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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8532 W Rancho Drive Glendale, AZ 85305

$624,950

5 Beds

3 Baths

2,871 SqFt

Status Active

MLS # 6734484

Property Type Single Family Residence

Price Type --

GORGEOUS 5BDRM/3BATH HOME IN MINT CONDITION W/UPGRADES GALORE!! SOARING CEILINGS & EXTENSIVE USE OF PLANK FLOORING GREET YOU AS YOU ENTER THIS OPEN & SPACIOUS FLOORPLAN! BEAUTIFUL GOURMET KITCHEN W/42' CABINETRY & QUARTZ CNTRTOPS W/LRG WATERFALL ISLAND/BRKFAST BAR - UPGRADED SS APPL, DBL OVEN, HOODED STOVE & PENDANT LIGHTING - LRG MSTR SUITE W/GLASS WALK-IN TILED SHOWER - FIBER OPTIC INTERNET - PAVERED DRIVE & WALK-WAY, COVERED PATIO + HOME CLOSE TO THE NEW MATTEL ADVENTURE PARK, CARDINALS STADIUM, SHOPPING, RESTAURANTS, ENTERTAINMENT & MORE!! A MUST SEE!!

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16213 N 9th Place Phoenix, AZ 85022

Open House

$624,950

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6745175

Property Type Single Family Residence

Price Type --

BLACK FRIDAY BLOW OUT PROMOTION!! Submit the Black Friday Coupon in the documents tab with your offer to receive $7,500 off the listed price!! All written offers must be submitted with the coupon by 11:59 pm on Sunday, December 1st to receive this promotion. NO EXCEPTIONS! BUYER COULD NOT PERFORM-BACK ON MARKET!!! Brand new roof!! Welcome to this beautifully remodeled 3-bedroom, 2-bathroom ranch-style home at 16213 N 9th Place! Located in a peaceful cul-de-sac, this 1,910 sq. ft. home features an open concept living space with a split floor plan, luxury vinyl plank wood-look floors, a custom kitchen with a large island, coffee bar, and white cabinets that complement sleek silver appliances. The dual shower primary bathroom with elegant double sinks add a touch of luxury. Outside, enjoy the covered patio, oversized backyard, RV parking, and desert landscaping. The community offers a private park, playground, and green belt, and it's just minutes from Lookout Mountain with easy access to the I-17 and 51 freeways. This home has it all!

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31006 W 213th Lane Wittmann, AZ 85361

$624,900

3 Beds

2.5 Baths

2,100 SqFt

Status Active

MLS # 6727483

Property Type Single Family Residence

Price Type --

60 DAYS & DONE - You don't want to miss this turnkey single-level home offering a 3-car Tandum and a Full RV Garage! Get an up-close look to discover a captivating open floor design filled with bountiful natural light, high ceilings, lovely flooring, soothing palette, recessed lighting, a cozy fireplace, and sliding glass doors to the patio. Prepare gourmet meals in the impeccable kitchen boasting shaker cabinetry with crown molding, beautiful counters, a convenient pantry, and a large island w/a breakfast bar. Owner's suite is a true retreat, providing a private bathroom and a sizable walk-in closet. The secondary bedroom enjoys a walk-in closet too. Sit back & relax under the covered patio while drinking your favorite drink! Contract now and put your personal touch on your new home

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2055 W Edgemont Avenue Phoenix, AZ 85009

$624,900

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6764540

Property Type Single Family Residence

Price Type --

Exquisitely updated 3 bedroom 2 bathroom private gated backyard and garage access corner lot. beautiful timeless finishes and well maintained property., no maintenance backyard with artificial turn and putting green

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9023 S Dean Road Buckeye, AZ 85326

$624,900

4 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6762884

Property Type Single Family Residence

Price Type --

This Stunning, Custom 4BD/2BA plus office/den Home features 2,148 sq ft of Gorgeous, living space situated on a Huge lot! Enjoy the breakfast bar, ample, custom cabinetry w/lots of counter space in this Amazing, chef's kitchen, w/custom stone backsplash & under-mount cabinet lighting. Luxurious LED fixtures enhance the home's ambiance, while the Luxury, Spa-like bathroom features custom tile, a rain shower head, & water jets! Eco-friendly w/paid-off solar panels! & a sediment filtration system! this home is stylish & sustainable. The wood-like, tile flooring throughout and with no HOA, you have freedom & flexibility. Spacious 3-car, side-entry garage & dedicated, fenced-in dog run, complete this perfect modern oasis in the desert! You have to see this one to believe it!

