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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11166 E Prospect Point Drive Scottsdale, AZ 85262

$1,699,000

3 Beds

3 Baths

2,392 SqFt

Status Active

MLS # 6768907

Property Type Single Family Residence

Price Type --

Welcome to Apache Cottage 60! This stunning home offers the perfect blend of comfort, style, and convenience. Beautiful mountain views and backing to the golf course driving range of Apache golf course, this split floor plan 3 bedroom/3 bath has it all! The split floor plan provides both privacy and spacious living. Some of the many features include updated/upgraded kitchen cabinets, granite, appliances, laundry area, HVAC, water heater and water softener. A mix of Travertine, carpet, and wood flooring throughout. A spacious back patio with refurbished built-in BBQ and spa, perfect for relaxing or entertaining. Oversized two car garage with storage cabinets and storage closet provides ample space for your toys and outdoor adventure gear! Whether you're seeking a year-round residence or a lock-and-leave retreat, this abode provides the ultimate backdrop for the sublime Arizona lifestyle. Plus, with access to Desert Mountain's array of amenities including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, every day promises a new adventure in casual luxury. Experience the epitome of desert living in this exceptional Desert Mountain retreat. No membership to The Desert Mountain Club is included with this property.

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1007 N Rosewood Circle Payson, AZ 85541

$1,699,000

4 Beds

4 Baths

3,670 SqFt

Status Active

MLS # 6770057

Property Type Single Family Residence

Price Type --

Welcome to your private mountain retreat!! This 4 Bedroom, 4 Bath home, which includes a casita guest house, is an incredible and unique custom home featuring a massive paver deck, top-notch interior with knotty alder solid core doors, windows encasements & baseboard, along with hand-scraped hardwood flooring, 4 stone column interior, stone gas fireplace and luxurious granite countertops through the entire house. This home includes top-of-the-line Thermador Appliances, an $80k upgrade, and a whole lot more. It's a must-see property when it comes to Chaparral Pines. Don't miss out on the opportunity to live in an incredible home that has all the bells & whistles you could possible need. Make an appointment to come see it before it's gone!!! HOME DETAILS Home Built in 2014 by Wes Carlock Luxurious 3,670 Square Foot Home with 4 Bedroom & 4 Bathrooms including a 2 Bedroom Private Casita with Wet Bar Island, Refrigerator & Livingroom Fully Fire Wised Oversized .82 Acre Corner Lot with Ponderosa Pines & Adjacent to Greenbelt Area (Feels like 1.5 Acres) Oversized Raised Paver Patio with Views including Custom Built in Propane Gas Grill & Fire Pit HOME HIGHLIGHTS Thermador Appliances - Double Oven, 5 Burner Gas Stove, Dishwasher, Microwave/Convection Oven, High-end Refrigerator Columns Thermador Standalone Refrigerator & Freezer w/Icemaker 2nd Standalone Wet Icemaker and Wine Refrigerator in Wine Closet in Main Building (New) 4 Stainless Trash Compactor (New) Stone Columns that greet you upon entry to the home. Main House 2nd Bedroom En-suite (Walk-in Closet & Dual Sinks) Granite Counter Tops Throughout w/Custom Edge Lighting (Main House & Casita) Solid-core Knotty Alder Doors (Main House & Casita) Knotty Alder Window Casements & Baseboard (Main House, Casita & Garage) Knotty Alder Ceiling (Main House, Casita & Primary & Guest Bedroom Patio) Hand-scraped Hardwood Flooring (Main House & Casita & Powder Room) Main House Instant Hot Water Heater x (New 2022) Large Oversized Paver Patio with Grill & Fire Pit Hot Tub on private patio outside the Primary Bedroom & 2nd Guest En-suite Separate Paver Patio attached to Primary Bedroom & Guest En-suite Stone Gas Fireplace with Remote (Main House) Custom-tile in 3 Bathrooms, Laundry Room In-home & Outdoor Speaker System (Kitchen, Primary Bedroom & Bathroom; Outdoor Patios Oversized Deep 2-Garage+ (26 Deep x 24 Wide) Gutters and down spouts feeding into French drains around the buildings Sink and storage in laundry room (Washer & Dryer) Jetted large bathtub in master bath Walk-through shower in master bath with 2 shower heads, including a rain shower Sprinkler drip irrigation system throughout property Landscape lighting, 3 zones Bird and Bat Deterrents outside around both buildings Water softener on main building No grinder pump Storage underneath casita Custom made cabinets in garage with Chaparral Pines Logo Extra Garage Shelving Buyer option: Golf Simulator setup in casita, retractable impact screen, projector and tur RECENT UPDATES Main House AC & Heater (June 2023) New Exterior Paint Main House & Casita (June 2024) Beverage Refrigerator in Casita (June 2024) Garage Epoxy Flooring (June 2024) Satellite Dish (DirecTV)

