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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1724 W Thomas Road Phoenix, AZ 85015

$599,999

4 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6720472

Property Type Single Family Residence

Price Type --

Motivated sellers!! The home features a modern open kitchen that flows seamlessly into a spacious family room with a cozy fireplace. The casita offers a comfortable and independent living space for guests or potential rental income.

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4337 E Vaughn Avenue Gilbert, AZ 85234

$599,999

5 Beds

3 Baths

2,556 SqFt

Status Active

MLS # 6722059

Property Type Single Family Residence

Price Type --

You'll LOVE this remarkable 5-bed, 3-bath home in the desirable Morrison Ranch neighborhood! Gorgeous lake community with tree-lined streets, large green belts and parks. Fabulous interior showcases designer paint, layered crown molding and tons of natural light. Perfect for gatherings, you have a welcoming living/dining room combo and a large family room w/additional eating area! The impressive kitchen boasts sleek SS appliances, granite counters, a pantry and center island. Modern bathroom updates, water softener and whole home water system. One bedroom downstairs and four bedrooms upstairs along w/flexible loft upstairs! Sizable main bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Discover the backyard, ideal for relaxing ! A covered patio, well-laid pavers, synthetic lawn, & gazebo make this a must see!

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47970 N Navidad Court Gold Canyon, AZ 85118

$599,999

4 Beds

2 Baths

2,263 SqFt

Status Active

MLS # 6726998

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2-bathroom home with a spacious 3-car garage has everything you need and more. Enjoy breathtaking views of the Superstition Mountains and the vast open desert through the backyard view fence. The newly remodeled kitchen boasts white cabinets, white quartz countertops, stainless steel appliances, double ovens, a high-end built-in microwave, a newer cooktop, a large hood, and a tiled backsplash. The large center island features a striking waterfall countertop design, and there's a huge butler's pantry just off the kitchen. The entire interior has been beautifully updated, featuring luxury vinyl plank flooring laid straight throughout, new recessed lighting, and fixtures. A highlight of the living room is the backlit television wall, adding a touch of modern elegance.

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7453 E Almeria Road Scottsdale, AZ 85257

$599,999

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6738857

Property Type Single Family Residence

Price Type --

MUST SEE TODAY!!! Pride of ownership is shown in this fabulous turn-key residence nestled in Scottsdale! Discover an impressive interior showcasing tile flooring, a soothing palette throughout, plantation shutters, and recessed lighting. The spotless kitchen is ready for you to cook your favorite meals, offering white shaker cabinets, sleek granite counters, stainless steel appliances, and a center island complete with a convenient breakfast bar for casual dining. The master bedroom boasts a sliding-door closet and a private bathroom for added comfort. Host fun gatherings in the wonderful backyard, including a covered patio and a sparkling swimming pool! This is truly a turn key property, ready to go. Only a mile from old town Scottsdale!

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3981 N Hudson Drive Florence, AZ 85132

$599,999

2 Beds

2.5 Baths

2,554 SqFt

Status Active

MLS # 6741528

Property Type Single Family Residence

Price Type --

Wake up to stunning golf course views in this beautiful home within the 55+ Merrill Ranch community. Enjoy a gourmet Kitchen, a luxurious Master Suite with an $80,000 remodel, and a private courtyard, backyard outdoor BBQ. Relax in your library, work from your custom office, and benefit from energy-efficient features like solar panels and a tankless water heater. With a 2-car garage and a golf cart garage, this home offers Luxury and Comfort in every detail. Don't miss out on making it yours!!!

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1410 W Flintlock Way Chandler, AZ 85286

$599,999

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6742529

Property Type Single Family Residence

Price Type --

Excellent location! This 3 bed, 2 bath + office/den home boasts of 2 spacious living areas, open kitchen concept with a large island and new SS appliances (2024). The oasis backyard includes a heated pool and spa, and backs to a greenbelt. This home also features a 3-car AC'd garage that includes a 220V, 27 ton hydraulic system. With a New roof (2023), New HVAC (2022), New Tankless Water Heater (2022) and water filtration throughout the home, this place has it all. The property is centrally located near the 202 freeway, Chandler Fashion Center, Hospitals, A+ Chandler Schools, Restaurants, and Much, Much More, putting you in the heart of everything Chandler has to offer.

