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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3520 E Pearl Circle Mesa, AZ 85213

$1,700,000

5 Beds

4.5 Baths

4,839 SqFt

Status Active

MLS # 6771344

Property Type Single Family Residence

Price Type --

LUXURY LIVING AT ITS FINEST! This stunning custom-built home offers over 4,839 square feet of refined elegance in the prestigious Montana Dorada community. Nestled on a premium cul-de-sac lot, this 5-bedroom, 5.5-bath masterpiece boasts spectacular mountain and city light views from every room! Step through the impressive iron and glass entry doors into a world of sophistication, where high-end finishes and custom details abound. The gourmet kitchen is a chef's dream, featuring built-in fridge, double ovens, gas range, granite countertops, a vegetable sink, and exquisite cabinetry. Enjoy indoor-outdoor living with surround-sound wiring, perfect for entertaining inside or by the resort-style heated pool and spa, complete with a waterfall, built-in table, and patio fireplace. The opulent master retreat includes a cozy fireplace, sitting area with built-in desk and mini fridge, and a spa-like bath with a large Jacuzzi tub and a walk-in shower with six showerheads. Step out onto your private balcony to take in breathtaking views or unwind in your own serene space. The exterior has been freshly repainted, and the home is equipped with three new A/C units (2024), two water heaters, and an air-conditioned workroom in the garage. With luxury upgrades too numerous to list, this home truly has it all, including an inviting backyard oasis with a fireplace and lush green lawn. MOTIVATED SELLER bring all reasonable offers! Don't miss your chance to own this one-of-a-kind property in a prestigious location!

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36511 N Porta Nuova Road Scottsdale, AZ 85262

$1,700,000

4 Beds

3.5 Baths

4,061 SqFt

Status Active

MLS # 6781694

Property Type Single Family Residence

Price Type --

Welcome to 36511 N Porta Nuova Road, an exquisite Scottsdale retreat blending modern elegance with Southwest charm, perfect for snowbirds or anyone seeking year-round desert warmth. Nestled in a prime Scottsdale location, this luxurious home places you minutes from world-class dining, upscale shopping, championship golf, and scenic hiking. Bask in panoramic views of the Sonoran Desert, where mountains, vibrant flora, and stunning sunsets surround you. Inside, the home offers grand spaces with soaring ceilings, sophisticated finishes, and a gourmet kitchen featuring premium appliances and custom cabinetry. Resort-style amenities abound, including a sparkling pool, spa, and lush gardens that make every day feel like a vacation. The primary suite provides a private oasis with a spa-like bath and a balcony capturing breathtaking desert vistas. Escape to Scottsdale's tranquil beauty and mild wintersschedule your private tour today and experience luxury desert living at its finest.

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5549 E Saguaro Vista Drive Cave Creek, AZ 85331

$1,700,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6735458

Property Type Single Family Residence

Price Type --

Discover the Sedona, a contemporary open-concept design to be built. Car collectors and RVers will appreciate the storage, featuring an oversized 3-car tandem garage plus a 49' deep RV garage. The home includes 4 bedrooms, office, 4.5 bathrooms, island kitchen, and a guest suite with a private living room. The owner's suite boasts a free-standing tub, a walk-through shower, and an oversized walk-in closet. Enjoy quality finishes such as 90/10 smooth walls, 8' doors, quartz countertops, and 12' ceilings in the great room and kitchen. The build is enhanced by energy-efficient spray foam insulation, 2x6 framed exterior, fully sheathed construction, and a post-tension foundation. Pictures are from a model home w/ available options. Buyer to verify all facts and specs.

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8642 E Camino Real -- Scottsdale, AZ 85255

$1,700,000

5 Beds

4.5 Baths

3,569 SqFt

Status Active

MLS # 6767390

Property Type Single Family Residence

Price Type --

Check out this amazing opportunity in the heart of Pinnacle Peak! Nestled on over 2 acres, this is one of the rare gems available in the beautiful GATED community of Pinnacle Paradise. Tucked away at the back of the neighborhood, this quiet & private property features a huge fenced backyard, just waiting for your vision. There is an abundance of space in this 5 bedrooms & 4.5 bathrooms home, 4 bedrooms equipped with its own ensuite. The split floor plan includes a spacious primary suite with a bonus room that's perfect for an office or workout space. If you're looking to live or invest in the Pinnacle Peak area, this is your chance! You'll be just minutes away from DC Ranch, Kierland, Scottsdale Quarter, & TPC Scottsdale, with plenty of shopping & dining options nearby. Don't miss out!

