What’s Ahead For Mortgage Rates This Week – October 24, 2016

Last week’s economic releases included the National Association of Home Builders’ Housing Market Index along with reports on housing starts, building permits and sales of previously owned homes. Weekly reports on new jobless claims and mortgage rates were also released.

NAHB: Builder Sentiment Dips amid High Demand for Homes

Home builder confidence in current housing market conditions dipped from September’s index reading of 65 to 63. September’s reading was the highest since the peak of the housing bubble. Any reading above 50 indicates a majority of builders surveyed are confident about housing market conditions. Building new homes is essential to relieving intense demand for homes against short supplies of homes for sale. Builders cited obstacles including low supplies of land for development and workforce shortages, but expressed confidence in overall economic conditions that affect construction and sales of new homes.

Housing Starts Fall, Building Permits Rise

According to the Commerce Department, the reading for housing starts was nine percent lower in September than for August. 1.047 million starts were reported in September on a seasonally adjusted annual basis; August’s reading showed 1.150 million starts. Monthly readings tend to fluctuate due to weather, labor and materials supplies. Single family starts provided good news with a higher annual rate of 783,000 starts; this was 8.10 percent higher than August’s reading.

More building permits were issued in September than for August. Overall, 1.225 million permits issued on an annual basis. August’s reading showed 1.152 million permits issued. Building permits for single-family homes rose to 783, 000 on an annual basis, an increase of 8.10 percent over August. September’s increase in single-family permits indicates that builders are shifting their efforts toward single-family construction instead of multi-family construction. This signifies confidence in homeownership and suggests stronger housing markets as renters become homebuyers.

Sales of Previously–Owned Homes Increase

The National Association of Realtors® reported that previously owned homes sold at a seasonally-adjusted annual pace of 5.47 million sales in September as compared to a rate of 5.33 million sales in August. Pre-owned home sales rebounded after slowing in July and August. Home prices rose 5.60 percent year-over-year to an average of $234,200; this was the 55th consecutive month that home prices rose.

Sales of pre-owned home sales rose in all four regions rose year-over-year from 0.90 percent in the South to 5.80 percent in the Northeast. First-time buyers accounted for 34 percent of sales, which was the highest participation rate in four years.

Mortgage Rates Higher

Freddie Mac reported higher average mortgage rates last week. 30-year fixed rates were five basis points higher at 3.52 percent. 15-year fixed rates were three basis points higher at 2.79 percent. 5/1 adjustable mortgage rates rose three basis points to 2.85 percent. Discount points rose from 0.50 to 0.60 percent for fixed rate mortgages and were unchanged at -.40 percent for 5/1 adjustable rate mortgages.

New jobless claims were higher than expected at 260,000 claims; analysts expected 248,000 new claims to be filed based on the prior week’s reading of 247,000 new claims filed. Last week’s reading was the highest in six weeks, but analysts said that layoffs remain very low.

What‘s Ahead

This week’s scheduled economic news includes Case-Shiller home price data, readings on new and pending home sales along with reports on consumer confidence. Mortgage rates and new jobless claims will be released on their regular weekly scheduled.

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8 E Biltmore Estate Unit 109 Phoenix, AZ 85016

$1,450,000

2 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6747783

Property Type Apartment

Price Type --

Now is your opportunity to purchase a fantastic Biltmore Fairway Lodge ground floor unit offering wonderful views of the 10th fairway at the Newly renovated Biltmore Estates golf course. Come and enjoy the Biltmore lifestyle with walking paths, hiking, world class shopping & dining at Biltmore Fashion Park, and the best-in-class Biltmore Resort all in the immediate area. The Estates golf course has been perfectly transformed, and the New Biltmore Adobe restaurant and golf shop are the trendy spots to relax and enjoy food, golf and views! This spacious 2,376 sf unit is move-in ready or add your designer touches to make it one of the best properties in all of Fairway Lodge. This is the spot you want to be in! The gently lived in unit offers two spacious bedrooms, a large den and 2.5 bathrooms. Newer AC units. Kitchen features Wolf and Subzero appliances, warming drawer and wine fridge. Updates include new carpeting, new kitchen tile and backsplash. Two assigned underground parking spaces along with spacious storage unit. The location is excellent - Phoenix Sky Harbor airport is less than 10 minutes away, Biltmore Fashion Park is walking distance too

