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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6428 N 190th Drive Waddell, AZ 85355

$566,990

3 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6745700

Property Type Single Family Residence

Price Type --

This beautiful home back towards the White Tanks Mountains on large homesite with no neighbors behind you. The beautiful Irwin floorplan has a 3 tandem garage, 3 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home is ready now!

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6071 S Topaz Place Chandler, AZ 85249

$566,850

4 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6759322

Property Type Single Family Residence

Price Type --

Welcome to 6071 S. Topaz Pl, a stunning 4 bedroom 2 bathroom home nestled in the sought after Sun Groves community in Chandler. This well maintained residence offers a spacious floor plan, modern upgrades, solar panels, and a peaceful neighborhood, making it the perfect family home in a prime location. Step inside to find a bright and open floor plan with high ceilings and large windows, filling the home with natural light. The expansive living area features two tone paint, plantation shutters, and gorgeous tile flooring, making it ideal for both everyday living and entertaining guests. The beautifully upgraded kitchen features granite countertops, matching appliances, a large kitchen island, and ample cabinet space. It's perfect for preparing meals and hosting gatherings with friends and family. Step outside to the beautifully landscaped backyard, which offers a covered patio, a sparkling pool, a generous gazebo, and plenty of room for outdoor relaxation or entertaining. Sun Groves is known for its family friendly atmosphere, beautifully maintained parks, and scenic surroundings. With easy access to top rated schools and nearby shopping centers, it's the ideal place to enjoy a suburban lifestyle with modern amenities! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $584/month in year 1 and $298/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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34475 N Fortini Way Queen Creek, AZ 85144

$566,610

5 Beds

3.5 Baths

2,937 SqFt

Status Active

MLS # 6748798

Property Type Single Family Residence

Price Type --

From AZ-24, take Ellsworth Rd, south. Make a right onto Thompson Pkwy. Turn left onto Tesota Way. The sales office will be on your right.

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14155 W Alameda Road Surprise, AZ 85387

$566,433

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6734303

Property Type Single Family Residence

Price Type --

MLS#6734303 November Completion. The 50RM1 floorplan at Raveena at Rancho Mercado features 4 bedrooms, a flex room, 2.5 bathrooms, a 3-car garage, and 2,226 sq ft all on one level. Upon entering the foyer, you'll be captivated by the open-concept design, leading to a spacious gathering room, dining area, and a gourmet kitchen. The outdoor living space is perfect for al fresco meals and family time. The owner's suite, secluded for privacy, offers double vanities and a generous walk-in closet. The flex room is ideal for a home office or study area. Two additional bedrooms and a laundry room complete this luxury home. Structural options include: covered outdoor patio, paver front porch, garage service door, alternate A/C location, and soft water loop.

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1821 E Behrend Drive Phoenix, AZ 85024

$565,997

3 Beds

2 Baths

1,787 SqFt

Status Active

MLS # 6764010

Property Type Single Family Residence

Price Type --

Home is in a beautiful hillside setting. 3BR/2BA with a separate office which can also be a 4th bedroom. Vaulted ceilings, pot ledges for display. Sky light in Great Room. Home has been freshly painted. Kitchen open to great room with breakfast bar and eat in kitchen. W/D located inside. Tile and laminate throughout house. Great views of mountain in back. Large covered patio with extended patio that is great for entertaining. Built in BBQ close to house. Sparkling pool for afternoon dips Solar! Easy care landscaping. Must see home in area close to 101, shopping and healthcare facilities. Don't miss this one!

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15562 S 181st Lane Goodyear, AZ 85338

$565,995

4 Beds

2 Baths

2,612 SqFt

Status Active

MLS # 6728306

Property Type Single Family Residence

Price Type --

This beautiful home is move-in ready. A large center island in the kitchen overlooks the casual dining area. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. Discover what luxury living truly means and schedule a tour of this beautiful home.

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12346 W Hedge Hog Place Peoria, AZ 85383

$565,990

2 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6743534

Property Type Single Family Residence

Price Type --

DRASTICALLY REDUCED! Motivated sellers! Experience the best time of the year as the weather cools and our winter visitors return. Are you searching for a home in one of Arizona's most sought-after active adult communities, Trilogy at Vistancia? Whether you're looking for a winter retreat or a permanent move, having friends nearby is always a plus! This upgraded Montis floorplan features real hardwood floors and countless improvements. The previous owners, before our motivated sellers, rarely used this corner lot gem, so it has only been lived in full-time for 3 years. Plus, the stainless steel fridge, washer, and dryer are included! Not 55+? No problem! Trilogy at Vistancia welcomes residents through a simple variance (children or other occupants must be 18+). Regardless of age, everyone loves Trilogy! Enjoy world-class amenities including a fitness center, indoor lap pool, two outdoor pools for year-round use, a spa, a cafe, numerous clubs and activities, live music, and stunning views. And let's not forget the meticulously cared-for golf course that golfers rave about! After your best game ever, head to V's Taproom for dinner or a drink with friends to celebrate another day in paradise.

