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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5023 E Lucia Drive Cave Creek, AZ 85331

$1,440,000

5 Beds

4 Baths

4,587 SqFt

Status Active

MLS # 6764284

Property Type Single Family Residence

Price Type --

This beautifully partly-renovated & extremely well maintained semi-custom executive / family home exudes quality craftsmanship at every turn. The impeccable craftsmanship and high-end finishes immediately catch your eye, showcased by the 20-foot ceilings in the living room & entryway. The first floor Wood & tile floors. The kitchen is a haven for culinary enthusiasts, equipped with a Wolf cook top, SS appliances , including a built in ice maker & beverage fridge, all centered around a sprawling island that comfortably seats six...... A butler pantry & additional full pantry adds convenience, accommodating all your small kitchen gadgets. Downstairs, you'll find a bedroom with a bath. A large laundry room awaits, complete with additional access to the yard. Ascending upstairs, you're greeted by a generous loft area, perfect for a home office, fitness room, or children's play area. The master suite indulges with an all stone bathroom, including double sinks, a walk in shower, and a soaking tub. Her & his master closet are adorned with exquisite built-ins to assist in staying organized. Bedroom 3 boasts an ensuite bathroom with a shower/tub combination, while bedrooms 4 and 5 share a bathroom featuring dual sinks and a tub/shower combo. All of this in a FANTASTIC floor plan! The outdoor space forms a lush oasis, featuring artificial turf, a putting green, an expansive travertine patio (both covered and non-covered), and pool deck housing a sparkling solar heated pool and a built in spa. In addition, you have a fire pit, built in bbq & outdoor mist system. In this truly exceptional home, you'll find it hard to ever want to depart from this serene haven. Mechanically you have 2 brand new HVAC systems, newer water heater, level 2 car charger and water softener. This home is better than a new build and completely move in ready! Plus NO HOA!

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2813 N 168th Avenue Goodyear, AZ 85395

$1,439,900

3 Beds

3.5 Baths

3,753 SqFt

Status Active

MLS # 6731322

Property Type Single Family Residence

Price Type --

Looking for a new place to call home this 2021 house with 3 beds & 3.5 baths is the one for you! Showcasing a delightful desert landscape, 3 car garage, & stone facade at the front. The sophisticated interior enjoys tile flooring, high tray ceilings, accent walls & a comfortable living room, ideal for receiving guests. The eat-in kitchen comes with recessed lighting, built-in appliances, white cabinets w/crown mouldings, mosaic tile backsplash, an island w/breakfast bar, walk-in pantry, & a dining area w/pendant lighting. Wonderful AZ room w/wood flooring, it includes a cozy niche ideal to be used as a reading nook. The sizable main retreat enjoys large picture windows, & an ensuite w/dual sinks, makeup desk, separate shower & tub, & a walk-in closet... The charming backyard has a paver patio & charming landscaping, the ideal place for relaxing during the evening. Do not miss the amazing amenities that the Pebble Creek Community has to offer: recreational room, Community pool, spa, workout facilities, and many sports courts await you. Don't wait to start your new life here!

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8430 E Fairmount Avenue Scottsdale, AZ 85251

$1,439,900

4 Beds

3 Baths

2,451 SqFt

Status Active

MLS # 6760913

Property Type Single Family Residence

Price Type --

Welcome to a beautifully remodeled home with modern upgrades and an open-concept layout. The home features added square feet of permitted living space, enhancing its functionality. The Master Suite offers a spacious closet, dual vanities, a soaking tub, and a separate shower. Throughout, you'll find sleek 24x48 tile flooring, while the gourmet kitchen boasts a waterfall island, quartz countertops, new cabinetry, and appliances. The front door is equipped with smart glass that shifts from clear to frosted on demand, providing instant privacy and added security. Outside, enjoy a resurfaced Pebble Tec pool, new pump, pergola, built-in BBQ, and paver patio—perfect for entertaining. With upgraded electrical, new windows, and fresh paint throughout, this move-in-ready gem is waiting for you!

