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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16062 W Alameda Road Surprise, AZ 85387

$578,960

4 Beds

3.5 Baths

2,674 SqFt

Status Active

MLS # 6729568

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH , 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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3726 E Rochelle Circle Mesa, AZ 85215

$578,950

3 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6749729

Property Type Single Family Residence

Price Type --

This is a to be built home being offered at Base Price plus lot premium. Price includes a nice standard feature package and an option allowance to be used at the Design Studio to personalize the home to your tastes. Features include a heavy iron front door, 2x6 ext. framing, dual pane vinyl windows, Carrier gas furnace and AC. Price includes ceramic tile in select areas. Choice of interior door styles, iron front door styles plus choice of door hardware and bathroom fixture colors. 10' interior ceilings, front porch and rear patio included! Much more. Front view picture is of an artists rendering, pics are of a upgraded former model home. Final price is determined by any other options or upgrades added by buyer at the Design Studio. Taxes are estimated. 2025 completion

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8572 W Palo Verde Avenue Peoria, AZ 85345

$578,900

5 Beds

2 Baths

2,196 SqFt

Status Active

MLS # 6731165

Property Type Single Family Residence

Price Type --

Welcome to your next business opportunity! This spacious 5 beds, 2 baths home with a sprinkler system is ideal for starting or expanding a group home business. Previously licensed for a 10-bed behavior group home, it offers ample room for residents with its professionally converted garage adding extra space. Located in a prime area with easy access to local amenities and healthcare facilities, Its turnkey nature allows for business operations, offering significant growth potential and profitability.

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6971 W Heritage Way Florence, AZ 85132

$578,700

2 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6769497

Property Type Single Family Residence

Price Type --

RESORT STYLE LIVING.....w/ your own pool on the 16th fairway of POSTON BUTTE golf course! Enter the spacious courtyard & into your dreams. Chef Lux kitchen features an island, stainless appliances, gas cooktop, double ovens, above/under cabinet lighting, R/O, tile backsplash & granite counters. Owner's Suite w/ slider to the patio & overlooks the SPARKLING POOL, WATERFALL & GOLF COURSE! Relax on the ext patio w/ sunshades & lush landscaping. Living area features a built in entertainment center, water feature & surround sound. Room for guests w/ Murphy bed/built in desk in the den. FULL 3 car garage leaves room for toys! Home is offered turnkey/furnished for no additional cost! ENJOY ALL SUN CITY OFFERS w/outdoor/indoor pools/spas, full gym & Poston Butte Golf Course! AVAILABLE TODAY!!

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18176 W Paradise Lane Surprise, AZ 85388

$578,000

4 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6760419

Property Type Single Family Residence

Price Type --

Welcome Home! This Meticulously maintained 4 bedroom, 2 bath home backs to a quiet greenbelt with walking trails giving you privacy while enjoying swimming in the custom pool that features a waterfall or relaxing on the covered patio. Enjoy cooking in the gourmet kitchen which includes cherry cabinets, granite countertops, double oven and all new SS appliances. Cozy up next to the gas fireplace in the great room that features 10' tall ceilings and plantation blinds throughout the house. The large primary bedroom features sliding door access to the patio and pool area, an ensuite bathroom, walk in closet with built-ins. Enjoy the oversized three car garage with built-in cabinets and a large laundry room. New AC/Heater/Water Heater. This home shows like brand new, you wont be disappointed.

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3887 E Claxton Avenue Gilbert, AZ 85297

$578,000

5 Beds

2.5 Baths

2,523 SqFt

Status Active

MLS # 6732789

Property Type Single Family Residence

Price Type --

Incredible investment opportunity in the award winning Power Ranch community. Spacious 5 bedroom/3bathroom with tenant secured at competitive market rent to 2/28/25. Primary bath has large walk in closet, as does one of the guest bedrooms. Covered patio with flagstone pathway and low maintenance landscape

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618 E Cleveland Court San Tan Valley, AZ 85140

$578,000

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6748218

Property Type Single Family Residence

Price Type --

Beautiful house in the desired area of San Tan Valley/Queen Creek area. HUGE home with 5 bedrooms, 4 full baths, open-floor plan, big loft, large bedroom and full bathroom downstairs, oversized walk-in closet, 3-car garage, large RV gate with enough area for all your toys and storage and a huge backyard to relax. Just minutes away from HWY 60 and Hwy 24 for easy access to your job and the city. This community featuring lots of walking and biking paths, parks and volleyball court, entertainment and much, much more.

