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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3281 N Eagles Creek Drive Show Low, AZ 85901

$595,000

3 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6751334

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this beautiful home offers a perfect blend of comfort, style, and convenience. As you step inside, you are greeted by a spacious and open floor plan that seamlessly combines modern design with a warm and welcoming ambiance. The well-appointed kitchen is a chef's dream, featuring sleek countertops, ample cabinet space, and state-of-the-art appliances. Whether you're hosting a family gathering or enjoying a quiet meal, this kitchen is sure to impress. The living area is thoughtfully designed with a focus on both relaxation and entertainment. The generous windows fill the space with natural light, creating an inviting atmosphere for both residents and guests. Spend cozy evenings by the fireplace, creating cherished memories or unwind on lazy afternoons while enjoying your favorite book. The bedrooms are generously sized, providing a peaceful sanctuary for rest and relaxation. The master suite is a true retreat, boasting a private ensuite bathroom and ample closet space. Wake up rejuvenated and ready to take on the day in this luxurious haven. Step outside to discover a covered deck, perfect for hosting outdoor gatherings or simply enjoying the fresh air. Whether you're entertaining guests or savoring a quiet moment, the spacious deck offers a delightful space for relaxation and enjoyment. Create lasting memories as you gather around the fire pit, roast marshmallows, and share stories under the starry night sky. Located in the desirable city of Show Low, this home provides convenient access to a wealth of amenities. Explore the nearby parks, indulge in local dining, or take advantage of the recreational opportunities available in the area. With its picturesque surroundings and welcoming community, Show Low offers a quality of life that is second to none. Don't miss out on the opportunity to make 3281 N Eagles Creek Drive your forever home. Embrace a lifestyle of comfort, elegance, and convenience in this remarkable property.

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540 Atchison Lane Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6756245

Property Type Single Family Residence

Price Type --

NEW LOWER PRICE! What a gorgeous, beautifully remodeled home in desirable Mariposa Heights. Shasta lap pool, fantastic! The kitchen has a soft muted granite, soft close cabinets throughout, LG smokey gray appliances, The flooring is a dream in this home w/ wood look tile planks in all the right places & soft neutral carpet in bedrooms. Primary BD is spacious with slider to the covered patio, large walk-in closet, & fully upgraded bathroom. Guest BA custom vanity & re-glazed large garden tub/shower. Bright Great RM w/ fireplace, perfect for entertaining! Inside laundry rm with storage. Garage is extra deep for large vehicles too! Metal RV/5th wheel cover added. Shasta custom pool was completed in 2021 and you will love it! Fully fenced backyard & Solar too Current seller has added the metal covered RV/5th wheel cover. Garage has one extra deep bay to accommodate a long bed truck. Plenty of room for 2 cars + work area. Backyard also features faux boulders for landscape appeal outside the back west facing fence. Solar lease terms and condition along with SPDS are in the document section of the listing.

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8314 W Berridge Lane Glendale, AZ 85305

$595,000

4 Beds

2 Baths

2,696 SqFt

Status Active Under Contract

MLS # 6752281

Property Type Single Family Residence

Price Type --

This home is spacious with 4 bedrooms, office and an extra flex space. The open concept is light and bright, and the home has recently had some nice cosmetic updates with new quartz countertops throughout, new light fixtures, new plumbing fixtures, freshy painted inside and out, new carpet in the bedrooms, new door hardware, new slider, and nice backyard. This open floor plan has a large, updated kitchen with all new stainless-steel appliances, island that seats 4, and opens to an inviting family room. The home has a split floorplan, and the primary bedroom is large with ample space and a walk in closet. Home is in a great location less than a mile from all the amenities at Westgate Mall. Seller willing to offer a rate buy down. The home has a split floorplan, and the primary bedroom has a beautiful new shower and walk in closet. Landscaping has been updated and there is a large, covered patio and 3 car garage with new openers. See documents tab for all upgrades.

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1109 W Georgia Avenue Phoenix, AZ 85013

$595,000

3 Beds

2 Baths

1,532 SqFt

Status Active Under Contract

MLS # 6751808

Property Type Single Family Residence

Price Type --

REMODELED with Incredible Curb Appeal! NO HOA - RV Gate! No expense was spared on this uptown remodel opnly 3 years ago. Exterior features 3 yeras new on all..new stucco, new artifcial turf, new pavers, new roof, new ac unit, new windows, new garage door, new tankless water heater. As you enter, the living area has been opened up to the kitchen w/ white shaker cabinets, quartz countertops, Bedrosians backsplash, and high end stainless appliances. Off the kitchen is a nice sized laundry room and garage access. Out the back door is a huge covered patio that spans the width of the house. Down the hallway is guest bathroom with tiled shower and a dual vanity for both bedrooms to share. Master features an oversized shower with dual shower heads. Your AZ Uptown living is available to you N

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3002 E Pinchot Avenue Phoenix, AZ 85016

$595,000

4 Beds

2 Baths

1,676 SqFt

Status Active

MLS # 6761490

Property Type Single Family Residence

Price Type --

CORNER LOT 4 BEDROOM POOL NO HOA NEW roof (2024), HVAC (2023), Bosch refrigerator (2024). This beautifully updated Phoenix single-story home sits in a prime location near Arcadia and Biltmore. The front yard features real grass and mature trees, while the spacious backyard includes a pool, covered patio, and artificial turf, all completed in 2018. Step inside to find a split floor plan with modern updates throughout. Enjoy the convenience of no HOA and an unbeatable location near some of Phoenix's best amenities and easy access to the airport.

