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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1618 W Maplewood Street Chandler, AZ 85286

$580,000

3 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6760343

Property Type Single Family Residence

Price Type --

Location, Location, Location! Nestled in the prestigious Pecos Ranch in the heart of Chandler, near the Price Corridor and its high-tech companies, this expansive waterfront lot is perfectly situated right by a community park, offering stunning views and direct lake access—ideal for all your favorite water sports and leisure activities. This breathtaking single-level home has been recently remodeled, boasting luxury Vinyl flooring, freshly painted neutral walls, modern quartz kitchen countertops, and contemporary lighting fixtures throughout. French doors in the family room and large windows in the kitchen frame the serene lake views, creating a tranquil living environment. The master bedroom features an en-suite bathroom with direct access to the backyard, perfect for enjoying the peaceful outdoors. With proximity to major freeways like the 101, 202, 60, and I-10, this home offers unparalleled access to Chandler's best schools, top-rated hospitals, and main shopping destinations, including Costco and Chandler Fashion Center. Discover the ease of urban living in a suburban paradise.

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22456 E Via Del Verde -- Queen Creek, AZ 85142

$580,000

3 Beds

2 Baths

2,202 SqFt

Status Active

MLS # 6767389

Property Type Single Family Residence

Price Type --

Hidden gem with 2 dens (home office!) plus the 3 BR's, private pool, tons of garage storage, driveway extension, easy maintenance yard, & gourmet kitchen! The resort style pool has a Baja shelf to relax, travertine, & turf next to the oversized covered patio. Inside has beautiful modern tile, KitchenAid SS appliances, large pantry w/ custom door, 42'' staggered cabinets, & granite eat in island. The large primary has an ensuite with 2 sinks + walk-in shower. Guests will love the Jack-&-Jill bathroom with separate door to shower/tub for privacy. The huge laundry room w/ cabinets has plenty of room for 2nd frig or freezer. Epoxy garage w/ H20 Softener & cabinets is a dream! Exterior painted in 2020. You'll love the community w/ parks, trails, pool, splash pad, garden, volleyball, & more!

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951 N 165th Avenue Goodyear, AZ 85338

$580,000

4 Beds

3 Baths

3,106 SqFt

Status Active

MLS # 6766084

Property Type Single Family Residence

Price Type --

Welcome to this ideally located home, nestled next to expansive open space with no neighbors behind or to the side. Enjoy spacious living areas, including a kitchen and family room that offer stunning views of the backyard oasis. The oversized custom pool features a rock waterfall and slide, with ample space for lounging and entertaining. The outdoor area also boasts a built-in BBQ island, a covered patio, and wide side yards. Inside, there's a downstairs den with a full bathroom, while upstairs you'll find three bedrooms and a generously sized primary suite. The three-car garage comes complete with built-in cabinetry, and the home is equipped with OWNED SOLAR!

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3790 E Chickadee Road Gilbert, AZ 85297

$580,000

4 Beds

2.5 Baths

2,174 SqFt

Status Active

MLS # 6776177

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Contemporary Home - Move-in Ready! Discover this freshly updated home featuring modern upgrades and elegant finishes throughout. New interior and exterior painting sets the tone, while luxury vinyl flooring adds style and durability. Step into a fully remodeled kitchen showcasing a custom wood range hood, high backsplash, and a farmhouse undermount sink for a sophisticated touch. Enjoy a dedicated wine area and all-new stainless steel appliances. The open-concept layout is enhanced with recessed LED lighting and stylish new fixtures, creating a warm and inviting ambiance. Relax in the luxurious, fully remodeled bathrooms designed with contemporary finishes. Rest easy with new AC and furnace units, a new water heater, and a recently tuned-up roof, ensuring ensuring comfort and peace of mind. This home combines style and functionality, ready to welcome its next owner. Don't miss the opportunity to own this thoughtfully renovated gem!

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27386 W Osprey Drive Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

2,557 SqFt

Status Active Under Contract

MLS # 6739338

Property Type Single Family Residence

Price Type --

Why wait to build when you can make this stunning nearly new JOURNEY model yours today! This elegantly appointed 2,557 sqft, 2 beds, 2.5 bath, Den with French doors, Flex space, Great room, charming Courtyard & Golf cart garage home will not disappoint. The Kitchen is an entertainers delight with Granite countertops, sleek back splash, Gas cooktop with DOUBLE ovens, Soft close drawers, Pull out Shelves, Reverse Osmosis, magnificent Executive Island perfect for storing all of the small kitchen appliances and gathering loved ones or friends. Wooden shutters throughout & Media wall in the Great room. Owner's suite bathroom with its modern Tile Walk-in shower, Double sinks & Granite counters. Private walled lot, Extended Travertine Patio, Built-in gas BBQ & low maintenance Turf. See it today!

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17106 E La Pasada Drive Fountain Hills, AZ 85268

$580,000

4 Beds

2 Baths

1,522 SqFt

Status Active Under Contract

MLS # 6748601

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite 4-bdrm residence w/den is situated on a spacious lot in the highly sought-after Fountain Hills community. Every inch of this home has been thoughtfully remodeled to offer the perfect blend of modern luxury & timeless charm. Enjoy 4 generously sized bedrooms plus a versatile den, ideal for a hm office/additional living space. Experience contemporary living with high-end finishes, sleek fixtures, and a state-of-the-art kitchen. The large lot provides ample space for outdoor entertaining, gardening, or simply relaxing; endless possibilities! Nestled in a tranquil neighborhood w/ access to all the amenities that Fountain Hills has to offer, including seasonal art/wine festivals, Fountain park, dining and the iconic Fountain.

