Extended Patio w/ Travertine Tile, Pergola and 2 firepits. Stellar landscape design; Lush yard with sweet orange and lemon trees. Solar Roof Panels provide energy saving benefits. Plantation shutters adorn the windows. Extended kitchen with granite countertops and energy efficient appliances. This is not just a house but a HOME! Enjoy resort like community amenities: Rec Center, Clubhouse, Ping Pong, Billiards, Golf, Tennis, Pickleball, Shuffleboard, Heated Pools, Jacuzzi, Exercize Rooms, Yoga; SSV has it all! This is a Must See! Please visit the SSV HOA website to learn about the many clubs and activities available in this active adult community:

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20515 N 264th Avenue Buckeye, AZ 85396

$570,000

2 Beds

2 Baths

2,095 SqFt

Status Active

MLS # 6741698

Property Type Single Family Residence

Price Type --

VALUE! PAID SOLAR LEASE, PAID CFD, NEWER HVAC AND APPLIANCES. This 2 bed/2 bath/Den Destiny model has fabulous golf course views and sets on a quiet street yet it's close to the Sage Recreation Center, the Grill and the Golf shop (location, location, location). This is a quality Del Webb built home with many upgrades. See a more complete list in the Documents tab.

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4216 N 27th Street Unit 106 Phoenix, AZ 85016

$570,000

3 Beds

2.5 Baths

1,683 SqFt

Status Active

MLS # 6756185

Property Type Townhouse

Price Type --

This stunning and spacious townhouse is situated in the Biltmore area and boasts impressive 18-foot ceilings in the main living room, a cozy fireplace, and 10-foot ceilings in each of the bedrooms as well as a two-car garage with epoxy flooring. The expansive primary bedroom includes a private balcony, a generous walk-in closet, and a bathroom featuring an oversized soaking tub and recently remodeled shower. The charming courtyard has been enhanced with turf and pavers, creating a lovely outdoor retreat. Conveniently located near restaurants, shopping, the airport, and major freeways, this home is situated in an exclusive part of Phoenix, in close proximity to Arcadia, Scottsdale, and Paradise Valley.

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22835 E Pummelos Road Queen Creek, AZ 85142

$570,000

4 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6774516

Property Type Single Family Residence

Price Type --

Three bedroom and Den, Tile throughout all common areas. Master planned community

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17687 W Surrey Drive Surprise, AZ 85388

$570,000

5 Beds

3 Baths

3,483 SqFt

Status Active Under Contract

MLS # 6750480

Property Type Single Family Residence

Price Type --

Welcome to this grand 5-bed, 3-bath residence featuring a 3-car garage, charming front porch, and a low-maintenance front yard! Fall in love with the family room boasting soaring ceilings and abundant natural light streaming through plenty of windows creating a welcoming ambiance. The eat-in kitchen comes with granite counters, recessed lighting, chic mosaic tile backsplash, SS appliances, a pantry, paneled cabinets with crown moulding, a dry bar, and a center island with a breakfast bar. You'll also find a den with attached cabinets, perfect for an office or a library. Upstairs, a cozy loft offers additional space for entertainment. Retreat to the large main bedroom, accessed through elegant double doors, offering an ensuite with dual sinks and a walk-in closet. Make this gem yours!

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3658 N Desert Oasis -- Mesa, AZ 85207

$570,000

3 Beds

2 Baths

1,571 SqFt

Status Active Under Contract

MLS # 6766285

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home located in an EXCLUSIVE gated community! Enjoy a living space filled with natural light, and a master suite with a spacious en-suite bathroom. Step outside to a beautifully landscaped yard that backs up to the picturesque Las Sendas Golf Course. Take advantage of the community amenities, including PICKLEBALL Courts, sparkling pools, playgrounds, community events and more! The community also offers an optional Spa & Fitness Center (additional fee required) and a top-rated golf course with a sports bar and restaurant. Just a couple of miles away is the scenic Salt River which offers paddleboarding, fishing, and kayaking, biking and more! ADVENTURE AWAITS in the surrounding TONTO NATIONAL FOREST!

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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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