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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7180 E Kierland Boulevard Unit 1116 Scottsdale, AZ 85254

$2,925,000

2 Beds

2.5 Baths

1,954 SqFt

Status Active

MLS # 6801916

Property Type Apartment

Price Type --

New Price includes all the furniture !!! Ultra high end and purchased for approximately $175k by the current owners. 1116 is a move in ready opportunity like no other ! A corner unit on the 11th floor, one of the ''penthouse level '' floors with higher ceilings. This dramatically enhances 1116's jaw dropping views from Pinnacle Peak in the north past the McDowell Mountain Sunrises to Camelback Mountain in the south. With the help of renowned interior designer David Michael Miller the owner spent in excess of $500,000 in custom upgrades to create a condo of unparalleled quality. A Molteni media wall,Gaggenau appliances, Bulthaup Kitchen Cabinetry, Remadesio Closets and a custom Wine Wall all help to make this home truly special.

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19912 E Karsten Drive Queen Creek, AZ 85142

$2,900,000

5 Beds

4.5 Baths

4,641 SqFt

Status Active

MLS # 6806013

Property Type Single Family Residence

Price Type --

Luxury at it's finest! Est. Completion 3/2025, Photos to come. This one level, 4 bedroom plus office, 4.5 bath home has been thoughtfully designed. This premier property provides luxury, style and plenty of space & quiet. The home boast custom details all through out. 26ft vaulted entry with tongue and groove ceiling, custom beamed ceiling in family, kitchen and dining areas. Barrel arches, encased opening, sliding glass wall. Butlers kitchen complete with sink, dishwasher and ice maker, HUGE pantry that is a room of it's own! Beautiful wood floors throughout. Every bath has been designed with beautiful tile and custom cabinetry. Every bedroom has walk in closets. 4 car garage as well! The pool and spa are ideal for long days with friends and family. Don't miss out on this acre+ property The kitchen has a huge island, high end appliances and custom cabinetry. The home also has a huge flex room with access to the generous back porch. All finishes are being installed currently and landscaping is being finalized. Master bedroom is very spacious, with vaulted ceilings, huge master bathroom with luxury shower and free standing tub, large closet with island and closet cabinetry. Additional structures such as pool house, RV garage, guest house are able to be built on this property. Builder is happy to work with buyer on these projects after purchase of the home on a separate contract as permitting will be needed.

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180 Copper Cliffs Lane Sedona, AZ 86336

$2,900,000

3 Beds

4.5 Baths

2,916 SqFt

Status Active

MLS # 6797677

Property Type Single Family Residence

Price Type --

Seize this rare opportunity today at a new and improved price. Discover the perfect blend of tranquility and opportunity on this 2.32 acre property, free from HOA restrictions! Nestled along Highway 179, this unique parcel features a 2915 SF 3/2 Main Home, but also a 300-tree apple orchard with ditch irrigation and grandfathered water rights and ample commercial frontage, offering space for 17 parking spots off 179. Just a step down from the highway, you'll find a charming 1400 SF building that once served as a country store, ready for your vision. This isn't just a home; it's a chance to live and work harmoniously in one location. Embrace the farm-to-table lifestyle surrounded by breathtaking red rock views, all while being just minutes from town amenities. Who says you can't have it all

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10040 E Happy Valley Road Unit 1045 Scottsdale, AZ 85255

$2,900,000

4 Beds

4.5 Baths

4,385 SqFt

Status Active Under Contract

MLS # 6799556

Property Type Single Family Residence

Price Type --

Immediate Golf, Tennis, Pickleball and clubhouse membership at close of escrow. Welcome to Hillside Villa 1045 at Desert Highlands of North Scottsdale, an experience of unparalleled elegance in this single-level retreat featuring 4 bedrooms, 4.5 baths and private casita. Perfectly positioned above the legendary 16th hole of the exclusive Jack Nicklaus designed golf course, this residence offers breathtaking views of Pinnacle Peak, Troon Mountain, Camelback and vibrant city lights to the south, with the serene purple hues of Troon Mountain to the east. Every aspect of this home exudes refined sophistication, seamlessly blending indoor and outdoor living to create a true oasis of luxury and serenity. Thoughtfully designed to harmonize with the natural desert landscape, The architecture frames Pinnacle Peak through celestial windows in the great room, offering breathtaking focal point. Private guest suites, each with ensuite baths, provide unparalleled comfort, while floor-to-ceiling windows reveal stunning vistas of the surrounding mountains ensuring your guests enjoy a remarkable stay immersed in beauty and tranquility. The outdoor pool and spa are perfectly positioned to overlook the surrounding lush desert landscape and breathtaking mountain views, creating your own private oasis. An inviting outdoor fireplace provides warmth and ambiance on cool desert evenings, while the private rooftop deck offers the perfect vantage point to savor Arizona's stunning sunsets in unparalleled tranquility. Discover the world-class amenities and refined lifestyle that define Desert Highlands, offering an unparalleled country club experience. This is a unique opportunity to own one of the most elevated and coveted lots within this prestigious community, where luxury living reaches new heights.

