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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517 W Granada Road Phoenix, AZ 85003

$1,400,000

4 Beds

3 Baths

2,262 SqFt

Status Active

MLS # 6782129

Property Type Single Family Residence

Price Type --

Step into a piece of history with this meticulously remodeled 1941 home nestled in the highly sought-after Willo Historic District. This residence perfectly blends timeless charm with contemporary elegance while honoring its rich heritage. The heart of this home is the expansive, fully remodeled, open kitchen and two living areas, designed for both family gatherings and entertaining guests. The chef's kitchen is a true showstopper, featuring custom walnut cabinetry, a large kitchen island with soapstone countertops, custom tile work and a separate beverage fridge. Culinary enthusiasts will appreciate the premium Bertazzoni gas range. The primary suite is fantastic with its elegantly appointed bath, double sinks, large shower and large walk-in closet and doors to the outdoor living room. The split floorplan with three additional bedrooms and 2 more baths offers flexibility for a growing family, home office, or guest quarters. The home's bathrooms have all been completely remodeled with modern touches, blending style and functionality. The outdoor living room is perfect for al fresco dining, morning coffee, or evening cocktails in front of the TV and outdoor fireplace. Enjoy peace of mind with all new plumbing, electrical, windows, roof and sewer line. This home truly offers the best of both worlds: the character and craftsmanship of the past with the convenience and style of today. Willo Historic District is renowned for its annual home tour, where residents open their doors to showcase the neighborhood's unique architectural styles. Living here means becoming part of a tight-knit community that values preservation and pride of ownership.

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6523 E Lonesome Trail Cave Creek, AZ 85331

$1,400,000

4 Beds

3.5 Baths

3,595 SqFt

Status Active

MLS # 6771859

Property Type Single Family Residence

Price Type --

Stunning views, exceptional quality paired with an abundance of space and privacy! No HOA providing freedom for horses, garage addition, bar, or entertaining space. The home is built with timeless finishes, quality construction, single level four bedroom (dual primary suites), three & a half bath, and three car garage. Enjoy mountain views and sunsets from the roof top view deck, gated/stucco privacy yard, indigenous wash which emphasize the serene desert solitude. This home is located on County Island, and can be used as an Airbnb or VRBO. You do not want to miss this Cave Creek gem! Seller willing to carry / Seller Financing Available 20% down INTEREST ONLY / 5% / 2 year balloon.

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2003 E Clubhouse Drive Phoenix, AZ 85048

$1,400,000

5 Beds

3.5 Baths

3,812 SqFt

Status Active

MLS # 6773388

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this wonderful 4 bed, 3.5 bath residence now on the market! Great curb appeal, a manicured landscape w/lush natural turf, a 5 CAR GARAGE w/built-in cabinets, and a paver driveway are just the beginning. Discover a spacious living area w/soaring ceilings, luxurious fixtures, plantation shutters, and custom palette throughout. Continue into the large family room, featuring a wood-burning fireplace to keep you warm during the chilly winter months. The gorgeous kitchen is equipped w/everything the aspiring chef needs, espresso cabinetry, granite counters, tile backsplash, pantry, subzero appliances, large island, and a breakfast nook w/a serving window & bar. Double doors open up to the primary bedroom, showcasing private outdoor access, a 2nd fireplace, a walk-in closet, and a lavish ensuite w/dual sinks. Upstairs you will find your very own private theater room with Dolby Atmos surround sound and 140 screen, a wet bar w/ balcony access, perfect for movie nights w/friends & loved ones! Lastly, the resort-like backyard includes a covered patio, view fence, extended seating pool side in the walk down gazebo w/a built-in BBQ, hot tub, and a sparkling blue pool w/a rock waterfall & additional water features, lights and fire features! Cozy up to the fire pit on cold nights and take in the amazing views all around. Home features full ensuite of home automation control for everything from all the interior lights and fans to all the pool features.

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615 W University Drive Mesa, AZ 85201

$1,400,000

3 Beds

1.5 Baths

1,386 SqFt

Status Active

MLS # 6774011

Property Type Single Family Residence

Price Type --

Prime Multi-Family Development Opportunity in Downtown Mesa's Sought-After Opportunity Zone! Located on a generous 1.33-acre lot at 615 W University Dr, this property offers an exceptional chance for developers. Significant progress has already been made with architectural plans and City approvals for a 27-townhome project. This unique lot, which spans from North Date to North Kosick, consists of five parcels, offering extensive frontage along University Drive. Ideally positioned just one block north of downtown Mesa and the light rail, this property is also minutes from major freeways, the ASU campus, schools, and various shops.

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22873 S 193rd Street Queen Creek, AZ 85142

$1,400,000

5 Beds

3 Baths

3,440 SqFt

Status Active

MLS # 6779387

Property Type Single Family Residence

Price Type --

This beautiful red brick home sits on a city acre and is just as gorgeous on the inside as the outside. It has been completely remodeled with stunning features great for hosting. This 5 bed, 3 bath 1 story with a split floorplan has 2 living spaces, new flooring, cabinetry, doors, & completely remodeled Bathrooms with high end finishes throughout. The kitchen was awarded the ''Showcase Your Space'' 2021 Remodel of the Year by Capitol Mark Interiors & includes custom cabinetry, upgraded appliances, satin bronze hardware, & Zellige back splash. The backyard feels like a resort with new stone patio, fireplace with TV, limestone counter BBQ, sparkling pool, firepit with tons of seating and gathering spots. The RV Gate allows easy access for additional driveway, Casita, or Detached Garage.

