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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3616 E Ludlow Drive Phoenix, AZ 85032

$575,000

3 Beds

2 Baths

1,426 SqFt

Status Active

MLS # 6748475

Property Type Single Family Residence

Price Type --

Don't miss out on this large corner lot home with a huge 33,000 gallon diving pool, pavers, synthetic grass, and a built in BBQ in the backyard. Inside you'll find a lovingly cared for, fully remodeled home with tons of upgrades including custom white shaker cabinets in the kitchen and bathrooms. Kitchen has Quartz countertops, matching stainless steel appliances with stainless steel undermount sink. Barn door from dining room leads to a large laundry room with more than enough space to serve as a craft room or home office. Both bathrooms have beautifully tiled showers and entire home is tiled throughout for easy maintenance and upkeep. All doors and windows have been upgraded to dual pane for great energy efficiency. Great central location right off of the 51 and 101 Freeways.

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2015 W Wescott Drive Phoenix, AZ 85027

$575,000

5 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6774277

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 5-bedroom, 3-bathroom home in desirable North Phoenix! Featuring fresh interior paint, brand new carpeting, and upgraded kitchen countertops, this home is move-in ready. With two master bedrooms, there's plenty of space for everyone. The second floor offers a versatile space that can be used as a master suite, private apartment, perfect for guests or additional living quarters. Step outside to a lush, grassy backyard with a raised garden bed, perfect for cultivating your own vegetables, and relax in the hot tub under the shaded gazebo. With easy freeway access, this home combines convenience with comfort, making it an ideal North Phoenix retreat! 2 ACs new in 2019.

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3150 N Eagle Landing Road Show Low, AZ 85901

$575,000

2 Beds

2 Baths

1,679 SqFt

Status Active

MLS # 6752586

Property Type Single Family Residence

Price Type --

We may say this often - but it is true - Escape to the Pines! This perfect lot that backs to State land in Creekside at Eagle Mountain Estates is a beautiful gated community in Show Low. This very spacious 2 bedroom, 2 bath home with a separate little office area off the kitchen (which has a large walk in pantry and gas range) is perfect for relaxation retreat away or living here permanently . Enjoy the warmth of the living room fireplace during those cooler mountain evenings or step outside into your enclosed pavered yard—perfect for peaceful mornings with a book or safe playtime for your pets. This home also features a generously sized two-car garage that provides extra space for larger vehicles or additional storage (think UTVs!). Residents appreciate the community's strict no short-term rental policy, which preserves the neighborhood's quiet charm. Whether you're seeking a permanent residence or a seasonal retreat, this home offers an ideal setting for a tranquil lifestyle surrounded by natural beauty. Explore the opportunity to call this serene dwelling your own!

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9073 E Evans Drive Scottsdale, AZ 85260

$575,000

3 Beds

2 Baths

1,231 SqFt

Status Active Under Contract

MLS # 6775988

Property Type Townhouse

Price Type --

Don't miss out on this gorgeous, fully renovated single-level townhome near Kierland and Scottsdale Quarter. No detail was overlooked during the 2023 renovation. Bedrosian tile and counter tops, stainless steel appliances, brand new cabinetry, flooring, bathrooms, fresh landscaping, new sewer line, epoxy coating in the garage, new exterior paint, the list goes on! All of the upgrades are complimented by the abundant natural light, vaulted ceilings, and maximum privacy. The convenient access to the 101 allows for a fast commute to Old Town Scottsdale, North Scottsdale, and Sky Harbor.

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18997 N 74th Drive Glendale, AZ 85308

$575,000

4 Beds

2 Baths

2,058 SqFt

Status Active

MLS # 6754498

Property Type Single Family Residence

Price Type --

Discover your dream home in the serene Arrowhead neighborhood, where this stunning single-story gem awaits. With four spacious bedrooms and two elegantly upgraded bathrooms, this residence offers both comfort and style. The interior features hardwood floors and a gourmet kitchen with painted cabinets, a sleek stainless steel sink, and high-end stainless steel appliances with quartz countertops. Large windows throughout ensure abundant natural light. Step outside to your private oasis, complete with a newly resurfaced sparkling pool and meticulously landscaped gardens perfect for relaxation and entertaining. Additional upgrades include an epoxy-coated garage floor and a recently replaced water heater. Nestled near picturesque mountain trails for hiking and convenient shopping malls.

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34457 N Legend Trail Parkway Unit 1019 Scottsdale, AZ 85262

$575,000

3 Beds

2 Baths

1,463 SqFt

Status Active

MLS # 6756791

Property Type Apartment

Price Type --

Your buyers will love this amazing opportunity to own in one of the most desirable communities in North Scottsdale. Enjoy the morning sun on your private patio overlooking the 17th fairway of the Legend Trail Golf Course. This brite open split-floor plan is complete with fresh paint, new appliances, granite countertops, breakfast bar & built-in entertainment center. The 3rd bedroom is easily converted to a home office/den with its dual doors. Steps away from the Community Center, 2 htd pools, tennis, pickle ball, workout facility & social events. Walking distance to LT Golf Course, restaurant, pro-shop & hiking/biking trails. Furniture available by separate bill of sale makes this home truly turn-key.

