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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2925 W Lynx Drive San Tan Valley, AZ 85144

$610,000

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6782690

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, newer home in the desirable Promenade by Fulton Homes! This spacious 3-bedroom + office features an open floor plan, ideal for modern living. The kitchen is a standout with sleek finishes and ample storage, while the built-in fireplace adds warmth and charm to the living space. Enjoy the convenience of a built-in mudroom area, keeping your home organized. The 4-car tandem garage offers plenty of room for vehicles and storage. With no front yard neighbors, you'll enjoy added privacy. Community amenities include a pool, parks, volleyball, basketball, and pickle ball courts, plus you're close to hiking, shopping, and the new Pecan Lake Entertainment. This home offers the perfect balance of comfort and convenience!

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20750 N 87th Street Unit 2142 Scottsdale, AZ 85255

$610,000

2 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6785238

Property Type Apartment

Price Type --

Prestigious Encore at Grayhawk 2-bedroom, 2-bath with 2 car garage overlooking lush open space with mature trees. Beautiful cul-de-sac location in center of community. Great room floor plan with gas fireplace, open to kitchen with stainless appliances, gas range, granite countertops, spacious pantry and breakfast bar. Master suite has own balcony, large walk-in closet, double sink vanity, garden tub and shower. Private and tranquil on both balconies. Washer, dryer and all appliances included. 2 car garage directly below unit with direct access. Lightly lived in and in excellent condition. Close to community pool, fitness center, clubhouse, Grayhawk Golf Club, Isabella's Restaurant, MoJo's, Quill Creek Restaurant, DC Ranch Market Street, and more. See Floor Plan in Photos.

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2412 W Crimson Terrace Phoenix, AZ 85085

$610,000

3 Beds

2 Baths

2,131 SqFt

Status Active

MLS # 6785687

Property Type Single Family Residence

Price Type --

Discover the charm of this exquisite 2,131 sq ft home in the desirable Carefree Crossings community. Ideally located just 5 miles from the TSMC Semiconductor plant, it offers the perfect balance of work and relaxation. Enjoy panoramic mountain views, stunning sunsets, and star-gazing under clear desert skies, free from city lights. In spring, watch hot air balloons drift by. The resort-style backyard features a sparkling pool with pencil jet waterfalls, ideal for entertaining or relaxing. With easy access to Sedona and Flagstaff, weekend getaways are shorter drive, saving you time for the adventures you love. Perfect for both peaceful retreats and lively gatherings!

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1914 N San Luis Circle Sierra Vista, AZ 85635

$610,000

3 Beds

3 Baths

2,965 SqFt

Status Active Under Contract

MLS # 6784470

Property Type Single Family Residence

Price Type --

Welcome to the Hexagon Home, an unique Pearl Certified SIP Home (Structural Insulated Panels) with 8'' layered external walls. Three bedrooms, two and a half bathrooms, plus a large bonus room. The home has a living area of 2,965 sqft surrounding a 2,700 sqft enclosed courtyard, with a total of 6,150 sqft of everything between the exterior walls. Features include a two car attached garage with RV port, 6' deep pool with water feature, Trex Decking and water capturing system in courtyard, handmade redwood doors, indirect and recessed lighting throughout the home, gourmet kitchen with leathered granite, 36'' oven and stove vent with heat rack, red oak cabinets, 10' and 18' ceilings, glazed dual pane windows, German Blackout rolling shutters, rustic chestnut Pergo floors and gas fireplace There are two new furnaces and AC units, two new 40 gallon water heaters, walk in jetted jacuzzi tub, stained glass window coverings in a cathedral style third bedroom, amazing views of Fort Huachuca and five named mountain ranges. This is a one of a kind enchanting home, see it today!

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16005 W Shaw Butte Drive Surprise, AZ 85379

$610,000

4 Beds

3 Baths

2,977 SqFt

Status Active

MLS # 6778086

Property Type Single Family Residence

Price Type --

Stunning model home featuring 4 bedrooms, 3 bathrooms, a den/office, a loft, and a spacious 3-car garage. This energy-efficient residence boasts an open floor plan, a formal family room, and prewired surround sound. Enjoy an abundance of cabinets with crown molding, elegant quartz countertops, a gas cooktop, and top-of-the-line stainless steel appliances. The wood-like tile flooring runs throughout, complemented by plantation shutters. The master suite includes dual sinks, a walk-in closet, and a luxurious walk-in shower. Outside, you'll find beautifully manicured landscaping and an inviting exterior fireplace, perfect for relaxing Arizona evenings. Spacious backyard awaits, complete w/a covered patio and an exterior fireplace. Don't miss it!

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1646 N Chestnut Circle Mesa, AZ 85213

$610,000

4 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6786978

Property Type Single Family Residence

Price Type --

Your Dream Home Awaits in Mesa, Arizona! Nestled in a quiet cul-de-sac on a spacious .3-acre fenced lot, this stunning 4-bedroom, 3-bathroom ranch style home offers the perfect blend of comfort, style, and outdoor living. Spanning 2,769 square feet, every corner of this home invites you to relax and unwind. Step inside to discover the open canvas for your personal style. You'll find fresh paint throughout the home and garage, and professionally cleaned tile and carpet. Envision yourself in this open-concept spacious kitchen with stainless steel appliances and an abundance of cabinet space, perfect for culinary adventures and entertaining. The remodeled master suite shower brings a touch of luxury for you to relax after a long day. Outside, a backyard oasis awaits! Dive into the in-ground diving pool, or host memorable gatherings in your Arizona room, looking over the beautifully landscaped and fenced yardideal for outdoor dining, lounging, and even extra parking on the extended drive in the back. The expansive yard offers endless possibilities for play, pets, and gardening. Located in a highly desirable neighborhood in Mesa, this home is close to great schools, parks, and shopping, with easy access to everything the city has to offer. Don't miss this rare gem!

