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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3149 W Golden Lane Chandler, AZ 85226

$585,900

4 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6740031

Property Type Single Family Residence

Price Type --

This beautifully updated 4-bedroom, 2.5-bath home offers modern amenities and spacious living. The primary bedroom is conveniently located on the main floor, providing ease and privacy. The kitchen is a chef's dream, featuring a large island, stainless steel appliances, including a microwave, range, and dishwasher, and seamlessly opens up to a generous living space, perfect for entertaining. The fully finished basement expands the living area with a large bonus room, an additional kitchen with refrigerator, and three more bedrooms, making it ideal for guests, extended family, or potential rental income. Washer/dryer combo units for main level and basement. This home combines comfort, functionality, and style in every detail.

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4499 E Jones Street Gilbert, AZ 85295

$585,900

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6779168

Property Type Single Family Residence

Price Type --

Stunning model- like home on the Market in Cooley Station! The paver walkway leads you up to the Cobblestone front and travertine covered porch entry. What an inviting space to sip your morning coffee. Three spacious bedrooms and a den complete this floorplan. This home is loaded with upgrades everywhere. Owners suite is spacious and you will appreciate the jetted spa tub in the owners en-suite. The gourmet kitchen is spectacular offering a farmhouse sink, shaker cabinets, SS appliances, large custom island for dining and elegant hardware and lighting. Spacious family room for gatherings and custom built in shelving and storage. Speaking of storage- this home has a lot of it! Large pantry off the kitchen and dedicated storage and sink in the laundry room as well. You will enjoy the added design touches of plantation shutters all throughout the home and custom farmhouse valiances in the living area. Secondary bathroom has double sinks and separate door to the tub shower area. Custom batten board in the 2nd bedroom and designer paint work in the 3rd bedroom. Both of these bedrooms have large walk in closets as well. You will love the outdoor patio area with travertine and low maintenance turf with a beautiful water feature with custom lighting and gorgeous stone work surround. There is a dedicated space for a grill, shed or whatever you want near the back of the lot. Large two car garage with additional storage space near the back. Water softener, R/O system, epoxy in the garage and since this home is newer (2017) so is the roof and AC unit. Cooley Station is a unique place to live and offers 2 community pools, community events, tot lot areas, lots of green space, basketball courts, many walking/biking paths and the Legacy Traditional School within. High end restaurants and shopping are nearby at Verde and the new Fry's is just around the corner. Put this home on your list and check it out today!

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2124 E Nighthawk Way Phoenix, AZ 85048

$585,750

4 Beds

2.5 Baths

2,134 SqFt

Status Active

MLS # 6754360

Property Type Single Family Residence

Price Type --

Charming Ahwatukee Foothills home that offers the best of everything. The spacious 4-bedroom home was just updated with new carpet, paint, landscaping and some new lighting. The unique floorplan includes a downstairs bedroom, a large loft and a balcony off the oversized master overlooking the mountains and your resort style backyard with heated pool and spa. All of this in an ideal location only blocks away from the lower 202 for an easy commute to anywhere in the valley. Restaurants, shopping, high end golf courses and a resort casino are all minutes away. The quiet, safe, stable neighborhood has an elite school district and a shocking low HOA of $218 Annually!! This house checks all of the boxes you are looking for.

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4098 S Lois Lane Sierra Vista, AZ 85650

$585,000

4 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6787249

Property Type Single Family Residence

Price Type --

Stunning brand new build in the highly desired Sierra Reserve subdivision. This property has majestic views outside. Along with a perfectly positioned covered patio to enjoy them. Constructed with every detail carefully thought out. High end metal roof atop this 4 bedroom and 2 and a half bathroom home. Primary bedroom has its private bath with a stand alone soaking tub and separate shower along with a large walk in closet. Open concept living room to kitchen with vaulted ceilings makes the entry exceptionally grand. Finishes to this home are equally stunning to the counter tops and cabinets to the floors and fixtures. Who doesn't want a new home for Christmas? View this one today and be the first to call this home.

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11590 N 170th Lane Surprise, AZ 85388

$585,000

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6633496

Property Type Single Family Residence

Price Type --

MLS#6633496 Ready Now! The Appaloosa at Paradisi Venture is a single-story floor plan that boasts 2,467 sq. ft., 3 beds, 2.5 baths, a 2.5-car garage, and a study. A captivating paver courtyard, enclosed by the home, offers privacy for relaxation or entertaining. The foyer leads you to secondary bedrooms, study and into the living area. The open layout of the gathering room, kitchen, and dining area forms the heart of the home. The gourmet kitchen features upgraded 42'' maple cabinets with undermounted lighting, white quartz countertops, & gas cooktop with double oven. The owner suite features walk-in closet, double sinks and countless design upgra Structural options include: pavers at courtyard, garage service door, gourmet kitchen, and gas line for future outdoor kitchen.

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14450 N Thompson Peak Parkway Unit 216 Scottsdale, AZ 85260

$585,000

2 Beds

2 Baths

1,421 SqFt

Status Active

MLS # 6727148

Property Type Townhouse

Price Type --

Stunning 26 foot ceilings in this modern and elegant townhouse. Conveniently located off the 101 and Raintree with access to great shopping and all that Scottsdale has to offer. Two bedrooms and two bathrooms with updated kitchen, appliances, and bathrooms. 1 car attached garage with extra storage. Spacious loft perfect for a home office. Beautiful community pool and heated spa. Very private and quiet.

