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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160 N Forgeus Avenue Tucson, AZ 85716

$599,000

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6781329

Property Type Single Family Residence

Price Type --

Prestigious Sam Hughes Neighborhood in a limited 9 lot home community on Forgues Ave. This 2 story, 3bedroom, 2 bath home is located in the heart of Sam Hughe walking distance to Sam Hughes Elementary and even the old Rincon Market now as Floras Market Run. All Garages are in the back of the homes allowing great curb appeal. This home has only been owed by one family. Large living room with built in entertainment area. The down stairs has a step down to living room area from entry. Step down to hallway to bathroom and 2 bedrooms. Stairway upstairs for split master bedroom private with master bath. Roman jacuzzi bath tub, pedestal sinks, separate shower. Large walk-in... closet. Vaulted ceilings, separate laundry room, 2 car garage entry from laundry area. Kitchen with eat in area and built in ovens. Back yard enclosed with jacuzzi and grass area. Investor property. Needs remodeling. Power of attorney is selling home and limited info. Home is being cleaned out and pictures coming soon. Selling home As Is. Nov 30th viewing available BY APPOINTMENT ONLY between 10am-2pm. Proof of funds required prior to viewing. Email to co-listing agent. See private remarks regarding access, notices. DO NOT DISTURB elderly resident! All offers are being reviewed in 30 days. No EXCEPTIONS. Offers accepted with 2 additional back ups.

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31013 N 41st Place Cave Creek, AZ 85331

New

$599,000

3 Beds

2.5 Baths

2,096 SqFt

Status Active

MLS # 6787652

Property Type Single Family Residence

Price Type --

Welcome to this spacious and inviting home in highly sought-after Tatum Ranch! With over 2,000 square feet of living space, this bright and open floor plan features soaring vaulted ceilings, a striking wrap-around fireplace, plantation shutters, first floor primary suite and a new first floor A/C unit. The open-concept kitchen is perfect for entertaining, complete with stainless steel appliances, plenty of counter space and pantry. The generous primary bedroom is a true retreat, offering a private patio entrance, a beautiful arched window that bathes the room in natural light, and a luxurious en suite with dual vanities, a soaking tub, and a walk-in closet. The upstairs versatile loft provides the perfect space for a home office or flex room. Step outside to enjoy the spacious covered patio, extended patio, and mature landscaping--perfect for relaxation or gatherings. The extended garage adds valuable storage or workspace. Enjoy the wonderful amenities of Tatum Ranch, including nearby parks, trails, shopping, dining and world-class golf. Don't miss this gem!

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1401 Old Jerome Highway Clarkdale, AZ 86324

New

$599,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6787713

Property Type Single Family Residence

Price Type --

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10005 E Michigan Avenue Sun Lakes, AZ 85248

$599,000

3 Beds

2 Baths

2,075 SqFt

Status Active

MLS # 6781481

Property Type Single Family Residence

Price Type --

Location is everything for this 3BR, 2BA golf course home in the fun active adult community of Cottonwood in Sun Lakes. Literally steps from the clubhouse and all its many amenities, this meticulously maintained home features a great room w/vaulted ceilings, electric fireplace with stunning, expansive golf course views. Kitchen features painted cabinets, some newer appliances, and an expanded breakfast area with bonus storage. New carpet in all three bedrooms. Large, expanded primary suite w/walk-in shower, dual sinks, modern lighting and a bonus sitting area with extra closet space. Extra deep, south facing covered patio and a serene backyard with mature landscaping. Enjoy the many amenities in Cottonwood: golf, tennis, pickleball, multiple pools, lots of clubs and wonderful restaurants.

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4290 Highway 82 -- Elgin, AZ 85611

$599,000

3 Beds

3 Baths

2,809 SqFt

Status Active

MLS # 6547141

Property Type Single Family Residence

Price Type --

This stunning property offers panoramic views and sits on just over 13 acres, making it a true retreat! The home features a spacious great room with a cozy fireplace and Saltillo tile flooring throughout. Enjoy the Arizona room with a spa, perfect for relaxation. The country kitchen boasts tile countertops, an island, ample cabinetry, a gas stove, and a walk-in pantry. The layout includes Jack and Jill guest bedrooms, each with walk-in closets, and a guest bathroom featuring dual sinks, a walk-in shower, and a linen closet. Unwind under the covered patio, enhanced by the shade of mature pine trees, or take in the serene front courtyard with its desert garden. This property also includes a two-car attached garage that doubles as a workshop. Barn with covered shelter and fencing.

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2509 N Dayton Street Phoenix, AZ 85006

$599,000

3 Beds

2 Baths

1,684 SqFt

Status Active

MLS # 6620344

Property Type Single Family Residence

Price Type --

Nice 3bedroom 1.75 bath with 2 Car Garage the casita in back yard is rented for 800.00 per month making this an awesome Investment property. Also Parking on southside of home for small boat Trailer or additional Cars. Guest home at rear of home with full bath and kitchen great for rental income or for your family to enjoy or maybe a office and alley entrance. you will love this home for a large family or as an investment. close to restaurants and Downtown activities Schools are all nearby. Excellent Location. Owner is working on home and cleaning.

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11217 N Blakely Street Surprise, AZ 85388

$599,000

2 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6660689

Property Type Single Family Residence

Price Type --

$80k in upgrades. Motivated seller! No waiting, own it now! Quiet street & 55+ section. Deluxe contemporary style. The Smithfield's welcoming extended covered entry and inviting foyer flow into the spacious great room and casual dining area, with views of the desirable covered patio. The well-designed kitchen is highlighted by a large center island with breakfast bar, plenty of counter and cabinet space, and ample walk-in pantry. The beautiful primary bedroom suite is enhanced by a sizable walk-in closet and spa-like primary bath with dual-sink vanity, luxe glass-enclosed shower with seat, and private water closet. The generous secondary bedroom features a roomy closet and shared full hall bath. Additional highlights include centrally located laundry and additional storage.