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17417 E Monument Court Rio Verde, AZ 85263

$1,699,000

4 Beds

3.5 Baths

3,090 SqFt

Status Active

MLS # 6751165

Property Type Single Family Residence

Price Type --

Incredible New Construction home on the largest lot of this wonderful Trilogy at Verde River community. Located just one house away from the multi-million dollar clubhouse with fine dining, swimming pools, championship golf course, pickleball courts, and lots of planned activities like live music and painting. You'll need to see to believe! Step inside your beautiful new home from the protected private courtyard to the oversized great room with stunning fireplace, inviting kitchen and dining rooms, and engaging views to your private backyard paradise. This upgraded kitchen will delight the pickiest of chefs. Enjoy the oversized patios with artificial turf, low-maintenance landscape and view of the Tonto National Forest OR add pools and activities to delight your family.

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280 Goodrow Lane Sedona, AZ 86336

$1,699,000

4 Beds

4 Baths

3,257 SqFt

Status Active

MLS # 6757325

Property Type Single Family Residence

Price Type --

Centrally Located West Sedona GEM with NO HOA. Amazing Investment Opportunity or Primary Residence. TWO SPACIOUS Primary Bedrooms PLUS Two Spacious Guest Bedrooms PLUS Home Theater (or 5th bedroom) PLUS Bonus Room. Quality throughout this Custom-Built Cavanaugh Classic on a .74 acre lot in Goodrow Estates. TONS of Space in Front and Back Yards with Endless Possibilities to Build your heart's desires - LARGE RV Garage, Casita, Hot Tub, Putting Green.Great Room boasts beautiful and bright hardwood floors, high ceilings, louvered shutters. Adjacent dining room seats 18-20 comfortably with a gorgeous view of the lush green backyard. Chef's Kitchen boasts granite counters w/ prep island, large walk-in pantry, Stainless Steel Appliances including 5-burner gas cooktop, Dacor double stacked ovens w/warming drawer & microwave, stainless steel sink and plenty of custom storage cabinets. Perfect for casual dining at the elevated bar in the kitchen and easy transition from kitchen to dining room. North Primary Bedroom has large walk-in closet, dual vanities and walk in shower. Easy access to Bonus Room currently used as an exercise room with a pet door and dog run for smaller furry loved ones. South Primary Bedroom has a large walk-in closet, jetted tub, walk-in shower and separate dual vanities. Views of the Park-Like backyard from both. Movie and Popcorn Anyone?? Enjoy tiered seating in the AWESOME Home Theater with Eight Comfy Recliners w/beverage holders, Granite Counter Beverage Station with dual sink and extra storage. All theater furniture, appliances, fixtures, equipment and supplies (fountain soda machine, Pop Corn Maker, blender, nostalgic items) are available. This space can easily be converted to a 5th Bedroom. Resort style back yard features 30' Round Dough Boy Above Ground Pool, Volleyball Court, Tether Ball, BBQ Station with Blackstone and Jenn Air Grills, Fire Pit, Raised Flower Beds, Artificial Turf Area, Elevated Decks and Patios with views of the Mogollon Rim, and several private areas to find your Zen Self! All surrounded by mature native trees and plants, providing privacy and tranquility. Also the perfect Party Venue for large and small gatherings. Truly amazing setting when all lit up at night. Be awed by the native wildlife that cohabitate in this special enclave of Sedona. Two-car garage w/separate bays with climate control. Protective coating on floors. Extra Custom features in garage include wet bar with upgraded counters and soft-close cabinetry, electric fireplace, microwave, mini fridge, dual compartment utility sink, quarter bath. Additional features include 2 Carrier WeatherMaker 8000VS Furnaces w humidifiers providing ultimate comfort year-round. Pre-Wired for generator, central vac, recirculating hot water pump, electric sprinkler system for plants, Sale Includes Two LG washers and Two Dryers, Four Exterior Storage Sheds, Blackstone and Jenn Air Grills, 2-Person Sauna, Outdoor Yard and Patio Furniture, Exterior String Lights, Extra Fridge, Electric Fireplace, Gym Equipment, All Home Theater Furnishings, Bunk Beds.

