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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4813 W Yoosooni Drive New River, AZ 85087

$675,000

3 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6771298

Property Type Single Family Residence

Price Type --

Discover your perfect home in Anthem Parkside's desirable Arroyo Grande neighborhood! This beautiful ''Majesty'' model offers all the comforts of modern living with the freedom to park your RV or boat on your property—no HOA restrictions! The inviting courtyard and secure screen door lead you into a single-level layout featuring 3 bedrooms, an office/den, and 2.5 bathrooms. The chef's kitchen showcases stainless appliances, granite counters, and a spacious island. Enjoy privacy in the master suite with access to a tranquil backyard oasis, complete with a gas fire pit, hot tub, and built-in BBQ. With low-maintenance landscaping, this home is a rare find!

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4889 S Nighthawk Drive Gold Canyon, AZ 85118

$675,000

3 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6795058

Property Type Single Family Residence

Price Type --

Single-owner home is in the sought-after Hidden Canyon area of Mountainbrook Village. This property boasts a spacious private backyard with a covered patio, perfect for enjoying the scenic Sonoran Desert and Dinosaur Mountain views. Key features include vaulted ceiling in Great Room; wall of windows to Backyard with desert & mountain views; no rear neighbors, a new roof and A/C in 2022, kitchen remodeled in 2015, bathroom updated in 2016 including a walk-in shower; a 2.5 extended 24' garage that will hold your large truck; a new water softener in 2024, and a drip irrigation system in 2023; Leased Solar Panels in 2014. Make this home your own and enjoy Active Adult Community living with all the amenities nestled at the base of the Magnificent Superstition Mountains.

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19401 N 86th Drive Peoria, AZ 85382

$675,000

2 Beds

2.5 Baths

2,575 SqFt

Status Active Under Contract

MLS # 6814689

Property Type Single Family Residence

Price Type --

Expansive Plaza model in the gated community of Vista Pinnacle on the golf course! Step into your formal living and dining room with den right off of the entry. Vaulted ceilings and wood-look shutters add to the elegance of this home. Family room features wet bar, gas fireplace and french doors. Spacious kitchen is a chefs dream with double ovens, gas cooktop, island and tons of cabinets! Breakfast nook off of the kitchen will be your favorite space to enjoy the views. 2 oversized primary suites with private bathrooms. Main bath features updated tile walk-in shower, double sinks, soaker tub and walk-in shower. Powder room off of the entertaining space. Finally, walk on to this entertainers dream patio that is extended with built-in bbq, firepit and of course those panoramic golf views!

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4626 S Kachina Drive Tempe, AZ 85282

Open House

New

$675,000

4 Beds

2 Baths

2,513 SqFt

Status Active

MLS # 6819659

Property Type Single Family Residence

Price Type --

Situated in the heart of Tempe, this unique 4-bedroom semi-custom home is a true gem, set on over a third of an acre. The spacious backyard features palm trees, citrus, along with a recently resurfaced oversized Pebble Tec diving pool. The home seamlessly blends modern upgrades with distinctive architectural charm. Imagine sipping your morning coffee while watching the sunrise on the inviting front patio, which boasts Flagstone and a Santa Fe-style pergola. Inside, you'll find natural hardwood and Travertine floors, Taj Mahal Quartzite and American Walnut countertops in the gourmet galley kitchen. The kitchen offers cabinets galore, a quartz sink, and a no-touch faucet. Newly painted and carpeted, primary bedroom w/ multiple french doors. This home is a gateway to a dynamic lifestyle.