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2224 W Speer Trail Phoenix, AZ 85086

$1,450,000

5 Beds

4.5 Baths

4,133 SqFt

Status Active Under Contract

MLS # 6725677

Property Type Single Family Residence

Price Type --

Situated on over an acre of pristine horse property, this exquisite custom home has been entirely remodeled in recent years, boasting upscale finishes throughout. The brand-new kitchen features Euro-style double-stacked cabinetry, stone countertops, a Wolf range, Scotsman ice maker, and elegant pendant lighting. The master suite has also been transformed, offering a luxurious bath and an expansive walk-in closet equipped with all the desired amenities. For a comprehensive list of upgrades, please refer to the documents tab. Beyond its stunning interiors, the property is equestrian-ready with four covered horse stalls, a dedicated tack room, covered storage space, and a wash area. Additionally, it includes both a round pen and a rectangular pen, making it ideal for the horse enthusiasts.

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6701 N Scottsdale Road Unit 30 Scottsdale, AZ 85250

$1,450,000

3 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6692670

Property Type Townhouse

Price Type --

FABULOUS GATED CUERNAVACA!!...AN UNBEATABLE 'SCOTTSDALE ADDRESS', A LUXURIOUS, 'LOCK & LEAVE' LIFESTYLE, 'RESORT STYLE' AMENITIES..JUST MINUTES FROM THE MECCA OF WHAT OLD TOWN SCOTTSDALE HAS TO OFFER IN RESTAURANTS, FASHION & NIGHTLIFE, ACROSS THE STREET FROM AJ'S & THE 'COMING SOON' RITZ CARLTON & WITH 3 BEDS (DUAL PRIMARY SUITES), 3 BATHS, SECLUDED COURTYARD ADORNED IN GREENERY, A ROOFTOP DECK WITH ENDLESS MOUNTAIN VIEWS, THE ULTIMATE LIVING EXPERIENCE AWAITS YOU!! As you enter, you're immediately transported to what feels like the English Countryside, the open concept Living Spaces will wow you! Step into the high tech kitchen with stand around kitchen island, eat-in overlooking the front picturesque courtyard of green. Dine formally in the separate Dining Room off of the Great Room with French Doors opening onto most idyllic terrace framed in verdant landscaping, perfect for indoor outdoor entertaining. ACCOMMODATION is sensational with 2 bedrooms downstairs (one en-suite) & 2 bathrooms or escape to the primary bedroom suite, hidden away from the rest of the home private & secluded with lavish en-suite bathroom & huge walk-in his/hers closet. Perhaps have a sundowner on the rooftop patio off of the primary bedroom while taking in the spectacular views. ADD IN 2 CAR ATTACHED GARAGE, INSIDE LAUNDRY & WITH INCREDIBLE COMMUNITY AMENITIES that include Tennis courts, Pool, Spa, Fitness Center and Club House, EXPERIENCE THE THREE L's....LOCATION, LIFESTYLE & LUXURIOUS LIVING ALL ENCOMPASSED AT #30!