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26348 N 104th Way Scottsdale, AZ 85255

$1,699,000

3 Beds

3 Baths

3,249 SqFt

Status Active

MLS # 6758962

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION. OVER HALF AN ACRE CORNER LOT IN THE HIGHLY DESIRABLE TROON FAIRWAYS EUROPEAN THIS HOME FEATURES AMAZING VIEWS OF PINNACLE PEAK AND TROON MOUNTAIN. SPACIOUS 3 BEDROOM AND 2.5 BATHROOM FLOOR PLAN AND FEATURES A GOURMET KITCHEN WITH WALK IN PANTRY LIGHT AND BRIGHT BREAKFAST ROOM. ENJOY AND ELEGANT FORMAL DINING ROOM WITH ACCESS TO A LOVELY COURTYARD AND A HUGE GREAT ROOM WITH 20 FOOT CEILINGS AND A GREAT ENTERTAINING BAR. NOT A COOKIE CUTTER SOUTHWEST HOME. THIS HOME IS ELEGANT AND PROVIDES EASY AZ LIVING WITH A SPARKLING POOL. VIEWS VIEWS VIEWS!! LOADS OF GREEN ARTIFICIAL TURF EASY LOW MAINTENANCE YARD PLUS A 3 CAR GARAGE. YOU DON'T WANT TO MISS THIS ONE.

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7627 E Turquoise Avenue Scottsdale, AZ 85258

$1,699,000

3 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6764461

Property Type Single Family Residence

Price Type --

Nestled in tranquil cul-de-sac, this fully renovated gem by Surround Interiors seamlessly blends modern luxury with the timeless charm of McCormick Ranch. No expense spared with this rare 3-car garage home including new electrical, roofing, paint, stucco, windows, flooring, doors & landscape. Step through the grand courtyard, complete with outdoor fireplace and be welcomed by a spacious open floor plan. The living area boasts soaring vaulted ceilings and a multi-slider that bathes the space in natural light. The bright, chef-inspired kitchen is perfect for cooking and entertaining. The primary bedroom features a stunning ensuite with large shower, freestanding tub, double vanity and walk-in closet. Outside, enjoy your private bkyd oasis with pool, covered patio, BBQ island & mature trees.

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13499 E Cannon Drive Scottsdale, AZ 85259

$1,699,000

5 Beds

3.5 Baths

3,640 SqFt

Status Active

MLS # 6780788

Property Type Single Family Residence

Price Type --

Prepare to be captivated by this exquisite 5-bedroom, 3.5-bathroom residence now available in the highly sought-after Sonora Vista Gated community! This home boasts striking curb appeal, featuring a beautifully manicured desert front yard, and a spacious 3-car garage. The inviting front porch, complete with a tranquil stone fountain, offers a warm welcome. As you enter, you'll be greeted by an elegant foyer that flows effortlessly into a spacious living area, ideal for entertaining family and friends. This stunning home showcases high ceilings, sophisticated crown molding, stylish columns, and luxuriously appointed stone floors, all wrapped in a warm, inviting palette. The formal dining room, adorned with a dazzling chandelier, sets the perfect stage for memorable dinner parties. The formal dining room, adorned with a dazzling chandelier, sets the perfect stage for memorable dinner parties. The cozy family room beckons with skylights that flood the space with natural light and a fireplace that provides comfort during cooler winter nights. Aspiring chefs will love the gourmet kitchen, equipped with beautiful wood cabinetry with crown molding, a pantry, stunning granite countertops, a tasteful tile backsplash, stainless steel appliances, and an island with a breakfast bar for casual dining. Retreat to the primary bedroom, a sanctuary of luxury featuring tray ceilings, private outdoor access, a spacious walk-in closet, and a lavish ensuite bathroom complete with dual sinks for added convenience. Step outside to discover your own personal oasis in the fabulous backyard, which includes a covered patio, an extended seating area, a built-in BBQ for outdoor dining, lush natural turf for play, and a sparkling blue pool and spa combo that invites relaxation and enjoyment. Don't miss your chance to own this remarkable home! Act now and make it yours!

