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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39724 N Rolling Green Way Anthem, AZ 85086

$589,900

4 Beds

2.5 Baths

2,815 SqFt

Status Active

MLS # 6744991

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2.5-bath home is located in the highly sought-after Anthem Parkside community! Boasting a detached 240 sq. ft. casita with a private entrance - perfect for guests, a home office, or a gym. Inside, you'll find stylish tile flooring with plush carpeting in all the right places. The large primary bedroom features an ensuite bathroom with double sinks and ample closet space. A versatile loft area offers additional living space or a playroom. The 2-car garage provides plenty of storage, and the home is part of a vibrant community with top-notch amenities including parks, pools, and trails. Located in the heart of Anthem, this home offers both comfort and convenience.

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4602 E Monte Way Phoenix, AZ 85044

$589,900

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6682751

Property Type Townhouse

Price Type --

Price Reduction!!! Excellent Golf Course Lot has the views but far enough away to be private & very few if any golf balls*Corner lot*Mountain Views*Home is a block away from South Mtn Park*Private In Ground Heated Spa*Multiple Patio Areas*Wood Shutters*Tile Floors Through-out*Vaulted Ceilings*Newer Heat Pump*Split Bdrm Plan*3rd Bdrm Can be Den or Bdrm*Nicely landscaped*Community pools & spas*

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20038 N 21st Street Phoenix, AZ 85024

$589,900

4 Beds

2 Baths

1,784 SqFt

Status Active

MLS # 6687430

Property Type Single Family Residence

Price Type --

Come see this beautiful 4 bedroom, single level home with a pool in a quiet hidden alcove neighborhood in north Phoenix. This home features: plank tile flooring, quartz countertops in the kitchen, a 3 car garage, NO HOA, full length rear covered patio, pebble tec swimming pool, ceiling fans throughout, newer windows, updated fixtures throughout, dual sinks in both bathrooms, a nice open & flowing floor plan, vaulted ceilings, & brand new hot water tank (2024). This neighborhood is extremely quiet, with gorgeous mountain views, easy access to the 101, & has a lot of great restaurants and shopping close by (Costco is up the street, multiple public parks, Desert Ridge shopping & restaurants). Also close by is the Arrowhead Mall area, Westgate shopping & Arizona Cardinals stadium. NO HOA!!

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20830 N 98th Avenue Peoria, AZ 85382

$589,900

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6755466

Property Type Single Family Residence

Price Type --

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298 W Tulsa Street Chandler, AZ 85225

$589,900

5 Beds

3 Baths

1,626 SqFt

Status Active

MLS # 6782769

Property Type Single Family Residence

Price Type --

Fully remodeled and permitted home redone from studs, all new underground plumbing, new electrical, new gas lines, new meter, new flooring, new showers, bathrooms tile, new kitchen white shaker cabinets and quartz countertops, guest house features kitchen and bathroom and laundry room, studio apartment can use as a rental and or mother in law suite, this home features a nice backyard with RV gate no HOA, 2 carport, and new ac's and new roof, all new insides paint drywall and many more. Come see this 4 bed 2 bath home and casita before its gone!

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11667 W Luxton Lane Avondale, AZ 85323

$589,900

4 Beds

3.5 Baths

2,937 SqFt

Status Active Under Contract

MLS # 6741312

Property Type Single Family Residence

Price Type --

Explore Alamar! A community where neighbors become friends & friends become family! Downstairs you will find 2 primary bdrms w/walk in closets & private baths. Main primary has generous custom closet space. Flex room w/built in desks for everything from homework to zoom meetings! Chef's kitchen features built in gas oven, 36'' cooktop & generous center island. The view through the 16' glass doors brings you a yard w/entertaining in mind. 2 gas stubs to add a BBQ & fire feature. Solar has offered savings on the electricity. Alamar features well thought out parks for grilling & playing-4 around this home alone. Enjoy the community pool & BBQ ramada at Haymoon Park. Head to Alamar park for pickleball, fishing, outdoor exercise area, splash pad & 2 dog parks. Come live in ALAMAR!

