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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40105 N 2nd Way Phoenix, AZ 85086

$1,579,000

5 Beds

4.5 Baths

5,082 SqFt

Status Active

MLS # 6738408

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury & adventure with this Desert Hills estate, offering unrivaled mountain & desert views & direct access to hiking & riding trails. This expansive 5,082 sq ft residence, on a 1-acre lot, features 5 spacious bdrms & 4.5 baths, including well-appointed jack & jill suite. On a private NS facing lot backing onto pristine State Trust Land. The property is an entertainer's dream, with a massive 6-car garage, room for toys & an attached 900 sq ft ADU/multi gen apartment complete with its own kitchen, living, & ensuite. Indulge in outdoor living with a sparkling negative edge pool & captivating waterfall, beautifully designed BBQ area & outdoor fireplace, & 3 covered patios. Full RV hookups & RV gates, three 50-amp service, & a huge upstairs living space with wet bar. Extensive updates with quart countertops in kitchen, stainless GE Profile appliances & new bathrooms, fresh interior & exterior paint, new carpet, & modernized lighting throughout. Bring your animals and toys for this exquisite desert oasis. The location is convenient and the views are amazing.

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21715 N 61st Way Phoenix, AZ 85054

$1,575,000

3 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6786281

Property Type Single Family Residence

Price Type --

Welcome to the community of Talinn brought to you by Shea Homes. This single level gated home has been gently lived in. It has all the upgrades you could want and still is under the builders 1 year warranty. Terrific gorgeous great room layout has natural wood looking tiled floors throughout. The chef in the family will love the oversized gas cook top, numerous cabinets and expansive island cooking area with quartz counter tops and beautiful waterfall sides. The Master Br is split and there are 2 bedrooms in front, a movie/game room + a flex room. Check out the upgraded bathrooms complete with curb less entry showers. Electric shades in the living area. Custom front door and the center opens up to allow the cool breezes to pass through. . Spectacular gas fireplace in the living area The back yard has endless private views and you will never need to go on vacation again. Enjoy your heated pool & spa. Lots of artificial grass and a custom pergola which adds lots of shade. Built in BBQ and the outdoor TV is installed and ready to watch your favorite events while sipping your favorite drink.

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21062 N 76th Avenue Glendale, AZ 85308

$1,575,000

4 Beds

4.5 Baths

4,042 SqFt

Status Active

MLS # 6734454

Property Type Single Family Residence

Price Type --

SINGLE STORY WATERFRONT luxury property in the beautiful EAGLE HEIGHTS subdivision is now for sale! This stunning, move-in ready property features all the upgrades and amenities you could desire, including private entry courtyard with stone fireplace, 3-car garage, dream kitchen with upgraded cabinets with crown molding, granite countertops, large island with center sink and breakfast bar, stainless steel appliances. All bedrooms very large & each has their own WALK -IN-CLOSET and OWN FULL BATHROOM, spacious master bedroom and master bath with granite counters and his and hers sinks. The great room also includes a triple sliding glass door which allows for indoor/outdoor living and dining. Ideally located, this home is situated in a very desirable area, with quick access to the 101freeway Bulldog(metal) security screens through out the house. Surround sound through the house .A lot of upgrade through the house, such a Venire stone all around house .Extra insulation inside the walls through out the house. Solid wood planks all interior doors. Extra window sills on all windows. This property having two APN's ;APN 200-19-350 also included as part of this sale.

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604 N Grapevine Drive Payson, AZ 85541

$1,575,000

3 Beds

3 Baths

3,844 SqFt

Status Active

MLS # 6781693

Property Type Single Family Residence

Price Type --

Perched on a hillside, nestled in a private cul-de-sac, and within the gates of Chaparral Pines private golf country club, this home boasts spectacular mountain views. The large upper and lower-covered decks provide a perfect backdrop for both relaxation and entertaining. The inviting family room features oak flooring and a cozy pellet stove, adding warmth and charm to this beautiful living space. Conveniently located on the main floor, the primary bedroom has two walk-in closets and a large bathroom with a walk-in shower with tile and stone surrounds, a separate tub, and dual vanities. The walk-out basement includes two additional bedrooms, and a room currently used as an office (not included in the livable square footage), offering versatile space for guests or work. The kitchen is equipped with a gas cooktop, a built-in Subzero refrigerator, and stainless-steel appliances. Recently installed granite countertops add elegance and durability, making this kitchen as functional as it is beautiful. The owners have made a few nice upgrades by adding a golf cart garage that adds extra storage and convenience for golf enthusiasts. Also, the bathrooms have been updated with new granite countertops, adding a modern touch to the home's timeless design. Additional features include Knotty alder interior doors and wood-framed windows throughout that provide a rustic, upscale feel to the home.