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23430 N 84th Street Scottsdale, AZ 85255

Open House

$1,700,000

4 Beds

3 Baths

2,896 SqFt

Status Active

MLS # 6784263

Property Type Single Family Residence

Price Type --

Outstanding residence on a 1-acre lot with impressive mountains, sunsets, & sunrise views! You will love the natural desert landscaping & oversized courtyard with synthetic grass. The 3-car garage, extra long driveway, & RV gate allow you to bring your toys, cars, & trucks. Inside, be welcomed by a delightful living room & a family room with a fireplace. High wood beamed ceilings, clerestory windows, stone floors, neutral palette, French doors, pre-wired surround sound, & arched doorways. Architecturally & aesthetically pleasing! Chef's kitchen showcases granite counters, a plethora of cabinets w/crown moulding, tile backsplash, & stainless steel appliances, including a pot filler. The main retreat offers a lavish bathroom with a garden tub, a dual sink vanity, a floor-to-ceiling tiled shower, & a walk-in closet. Host fun gatherings in the huge backyard comprised of a built-in BBQ, outdoor pizza oven, fireplace, large covered patio, artificial turf, outdoor shower & a sparkling pool. You don't want to miss this excellent property!

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15618 E Centipede Drive Fountain Hills, AZ 85268

$1,699,999

4 Beds

3.5 Baths

4,369 SqFt

Status Active

MLS # 6742123

Property Type Single Family Residence

Price Type --

This fully renovated 3 level modern Pueblo home boasts unique layouts, the primary bed perched atop, while kitchen & living occupy the middle level. Also available with furnishings! Dive into luxury with pool access from bottom level or side of the property. Enjoy an acre of privacy, with no HOA! Nestled against the protected McDowell Mountain Regional Park, your views remain pristine! With impressive curb appeal, pull into a private drive & experience desert landscaping. The kitchen features top-of-the-line SS KitchenAid appliances & quartz countertops, with a living/dining area perfect for entertaining & admiring views through massive windows spanning the entire width of the main-level. The primary bedroom offers the perfect spot to bask in the beauty of your surrounding the primary bathroom features dual-sinks, and a separate soaking tub to relax and unwind. Downstairs has a guest bedroom, bonus room, two private entrances off of the pool area, and a full bath offering added seclusion for your guests. Ideal as a mother-in-law suite or for a teenager looking for their own space. Step outside to the pebble tec salt water pool and hot tub where you will experience unmatched peace and serenity, along with the beautiful and unspoiled scenery. This home features a freshly epoxied 3 car garage with custom cabinetry to store all of your toys and tools. If privacy, views, curb appeal, and a beautifully renovated desert retreat are on your wish list, look no further!

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12620 E Troon Vista Drive Scottsdale, AZ 85255

Open House

$1,699,995

3 Beds

3.5 Baths

2,580 SqFt

Status Active

MLS # 6663184

Property Type Townhouse

Price Type --

Desert Contemporary style architecture! This open 3bdr/3bth floor plan offers ample space for entertaining. Views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer lead to the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and ample dual pantries. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Designer appointed finishes throughout.

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5917 E North Lane Paradise Valley, AZ 85253

$1,699,935

3 Beds

3 Baths

2,250 SqFt

Status Active

MLS # 6706610

Property Type Single Family Residence

Price Type --

Escape to your dream home, where luxury living awaits! From the moment you arrive, you'll be awe-inspired by the designer touches throughout this custom home, which has recently undergone nearly $400,000 worth of renovations. This style embraces the ideals of living with a mix of natural design elements: mixes of wood, metals, and natural stone create true modern simplicity. From the distinctive ambiance of the custom ''Polished Simplicity'' fireplace to the open-concept kitchen with waterfall quartz island that easily seats 6, dual-toned sleek cabinetry, high-end stainless-steel appliances, including a Column fridge, Induction range, Kraus workforce sink with designer two-toned faucet... you are transported into true luxury. The primary bedroom is a haven for relaxation The primary bedroom is a haven for relaxation, boasting exceptional finishes, a double entry door, an extended walk-in closet, an aesthetic designer wall, and an impressive spa-like bathroom suite: a floor-to-ceiling glass-enclosed free-standing soaker tub/a separate shower, a double-sink modern vanity with a private toilet room, and a slatted niche. The backyard is an oasis of peace and tranquility, with complete privacy as it backs a natural area of open space. The yard boasts a pebble-tech pool with a substantial paved patiothe covered patio with a tongue and groove ceiling has a dramatic concrete floor-to-ceiling fireplace. There's even a convenient outdoor bathroom! This home is truly one of a kind! Take advantage of this opportunity to own a slice of paradise..before it's gone!

