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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9722 E Tungsten Drive Mesa, AZ 85212

$565,000

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6751256

Property Type Single Family Residence

Price Type --

This immaculate lightly lived Eastmark residence feels brand new and is packed with desirable upgrades. Featuring 3 bedrooms + a dedicated office, this home is perfect for modern living. Soaring 10-ft ceilings, wood-look tile flooring, and ample natural light create a bright and airy ambiance. The well appointed kitchen features KitchenAid stainless steel appliances, a gas range, and quartz countertops. It seamlessly flows into the spacious great room featuring an ample dining space and a living room complete with a view of the covered patio thru the builder installed sliding glass door. The large backyard is an oasis complete with green grass and a healthy ficus hedge providing privacy as well as many other lush plants including various young citrus trees This meticulously maintained home is truly move in ready with all appliances including a water softener staying. More than a neighborhood, Eastmark is a vibrant community. Eastmark isn't just about houses; it's about fostering genuine connections and nurturing community. Here, diverse residents actively shape a welcoming environment where neighbors become friends. Living in Eastmark means enjoying a resort-inspired lifestyle, including a luxurious pool, splash pads, numerous parks including the City of Mesa Great Park with a stocked fishing pond, farm-fresh fare at the Steadfast Farm, The Handlebar Diner, and The Mark, the state-of-the-art clubhouse with year-round events and family-friendly games

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7710 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$565,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6755867

Property Type Townhouse

Price Type --

* Highly Desired unit in The Courts at Gainey Ranch; Exclusive Guard-gated Community in Heart of Scottsdale * Sunset & Mountain Views from Great Room Picture Window & Balconies; Open Layout is Light & Bright Featuring Updated Kitchen, Baths, Lighting/Fans, Custom Shades, Security/Screen Doors, Trex-style Deck off Great Room, Fireplace, Large Laundry Room with Full Sized Washer/Dryer, Private Garage with Storage, Private Balconies * Amenities include Tennis, Pickleball, Renovated Estate Club w/ State of the art Fitness Center, Rec/Entertainment, Indoor/Outdoor Bar, Olympic-sized Heated Pool & Spa; Tree-lined Paths & Park, Additional Private Courts Community Heated Pool & Spa steps away * 24/7 Security, Perfect for your Lock & Leave Lifestyle * HOA covers almost everything * Don't miss it!

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11165 E Segura Avenue Mesa, AZ 85212

$565,000

5 Beds

3 Baths

2,566 SqFt

Status Active

MLS # 6753677

Property Type Single Family Residence

Price Type --

Back on the market and priced to sell. Beautiful 2 story home in the desirable community of Bella Via in Mesa with 2566 Square Feet of living space. Huge backyard to entertain family and friends. Stylish granite counter tops in kitchen with massive pantry, tile flooring, new paint in the interior of the home and new carpet upstairs in all the rooms. This amazing floor plan features 5 bedrooms and 3 baths. Located in Southeast Mesa Tech Corridor with major growth development. Community has multiple parks and nearby amphitheater! Close to shopping, restaurants and freeways. This home won't last!

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5624 E Garnet Avenue Mesa, AZ 85206

$565,000

3 Beds

2 Baths

1,847 SqFt

Status Active

MLS # 6760553

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained single-story family home nestled in the mature and desirable Stonegate Estates. This house truly offers a brand-new roof over your head—just in time for move-in! Plus, with a fresh exterior facelift, you'll enjoy years of peace of mind knowing that the major improvements are already done, so you can focus on making it your own. This home come with updates to give you years knowing again major items like updated variable-speed pool pump and filter, a newer HVAC system, and a hot water heater mean you won't have to sweat the big stuff. And with a newer dishwasher in the mix, even the little things are taken care of, leaving you with fewer worries and more time to enjoy your new space and make it your own! The open floor plan is perfect for both entertaining and everyday living, featuring a custom kitchen complete with granite countertops, custom cabinetry, and included all kitchen appliances. Plantation shutters add airiness and privacy throughout the homes. The main bedroom is thoughtfully designed with a split layout, providing privacy, a large walk-in closet, and a luxurious ensuite bathroom. The 3-car garage offers ample space for vehicles and storage, best, it is wired for 220. Location, location, location! This home not only offers easy access to the 60 and 202 freeways, but it's also conveniently close to major employers like Boeing, Bell Helicopter, and the many businesses located at Phoenix Gateway Airport, including META, Amazon, and many aeronautic manufacturers and suppliers. Perfect for students and professionals alike, it's a quick drive to ASU, EVIT, and other top educational institutions. Plus, with great shopping nearby and easier access to beautiful lakes and state recreational areas, including less than 2 hours from the mountains, you'll have everything you need right at your fingertips! Don't miss the opportunity to own this gem in Stonegate Estates!

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1095 N Old Chisholm Trail Dewey, AZ 86327

$565,000

4 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6763266

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION DUPLEX! This brand new duplex is a great primary residence or wonderful investment property as an amazing source of income. Each separate unit contains two spacious bedrooms with the most gorgeous mountain views and one full bath. Quartz countertops with a double vanity, with shower and tub. It boasts beautiful tile floors all throughout. The kitchen is equipped with brand new stainless steel appliances and beautiful quartz countertops. Big, spacious laundry room and one car garage for each unit. Each unit also contains separate way of entry. Don't wait, this beauty won't last long!

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15108 W Cooperstown Way Surprise, AZ 85374

$565,000

3 Beds

2 Baths

2,470 SqFt

Status Active

MLS # 6763749

Property Type Single Family Residence

Price Type --

An extended Hacienda Model offers 3 beds, 2 bath with both guest bedrooms split from the master bedroom and also extended at time of build so larger than the standard size. The extension also increased the size of laundry room, guest bath, and width of garage. Abundant kitchen counter space, dedicated office, wood floors in some rooms, and the most beautiful crown molding make this home elegant and a delight for entertaining. The extended patio with high-end grill and a waterfall is perfect for outdoor entertaining also. All of this located in The Grand where you have 4 golf courses, 2 restaurants, and all the other amenities and activities to keep you active year-round.