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10237 E Ulysses Avenue Mesa, AZ 85212

$577,946

4 Beds

3.5 Baths

2,536 SqFt

Status Active

MLS # 6769954

Property Type Single Family Residence

Price Type --

Welcome to your 2024 DREAM home in the highly sought-after Medley at Avalon Crossing! Over $62k in UPGRADES! This BEAUTIFUL home combines stylish elegance + thoughtful living spaces! GOURMET kitchen features quartz countertops + Whirlpool stainless appliance suite! The great room is perfect for entertaining, while the upstairs loft offers additional living space. Private primary suite w/ensuite bath! Balcony! Situated in a BEAUTIFUL community, residents can take advantage of wonderful amenities including a heated pool, playgrounds, bocce ball courts, and scenic walking paths lined with trees. Perfectly designed for modern living, this home offers luxury, comfort, and community all in one! WELCOME HOME!

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4182 E Bonanza Road Gilbert, AZ 85297

$577,770

4 Beds

3 Baths

2,502 SqFt

Status Active

MLS # 6769940

Property Type Single Family Residence

Price Type --

Welcome Home to Award Winning Power Ranch! Beautiful MOVE IN READY, 4 Bedroom, 3 Full Baths, Living room, Great room, and Oversized Loft! Additional features include front & back covered patios, second level balcony, granite countertops, and upgraded Kitchen Appliances. Samsung Washer, Dryer & Fridge, are INCLUDED! Lower level bedroom & full bath are perfect for a private in-law suite, gym, guest room, or office! 2 car garage, plus partially covered driveway allows parking for 6 vehicles! Power Ranch has 26+ miles of trails, parks, sports, pools, splash pad, lakes, clubhouse, schools, and green belts. Fantastic location allows walking & biking to stores, eateries, gyms, schools, trails, and the Gilbert Regional Park! Its not just a Home, Its a Lifestyle!

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18370 W College Drive Goodyear, AZ 85395

$577,645

3 Beds

2 Baths

2,099 SqFt

Status Active

MLS # 6750583

Property Type Single Family Residence

Price Type --

ENTERTAINER'S DELIGHT! Welcome home to a stunning Meritage 3 bedroom, 2 bath home plus large den, located in the highly-sought after Sedella community in Goodyear. Home sits on a large lot with a beautiful landscaped backyard boasting a large sparkling pool, a large ramada with pavers, a beautiful gas fire pit for those cool desert nights, synthetic turf, large covered patio and dwarf fruit trees. Home also has a large RV Gate with generous paved parking, and RV parking IS allowed. From the moment you walk through the front entry, the spacious floor plan opens up to a great room with vaulted ceilings and a beautiful modern kitchen with a large island and a walk-in pantry, made for entertaining. Primary bedroom suite is split from other bedrooms for private tranquility..... All bedrooms have ample walk-in closets. This home shows pride of ownership and is move-in ready, and shopping and other conveniences are close by.

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21355 E Sparrow Drive Queen Creek, AZ 85142

$577,511

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6753927

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Ascent at Jorde Farms, featuring numerous upgrades! Inside, you'll find a gourmet kitchen with designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room is ideal for entertaining. The private primary bedroom has spacious walk-in closet. This house also boasts upgraded paint and flooring, among $75K of other options and upgrades.

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341 E Constitution Drive Gilbert, AZ 85296

$577,500

4 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6765967

Property Type Single Family Residence

Price Type --

Welcome to your dream home, ideally located in a quiet cul-de-sac near Ray and Gilbert Rd in the heart of Gilbert! This stunning single-story, 4 bedroom, 2 bathroom home offers a bright and airy interior with hardwood floors and tile in the main living areas, and carpet in the bedrooms for maximum comfort. The inviting great room features a cozy fireplace with a custom mantel, perfect for relaxing evenings. The open kitchen is great for entertaining, equipped with stainless steel appliances, updated light fixtures, and a charming eat-in breakfast nook. Step outside to your backyard oasis, complete with a PebbleTec pool, spa, and real grass for outdoor enjoyment. A custom mural adds an artistic touch to the space. The home also boasts a 3-car garage, complete with an extra electrical sub-panel, ideal for a workshop. Plus, there's an RV gate with a cement pad for all your storage needs. With solar panels to keep electric bills low, this home is as efficient as it is beautiful. Don't miss your chance to own this exceptional property in a prime Gilbert location!

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