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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8208 E Morgan Trail Scottsdale, AZ 85258

$1,465,000

3 Beds

2 Baths

2,482 SqFt

Status Active Under Contract

MLS # 6782416

Property Type Single Family Residence

Price Type --

Remodeled gem in McCormick Ranch. Situated on approximately 14,000 sq ft n/s landscaped lot, w/ updated pool and bbq. This home is spectacular w/ oversized master suite, his and hers walk in closets, wood floors throughout, gourmet kitchen and much more.

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10220 N 175th Avenue Waddell, AZ 85355

$1,459,000

5 Beds

6 Baths

4,053 SqFt

Status Active

MLS # 6755960

Property Type Single Family Residence

Price Type --

Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

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8733 E Russell Street Mesa, AZ 85207

$1,455,000

5 Beds

4.5 Baths

4,325 SqFt

Status Active

MLS # 6763387

Property Type Single Family Residence

Price Type --

Desert Upland living at it's finest, with unparalleled city light and mountain views from all windows and wrap around balconies! With No HOA, this beautiful home sits on 1.2 acres and is only minutes from Saguaro Lake and Usery Mountain Regional Park. This home features 5 bedrooms ( 2 master retreats for multigenerational living...one upstairs and one downstairs), 4.5 bath, great room floorplan and 4 car garage (extended and over-height). High end finishes include extensive travertine flooring, travertine bathroom vanities and surrounds, marble tile jacuzzi tubs in both master bedrooms, cherry 42 inch staggered cabinetry with crown molding in kitchen, new Revati undermount, stainless steel workstation sink, new roof coating, new ac on east side, new Mohawk Smart Strand Carpet, new smart garage door openers, new 50 gal energy star water heaters, freshly painted exterior, Vivint smart home, gourmet kitchen with double ovens and built in refrigerator, mahogany floors in downstairs master bedroom, double sided fireplace in master bedroom, fireplace in great room and more! The wrap around balcony allows for a jacuzzi with access to electrical and water already in place. The lot also accommodates horses and RV parking. Close to hiking, restaurants, 25 min to Sky Harbor Int'l Airport and downtown Scottsdale you won't want to miss out on this amazing home!

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43720 N Acadia Way New River, AZ 85087

$1,453,900

4 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6758276

Property Type Single Family Residence

Price Type --

Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

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6828 N 177th Place Waddell, AZ 85355

$1,450,000

5 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6744338

Property Type Single Family Residence

Price Type --

This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

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8294 E Buteo Drive Scottsdale, AZ 85255

$1,450,000

3 Beds

2.5 Baths

2,704 SqFt

Status Active Under Contract

MLS # 6773104

Property Type Single Family Residence

Price Type --

North Scottsdale GRAYHAWK Guard Gated luxury living in this STUNNINGLY REMODELED 3BR, 2.5BA PRIVATE cul-de-sac Retreat! Live the Arizona Dream, savoring this 2704 SF of elegantly reimagined space on a Large MOUNTAIN VIEW lot! This reinvented private semi-custom offers a rare 3CG + host of REMODELED AMENITIES all elevating its appeal. From the moment you step inside, the pride of ownership shines through. The grand foyer welcomes you with high ceilings, decorative light fixtures, and fresh interior paint throughout. The bright living and dining areas boast large windows that flood the space w/ natural light, complemented by stunning real wood flooring. The gourmet kitchen is a true centerpiece, featuring all-new appliances, a custom kitchen island, bar, and striking...CLICK ''MORE''.. ...real QUARTZITE stone countertops. The Gourmet kitchen also offers wood cabinetry, a gas cooktop, wall ovens, and a breakfast nook, making it a dream for culinary enthusiasts. Additional upgrades include new lighting, ceiling fans, and a convenient hot water dispenser. Relax in the bright and spacious family room, complete with new custom windows, a beautifully updated fireplace surround, and an electric fireplace for added ambiance. The oversized main suite is a serene retreat, with patio access, a cozy seating area, and a fully remodeled ensuite. The primary bath features dual vanities, quartzite countertops, and a custom walk-in closet. Outdoor living is just as impressive, with a covered patio, built-in BBQ, new outdoor gas fireplace, and a Jacuzzi hot tub. The professionally redesigned backyard also includes a new fountain, all-new landscaping with updated irrigation and lighting, and a new outdoor gate and courtyard fencing for added privacy. Please note: The chandelier in the Dining Room does not convey. **UPGRADES & UPDATES TO HOME AT A GLANCE:** - All new appliances - Custom kitchen island and bar with quartzite countertops - Master and guest bathroom remodel - Custom security doors (three) - New bedroom and kitchen windows - Custom fireplace surround with electric fireplace - New faucets and kitchen hot water dispenser - New blinds and all-new lighting and fans - Tankless hot water heater - New door hardware throughout - New outdoor gate and courtyard fencing - All-new landscaping, irrigation, and lighting - Jacuzzi hot tub, outdoor fountain, and gas fireplace - Insulated new garage doors - Custom master closet This Grayhawk gem is ready to welcome you home with its combination of timeless elegance and modern upgrades. NEAR ARTISAN RESTAURANTS, DINING, SHOPPING, WORLD CLASS GOLF, SPAS, HIKING AND MORE....Don't miss the chance to make it yours! Call for your Tour today!