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7739 E Cassia Circle Scottsdale, AZ 85266

$1,439,000

3 Beds

2.5 Baths

2,864 SqFt

Status Active

MLS # 6761939

Property Type Single Family Residence

Price Type --

Rare Opportunity to Own a Quintessential Home in The Boulders- The Sonoran Desert's Best Golf Community. Nestled on a tranquil cul-de-sac lot, with an Ideal location in the community. This home is a short walk to the Clubhouse, First Tee, Tennis & Pool Amenities. Most sought after floorplan with soaring ceilings & SOUTHERN Exposure. This impeccably remodeled home in The Boulders backs to NAOS and offers exceptional privacy, and breathtaking mountain views. Custom built-in BBQ, fireplace, view fencing creates a serene outdoor oasis. Step inside to enjoy the stunning recent upgrades ensuring turn key living: Every surface has been Fully remodeled, new interior & exterior paint, brand new energy efficient windows. Abundant natural light fills the spacious living room, and a fireplace & we for added enjoyment & the perfect setting for relaxation. Professionally designed desert landscaping, enhanced with outdoor lighting surrounds this stunning property. The chef's kitchen is a standout, granite countertops, marble backsplash, stainless steel appliances, gas cooktop, and double ovens, cozy fireplace, ideal for both everyday meals and entertaining. The luxurious primary suite offers a stunning, fully remodeled bathroom with dual vanities, custom cabinetry, dual entry gorgeous tiled shower, a luxury tub with tub filler, skylight, two walk-in closets. Secondary Ensuite Bath has been fully remodeled with gorgeous walk in, tiled shower with beautiful windows & natural light. Powder bath remodeled with custom cabinetryThis home truly captures the essence of desert living with elegance, comfort, and privacy. In addition to sitting on the best lot, you will enjoy the amazing lifestyle this home & community offers. This fully remodeled luxury property is located in the Desert Ridge area of The Boulders Resort Community (see map under Documents Tab). This luxurious neighborhood is located in the southeastern corner of this master-planned development. Residents of the Desert Ridge area of the Boulders Community, enjoy easy access to world-class spas, golf courses, tennis and pickle ball courts and shopping destinations in North Scottsdale, Carefree, and Cave Creek. The area's natural beauty, vibrant sunsets, and nearby hiking trails make it an ideal setting for outdoor enthusiasts. The Clubhouse is just a short walk from this home. Residents can enjoy dining at the Grill Restaurant at the Boulders Golf Clubhouse, and enjoy sweeping views of the 18th hole fairways. Championship golf, tennis, pickle ball, 33,000 sq. ft. luxurious spa, and exclusive services & social activities await in this dramatic setting situated on over 1,300 acres of Sonoran Desert foothills, with panoramic views of 12-million-year-old boulder formations. The Boulders Resort and Golden Door Spa, named one of America's Top Resorts, is a key feature of this stunning enclave nestled between Scottsdale and Carefree. The resort features two exceptional 18-hole golf coursesone designated for private member use and the other for guests. These courses are renowned for their impeccable maintenance and breathtaking desert landscapes, consistently earning spots on Top 100 lists nationwide. Golf memberships are available for purchase, and membership information can be found in the documents tab. *NAOS stands for Natural Area Open Space. It refers to areas of land that are legally designated to remain in their natural desert state, typically to preserve the natural environment, protect native vegetation, and ensure wildlife habitats remain undisturbed. In many Arizona communities, including Scottsdale and surrounding areas, NAOS is a requirement in residential developments to maintain the natural beauty of the Sonoran Desert and limit the impact of construction on the environment. NAOS areas cannot be disturbed, built on, or landscaped, and they serve as a buffer between homes and surrounding natural features like washes, desert plants, and wildlife corridors. See DOCUMENTS TAB: Complete list: Features & Upgrades Floorplan Community Map Golf Membership Info. **GOLF MEMBERSHIPS AVAILABLE UPON APPROVAL.

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6445 S Honor Court Gilbert, AZ 85298

$1,435,500

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6700971

Property Type Single Family Residence

Price Type --

Experience the ultimate vacation vibe every day in this freshly painted resort-style TURN KEY home that feels like an exclusive getaway estate. This exquisite single level semi-custom 5 bedroom home is in the Seville Golf Club in Gilbert. The open floor plan offers a spacious great room with a custom Cantera stone fireplace, upscale kitchen w/ a huge island and a professional gas range. The secluded backyard centers around a beautiful heated saltwater pool & spa w/ swim up bar, and entertainment portico. Low-maintenance turf, mature landscaping, in-ground trampoline, fire pits & BBQ complete the serene setting. The primary suite & huge spa like bathroom include dual sinks/vanities, soaking tub & glass block shower. There is also a secondary suite PLUS 3 more bedrooms. This impeccably maintained property is TURN-KEY and ready for new owners. There is quick access/short-cut to the clubhouse for golf enthusiasts. All furnishings, decor, kitchenware, TVs, etc. are negotiable. Truly Amazing Property! For information on the country club lifestyle please visit Seville Golf & Country Club website.