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6439 N 75th Avenue Glendale, AZ 85303

$1,699,000

3 Beds

2 Baths

2,110 SqFt

Status Active

MLS # 6633883

Property Type Single Family Residence

Price Type --

Total of three parcels available see private remarks for more information. Excellent investment opportunity. Property is currently zoned for R-1 Max 3.525 units/dwellings per acre Can be subdivided for high density allowing for smaller lot sizes. Rezoning is not a requirement for high density Rezoning would be required for multi-family and a pre-application meeting is required. Centrally located to 101 Freeway and I-10 and close proximity to State Farm Stadium, Westgate Entertainment District and Desert Diamond Arena.

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20670 E Marsh Road Queen Creek, AZ 85142

$1,699,000

4 Beds

3.5 Baths

4,152 SqFt

Status Active

MLS # 6677084

Property Type Single Family Residence

Price Type --

All Offers will Be Considered--Nestled within the prestigious gated community of Bridle Ranch in Queen Creek, AZ, the luxurious residence at 20670 E Marsh Rd is a true testament to elegance and refined living. Spanning 4,225 square feet on a 15,940 square foot lot, this property combines privacy, sophistication, and detailed craftsmanship in one magnificent offering. As you enter the gates, the grandeur of the entrance conveys a sense of exclusivity and safety, leading you through meticulously manicured landscapes and open, grassy expanses perfect for family gatherings and creating lasting memories. The home itself is a sanctuary of comfort and luxury, featuring an open floor plan that beautifully integrates living spaces with abundant natural light and upscale The interior boasts 4 spacious..bedrooms, 3.5 opulent bathrooms, a versatile bonus room, and a 3-car garage, designed to accommodate a lifestyle of luxury and convenience. The heart of the home, a gourmet kitchen, is equipped with a reverse osmosis system, a 60 Sub-Zero fridge-freezer, a 48 range, a microwave drawer set within custom cabinetry, and a dedicated coffee bar, catering to both casual mornings and grand entertaining. Details such as coffered ceilings, board and batten accents, and wood beams in the entry and kitchen area add layers of sophistication throughout the space. Entertainment is effortlessly elevated with a state-of-the-art movie theatre room and a comfortable mother-in-law suite, alongside three indoor electric fireplaces that add warmth and ambiance. The luxury extends outdoors to a 30x40 heated pool, a 10-person spa with ledge loungers, and a marble landscaped backyard, featuring a marble chip edge pergola and two outdoor fireplaces, creating an idyllic environment for relaxation and social gatherings. The residence is also technologically equipped with advanced speaker and camera systems inside and out, ensuring security and convenience. The garage, detailed with epoxy floors, water softener, cabinets, and a mini-split system, mirrors the meticulous attention to detail found throughout the property. From the lush landscapes with black basalt walkway imported from Turkey to the imported fireplaces that grace the interior, every aspect of this home at 20670 E Marsh Rd in Bridle Ranch speaks to an unmatched level of luxury and elegance. This property not only offers a lifestyle of unparalleled sophistication but also stands as a symbol of luxury living in Queen Creek's most coveted gated community.

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18223 W San Miguel Court Litchfield Park, AZ 85340

$1,699,000

6 Beds

6 Baths

4,100 SqFt

Status Active

MLS # 6704847

Property Type Single Family Residence

Price Type --

Fall in love with this newly built custom home located in the gated community of Russell Ranch, 6 bedroom 6 bath and an office/den. Fire sprinkler system, electric fireplace, multiple ceiling heights 10, 12 and 16 ft ceilings. RV garage, Detached casita with one bedroom, full kitchen, living room and laundry closet, water softener pluming ready. *Heated pool and jacuzzi *RV garage: double oversized door (size 14x14), RV plug, mini split AC system, spray foam, insolated garage doors. *3 car garage - EV Plug, spray foam, insolated garage doors *Electric panel- 400 amp electrical panel with a 200 amp sub panel

