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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32541 N Thompson Road Queen Creek, AZ 85142

$1,590,000

4 Beds

3.5 Baths

3,284 SqFt

Status Active

MLS # 6750283

Property Type Single Family Residence

Price Type --

WOW - Fully custom, newly-built, and never lived in luxury home with a 6.500 square foot garage with 16-foot ceilings & 14-foot tall steel garage doors! No HOA! Over 3,200 square feet of living space with an open floor plan & huge entertainer's kitchen! Around 10,000 sqft of under-roof space! 16-foot wide powered glass door in the living room with an electric fireplace & vaulted ceilings! 42-inch custom solid wood cabinets with quartz counters, 5-burner cooktop, & a 14-foot wide island! Extra-large walk-in panty, and over-sized laundry room w additional storage. Primary suite has separate exit, walk-in tile rain shower, and an absolutely huge primary closet. 3 other bedrooms, plus a den/office/flex room! Garage has 200-amp sub panel & spray-foam insulation as well! Hiking trails nearby!

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5009 E Gelding Drive Scottsdale, AZ 85254

$1,590,000

5 Beds

3 Baths

3,000 SqFt

Status Active Under Contract

MLS # 6754158

Property Type Single Family Residence

Price Type --

Spectacular 5 bedroom, 3 bathroom, 17' high cathedral ceiling Remodel in a cult-a-sac close to everything. Almost a half acre lot. Huge Master Shower and Closet with separate washer and dryer hookup in Mst Closet. Entertainers Delight! Seller is offering a credit for you to design and build your own cabinets in closet$$$ NO HOA:-) With this property, you can either have a pickle ball court in the back yard or a fully approved 1200 sqft 2 bedroom, 2 bathroom guest house with permit ready to build. Approved plans for guest house. This property would be amazing with 7 bedrooms, 5 bathrooms, 4 car garage

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2502 N 85th Street Mesa, AZ 85207

$1,590,000

4 Beds

3 Baths

3,299 SqFt

Status Active

MLS # 6733761

Property Type Single Family Residence

Price Type --

Stunning new Farmhouse architectural custom home. 3299 sf livable with designer interior finishes including oak floors in livable areas and master bath. Custom cabinetry, white quartz counters with extensive use of visual comfort light fixtures and high end finishes. Automated swimming pool with spa and baja shelf and in water lounge chairs. This home is a must see in the high desert and includes a fenced desert landscaped yard with synthetic grass in front and back. Room for RV parking or future RV Garage.

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14102 E Highland Avenue Fountain Hills, AZ 85268

$1,589,995

4 Beds

4.5 Baths

2,978 SqFt

Status Active

MLS # 6717196

Property Type Single Family Residence

Price Type --

Move in early 2025! Designer appointed Thaxton Modern offers room for family and guests. A nice front courtyard offers privacy for the attached casita making great outdoor space and inviting entry to the home. This home features additional bonus room and separate office. Open concept kitchen, casual dining and great room with fireplace opens to covered patio and spacious backyard for entertaining. Kitchen boasts Wolf appliances including 36'' cooktop, double ovens and built in 48'' Sub-Zero side by side refrigerator! Primary suite with luxurious bath with separate soaking tub, walk-in shower and two walk-in closets. Final opportunity for this amazing floorplan!

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10887 E Peak View Road Scottsdale, AZ 85262

$1,589,000

3 Beds

3 Baths

3,284 SqFt

Status Active

MLS # 6751836

Property Type Single Family Residence

Price Type --

Beautiful Custom Build in Highly Desirable Guard Gated Community of Candlewood Estates at Troon North. Walking distance to Brown Ranch Trail. Enjoy Breathtaking Views of the Mountains and Watch the Sunset Over the Sonoran Desert. The House is Nestled on a Corner Lot of a Cul-De-Sac Surrounded by Protected Land Giving You Privacy. Recently Renovated; Wood Floors, Custom Built Cabinets, Pella Doors, Custom Power Blinds, Primary Bath, and SubZero/Wolf Appliances. A Resort Style Backyard and Pool. Pool Equipment, Outdoor Kitchen Equipped with Twin Eagles BBQ, Teppanyaki Grill, and Power Super Burner in June 2022. No Expense Spared on Upgrades. Water Features and a River Flowing Into the Pool to Complete Your Own Private Resort. Don't Miss This Perfect Opportunity to Have Your Own Oasis.

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6038 Orion -- Lakeside, AZ 85929

$1,588,000

5 Beds

4 Baths

3,915 SqFt

Status Active

MLS # 6718783

Property Type Single Family Residence

Price Type --

Discover the ultimate in luxury lifestyle on this elevated lot in Starlight Ridge Estates with unforgettable views! Arguably one of the best lots in the White Mountains. Situated in a private cul de sac connecting to the National Forest and Reservation. Perched at the end of the community every area of this estate has spectacular views and has been completely renovated. The result, a sophisticated custom home where functionality is key, yet still elegant, warm and inviting. The unique design truly elevates the principles of timeless appeal and resort style living. Enjoy the outdoors year-round with choices of warm summer days, cool winter evenings, take refuge from the sun under many expansive covered patios, or just relax in privacy.