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12826 N 29th Street Phoenix, AZ 85032

$589,900

3 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6715302

Property Type Single Family Residence

Price Type --

Welcome to a meticulously renovated sprawling ranch home where no detail has been overlooked. This home has undergone a comprehensive transformation! Upon entry, you're greeted by new waterproof flooring that extends throughout. Natural light floods the interior through newly installed energy efficient dual pane windows. New custom windows & coverings combined style w/ functionality. The fully remodeled kitchen, featuring new custom Thomasville shaker cabinets, Quartz countertops & designer backsplash. Equipped w/ top-of-the-line LG appliances including a fridge, stove, dishwasher, & in-drawer microwave. The primary bath has been completely reimagined to offer a luxurious retreat, while an additional bath off the hallway is also fully renovated. Private pool just in time for summer!

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13333 W Chapala Court Sun City West, AZ 85375

$589,900

3 Beds

2 Baths

2,143 SqFt

Status Active Under Contract

MLS # 6764055

Property Type Single Family Residence

Price Type --

Popular Encanto Model with foyer and large great room. Beautiful granite and stainless steel kitchen. 3'' wood shutters throughout. Extended den with closet and door. Extended depth garage. Oversized fully landscaped and irrigated lot. Corte Bella offers a relaxed, luxury feel including newly renovated restaurant, complete athletic facility including day spa and huge community pool. Come live the Corte Bella lifestyle!

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4941 Saddle Blanket Circle Happy Jack, AZ 86024

$589,900

3 Beds

2 Baths

1,531 SqFt

Status Active

MLS # 6682510

Property Type Single Family Residence

Price Type --

Are you ready to escape the heat and bring your horses with? This is the home for you. Almost an acre and a half with great corrals, tack shed ,horse wash area, and so much more. This beautiful log sided cabin/home is decorated for the horse lover and comes completely furnished. It has been taken care of and is filled with love , perfect for a permanent home or weekend or summer home. Get your horses out of the heat, take them for some amazing forest rides with our great riding group up here. This is a must see ''mini ranch''. 3 bedroom/2bath cozy but with enough room for your guests. Come see it now. Sit in your front yard and watch the elk graze on the beautiful grass or sit in the back barbuque area and watch as your horses play.in the 60 x 120' ft corrals. Must see in person.

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16532 W Rowel Road Surprise, AZ 85387

$589,900

5 Beds

3 Baths

3,201 SqFt

Status Active

MLS # 6776532

Property Type Single Family Residence

Price Type --

Welcome home to this beautifully crafted retreat! The modern farmhouse theme brings warmth and style, creating an inviting space with its wood tile floors, wainscoting walls, and barnwood accents. The spacious layout—with five large bedrooms, including a convenient downstairs bedroom and full bath—offers ample room for family and guests alike. The kitchen, with its granite countertops, white cabinetry, and double ovens, looks out over the oversized great room, making it ideal for socializing while preparing meals. The cozy gas fireplace in the great room adds charm, and the adjacent large den or office with barn doors is perfect for work or relaxation. Upstairs, the loft area and designer closets in each bedroom maximize comfort and organization. The master suite's luxurious bath, featuring a walk-in shower, large tub, and dual vanities, is designed as a serene getaway. The backyard desert oasis is a real showstopper, complete with a full outdoor kitchen, built-in grill and smoker, and ample seating around a firepit. The covered patio, synthetic grass, water feature, and enhanced lighting make this space a perfect retreat for entertaining or unwinding year-round. This home seems thoughtfully designed to blend style, functionality, and relaxation in one gorgeous setting!

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2547 E Corrine Drive Phoenix, AZ 85032

$589,600

4 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6765202

Property Type Single Family Residence

Price Type --

Price reduced, buy while the market favors you! Floorplan has been opened up and feels like a modern great room layout inside mixed with the charm and uniqueness of a non HOA neighborhood close to the 51, mountain preserve and more. The remodel was done in 2020 with new flooring and layout changes. Kitchen boasts Stainless steel appliances, recessed lighting, granite countertops 4 bedrooms give you options for either a guest room or office. Out back there is a covered patio, relaxing pool, real grass, and the RV gate access via the side of the lot. The 2 car garage and paver slab parking add to the appeal if you have lots of cars or other toys. 30 amp car charger/RV plug for charging EV's. Located close to the 51, PMP and minutes from shopping and nightlife.

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15935 W Montana De Oro Drive Surprise, AZ 85387

$589,595

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6764951

Property Type Single Family Residence

Price Type --

READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 4br, 3ba., 3 car garage home has all the designer touches. Truly move in ready. Features include, 2'' blinds on all the windows, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank floor tile, fans in all the rooms, 16' atrium doors, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, granite tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more.

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