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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15922 W Electra Lane Surprise, AZ 85379

$570,687

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6770484

Property Type Single Family Residence

Price Type --

Welcome to Escalante! New Home Ready for immediate Occupancy. This single level 2229 SF, 4 BR, 3 BA with a 3 car garage is located on an interior NS facing homesite surrounded by single level homes, NO two Stories! Exciting included features! Upgraded white cabinets, 42'' Uppers, Granite Countertops, Tile Backsplash, Plank Tile on the floors in all traffic areas! 10' ceilings, 8' interior doors,, garage service door, large extended patio, tankless water heater, front yard landscaping with drip system, PLUS so much more. Neighborhood includes tree lined streets, Parks and Aquatic Center. Energy Star & Indoor Air Plus Certified for more energy savings! 5 Star Resort Style Amenities include, hiking trails, Aquatic Center, 8 select parks, Picnic Ramada's, Basketball, 3 Pickle Ball courts, bocce ball courts, 18 hole disc golf course, and a Zip Line for the kiddos! This home is Energy Star and Indoor Air Plus qualified. Includes full Builder Warranties plus so much More..

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40528 N Parisi Place San Tan Valley, AZ 85140

New

$570,000

5 Beds

3 Baths

3,361 SqFt

Status Active

MLS # 6785524

Property Type Single Family Residence

Price Type --

Welcome to this meticulously cared-for and beautifully updated home. Offering easy access to all the shopping, dining, and entertainment options you could ever need, this property combines modern convenience with timeless style. Step inside to discover a spacious and open floor plan, complete with soaring vaulted ceilings that create a bright and airy atmosphere throughout. The newly renovated kitchen and bathrooms showcase beautiful finishes, including timeless countertops, white cabinetry, and modern fixtures. The luxurious primary ensuite is truly a retreat, featuring a spa-like bathroom with a breathtaking freestanding bathtub and an incredible shower with an incredible control panel. It's the perfect place to unwind after a long day. Additional upgrades include elegant crown molding, new HVAC in 2020, new paint and custom garage cabinets that offer ample storage space. The expansive three-car garage is ideal for car enthusiasts or anyone needing extra storage room. Step outside and enjoy your private oasis. The backyard has been recently landscaped with care and features an outdoor shower, a refreshing pool with custom LED lights and a relaxing water feature. The backyard misting system ensures cool comfort year-round, while the lack of rear neighbors provides added privacy. Whether you're entertaining guests or simply relaxing in your own slice of paradise, this home offers everything you could want and more. Don't miss the opportunity to make this your dream home!

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11226 E Posada Avenue Mesa, AZ 85212

$570,000

2 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6728991

Property Type Single Family Residence

Price Type --

Live your best life in the lovely Sunland Springs Village (SSV) 55+ Adult Community. This cozy 2 bd/2bth plus den has all the right touches. Pride of Ownership on Display! Enjoy the Living Area with Electric Fireplace; Porcelain Tile Wall, Stunning Wall of Glass looks out to Extended Patio w/ Travertine Tile, Pergola and 2 firepits. Stellar landscape design; Lush yard with sweet orange and lemon trees. Solar Roof Panels provide energy saving benefits. Plantation shutters adorn the windows. Extended kitchen with granite countertops and energy efficient appliances. This is not just a house but a HOME! Enjoy resort like community amenities: Rec Center, Clubhouse, Ping Pong, Billiards, Golf, Tennis, Pickleball, Shuffleboard, Heated Pools, Jacuzzi, Exercize Rooms, Yoga; SSV has it all! This is a Must See! Please visit the SSV HOA website to learn about the many clubs and activities available in this active adult community:

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20515 N 264th Avenue Buckeye, AZ 85396

$570,000

2 Beds

2 Baths

2,095 SqFt

Status Active

MLS # 6741698

Property Type Single Family Residence

Price Type --

VALUE! PAID SOLAR LEASE, PAID CFD, NEWER HVAC AND APPLIANCES. This 2 bed/2 bath/Den Destiny model has fabulous golf course views and sets on a quiet street yet it's close to the Sage Recreation Center, the Grill and the Golf shop (location, location, location). This is a quality Del Webb built home with many upgrades. See a more complete list in the Documents tab.

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4216 N 27th Street Unit 106 Phoenix, AZ 85016

$570,000

3 Beds

2.5 Baths

1,683 SqFt

Status Active

MLS # 6756185

Property Type Townhouse

Price Type --

This stunning and spacious townhouse is situated in the Biltmore area and boasts impressive 18-foot ceilings in the main living room, a cozy fireplace, and 10-foot ceilings in each of the bedrooms as well as a two-car garage with epoxy flooring. The expansive primary bedroom includes a private balcony, a generous walk-in closet, and a bathroom featuring an oversized soaking tub and recently remodeled shower. The charming courtyard has been enhanced with turf and pavers, creating a lovely outdoor retreat. Conveniently located near restaurants, shopping, the airport, and major freeways, this home is situated in an exclusive part of Phoenix, in close proximity to Arcadia, Scottsdale, and Paradise Valley.