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6701 E Redfield Road Scottsdale, AZ 85254

$1,585,000

4 Beds

3 Baths

3,388 SqFt

Status Active

MLS # 6774725

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this stunning 4-bedroom, 3-bath residence, perfectly situated on a sprawling over ½-acre corner lot with no HOA. Boasting 3,828 sq. ft. of refined living space, included an additional 440 sq. ft. bonus room (not reflected on tax records), this home is designed for both grand entertaining and serene relaxation. The recently remodeled gourmet kitchen flows effortlessly into a vast living area, complete with a custom wet bar and an impressive, statement fireplace. This space is ideal for hosting elegant gatherings or cozy evenings at home. The expansive master suite offers a tranquil retreat, featuring a private sitting area, a second fireplace, and spa-like en-suite. Every bathroom in the home has been luxuriously renovated, exuding sophistication and and modern elegance. Step into your own private resort-style backyard, where lush greenery and expertly designed pavers surround a sparkling Pebble Tec pool. The large, covered gazebo, equipped with a built-in TV, is perfect for outdoor lounging and entertaining in style. Additional features include a redesigned walk-in laundry room, a grand iron front entry door, beautifully paved front walkway, engineered wood flooring throughout, skylights, and a dedicated storage unit. Just minutes away from the finest shopping and dining at Kierland and Scottsdale Quarter, this residence offers an exceptional blend of luxury and convenience. Please note: The bonus room was added without city permits and is not reflected on tax records.

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4741 S Rockwell Street Gilbert, AZ 85297

$1,585,000

5 Beds

3.5 Baths

4,583 SqFt

Status Active

MLS # 6749864

Property Type Single Family Residence

Price Type --

Luxurious Living in Weston Ranch: A Dream Home in Gilbert, Arizona Welcome to a world of elegance and comfort in the prestigious gated community of Weston Ranch, located in the heart of Gilbert, Arizona. As you approach this stunning residence, the grand half-circle driveway beckons you toward a magnificent entryway adorned with stately Roman-style columns and majestic iron doors, setting the tone for the grandeur that awaits inside. Step through the doors and be immediately captivated by the soaring 14-foot ceilings that crown the expansive living spaces, all gracefully accented by rich wood flooring. The attention to detail in this home is nothing short of extraordinary, with solid 8-foot wood doors throughout and intricate finishes that exude timeless sophistication. The heart of the home is undoubtedly the gourmet kitchen, designed for both culinary artistry and entertaining. Here, you'll find top-of-the-line Wolf double convection ovens, a 42 SUB-ZERO stainless-steel refrigerator and freezer, a sleek dishwasher, custom cabinetry, and gleaming granite countertops. A spacious walk-in pantry completes this chef's paradise, ensuring ample storage for all your gourmet ingredients and kitchen essentials. For those who work from home, the dedicated den/office offers a quiet and productive space, while the formal dining and living rooms provide an elegant setting for hosting guests. The family room, anchored by one of the two gas fireplaces, is the perfect spot to unwind and create memories with loved ones. The primary suite is a private retreat, featuring a lavish bathroom with a snail shower equipped with dual heads, a luxurious jacuzzi tub, and a large walk-in closet with built-ins that offer both style and functionality. Additional bedrooms are generously sized, with a Jack & Jill bathroom that's perfect for family living. Outdoor living is equally impressive with lush, custom landscaping surrounding the property, creating a serene oasis in the desert. The backyard is an entertainer's dream, featuring a heated pool with a cascading waterfall, an in-ground cleaning system, and saltwater chlorination for a resort-like experience. A jetted hot tub, flanked by fire and water pots, adds a touch of luxury, all easily controlled with a remote. Multiple sitting areas invite you to relax and enjoy the warm Arizona evenings, while the sport court and 50-amp RV power hookup cater to your recreational needs. The oversized 4-car garage, complete with cabinetry, offers ample space for vehicles and storage, while the RV gate and block wall fencing ensure privacy and convenience. Additional amenities include plantation shutters, structured wiring, and a spacious laundry room with built-in cabinets and a sink, making everyday living a breeze. This Weston Ranch gem is more than just a home; it's a lifestyle. Don't miss the opportunity to own this exquisite property, where luxury meets comfort in one of Gilbert's most sought-after communities.

