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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15972 N 115th Way Scottsdale, AZ 85255

$3,499,900

3 Beds

2.5 Baths

4,596 SqFt

Status Active

MLS # 6769991

Property Type Single Family Residence

Price Type --

Hidden gem surrounded by Magnificent Views, and lush trees.. Enjoy the unobstructed view of McDowell Mtn & the sunset/city lights in the Oasis resort-like backyard designed with 65' infinity style pool, large water fall, spa and sunken gazebo. The main house features an open split floor plan with high ceilings. Spacious living room flows into family room complete with wine bar. Kitchen boasts granite countertops with plenty of storage. Plus a theater room & butler's pantry & office area. The newly renovated 1,208 SQFT. separate guest suite features 1 bedroom 1 bath, kitchenette and more! The quiet and stunning neighborhood has many amenities & easy access to the McDowell Mountain trails for hiking just minutes away. Property to be sold As-Is no repairs. Interior photos coming soon!

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9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000

5 Beds

5 Baths

5,240 SqFt

Status Active

MLS # 6719082

Property Type Single Family Residence

Price Type --

Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

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10767 E Hedgehog Place Scottsdale, AZ 85262

$3,499,000

5 Beds

7 Baths

4,967 SqFt

Status Active

MLS # 6775591

Property Type Single Family Residence

Price Type --

Must see this custom-built beauty located in the desirable, gated community of Pinnacle Canyon. With the Modern Mélange concept that blends elegant architecture along with natural beauty; this home offers the best indoor/outdoor living with multiple bi-fold doors leading to the front & back patios with fireplaces, overhead heaters, entertainment areas & more. Enjoy your private backyard oasis with a negative edge pool & spa, outdoor kitchen, extensive landscaping w/ lighting & majestic views of the mountains & boulders. Inside offers an upgraded Kitchen w/ Alder cabinets, Cambria countertops, thermidor appliances, along with an over-sized Island. The primary bedroom has a stone wall w/ fire place, his & her walk-in closets, French doors to patio & oak floors. All Guest rooms are ensuites Arizona living at its best!

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9533 E Rising Sun Drive Scottsdale, AZ 85262

New

$3,499,000

4 Beds

3.5 Baths

5,169 SqFt

Status Active

MLS # 6783994

Property Type Single Family Residence

Price Type --

Experience the ultimate in luxury and privacy in this meticulously crafted Old World masterpiece. Step into this custom estate with an expansive open floor plan showcasing a magnificent beamed Great Room with a wet bar, an elegant formal dining room, and a chef's kitchen outfitted with top-of-the-line cabinetry, premium appliances, and a private wine cellar. The luxurious primary suite is a sanctuary with an opulent bath complex, while two spacious guest suites and a den with rich hardwood flooring provide ample comfort and style. Outdoors, indulge in approximately 1,500 square feet of covered patio space, featuring an outdoor kitchen, a cozy fireplace, and a breathtaking saltwater pool and spa. This residence offers a harmonious blend of elegance and comfort.

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5501 E Rockridge Road Phoenix, AZ 85018

$3,497,000

3 Beds

3.5 Baths

4,008 SqFt

Status Active Under Contract

MLS # 6783016

Property Type Single Family Residence

Price Type --

Nestled on the prestigious slopes of Camelback Mountain, this newly remodeled architectural masterpiece by renowned Phoenix architect George Christensen offers the perfect blend of modern luxury and natural beauty. With breathtaking panoramic views of both the glittering city skyline and the iconic Camelback Mountain, this home provides an unparalleled living experience in one of Arizona's most sought-after locations. Every inch of this meticulously designed home has been carefully curated to offer the utmost in comfort, style, and functionality. Expansive floor-to-ceiling windows bathe the interiors in natural light, framing the spectacular views from nearly every room. The open-concept living spaces feature sleek, contemporary finishes, soaring ceilings, and high-end materials that seamlessly merge with the surrounding desert landscape. The gourmet kitchen is a chef's dream, equipped with top-of-the-line appliances, custom cabinetry, and an oversized island perfect for entertaining. The spacious living and dining areas open to a stunning outdoor terrace, offering a serene oasis in the heart of the city. The master suite is a private sanctuary with sweeping views, a luxurious en-suite bath, and a spacious walk-in closet. Additional bedrooms and a separate flex office with its own roll up door provide ample space for work, family and visitors, each offering its own views of the desert landscape. Designed to embrace the beauty of its surroundings, this home incorporates sustainable, energy-efficient features while maintaining a timeless aesthetic. The lush desert landscape and expertly crafted outdoor spaces provide the ideal backdrop for both intimate gatherings and large-scale entertaining. Whether you're seeking tranquility, adventure, or simply a place to enjoy the best of Phoenix living, this exceptional home on Camelback Mountain offers it all. Don't miss your chance to own a piece of architectural history in one of Arizona's most prestigious locations.