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936 N Roadrunner Road Apache Junction, AZ 85119

$624,900

3 Beds

2 Baths

1,592 SqFt

Status Active Under Contract

MLS # 6778347

Property Type Single Family Residence

Price Type --

Discover this beautifully updated and meticulously maintained home on a spacious 1.25-acre lot, featuring breathtaking views of the Superstition Mountains! As you enter, you'll be welcomed by soaring wood-beamed ceilings, creating a grand sense of space. The bright Great Room, complete with a cozy wood-burning fireplace, seamlessly flows into an open-concept kitchen - perfect for gatherings and relaxation. The kitchen is a showstopper with stunning quartz countertops, designer cabinetry, and sleek stainless steel appliances. Unwind on the serene covered patio, designed for ultimate comfort and enjoyment. Additional upgrades include smart shades, a smart thermostat, a CCTV security system, and a separate mini-split heating and cooling unit for the back room. Ideal for RV enthusiasts, the property also features a large covered parking structure. This home is truly a rare find!

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12810 S 209th Lane Buckeye, AZ 85326

$624,900

4 Beds

2 Baths

1,983 SqFt

Status Active Under Contract

MLS # 6778549

Property Type Single Family Residence

Price Type --

Very well kept 2017 home on 1 ac of ready to bring the horses & toys fenced property with no HOA! Interior updates include large rooms, tile flooring, kitchen bay window, granite counters & island, R/O & water softener, ceiling fans, newer blinds & carpet in bedrooms, surround sound wiring in LR & Patio. Exterior security doors, extended back covered patio & fenced newer play pool with travertine & water feature. Back grass area with timed sprinklers, large 3 car garage with cabinets & parking slabs. Even a horse arena & open-air shade structure with 5 covered horse pens & room for hay, 3 RV gates, trailer parking & 50 amp RV plug. Back area includes large top-rail pipe fencing. Riding trails are less than 1/2 mile away, don't miss this great home!

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16814 S 37th Way Phoenix, AZ 85048

$624,900

3 Beds

2.5 Baths

2,458 SqFt

Status Active Under Contract

MLS # 6777415

Property Type Single Family Residence

Price Type --

Come check out this beautiful Spanish style home, with a southwestern flare lies in the desirable LAKEWOOD area of Ahwatukee. Near highly rated schools, as well as dining/shopping and freeway close makes this a winner before you even step inside! Once inside you'll notice so many great features like high and vaulted ceilings, a rare wood burning fireplace, fireplace in spacious primary bedroom, enclosed sun room addition (permitted), tons of storage and so much more. Fun fact...this was one of the original model homes, which is why it has such a large lot! Speaking of lot, the inviting backyard has a sparkling pool, mature trees, turf and the perfect environment for entertaining. Come tour this unique beauty today!

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6750 W Via Montoya Drive Glendale, AZ 85310

$624,900

4 Beds

2.5 Baths

2,539 SqFt

Status Active

MLS # 6756139

Property Type Single Family Residence

Price Type --

Spacious 4-bedroom, 2.5-bath home with over 2,500 sqft of living space! This inviting property boasts a generous floor plan featuring tile and wood flooring in high-traffic areas. The chef's kitchen is a culinary enthusiast's dream, offering abundant cabinet space, a large island with pendant lighting, high ceilings, stainless steel appliances, and large pantry int laundry room. The primary bedroom provides ample room with an en suite featuring dual sinks, a separate stand-in shower, and a walk-in closet. Vaulted ceilings and a great room add to the home's open, airy feel. Step outside to a covered patio, ample backyard space with cozy seating areas, and an outdoor fireplace perfect for entertaining. Plus, enjoy the convenience of a 3-car garage. Don't miss out on this gem!

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2099 S Mountain View Road Apache Junction, AZ 85119

$624,900

3 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6787145

Property Type Single Family Residence

Price Type --

Views Views Views! This home sits at the base of the Superstition Mountains and has unobstructed views. Amazing home on over an acre. Vaulted ceilings in the main living room. Chefs kitchen with a custom built hood over the range. Master bedroom has mountain views from the windows. Updated bathrooms with new cabinets, flooring and fixtures. Master bedroom has a private exit out to the backyard to the spa. The possibilities are endless with this vast open space, providing room for all your toys, boats, trucks, and RVs. Conveniently located a mile from the freeway! Come see this one of a kind property.

