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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6631 E Jasmine Street Mesa, AZ 85205

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$549,900

3 Beds

2.5 Baths

1,858 SqFt

Status Active

MLS # 6787199

Property Type Single Family Residence

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Impeccably Remodeled Home with RV Gate, New Roof and No HOA! This stunning home offers modern updates, a spacious layout, and a prime location! Situated on a large lot with an RV gate, this property has been thoughtfully upgraded to provide both style and convenience. Step inside to find a welcoming interior featuring 3 generously sized bedrooms, 2.5 updated bathrooms, and a cozy family room complete with a charming fireplace. The kitchen and bathrooms have been fully remodeled with brand-new cabinetry, sleek quartz countertops, and elegant tile flooring. The primary ensuite is a true retreat, showcasing a beautifully tiled shower, ample storage, and private access to the backyard. Outdoors, enjoy the extended covered patio—perfect for entertaining or relaxing while overlooking your expansive backyard. Recent updates include a new roof (2024) and new A/C unit (2022) for added peace of mind. Conveniently located just minutes from the Loop 202, shopping, and dining, this home truly has it all!

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5117 N 81st Street Scottsdale, AZ 85250

New

$549,900

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6785248

Property Type Townhouse

Price Type --

Oasis by definition is a peaceful place in the desert or it can also be defined as 5117 N. 81st St. This designer remodeled, 2 bed/2 bath home with just over 1,200 sqft. is located in the best location in of all of Chateau De Vie and a heartbeat away from the popular attractions of Fashion Square and Old Town. This home boasts a luxury chefs kitchen highlighted by modern oak thin shaker cabinets, top tier quartz countertops with waterfall edges, and Stainless Steel Samsung Smart appliances. Luxury vinyl wood plank flooring and Berber carpet accentuate the space. Baths have been tastefully done. Take in many beautiful sunsets while relaxing on your covered patio. New dual pane windows, roof, water heater, and newer AC. Airbnb/STR approved. Don't miss out on this one of a kind property!

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13608 W Remuda Drive Peoria, AZ 85383

$549,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6781006

Property Type Single Family Residence

Price Type --

The price includes $20,000 for a rate buy-down and closing costs. This beautiful, move-in-ready home features a spacious great room that opens to a covered patio. The outdoor area boasts a heated pebble tech and travertine pool with a waterfall and jets, surrounded by palm and citrus trees. Inside, you'll find three generously sized bedrooms, each with its own full bathroom, along with a spacious dining room and plenty of storage. The main bedroom provides ample space for a sitting area or personal office, as well as a large walk-in closet and a super shower. The kitchen features granite countertops and white shaker cabinets, while plank tile flooring extends through high-traffic areas. An RV gate and a tandem four-car garage enhance the home's functionality.

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20391 N 53rd Avenue Glendale, AZ 85308

$549,900

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6779897

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the highly desirable Arrowhead Lakes! This stunning 3-bedroom, 2-bath home with a pool is situated on a premium corner lot. The vaulted ceilings create an airy atmosphere with tile and wood floors throughout the home. The kitchen features granite countertops, a nice size island, tile backsplash and stainless-steel appliances. Spacious primary en-suite has a walk-in closet, dual sinks, separate shower & roman style tub. Perfect for entertaining, the backyard features a beautiful pool with a new pool pump, a waterfall feature and a mountain view! Newer Roof & HVAC, two high-cost updates have been done! This sought after neighborhood is close to everything! Enjoy walks day or night, hiking trails nearby. Don't miss this one, move in before the holidays!

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