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22619 N La Senda Drive Scottsdale, AZ 85255

$2,900,000

3 Beds

3.5 Baths

2,912 SqFt

Status Active

MLS # 6819518

Property Type Single Family Residence

Price Type --

La Senda Hacienda, a stunning fully remodeled Santa Barbara-styled home sitting on a prime lot in North Scottsdale's coveted Pinnacle Peak Country Club. The 2-year, no-expense-spared restoration showcases steel windows/doors, herringbone floors, plank & beam vaulted ceilings, Waterworks fixtures, Goodall cabinetry, Zellige tile, Wolf/Sub-Zero appliances, wifi controls & a massive island perfect for entertaining & family gatherings. The solo ''Peninsula'' lot in the Estates delivers unparalleled peace & privacy. A stunning 150-year-old Palo Verde stands guard over the new pool/spa, limestone surfaces, structured landscaping, fireplace, grilling area & lighted petanque court. Pinnacle Peak Country Club is an intimate members-only club with an 18-hole golf course & many wonderful amenities.

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15642 E Palatial Drive Fountain Hills, AZ 85268

$2,900,000

4 Beds

3.5 Baths

3,805 SqFt

Status Active

MLS # 6821711

Property Type Single Family Residence

Price Type --

Looking for a new build or a home in perfect condition? Come view this meticulous barely lived in 4-bedroom 3.5 bath home in gated Palatial Estates. From the moment you enter through the front entrance you will be in awe of the spaciousness and magnificent views of mountains and open wash areas. No close neighbors so very private on a large lot. The home has all the upgrades including wood flooring, quartz counter tops, custom cabinets, high end appliances, power shades, speakers throughout and central vacuum. Custom tile in all bathrooms. Large master suite has gorgeous views and private sitting area. Stunning pool area has pavered deck, spa and negative edge heated pool. Nicely finished 4 car garage for cars and toys. This private one of a kind home must be seen to be appreciated!

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4439 E Turnberry Court Gilbert, AZ 85298

$2,900,000

7 Beds

7 Baths

7,286 SqFt

Status Active

MLS # 6811131

Property Type Single Family Residence

Price Type --

Luxury Live Auction! Bidding to start from $2,900,000.00! THIS HOME CAN BE PURCHASED PRIOR TO THE AUCTION DATE. WON'T LAST! DETACHED BEAUTIFUL CASITA! This exceptional Custom Contemporary Mediterranean Estate is situated on a prime corner cul-de-sac lot, encompassing 40,336 sq/ft within the prestigious Circle G Estados community in Seville. It features a luxurious split master suite with a romantic fireplace, ''his and hers'' walk-in closets, and a spa-like master bath with a steam room. The residence includes four generously sized en-suite bedrooms, a sophisticated study, a glass-framed dining room, and a wet bar/butler's pantry with a mini fridge/freezer. The chef's kitchen boasts a large center island, high-end Wolf and Sub-Zero appliances, dual dishwashers, and a Miele espresso bar. Exquisite 23' floor-to-ceiling radial pocket doors lead to an inviting outdoor oasis with alfresco dining pavilions, an updated built-in BBQ, a commercial gas/wood-burning pizza oven, a fireplace, and an expansive heated pool and spa, complemented by a basketball court and golf putting green. A FULLY DETACHED GUEST CASITA features a bedroom, walk-in closet, full bathroom, kitchenette, and private garage. This smart home includes a state-of-the-art automation system for lighting, security, and audio-visual controls. With Tesla solar panels, a battery system, and an electric car charger, this exceptional estate offers an array of luxurious amenities and superior finishes for the most discerning buyers. Don't miss your opportunity to view this ultimate lifestyle property!

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7002 N Hillside Drive Paradise Valley, AZ 85253

$2,900,000

5 Beds

4.5 Baths

4,857 SqFt

Status Active

MLS # 6765766

Property Type Single Family Residence

Price Type --

Nestled in Paradise Valley's most desired neighborhood, this elevated lot offers exceptional views of both Mummy & Camelback Mountain. The home boasts a primary retreat, two ensuite bedrooms & two split guest bedrooms, as well as a large bonus/media room, office and a 2,000 bottle wine room. The open kitchen has beamed ceilings with access to an outdoor dining space. This is your opportunity to own a mountainside home with amazing views !