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7205 W Fallen Leaf Lane Peoria, AZ 85383

$1,580,000

5 Beds

4.5 Baths

3,808 SqFt

Status Active

MLS # 6774023

Property Type Single Family Residence

Price Type --

***ESTATES at HAPPY VALLEY*** Welcome to elegance and tranquility with this 3,803-sq ft home nestled in an exclusive gated community. Set on a generous acre, this property boasts 5 spacious bedrooms and 4.5 baths, offering ample space for family living and entertaining guests. Gourmet Kitchen with granite countertops and oversized Granite island that can seat up to six, 5 burner gas stove, dble wall ovens, built in microwave, dishwasher, x-large walk-in pantry ensures storage for all your needs and a 4-car garage for your vehicles and toys. *HOA does allow for ALL your toys; RV's, boats and the Lot still allows room to build an RV garage and/or Casita . A custom-designed 3-hole mini golf course, perfect for practicing your swing or hosting friendly competitions with family and friends. Feel yourself basking in the sun by your very own 850-sq ft heated swimming pool, where cascading waterfalls, arching jets, surrounding mature Palm trees and 4 towering pillars supporting gas fire pots create a breathtaking backdrop for relaxation. The splash deck invites you to host summer gatherings and enjoy endless fun in the sun. The U-shaped travertine island, equipped with a gas line for BBQ, is perfect for outdoor entertaining. With its own electric breaker for lights and outlets, you'll have everything you need for unforgettable gatherings under the stars. Located in North Peoria with easy and equal distance to I-17, Loop 101 and the Loop 303 Don't miss the opportunity to own this piece of paradise.

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3743 E Maffeo Road Phoenix, AZ 85050

$1,580,000

4 Beds

2.5 Baths

3,402 SqFt

Status Active

MLS # 6762455

Property Type Single Family Residence

Price Type --

Luxury Single-Story, No-Stairs, 2025 Design Trends w Palette of Nature-Inspired Grey's & Earth Tones, Sustainable Bamboo Floors & Warm Wood Tones. Enjoy the Resort-Style Backyard w Pool & NEW: Turf Lawn, Trees, Shrubs, Irrigation/Lighting. Massive 35' Covered-Patio Entertaining Space w Misters, Grill/Bar Island, Alfresco Dining, Outdoor Living Rm. Dinner Party Ready Chef's Kitchen w 5-Burner Gas Cooktop, Double-Wall Oven, Monogram Fridge. WFH in Family Room Desk Nook. Private Primary Bedroom w Spacious Seating Area and a Separate Wing for Everyone Else...3 Bedrooms plus a Large Flex Room. Front Yard Refreshed w NEW: Boulders, Plants, irrigation/lighting. Near Mayo Clinic & Desert Ridge Marketplace. Aviano at Desert Ridge includes Community Clubhouse/Pool & Fitness Ctr/Rec Ctr/Trails/Parks

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7014 E Aster Drive Scottsdale, AZ 85254

$1,580,000

6 Beds

3 Baths

3,916 SqFt

Status Active

MLS # 6765644

Property Type Single Family Residence

Price Type --

Unlock a Unique Investment Opportunity with TWO HOMES UNDER ONE ROOF! Perfect for the savvy investor or multi-generational family, this remarkable, nearly 4,000 square foot, 6 bedroom, 3 bath home is in a prestigious multi-million dollar neighborhood. Recently remodeled inside and out, it boasts a sprawling 23,372 sq. ft. lot with an RV gate, a sparkling pool, and an outdoor kitchen. The main house features a spacious kitchen with warm cherry wood cabinets and granite countertops, making it an excellent space for anyone who loves to cook. This versatile property includes a main house with 3 spacious bedrooms and a huge bonus room perfect for a home theater, game room, or man cave separate from the main living area. The guesthouse has a private entrance and 3 bedrooms, a full bath, laundry, kitchen, and living area. This setup allows for privacy and independence, making it perfect for accommodating additional family members or renting it out for extra cash. In addition, the spacious 4 car garage (tandem), measuring approx. 33' 4 x 19' with over 30 feet of parking space, has soaring 10.5-foot ceilings offering plenty of storage space. The ample backyard space also provides the perfect opportunity for future expansions or additions. This home is a rare find in today's market. Don't miss your chance to own this remarkable home! Home also comes with a Home Warranty valid through Sept 2027.

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5419 E Pinchot Avenue Phoenix, AZ 85018

$1,580,000

4 Beds

3 Baths

2,665 SqFt

Status Active Under Contract

MLS # 6778850

Property Type Single Family Residence

Price Type --

Welcome to the modern farmhouse you've been searching for! Fully renovated in 2021, this 4 bed/3 bath Arcadia-Osborn smart home boasts an entertainer's kitchen with custom zellige tile backsplash, shaker cabinets, stainless appliances, and stone countertops. An open concept great room with vaulted ceilings flows into a charming patio with views of the backyard. The primary suite features a spa-like bathroom, with a dual walk-in shower & soaking tub. Two guest bedrooms boast ample closets & a tastefully updated bathroom, while the 4th bedroom provides an ideal guest room/home office/playroom. Less than 1 mile from 3 schools, this home offers unbeatable proximity to education/shopping/dining, leaving you more time to enjoy sunset views of Camelback Mountain from the front patio & fire pit.

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