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4307 E Wildcat Drive Cave Creek, AZ 85331

$575,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6757781

Property Type Single Family Residence

Price Type --

Welcome to this highly sought-after 3-bedroom, 2-bath home in the beautiful Tatum Ranch community! Inside, you'll find a bright, airy interior with soaring vaulted ceilings and stunning arched passageways, complemented by a stylish built-in media center. The contemporary kitchen is a chef's dream, featuring elegant granite countertops, stainless steel appliances, and a spacious pantry. Unwind in the luxurious master suite, complete with double sinks, a large walk-in shower, and a soothing soaking tub. Step outside to your personal oasis, featuring a sparkling pebble-tec pool with a captivating boulder water feature. The covered patio is perfect for outdoor entertaining, while the easy-care landscaping allows you to relax and enjoy. Located within walking distance of scenic hiking trails and Desert Willow Park, which features a large playground, basketball courts, and sports fields, this home is ideal for an active lifestyle. You'll also find a variety of dining and shopping options just minutes away at Tatum Ranch Center. Don't miss out on this incredible opportunity!

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23038 E Twilight Drive Queen Creek, AZ 85142

$575,000

3 Beds

2 Baths

2,243 SqFt

Status Active

MLS # 6763396

Property Type Single Family Residence

Price Type --

Welcome to your New Home in the prestigious master-planned lake community of Harvest Queen Creek! This beautiful property has over $40k in builder & seller upgrades! It features an open floor plan with 3 bedrooms, 2 bathrooms, and a versatile flex space perfect for a playroom, office, or teen retreat. The Great Room is highlighted by a builder-upgraded kitchen, complete with a gas range, an oversized island, and tasteful Roman shade window coverings. Modern light fixtures and ceiling fans add elegance and comfort throughout the space. Expansive 12-foot sliding doors open to an extended covered patio, overlooking one of the largest lots in Hacienda at Harvest, spanning 8,281 square feet. The Primary Suite offers privacy with a split-floor layout, featuring a spacious walk-in shower and a walk-in closet. Both secondary bedroom include walk-in closets and share a full bathroom. The home's exterior has an upgraded paver driveway, walkway, and entrance, leading to a 3-car tandem garage equipped with a commercial-grade, non-slip floor, backed by a lifetime warranty. As part of the Harvest community, you'll enjoy access to a variety of amenities, including a heated pool, children's playground, and scenic walking and biking paths around the catch & release lake. The home is within walking distance to Schnepf Elementary and is conveniently located near shopping, dining, and fun seasonal events. This property is a blank canvas, ready for you to transform into your dream indoor-outdoor oasis. Refrigerator, Washer, and Dryer are included! The Seller is willing to install rocks at backyard for the right Buyer. Furniture & household items also available for purchase on separate bill of sale.

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2856 N 71st Street Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6770564

Property Type Single Family Residence

Price Type --

Location, Location, Location! A charming home situated in the Heart of Scottsdale! Close to Old Town, Tempe, shopping, dining, & entertainment. NO HOA! This preferred, split, Great Room floor plan shows very light & bright and exudes a cool vibe. The crown molding is a nice accent! Perfect for entertaining or Family/Friend time. A Guest Bedroom offers a separate entrance. The updated Kitchen features a gas stove, granite counters, stainless steel appliances, tiled backsplash, and a skylight. French doors lead to a large screened in Arizona Room/Patio. The Primary Bedroom is sizable and offers a walk-in closet. French doors provide an escape to a quaint Private Patio. The Primary Bath boasts a beautiful tiled walk-in shower. NEWER A/C! NO CARPET HERE, just lovely wood-look plank tile floors throughout. Relax in the spacious, private Backyard with mature shade trees & Mountain views. This home is move-in ready and a must-see!

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6812 S Hardy Drive Tempe, AZ 85283

$575,000

4 Beds

2 Baths

2,237 SqFt

Status Active

MLS # 6770066

Property Type Single Family Residence

Price Type --

Incredible 4 bedroom home on a 1/3 acre lot in a quiet Tempe neighborhood. Upgrades include Alder wood cabinets and slab granite counters. Newer stainless steel appliances. Tons of tile. Split bedroom plan, roomy master closet with built ins. 4th bedroom is 11 x 20 den option or 5th bedroom. Huge back yard with citrus trees and a great view of South Mountain. Close to all the major freeways, shopping/dining, Sky Harbor and ASU. SPA IS NOT OPERATIONAL AND CONVEYS AS IS

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7031 W Morrow Drive Glendale, AZ 85308

$575,000

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6759901

Property Type Single Family Residence

Price Type --

This 3-bedroom home with a blue pool in Arrowhead Ranch exudes charm and comfort! A grassy front yard, 2-car garage, brick veneer, and code entry box in the front door are just the beginning. Discover an open layout with all-new double-pane windows and doors, vaulted ceilings, sunny bay windows, and a two-way fireplace. The kitchen offers stainless steel appliances, plenty of honey oak cabinets, granite counters, and tile backsplash. The main bedroom features backyard access, a fireplace, and a lavish bathroom with a jetted tub, glass enclosure shower, dual sinks, and a walk-in closet. In the backyard, you'll find a swimming pool with a heater and chiller, green grass, two covered patios, and a pool house with a/c. Plus, the roof is only 3 years old! You won't be disappointed!

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10910 E Oro Avenue Mesa, AZ 85212

$575,000

2 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6766561

Property Type Single Family Residence

Price Type --

Discover the perfect retirement lifestyle in this inviting 2-bedroom, 2-bathroom home with a den, located in a sought-after 55+ community in Mesa, AZ. Designed with comfort and ease in mind, this home offers a relaxed and welcoming atmosphere ideal for those looking to enjoy their retirement years. This active adult community boasts incredible amenities, including a 27-hole executive golf course, perfect for both seasoned players and those just looking to enjoy a leisurely game. You'll also have access to top-tier recreational facilities, with clubs and activities tailored to your interests—whether it's Pickleball, Tennis, or Softball, there's something for everyone. Enjoy a vibrant social life, meet new friends, and participate in a variety of clubs and programs that keep your retirement to the fullest. This is more than just a homeit's your gateway to a fulfilling and active retirement!

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