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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17552 W Running Deer Trail Surprise, AZ 85387

$514,995

3 Beds

2 Baths

1,690 SqFt

Status Active

MLS # 6700534

Property Type Single Family Residence

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Explore this dynamic Bronze home, ready for August move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an open dining area; a well-appointed kitchen offering quartz countertops, stainless-steel appliances, 42'' cabinets, a walk-in pantry and a center island; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a relaxing covered patio; an RV garage and a 2-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms.

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10 W Del Rio Drive Tempe, AZ 85282

$514,995

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6726410

Property Type Single Family Residence

Price Type --

Adorable 3 bedroom, 2 bath home located near ASU, the 60 freeway. This meticulously maintained property has had the same owner since 1990. New roof was installed this year in April 2024. A spacious living room welcomes guests upon entry. The large great room with cozy fireplace is a perfect space for relaxing or entertaining. The upgraded kitchen has a built in oven and stovetop . You will enjoy mature desert landscaping in front and the back with a cozy north facing patio or covered gazebo to enjoy the Arizona sunsets.

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4811 W Karl Street San Tan Valley, AZ 85144

$514,990

4 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6751689

Property Type Single Family Residence

Price Type --

INCLUDING washer/dryer, refrigerator and blinds! This plan is a knockout featuring a 2 1/2 tandem garage for extra storage or workshop. This thoughtfully designed home features 4 bedrooms and 2.5 bathrooms, offering a welcoming haven for both residents and guests alike. The sprawling island takes center stage surrounded by white cabinets, quartz counter tops and generous amount of tile throughout, not only serving as a practical workspace but also as a social hub where family and friends can gather in this great room setup. Enjoy the San Tan Mountain views while entertaining in your backyard. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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5537 W Paseo Way Laveen, AZ 85339

$514,990

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6748021

Property Type Single Family Residence

Price Type --

''Discover the Ruby floor plan, an exquisite single-level home that perfectly combines modern design with functional elegance. Spanning 2,178 square feet, this inviting residence offers a spacious and well-thought-out layout, featuring three generously sized bedrooms and two and a half beautifully appointed bathrooms. The Ruby's design is highlighted by a stunning modern desert exterior that seamlessly integrates with its surroundings. A striking 4-panel sliding glass door in the Great Room creates a seamless transition to the outdoors, ideal for both entertaining guests and enjoying serene moments. The heart of this home is the stylish kitchen, equipped with Stone Gray cabinets and Quartz countertops, complemented by a chic 3x12 tile backsplash. The kitchen also includes a GE stainless steel side-by-side refrigerator, making meal preparation both practical and delightful. Elegant 6x24 wood-look plank ceramic tiles flow throughout the home, adding a touch of warmth and sophistication. In addition to the main living areas, the Ruby features a versatile bonus den space, perfect for an office, playroom, or additional living area. A large walk-in pantry provides ample storage, while the GE electric washer and gas dryer offer modern convenience in the dedicated laundry area. The home's thoughtful design extends to its exterior, with pavers at the driveway enhancing its curb appeal. Satin nickel cabinet hardware adds a refined touch to the home's interior details. Situated on a north/south facing homesite, the Ruby benefits from optimal natural light and energy efficiency. Experience the Ruby floor plan, where contemporary style meets practical living, creating a harmonious environment perfect for modern lifestyles.

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