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580 N Benson Lane Chandler, AZ 85224

$1,450,000

7 Beds

4.5 Baths

5,122 SqFt

Status Active

MLS # 6765082

Property Type Single Family Residence

Price Type --

With impressive curb appeal, and spread over almost a half of acre of land this expansive home welcomes you through a custom iron front door into a grand entryway with soaring ceilings, creating a warm, inviting atmosphere. Two standout features make this property exceptional: a massive 6+ car garage and an entertainer's dream backyard. Spread over 5,122 square feet this home features 7 bedrooms plus an office and 4.5 bathrooms. Rich wood flooring adds to the home's cozy charm, while the fireplace in the front room offers a tranquil space to unwind. The spacious kitchen is a cook's delight, offering ample cabinet space. Its large island is perfect for entertaining, while the nearby family room boasts a convenient bar area for beverage storage. The guest ensuite on the main level features a private den with direct access to the backyard. Upstairs, the luxurious master ensuite showcases a two-way fireplace, a deep soaking tub, a separate shower, and a HUGE walk-in closet. The master suite also features a private patio, and the dual vanity in the bathroom offers plenty of space and storage. Each of the four additional bedrooms upstairs provides extra space to relax, while a versatile bonus room offers endless possibilities. This home truly combines comfort, space, and entertainment. The large basement stays cool during the summer and even includes a bathroomrare for homes in this area. With three indoor fireplaces and an outdoor fire pit, you'll feel at home year-round. This outdoor oasis includes a diving pool, stunning water features, a gas fire pit, a putting green, a sprawling lawn, built-in BBQ, a basketball court area, and a spacious covered patioperfect for gatherings. Located near all of Chandler's best attractions and with easy access to the 101 freeway, this home offers an unbeatable location!

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23724 S 126th Street Chandler, AZ 85249

$1,450,000

4 Beds

3 Baths

3,084 SqFt

Status Active

MLS # 6783164

Property Type Single Family Residence

Price Type --

CUSTOM HOME IN A PRIVATE 1.1 ACRE LOT AT A PRIME CHANDLER LOCATION FOR SALE!!! . NO HOA !! Single level custom house over 3000 square feet. Home is filled with many custom details. High ceilings. A nice 4 bedroom and a den or a true 5 bedrooms. Gourmet kitchen with pot filler faucet, granite counter top, beautiful cabinetry, gas stove, built-in refrigerator and high-end appliances. Snail shower in master bedroom. 4 large car garages with a decorative pass through garage door on the opposite side. Lots of extra rooms for storages and boy's toys. A nice extended cover patio. Horse are allowed. Irrigated lot! Must See! Don't miss It!

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7492 E Red Bird Road Scottsdale, AZ 85266

$1,450,000

3 Beds

3 Baths

3,117 SqFt

Status Active

MLS # 6711520

Property Type Single Family Residence

Price Type --

Welcome to your oasis in North Scottsdale. On nearly an acre of land with stately trees and a sparkling pool to relax in, this beauty does not disappoint. 3 bedrooms plus an office and a bonus room with storage galore make this home an exceptional find. New flooring, cabinets and a new roof make it even more desirable. Come and enjoy the new dream home ready for you. More updated photos coming soon, but why wait? Come see this beauty today!

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37760 N Concho Drive Carefree, AZ 85377

$1,450,000

3 Beds

2.5 Baths

2,807 SqFt

Status Active

MLS # 6690630

Property Type Single Family Residence

Price Type --

Timeless Contemporary design by Fred Linn Osmon features his superlative architecture with original details intact & some lovingly restored. Welcoming courtyard & artistic front door are your first glimpse of this jewel. Situated on a corner lot capturing mountain & desert views, the architect has perfectly positioned the residence to enhance your visual pleasure inside & out. Featuring 3 bedrooms + den with 2 ½ baths the home exudes a character that is impeccably ''Osmon''. Numerous patios scattered around the home complement memorable entertaining & enhance the joy of AZ sunshine, a sparkling pool or simply stargazing in Carefree's dark skies. Own a piece of architectural history in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree!

