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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2351 N Tierra Alta Circle Mesa, AZ 85207

$574,000

4 Beds

2 Baths

1,811 SqFt

Status Active

MLS # 6775532

Property Type Single Family Residence

Price Type --

Incredible Opportunity in East Mesa! Discover the only single-level, 4-bedroom home under $600,000 east of the 202 Loop with a private pool in a gated community. This rare find is nestled on a premium corner lot in the secure Boulder Mountain Community, offering a perfect blend of comfort and style. The home showcases a beautifully updated chef's kitchen with a gas range, Taj Mahal quartzite countertops, a custom backsplash, and many thoughtful upgrades. The functional split floor plan ensures privacy, with one secondary bedroom featuring a walk-in closet.The stunning primary bathroom boasts a large shower with a glass wall and a separate soaking tub, perfect for unwinding. Elegant diagonally laid tile throughout the main living areas adds sophistication, while the oversized 2.5-car garage provides ample storage space and includes an 18,000 BTU HVAC mini split for heating and cooling. The expansive corner lot is ideal for entertaining, with a gorgeous pool as the centerpiece. Lots of entertainment areas, and lovely garden beds. Plus, enjoy peace of mind with a new AC unit that keeps the home comfortable year-round. Boulder Mountain's prime location near Loop 202 and its proximity to Usery Mountain Regional Park offers endless opportunities for hiking, biking, and outdoor recreation. Also, walking distance to A+ rated schools! Don't miss out on this exceptional find!

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9413 E Osage Avenue Mesa, AZ 85212

Open House

$574,000

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6764630

Property Type Single Family Residence

Price Type --

Back on market after getting a super cute remodel! Fantastic single story home located in highly desirable Mesquite Canyon featuring 4 bedrooms, 2 baths, 2 car garage, Through the front door you are welcomed by BRAND NEW vinyl plank flooring throughout, FRESHLY painted white interior which is a blank canvas to decorate to your hearts content, NEW baseboards, additional puck lighting added to give the home that light, bright and airy feeling, living room/dining room combo, kitchen boasts granite countertops and backsplash, stainless steel appliances, white cabs, dining area, kitchen island, flat top electric stove with above b-i microwave, huge walk-in pantry, family room with shiplap accent wall, large primary bedroom with double door entry, walk-in closet and exterior access to backyard , ensuite with dual sinks, separate shower & tub, chevron accent wall with updated mirrors and light fixtures, enjoy outdoor entertaining with sparking play pool, covered patio and canopy with pavered sitting area, vaulted ceilings, faux wood blinds, security screen door, near highly rated Gilbert schools, neighborhood parks, restaurants and shopping. An Absolute Must See!

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25817 N Bolero Bend Rio Verde, AZ 85263

Open House

$574,000

2 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6762128

Property Type Single Family Residence

Price Type --

Calling all investors and buyers looking for a bargain in the vibrant adult community of Rio Verde! Priced to sell and below market so you can reap the benefits of this fabulous property with tons of potential and equity! Spacious corner lot, this property offers a spacious backyard complete with a wonderful patio area & your own pool. Both bedrooms offer their own baths, while an additional flex space is perfect for an office, roomy sitting area, or home gym. The formal living and dining areas seamlessly flow into the generous kitchen, which boasts ample cabinet space and an inviting eat-in area. With a 2.5-car garage, there's plenty of room for your golf cart and extra storage. As a social member of the Rio Verde Country Club, you'll enjoy a wealth of activities; tennis, pickleball, bocce ball, and a community gym and pool. This is an excellent opportunity to create your own unique sanctuary while living the Rio Verde lifestyle!

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3812 W Antelope Way San Tan Valley, AZ 85144

$573,995

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6784584

Property Type Single Family Residence

Price Type --

This beautiful home was crafted for the way you live. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted today.

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1380 W Golden Ore Pass Apache Junction, AZ 85120

$573,990

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6781906

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. A public report is available on the Arizona Department of Real Estate website.

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8300 E Vía De Ventura Boulevard Unit 1015 Scottsdale, AZ 85258

$573,900

2 Beds

2 Baths

1,442 SqFt

Status Active

MLS # 6750386

Property Type Townhouse

Price Type --

Come see this move in ready condo in gated Lakeside Villas at McCormick Ranch! This home wood plank tile flooring plantation shutters and upgraded lighting fixtures and fans throughout. The living room has a reclaimed wood detail fireplace and high ceilings with lots of natural light. The kitchen features soft close cabinets and drawers, Quartz countertops and new stainless steel appliances. New Quartz countertops in the bathrooms as well. The primary bedroom has an ensuite bathroom and spacious walk in closet. Inside laundry and a singel car detached garage. Community amenities include pool/spa, walking/biking path and lake views. Close to lots of shopping, fine dining, golf and easy freeway access. Must see

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2529 W Florentine Road Phoenix, AZ 85086

$573,900

4 Beds

3.5 Baths

2,483 SqFt

Status Active

MLS # 6764475

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Fantastic opportunity to own this beautiful Tramonto home in sought after Desert Hills! This open concept home features a kitchen with custom cabinets, granite counters, breakfast bar, SS appliances that overlooks the great room and dining area. Two spacious master bedrooms. One with large jacuzzi tub and separate shower and the other boasts a private master retreat that's sure to please guests and family. 20x20 diagonally laid tile and newer carpet. Spacious den/office, 1/2 bath and laundry room downstairs. Tramonto community amenities include basketball courts, 2 community pools, jacuzzi, walking/bike trails and is close to excellent schools, restaurants, shopping, TSMC campus and the I-17.