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287 N Scott Drive Chandler, AZ 85225

$565,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6768264

Property Type Single Family Residence

Price Type --

If you are in search of a residence that combines effortless maintenance with an exceptional location, then this property is for you. Nestled conveniently just 3 miles from downtown Gilbert, 3 miles from downtown Chandler, and a mere mile and a half from the 202 freeway, this home offers unparalleled accessibility. Boasting four bedrooms, a loft, and three full bathrooms. Notably, one of the secondary bedrooms is conveniently situated on the first floor, accompanied by a full bathroom for added convenience. This residence has an inviting open floor plan, with soaring 9-foot ceilings, and ample closet space throughout. The kitchen is adorned with stainless steel appliances, granite countertops, and exquisite tile accents that lend a touch of elegance to the space. The primary suite stands out with its generously proportioned room, complete with double sinks, an over sized shower, and an expansive walk-in closet, ensuring a luxurious daily retreat. Moreover, the community offers an array of amenities, including a refreshing pool, picturesque parks, and access to top-tier schools. This residence is truly a gem that should not be overlooked. We invite you to seize this exceptional opportunity and make this house your cherished home.

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4808 N 24th Street Unit 828 Phoenix, AZ 85016

$565,000

2 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6745724

Property Type Apartment

Price Type --

Magnificent South and SW facing corner residence. Enjoy mountain, city and garden terrace views from every room. One of the most popular floor plans in the building! Features include; upgraded wood vinyl flooring throughout, designer paint and accent lighting as well as a split bedroom floor plan for maximum privacy. Master offers ensuite bath, walk in closet and downtown views. Guest bedroom includes walk in closet and sitting/den area. Kitchen has beautiful, upgraded granite counters, bar seating, stainless steel appliances and stylish backsplash. A spacious living area leads to an outdoor covered balcony with garden planters. Perfect for enjoying nightly Phoenix sunsets. TWO prime side by side parking spaces and storage.

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1936 Windsor Drive Sierra Vista, AZ 85635

$565,000

4 Beds

4 Baths

5,237 SqFt

Status Active Under Contract

MLS # 6690758

Property Type Single Family Residence

Price Type --

ASSUMABLE LOAN with a 3.875% interest rate. Step inside this 4 bedroom, 4 bathroom home you'll be greeted by an open floor plan. Filled with natural light, thanks to large windows that overlook the beautiful backyard. The kitchen features high-end appliances, ample counter space, and breakfast bar. This home offers luxurious amenities starting with the Venice pool as the centerpiece of the backyard inviting you to take a refreshing dip on hot summer days. Along with a built in BBQ. Looking for relaxation? you'll love the indoor spa area but that's not all! This home also boasts a sauna room, where you can rejuvenate after a long day. It's like having your own personal spa right at home. With its spacious bedrooms, wet bar, this home truly offers the perfect blend of style and comfort.

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10629 N 9th Street Phoenix, AZ 85020

$565,000

3 Beds

2 Baths

1,608 SqFt

Status Active Under Contract

MLS # 6726836

Property Type Single Family Residence

Price Type --

''Welcome to Pointe Tapatio: A One-of-a-Kind Oasis in the Valley! This exceptional home & community offers a lifestyle you've always dreamed of. From the moment you step inside you'll feel ''This is IT''! Two skylights & newer dual pane windows provides an abundance of natural light. Plantation shutters throughout. This well-loved home's quality to all features & impeccable care is undeniable. The spacious kitchen layout provides room to cook up a feast. Great amount of counter space, quality appliances, large window above farmer's sink, crystal style light fixtures, pantry, newer cabinets completes it. Full elegancy & remodeled baths with quality taste in 2023. This home is polished to the nines! The layout of the home offers a bonus area which can be used for a game table. Breakfast room is large enough to place a 12 seating dining table. Live in Paradise in this lush low maintenace backyard! Sparkling 6' deep salt pool with five tranquil water features, which was remodeled in 2023. large built in planter, and flagstone deck. With an East facing serene backyard you'll enjoy dining out by the pool or an evening swim, mornings are perfect! The HOA includes 3 streaming channels, cable, water, 4 Pools, 2 Spas, club house, care to common areas, washes, street maintenance. Choose your daily walk challenges within the Community, flat or hilly. See map of nearby hiking trails in photos. Easy access to many great restaurants, shopping & just 20 minutes or less to the airport, downtown, Scottsdale and the Biltmore area. Many nearby amenities, great restaurants & shopping.

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4551 W Geronimo Street Chandler, AZ 85226

$565,000

4 Beds

2 Baths

1,988 SqFt

Status Active Under Contract

MLS # 6727637

Property Type Single Family Residence

Price Type --

Prime location! Pool! Owned solar & pool solar! No HOA! Conveniently located in the highly sought after 85226 zip code of Chandler, you are sure to love this gem! Upon arrival you are greeted by beautiful desert landscaping & a 3 car garage for all your storage needs. Inside you will find vaulted ceilings, a neutral palette, & a cozy fireplace. The kitchen includes granite counters, recessed lighting, SS appliances, a pantry, & an island W/ breakfast bar. 1 of the 4 bedrooms is an optional den with french doors, a built-in desk, & spacious closet. The main bedroom offers direct backyard access, an ensuite with dual sinks, & a walk-in closet. The backyard is your own private refreshing oasis complete w/ large covered patio, spa, & sparkling pool w/ recently updated pool equipment.

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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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