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14121 W St Moritz Lane Surprise, AZ 85379

$595,000

5 Beds

3.5 Baths

3,675 SqFt

Status Active

MLS # 6700187

Property Type Single Family Residence

Price Type --

MASSIVE $65K PRICE ADJUSTMENT!!! This gorgeous home was completely remodeled! 5-bedroom, 3.5-bath home boasts a 3-car garage, RV gate, and elegant stone accents.The living/dining room showcases high ceilings, recessed lighting, a soothing palette, and stylish wood-look flooring. The great room is a warm space for intimate moments with loved ones. Cook delicious meals in the kitchen, equipped with quartz counters, chic shaker cabinetry, trendy pendant lighting, a tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. The den is perfect for an office. You'll also find a quaint loft that adds versatility. Huge primary bedroom with custom walk-in shower. See it today!

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1651 E Tremaine Avenue Gilbert, AZ 85234

$595,000

4 Beds

3 Baths

2,085 SqFt

Status Active

MLS # 6764834

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4-bedroom, 3-bath two-story residence features soaring vaulted ceilings & a bright, open layout. 1 bedroom and bath downstairs. Owned solar system to minimize electric bills with no monthly lease payment. The modern updated kitchen boasts stainless steel appliances, granite countertops & gas stove. Retreat to the luxurious primary suite with a walk-in shower & elegant soaking tub surrounded by chic subway tile. Additional second floor bedrooms share a convenient Jack & Jill bathroom. Relax in your pool with privacy in this well laid out backyard. Located near great schools, shopping, & the freeway!

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13113 W Citrus Way Litchfield Park, AZ 85340

$595,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6762010

Property Type Single Family Residence

Price Type --

Beautiful Corner house , 3 car garage , in a perfect location close to freeways and shopping centers. Come take a look at spectacular house with a great open floor plan. All appliances will convey ,except washer and dryer

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2034 N Dayton Street Phoenix, AZ 85006

$595,000

2 Beds

2 Baths

1,150 SqFt

Status Active

MLS # 6756121

Property Type Single Family Residence

Price Type --

Masterfully restored and preserved craftsman in the centrally located Historic Coronado Neighborhood. Half the house is new construction 2009. Ample space to convert into a 3 bedroom with room to add a garage, guest house, and/or pool. Classic details include claw-foot bathtub, moulding, preserved original windows, fireplace. Oversized primary bedroom includes a sitting area, two spacious closets, en-suite bathroom, and large windows overlooking an ornamental orange tree and bougainvillea. Upgrades have been made to the house sewer line and electrical as well as tasteful updates including re-plastered walls, new water heater, paint, light fixtures, and hardware to name a few. Enjoy the outdoor patio, edible fruit trees and shrubs on the property. Blocks to all Downtown Phx has to offer.

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17605 W Blue Sky Drive Surprise, AZ 85387

$594,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6772324

Property Type Single Family Residence

Price Type --

This stunning 2,840 sq. ft. Darius floorplan is a single-level home offers luxurious living with 10-ft ceilings, an open-concept floor plan, and a separate guest suite. The gourmet kitchen features quartz countertops, high-end finishes, and a spacious island—perfect for entertaining. With a 3-car garage, neutral color palette, and November completion.

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20144 W San Juan Avenue Litchfield Park, AZ 85340

$594,990

4 Beds

3 Baths

2,693 SqFt

Status Active

MLS # 6786755

Property Type Single Family Residence

Price Type --

Topaz sitting on a large lot with an 8' gate. Multi slide door that leads out to the extended covered patio. Owner's bath has separate tub and shower & dual vanity sinks Stainless steel gas appliance package with a 36'' cooktop, wall oven, built in microwave, and T-shape hood. Sonoma Linen-off white cabinets with pull out trash drawer and 42'' kitchen uppers. AZT Tawny quartz countertops at kitchen and all baths. Kitchen backsplash 2x5 linear hex tile. Upgrade flooring includes Beaumont Olmo 7x22 plank tile in all areas of the home except for bedrooms and closets. Dual sinks at bath 2, soft water loop, gas stub for future BBQ, 8' tall garage door for those high profile vehicles and garage service door and so much more. Estimated to be complete in February. Please verify all information with onsite agent . Thank you!

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4359 N 203rd Avenue Buckeye, AZ 85396

$594,990

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6736229

Property Type Single Family Residence

Price Type --

This Gorgeous Altena floorplan curated with Classic 'Looks' interiors selections offering a gorgeous cohesive design. Your spacious kitchen is designed with a large island, pendant lighting, quartz counters, stunning stacking cabinets and GE profile stainless steel appliances. Feel the openness of your great room and dining room with coffered ceiling and crown molding. Enjoy indoor-outdoor living with your 12 ft sliding glass door. The Primary Suite includes an Upgraded no step rain shower. Wood look tile throughout most rooms and plush carpet in bedrooms, plus window coverings included! ^^Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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