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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15749 W Roanoke Avenue Goodyear, AZ 85395

$579,000

2 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6783608

Property Type Single Family Residence

Price Type --

Dream Home with Everything You Want! Step into this home with an open & airy Great Room floor plan: perfect for everyday living & entertaining. The kitchen is a cook's dream: upgraded cabinets, roll-out shelves, granite tile countertops, a decorative backsplash, & under-cabinet lighting. It also comes with stainless steel appliances, a roomy closet pantry, & updated microwave, dishwasher, & disposal. You'll love the easy-care tile floors throughout; no carpet anywhere! The dining room & primary bedroom feature bay windows that let in tons of natural light. This home is full of thoughtful upgrades: *New A/C (2021) *New hot water heater (2019) *New reverse osmosis system (2023) *New Refrigerators (2023) *New water softener (2024) *Owned solar & ceiling fans keep your electric bills low The private backyard is like your own peaceful retreat. Relax in the partially enclosed Arizona room, take a dip in the sparkling pool with a water feature, or practice on your putting green. The low-maintenance landscaping, new PVC watering system (2022), and refreshed Kool decking mean less work and more time to enjoy. The extended 2-car garage with an epoxy floor and built-in cabinets offers plenty of storage. Need an extra bedroom? The den has double doors and can easily be converted into a third bedroom. This move-in-ready home has it allcomfort, style, and convenience. A list of the extensive upgrades is available. Don't wait; come see it today!

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1425 W Kenrick Drive Wickenburg, AZ 85390

$579,000

3 Beds

2.5 Baths

3,190 SqFt

Status Active

MLS # 6651710

Property Type Single Family Residence

Price Type --

Welcome to a move-in ready home that offers the perfect canvas for your personal touch. Situated in a prime location with stunning views, this property boasts a spacious backyard, setting the stage for a comfortable and personalized living experience. As you explore the home, you'll discover a cozy and inviting layout, featuring multiple rooms that are primed for your creative ideas. Each room is a comfortable space, eagerly awaiting your unique flair. Whether you're interested in adding modern touches, highlighting the home's charming details, or a combination of both, the possibilities are limitless. The private and fully fenced backyard is an ideal setting for a variety of activities. It's a gardener's dream, or a tranquil retreat for those who appreciate peaceful relaxation.

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3200 W Black Oak Loop Show Low, AZ 85901

$579,000

3 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6669326

Property Type Townhouse

Price Type --

This Torreon golf villa offers a comfortable and convenient living space with its 3 bedrooms and 2 bathrooms. It is designed for a lock and leave lifestyle, providing you with peace of mind when you're away. The property features a detached 1-car garage, offering secure parking and additional storage space. Surrounded by a lush canopy of trees, this villa provides a serene and private atmosphere. The covered deck and patio area are perfect for relaxing or entertaining, allowing you to enjoy the beautiful surroundings. The open floorplan creates a spacious and airy feel, while the split layout ensures privacy between the bedrooms. Large spacious kitchen makes meal prep a breeze while guest can accompany around the breakfast bar. Whether you're a golf enthusiast or simply..

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18508 N Avalon Lane Surprise, AZ 85374

$579,000

2 Beds

2 Baths

2,021 SqFt

Status Active

MLS # 6691782

Property Type Single Family Residence

Price Type --

This well cared for 2 bedroom,2 bathroom plus den 2,021 square foot property offers many sought after features including a 2.5 car garage. Situated on Granite Falls North Course offering expansive views & beautiful sunsets.18 in tile floors on the diagonal except bedrooms.Kitchen corian counter tops,backsplash,new sink, stainless built in appliances & stone finish at breakfast bar.Extended breakfast nook bay windows with shutters & plenty of room for entertaining.Settle into the great room and take advantage of the gas fireplace finished with stone.Privacy doors at den.Primary suite has door to patio,bay windows,two sinks,separate tub & walk in closet in bathroom.Raised panel doors.Inside laundry with sink,W/D included.Side garage door & built in cabinets.Expaned patio & built in BBQ.

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303 W Columbine Road Christopher Creek, AZ 85541

$579,000

4 Beds

2 Baths

2,274 SqFt

Status Active

MLS # 6692998

Property Type Single Family Residence

Price Type --

Your serene woodland retreat awaits! This charming cabin is located in the Prestigious Christopher Creek Park tucked perfectly behind a gate for added privacy. This cabin offers a brand new fence along the 1/3 acre lot it sits on, lush plants, flowers & fruit trees including barlett pear, honey crisp apple & peach all on irrigation! Cozy up to a fire while gazing through your expansive bay window in your living room. This 4bed/2 bath/2 car garage features a newly built loft, remodeled upstairs including plumbing/electric. Full size kitchen, walk in pantry, dining area & enclosed sun room. 5 decks to take in nature's beauty! Brand new roof w/ 10 year warranty, Brand new light exterior light fixtures. (2024) Exterior Paint done in (2023) Do not miss this amazing opportunity! Call Today!

