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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23942 N 171st Drive Surprise, AZ 85387

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6645243

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante , a beautiful community with surrounding views. Look no further as this community offers only single-story homes. Step inside and you'll be greeted by the popular spacious Pomona floor plan. Very airy, open and bright. Perfect for entertaining with he multi slide off the great room and outdoor patio to bring outdoor living inside .Kitchen island awaits the family chef to enjoy the amazing kitchen island and abundance of cabinets. Set up 4 bedrooms, 3 bath, study and 3 car garage. Your dream home is here.

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1865 S 231st Lane Buckeye, AZ 85326

$609,995

5 Beds

3 Baths

3,112 SqFt

Status Active Under Contract

MLS # 6773421

Property Type Single Family Residence

Price Type --

Spectacular and spacious 2-story home in Sundance of Buckeye. Homes sits on one of the largest lots in the neighborhood. Completely remodeled with tons of upgrades. OWNED 42-panel solar system that saves $$$ on electric bills. The home offers ultimate privacy with no rear neighbors due to the common area behind the lot. With low property taxes and HOA fees, this luxurious home is also cost-effective. See the list of upgrades in the docs tab...TOO MANY to list here. Don't miss out on this extraordinary property that blends luxury, modern amenities, and functionality in a peaceful, private setting. Don't miss this one!

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37735 W Padilla Street Maricopa, AZ 85138

$609,990

4 Beds

3 Baths

2,756 SqFt

Status Active

MLS # 6762778

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! This beautiful Jerome floorplan features an expansive great room with 10ft ceiling and a 15ft multi slider allowing for indoor outdoor living. The stunning kitchen is appointed with stacked cabinetry, matte black hardware, gas stove top, and double ovens! Relax in your Primary with Ultra Spa Shower and large walk-in closet. Your FIVE CAR GARAGE is perfect to store everything! With 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3936 E Terrel Street San Tan Valley, AZ 85143

$609,990

4 Beds

3 Baths

2,175 SqFt

Status Active

MLS # 6778908

Property Type Single Family Residence

Price Type --

This home has it all with room for all of your toys! Popular Wayfarer plan features it's own RV garage. This home is situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more. A public report is available on the Arizona Department of Real Estate website.

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16683 W Saguaro Park Lane Surprise, AZ 85387

$609,990

4 Beds

3 Baths

2,605 SqFt

Status Active

MLS # 6745142

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' Discover the sophistication of the Coventry floorplan, offering 4 bedrooms, 3 baths, and an additional kitchen with living space. Noteworthy structural details include a step-free shower, 8' interior doors, and a spacious 3-car garage. The home is further enhanced with built-in appliances, quartz kitchen countertops, a gas-ready kitchen, a BBQ-ready backyard, and a laundry area equipped for a gas dryer.

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5317 W Rainwater Drive Laveen, AZ 85339

$609,990

5 Beds

3.5 Baths

3,550 SqFt

Status Active

MLS # 6769244

Property Type Single Family Residence

Price Type --

MLS#6769244 January Completion! Discover The Turquoise at Tierra Montana Encore, a spacious two-story home that greets you with a charming front porch entry. Upon entering, you're welcomed by a light-filled foyer that leads to a versatile study. Entertain in the formal dining room, then flow seamlessly into the open kitchen, casual dining area, and gathering room. The private owner's suite offers a luxurious retreat with a spa-like bath and a large walk-in closet. Upstairs, you'll find four additional bedrooms, two full baths, and a generous loft, perfect for family living or recreation. Structural options include: tub at owners bath, garage service door, paver front porch, laundry room sink.

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37630 W Padilla Street Maricopa, AZ 85138

$609,990

4 Beds

3 Baths

2,765 SqFt

Status Active

MLS # 6749647

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! The captivating Jerome floorplan features an expansive great room, 15ft multi slider, home office, and stunning kitchen appointed with stacked cabinetry, gas stove top, double ovens, and matte black hardware! Relax in your freestanding tub, host on the patio, or take out the toys from your FIVE CAR GARAGE! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3365 E Aris Drive Gilbert, AZ 85298

$609,990

4 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6751289

Property Type Single Family Residence

Price Type --

POSSIBLE ASSUMABLE CONV LOAN 3.49% Stunning 4 bed/2bath home is perfectly situated on a corner lot in the sought-after community of Marbella Vineyards. As you step inside, you're greeted by a spacious front living and dining room, ideal for hosting guests or enjoying quiet evenings at home. The heart of the home is the modern kitchen, boasts an oversized island, perfect for both meal prep and entertaining. Modern floor tiles flow throughout the entire house, providing both style and easy maintenance. The owner's suite offers a tranquil retreat with a cozy sitting area complete with a bay window. The secondary bathroom offers double sinks for added functionality. Extended 2.5-car garage provides ample space, featuring built-in cabinets and overhead racks to help keep everything organized Step outside to the low-maintenance backyard, lush turf and an open fence, creating an oasis with only one neighboring property. Additionally, the home comes equipped with leased solar panels, enhancing its energy efficiency and reducing utility costs. This home truly has it all, from its modern finishes to its thoughtful design, ensuring comfort and convenience at every turn.