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1131 E Superstition Boulevard Apache Junction, AZ 85119

Open House

$675,000

4 Beds

3 Baths

3,680 SqFt

Status Active

MLS # 6814152

Property Type Single Family Residence

Price Type --

Experience breathtaking, unobstructed views of the Superstition Mountains from this expansive 2.5-acre property, perfectly situated across from State Trust Land for ultimate privacy and endless possibilities. Located in Apache Junction, one of the best places in Arizona to experience the Western way of life—a way of life that has become just a memory for most cities and towns—this home offers a rare opportunity to embrace wide-open spaces and a true sense of freedom. The home is ideally placed, leaving plenty of space on the west side for an RV garage, horse stalls, or the ultimate setup to match your lifestyle. Major updates are already done, so you can focus on making it your own. Both A/C units were replaced just five years ago with energy-efficient 15 SEER models, the roof was replaced last year and comes with a 10-year warranty, and a Kinetico whole-house water filtration system ensures top-quality water throughout. The home also features newer dual-pane windows, durable 2x6 construction, and block fencing for added comfort and security. Step inside to a massive kitchen and great room, perfect for entertaining, complete with a warm, inviting wood-burning fireplace. Whether you're dreaming of a custom retreat or a move-in-ready home with room to grow, this property is a rare find a true canvas for your imagination. A property where breathtaking views, endless possibilities, and modern comforts come together experience it in person!

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7251 E Portobello Avenue Mesa, AZ 85212

Open House

$675,000

3 Beds

2.5 Baths

2,448 SqFt

Status Active

MLS # 6787543

Property Type Single Family Residence

Price Type --

This immaculate 3 bed / 2.5 bath single story home is nestled in the highly sought after Morrison Ranch. Check out this gorgeous chef's kitchen with a 5 burner gas cooktop and an expanded pantry! The home features 5'' baseboards throughout and a neutral color palette. A large office/den is available for work from home/media/play/etc. The 2nd bath is plumbed for double sinks! The community features 2 basketball courts, sand volleyball courts, and amazing parks. Seller is willing to provide landscaping concession with right offer! The owners have lovingly cared for this home and it is awaiting a new family to come make it their new home!

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14258 W Lisbon Lane Surprise, AZ 85379

$674,999

5 Beds

2.5 Baths

4,068 SqFt

Status Active

MLS # 6831386

Property Type Single Family Residence

Price Type --

Experience resort-style living in this stunning property, featuring a pristine pool and an expansive lot complete with an RV gate and an inviting gazebo—perfect for entertaining! Located less than 2 miles from the Texas Rangers and Kansas City Royals spring training facility, you'll be at the heart of all the action. Enjoy a vibrant dining and entertainment scene just 4 miles away at the Prasada shopping center. Commuting is a breeze with quick access to the 303 freeway and Highway 60. Plus, indulge in leisure activities at Uptown Alley, just 2 miles away, where you can enjoy bowling and catch the latest films at the AMC theater. For even more fun, FatCats is under 5 miles from your doorstep, offering movies, bowling, mini-golf, and arcade games. Embrace the perfect blend of relaxation an entertainment in this exceptional location! Step inside this stunning home, where elegance meets comfort. With generously sized bedrooms and expansive walk-in closets, there's plenty of space for everyone. The massive loft area provides the perfect setting for family gatherings and entertaining guests. The kitchen is a true masterpiece, boasting luxurious finishes and an abundance of natural light that creates an inviting atmosphere. Conveniently located on the main floor, a full bedroom with an attached bath offers flexibility for guests or multi-generational living. As you enter, you'll immediately feel the warmth and care that has been lovingly infused into every detail of this home, from the exquisite finishes to the thoughtful layout, while still leaving room for your personal touch. The outdoor space is equally impressive, featuring a sprawling backyard complete with a barbecue grill, a charming gazebo, and beautiful stone travertine throughout. Gather around the cozy fire pit, surrounded by pavers, for memorable evenings under the stars. Dive into the large pool, complete with a stunning water feature that enhances the serene ambiance of your outdoor oasis. This home truly offers a perfect blend of luxury, functionality, and outdoor enjoyment!

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2340 W Myrtle Drive Chandler, AZ 85248

$674,999

3 Beds

2.5 Baths

2,287 SqFt

Status Active

MLS # 6820697

Property Type Single Family Residence

Price Type --

Move in and gain instant equity with this home! Priced below recent appraised value. Prime Ocotillo location! Step into elegance with soaring ceilings & an open-concept design. The grand staircase leads to a versatile loft, separating the private owner's suite from secondary bedrooms. The heart of the home—an inviting kitchen with a stunning copper sink—flows into a cozy nook & spacious family room. Outside, your personal retreat awaits. A shimmering pool with a rock waterfall, lush landscaping & a covered patio set the stage for ultimate relaxation. Minutes from lakes, golf & top-rated schools—this isn't just a home, it's a lifestyle!