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1502 Oregon Avenue Prescott, AZ 86305

$573,818

2 Beds

3 Baths

2,125 SqFt

Status Active

MLS # 6731974

Property Type Single Family Residence

Price Type --

Nestled in the serene Oregon neighborhood on the coveted West side of Prescott, Arizona, this 2125 sqft two-story home epitomizes eco-friendly living. Situated gracefully alongside a tranquil creek, protected by towering granite boulders, this residence is a sanctuary for those who cherish comfort and sustainability. Step inside to discover an incredible conservatory, complete with heating and cooling, offering a year-round connection to nature's beauty. Imagine soaking in a jetted tub or simply relaxing in this serene space, which includes a connected half bathroom. During winter, imagine placing your bed here and gazing up through the glass ceiling as snow gently falls around you—an experience reminiscent of sleeping in an igloo under the stars. The home boasts a Trombe Wall, ... ... ... harnessing passive solar energy for efficient heating and cooling. Supplementing this green ethos are solar hot water panels with electric backup, an old unregistered well, and multiple large water storage tanks, ensuring self-sufficiency even in the driest months. Warmth and ambiance abound with furnace-rated fireplaces complementing a cozy wood-burning hearth, perfect for chilly Prescott evenings. Outside, the property is ensconced in natural beauty, seamlessly blending into majestic Granite Boulders topped by a durable metal roof and freshly painted exterior. Additional features include a detached two-car carport, multiple sheds for storage, and an attached carport. For the discerning buyer seeking a harmonious blend of luxury and environmental stewardship, this Green Home in Prescott's Oregon neighborhood is a rare gem waiting to be discovered.

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5053 S Laguna Avenue Sierra Vista, AZ 85650

$573,500

5 Beds

2.5 Baths

3,673 SqFt

Status Active

MLS # 6763911

Property Type Single Family Residence

Price Type --

Solar was added to eliminate high electric bills- solar loan to be assumed by new owner. Escape to your private oasis and grand estate. This property boosts more than you can even imagine. Entry is enclosed with bright light inviting windows then you enter your home through brand new custom doors to an abundance of space starting with a formal dining room and living room with a 2-sided fireplace - you will notice new wood laminate floors. Kitchen fit for a chef - Kitchen Aid appliances, wall oven, huge island with cook top, granite counter tops and newly refinished cabinets. Just off the kitchen is eat in dining area, guest bathroom and bedroom AND your private sauna room. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Heading to the upper level is 2 additional guest bedrooms and your primary suite. Outside - welcome to your resort enjoy a private pool and hot tub within the primary yard but wait there is more with over 1 acre of land bring your toys, horses or pets with ample space and additional storage building that could be used for whatever you need. You don't want to miss the opportunity to own this 1 of a kind home. You will also find a very large bonus space, with wall-to-wall windows to take in all the beautiful views of the area. Use for your games, living, hobby etc. room the possibilities are endless.

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17279 W Dartmouth Street Surprise, AZ 85388

$573,500

2 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6763149

Property Type Single Family Residence

Price Type --

COME SEE THIS SMITHFIELD SPANISH HOME NESTLED ON A CORNER LOT WITH AMAZING MOUNTAIN VIEWS AT STERLING GROVE GOLF & COUNTRY CLUB IN SURPRISE, ARIZONA! IMMACULATE HOME WITH GREAT ROOM OPEN FLOOR PLAN, 10' FOOT CEILINGS, TILE FLOORING THROUGHOUT, GORGEOUS CHEF'S KITCHEN WITH GAS COOKTOP, BUILT IN WALL OVEN AND MICROWAVE, KITCHEN ISLAND WITH QUARTZ COUNTERTOPS, BEAUTIFUL KITCHEN CABINETS, BACKSPLASH AND MORE! MASTER BATHROOM WITH HIS & HER SINKS, WALK-IN SHOWER, AND WALK-IN CLOSET. SPACIOUS BACK PATIO AND YARD TO ENTERTAIN FAMILY & FRIENDS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

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7950 E Queensborough Avenue Mesa, AZ 85212

$573,315

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6676004

Property Type Single Family Residence

Price Type --

MLS6676004. Ready Now! PRICE REDUCTION! The Edmonton at Hawes Crossing Discovery presents a charming single-story residence boasting 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. As you step inside, the foyer effortlessly guides you towards the dining and kitchen space, providing abundant room for culinary endeavors. Revel in the spacious and welcoming ambiance of the casual dining and great room area, seamlessly connected to the outdoor living space and backyard, perfect for hosting gatherings. The generously proportioned primary suite offers a serene retreat with its private bathroom featuring double sinks and a walk-in closet. Structural options include: paver front porch, garage service door, and extended owner's suite.

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374 E Citrus Hollow Way Queen Creek, AZ 85140

$573,088

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6605086

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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