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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1240 E Kramer Circle Mesa, AZ 85203

$618,000

4 Beds

2 Baths

2,318 SqFt

Status Active

MLS # 6766889

Property Type Single Family Residence

Price Type --

This spacious floor plan features a living room and dining room, along with a separate family room. The fabulous open kitchen includes an island and pantry, perfect for all your cooking needs. The large master bedroom boasts an expansive master bath with a separate shower, and there's also a dedicated laundry room. The extended cabinets in the kitchen provide ample storage space for your cookware and countertop appliances. The backyard is an entertainer's dream, complete with a Pebble Tec pool/spa, a water feature, a covered patio, and numerous upgrades. Experience resort-style living in this beautiful gated community!

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4300 W Prince Road Mcneal, AZ 85617

$617,000

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6721687

Property Type Single Family Residence

Price Type --

Welcome to your dream country property, nestled on 75 acres with almost 360 mountain views. With 36 acres of grandfathered irrigation rights, it's just waiting for you to grow your own hay or run livestock. The property includes a large hay barn, equipment shed, and workshop, plus fenced pastures ready for horses. This fully functioning farm features a domestic well and irrigation well which supplies water to the house, lawn, orchard and fields. The stunning three-bedroom, two-bathroom home features open-plan living. Vaulted ceilings create a bright and airy atmosphere. A spacious kitchen is at the heart of the home. French doors open onto a BBQ and entertainment area where you can host family and friends. (NRCS subsidy for 25 acres of sprinkler irrigation and certain farm implements are also available.) This is more than just a home. It's a one-of-a-kind gem that provides an unparalleled lifestyle for you and your family. Don't miss out on the opportunity to own a piece of desert paradise. Owner is Listing Agent.

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947 W Saddle Run Apache Junction, AZ 85120

$616,990

4 Beds

2.5 Baths

2,468 SqFt

Status Active

MLS # 6778925

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created. A public report is available on the Arizona Department of Real Estate website.

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19201 W Missouri Avenue Litchfield Park, AZ 85340

$616,070

5 Beds

4 Baths

3,475 SqFt

Status Active

MLS # 6741966

Property Type Single Family Residence

Price Type --

COMPLETED NEW HOME! This amazing 5 Bedroom, 4 bath home with a 3-car garage home is on a large lot with a large, covered patio and plenty room for a wonderful pool. It has a full bedroom & bath downstairs, with 4 bedrooms, 3 baths & loft upstairs. Gourmet Kitchen has a large island with Quartz countertops and a custom backsplash, walk in pantry & butler's pantry. Kitchen is open to a large Great Room and has a formal dining that could also serve as a den. All bedrooms are spacious and have walk in closets and connected with a wonderful upstairs loft. Master suite has his & her closets, separate tub & shower along with separate vanities. Come see us. SOME PHOTOS ARE OF THE ACTUAL HOME & SOME PHOTOS ARE OF THE MODEL HOME TO GIVE DECORATING IDEAS! SEE NOTES!

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11129 E Ulysses Avenue Mesa, AZ 85212

$615,995

3 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6780602

Property Type Single Family Residence

Price Type --

With an idyllic blend of comfort and elegance, this move-in ready home perfectly fits your lifestyle. The stunning kitchen is highlighted by a designer backsplash, modern maple Latte and white linen cabinets, and upgraded quartz countertops. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. The home is complete with designer curated finishes throughout. Don't miss this opportunity to own your dream home!

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5330 W Walatowa Street Laveen, AZ 85339

$615,990

5 Beds

4 Baths

2,908 SqFt

Status Active

MLS # 6674395

Property Type Single Family Residence

Price Type --

MLS#6674395 Ready Now! The Pinnacle at Tierra Montana Encore presents a two-story layout with a generously sized primary suite downstairs. This suite boasts an expansive shower with tub, dual sink vanity, and a spacious walk-in closet suitable for all seasons. Additionally, there's a guest bedroom and full bath conveniently located towards the front of the home, ideal for overnight visitors. The open-concept gathering room connects to the dining and kitchen area. Upstairs, you'll find three bedrooms, two bathrooms, and a versatile loft space, perfect for hosting game nights. Structural options include: bedroom 5/bath 4, shower in lieu of tub in two at bath 4, tub and shower at owner's bath, extended walk in closet at owner's suite, paver from porch and gourmet kitchen. 4' garage extension, garage service door, pre-plumb for future

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3804 S Buttercup -- Mesa, AZ 85212

New

$615,310

4 Beds

3.5 Baths

2,903 SqFt

Status Active

MLS # 6788196

Property Type Single Family Residence

Price Type --

MLS #6788196 March Completion! Welcome to the Redwood at Hawes Crossing Encore! Step into the inviting foyer, where a secondary bedroom and full bathroom are thoughtfully positioned on the right, while a hobby room and garage entry are conveniently located on the left. The heart of the home features an open dining area that seamlessly connects to the kitchen and gathering room, all overlooking the outdoor patio. Upstairs, the spacious primary suite provides a serene retreat with an en-suite bathroom and dual walk-in closets. The second floor also includes two additional bedrooms, a full bathroom, a versatile loft, and a centrally located laundry room. Structural options added include; garage service door, 8' interior doors, super shower at owner's bath and shower in bath 3

