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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6979 E Mighty Saguaro Way Scottsdale, AZ 85266

$1,250,000

3 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6765050

Property Type Single Family Residence

Price Type --

You want character? Come see this timeless home in the Guard gated community of Terravita! This home is stunning with its concrete floors, concrete countertops and much more. The many unique updates to this home: the artistic stained glass panels of (Oak Creek, Sedona) at the entrance, solid wood doors, complete kitchen remodel with SS appliances -Viking 4 burner stove, beverage/wine fridge, Reverse osmosis, sitting bench with storage in primary bedroom, complete remodel of primary bathroom incudes walk-in shower. The family room is light & bright with tall windows looking out to the view fence & natural area, the den has a double sided fireplace with an attached wall library - great for adding your personal touch of decor. Newer roof, Hunter Douglas blinds with shutters in some of the home, lots of updates to come see. The garage has plenty of cabinet storage, epoxy flooring, water softener & recirculation pump on water heater & Tesla Solar. Out back you will enjoy the view fence against the natural area adding privacy. Citrus trees ( Fig, lemon & grapefruit) with just the right amount of gardening area are perfect for spending time outdoors.

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5088 S Ponderosa Drive Gilbert, AZ 85298

$1,250,000

4 Beds

3.5 Baths

3,501 SqFt

Status Active

MLS # 6764089

Property Type Single Family Residence

Price Type --

Your dream home is here in The Bridges! This stunning property has been beautifully maintained and updated, perfectly balancing comfort and elegance. Offering 4 bedrooms & 3.5 bathrooms, it provides ample space for family, friends, or guests. Great curb appeal with stone accent details, artificial turf, and beautiful landscaping. The 3-car garage is equipped with a Tesla charger and the private courtyard is an excellent spot for your morning coffee! As you step inside, you'll be greeted by an inviting open floor plan filled with natural light. The spacious living room flows seamlessly into a modern kitchen, making gathering a bliss! Large island, granite counters & backsplash, ample wood cabinetry, a dry bar w/wine rack, and SS appliances w/cooktop gas make up the culinary space. Formal dining room is ideal for entertaining or cozy dinners! The versatile den and the office area w/built-in desk are added perks. Gorgeous accent walls create a fabulous atmosphere, enhanced by plantation shutters, stylish tile fixtures, tall ceilings, and tasteful flooring. Retreat to the luxurious primary suite complete with exterior door leading to the private oasis! Also including a gorgeous bathroom that boasts a walk-in closet, soaking tub, tiled separate shower, and a large vanity w/dual sinks. Laundry room with a sink & cabinetry for your convenience. But the true highlight is the backyard oasis! Perfect for outdoor entertaining or quiet evenings under the stars, it showcases a covered patio, fireplace, artificial turf, and a welcoming pool with a baja shelf. Located just minutes from Gilbert Regional Park and steps from the Bridges neighborhood park, this home offers convenience without sacrificing tranquility. Don't miss the opportunity to make this charming residence your own!

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8281 E Buteo Drive Scottsdale, AZ 85255

$1,250,000

3 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6769512

Property Type Single Family Residence

Price Type --

Nestled in the guard-gated community of Grayhawk this is a rare property for someone to make it their own! Perfectly positioned at the end of a quiet cul-de-sac, this step free property provides soaring ceilings and a convenient split floorpan. The open kitchen is a true delight with granite countertops and ample cabinetry. Enjoy the open living and dining rooms lined with windows to amplify the beauty of your Sonoran surroundings. The massive primary bedroom is complete with private backyard access, plenty of natural lighting, sitting area, and massive en-suite with fantastic walk-in closet. Two additional bedrooms, full bath, powder room, & thoughtful Laundry complete the interior. Additional features include a cabinet line 3 car garage, NEW HVAC units replaced in 2023, and more! Located in one of the most desirable areas, this Greyhawk property is a unique opportunity for those seeking a secure, tranquil, and customizable retreat.

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24007 S Lindsay Road Chandler, AZ 85249

$1,250,000

4 Beds

3 Baths

2,153 SqFt

Status Active

MLS # 6783178

Property Type Single Family Residence

Price Type --

LOCATION LOCATION !! LAST CHANCE to own 1 acre lot with house in an irrigated lot, in PRIME LOCATION in Southeast Chandler! Property consists of water source is a shared well and City water is available at the curbside. Inside you will find 4 bedrooms, 3 baths, formal sunken living room, family room with fireplace and a kitchen with granite countertops. Master bedroom has a walk in closet. Two secondary bedrooms have private exit to the pool area. Updates from original build include windows and roof.