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10902 E Silver Mine Road Gold Canyon, AZ 85118

$585,000

2 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6724593

Property Type Single Family Residence

Price Type --

!! ASUMMABLE 4.5% Mortgage!!! Come take a look at this Immaculate home with breathtaking views of the Superstition Mountains on a cul-de-sac. This 2 bedroom home with den, and bonus room, with 2 bathrooms features tile flooring, large kitchen with granite countertops, stainless steel appliances, and breakfast bar, updated bathrooms as well as extended garage with built in cabinets. Whether it's morning coffee or an evening glass of wine. Your very own backyard oasis will not disappoint with heated pool and spa, putting green, BBQ, and AMAZING mountain views. All this in the gated community of Peralta Trail where you are close to amazing golf, hiking trails, mountain biking trails, off roading trails and much more. Come take a look. You'll be glad you did!!

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6830 N 10th Place Phoenix, AZ 85014

$585,000

4 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6746114

Property Type Single Family Residence

Price Type --

Located in central Phoenix, this beautiful 4bd/2bt split floor plan offers a great room, upgraded stainless steel appliances, and granite countertops. The house features tile flooring throughout the home, lots of storage rooms, and a beautiful green/lush backyard with a large patio. This beautiful home is in Madison school district-2nd Best Elementary School District in Arizona - Ranking Arizona: Top 10 elementary school districts for 2024.

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3055 N Red Mountain Unit 77 Mesa, AZ 85207

$585,000

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6781421

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous single-story, 3BR/2BA split-level home situated on a north/south facing corner lot in the highly coveted community of Las Sendas! Enter to a light, bright and spacious home through a wide hallway leading to the extensive great room with vaulted ceilings, built-in book shelves, upgraded tile flooring and plenty of space to host family and friends. The beautiful kitchen opens to the great room and showcases a breakfast bar, gas range with dual ovens, plenty of cabinets plus an eat-in kitchen with bay window. Retreat in the evening to your expansive and stunning owner's suite w/private access to backyard and an exceptional owners bath complete with exquisitely upgraded vanity w/dual sinks, lighting and mirror; separate soaking tub & shower and a huge walk-in closet. The additional 2 bedrooms and guest bath are split from the owners suite, for maximum privacy. Plus one of the bedrooms has private access to the guest bath which exhibits a beautifully upgraded vanity, lighting and mirror. See Documents section for a complete list of home upgrades & features! Relax at days end in your private backyard oasis complete with a sparkling pool, large turf area, beautiful stamped concrete patio, large stepping stones and low maintenance landscaping throughout. BRAND NEW ROOF (Sept 2024) w/double underlayment and transferable 10-year warranty completes this amazing home! Home is walking distance to two of Las Sendas' largest parks featuring numerous amenities to suit every lifestyle. Minutes away from Saguaro Lake, Salt River, Tonto National Forest, Usury Park and Loop 202. Las Sendas offers activities for every age group, including hiking/biking trails, 2 heated pools and spas, fitness center, lighted tennis courts, basketball courts, volleyball courts, parks w/playgrounds, splashpad, bocce ball, pickleball courts, an 18-hole golf course designed by Robert Trent Jones Jr., and dining at the Las Sendas Patio & Grill which features breathtaking views of city lights and sunsets.

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875 S Newport Street Chandler, AZ 85225

$585,000

3 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6760729

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Willis Ranch community! This spacious three-bedroom, two-bathroom residence sits on a huge pie-shaped lot, offering a massive backyard that's perfect for outdoor gatherings. With ample room for gardening, play areas, or even a future outdoor kitchen, this backyard is a blank canvas for your creative vision. Located in a vibrant community with nearby parks and amenities, this home offers the perfect blend of comfort and leisure. Don't miss your chance to own this gem!

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4711 N Greenview Circle Litchfield Park, AZ 85340

$585,000

3 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6762975

Property Type Single Family Residence

Price Type --

The search is over! Your dream home is here at Litchfield Greens! Inside this charming, recently renovated, 3 bedroom property, you'll find an open floor plan with soaring ceilings. It's functional design with soft paint, tile flooring, plantation shutters, stylish light fixtures, and recessed lighting promotes a modern, but comfortable feel. The elegant white kitchen showcases staggered cabinets with tall crown molding, custom tile backsplash, granite counters, SS appliances, and a dark-stained island with breakfast bar. The spacious owner's suite has direct access to the backyard and hosts a pristine ensuite with dual porcelain sinks, soaking tub, glass block window, step-in shower, and a walk-in closet. Outside you'll relax and enjoy your private pool and sitting areas. All this and walking distance to the Wigwam and downtown Litchfield Park. Attended security gate provides extra security for this prestigious community. Don't miss out. Act now!

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10438 S 45th Place Phoenix, AZ 85044

$585,000

4 Beds

2 Baths

1,507 SqFt

Status Active

MLS # 6766982

Property Type Single Family Residence

Price Type --

Welcome home! This amazing property features 4 bedrooms 2 baths and has been completely remodeled. Brand new kitchen including cabinets, counter tops, and appliances. All the bathrooms have been tastefully updated, stained concrete flooring throughout, and fresh exterior paint. Brand new high quality windows and sliders for efficiency including owned solar which will ensure low monthly utilities costs. Garage is equipped with a 220 volt outlet for your electric charging station. Located near the beautiful South Mountain preserve perfect for hiking and mountain bike riding, restaurants and shopping near by only 20 mins to the airport for your convenience. Ahwatukee's hidden gem awaits. Don't' hesitate to see this one today!

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