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23625 N Bridle Way Florence, AZ 85132

$624,900

4 Beds

2.5 Baths

2,556 SqFt

Status Active

MLS # 6715194

Property Type Single Family Residence

Price Type --

Step into this breathtaking semi-custom home situated on a sprawling 1-acre lot with horse privileges and an impressive 30'W x 48'L shop, ideally located in a sought-after NO HOA community. Boasting 4 bedrooms and 2 ½ baths, this residence exudes elegance with its vaulted ceilings, inviting fireplace, and a generous open concept living/dining area adorned with plantation shutters. The expansive gourmet kitchen is a culinary masterpiece, featuring white cabinets, stunning black blizzard granite countertops, a pantry, and a spectator bar with seating. Sleek black fingerprint-resistant stainless steel appliances and ambient under-cabinet and over-cabinet lighting complete the kitchen's allure. Two luxurious primary bedroom suites offer comfort and space, while one suite features features an oversized ceiling fan for added relaxation. A dedicated laundry room includes a front-load washer and dryer for convenience. Outdoors, indulge in the 12' x 67' covered patio and an extended 3-car garage with on-slab parking for 6+ vehicles. Enjoy year-round comfort with sunscreens, security doors, and ceiling fans throughout. For seamless outdoor entertaining, discover a detached 28' x 20' covered patio equipped with a built-in BBQ grill, sink, and refrigerator. Access to the property is secured by two sets of double gates and a walk gate from the street, with an additional walk gate along the back fence leading to a natural wash bordered by lush foliage, ensuring unparalleled privacy. This remarkable property epitomizes space, privacy, and convenience in a desirable community without HOA restrictions. Don't miss this extraordinary opportunity!

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1728 N 156th Drive Goodyear, AZ 85395

$624,900

4 Beds

2.5 Baths

2,916 SqFt

Status Active

MLS # 6729548

Property Type Single Family Residence

Price Type --

Discover Your Dream Home in Palm Valley! Professional home inspection already completed!!!! Welcome to your new haven! This stunning, highly upgraded home in Palm Valley is a true gem, offering over $160k in luxurious enhancements. Perfectly situated close to all the vibrant attractions the Goodyear area has to offer, this home is designed for those who seek both comfort and sophistication. Key Features: Spacious Living: With 4 bedrooms and an additional 12x18' (approximate) flex room, this home offers ample living space. The large flex room with custom barn doors is perfect for an office, media room, or playroom. Elegant Interiors: Enjoy the beauty of 12x24'' plank tile flooring and 10' ceilings throughout the home. MORE ... Gourmet Kitchen: The heart of the home features oversized granite countertops, double ovens, a gas cooktop, abundant cabinet space, a walk-in pantry, and stainless steel appliances (including a new dishwasher, disposal, and microwave). The large dining nook with padded bench seating for 12 is perfect for entertaining or large gatherings. Luxurious Master Suite: The master retreat boasts bay windows, a master bath with a tiled shower, a double full-mirrored door to the closet, an oversized tub, granite counters with double sinks, and a custom-designed walk-in closet. Thoughtful Layout: A split floor plan ensures privacy with 2 additional bedrooms featuring walk-in closets and a connected Jack & Jill full bath. Functional Spaces: The laundry room offers ample counter space and cabinetry. Two solar skylight tubes brighten the front entry and living space. A metal security front door adds an extra layer of safety. Garage & Driveway: The garage includes a 2-foot extension, epoxy flooring, ceiling storage racks, an extended paver driveway, and custom cabinetry. Desert oasis on an Expansive Lot: Nestled on a large 10,000+ square foot fully landscaped corner lot in a cul-de-sac, across from a large park. Backyard Paradise: Ideal for entertaining, the backyard features an above-ground hot tub, a spacious covered patio, travertine decking, paver sidewalks, a raised garden area, gas stub, solar and custom lighting, an oversized gate, and a two steel cactus including a saguaro cactus that light up at night. This home is meticulously designed to pamper its new owners both inside and out. Some furnishings may be available for purchase outside of closing. Don't miss the chance to make this exquisite property your own. Step into your dream home today!

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