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5426 E Sandra Terrace Scottsdale, AZ 85254

$1,250,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6711664

Property Type Single Family Residence

Price Type --

ASSUMABLE VA LOAN 4.5%! (To be verified by buyer & lender) FULLY REMODELED designer home in Scottsdale MAGIC zip code! Fantastic home w/ NO HOA--property is currently used as cash flowing STR. Tons of possibilities for homeowners & investors alike! $30k like new pool equipment(pool heater, pump, automation) Pebble tec, pool decking. Newer HVAC + water heater. $40k worth of OWNED solar panels! High ceilings & desirable open floor plan featuring an impressive 5x10 kitchen island w/ quartz countertops & stainless steel appliances. Enjoy your backyard year round: HEATED pool, built-in BBQ, jacuzzi, low maintenance turf, & more.

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10859 E Tierra Drive Scottsdale, AZ 85259

$1,250,000

3 Beds

2.5 Baths

2,758 SqFt

Status Active Under Contract

MLS # 6726803

Property Type Single Family Residence

Price Type --

Rare opportunity to own an oasis unlike any other!! Welcome to your dream home, nestled on a large, 14,733 sq. ft. cul-de-sac lot within the prestigious community of Scottsdale Ranch. The Mountainview Place neighborhood, built by Golden Heritage boasts all single level homes for the ultimate in privacy. This exquisitely remodeled split floor plan; offers unparalleled luxury for living and entertainment. NO interior steps, and wide doorways make for safer seamless living. Step inside to be greeted by some of the finest luxury vinyl wood flooring available. This home was designed for a great lifestyle & entertainment. The primary suite is a private retreat situated on one side of the home, featuring a 198 square foot, custom built ''Closmahall'' walk-in closet you must see to believe! This room could also be perfect for a home office, gym, or nursery. Every detail of this home has been meticulously crafted for you. The heart of this home extends to an extraordinary, huge outdoor living space designed for the finest Arizona lifestyle. Enjoy an extra-large covered patio, 5 fruit trees, an outdoor chef's kitchen complete with a gas BBQ and built-in smoker, and a gorgeous, fenced sparkling pool with a travertine surround and brand new pebble tec finish. Multiple outdoor patios, a custom raised garden, and a large jacuzzi tub provide endless opportunities for relaxation and entertainment. There's nothing left to do but move in and start living the epitome of Arizona living. Luxury. Privacy. Perfection. Welcome Home!

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11776 N 81st Street Scottsdale, AZ 85260

$1,250,000

4 Beds

3 Baths

2,472 SqFt

Status Active Under Contract

MLS # 6736662

Property Type Single Family Residence

Price Type --

Easily one of the BEST INTERIOR LOTS in the subdivision. Home has elevated views of the water and Golf Course. Super quiet and private interior optimal lot with only one home sharing lot line! This is a stunner complete with private pool and spa. Home also boasts a detached casita with full bath that is 399 SF not included in the 2472 SF Count. Better hurry as these properties sell fast!! Priced to SELL!!

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5243 E Grandview Road Scottsdale, AZ 85254

$1,250,000

4 Beds

2 Baths

2,414 SqFt

Status Active Under Contract

MLS # 6769660

Property Type Single Family Residence

Price Type --

Discover the ultimate Scottsdale lifestyle in this beautifully designed 4-bedroom, 2-bath home, situated on over 1/3 acre. Crafted for both comfort and entertainment, this property features an open-concept kitchen with granite countertops, stainless steel appliances, and a large island with seating for four. Enjoy versatile living spaces, including living, family and formal dining room accented by vaulted ceilings and recessed lighting. The primary suite is remodeled with 2 vanities, walk in shower, 2 walk in closets and private exit to pool. Relax by the large heated pool, dine under the covered pergola, and enjoy the lush surroundings of palm/fruit trees and large grassy areas. Located just minutes from Kierland Commons, Scottsdale Quarter, premier golf courses, and hiking trail

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1550 W Olney Avenue Phoenix, AZ 85041

