What’s Ahead For Mortgage Rates This Week – September 26, 2016

Last week’s economic news was abundant with releases on home builder sentiment, housing starts, building permits, sales of previously owned homes. The Federal Open Market Committee of the Federal Reserve released its customary statement at the conclusion of its meeting; Fed Chair Janet Yellen also gave a press conference. Weekly readings on new jobless claims and mortgage rates were released as usual.

NAHB: Builder Sentiment Increases in September

Home builder confidence in housing market conditions increased in September according to the National Association of Home Builders Housing Market Index. Builder confidence rose five points to 65; analysts expected a reading of 60 based on August’s reading of 59. NAHB said that September’s reading was boosted by more “serious” buyers entering housing markets.

Components used to determine NAHB HMI readings were also higher. Builder confidence in current market conditions rose six points to 71; builder confidence in housing market conditions over the next six months rose by five points to 71. Builder confidence in buyer traffic in new housing developments rose four points to 48. Buyer traffic readings have not reached 50 since 2005; 50 is a neutral benchmark for NAHB HMI readings.

Home prices continue rising at a higher pace than wages; this is pressuring first-time and moderate income buyers out of the market. An ongoing shortage of available homes is pressing prices higher as demand increases. Analysts pay close attention to the NAHB HMI as building more new homes is a key factor in easing the shortage of homes for sale.

Housing Starts, Building Permits Lower

Commerce Department readings on housing starts and permits issued were lower for August Housing starts were lower in August at 1.142 million starts on a seasonally-adjusted annual pace. Analysts expected 1.182 million housing starts based on July’s reading of 1.212 million starts. Regional readings showed a dip in starts in the South. Severe flooding in Louisiana contributed to the lower reading for housing starts. August’s reading for housing starts was 5.80 percent lower than July’s reading and 0.90 percent lower than for July 2015.

Building permits issued were nearly flat in August; this was likely due to the prime building season winding down 1.139 million permits were issued as compared to 1.144 million permits issued in July. Single-family starts were six percent lower than for July and were 1.20 percent lower year-over-year.

Existing Home Sales Dip: High Demand, Low Supply Cited

Sales of pre-owned homes fell by 0.90 percent in August to a seasonally-adjusted annual rate of 5.33 million sales. Analysts expected a reading of 5.48 million sales; July’s reading for sales of pre-owned homes was 5.38 million sales.

Low inventory of available homes continues to impact housing markets as demand for homes increased and prices rose; the national average home price was $240,000 in August. Rising home prices continued to be driven by high demand and low supplies. These conditions also impacted first-time and moderate income home buyers who were pressured to keep up with rapidly rising home prices.

While mortgage rates remain relatively low, higher home prices and tight mortgage credit requirements remain obstacles for first-time buyers.

Mortgage Rates, Weekly Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by two basis points to 3.48 percent; the average rate for a15-year fixed rate mortgage fell on one basis point to 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was lower by two basis points at 2.80 percent.

Analysts expected new jobless claims to remain flat at the prior week’s reading of 260,000 new claims, but 252,000 new claims were filed for the lowest reading since July. The four-week rolling average of new jobless claims fell by 22250 claims to 258,500. The four-week reading is considered a less volatile reading than week-to-week readings.

Federal Reserve: No Increase in Fed Rate

The Federal Open Market Committee said in its post-meeting statement that the target federal funds rate would not be raised. In a press conference given after the FOMC statement, Fed Chair Janet Yellen said that although the economy continued to improve, the Fed had concerns over the labor market and decided not to raise rates. Any increase in Federal Reserve rates triggers increases in consumer lending rates.

What’s Ahead

This week’s readings include Case-Shiller Home Price Indices, readings on new and pending home sales and weekly readings on mortgage rates and new jobless claims.

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20107 W Medlock Drive Litchfield Park, AZ 85340

$2,000,000

5 Beds

5.5 Baths

5,300 SqFt

Status Active

MLS # 6777104

Property Type Single Family Residence

Price Type --

Welcome to ''Medlock Ranch'' your dream retreat in the heart of Litchfield Park. This sprawling 3-acre estate offers a luxurious blend of modern living, equestrian excellence, and recreational paradise. With an 8-car garage, horse facilities, and an abundance of outdoor fun, this property has something for everyone. The main house features 4bed/5bath and over 5,000 sq ft with all bedrooms on the main level, ensuring convenience and accessibility for every family member. The open and airy great room floorplan is perfect for entertaining, while an upstairs loft/game room adds a touch of fun and versatility. The 8-car garage is a haven for car enthusiasts and adventurers alike. Featuring extended height, it can accommodate your RV, boat, or off-road vehicles with ease.

