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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20701 W Minnezona Avenue Buckeye, AZ 85396

Open House

$556,900

2 Beds

2.5 Baths

1,872 SqFt

Status Active

MLS # 6750121

Property Type Single Family Residence

Price Type --

Welcome home to your 1,872 SF spacious retreat nestled on a generous 9,000 SF lot within the tree-lined streets of Victory; this home is perfect for embracing an active lifestyle tailored for those 55+. This charming home features stunning mountain views throughout that you can enjoy. Relax from the comfort of your spacious front porch, ideal to enjoy your peaceful neighborhood or socializing. Step inside to discover hardwood floors, complemented by upgraded carpet in the main living area as well as the bedrooms and loft. The heart of the home, the kitchen, boasts upgraded cabinetry and countertops, along with stainless steel appliances that make cooking a pleasure. You'll appreciate the ample storage space with the extended cabinetry. The home is bathed in natural light, creating a warm and inviting atmosphere that enhances the spacious and airy feel. The primary suite is complete with a large walk-in closet and generous sized bathroom. Down the hall you will find the additional bedroom and bathroom perfect for guests. An upstairs loft provides additional flexible space, perfect for a home office, craft room, or cozy retreat. The backyard, with its stunning mountain views, has mature landscaping that includes fruit trees and drought resistant plants. This home is thoughtfully designed to accommodate both comfort and functionality, making it the perfect choice for enjoying a vibrant and active lifestyle.

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5145 N 87th Drive Glendale, AZ 85305

$556,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

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3842 E Fiesta Flower Lane San Tan Valley, AZ 85140

$555,988

4 Beds

3 Baths

2,741 SqFt

Status Active

MLS # 6700081

Property Type Single Family Residence

Price Type --

MLS#6700081 December Completion! The Revere plan at Combs Ranch-Landmark is a 4 bedroom, 2-story home designed to accommodate the ultimate living experience. With a main level guest room, gorgeous island kitchen, casual dining area and great room opening up to the outdoor living space this home is thoughtfully laid out at every turn. Upstairs, the luxe owner's suite has a large WIC, spa-like bath, and is separate from 2 bedrooms and loft. Design upgrades feature flooring cabinetry and stainless-steel appliances.

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4405 N 203rd Avenue Buckeye, AZ 85396

$555,784

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6786223

Property Type Single Family Residence

Price Type --

Nestled in the coveted Victory at Verrado Active Adult community, this stunning Clyde plan home blends farmhouse charm with modern elegance. Relax on the cozy front porch while soaking in breathtaking views of the White Tank Mountains and Roma Park. The chef's kitchen shines with a large island, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances. The great room, highlighted by a coffered ceiling, is perfect for entertaining. A serene home office offers space for hobbies or reading. The Primary Suite boasts a spa-like bath and spacious walk-in closet. Extras include pendant lighting, ceiling fans, blinds, and owned solar panels. ***Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20931 E Via Del Sol Street Queen Creek, AZ 85142

$555,541

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6754262

Property Type Single Family Residence

Price Type --

SELLER CONSESSION AVAILABLE ON THIS QUICK MOVE-IN NEW CONSTRUCTION HOME! Located Close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and is just steps to the 8-Mile Walking Trail. This Beautiful Home is located in the Cul-de-sac and has the upgrades your clients are looking for: All Appliances Including Stainless Refrigerator, White Washer & Dryer, Stainless Gas Cooktop with Double Wall Ovens, Beautiful Cabinetry w/Hardware, Plank Tile Flooring, Quartz Kitchen Countertops, Front yard landscaping and so much more! Backyard is large enough for a future pool. We are in Close-Out with a limited number of homes remaining. Don't Wait, Come See This Home Today!

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2469 W Sioux Lane Happy Jack, AZ 86024

$555,500

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6757412

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful residential property in the Starlight Pines HOA, where maintained roads ensure easy access year-round. Nestled in the scenic beauty of Rim Country, this 3-bedroom, 2-bathroom home is designed for comfort and convenience. As you enter, you'll be captivated by the beautiful tongue and groove ceilings that add a touch of rustic elegance to the living spaces. Each of the three bedrooms is thoughtfully designed with ample storage, ensuring that all your belongings have their place. The highlight of this property is the extra-large garage, measuring 30x32, with an additional 30x10 loft above, providing extensive storage or workspace options. Custom screen doors add a unique charm and functionality to the home, allowing fresh air to flow through while keeping insects at bay. Step outside onto the beautiful deck, the perfect spot to relax and enjoy the peaceful surroundings. Here, you can witness the majestic elk that frequently visit, offering a unique connection to nature. With its blend of rustic charm and modern amenities, this home in Starlight Pines HOA offers an ideal retreat for those seeking a tranquil lifestyle in the heart of Rim Country. Don't miss out on this opportunityrequest a time today and experience this wonderful property for yourself.

