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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4295 Sawbuck Way Wickenburg, AZ 85390

$599,000

2 Beds

2.5 Baths

1,869 SqFt

Status Active

MLS # 6711598

Property Type Single Family Residence

Price Type --

Located in the resort-style community of Wickenburg Ranch, this exquisite home is a haven of luxury and comfort, featuring 2 spacious bedrooms and 2.5 elegant bathrooms. The 2 car garage offers ample space for vehicles and storage, complemented by a separate garage specifically designed for a golf cart. The open floor plan is ideal for modern living, highlighted by an upgraded kitchen with a large island, perfect for culinary endeavors and social gatherings. The living area is bathed in natural light, thanks to a stunning wall of sliding glass doors that open to a covered outdoor patio. This seamless indoor-outdoor transition invites you to relax and entertain while enjoying the beautifully landscaped backyard. The primary bathroom and den showcase stylish barn doors, blending rustic charm with modern elegance. This seamless indoor-outdoor transition invites you to relax and entertain while enjoying the beautifully landscaped backyard. The backyard offers an unobstructed view of the lush golf course, ensuring privacy and tranquility with no homes situated behind it. Located in Wickenburg Ranch, this home provides access to a host of amenities, making it a perfect retreat in a vibrant and active community.

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19766 W Heatherbrae Drive Litchfield Park, AZ 85340

$599,000

4 Beds

3 Baths

2,585 SqFt

Status Active

MLS # 6733049

Property Type Single Family Residence

Price Type --

Discover the charm of Verrado living in this stunning home, just a short walk from shopping and dining, and conveniently located 2 miles from the I-10 and 3 miles from the 303. This residence boasts one of the neighborhood's most popular floor plans, featuring 9+ foot ceilings for a spacious ambiance throughout. The primary bedroom is thoughtfully separated from the other three bedrooms, ensuring privacy. Two of the additional bedrooms share a Jack and Jill bathroom, accessed through a versatile ''teen room'' area, which could also serve as an ''in-law'' suite. The fourth bedroom is located down the hall, providing further flexibility. The expansive kitchen is perfect for entertaining, equipped with a gas stove, dual ovens, and a built-in microwave. You'll lov oversized island and ample cabinet space for all your culinary needs. The kitchen seamlessly connects to the great room, making it an ideal spot for gatherings with family and friends. Step outside through the double sliders to enjoy the backyard's lap pool, built in 2023 and pre-plumbed for gas heating. The home is also outfitted with numerous electrical outlets and pre-wired ceiling fans throughout. Additional insulation was added during construction to help keep cooling costs low during peak months. This property comes with an assumable VA loan with a balance of approximately $370,000 at an attractive 2.9% interest rate. Don't miss this opportunity to experience the best of Verrado living!

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17207 N 36th Street Phoenix, AZ 85032

$599,000

4 Beds

3 Baths

1,845 SqFt

Status Active

MLS # 6722409

Property Type Single Family Residence

Price Type --

Fully renovated, this charming 4BR / 3BA home is ideally situated near restaurants, shopping, dining, public transportation, with easy access to freeways. Recently remodeled, it features a spacious floor plan perfect for modern living. Neutral color scheme throughout featuring durable tile flooring, providing a versatile space for any decor. The kitchen is equipped with quartz countertops, new cabinets and windows plus a convenient pantry. The oversized primary bedroom offers direct backyard access, a private bathroom, and walk-in closet. Outside, the backyard includes a covered patio, storage shed, and plenty of space to create your own oasis. No HOA!

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1681 E Grand Ridge Road Queen Creek, AZ 85140

$599,000

3 Beds

2.5 Baths

2,579 SqFt

Status Active

MLS # 6725715

Property Type Single Family Residence

Price Type --

$$$ Shea base price is $612k, add your $50k in personal touches for instant equity. Don't miss out on the best per SQ FT deal in the community. This Tarragona Model stands out as one of the most sought-after designs, featuring a spacious open floorplan. Highlights include an oversized family room, 2 expansive bedrooms, 2.5 baths, and a Chef's Kitchen with dual islands and granite countertops. Additionally, a versatile den offers potential as a third bedroom. Two separate patios enhance the appeal of this North/South facing homesite. The Primary suite is generously sized and includes a luxurious bathroom with tiled shower and granite counters. Discover a unique ''Secret Room'' offering flexible usage options. This homes also offer a Solar System for top of the line energy efficiency.