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2355 W Shinnecock Court Phoenix, AZ 85086

$2,000,000

5 Beds

4.5 Baths

4,561 SqFt

Status Active Under Contract

MLS # 6765272

Property Type Single Family Residence

Price Type --

Election is Over, Sock Market/Bitcoin are at All Time Highs and our Seller is open to owner carry. Inquire Immediately. Nestled on the most coveted lot within Anthem Golf & Country Club, 2355 W Shinnecock Ct offers an extraordinary opportunity to own a piece of paradise. This property stands alone in its unmatched privacy, surrounded by breathtaking views and serene natural beauty. It's more than just a home; it's a rare and exclusive offering for those who appreciate the finer things in life. Whether you've admired it from afar or are seeing it for the first time, this is a once-in-a-lifetime chance to experience the pinnacle of luxury living in Anthem. Equiped with two new HVAC units, paid Solar which also heats your pool. Massive savin

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13607 N 87th Street Scottsdale, AZ 85260

$2,000,000

4 Beds

3.5 Baths

4,491 SqFt

Status Active

MLS # 6784063

Property Type Single Family Residence

Price Type --

This beautifully remodeled home in the heart of Scottsdale offers an impeccable blend of style, comfort, and convenience. Boasting 4 spacious bedrooms, plus a den, and 3.5 bathrooms, this 4,491-square-foot residence provides ample room for both relaxation and entertainment. As you step inside, you're immediately greeted by an inviting atmosphere and a massive wall of glass overlooking the backyard. The heart of the home is the recently renovated kitchen, a true culinary enthusiast's dream. Featuring custom cabnetry, high-end Viking appliances, stunning leathered Taj Mahal Quartz countertops, a chic backsplash, and a spacious walk-in pantry This kitchen is perfect for hosting family dinners or entertaining guests. Each of the four bedrooms is designed to provide a personal sanctuary. Generously sized, they each come with a walk-in closet for added convenience. The expansive master suite offers a tranquil retreat, providing the ideal place to unwind at the end of a busy day. The adjoining master bathroom is a spa-like oasis with luxurious finishes, while the master wardrobe closet will exceed your expectations with built-in shelving and an abundance of storage space. The backyard is an entertainer's dream, offering an outdoor oasis where you can bask in the Arizona sun. With a heated pool, spa, and a custom water feature as the focal points. This outdoor space is perfect for enjoying warm Arizona evenings or hosting summer barbecues. Upgraded travertine and lush turf surround the pool area, creating a serene and low-maintenance landscape ideal for both relaxation and recreation. Located in a desirable Scottsdale neighborhood, this home offers the best of both worlds: peace and privacy, yet with all the conveniences of city living. Northsight Park is just a short stroll away, offering a perfect spot for morning jogs or leisurely weekend picnics. Major shopping centers, dining options, and essential services are all within a mile, making day-to-day living a breeze. The area also boasts a wide range of amenities and attractions, ensuring there's always something to do nearby. With its spacious, thoughtfully designed interior, exquisite renovations, and prime location, this home is more than just a place to live, It's a lifestyle. Whether you're raising a family, working from home, or simply seeking a beautiful, high-end space to call your own, this Scottsdale gem checks every box. Don't miss the opportunity to make this extraordinary property your forever home.

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2402 E Esplanade Lane Unit 602 Phoenix, AZ 85016

$2,000,000

2 Beds

3 Baths

3,542 SqFt

Status Active

MLS # 6652382

Property Type Apartment

Price Type --

Urban hi-rise living at its best! This updated spacious condo sits on the 6th floor w/ impressive views of Downtown city lights, spectacular sunsets & mountain vistas. The circular wall of glass (w/ motor shades) creates a dramatic light-filled space. Interior finishes include hardwood & stone floors, sleek cabinets, designer lighting & beautiful tilework. The split floorplan offers a spacious secondary bedroom suite, a very large & sophisticated second primary closet & a family room designed for gracious entertaining or view-soaked relaxation. The full-service building provides valet parking, concierge services, a stunning rooftop pool & spa, an impressive gym, a gorgeous club room & EV charging stations. Walking distance to Biltmore shopping and eateries and easy access to Downtown Phx

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4828 E Clearwater Parkway Paradise Valley, AZ 85253

$2,000,000

4 Beds

3.5 Baths

3,915 SqFt

Status Active

MLS # 6711236

Property Type Single Family Residence

Price Type --

Opportunity awaits in the Guard-Gated Clearwater Hills community of Paradise Valley. This single-level gated home sits majestically on just under one acre of prime, buildable land, offering privacy and breathtaking panoramic views of Camelback, Phoenix Mountain Preserve, and Mummy Mountains. The spacious floor plan offers an effortless flow between living, dining, and entertaining areas. Spacious Primary Suite with his and her bathrooms, and expansive closet. Three other bedrooms plus a bonus/game room. Easy access to world-class golf courses, fine dining, upscale shopping, hiking trails, and cultural attractions. and minutes away from the vibrant amenities of Scottsdale and downtown Phoenix.