Open House

$1,250,000

5 Beds

4.5 Baths

3,471 SqFt

Status Active

MLS # 6770009

Property Type Single Family Residence

Price Type --

Impressive long palm tree lined circular driveway to a private estate with peace and quiet, privacy and 360 degree views of the city lights and mountains! Enter through an 8 foot by 9 foot, arched custom wrought iron door. Open modern floor plan with a gourmet European kitchen that features large island, dovetail soft closing cabinets, Bosch Dbl Ovens, Bosch 5 burner gas cooktop, built in Bosch Coffee/Espresso machine, LG limited edition 6 door fridge, Quartz countertops, hammered copper sink and walk in pantry with deep freezer. 3 car garage, 3rd has a mini split so it can be used as a shop or gym. Separate 4th garage with a 2 car carport, greenhouse, 20x40 pool and gas, glass firepit, full 608 sf guest casita with bedroom, bath and kitchenette. Plenty of parking and room for toys or horses No HOA. This home has views from every room, high end fixtures, custom closet systems, and plenty of storage. Centrally located close to downtown, ASU, Airport and east and west valley. This is desert living at its finest, enjoy the sunsets, city lights and the natural desert. South Mountain Park is in your backyard for hiking, biking, horseback riding. Square footage, 3471 includes guest house (2863 + 608 = 3471). Room count includes house and guest house (Bdrm: Home 4, guest house 1; Bath: home 3.5, guest house 1)

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4027 N 45th Place Phoenix, AZ 85018

Open House

New

$1,250,000

3 Beds

2 Baths

2,214 SqFt

Status Active

MLS # 6788477

Property Type Single Family Residence

Price Type --

Discover this one-of-a-kind, Ralph Haver Mid-Century home in the heart of Arcadia! Situated on a premium corner lot, this property impresses with its striking curb appeal and contemporary design. Inside, the open floor plan features vaulted ceilings, sleek epoxy flooring, and expansive floor to ceiling glass windows that seamlessly blend indoor and outdoor living. Recent upgrades include beautifully renovated bathrooms, updated electrical and plumbing systems, added storage room, a tankless water heater, and custom lighting. The home also features a versatile bonus room—perfect as a 4th bedroom, home office, game room, or dining space—with exterior access for added convenience. Step outside to a low-maintenance backyard oasis with artificial turf, a gas firepit, and a refreshing PebbleTec pool. This home embodies a minimalist's dream with its attention to detail and functional design. As added value, the property comes with permit-approved architectural plans for a 1,014 square-foot addition. Zoned for both business and residential use, it offers endless opportunities for the new owner. Ideally located near popular dining, entertainment, and shopping, and just minutes from Old Town Scottsdale, this gem is a must-see!

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14011 N 48th Place Scottsdale, AZ 85254

Open House

$1,250,000

4 Beds

2.5 Baths

2,714 SqFt

Status Active

MLS # 6776824

Property Type Single Family Residence

Price Type --

Shows like in a magazine and located in the magic 85254 Scottsdale zip code! Property features gorgeous entry with wood planked beam vaulted ceilings & dramatic 2 way fireplace. Highly desirable split floor plan with chef's kitchen with huge island, stainless appliances & cook hood, eat-at bar for 4, farmhouse sink, double ovens, self-closing drawers & cabinetry w/ pull-outs. Spacious master bedroom boasts window seat, two walk-in closets & large sitting room with French door exit. Master bath features hand hammered nickel sinks, walk in shower and large soaker tub. Modern warm ceramic wood-like flooring throughout. Back yard oasis ideal for entertaining! Private Pool, Lush lawn, paver patio with fire pit, ramada with built-in grill. Prime location & minutes from Desert Ridge & Kierland!

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458 W Rock Lane Lakeside, AZ 85929

$1,249,900

4 Beds

4 Baths

3,510 SqFt

Status Active

MLS # 6689402

Property Type Single Family Residence

Price Type --

Immerse yourself in the beauty of the White Mountains with this beautiful 4-bedroom, 4-bathroom Pinetop-Lakeside residence. Fronting Edler Lake in front and the U.S. Forest Service in back, this cedar-sided home is surrounded by nature, where wildlife abounds. At over 3500SF, 2 spacious decks, plus a patio, this is luxury mountain living at its finest. Spend your days hiking, fishing, kayaking, horseback riding, biking, skiing, and more. Providing an ''in the forest'' feeling, the property is very conveniently minutes from everything. The property currently operates as a vacation rental, with a strong history of income. Make it your own home or secondary residence, continue to operate it as a vacation rental, or do a combination of both. Furnishing may convey by separate bill of sale.

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