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2322 S Rogers -- Unit 16 Mesa, AZ 85202

$599,000

6 Beds

4 Baths

2,732 SqFt

Status Active

MLS # 6722677

Property Type Single Family Residence

Price Type --

This beautiful home is located inside the gated community of Legante Paseo in highly desirable Dobson Ranch & backs to the 3rd fairway of the golf course. The front entry leads to your formal living & dining area w/ a 2-way fireplace that is shared w/ the family room next to the open kitchen. The property features 6 bedrooms & 4 bathrooms including 3 primary bedrooms w/ en-suites (one on main floor). The two primary bedrooms upstairs also feature a balcony to enjoy sunsets & the golf course. Kitchen & bathrooms have been beautifully remodeled in addition to other upgrades including HVAC (2019) & newer appliances. The private community also has its own community pool & ramada area. Don't miss out on your chance to own one of the few properties available in this piece of paradise!

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2328 E Laurel Lane Phoenix, AZ 85028

$599,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6724018

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3-bedroom, 2-bathroom property with mountain views. The open floor plan features a kitchen with new white cabinets, stainless steel appliances, quartz countertops, and an island. The large family room is perfect for gatherings. The bathrooms boast custom-designed showers. Roof and main AC unit 2019. This house has everything you've dreamed of and more.

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4596 W Loma Verde Avenue Eloy, AZ 85131

$599,000

2 Beds

2.5 Baths

1,910 SqFt

Status Active

MLS # 6723595

Property Type Single Family Residence

Price Type --

Situated behind the gates of the highly sought after Retirement Community Robson Ranch, This Home is waiting for you. Completed in Dec 2023, this Spanish Ranch leaves nothing to be desired. As you Enter the home you are greeted with a wide foyer and an office/den to the right. Just down the hall, you'll find a half bath perfect for guests, and the first of two En suites complete with upgraded white cabinetry, Beautiful shower with modern tile and a complementary mosaic tile stripe completes the overall aesthetic. As you step into to the open concept living and dining, you are greeted with natural light from every angle. The kitchen boasts upgraded white cabinetry, gorgeous quartz countertops, an oversized island, gorgeous pendants, stainless steel appliances, and a built in cocktail bar in the dining room. The Second En suite offers a walk in closet, double sinks, an oversized shower complete with the same tile, mosaic stripe, and white cabinetry giving a cohesive, well thought out design aesthetic not only to this space, but to the entire home. You'll also enjoy Electric blinds throughout the home adding that touch of Luxury. Out back you'll find an extended covered patio complete with pavers, a built in BBQ, a Hot Tub, and professional desert landscape and artificial turf giving you all the beauty while leaving you with minimal maintenance.

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22450 E Duncan Street Queen Creek, AZ 85142

$599,000

4 Beds

2 Baths

2,588 SqFt

Status Active

MLS # 6734137

Property Type Single Family Residence

Price Type --

Experience the perfect blend of comfort, style, and convenience in your new home where your next chapter begins! This stunning residence offers over 2,550 sq ft of luxurious living space. The heart of this home is the contemporary kitchen, boasting an extended granite countertop and island, providing ample space for cooking and entertaining. Storage is plentiful, ensuring that everything you need is within easy reach. Experience seamless indoor-outdoor living with the impressive 3-panel sliding glass doors, allowing you to entertain. The thoughtfully designed community area is perfect for social gatherings and creating lasting memories.

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6630 W Pine Cone Trail Pine, AZ 85544

$599,000

3 Beds

3 Baths

2,127 SqFt

Status Active

MLS # 6736696

Property Type Single Family Residence

Price Type --

This beautiful house features 3Br plus game room, 2.5BA, spanning 2,127 sqft all single level on spacious lot. The oversized 2 car garage offers ample space for vehicles and storage. Room for RV on side of house. Inside, great room boasts a wood cathedral ceiling and vinyl plank flooring throughout the open plan great room. The gas fireplace, faced with stone, adds a cozy touch. The kitchen is open to teh great room and features an island and a double oven, pantry, making it perfect for cooking and entertaining. Large primary bedroom includes a walk-in closet. Generous game room or family room features its own fireplace and a minisplit system for temperature control. The wonderful backyard, perfect for entertaining, is fenced and landscaped with faux grass. House Generator!