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26110 S 196th Street Queen Creek, AZ 85142

$674,999

3 Beds

2 Baths

1,617 SqFt

Status Active

MLS # 6720483

Property Type Single Family Residence

Price Type --

'''Home OF The Heart'' Filled w/ Upgrades & Happiness! Offered on a Fenced 1 Acre, COUNTY ISLAND, No HOA Lot, w/ 3+ Car Garage, RV Gate, 3 Stall Shed Row For Livestock, Riding Arena & Room For Additional Turn Out. Located Just 1.5 Miles From The State of The Art Horseshoe Park & Equestrian Center. Located Near Great Shopping & Entertainment! The Serine Sunsets & Mountain Views Displayed From The Private,Tree Lined,Colorful,Grass Backyard,Are Surely To Bring Big Smiles, & The Extended,Covered Patio,Provides Shade For Days!The New Custom, Dual Pane,Dbl Door,Anderson,Slider Door Invites You Inside, To An Interior That Reflects a Popular 3 Bdrm/2 Bath Greatroom,Island Kitchen Floorplan w/ Designer Touches Throughout: Vaulted Ceilings, Raised Panel Doors & Cabinets, 16 Porcelain Tile Floors, Newer Carpet, Enhanced Lighting & Plumbing Fixtures Including A Newer Water Heater(2023) As Well As Microwave/Stove, Refrig(2022). All Of This, And Much More, Is Wrapped By The New Exterior Paint (2024). So, If You Are Looking For A Place That Has Been Loved & Cared, On a County Island w/ No HOA & a Nice Horse Set Up & Offers Spectacular Sunset Views, Then Set Your Sights on This Home!

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20606 S 216th Place Queen Creek, AZ 85142

$674,995

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6826751

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pearce plan that boasts a smartly designed layout. The main floor features a spacious great room and an eye-catching gourmet kitchen with a gas cooktop, 42'' upper cabinet and quartz counter tops, a built-in pantry, an extensive center island and adjacent dining room with covered patio access. A first floor bedroom and full bathroom add a separate space for guests or office use and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! With additional amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication

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6121 E Vernon Avenue Scottsdale, AZ 85257

$674,995

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6820569

Property Type Townhouse

Price Type --

The home is fully remodeled and looks amazing. The property is completely turnkey and boasts a wealth of new features: Triple-pane windows in all bedrooms Custom triple-pane sliding windows Elegant custom shower enclosures sharply designed custom closet systems Razor-sharp tile, wood burning fireplace Brand new bath vanities New Upgraded cabinets throughout Beautiful granite countertops Modern light fixtures Fully remodeled showers with new fixtures Backlit LED mirrors with defog function in the master bath Outside, the landscaping has been freshly installed, a worry-free irrigation system. Anderson installed all windows and sliding doors. Family-friendly! Minutes from Arcadia, Papago Park, Scottsdale Fashion square&Camleback Corridor. Old town Scottsdale

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6722 N 190th Drive Waddell, AZ 85355

$674,990

4 Beds

3 Baths

2,834 SqFt

Status Active

MLS # 6739898

Property Type Single Family Residence

Price Type --

BELOW MARKET INTEREST RATES ON THIS HOME AND READY FOR MOVE-IN! Montoro floor plan with 4 bedrooms + dining and 3 baths. Large multi slide door off the great room and leads out to the extended covered patio. Pavers at drive, walk and entry. 8' tall garage door with two controls. 36'' cooktop in stainless steel, wall oven, micro and glass canopy hood. Barnett Maple Boulder (Gray) cabinets with 42'' kitchen uppers. Pull out trash drawer with two bins. AZT Hana Sky Quartz countertops in kitchen and undermount single bowl sink. Upgrade flooring includes Dt Valance VL53 Grey 6x24 plank tile in all areas except beds/closets. 5'' baseboards throughout with 3 1/4'' baseboards. gas stub out, interior two tone paint ''Whiskers'' and so much more.

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