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1244 E Smokehouse Trail Phoenix, AZ 85085

$1,435,000

6 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6725997

Property Type Single Family Residence

Price Type --

Another Stunning new contemporary NEXTGEN Builders home to be built. Main house boasts a grand Iron & Glass dbl. door entry, split floorplan with 4 spacious bedrooms, den/office and 3.5 baths. Large kitchen island w/waterfall sides, quartz countertops, walk in pantry, and a SS appliance package. 16 ft. sliding door in Great rm & 12 ft. sliding door in D/R. All bedrooms have walk-in closets. 12' ceilings in great room and kitchen. 3-car garage w. svc. door. BONUS- A 2-Bedroom Pool House with Game Room that includes a full bath, plus a separate 1/2 bath with outside access. Paved Road with a block wall to be built along South side of road to be paved. Quality build with energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension slab foundation. Elevated lots

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23323 S 199th Place Queen Creek, AZ 85142

$1,435,000

3 Beds

2.5 Baths

2,383 SqFt

Status Active

MLS # 6774809

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Circle G Ranch in Queen Creek. Situation on a spacious corner lot with a guest house that was completed in 2022. Horse friendly community with access to the bridal paths. Also located close to shopping centers, restaurants, and multiple schools options.

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2069 E Cedar Place Chandler, AZ 85249

$1,435,000

5 Beds

6.5 Baths

4,957 SqFt

Status Active

MLS # 6701571

Property Type Single Family Residence

Price Type --

BIG PRICE REDUCTION & MOTIVATED SELLER!! WRITE YOUR OFFERS. Prepare to be captivated by this stunning Tierra Linda residence, boasting curb appeal & a spacious 4-car garage. Inside, high ceilings, sleek tile, plush carpet, a fireplace, & arched doorways adorn the exquisite interior. The chef's kitchen is a dream, with SS appliances, quartz counters, a stylish backsplash, & an island. The main retreat features outdoor access, a lavish ensuite, & a walk-in closet. An impressive basement offers endless possibilities. Plus, there's a dedicated office room for remote work or study. Outside, enjoy a covered patio, built-in BBQ, fire-pit, sparkling pool, & spa. Unwind in the luxury of a steam bath and sauna! You'll find an impressive basement offering an open living area with endless possibilities! Fall in love with the remarkable backyard, including a covered patio, built-in BBQ, a cozy firepit, & a sparkling swimming pool with a spa! Don't let this rare gem pass you by!

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36447 N Livorno Way Scottsdale, AZ 85262

$1,435,000

5 Beds

4.5 Baths

4,379 SqFt

Status Active

MLS # 6711491

Property Type Single Family Residence

Price Type --

Stunning Custom home located in the private gated community of Treviso. Scottsdale. Another Toll Brothers creation. Huge lot over an acre! This amazing home features 5 Bedrooms and 4.5 bathrooms. Huge open floor plan; featuring a family room, living room with fireplace, lots of windows letting in that wonderful natural sunlight. Large Primary bedroom with Ensuite. Exit off the Primary bedroom leading out to the resort-style Pool & Spa. The backyard space is an entertainer's delight. Plenty of room for all of your favorite patio furniture! 4 Private bedrooms on the other side of this wonderful home. Each has its own bathroom. So fantastic! The front bedroom is very large making room for a home gym or craft room. The large kitchen is great for entertaining family and friends. The huge kitchen island is great for all of that holiday baking. SS Appliances, double ovens, and tons of ample cabinetry. Many great restaurants, coffee shops, shopping centers, dog parks, hiking, and biking. On an entertaining note. Close to Cave Creek, check out the Bull Riding Events at The Buffalo Chip Saloon, Harold's. Great BBQ'S!!! Kierland Commons Restaurants & Bars:· Bar North · The Cheesecake Factory · The Greene House · Maestro's Ocean Club · The Mission · North Italia · P.F. Chang's · Snooze, an A.M. Eatery.