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1150 S Karen Lane Gilbert, AZ 85296

$570,000

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6767613

Property Type Single Family Residence

Price Type --

Beautiful, and very well-maintained home in a great location! Home features big open space with vaulted ceiling. kitchen with stainless steel appliances and lots of cabinets with granite counter tops. A nice size master suite with walk-in closet and private access to backyard, and sparkling pool with waterfall feature. Three bedrooms plus an office. Easy maintenance front and backyard landscape. Home located in a nice quiet cul de sac. Move in ready with NEW roof (2021), AC unit (2022), water heater (2024), and irrigation system (2023) throughout the lot with extra new lines for future planting. Greenfield Lakes has an executive length 18-hole golf course and driving range. Located near Santan Mall, Top Ranked Restaurants, and highly desired School District!

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20414 E Happy Road Queen Creek, AZ 85142

$570,000

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6781013

Property Type Manufactured Home

Price Type --

Fantastic breathtaking mountain views, over an acre of property and NO HOA!!! Size does allow for horses. Spacious floor plan! Master has two separate bathrooms! Kitchen open to family room, tons of cabinet space. Corner Lot. North South facing exposure. Entire property surrounded by no climb fence. This home boasts with updates throughout. This property provides a blank canvas for anyone to make this their dream property! Conveniently close to amenities.

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11169 N Par Drive Tucson, AZ 85737

$570,000

5 Beds

3 Baths

2,904 SqFt

Status Active

MLS # 6781986

Property Type Single Family Residence

Price Type --

Spacious 5 bedroom, 3 bath home with a 3 car garage. Open floorplan with family room and formal dining room/living room. Open kitchen with breakfast nook. One large bedroom downstairs and the rest of the bedrooms upstairs. Master suite upstairs with large walk in closet and balcony overlooking the backyard and pool. Landscaped front and backyard with no backyard neighbors. Come show today.

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17416 E Windstone Trail Rio Verde, AZ 85263

$570,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6783005

Property Type Single Family Residence

Price Type --

HOME IS COMPLETE AND MOVE IN READY NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. THIS 4 BEDROOM HOME HAS 2331 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK.

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1724 W Hemingway Lane Anthem, AZ 85086

$570,000

5 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6785447

Property Type Single Family Residence

Price Type --

Nestled in the heart of the desirable Anthem Parkside neighborhood, this spacious 5-bedroom, 3-bathroom home offers a blend of comfort and convenience. Located directly across from a beautiful park, it provides serene views and easy access to outdoor recreation right at your doorstep. This home has been recently updated with a brand-new AC unit, water heater, and fresh paint throughout, ensuring energy efficiency and a fresh, modern feel. The master bathroom has also been completely renovated, providing a luxurious retreat within the home. With plenty of space for family and guests alike, this home is move-in ready and primed for memorable gatherings and everyday relaxation.

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1842 N Red Cliff Mesa, AZ 85207

$570,000

2 Beds

2 Baths

1,379 SqFt

Status Active

MLS # 6783900

Property Type Townhouse

Price Type --

Welcome to this exceptional 2-bedroom, 2-bathroom home nestled in the exclusive, gated community of Mountain Bridge. Upgraded and fully furnished, this home is the epitome of move-in ready, offering style, elegance and convenience for modern living. As you step inside, you're greeted by an expansive great room featuring soaring ceilings and an abundance of natural light pouring in through a glass sliding door. This inviting space seamlessly blends comfort and sophistication, making it perfect for both everyday living and entertaining. From the backyard, you can enjoy sweeping views of the desert wash, offering a private & serene landscape on a premium lot! Ultimate resort-style living at this community offers swimming pools, pickle ball/tennis courts, gym, rec center and so much more

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531 W Silver Creek Road Gilbert, AZ 85233

$570,000

4 Beds

2.5 Baths

2,020 SqFt

Status Active Under Contract

MLS # 6783620

Property Type Single Family Residence

Price Type --

ATTENTION: *Potentially* assumable 2.25% VA loan, restrictions apply, must qualify. Nestled in the desirable Madera Park neighborhood, this beautifully remodeled 2 story home offers style and space. This residence offers a thoughtful floorplan including a charming coffee bar and private space under the stairs for littles or pets. Samsung washer/dryer set conveys and features a deep folding shelf of stylish granite. Kitchen equipped with LG fridge, Samsung electric cooktop/oven and built-in micro. Backyard will welcome you all year round with a majestic ficus tree, sandbox play area, a sun-sail over the pebble-tec pool, and there are even producing grape vines! MUST SEE this one ASAP!

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