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3033 E Millbrae Lane Gilbert, AZ 85234

$579,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6726711

Property Type Single Family Residence

Price Type --

MOVE-IN-READY!!! LOTS of CHARM & CHARACTER EVERYWHERE!!! This home is a MUST SEE!!! Full Bedroom & Bathroom DOWNSTAIRS!!! Upon entry, you're wowed by VAULTED CEILINGS, along with two separate living areas, a STUNNING KITCHEN overlooking the main living space, making this the PERFECT HUB OF THE HOME!!! Spend some time outback in your Sparkling POOL, or relax in tub HOT TUB, cook out in your BUILT-IN-BBQ, or even enjoy your very own PUTTING GREEN!!! This backyard is an Entertainer's Dream!!! Workbench area in garage, along with LOTS OF STORAGE!!! This home has it all!!! Home is steps away from a FANTASTIC park with playground area and Basketball courts!! Don't miss out on this one!!!

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2319 E Earll Drive Phoenix, AZ 85016

$579,000

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6747987

Property Type Single Family Residence

Price Type --

Welcome to this freshly updated 3-bedroom, 2-bathroom gem close to all of the action of Arcadia and Central Phoenix! Boasting a modern, neutral aesthetic with designer touches throughout, it offers comfort and style at every turn. Enjoy outdoor living with covered patios in the front and back, a charming porch swing, and a generously sized backyard complete with a pool and firepit—perfect for entertaining. Additional features include a storage room off the 1-car carport. Conveniently located near freeways, restaurants, and shopping, Enjoy the freedom and flexibility of homeownership with no HOA restrictions.

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8821 S 47th Place Phoenix, AZ 85044

$579,000

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6745563

Property Type Townhouse

Price Type --

A rare opportunity for totally updated residence w/ views in mountainside resort, gated community! Amazing 4 bed, 3 bath residence in Pointe South Mtn/ AZ Grande in Ahwatukee haven! Two master bedrooms/ two large bedrooms perfect for large family or multi generational living. Upstairs bedrooms have balconies. Downstairs master with outdoor access. Updates from 2024 include modern interior color palette (2023 colors of the year), ext paint, two luxurious tiled rain showers, SS appliances, granite counters in kitchen/ downstairs baths, new light fixtures, new plumbing fixtures, all new flooring (wood plank tile and carpet), feature wall, roof updated, new landscape design featuring artificial grass and nightscape. The joy of your own piece of resort living, totally updated!

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25024 S Stoney Lake Drive Sun Lakes, AZ 85248

$579,000

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750372

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2-bed, 2-bath Plus Office/Den residence on a coveted corner lot! The exterior boasts a striking stone facade, a 2.5-car garage, and a tasteful paver driveway. The inviting living room showcases vaulted ceilings, a soothing palette, and plush carpeting throughout. The eat-in kitchen comes with granite counters, ample wood cabinetry with crown molding, built-in appliances, a center island, and a serving window with a breakfast bar for casual dining. The cozy main bedroom offers direct backyard access, an en suite with dual sinks, and a walk-in closet. Venture outside to find a covered patio for al fresco dining, a relaxing spa, and a low-maintenance desert landscape. Don't miss out on this fantastic opportunity! HVAC - 2 Units- Replaced in 2021, Hot water heater replaced 2021, Exterior Painted 2023, New Drip system - valves & timer replaced 2023. Exterior Stone work & Pavers done in 2023. New SPA Hot Tub 2024 Hard wired Security System. Reverse Osmosis.

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1509 E Peach Tree Drive Chandler, AZ 85249

$579,000

3 Beds

2 Baths

2,250 SqFt

Status Active

MLS # 6757886

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeously redone 3BR 2BA home in the vibrant active adult community of Sunbird CC. A charming courtyard greets you. Enter a large living/dining area with wood look tile throughout. The stunning kitchen boasts granite counters, crisp white cupboards, bar and newer SS appliances. Large family room with access to the relaxing patio and backyard. Bonus art studio den just off the family room. Enjoy the active adult resort lifestyle with golf, pool, tennis and pickleball. Plus, restaurant, bar and loads of entertainment!

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20597 W Walton Drive Buckeye, AZ 85396

$579,000

4 Beds

3 Baths

2,785 SqFt

Status Active

MLS # 6767346

Property Type Single Family Residence

Price Type --

Beautiful 4/3 Craftsman home in Verrado. Great location with tree lined streets and close to park. Relax on beautiful patio in this welcoming community.

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8305 W Pioneer Street Tolleson, AZ 85353

$579,000

5 Beds

3 Baths

3,244 SqFt

Status Active

MLS # 6756752

Property Type Single Family Residence

Price Type --

Make yourself at home in this beautiful 5-bedroom haven with a 3-car garage in Tolleson! Large living & dining room and the desirable great room are meticulously designed for relaxation and entertaining. High vaulted ceilings, plantation shutters, and wood-look tile flooring add to the overall appeal. Open-concept kitchen boasts ample white shaker cabinets, a pantry, tile counters & backsplash, a center island with a breakfast bar, and stainless steel appliances. You'll also have a den/office and a cozy loft ideal for a reading nook. HUGE main retreat provides double door entry, media niches, an ensuite with dual sinks, and a walk-in closet. Surely to impress with the wonderful backyard equipped with a covered patio, gazebo, and a refreshing pool for endless summer fun. Don't miss it!

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