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2825 W Pinto Place Wickenburg, AZ 85390

$615,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6748925

Property Type Single Family Residence

Price Type --

Enjoy gorgeous views from both north & south covered patios of this lovely 2061 sqft 3 bdrm, 1.75 bath home which features a bonus room that could be used as a den/office/other, living room, spacious kitchen w/ breakfast bar, sizable dining area & stainless steel appliances, split floorplan, large master bdrm, master bath w/ double sinks & walk-in closet, tankless hot water heater installed 1/2023, energy star windows, ceiling fans, cooling/heating installed 1/2023, Platinum water softener installed 1/2023, 9' ceilings, additional attic insulation 3/2023, oversized 2-car garage, private back courtyard, mature landscape w/ front & back yard watering system, no HOA, & leased solar ($124.68/month, no yearly increase). All this on a 46,730 sq ft parcel in the popular Saddle Ridge subdivision

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2431 W Eagle Feather Road Phoenix, AZ 85085

$615,000

4 Beds

2 Baths

2,309 SqFt

Status Active

MLS # 6747132

Property Type Single Family Residence

Price Type --

As you enter this meticulously maintained 4-bedroom, 2-bathroom home, you are greeted by a bright and elegant atmosphere, from the front room's charming shutters to the gleaming tile flooring that guides you toward the dining and living areas. Just off the entrance, classic glass French doors open to a versatile den/office. The kitchen has been tastefully updated with pendant lights, freshly painted cabinets, a coordinating tile backsplash, and granite countertops. The spacious primary bedroom offers a personal retreat, featuring an updated en-suite bathroom w/ a walk-in shower, a private toilet room, and a generous walk-in closet. Step outside to enjoy the extended covered patio that overlooks a sparkling pool. Additional features of the home include two AC units & garage cabinetry Living off the I-17 and Carefree Highway fantastic due to its proximity to a variety of shopping centers (Norterra & Anthem) and diverse dining options that cater to every tastebud. The area offers a blend of convenience and vibrant local culture, perfect for a place to make home.

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35518 N 30th Drive Phoenix, AZ 85086

$615,000

3 Beds

2 Baths

2,191 SqFt

Status Active

MLS # 6767894

Property Type Single Family Residence

Price Type --

Welcome to this beautiful old-world Italian style single-story home in the quiet, family-friendly Tramonto community. With 3 bedrooms, 2 full baths, & ample garage space for 3 cars, this residence is a must-see. This one-owner home features an open atmosphere with a spacious kitchen containing black appliances and ample storage space. The great room features a cozy gas fireplace & large newly-updated picture windows. Enjoy the spacious primary bedroom with en suite bathroom complete with a separate tub and shower, as well as a generous walk-in closet. Step outside into your own personal oasis with a calming water feature and eye-catching light layout. Tramonto residents enjoy pools, sport courts, & many green spaces. Furnishings are available as well, reach out now to arrange a tour!

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1529 E Edgewater Drive Tempe, AZ 85283

$615,000

4 Beds

2.5 Baths

2,144 SqFt

Status Active

MLS # 6766284

Property Type Single Family Residence

Price Type --

This 4 bedroom residence w/loft is situated just down the street from the lake that you can enjoy boating and kayaking in the private community The Lakes. Enjoy 4 generously sized bedrooms on the second floor plus a versatile loft that overlooks the living room with vaulted ceiling. Relax by the large wood burning fireplace in the family room. Nestled in a tranquil neighborhood that offers a rec center with a Health and Fitness club ,Olympic size pool, spa, Pickel ball courts ,Tennis , Sand Volleyball, Basketball, Children's playground, and more. Conveniently located near lakeside restaurants and a short walk to Tempe Union Elementary/Middle schools and Marcos De Niza High. There is easy freeway access to 60 and 101 and to Sky Harbor Airport and ASU campus

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8818 W Quail Avenue Peoria, AZ 85382

$615,000

3 Beds

2 Baths

1,790 SqFt

Status Active

MLS # 6769179

Property Type Single Family Residence

Price Type --

Welcome Home! This recently updated 3 bed/2 bath home invites you to come and make it your own! Located in a desired neighborhood and is on large corner lot! Just minutes from shopping, entertainment and restaurants! This home portrays pride of ownership with recently updated: tile flooring, updated bathrooms, heating and cooling unit, tankless water heater, sunscreens, custom baseboards, door trims and exterior/interior paint! It also has owned solar with grandfathered in rates! The backyard is perfect for entertaining with the pool and the newly added cabana! This home really speaks for itself, come check it out!

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