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27101 N Palo Fiero Road Rio Verde, AZ 85263

$1,575,000

3 Beds

3 Baths

3,949 SqFt

Status Active Under Contract

MLS # 6757927

Property Type Single Family Residence

Price Type --

Welcome to your dream home, nestled in the highly sought-after Tonto Verde community. GOLF COURSE MEMBERSHIP available for purchase. This bright and energetic 3,949 sq. ft. residence offers breathtaking views of the fairway and Four Peaks from its expansive large windows, allowing natural light to fill every corner. The oversized primary suite offers comfort & space to unwind, while the other two spacious bedrooms provide ample room for family or guests. With 3 full bathrooms, this home is perfect for both everyday living and entertaining. The heart of the home is the open kitchen, featuring a large island ideal for meal prep or gathering with friends. The kitchen flows seamlessly into the living areas, where you'll find a wet bar—perfect for hosting and making memories. Situated on a large lot, the backyard is a true resort style living space, featuring a beautiful pool overlooking the stunning landscape, providing a tranquil escape after a day on the course. Don't miss out on this incredible opportunity to live in a community that combines luxury living with an active lifestyle!

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7151 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,575,000

3 Beds

2 Baths

2,222 SqFt

Status Active

MLS # 6656387

Property Type Apartment

Price Type --

Step into this newly remodeled luxury 3 bedroom, 2 bathroom condo, spanning an impressive 2,222 square feet. Meticulously redesigned and upgraded, this condo offers a blend of sophistication, comfort, and contemporary style. As you enter, you are greeted by a spacious open-concept living area, featuring high ceilings and an abundance of natural light. The living room provides a welcoming space to relax and entertain, with ample room for plush seating arrangements and stylish decor. The kitchen is a chef's dream, meticulously designed with top-of-the-line appliances, sleek cabinetry, and luxurious finishes. It offers a perfect balance of functionality and elegance, making it a delightful space for culinary creations. The adjacent dining area provides a seamless transition for enjoying meals with family and friends. The condo boasts three well-appointed bedrooms, each offering ample space and comfort. The master bedroom is a tranquil retreat, featuring a walk-in closet and a luxurious ensuite bathroom. The additional bedrooms are generously sized and can be utilized as guest rooms, home offices, or a combination of both. The bathrooms have been remodeled to reflect a spa-like ambiance, with modern fixtures, elegant vanities, and beautiful tilework. With 2,222 square feet of living space, this condo also one of the largest patios in the entire community. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

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21151 E Mewes Road Queen Creek, AZ 85142

$1,575,000

5 Beds

5 Baths

4,559 SqFt

Status Active

MLS # 6755707

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning property features a main residence (3,525) with 4 bedrooms, 4 bathrooms, great room, a versatile bonus room, a cozy den/office, and a 4-car garage. Enjoy the outdoor oasis with a sparkling pool, garden areas, and views of the San Tan Mountains. Guests will love the 1,034 sqft casita, complete with a modern kitchen, great room, and bedroom w/ walk-in closet w/ stackable washer and dryer and 2 bathrooms. This private retreat is perfect for hosting visitors with their own space. Bring your horses to this charming neighborhood with ample space to add a sports court or other additions. It's the perfect blend of country charm and modern convenience. Close to Queen Creek shopping/dining. Freshly painted, come see!

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3011 Avienda Del Sol -- Lake Havasu City, AZ 86406

$1,575,000

4 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6747825

Property Type Single Family Residence

Price Type --

Experience luxury living in Lake Havasu City with this exquisite home offering stunning lake and mountain views. The residence boasts vaulted ceilings, enhancing its open and airy ambiance. Enjoy a tranquil backyard oasis featuring a sparkling pool and fire pit—perfect for relaxation and entertaining. A charming casita with a kitchenette adds convenience and flexibility for guests. The property also includes a 65-foot deep RV garage with a 14-foot door, ideal for storing large vehicles. Embrace the ultimate in lakeside living with this exceptional home.