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2438 W Clearview Trail Phoenix, AZ 85086

$580,000

3 Beds

2 Baths

2,338 SqFt

Status Active

MLS # 6762744

Property Type Single Family Residence

Price Type --

**SELLER HAS 4.99% CONVENTIONAL LOAN THAT IS ASSUMABLE** Home, sweet home! This 3-bedroom, 2-bath residence features a 2-car garage and eye-catching stone accents. Discover a spacious living/dining room with 10' ceilings, a soothing palette, classic plantation shutters, sunscreens, recessed lighting, and a blend of wood-look and tile flooring. The kitchen comes with abundant wood cabinetry with crown moulding, stainless steel appliances, a handy pantry, and a two-tier peninsula with a breakfast bar for casual dining. You'll also find a versatile bonus room perfect for an office, lounge, or play area. The cozy main bedroom is complete with soft carpeting, an ensuite with dual sinks, and a convenient walk-in closet. The enchanting backyard includes a covered patio, pristine artificial turf, and a sparkling pool, built by Presidential Pools, for cooling down on hot days. Make this yours! Whole home water filtration system installed in 2021

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19063 N 265th Avenue Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

1,864 SqFt

Status Active

MLS # 6707112

Property Type Single Family Residence

Price Type --

ASSUMABLE 3% FHA MORTGAGE WITH $285,000 DOWNPAYMENT, or fund a second! Get a pool, owned solar, golf and mountain views at a great price. This highly upgraded Sanctuary model with approximately 1,864 sf. has two suites, a half-bath, and a den. The home has a 2-ft. rear extension and 2-ft. extended garage which is air-conditioned. Upgraded Taupe cabinets, dark granite counters and a stainless-steel gas cooktop create contrast and brighten up the living space. An electric fireplace with a framed and tiled mantle, and accent wall paint, complements the hardwood floors in the gathering room. From the pool you can enjoy a view of the White Tank Mountains & the green at the 9th hole on the Mountain Course at Sun City Festival, Arizona's premier 55+ community.

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20903 S 185th Way Queen Creek, AZ 85142

$580,000

3 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6770353

Property Type Single Family Residence

Price Type --

This incredible home is MOVE IN READY!! Comes complete with refrigerator, hot tub, and large shed!! You're going to love living in this open concept home with 10 ft ceilings and large windows with a backyard perfect for lounging, entertaining or relaxing in the hot tub! RV Gate with extra concrete drive for parking, and additional storage space behind the gate! Air conditioned garage space with epoxy floors and loads of cabinets is perfect for parking or working on projects! With kitchen and bathroom updates, and new flooring this home is in excellent condition and you're going to love living here! Located on the Gilbert/Queen Creek border you're just minutes from QC Marketplace and San Tan Village shopping, dining & entertainment options! Don't let this one get away!

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10080 E Mountain View Lake Drive Unit 327 Scottsdale, AZ 85258

$579,999

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6749762

Property Type Apartment

Price Type --

Welcome to this Scottsdale Bay Club penthouse condo, recently renovated in 2024 with elegant quartz countertops, soft-close cabinets, sleek tile showers, and luxury vinyl flooring. This end unit offers privacy with no neighbors above and serene pool views from a private balcony. Enjoy direct access to the community pool, clubhouse, and gym. The gated community features a spa, fitness center, recreation room, Koi pond, and boat docks. Located next to Scottsdale Ranch Park, amenities include lighted tennis, racquetball, and sand volleyball courts, plus more. Close to Mercado Shopping Center and the 101 freeway.

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9016 W Tony Court Peoria, AZ 85382

$579,999

4 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6779455

Property Type Single Family Residence

Price Type --

HUGE REDUCTION 40,000... NO HOA NONE.!!!!! .BRING YOUR BOATS AND TRAILERS YOU CAN PARK THEM HERE AT YOUR NEW HOUSE. RV GATE WIDE ENOUGH FOR A PONTOON.THERES A PLAY POOL , HALF BASKETBALL COURT AND A HALF LEMON/ORANGE TREE OUT BACK .INSIDE THE PLACE IS SPOTLESS NEW PAINT,THAT TIES THE GENTLY USED CARPET AND TAUPE AND BROWN TILE TOGETHER DOWNSTAIRS .THERES NEW HARDWARE THROUGH OUT. LIVE IN IT WHILE YOU MAKE THOSE LITTLE TWEEKS .THERES A LIVING ROOM ,DINING COMBO AND GREAT BIG FAMILY ROOM WITH A FIREPLACE .SNUGGLE UP WAITING FOR SANTA .QUARTER BATH DOWNSTAIRS AS WELL. ALL 4 HUGE BEDROOMS AND DEN CAN BE FOUND UPSTAIRS THERE ARE LARGE WALK IN CLOSETS IN THE BEDROOMS.LARGE LINEN,SEPERATE MASTER TUB AND SHOWER. 2YR OLD AC UNITS (2). LOTS OF GARAGE STORAGE..CLEAN CARPETS DOWN.ALLOWANCE UPSTAI

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3028 E Friess Drive Phoenix, AZ 85032

$579,995

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6755440

Property Type Single Family Residence

Price Type --

-HOA- GREAT LOCATION. This home is located in a highly desirable neighborhood that offers numerous amenities for its residents. 3 bedrooms 2 &1/2 baths and a loft that opens to a balcony with views of a spacious yard and pebble tec pool. The North/South exposure provides ample natural light, and the home boasts a large family room with a fireplace, separate living and dining areas, and a kitchen with big windows and NEW appliances! The balcony has recently been updated with a new coating. The backyard is perfect for play, with a grass area, covered patio, and a beautiful pebble tec pool. Conveniently located near the 51 and 101 freeways, this home has NO HOA and is a short walk from the highly acclaimed Great Hearts Public Charter School K-12.

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