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8989 N Gainey Center Drive Unit 114 Scottsdale, AZ 85258

Open House

$1,450,000

2 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6756528

Property Type Townhouse

Price Type --

Experience the Gainey Ranch Lifestyle in this 2 bed with office/den, 3 bath remodeled & expanded floor plan w/ unmatched views of the golf course, lake, mountains, & clubhouse! Great room opens to the wrap-around patio w/ BBQ & stone fireplace, perfect for entertaining. The beautifully remodeled kitchen offers granite countertops, a large island, custom cabinetry, two breakfast bars, & top of the line appliances. The kitchen opens to a custom bar seating area, complete with a 200-bottle wine refrigerator and ample storage. The main level office/den offers privacy for guests w/ full bath, The upstairs master suite features a private balcony, sitting area, walk-in closet, & a spacious bath w/ jacuzzi tub. The upstairs second bedroom & exercise room complete the layout. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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28448 N 95th Place Scottsdale, AZ 85262

Open House

$1,450,000

3 Beds

2.5 Baths

2,667 SqFt

Status Active

MLS # 6653166

Property Type Single Family Residence

Price Type --

Troon North masterpiece of modern luxury! This stunning property boasts a top to bottom extensive remodel, showcasing a crisp, clean, and contemporary style that shines from every angle. The rooftop patio, offers breathtaking 365-degree views of Pinnacle Peak Mountain and the Phoenix valley's evening city lights. Step inside and be impressed by the flawless attention to detail, evoking the feel of a model home. Luxury finishes abound, from the striking multiway fireplace to the elegant entry and lighting. Upgrades include a new roof and walking deck, and Thermador Chef's kitchen appliances, complemented by beautiful Pergo flooring throughout. Unwind in the remodeled Spool area, complete with new equipment, or adventure up the spiral staircase and be in awe of the sonoran desert all around

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1606 E Minton Street Mesa, AZ 85203

$1,449,990

4 Beds

3.5 Baths

3,079 SqFt

Status Active

MLS # 6747768

Property Type Single Family Residence

Price Type --

BACK ON MARKET! Welcome to this NEW stunning 4-bedroom, 3.5-bathroom residence in the prestigious gated community of Overlook at Forest Knoll! This home offers a breathtaking elevated view capturing the beauty of Camelback Mountain. It greets you with stone accents on the facade, a 3-car garage, a paver driveway, and an RV gate. Discover bright living areas for relaxation and memorable moments with loved ones. Wood-look floors, recessed lighting, upscale ceiling fans, and sliding glass windows that merge indoor and outdoor activities are some features that you'll also adore. Hone your cooking skills in the sleek kitchen showcasing SS appliances with a wall oven, built-in ice maker, quartz counters, built-in ice maker, pristine white cabinets, a walk-in pantry, and a center island... Retreat to the luxurious primary bedroom, a true sanctuary with a lavish ensuite boasting dual sinks, a make-up vanity, a soaking tub, and a generous walk-in closet. Outside, the sizable backyard offers an array of potential for your creative landscaping ideas and tranquil neighborhood views. This gem will sell fast!

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3220 W Feather Sound Drive Anthem, AZ 85086

$1,449,975

4 Beds

3.5 Baths

3,737 SqFt

Status Active

MLS # 6756314

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living in this beautifully updated Anthem Country Club home, boasting a perfect blend of modern convenience and elegant design. Nestled on a prime lot with unobstructed views of both Daisy Mountain and Gavilan Peak, this property offers a serene backdrop that is simply breathtaking. Key Upgrades: •

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1724 W Blue Ridge Way Chandler, AZ 85248

$1,449,900

3 Beds

2.5 Baths

2,952 SqFt

Status Active

MLS # 6784128

Property Type Single Family Residence

Price Type --

Prepare to be Captivated by this OCOTILLO WATERFRONT Masterpiece! Experience luxury living with 270-degree water views and an impressive 212 feet of shoreline—a rare gem in the heart of Ocotillo. This stunning home boasts exquisite upgrades, from the grand wrought iron front door and cozy fireplace to elegant 2x4 tile flooring and custom wood shutters. The chef's kitchen is designed to impress, featuring a waterfall island and quartz countertops. Freshly repainted, this home extends its charm outdoors with a tranquil Zen garden for ultimate relaxation. This exceptional property and its magical setting offer an unmatched living experience—don't miss your chance to make it yours!

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