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954 N Golden Key Street Gilbert, AZ 85233

$599,000

5 Beds

2.5 Baths

2,239 SqFt

Status Active

MLS # 6738931

Property Type Single Family Residence

Price Type --

Owner Agent. Close to Downtown Gilbert! Roof, HVAC, and Pool pump replaced in 2023. Owned solar FULLY PAID OFF, 5 bedroom 2.5 bath home with a loft and a pool. Gas fireplace and hardwood floors in the main living areas. Built in fireplace in backyard has a gas line to it so you never have to use a propane tank. The community has lots of parks nearby and great shopping. Culinary Dropout, Ohso, Joyride, MexiQ, Unos Tacos, Prep and Pastry, all less than a mile away! Also Trader Joes, Sprouts, Sams Club, Frys, Walmart, Target all in the same area! One of the best locations you can live in. Buyer and buyers agent to verify all facts and figures.

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17218 N Melissa Lane Surprise, AZ 85374

$599,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6740344

Property Type Single Family Residence

Price Type --

Beautiful home in Kingswood Park Surprise! Excellent curb appeal, an inviting porch, a low-maintenance landscape, and a 2-car garage is everything you've been looking for. The stunning backyard is a true Oasis with its blue pool & spa. Brand NEW pool equipment was installed in 2023. The delightful interior boasts vaulted ceilings, plantation shutters, freshly painted walls (2024), new door hardware (2024), and herringbone pattern tile flooring. The spacious living areas are perfect for entertaining. The fabulous kitchen showcases updated white cabinetry (2024), sleek granite counters, stylish tile backsplash, SS appliances, an island w/a breakfast bar, and a large walk-in pantry. The family room features a new, built-in entertainment center with an 86'' LG TV! Double doors open to a generous-sized owner's suite with backyard access, an ensuite with dual sinks, beautiful remodeled shower & a walk-in closet. What's not to like? Act now!

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26065 N 68th Lane Peoria, AZ 85383

$599,000

3 Beds

2 Baths

2,352 SqFt

Status Active

MLS # 6742941

Property Type Single Family Residence

Price Type --

Welcome to this pristine, single-level 3-bedroom, 2-bathroom home with a large office/study/den, located in the highly sought-after Terramar community. Lovingly maintained by its original owners—a retired couple who were ''Snowbirds''—this home is in immaculate condition. It has never been smoked in, and no pets have ever resided here. This home features a spacious, open-concept design with a separate large open space for both a formal living and dining room, as well as a versatile office/study/den with double doors that easily flows into the space. The gourmet kitchen is equipped with matching white appliances, ample cabinet space, a large pantry, and a center island with a breakfast bar. The family room provides seamless access to the backyard, where you'll find an extended covered patio perfect for relaxing or entertaining. The oversized primary suite is filled with natural light and offers a large additional sitting space. The ensuite bathroom includes dual sinks, a deep soaking tub, a glass-enclosed walk-in shower, a private toilet, and a large walk-in closet. Two generously sized secondary bedrooms, one with private access to the full guest bathroom featuring a Jack and Jill design with dual vanities and a shower/tub combo, complete the living spaces. A large laundry room with plenty of cabinet storage includes a full size washer and dryer and is located near the oversized two car garage. The exterior is designed for low maintenance. With no facing neighbors across the street, the home enjoys a serene and private setting. Positioned on a quiet, low-traffic street, this home is perfect for those seeking a well-maintained, move-in-ready property. Located in the desirable Terramar community, the home is close to a playground, park, and nearby walking and biking trails. It is also situated within the best school district in the area and conveniently close to popular restaurants, shopping, and easy access to I-17 for commuting. Don't miss out on this fantastic opportunity to make this beautiful house your new home!

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