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6021 E Calle Rosa -- Scottsdale, AZ 85251

$2,000,000

4 Beds

3 Baths

2,972 SqFt

Status Active Under Contract

MLS # 6758870

Property Type Single Family Residence

Price Type --

Charming Arcadia proper ranch! Located in the Hopi district, this 4 bedroom, 3 bathroom home has the perfect blank canvas for your family. Greeted by the front yard's green grass and mature landscaping, home features great room with fireplace, formal dining, and open concept kitchen and living room with fireplace and access to the backyard. Chef's kitchen includes stainless steel appliances, multiple ovens, wine fridge, and eat-in kitchen with additional fireplace. Primary suite includes reading nook, dual sinks, enclosed toilet, oversized shower, and walk-in closet. Additional features include 2-car garage and architect draft of potential renovation plans. Backyard is perfect for entertaining with the custom pool with expanded pool deck, putting green, covered patio, and privacy created by citrus trees and bushes. Walk or bike on the canal or drive minutes to reach Phoenix's top resorts, golf, hiking, dining, and shopping.

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9490 E Trailside View Scottsdale, AZ 85255

$2,000,000

5 Beds

3 Baths

3,560 SqFt

Status Active

MLS # 6773638

Property Type Single Family Residence

Price Type --

Introducing an exquisite new luxury real estate listing in the heart of DC Ranch, Scottsdale, masterfully designed by the renowned London Pierce Design. This stunning residence embodies sophistication and elegance, offering an unparalleled living experience. The home features five spacious bedrooms and three full bathrooms, catering to all your family's needs. The gourmet kitchen is a chef's dream, boasting a custom double marble island and table, two dishwashers, a marble backsplash, a custom marble bar, an induction oven, and a large double refrigerator. The living spaces are adorned with light beach-colored real wood floors and custom lighting with LED features on the island and cabinets. The custom glass and LED light staircase is a striking centerpiece. The living spaces are adorned with light beach-colored real wood floors and custom lighting with LED features on the island and cabinets. The custom glass and LED light staircase is a striking centerpiece, complemented by a crushed glass chandelier in the main living area. The main suite is a true retreat, featuring a large ensuite bath with a full glass shower and tub enhanced with LED accents and marble design. The huge walk-in closet provides ample storage for all your wardrobe needs. Throughout the home, you'll find custom wallpaper and paneling, as well as marbled countertops in the laundry room and all bathrooms, adding to the luxurious feel. Outdoor living is equally impressive with a courtyard perfect for intimate evenings, a walk balcony offering breathtaking mountain views, and a luxurious waterfall pool with new landscaping. A 16-foot sliding glass door opens up to the ultimate destination, seamlessly blending indoor and outdoor living. This residence is not just a home; it's a statement of luxury and modern design. Perfect for those who appreciate the finer things in life, this property epitomizes elegance and comfort in one of Scottsdale's most sought-after communities. Recent appraisal of 2,185,000 Brand new Furniture is also for sale co-Listing Agent is related to Owner.

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4601 E Desert Cove Avenue Phoenix, AZ 85028

$2,000,000

4 Beds

2.5 Baths

2,916 SqFt

Status Active

MLS # 6689750

Property Type Single Family Residence

Price Type --

SUPER RARE OPPORTUNITY! 5 SEPARATE GARAGES ON THE PROPERTY TOTALING 6168 sq. ft of garages. 3 garages are air conditioned & one comes with 2 lifts. There are 20 total garage spaces for this one-of-a-kind property. Can easily transform the 1620 sq. ft. garage into an awesome guest house.Multiple RV gates & RV Covered Parking. NO HOA. Owned Solar. 3 Horse stalls. 1.1 ACRES that is in one of the single best neighborhoods in all of Phoenix. Morningside Plus is an outstanding community that regularly has events with the neighbors.The walkability score is 11 out of 10 with Trader Joe's, Fry's Signature Store, Ohso, Starbucks & so much more right down the street. Conveniently located minutes from the 51 freeway, PV Mall Reinvention area & Trail 100 for amazing hiking. FAMILY COMPOUND POSSIBILITY

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13017 N 61st Place Scottsdale, AZ 85254