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4615 N 61st Place Scottsdale, AZ 85251

Open House

$3,495,000

3 Beds

3.5 Baths

3,609 SqFt

Status Active

MLS # 6762363

Property Type Single Family Residence

Price Type --

This is an exciting opportunity to live in a gated, resort-style community with views of Camelback Mountain and access to The Phoenician®. The new subdivision offers an impressive lifestyle ideal for empty nesters or someone interested in a second home in the spectacular Valley of the Sun. This is one of only two opportunities remaining that is sure to move quickly. It has 3 bedrooms, 3.5 bathrooms, and 3,980 square feet of luxurious, state of the art, contemporary living space. There's also a fabulous guest casita and gorgeous finished landscaping. The setting is stunning, the amenities are outstanding, and the design is exceptional. This home is move-in ready.

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30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000

6 Beds

4.5 Baths

6,564 SqFt

Status Active

MLS # 6720436

Property Type Single Family Residence

Price Type --

Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

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8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000

5 Beds

5 Baths

5,349 SqFt

Status Active

MLS # 6756874

Property Type Single Family Residence

Price Type --

Welcome to this exquisitely stunning updated custom home on a private one-acre cul-de-sac lot with unobstructed mountain views in the gated bedroom community of Sierra Boulders North. The main house boasts three spacious ensuite bedrooms and an additional fourth bedroom equipped with custom built-in cabinetry and a walk-in closet that can double as an office. European white oak floors grace the main living areas and are accentuated by custom woodwork and ceiling beams in the great room. Culinary enthusiasts will delight in the large island adorned with leathered Taj Mahal quartzite countertops, Wolf, Sub Zero, and Cove appliances, and a dry bar with wine and beverage coolers. Love entertaining? Guests and/or multi-generational living is possible with the extraordinary 1,171 sq ft detached guest house, newly constructed in 2019 with elevated finishes that are sure to impress the most discerning buyer. The simple-to-use Control4 Smart Home System operates the exterior lights, home security system, indoor and outdoor cameras, audiovisual systems, and thermostats throughout both homes. Multiple outdoor living spaces can be enjoyed year-round, complete with a stunning rooftop deck, large covered verandas, outdoor gourmet kitchen with a Mugnaini wood-fired pizza oven imported from Italy, Fire Magic BBQ grill, warming drawer, beverage cooler, sink with disposal, and misters that keep you cool all summer long. Cozy up by the outdoor fireplace while roasting marshmallows and telling stories. The outdoor oasis includes a generous heated salt water Pebble Tech pool with upgraded pop-up cleaning system and spa with a mesmerizing water feature that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four-legged friends. No expense was spared in creating this masterpiece with $250,000 recently invested in updates. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed irrigated raised garden beds. For car enthusiasts or those with a passion for hobbies, the oversized 4-car garage with epoxy floor, built in cabinetry, EV charging station, and organization system offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

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39395 N 105th Street Scottsdale, AZ 85262

$3,495,000

5 Beds

5.5 Baths

4,730 SqFt

Status Active Under Contract

MLS # 6522391

Property Type Single Family Residence

Price Type --

Fantastic brand new home in Grey Fox at Desert Mountain. Completion expected in the Fall of 2024. Interior finishes are being installed and should be completed by mid-August. Exterior work including the new pool, is well underway. This home from Sierra Custom Homes offers a fantastic floor plan, impeccable finishes and fixtures and a beautiful setting on this great corner lot. With 4 or 5 bedrooms, a separate office, great room and fantastic indoor/outdoor living, this home will live and entertain exceptionally well. The huge covered patio opens to the pool and spa. There will be many new and impressive features and details in this home. This home will be ready for occupancy by its new owner this Season!