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9251 N Sunset Ridge Fountain Hills, AZ 85268

New

$1,450,000

3 Beds

3 Baths

3,622 SqFt

Status Active

MLS # 6788967

Property Type Single Family Residence

Price Type --

Enjoy breathtaking golf course & mountain views from this former model home in an exclusive double-gated community, filled with exceptional upgrades. The gourmet kitchen features hickory cabinets, granite countertops, double ovens, while travertine flooring enhances the elegance throughout. A wet bar with a refrigerator and ice maker complements the custom library with floor-to-ceiling bookcases and a rolling ladder. The master suite boasts a sitting room, fireplace, and a spa-like bath with marble finishes, a soaking tub, and a large custom shower. Outside, enjoy fountains in the front and back, a rose garden, a negative-edge pool, spa, and a covered patio perfect for entertaining or relaxing in serene surroundings. Eagle Mountain Golf Club is a prestigious Troon-managed course.

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5659 W Chaparal Lane Pine, AZ 85544

$1,450,000

9 Beds

8 Baths

8,500 SqFt

Status Active

MLS # 6742110

Property Type Single Family Residence

Price Type --

Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

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12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000

6 Beds

4 Baths

5,062 SqFt

Status Active

MLS # 6720121

Property Type Single Family Residence

Price Type --

Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

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5227 E Canyon View Court Prescott, AZ 86303

$1,450,000

6 Beds

4 Baths

3,949 SqFt

Status Active

MLS # 6755842

Property Type Single Family Residence

Price Type --

Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!

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14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000

4 Beds

3 Baths

3,044 SqFt

Status Active

MLS # 6759013

Property Type Single Family Residence

Price Type --

Welcome to this impeccably maintained 4-bedroom + office (or optional 5th bedroom), 3-bathroom home that blends modern upgrades with classic elegance. Set within a peaceful Scottsdale community, this 3,044 sq. ft. gem boasts plantation shutters across 32 newly customized windows, offering both privacy and style. Major updates include a new roof and dual AC units installed in 2016, giving you added comfort and peace of mind. The expansive primary suite offers a luxurious retreat, complete with three walk-in closets and a spa-like ensuite featuring dual vanities, a soaking tub, and a separate shower. At the heart of the home, the sophisticated kitchen shines with granite countertops, stainless steel appliances, a gas cooktop, and a generous island—perfect for hosting gatherings. The backyard is a true oasis, showcasing a Pebble Tec play pool with a tranquil waterfall, a built-in BBQ area, and lush landscaping, ideal for entertaining or quiet relaxation. Just minutes from Kierland Resort & Golf Course, and the upscale shops and dining of Scottsdale Quarter, this home offers luxury living in one of Scottsdale's most sought-after locations. Come experience it for yourself today!

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2554 N Tambor -- Mesa, AZ 85207

$1,450,000

4 Beds

3.5 Baths

4,143 SqFt

Status Active

MLS # 6773392

Property Type Single Family Residence

Price Type --

Experience tranquility and privacy in this exquisite semi-custom home nestled on over an acre, backing up to the serene Tonto National Forest. Enjoy panoramic mountain and city views from nearly every angle of this 4-bedroom split floor plan, designed to maximize space and natural light with its soaring 12' ceilings and large windows. The gourmet kitchen features granite countertops and custom maple cabinets, perfect for culinary enthusiasts. Entertain or unwind in the formal living room with a cozy fireplace or step outside to the private courtyard and savor peaceful moments. Private backyard oasis includes a sparkling pool, spa, built-in BBQ, and multiple patios ideal for dining al fresco while enjoying breathtaking sunsets and uninterrupted mountain vistas and Usery Mtn. Regional Park!

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