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13665 W Evans Drive Surprise, AZ 85379

$599,000

5 Beds

3.5 Baths

3,540 SqFt

Status Active

MLS # 6703301

Property Type Single Family Residence

Price Type --

This beautiful property is well maintained, with large open living areas and high ceilings. It has a large new kitchen with lots of storage, new carpet throughout, newly painted, very large garage and much more! Four bedrooms are upstairs, including master bedroom with a balcony, and a family room. The fifth bedroom is downstairs with a full bathroom. This home is great for a growing family!

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7709 W Boca Raton Road Peoria, AZ 85381

$599,000

4 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6698687

Property Type Single Family Residence

Price Type --

Welcome to your fully renovated, modern oasis! This stunning four-bedroom, two-bathroom home has been thoughtfully updated from top to bottom. Step inside to discover a light, bright, and open floor plan with all-new flooring that flows seamlessly throughout the space. The heart of the home is the gorgeously remodeled kitchen, featuring sleek cabinetry, high-end countertops, and brand-new appliances. Prepare to be amazed by the stunning limestone backsplash and the focal point of the kitchen, a breathtaking waterfall island that offers both beauty and functionality. The kitchen also boasts an eat-in area with tons of seating, making it the perfect spot for casual meals or entertaining guests. The vaulted ceilings add to the sense of space and grandeur, creating a truly luxurious feel. Both bathrooms have also been meticulously updated to provide a spa-like experience, with modern fixtures and finishes. Gather around the new fireplace in the spacious living area, perfect for cozy evenings with loved ones. Outside, a brand-new RV gate provides convenient access to the oversized corner lot, offering ample parking, including space for an RV. Enjoy the outdoors in the newly landscaped front and back yards, providing the perfect backdrop for entertaining or simply relaxing in the Arizona sun. NO HOA!!! For those interested, all the furniture is available for purchase on a separate bill of sale. Please see the list of updates in the documents tab. Don't miss the opportunity to make this beautifully renovated home your own!

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12064 S 186th Avenue Goodyear, AZ 85338

$599,000

4 Beds

3 Baths

2,543 SqFt

Status Active

MLS # 6719055

Property Type Single Family Residence

Price Type --

With full price offer, seller to provide $20k concession towards the complete payoff of remaining solar loan, or towards buyers choosing. This is your chance to secure a home in the highly sought after INSPIRE community of Estrella Mountain Ranch! Boasting a 4 bedroom 3 bathroom, split floor plan; this home sits on a premium oversized lot and has an open great room floor plan. Kitchen upgrades include: RO Water System, dark maple cabinetry with sliding shelves, crown molding, granite countertops, stainless appliances, and large island. The primary suite is generously sized and features a spa like bathroom with custom tile and a spacious walk-in shower. The front and backyard has been meticulously landscaped and upgraded. You will enjoy low maintenance plants, backyard turf, exterior sun screens on the sun exposed side of home, and pergola in addition to the covered patio. Storage is abundant here, the oversized 2 car garage has an additional storage area, storage cabinets, and overhead storage. Additional upgrades include plantation shutters throughout the entire home, wide porcelain plank wood-look tile floors throughout living areas & baths, granite countertops & upgraded mirrors in all baths, water-softener system, & much more! This home comes equipped with a large solar panel package, greatly reducing electricity costs throughout the year. See additional information in documents tab. Solar system was installed in Oct 2019. Total value if paid off over the term of the loan would have been $55,000. Residents of Estrella Mountain Ranch enjoy access to two resident centers equipped with state-of-the-art fitness facilities, community rooms, and outdoor gathering spaces. Additionally, residents can take advantage of the pickleball and tennis courts, two community pools, and a water park with water slides. Outdoor lovers will appreciate the extensive network of over 50 miles of hiking and biking trails, which offer opportunities to explore the breathtaking landscape surrounding the community. Come and discover the magic of life in this vibrant community!

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2323 N Central Avenue Unit 906 Phoenix, AZ 85004

$599,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6703380

Property Type Apartment

Price Type --

RECENT PRICE IMPROVEMENT & BEST VALUE at Regency on Central. SPECTACULAR city + mountain views! See virtual tour. Historic building designation = LOW PROPERTY TAX! Quality modern design. Huge kitchen & great room. Tall ceilings. 2 bedrm, 2 bath. Near downtown fun venues & employers (incl. health/academic Banner Hospital, St. Joseph, Barrow, Creighton, UA med school, ASU downtown). Perfect live/work. Resort lifestyle, lock & leave. Mountains, twinkling city lights, BIG sunset ambiance, sparkling pool below. Perfect entertainment/hosting. Upgraded ventilation, modern custom cabinetry & lighting/storage/closets. Spacious chef's kitchen, quartz countertops. HUGE double Electrolux ICON professional refrigerator/freezer. Built-in wine cooler, oven/microwave, mirrored bar, hooded range.

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27194 N Skipping Rock Road Peoria, AZ 85383

$599,000

4 Beds

3 Baths

1,958 SqFt

Status Active

MLS # 6705368

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 3 bath home. 3 car tandem garage with lots of storage and a 220 plug. Warm neutral color throughout. Home was just painted and new neutral carpet has been installed. Custom tile throughout in all the right places. The large kitchen with granite slab opens into a spacious family room and eat it dinning area. The backyard is an entertainers dream. Great use of space with many outdoor seating areas. There is also your own private bar, natural Gas BBQ, gas firepit, and hot tub. Great mountain views!!

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