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19132 W Townley Court Waddell, AZ 85355

$1,699,000

4 Beds

3 Baths

3,354 SqFt

Status Active

MLS # 6711991

Property Type Single Family Residence

Price Type --

This estate is the epitome of serene living complete with a generous sized 2600 plus sq. ft. detached garage for your car collection & motorhome. This custom built one owner home showcases an incredible detached RV garage for cars/toys/storage that includes a large office and a casita. Located in the gated community of Sonoran Ridge Estates where the breath-taking mountain views of the White Tank Mountains and wildlife are endless. Once you enter the gated community you look to the left you see the massive detached garage and are intrigued to explore the .96-acre property and dream of owning such a gem. As you find your way into the secluded cul-de-sac you will see the beautiful territorial home with mature landscaping. Once you pass through the large beautiful front door and make your way through the home, you see the custom touches such as the 10-to-12-foot ceilings, tile through-out, oversized Jacuzzi tub in primary bath and interior stone in living and family room. The home also possesses granite countertops, 2 newer a/c units, surround sound inside home and back patio, stainless steel appliances, solid beechwood cabinets, walk-in pantry, kitchen island, solid knotty Alder wood doors/jams, and 2 x 6 framing. Off the patio is a staircase leading to an observation deck that has a cable outlet great for watching television while observing the mountains in the background. The garage attached to the home has a mini split for added cooling. This property has endless opportunities for grand scale entertaining with a generous shaded back patio equipped with a large bar complete with a sink/water, refrigerator and under counter storage and lighting. You will be mesmerized as you follow the walkway lined in pavers to this 2600 plus sq. ft. detached garage (front and back entry). The garage boasts a foam roof, 2 x 8, 2 x 6 RV construction, spray foam insulation, insulated garage doors, cooled by 2 new a/c units (4 & 5 tons), industrial LED lighting, wired with 220 that includes compressed air outlets in several areas throughout RV/garage /workshop area, wired with security video. The office/casita has wood-look plank tiles, quartz countertops, new slate maple cabinets, wired for dual zone surround sound speakers/cable/WIFI, new 75 smart T.V., dual pane windows-energy efficient. Home and detached garage has outlets installed on roof parapets for Christmas lights. Do not miss this one!

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13051 N 70th Street Scottsdale, AZ 85254

$1,699,000

4 Beds

4 Baths

3,586 SqFt

Status Active

MLS # 6755937

Property Type Single Family Residence

Price Type --

Nestled in the coveted Desert Estates neighborhood, this charming ranch-style home sits on a sprawling half-acre lot with striking curb appeal. The mature desert landscaping and expansive front ramada offer the perfect setting to relax and take in the stunning evening sunsets. Inside, the home boasts recent updates, incl interior paint, new kitchen featuring granite countertops, ample cabinetry, a buffet bar, extra storage, & renovated bathrooms. Addt'l upgrades include a re-coated roof, new lighting, and so much more! The spacious family room & an impressive laundry/pantry room are sure to delight any buyer. The main living area flows seamlessly into an open-concept kitchen & family space, w/ large windows throughout the home showcasing backyard views and breathtaking sunrise moments. The primary suite features an oversized walk-in closet, dual sinks, and private access to the backyard oasis, while the secondary bedrooms are generously sized, including one with an ensuite, perfect for guests. Designed for entertaining, the backyard is a true desert paradise with an expansive covered patio for outdoor dining, a built-in BBQ, a synthetic lawn, a sparkling diving pool, a fire pit, and beautiful desert landscaping. An additional storage room is conveniently located on the south side of the property. With no HOA and located within the top-rated Scottsdale school district (Sequoya, Cocopah, and Chaparral), this home offers unbeatable value. Enjoy easy access to world-class shopping, dining, and entertainment at Kierland Commons and Scottsdale Quarter, as well as proximity to premier events like the Barrett-Jackson car auction and the WM Phoenix Open. Plus, you're just minutes from the 101 and 51 freeways, providing quick routes to Sky Harbor Airport and Downtown Phoenix. Don't miss the opportunity to own this exceptional, turn-key desert estate!

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