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3780 S Ashley Place Chandler, AZ 85286

$599,999

4 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6743456

Property Type Single Family Residence

Price Type --

Home, sweet home! This beautiful 4 bed, 2 bath residence now on the market is for you! Great curb appeal, a low-maintance front yard, and a 2 car garage & Brand New AC System! Discover spacious dining & living areas w/vaulted ceilings, soft carpet in all the right places, and custom palette throughout. The kitchen is equipped w/ample cabinet & counter space, a pantry, built-in appliances, recessed lighting, a prep island, a breakfast nook w/a lovely bay window, and a peninsula w/a breakfast bar. End your busy day in the primary bedroom, boasting a walk-in closet and a full ensuite w/dual sinks. Finally, the wonderful backyard includes a covered patio, extended seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now

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22325 N 78th Drive Peoria, AZ 85383

$599,999

4 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6757376

Property Type Single Family Residence

Price Type --

NEWLY UPDATED 4-BEDROOM HOME IN THE FLETCHER HEIGHTS COMMUNITY! This home features updated flooring throughout. Quartz countertops in kitchen and bathrooms updating the home with a bright and airy atmosphere. Fresh paint throughout. The eat-in kitchen features ample cabinet space with a large island with breakfast bar seating. The primary bedroom features dual sinks, separate tub and shower, and walk-in closet. The other bedrooms are located away from the primary bedroom allowing privacy. The large back yard features a hot tub and ample space to create a beautiful low maintenance backyard oasis. A MUST SEE TO MAKE THIS YOUR HOME!

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16220 W Boulder Drive Surprise, AZ 85374

Open House

$599,999

2 Beds

2 Baths

1,834 SqFt

Status Active

MLS # 6767561

Property Type Single Family Residence

Price Type --

Stunning Palo Verde Del Webb model located on the #9 tee box of Granite Falls South Golf Course. This home features split bedrooms, ensuring privacy for both owner and guests. The spacious great room includes a custom DAGR media wall and fireplace. The kitchen is well-appointed with granite countertops, stainless steel appliances, and a bay window in the breakfast nook. Primary bath has 2 sinks, granite counters and Calif Closets. French doors, by Renewal by Andersen, lead to the backyard. Brand-new 2024 roof. Air conditioner replaced. Your outdoor sanctuary features a large, heated pool with water feature. The spa offers the ideal spot to relax after a round of golf or a game of pickleball. Move-in ready & waiting for its new owner!

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10511 S 47th Lane Laveen, AZ 85339

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720364

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, this Pinecrest plan centers around an expansive great room, 10' ceilings, a dining nook and an impressive gourmet kitchen boasting a convenient island, walk-in pantry, with white shaker cabinets, quartz counters, black matte fixtures and stone tile throughout, with carpeted bedrooms. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private deluxe bathroom with shower and separate tub. Two additional bedrooms, a study, a laundry and a covered patio round out the plan.

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17637 W Blue Sky Drive Surprise, AZ 85387

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6740210

Property Type Single Family Residence

Price Type --

Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; a spacious great room; an elegant dining room with center-meet doors leading onto a relaxing covered patio; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a tandem garage and an RV garage. This home also offers additional windows and ceiling fan prewiring in select rooms.

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310 S 4th Street Unit 806 Phoenix, AZ 85004

$599,995

2 Beds

2.5 Baths

1,426 SqFt

Status Active Under Contract

MLS # 6761931

Property Type Apartment

Price Type --

Sold out pre-construction because of its desired NE corner lot location with 180° views from City lights to NE Valley Mtn and ballpark! Splitmaster layout featuring floor to ceiling aluminum frame windows, powder rm, laundry rm and 230/ft wrap around balcony. Other features; engineered wood floors, granite kitchen w/bar overhang, Viking appliances. Freshly painted top to bottom and new carpets in bedrooms. HOA includes Cox Internet, water, sewer, trash, storage with other amenity conveniences such as, 24-hr desk/guard, 24 hr fitness center w/dry spa, locker rm, rooftop terrace clubhouse w/fire pit, heated 5th floor pool/hot tub and much more.. 806 comes with two full size side-by-side parking located steps from elevator door!

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