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15409 W Corrine Drive Surprise, AZ 85379

$610,000

4 Beds

2.5 Baths

2,990 SqFt

Status Active

MLS # 6767241

Property Type Single Family Residence

Price Type --

Spacious 4-bed, 2.5-bath, 2-story home on a corner lot in the desirable community of Marley Park! This home features a wrap-around balcony and porch, large rear patio with built in BBQ perfect for enjoying outdoor living. Inside, you'll find a generous loft upstairs, while the primary suite is conveniently located on the first floor, complete with a separate den/office for added privacy. The backyard boasts a sparkling pool, ideal for relaxation and entertaining. With a 2-car garage and leased solar panels for energy efficiency, this home offers both style and sustainability. Don't miss out on this beautiful property!

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1419 California Drive Chino Valley, AZ 86323

$610,000

3 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6651628

Property Type Single Family Residence

Price Type --

This stunning single-level home in the Chino Valley is a hidden treasure, surpassing the allure of new constructions. Its flawless design and meticulous layout make it a true gem. Boasting 3 bedrooms, 2 baths, and a 2-car garage, this spacious abode offers everything you need. As you step inside, the open and airy ambiance, created by the high-volume ceilings, instantly embraces you, making you feel right at home. In summary, this single-level home surpasses expectations with its impeccable design, thoughtful layout, and luxurious features. It is a haven of comfort and elegance, offering a true sense of home. This remarkable home goes above and beyond with its thoughtful features and attention to detail. Each of the 3 bedrooms boasts its own spacious closet, ensuring ample storage

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1023 E Fairmont Drive Tempe, AZ 85282

$610,000

4 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6673927

Property Type Single Family Residence

Price Type --

Near ASU and downtown Tempe this charming 4-bedroom, 2-bath home featuring a 2-car garage and RV gated/storage area that is covered with access from front and back. This residence boasts a perfectly flowing layout showcasing tile and wood vinyl flooring, soothing color palette and plantation shutters. The kitchen connects to the living and dining areas with oak cabinetry, a mosaic backsplash, stainless steel appliances, induction oven, modern track lighting and sleek quartz counters. A/C unit is 3 yrs old. French doors lead to a covered patio. Entertaining will be a breeze on the patio with rope lighting or near the fire pit. Home includes security doors and roller shields in rear. New sewer lines in past few yrs.

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930 Leisure World -- Mesa, AZ 85206

$610,000

3 Beds

2 Baths

2,330 SqFt

Status Active

MLS # 6749579

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated, one-owner home in the highly desirable Leisure World community, celebrated for its exceptional amenities. Since 2004, this home has undergone extensive updates, including new LVP flooring in the kitchen, all new carpet, and paint both inside and out, and a newer roof. Both bathrooms and the kitchen have been stylishly renovated, featuring custom cabinetry, granite countertops, and modern appliances. The master bath offers a zero-step shower and grab bars for ease of access. The home is ADA compliant. Enjoy the large front patio with a rose garden, pergola, and travertine pavers—perfect for entertaining. Plus, it's equipped with surround sound and wiring for data and security systems. Among the lowest HOA fees in the neighborhood.

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19618 N 19th Place Phoenix, AZ 85024

$610,000

4 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6717356

Property Type Single Family Residence

Price Type --

New Roof, recently updated AC, Beautiful family home in a tranquil community located on a premium oversized cul-de-sac lot that backs up to a mountain preserve. Property boasts views from the front and the back decks of the valley lights and night stars; 4 bedrooms all upstairs, fireplace downstairs. Beautiful granite countertops and wood cabinets; RV gate with large concrete pad for RV or boat storage or future pool; backyard is an oasis for relaxing, fire pits, desert plants and several fruit trees and private view of the mountain preserve. Close to shopping and 101 access.

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899 S Roanoke Street Gilbert, AZ 85296

$610,000

4 Beds

2.5 Baths

1,892 SqFt

Status Active

MLS # 6723501

Property Type Single Family Residence

Price Type --

Welcome to your dream home in a prime Gilbert neighborhood, offering an exceptional blend of modern luxury and serene surroundings. This meticulously maintained property offers the perfect blend of indoor comfort and outdoor tranquility, making it an ideal choice for discerning buyers. Bathed in natural light, this home boasts extensive remodeling with attention to detail. Featuring waterfall countertops, the kitchen is both stylish and functional, catering to culinary enthusiasts. Custom accent walls in the living room and primary bedroom add character and charm. Experience luxury in the spa-like primary bathroom, offering a retreat within your own home. Enjoy a large, private backyard adorned with fruit trees and a sparkling pool, ideal for relaxation and entertaining. New roof in 2021.

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