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9020 N Flying Butte -- Fountain Hills, AZ 85268

$2,900,000

4 Beds

5.5 Baths

6,998 SqFt

Status Active

MLS # 6802974

Property Type Single Family Residence

Price Type --

MAKE AN OFFER FOR MILLION DOLLAR VIEWS from every room! If you like privacy, this is the one! This house is built for good times! Single level living on main floor w/ 5 car garage below. Golf course community! Perfectly maintained home by original owners. Host unforgettable gatherings in the grand open family room (35 X 30), where guests can mingle effortlessly amidst the backdrop of panoramic mountain vistas and city lights. Immaculately SPOTLESS home. 4 En-suite bedrooms, +Office +Theater +Gym +5 Car garage. Huge kitchen with 2 islands, 2 dishwashers, 2 sinks, gas cook top, natural light throughout, convenient dumb-waiter from garage to pantry. 100% move in ready! *Perfect split floor plan! First time on the market!

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27974 N 96th Place Scottsdale, AZ 85262

$2,900,000

4 Beds

3.5 Baths

3,948 SqFt

Status Active Under Contract

MLS # 6711953

Property Type Single Family Residence

Price Type --

ESTANCIA GOLF MEMBERSHIP AVAILABLE SUBJECT TO BOARD APPROVAL. Single-level home on a 1.3 acre lot with south-facing views of Pinnacle Peak from the great room and master bedroom. This custom home has an open floor plan with large kitchen that flows seamlessly to the living and dining areas. Interior features include stone flooring, wood-beamed ceilings, custom cabinetry, stainless steel kitchen appliances, stone fireplace surrounds, 700-bottle wine room & adjacent wet bar. Exterior living area offers a large covered patio with TV area, gas fireplace, heated spa, built-in BBQ station, many mature citrus trees, and a rooftop deck plumbed for a bar with stunning panoramic views. Large solar panel system is owned. Oversized 3-car garage includes an electric vehicle charger. With all the features, views and Golf Membership... this home will sell fast!

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9732 N Fireridge Trail Fountain Hills, AZ 85268

Open House

$2,899,900

4 Beds

4.5 Baths

5,320 SqFt

Status Active

MLS # 6797210

Property Type Single Family Residence

Price Type --

Priced To Sell! Positioned on a premium lot on the 5th hole of FireRock CC w/ VIEWS! Indulge in modern luxury at this meticulously renovated home, seamlessly blending timeless elegance with contemporary design. Stone accents & introducing new materials, this residence is a true masterpiece. The interior boasts a light & bright desert vibe, featuring natural rock & Quartzite flagstone floors. The Terrazzo fireplace adds sophistication, while stone-wrapped showers, ornate ironwork, & modern chandeliers enhance the unique character. Discover the perfect mix of modern & warmth. Captivating spaces define this remarkable residence, curated for an elevated living experience. Enjoy an entry waterway, dual dishwashers, Gas Viking range, & Sub-Zero drawers. 4 Tesla Power Walls. Smart Home!Motivated

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20668 E Sunset Drive Queen Creek, AZ 85142

$2,899,000

5 Beds

5.5 Baths

5,909 SqFt

Status Active

MLS # 6794536

Property Type Single Family Residence

Price Type --

Exclusive Elegance in The Pecans of Queen Creek Welcome to your dream home in the highly sought-after gated community of The Pecans. This extraordinary custom residence offers the perfect blend of modern luxury and timeless design, delivering an unparalleled lifestyle in Queen Creek's most prestigious neighborhoods. Step into the thoughtfully designed interior and discover a chef's kitchen that is as functional as it is stunning. Equipped with Thermador appliances, double ovens, double dishwashers, double islands, and a convenient butler's pantry, this kitchen is a true culinary haven. The open-concept kitchen and family room opens to the backyard with large glass pocket doors, creating the ultimate in seamless indoor/outdoor living. Designed with comfort and style in mind, this energy-efficient home features rich wood flooring throughout, adding warmth and elegance to every space. The luxurious primary suite boasts a spa-like retreat with a double steam shower, a jetted soaking tub, and a spacious layout designed for relaxation. The outdoor living space is an entertainer's paradise. A massive diving pool, heated hot tub, and industrial-grade mister system make this backyard an oasis all year long. Whether you're hosting guests by the outdoor fireplace or relaxing under the expansive back patio, this space is as inviting as it is functional. This smart home is equipped with a state-of-the-art security system, including cameras throughout, offering peace of mind and convenience within this gated community. The Pecans offers more than just a home; it offers a lifestyle with tree-lined streets, picturesque walking paths, and a sense of community unlike any other. Don't miss the opportunity to own this remarkable property, one of the few custom homes currently available in The Pecans. Schedule your private showing today and step into a life of luxury and sophistication. Your dream home awaits.

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