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32614 N 227th Avenue Wittmann, AZ 85361

$3,495,000

2 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6786141

Property Type Single Family Residence

Price Type --

2024 Custom 2 bd 2 bath w/office Custom 1 bd 1 bath casita 2 Entryways 3 arena's -1 full size roping/ barrel racing arena w/covered boxes 1 breakaway arena 1 cutting arena 2 Priefert roping chute 2 covered sitting areas over looking arenas 2 private wells 1 domestic 10,000 gal storage tank 1000 gal pressure tank Non exempt irrigation well w/82 acre feet of grandfather water rights Water truck fill station Hay Barn w/air conditioned shop loft for office space & possible guest quarters Small hay barn 12 stall mare motel w/grooming bay & tack room covered wash rack 6 covered pens with automatic waters Semi Loading chute & cattle processing area 2- 5 acre pastures w/2 corrals for gathering cattle orchard on auto drip system 14 RV plug-ins w/water RV dump 700 amp APS service NO FLOOD NO FLY

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12290 E Gold Dust Avenue Scottsdale, AZ 85259

$3,495,000

5 Beds

6 Baths

5,067 SqFt

Status Active Under Contract

MLS # 6761521

Property Type Single Family Residence

Price Type --

Welcome to a luxurious estate nestled in the heart of Scottsdale, Arizona, in the highly coveted 85259 zip code. This magnificent home, sitting on 1.35 acres of pristine land, boasts 5,067 square feet of meticulously renovated living space with 5 spacious bedrooms and 6 elegant bathrooms. With breathtaking and unobstructed views of the McDowell Mountains form the great room and backyard, this residence is the epitome of luxury, style, and functionality. Perfect for the car enthusiast, the property features not one, but two separate garages, one of which is for 3 cars, temperature-controlled, and has drive-through access to the backyard—perfect for housing your prized collection. The exterior showcases newly installed garage doors, adding to the home's modern appeal. Inside, the gourmet kitchen is a chef's paradise, outfitted with double islands, brand-new cabinetry, and top-of-the-line Sub-Zero, Wolf, and Cove appliances. With a walk-in pantry and additional appliance closet, keeping everything organized is a breeze. Whether hosting an intimate gathering or a large celebration, this home is designed to entertain in style, complete with multiple ovens, a warming drawer, and an integrated wine refrigerator. The expansive floor plan offers plenty of room for both intimate gatherings and large celebrations, including a fully equipped man cave complete with a built-in bar for the ultimate entertainment experience. The five ensuite bedrooms offer luxury and privacy for family and guests alike, with large picture windows framing the stunning mountain vistas. The master retreat is a true sanctuary, complete with a mirrored fitness room, a spacious walk-in closet, and a spa-like bathroom featuring a luxury smart toilet/bidet, separate tub, and walk-in shower. Step outside and discover a private oasis in the expansive backyard. Recently renovated with synthetic grass and elegant tile, the outdoor space includes a deluxe chicken coop, a sauna/spa with both indoor and outdoor showers, and an RV slab with full hookups for ultimate convenience. With ample room to add a tennis or pickleball court, this estate is a haven for recreation and relaxation. Backing up to a serene wash, the property offers unparalleled privacy and tranquility, while being just minutes from all that Scottsdale has to offer. This is more than a homeit's a lifestyle.

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3965 E Sierra Vista Drive Paradise Valley, AZ 85253

Open House

$3,495,000

5 Beds

5 Baths

4,678 SqFt

Status Active

MLS # 6698002

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisite estate, nestled in the prestigious, guard gated enclave of Paradise Reserve. Step inside this soft contemporary masterpiece, to embrace refined luxury with soaring ceilings, contemporary fireplace, an open light & bright floor plan, hardwood floors & designer finishes. Perfect for entertaining, this home features expansive pocket doors that open the living room to the lushly landscaped yard featuring pool & spa with fountains, a built in grill and expansive patios. Perfect for culinary creations, the chefs kitchen features a sub zero refrigerator, wolf range, double islands & custom cabinetry. Retreat to the lavish primary suite, located on the main level, complete with a spa like ensuite, spacious walk in closet & private patio. A second bedroom/ office is located on the main level and two bedrooms, two bathrooms on the second level featuring Camelback views from the private balconies. The guest casita is the perfect oasis right off the pool, featuring a bedroom, bath and direct access garage. Enjoy the ultimate convenience of being just moments away from world-class dining, shopping, golfing, hiking trails, and cultural attractions, providing endless opportunities for adventure and relaxation.

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