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9849 E Radioactive Drive Mesa, AZ 85212

$609,990

4 Beds

3 Baths

2,137 SqFt

Status Active

MLS # 6766186

Property Type Single Family Residence

Price Type --

FUNCTIONAL 4 BED + 3 FULLBATH. GREAT GILBERT SCHOOL DISTRICT. FAST GROWING EASTMARK, GREAT APPRECIATION OF PROPERTY VALUE! FULLY LANDSCAPED FRONT & BACKYARD, COVERED PATIO, PAVERS, BUILT-IN BBQ GALORE, DRYBAR, & FIRE PIT. PAVER DRIVEWAY TO ENTRY TOO! MANY UPGRADES INCLUDE: WOOD-LIKE TILE FLOORING, SHUTTERS, ELEGANT TRIPPLE-PANEL SLIDING GLASS DOOR, 8 FOOT INTERIOR DOORS, NEW LAMINATE WOOD FLOOR IN MASTERBED, LARGE SHOWER IN MASTERBATH, UPGRADED PLUMBING & LIGHTING FIXTURES & CEILING FANS THROUGHOUT, UPGRADED BASEBOARDS, APPLE KIT COMPATIBLE SMART HOME, WATER SOFTENER SYSTEM, EPOXY GARAGE FLOOR. KITCHEN FEATURES: 42'' CABINETS WITH HARDWARE, GRANITE COUNTERTOPS WITH UNDERMOUNT SINK, R/O SYSTEM, & SLATE APPLIANCES. FRIDGE/WASHER/DRYER TOO! A NEWER BUILT WITH N/S EXPOSURE = ENERGY SAVERS!

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29785 N 203rd Drive Wittmann, AZ 85361

$609,900

4 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6770244

Property Type Single Family Residence

Price Type --

Surrounded by all newer built Bellator Homes, this must be one of the prettiest streets in Wittmann! Located on a premium acre lot, this new build home is a must see. The updated and upgraded floor plan design; The Angelo, is a spacious open layout paired with stunning light fixtures, wood-look tile flooring, a neutral palette, and multi-sliding doors to the back. Your new home offers 4 beds, 2 baths and a 3-car garage. The kitchen has granite counters, subway tile backsplash, a pantry, ample shaker cabinetry, an island w/breakfast bar and an open dining area with a bay window! Plush carpet adds comfort to the bedrooms. Main bedroom has an ensuite with a soaking tub, large separate shower, dual sink, & walk-in closet.

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6108 W Stony Quail Way Florence, AZ 85132

$609,900

2 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6770315

Property Type Single Family Residence

Price Type --

SUN CITY ANTHEM at Merrill Ranch 5 years new. Southeast facing - Energy Efficient HERS 55 rating - 2 bdr + den Large corner lot block privacy wall - 10 foot ceilings WiFi ceiling extendrs. Custom window coverings throughout - Main Bth has huge walk in shwr. Bay Windows kitchen & main bdrm- Upgraded Kitchen Granite Counters w/Chef Lux Alder Cabinets soft close drawers-dual flush toilets - Ceiling fans in all rooms & patio. Total home AquaSana million gal water filtration system. Custom Pool 36' x 19' w/Travertine deck rock waterfall + UltraTemp Pool Heater 145K BTU. Epoxy coating in entryway, patio & garage 4 ft garage extension & workshp area w/service door & utility sink Pavers on driveway & walkway, Seamless rain gutters. Some home furnishings may be available for purchase

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4065 S Birch Street Chandler, AZ 85249

$609,900

3 Beds

2 Baths

1,722 SqFt

Status Active

MLS # 6769615

Property Type Single Family Residence

Price Type --

Nestled within the prestigious Old Stone Ranch community, this immaculate 3-bedroom residence is a unique blend of sophistication and comfort, eagerly awaiting its next lucky owner. Designed with the utmost care by its original owner, this home welcomes you through an inviting foyer and into an expansive open floor plan that exudes warmth and elegance at every turn. The thoughtful design features ample recessed lighting that dances off lofty ceilings, illuminating the living spaces adorned with chic plantation shutters and artful archways. Enjoy quality family time or movie nights with the in-home audio system, enhancing your entertainment experience. The gleaming hardwood floors extend throughout, leading you to the serene back patio, where indoor and outdoor living beautifully meld. At the heart of this home is a stunning kitchen, a culinary enthusiast's dream. Outfitted with striking granite countertops, stylish tile backsplashes, and rich cabinetry accented with crown molding, this kitchen marries functionality with flair. A convenient pantry and breakfast bar make meals a delight, whether casual or formal. Escape to the primary suite, your personal sanctuary. Indulge in relaxation within the luxurious ensuite, featuring marble countertops and a spa-inspired bath and shower surround. The expansive walk-in closet ensures that elegance and organization go hand in hand. Don't miss your chance to own a masterpiece of design and quality in Old Stone Ranch. Schedule a tour today and embrace the lifestyle that awaits you!

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