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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780 E Kapasi Lane San Tan Valley, AZ 85140

$579,999

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6753650

Property Type Single Family Residence

Price Type --

LOW INTEREST RATE PROGRAM AVAILABLE! The space here has been maximally utilized with not only 5 bedrooms but a loft, bonus room, 2 living rooms, a dining room, 3-car garage, split primaries (separate downstairs with a full bathroom), and all walk-in closets. The open floor plan flows seamlessly into the kitchen: a chef's dream. Granite counters that elegantly contrast the wood cabinets, double ovens, breakfast bar, complete with an oversized walk-in pantry. Interior has been recently painted white. Spend evenings in the low-maintenance, backyard relaxing under the pergola. Within walking distance you'll find the community park (reach out for neighborhood amenities). Close to HWY 24, great schools, shopping, dining, groceries, gas, etc.

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17617 W Blue Sky Drive Surprise, AZ 85387

$579,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6772341

Property Type Single Family Residence

Price Type --

This spacious 2,840 sq. ft. single-level ''Darius'' floorplan offers a perfect blend of luxury and comfort. With 10-ft ceilings, a 3-car garage, and a separate guest suite, there's room for everyone to feel at home. The gourmet kitchen features gas appliances, upgraded cabinets, quartz countertops, and a walk-in pantry—a chef's dream! The primary bath boasts a large drop-in tub, perfect for relaxing. Set for November completion, this home's neutral palette provides the perfect backdrop for your personal style.

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17605 W Blue Sky Drive Surprise, AZ 85387

$579,995

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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29605 N 51st Street Cave Creek, AZ 85331

$579,995

3 Beds

2 Baths

1,697 SqFt

Status Active Under Contract

MLS # 6767982

Property Type Single Family Residence

Price Type --

Opportunity knocks! Here is your chance to own a move in ready home in the Tatum Ranch community of Cave Creek. This is a must see! The minute you walk through the door, you will be captivated and feel right at home! The kitchen will make your heart happy, updated cabinets and quartz counter tops. Tasteful colors throughout, new laminate and carpeting in the bedrooms, a split floor plan that is perfect for a family or guests. Enjoy the outdoors under a covered patio, backyard features mature landscaping and room to create your own oasis! This home is impeccable and is ready for you!

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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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20095 W San Juan Avenue Litchfield Park, AZ 85340

$579,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6775719

Property Type Single Family Residence

Price Type --

It's the stunning Cinnabar with 4 bedrooms + study, dining room, 3 full baths and 3 car garage. 8' gate for easy access to the backyard. Multi slide door that leads out the covered patio. Stainless steel gas appliances with 36'' cooktop, wall oven and canopy hood. Sonoma Maple Slate (Gray) cabinets with 42'' kitchen uppers, pull out trash drawer. Himalaya white granite countertops in the kitchen and at the enhanced kitchen island. Stainless steel single bowl undermount sink. Upgrade flooring includes EMS Baccarate 12x24 Astra tile in all areas of the home except bedrooms and closets. Dual sinks at bath 2. Soft water loop, garage service door, 8' tall garage door with two controls. Estimated completion Dec/Jan.

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20233 W Catalina Drive Buckeye, AZ 85396

$579,990

4 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6655189

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN!!! It's the stunning Crimson 3 bedrooms + flex space to use as you wish, 2.5 baths and a 3 car tandem garage. Large walk-in shower at owner's bath, Multi slide door that leads out to the extended covered patio which is perfect for entertaining. Pavers at drive, walk and entry. Stainless steel gas double oven with a 36'' cooktop and canopy hood. 42'' kitchen upper Espresso cabinets and Himalaya white granite countertops in kitchen and at the enhanced kitchen island. Upgrade flooring includes EMS Baccarat 12x24 tile in all areas of the home except bedrooms/closets. 5'' baseboards and door casing throughout. Dual sinks at bath 2. Stub out for future BBQ, garage service door, 8' tall garage doors, pre-plumb for soft water and so much more.

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22685 E Saddle Way Queen Creek, AZ 85142

$579,990

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6740903

Property Type Single Family Residence

Price Type --

**This is a TO-BE-BUILT LISTING, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation and lot premiums may apply** Welcome to Ashton Woods newest community in Queen Creek - Madera Marquis - which features outstanding community amenities and convenient access to the 24 freeway and shopping. The open concept Topaz plan is highly sought after and is the decorated model floorplan with 3 bedrooms and 2.5 baths. Options for structural upgrades include adding a butler's pantry, teen room, 12'' sliding glass door and so much more. This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances . Amazing spa like primary suite with dual vanities, ample linen storage and separate tub and shower. This floorplan is accompanied by an oversized den and sizable secondary bedrooms. This home comes standard with 10' ceilings, front yard landscaping, paver driveway, and much more! ~There is a minimum option spend requirement on new build homes, please reach out to the sales office for additional details.~

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1376 W Golden Ore Pass Apache Junction, AZ 85120

$579,990

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6770289

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created.

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32405 N 122nd Lane Peoria, AZ 85383

$579,990

4 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6748747

Property Type Single Family Residence

Price Type --

MLS#6748747~January Completion! The Erikson floor plan at Mystic Discovery exemplifies open concept living and is perfect for entertaining on both floors! The first floor is the heart of the home, with an open main living area that holds a spacious gathering room with a casual dining area and an open kitchen. The designer kitchen features a large island and step-in pantry. A downstairs guest bedroom is located at the front of the home which is perfect for overnight guests. Upstairs, the owner's suite features a garden tub and shower and a spacious walk-in closet. A loft and two additional bedrooms and the laundry room round out this lovely home. Structural options include: paver front porch, 2' garage extension, super shower at owner's bath, and soft water loop.

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17727 W Carol Avenue Waddell, AZ 85355

Open House

$579,990

4 Beds

3.5 Baths

3,222 SqFt

Status Active

MLS # 6772984

Property Type Single Family Residence

Price Type --

This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 3,222 square feet, 4 bedrooms, 3.5 bathrooms, loft, media room, a 3 car tandem garage on a North/south corner lot! This home features 36'' burlap shaker cabinetry, 18x18 tile, a large kitchen island, quartz counter tops, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

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9423 E Steno Avenue Mesa, AZ 85212

$579,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6681193

Property Type Single Family Residence

Price Type --

This 2,668 sq ft Verbena floor plan home has plenty of space with 4 bedrooms, upstairs loft, 3 full bathrooms and 2 car garage. You'll love the convenience of a full bedroom and bathroom on the first floor. This home features the Harmony Signature palette, with 42'' white cabinets, quartz kitchen countertops, and subway tile kitchen backsplash. Stainless steel appliances (including the fridge) which makes this kitchen complete. This beautiful home will also come with a full size washer and dryer! Easy maintenance, luxurious wood plank tile is featured in all common areas with plush carpeted bedrooms and loft. Getting ready is easy with dual sinks and raised vanity in the primary suite bathroom, plus you'll love the space in your suite - large enough for a king-sized bed.

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