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10852 E Texas Avenue Mesa, AZ 85212

$555,188

5 Beds

3 Baths

1,960 SqFt

Status Active

MLS # 6761136

Property Type Single Family Residence

Price Type --

MLS#6761136 Ready Now! Welcome to the Harlow at La Mira! This charming single-story home greets you with a cozy front porch. Just steps away, the open-concept kitchen with an island seamlessly flows into the dining and gathering rooms, creating an ideal space for entertaining. The private owner's suite boasts a corner-entry bathroom with dual sinks and a generous walk-in closet. Three equally sized secondary bedrooms share a full bath, providing ample comfort for everyone. Home options include: window coverings, whole house appliance package, bedroom 5 and bath 3, garage service door, raised bath vanity at bath 2 and 3, paver front porch, soft water loop, and garden tub in primary.

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16143 W Charlotte Drive Surprise, AZ 85387

$555,000

3 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6752054

Property Type Single Family Residence

Price Type --

his brand new Fulton home, known for its quality and stunning designs, is ready for move-in! Featuring over $75K in premium upgrades, this bright and spacious great room plan includes 3 bedrooms, a den, and 3 bathrooms. Enjoy 9' ceilings, a gourmet kitchen with upgraded cabinets, granite countertops, and a custom backsplash. The split floor plan includes a large primary bedroom with a luxurious spa super shower in the primary bath, and elegant wood-look tile flooring throughout. Additional features include 2'' white blinds, ceiling fans, fully landscaped front and backyards, and a 3-car tandem garage. Situated in front of the park with a paver entry. his Energy Star certified home with Indoor airPLUS certification is conveniently close to the community pool, picnic area, tot lots, basketball and pickleball courts, and more. See Document for all upgrades.

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20712 W Medlock Drive Buckeye, AZ 85396

$555,000

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6770305

Property Type Single Family Residence

Price Type --

Beautiful David Weekley contemporary home in the only GATED community in Victory, Mountainside. This unique Pathfinder floorplan showcases this open-concept floorplan and this particular elevation has 12' ceiling in the great room, emphasized by more windows! You'll love the gorgeous & functional kitchen featuring a huge island, granite counters, plenty of cabinets. Stunning First Impressions entry door, neutral tile THROUGHOUT, immaculate condition. Generous master bedroom with spa-like ensuite bath & walk-in closet. Guest bedroom and separate den with French Doors and guest bath at front of house. This location in Mountainside is ideal - one side neighbor, facing green space & adjacent to guest parking. Mountainside has private pool & social area for residents. A great place to live!

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1205 W Indian School Road Phoenix, AZ 85013

$555,000

3 Beds

1 Bath

1,143 SqFt

Status Active

MLS # 6770320

Property Type Single Family Residence

Price Type --

Welcome to Melrose! Completely remodeled by owner, this centrally located gem in Melrose district is walking distance to some of the top restaurants in Phoenix. Everything in this home has been meticulously thought out and upgraded by current owner. Beautiful tile through the entire home, large kitchen island and upgraded appliances including tankless water heater. Gated parking for multiple vehicles and rear rv gate for alley entry. Plenty of room in back yard for detached garage or ADU to be built. Bathroom has been completely re-done and boasts beautiful tile shower/tub and contemporary look. Covered back patio for entertaining and self watering landscaping. Owner will provide detailed list of upgrades. Great starter home or potential airbnb!

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2308 E Loyola Drive Tempe, AZ 85282

$555,000

3 Beds

2 Baths

1,631 SqFt

Status Active

MLS # 6781434

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 3-bedroom, 2-bathroom split floor plan home featuring a versatile office/den, wood and tile flooring, and a 2-car garage. Entertain effortlessly with a dedicated coffee/bar area complete with a mini fridge, wine rack, and wine fridge. The kitchen boasts a gas stove and recent updates include a new AC unit, newer water heater, and recently replaced main sewer/water line. Outdoors you can relax on the patio with a mount waiting for your TV and a charming planter area. Enjoy a private pool with a safety fence, and a shed for extra storage. Close proximity to ASU, shopping, and restaurants with quick access to the 101, it makes getting around so easy. Come take a look, this home has it all!

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1 E Lexington Avenue Unit 410 Phoenix, AZ 85012

$555,000

2 Beds

2 Baths

1,169 SqFt

Status Active

MLS # 6783887

Property Type Apartment

Price Type --

Low Down Payment Seller Financing! Premier mid-town urban living! This corner unit enjoys spectacular panoramic views of the mountains and city center. Spacious floorplan boasts a well equipped kitchen with stainless steel appliances, sleek soft close cabinetry, Quartz counters, stylish back splash & convenient pantry. Espresso plank wood floors with neutral tile in kitchen & baths, and plush carpet in the bedrooms. Beautifully appointed primary suite w/shower, soaking tub, dual sinks and a large walk-in closet. Split bedrooms for convenience. Washer/Dryer in the unit. Shades for privacy throughout. 2 covered parking spaces plus storage. Desirable community with gym & pool, several common spaces and rec room. Ideal location near light rail, Downtown, Midtown and Uptown businesses, activities, restaurants, cultural events, public transportation just outside your door. Available with Seller carry financing ONLY. 10% down 6.5% rate on 30 year amortization with 5 year balloon payment Credit qualified within verifiable adequate income and 650+ credit score

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