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7026 E Warner Road Tempe, AZ 85284

$1,400,000

5 Beds

5 Baths

5,500 SqFt

Status Active

MLS # 6780197

Property Type Single Family Residence

Price Type --

INVESTOR OPPORTUNITY in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Renovate the existing home or build one large residence. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.

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10602 W Electra Lane Peoria, AZ 85383

$1,400,000

6 Beds

5 Baths

3,386 SqFt

Status Active

MLS # 6784168

Property Type Single Family Residence

Price Type --

Welcome Home! This stunning property has it all, offering a main home with 3,035 sqft of living space, 5 spacious bedrooms, and 4.5 bathrooms, plus a separate 351 sqft bedroom and bath within the RV garage—ideal for guests or a private office suite. Step into an incredible chef's kitchen featuring a massive island and a folding glass wall that seamlessly connects indoor and outdoor living. The resort-style backyard is truly one-of-a-kind, boasting a luxurious infinity-edge pool and spa, an outdoor living area with a built-in BBQ and fireplace, and a putting green for a bit of friendly competition. The impressive RV garage, equipped with a 220 outlet, provides a 50x16.5 space on the RV side, with a large storage area above the office. This property blends elegance, convenience, and functionality to create an unforgettable living experience. Don't miss the chance to make it yours!

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5516 W Melinda Lane Glendale, AZ 85308

$1,400,000

5 Beds

4.5 Baths

4,100 SqFt

Status Active

MLS # 6785183

Property Type Single Family Residence

Price Type --

Rare Find in Arrowhead Lakes! An Entertainers Dream Home by AslanHomesUSA. This forthcoming to-be-built home Includes architectural plans fully approved by HOA design committee. Buyer can take over with builder and choose all finishes. Please note, Photos provided to illustrate approximate finished appearance. Back yard photos are from a neighboring home for reference. Nestled against the mountainside, this coveted lot offers a perfect blend of natural beauty and urban convenience. Your backyard? A serene mountain escape with hiking and biking trails steps away. Stunning views of the city skyline, sparkling lakes, and majestic mountains. Close to world-class golf, top-tier shopping, and vibrant entertainment, this location is unbeatable.

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12776 N 78th Street Scottsdale, AZ 85260

$1,400,000

4 Beds

3 Baths

3,175 SqFt

Status Active Under Contract

MLS # 6781005

Property Type Single Family Residence

Price Type --

Nestled in the heart of the Buenavante neighborhood is a fantastic home that offers a great split floor plan that checks a lot of boxes.Enter through the double doors into a spacious living/dining room w/ views to the back gardens. A separate family room with cozy fireplace makes room for everyone. Updated kitchen with lots of storage & great island for easy prep & a place for guest to hangout. The primary is a dream w/ a fireplace, nice sitting area & access to the pool. Primary bath is wonderful w/ separate tub/shower & separate vanities & closets. The Jack & Jill bathroom between 2 of the bedrooms makes for a great kid setup plus there is a 3rd full bath for guest. South facing backyard w/ an inviting pool & established landscaping. Bonus - No Short Term Rentals allowed in subdivsion.

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744 W Royal Palm Road Phoenix, AZ 85021

$1,400,000

3 Beds

3.5 Baths

3,547 SqFt

Status Active Under Contract

MLS # 6784881

Property Type Single Family Residence

Price Type --

If you're a fan of natural light and wide open spaces, this is the home for you! Classic 3 bed, 3.5 bath home on a half acre, irrigated, corner lot in the Royal Palm neighborhood. Tons of flex space - 2 office areas and 3 living spaces as well. Gorgeous views from nearly everywhere in the house. All 4 bathrooms have been remodeled, and the kitchen updated with white shaker cabinets, quartz countertops, and stainless appliances. Beautiful hardwood oak floors recently refinished. Inviting front patio welcomes friends and neighbors, and expansive back covered patio will be the pool party hub. Room for an urban farm too - chicken run area on side yard, as well as lots of fruit trees - 3 massive pecans, apricot, peach, rosemary, basil. Room for all your people, and your ideas!

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2432 Leisure World -- Mesa, AZ 85206

$1,400,000

4 Beds

4.5 Baths

3,800 SqFt

Status Active

MLS # 6784370

Property Type Single Family Residence

Price Type --

A rare opportunity! Custom built 4 bedroom , 4.5 bathroom home on a quiet cul-da-sac in Leisure World. Located on the fifth hole of Coyote Run Golf Course and overlooking holes twelve and thirteen. A large great room, a formal dining room, an office , four bedrooms with there own bathrooms plus a half bath, Indoor kittchen features top of the line appliances and a breakfast bar.Access the martini bar via a spiral staircase to the upper level with a fantastic view of the valley. The side yard has a summer kitchen with a retractable awning top and side awnings, The golf course patio is accessible by opening the 20 foot wide electric patio door. The home also features a double garage and a double golf cart garage. Fully Furnished.

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39791 N Country Lane San Tan Valley, AZ 85140

New

$1,400,000

5 Beds

3 Baths

3,595 SqFt

Status Active

MLS # 6788522

Property Type Single Family Residence

Price Type --

Huge rate buydown incentive!!! Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around.

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