$1,999,999

6 Beds

5 Baths

4,682 SqFt

Status Active

MLS # 6743125

Property Type Single Family Residence

Price Type --

Priced below its 2024 appraised value of $2.3M, this Scottsdale gem is a must-see for those seeking a blend of functionality, style, and opportunity. Ideal for multigenerational living or savvy investors, this property offers a unique array of separate spaces perfect for family, friends, or even rental potential. Tucked away in a serene cul-de-sac, this home seamlessly merges indoor and outdoor living. The main house, with its 3 bedrooms and 2 bathrooms spread across 2,328 square feet, features a stunning kitchen with a gas stove and distinctive cabinetry, offering ample storage and a touch of elegance. Attached to the main house is a versatile 604-square-foot studio. Plus, you'll find a charming 1-bedroom, 1-bathroom, 849-square-foot casita separate from the main house. This property also features a generous 1,750-square-foot loft-style guest quarters, complete with a full kitchen, bathroom, and laundry facilities, providing versatile living options. Additionally, a 368-square-foot workshop with a car lift and a 288-square-foot utility room offer ample storage and workspace for all your needs. Outdoor living is exceptional here, with a pebble-tech pool, a 416-square-foot gazebo, and a built-in outdoor fireplace, making it ideal for entertaining and relaxing with family and friends. The expansive 35,000-square-foot lotone of the largest in the neighborhoodboasts lush desert landscaping and abundant shade trees. Situated in a prime location, you're just a short walk from local parks and schools, and a quick drive from the vibrant shopping and dining experiences at Kierland, Scottsdale Quarter, Topgolf, and Spring Training venues.

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3105 E Fruitvale Court Gilbert, AZ 85297

$1,999,999

5 Beds

4.5 Baths

5,626 SqFt

Status Active

MLS # 6776940

Property Type Single Family Residence

Price Type --

Welcome to Weston Ranch, an Exclusive Gated Community in Gilbert. This Stunning Property Sits on a Private Cul-De--Sac lot, Gated Courtyard Entry. Spacious 5 bd/4.5 ba Layout with a Split Floor Plan, a Versatile Bonus Room, & Separate Casita Featuring its Own Living Area, Kitchen, & Full Bath, Perfect for Guests or Multigenerational Living. An Open Kitchen, with a Large Island, Granite Counters, Double Ovens, & Gas Cooktop. Gas Fireplace in the Living Room,, Oversized Owner's Suite, Complete with a Sitting Area, Patio Exit. Step outside to your resort-style backyard: Pavered Walkways Lead you to a Pebble-Tec Pool with Waterfall and Jacuzzi, a Built-in BBQ, Outdoor Kitchen, Gas Firepit & Sport Court. RV Gate, 4 Car Garage w/ Built-In Cabinets, EV Charging, Owned Solar & New Roof 2024.

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6620 E Flat Iron Loop Gold Canyon, AZ 85118

$1,999,999

3 Beds

2.5 Baths

3,200 SqFt

Status Active

MLS # 6581879

Property Type Single Family Residence

Price Type --

Indulge in the epitome of luxury this Fall with your own private sanctuary nestled against the awe-inspiring Superstition Mountains. Awaken each day to uninterrupted, breathtaking vistas, and immerse yourself in a custom-crafted homesite designed to exceed your highest expectations. This isn't merely about constructing a dream home—it's an invitation to embrace a lifestyle defined by opulence, exclusivity, and peace. Meander through the prestigious, guard-gated community and let the serene ambiance envelop you. With homes reaching up to $2.5M, you'll enjoy an ideal blend of seclusion and accessibility. Yet, the true allure lies within the community itself. As a distinguished resident, you gain membership to the elite Superstition Mountain Club, featuring two private golf courses As a distinguished resident, you gain membership to the elite Superstition Mountain Club, featuring two private golf courses masterfully designed by Nicklaus. For those seeking relaxation, an outdoor pool and jacuzzi, and a state-of-the-art gym offering exercise classes, are at your service. Engage with your neighbors during the community's year-round events or enjoy a quiet evening at the exclusive clubhouse restaurant and cocktail lounge, indulging in exquisite cuisine and raising a toast to another impeccable day in paradise. Secure your own piece of heaven at the base of the majestic Superstition Mountains today and step into a world where every day is a masterpiece.

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8322 E Kael Street Mesa, AZ 85207

$1,999,999

5 Beds

4 Baths

5,180 SqFt

Status Active

MLS # 6776138

Property Type Single Family Residence

Price Type --

Fantastic basement home with an OVERSIZED RV GARAGE in Savona. The basement offers three bedrooms, two full bathrooms and a great media room. The main floor has a beautiful gourmet kitchen with stainless steel appliances, granite countertops, two islands, two sinks, wine cooler, pantry and perfect views to the entertainers back yard and mountains. The gorgeous backyard includes a pebble sheen pool & spa with a rock waterfall, built in water slide, fire pits and an outdoor shower. The oversized misted patio is large enough for those family gatherings. The view of the city lights and mountains from the observation deck are stunning. The RV garage is perfect for storing your RV or boat for those trips to the nearby lakes and hiking trails. Near fine dining, Las Sendas golf and 202 freeway.

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