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7638 E Shooting Star Way Scottsdale, AZ 85266

$1,575,000

4 Beds

2.5 Baths

3,284 SqFt

Status Active

MLS # 6771131

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunningly remodeled home located in the guard-gated Winfield community, nestled between Whisper Rock and The Boulders. This elegant residence features an open-concept design with designer finishes, soaring ceilings, and large windows that fill the space with natural light. The gourmet kitchen, equipped with a spacious island and prep kitchen, is ideal for entertaining. The primary suite serves as a tranquil retreat, complete with a spa-like bath and generous walk-in closet. This home exemplifies sophisticated design. Enjoy easy access to golf, dining, and shopping in one of North Scottsdale's premier communities. Welcome to your serene sanctuary!

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17738 E Ord Court Rio Verde, AZ 85263

Open House

$1,575,000

3 Beds

3.5 Baths

2,681 SqFt

Status Active

MLS # 6785621

Property Type Single Family Residence

Price Type --

Rarely does an opportunity come available such as this: Highly upgraded Latigo plan with a Guest Casita and a JAW DROPPING UNOBSTRUCTED VIEWS OF TONTO NATIONAL FOREST! Spectacular beyond all expectations this stunning home is perfectly located in the prestigious Trilogy at Verde River on one of the most coveted homesites in the community backing directly to Tonto National Forest with MAJESTIC VIEWS that WILL TAKE YOUR BREATH AWAY! As you step through the front courtyard, you are greeted by a beautiful fireplace and a stunning water feature, setting the tone for the elegance that awaits. Beautifully designed with luxurious upgrades: chic hardwood-style tile floors throughout, upgraded kitchen cabinets; GE Monogram appliances, GE beverage cooler, custom granite counter tops, decorative tile backsplash, freshly painted interior and exterior and a lot more... Professional photos are coming soon!

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22421 N 34th Street Phoenix, AZ 85050

Open House

$1,575,000

3 Beds

3.5 Baths

2,978 SqFt

Status Active

MLS # 6749997

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3 bedroom, 3.5 bathroom home located in the prestigious Sky Crossing subdivision. Built in 2020, step into this exquisite Plute home, where natural light floods the open floor plan. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to impress even the most discerning buyer with its dual ovens, stainless steel appliance, oversized kitchen island and pantry. The primary suite is spacious with an attached en-suite that includes tiled, walk-in shower, dual vanities, and large walk-in closet. Your family and company will also enjoy their own spaces in the oversized bedrooms. This smart house features a state-of-the-art system with keyless entry and an app-controlled garage, a hardwired Sonos Sound System, as well as a Vivant security system that is added for peace of mind. The radiant barrier will also help with those electric bills and keep you cooler in the summer and warmer in the winter! Step outside through your wall of slider doors into the luxurious backyard that is an entertainer's dream! The pool and spa contain so many upgrades which include marble pavers and decking, glass waterline tile, and a pebble brilliance interior, and these are just a few of the oasis-like setting upgrades! Enjoy all the Sky Crossing amenities has to offer along with its location, which is just a short distance away from schools, parks and shopping!

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10609 N Mountain Vista Court Fountain Hills, AZ 85268

Open House

$1,574,000

4 Beds

3.5 Baths

4,046 SqFt

Status Active

MLS # 6783968

Property Type Single Family Residence

Price Type --

Brand New Construction on probably the best zero premium view lot in Fountain Hills! This stunning home offers the ease of single-level living with the added luxury of a walk-out basement. The main floor features a giant great room with expansive picture windows that capture the stunning views, alongside a gourmet kitchen that opens to a spacious covered terrace overlooking Red Rock, Four Peaks, and the surrounding landscape. Conveniently located near the Scottsdale border, this home provides easy access to everything the area has to offer. The main level also includes the primary bedroom, a dedicated office, and an inviting living area, while the walk-out basement surprises with a generous media room and two additional bedrooms. Come see this beautiful community today!

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