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10959 E Tupelo Avenue Mesa, AZ 85212

$565,900

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6694537

Property Type Single Family Residence

Price Type --

Singe level pool home in Bella Via! Neutral paint and flooring in soothing tones is waiting for personal touches! Chef's kitchen with gourmet SS appliances including gas cooktop and wall oven, Expansive quartz island with extended staggered cabinetry Split floorplan is perfect for hosting guests. The spacious backyard with stunning pool is perfect for hosting BBQ's and enjoying the AZ sun! Prime East Mesa location near the 24, shopping and dining! Don't miss out on this one today!

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4010 S 178th Lane Goodyear, AZ 85338

$565,588

4 Beds

3.5 Baths

2,639 SqFt

Status Active

MLS # 6768888

Property Type Single Family Residence

Price Type --

Ready for quick move in! Welcome to the Juniper Floor Plan, a magnificent single-story haven meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2639 square feet, this home provides a seamless fusion of elegance and practicality. Discover the allure of 4 beautifully appointed bedrooms, each offering a serene sanctuary for rest and rejuvenation. The Owners Suite stands out as a true retreat, featuring a walk-in closet that keeps your belongings organized and easily accessible. ALWAYS BUILT W/SPRAY FOAM INSULATION & TANKLESS WATER HEATER!!

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13747 W Nogales Drive Sun City West, AZ 85375

$565,500

2 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6734640

Property Type Single Family Residence

Price Type --

Presenting the San Ysidro Model home, a masterpiece of elegance and refined taste, situated on a corner lot within the serene, gated community of Corte Bella. This home spans 1,837 sq ft and features two spacious bedrooms and two luxurious bathrooms,+ large den/office tailored for both enchanting entertainment and peaceful relaxation. The heart of this home offers a chef's dream kitchen, fully upgraded with stainless steel appliances, granite countertops, a center island, and an ample pantry. The primary suite offers a sanctuary-like experience with bay windows, modernized flooring, a large walk-in closet, and a private water closet with double sinks. The accompanying bedroom and bathroom continue the theme of luxury with updated fixtures, and new installations. Expansive connections between the great room, den/office with custom French doors, dining, and kitchen areas showcase the carefully selected neutral tile flooring throughout, reflecting a tastefully designed interior. This exceptional property is now available for sale, ready to fulfill your dream of sophisticated yet practical living.

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10229 W 10229 W Jessie Ln Lane Peoria, AZ 85383

$565,000

4 Beds

2.5 Baths

2,247 SqFt

Status Active

MLS # 6774090

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2.5-bathroom home is situated in the sought-after Ironwood subdivision. Remodeled in 2023 by the former owner, it features new flooring, fresh interior paint, quartz countertops in the kitchen and bathrooms, and new blinds, along with a new pool pump. The current sellers have added new appliances, window screens, ceiling fans, epoxy flooring in the garage, and storage racks. Its proximity to abundant shopping, dining options, and easy access to major freeways, the 101 and 303, adds to the home's appeal.

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30133 N 172nd Street Rio Verde, AZ 85263

$565,000

3 Beds

2 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6771208

Property Type Single Family Residence

Price Type --

Stunning views of Four Peaks, Weaver's Needle, and the Superstitions are the backdrop of this 1.059 acre property. The 3 bedroom, 2 bathroom split floor plan is move-in ready, lightly lived-in, and only 2 years old. The home is centered around a spacious great room, offers 9+ ft ceilings, and energy-efficient dual-pane low-e windows. The kitchen is beautifully designed with quartz countertops, upgraded cabinetry, and tile backsplash. Upgrades include 12ft sliding doors, spray foam insulation, upgraded doors throughout, enhanced desert landscaping, custom paver patio, retaining wall, and gutters. Step outside to a covered patio and enjoy the beautiful scenery. Ask about the guaranteed water through EPCOR's Rio Verde Foothills Standpipe project.

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