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1624 Gettysvue Way Prescott, AZ 86301

$1,699,900

4 Beds

2.5 Baths

5,232 SqFt

Status Active

MLS # 6760907

Property Type Single Family Residence

Price Type --

Elegant 5232sf home in The Dells at Prescott Lakes! Grand entry foyer, open great room w/ gas fireplace, huge kitchen with double island, formal dining room and private breakfast nook. Wraparound entry porch, expansive rear deck with outdoor fireplace and built-in barbecue, and a private courtyard patio with a koi pond and water feature--and the list goes on. The entire 2nd floor is a majestic master suite! Enter from a loft/sitting area with sweeping views of the granite dells to a large parlor, grand bedroom, enormous walk-in closet, and luxurious master bathroom w/ walk-in steam shower/sauna, PLUS a den w/ wet bar and fireplace; 2 separate private decks, 2 staircases and an elevator! Large, landscaped lot, 3 car garage and more! Chandeliers in nook and dining room do not convey.

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25219 S 194th Street Queen Creek, AZ 85142

$1,699,900

5 Beds

3.5 Baths

4,032 SqFt

Status Active

MLS # 6777980

Property Type Single Family Residence

Price Type --

Wow! If you're searching for a new, custom-dream home, look no further! This outstanding masterpiece is the one! Nestled on a desirable corner lot, it displays a 3-car side garage, pool, built-in bbq & lounge are, RV gate, mature landscape, & a spacious front porch. Discover a sophisticated, contemporary interior boasting high-end finishes & meticulous attention to detail. Engineered hardwood floors, HUGE open floor plan adorned w/exposed ceiling beams is ready for entertaining! Magazine-cover kitchen is a chef's paradise, fully equipped w/a plethora of elegant cabinets & cupboards, recessed lighting, top-of-the-line built-in appliances, a walk-in pantry, quartz counters & backsplash, & a waterfall island w/a breakfast bar. Office and game room finishes out this remarkable home. Double doors reveal the owner's retreat, complete w/direct outdoor access & a modern ensuite comprised of dual sinks, garden tub, large enclosed glass shower, & a walk-in closet. PLUS! Versatile den offers space for an office, extra bedroom, or gym. You'll LOVE the oversized backyard, showcasing a covered patio, built-in BBQ, grassy area, & a crystal-clear pool. This gem has it all!

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2223 E Tonto Place Chandler, AZ 85249

$1,699,100

7 Beds

5.5 Baths

4,809 SqFt

Status Active

MLS # 6730103

Property Type Single Family Residence

Price Type --

WOW! Stunning South Chandler single-level home with a 2023-new Guest House/Casita! Highest-quality construction and finishes throughout with almost 5,000 sq.ft. total, and a total of 7 bedrooms and 5.5 baths. Enormous gourmet kitchen with two islands, quartzite countertops, dual wall ovens, gas cooktop, and built-in refrigerator. Main house has a spacious primary bedroom, an en-suite mini-master, and a Jack-and-Jill bathroom; guest house has 2 bedrooms/2 baths. Resort-style background with huge sparkling pool, outdoor kitchen, and firepit for entertaining. 2023 Guest House has the finest and newest finishes and upgrades; must be seen to appreciate! Few opportunities like this with a Guest House come on the market in this extremely popular location in Chandler; simply a must-see property!

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3310 S Horizon Place Chandler, AZ 85248

$1,699,000

5 Beds

4 Baths

4,039 SqFt

Status Active

MLS # 6736199

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious, gated golf and lake community of The Vistas at Ocotillo. This breathtaking 5-bedroom, 4-bathroom residence offers an unparalleled living experience with stunning waterfront views and luxurious amenities. As you step into this gorgeous home, you'll immediately be struck by the expansive, open-concept design and soaring ceilings that create a sense of grandeur and space. The heart of the home is a chef's delight, featuring a spacious kitchen with ample cabinet space, a massive island, and high-end finishes. The kitchen seamlessly flows into the large family room, where oversized windows frame picturesque views of the serene lake. Step outside to your own personal oasis, where the covered patio and built-in BBQ invite you to enjoy al fresco dining. The heated, negative edge pool with its stunning boulder waterfall is a focal point, offering a luxurious retreat right in your backyard. The home also boasts a 3-car garage with an epoxied floor and built-in cabinets, providing ample storage and organization. The owner's suite, conveniently located on the first floor, offers a private sanctuary with direct access to the picturesque outdoor space. Additionally, the first-floor also features a 5th bedroom that can be used as an office, providing flexibility for your needs. Experience the ultimate in luxury living with this exquisite home, where every detail has been thoughtfully designed for your comfort and enjoyment. Don't miss the opportunity to make this spectacular property yours.

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