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8449 E Sage Drive Scottsdale, AZ 85250

$1,435,000

5 Beds

3 Baths

2,269 SqFt

Status Active

MLS # 6781283

Property Type Single Family Residence

Price Type --

SOLD FULLY FURNISHED. Dream Home. So Many Upgrades It's SURREAL. + Seller is Now Including a 2 Year Home Warranty. You Have an Entire PICKLEBALL Court, HEATED Pool, HUGE Backyard with Privacy. GE Cafe Appliances With Built In Ice Machine. New PEX Plumbing + Sewer Line REPLACEMENT. Entire Roof BRAND NEW with Warranty. All New Black Cap Windows, New SMOOTH Texture Drywall, New WATERPROOF Wood Based Flooring, EXTRA THICK Quartz Countertops, 3 LUXURY Bathrooms, New TRANE A/C & DUCTS. Expansive PAVERED Driveway with GLASS Garage Door and EV Charger. Synthetic Turf Throughout Home With Custom Side Gates. Glass Iron Entry Door. Home Will EASILY Generate over 200K on Airbnb or VRBO. You Can't Replicate This Property and YOUR Guests Will Pay Top DOLLAR. Or Live Here You Have To Stop By.

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8281 E San Salvador Drive Scottsdale, AZ 85258

$1,434,995

3 Beds

2 Baths

2,404 SqFt

Status Active

MLS # 6743961

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the coveted McCormick Ranch community, renowned for its top-rated schools! This stunning 3 bedroom, 2 bathroom retreat has been meticulously remodeled to blend modern sophistication w/ classic charm. As you step inside, you'll be greeted by the bright and airy open layout, accentuated by soaring vaulted ceilings. The heart of the home is the sleek and stylish kitchen, boasting a generous quartzite waterfall island, soft-closing cabinets, stainless steel appliances. Perfect blend of form and function. Additional features include a convenient pantry, a state-of-the-art outdoor misting system for seamless indoor-outdoor living, & fresh paint throughout. Swimming Pool has new PebbleTec! With the thoughtful design, this home is the epitome of desert living. Make it yours today!

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27715 N 164th Place Scottsdale, AZ 85262

$1,430,000

4 Beds

2.5 Baths

3,746 SqFt

Status Active

MLS # 6748411

Property Type Single Family Residence

Price Type --

SPECTACULAR CUSTOM HOME WITH BREATHTAKING MOUNTAIN VIEWS Welcome to this extraordinary 4-bedroom, 2.5-bathroom custom home set on 1.25 acres of prime real estate, designed for both luxurious living and exceptional entertaining. The property boasts an incredible backyard oasis featuring a Pebble-Tec pool with solar heating and spillover spa, a built-in BBQ, bocce ball court, spacious covered patio, and custom fencing. Enjoy serene mountain views from the comfort of your outdoor spaces. Interior Features: Chef's Kitchen: Recently updated with high-end appliances, including double ovens and a KitchenAid induction stovetop. The expansive island, granite countertops, and walk-in pantry make this kitchen a cook's dream. Great Room: Soaring 15-foot ceilings, with a cozy fireplace and stunning mountain views, create an impressive setting for family gatherings and dining. Game Room: Includes a built-in bar, captivating murals, and ample space for a pool table. Master Suite: This luxurious retreat features a sitting area with a fireplace, sliding doors to the backyard, two large walk-in closets with built-ins, and a lavish bathroom with dual sinks, a jacuzzi tub, a TV, and a lighted makeup area. Additional Bedrooms: Three bedrooms each with exterior doors, patios and walk-in closets. Outdoor Living: Pool & Spa: Heated Pebble-Tec pool with solar heating, water features, automatic cleaning system, and a new Jandy Pool Controller. Backyard: Fully fenced large backyard, including snake-proofing, a gas firepit, and a plumbed gas grill with a mosaic patio table and benches. A large private outdoor shower with a bench seat adds to the convenience. Courtyard: A beautifully landscaped, gated courtyard with a custom fountain warmly welcomes guests. Energy Efficiency & Extras: Owned Solar System: A new Elevation Solar System with an Enphase battery, significantly reducing the electric bill by approximately $300 per month. Garage: The 3-car garage (2-car and a single-car) features newly epoxy-coated surfaces and a professionally painted desert mural. A/C & Water Systems: New primary A/C unit (American Standard), two additional Trane A/C units for the bedrooms, a 3,400-gallon water storage tank, and a newly installed Rainbird sprinkler system. The property is already signed up with Epcor, so no sign-up fees for water. This home is a true entertainer's paradise with high-end finishes, exceptional amenities, and stunning views. The newly-stained exterior wood garage doors, gates, and posts add the final touches to this desert gem. Seller is offering furniture currently in the home for sale on a separate bill of sale.

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