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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2117 E Voltaire Avenue Phoenix, AZ 85032

Open House

$569,000

3 Beds

2.5 Baths

1,590 SqFt

Status Active

MLS # 6772466

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops, and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. This premium end location Quail Plan showcases an enclosed front patio, oversized 2 car garage, bonus loft space and second floor deck.

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22807 E Stacey Road Queen Creek, AZ 85142

$569,000

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6758518

Property Type Single Family Residence

Price Type --

This open concept layout offers 3 bedrooms, private study, 2 baths, ample storage with a spacious utility room and two car garage. Enjoy sought after selections hand-picked by our expert designers; 12-foot slider leading you to the extended covered patio, signature ''super shower'' with upgraded tile to the ceiling in owners retreat, gourmet kitchen, stainless steel appliances with built in gas range, two tone shaker cabinets complimented by quartz countertops, and stunning kitchen backsplash. This beautiful home is situated on a desirable South Back home site. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

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11110 N 165th Avenue Surprise, AZ 85388

$569,000

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6771392

Property Type Single Family Residence

Price Type --

One of the best properties in Surprise with an opportunity to assume a low interest rate! With a huge chef's kitchen and open floor plan, this home is perfect for entertaining. This home will make you feel like you are on vacation all year. This home has no neighbors behind or to the east, making this home feel like it is the only home in the neighborhood. The backyard is a desert paradise with a luxury pool, an above ground spa and a built-in gas fire-pit. This home is move-in ready and offered turn-key.

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2640 E Northridge Street Mesa, AZ 85213

$569,000

3 Beds

2 Baths

1,913 SqFt

Status Active

MLS # 6779810

Property Type Single Family Residence

Price Type --

Imagine drinking your morning beverage next to the tranquil fountain and under the large carob tree. This home, without an HOA, is owned and cared for by the original owners. Some of the many features include a 205 square foot enclosed patio, large lot, double gates for boat or RV, built in storage room, built in Barbecue, Built in table on the patio 220 stub for Jacuzzi and much more. Save water with irrigation in both the front and back yards. The interior has an open floor plan and mostly hard surface flooring. There is a wood burning fireplace in the family room. The water heater was replaced in 2023 and the AC was replaced in 2022 and has a transferrable service plan. This home is located very close to 202 freeway for convenience.

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8791 W Kathleen Road Peoria, AZ 85382

$569,000

4 Beds

2 Baths

2,297 SqFt

Status Active

MLS # 6782048

Property Type Single Family Residence

Price Type --

Stunning 4-Bedroom Home with Pool in Arrowhead Shores Located in the desirable Arrowhead Shores neighborhood, this beautiful 4-bed, 2-bath home offers a private, new PebbleTec pool with updated pool equipment and a new roof. The spacious 3-car garage and open-concept living provide both comfort and convenience. The chef's kitchen features stainless steel appliances and granite countertops, while the master suite boasts a walk-in closet and spa-like en-suite bathroom. With no HOA fees, you'll have more freedom. Walk to top-rated schools and enjoy nearby shopping and dining. Don't miss out on this incredible opportunity! Schedule your showing today and make this dream home yours!

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3332 E Windsor Drive Gilbert, AZ 85296

$569,000

3 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6784340

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level 3-bedroom, 2-bath, 2058sf home in the highly sought-after Higley Park community. This home features a spacious formal living room, a cozy family room with a stone-front gas fireplace, and a split floorplan for added privacy. The kitchen boasts ample cabinets, a large island seating 3+, a gas stove, and a built-in oven. Enjoy the heated pebble sheen private pool in the quaint backyard with view fencing and no rear neighbors. The owner's suite is oversized with an ensuite offering a separate tub and shower. Recent updates include fresh interior and exterior paint, removable pool fence, and a flat tile roof. Located near top dining, schools, freeways, and entertainment, this home is in an amazing location!

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2185 W Mcdowell Boulevard Apache Junction, AZ 85120

$569,000

3 Beds

2 Baths

1,249 SqFt

Status Active Under Contract

MLS # 6775782

Property Type Manufactured Home

Price Type --

Discover this beautifully updated 3-bdrm/2-bath home with breathtaking mountain & city views, situated next to preserved land for ultimate privacy. The home features a brand-new roof and modern appliances in a well-equipped kitchen, perfect for comfortable living & entertaining. Step outside to enjoy a spacious 52-ft covered patio, ideal for relaxing or hosting guests.For equestrian enthusiasts, the property includes 4 large covered stalls, each with its own turnout, a dedicated tack room, & covered hay storage. Additionally, a separate workshop, well house, tool shed, and ample covered storage space provide all the convenience and utility you need.This property combines luxury with practicality, offering a peaceful retreat while maintaining proximity to essential amenities.

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8037 N Sage Vista Prescott Valley, AZ 86315

New

$569,000

3 Beds

2 Baths

1,984 SqFt

Status Active

MLS # 6787699

Property Type Single Family Residence

Price Type --

You don't want to miss this great home in the popular Viewpoint subdivision in Prescott Valley. Enjoy the open floor plan with large living room, dining room and bonus sitting area to enjoy morning coffee. Take in the amazing sunrises and mountain views from your covered patio completely landscaped and fenced for the pups! The kitchen has granite counter tops, upgraded cabinets, stainless steel appliances and tons of space, perfect for prepping for holiday dinners. Pull up a chair at the bar and enjoy a cocktail and the beautiful distant mountain views. The large primary bedroom is light and bright with a newer sliding glass door for easy access to the view patio. Watch the sunrise, enjoy Mingus Mountain views and experience the monsoon as it moves across the valley.

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27504 N Montana Drive Rio Verde, AZ 85263

$569,000

2 Beds

2 Baths

1,741 SqFt

Status Active

MLS # 6780473

Property Type Townhouse

Price Type --

TURNKEY! Lovely, fully furnished and updated townhome in the gated and picturesque community of Tonto Verde. Located on a quiet cul-de-sac street just a half block from the clubhouse and its amenities. The home features great room style of living with new flooring, new GE Profile SS appliances, new washer and dryer, new plumbing fixtures, new hardware, new LED ceiling fixtures, and it has been freshly painted, including the garage. The covered patio extends out and includes a wood-burning firepit. The garage is extended in length to accommodate two cars plus a golf cart. It's fully furnished and ready to move in. It's the perfect townhome for you!

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8609 N 89th Drive Peoria, AZ 85345

New

$569,000

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6787852

Property Type Single Family Residence

Price Type --

Located within the gated Crosspointe community, this turnkey, extensively upgraded residence boasts 3 bedrooms plus a den and 2 bathrooms across 1893 square feet, featuring a spacious great room design. The gourmet kitchen is equipped with ample cabinetry, granite countertops, a gas cooktop, stainless steel appliances, a walk-in pantry, and an island complete with a breakfast bar and pendant lighting. Dual sliding glass doors from the great room open to a covered patio and a backyard surrounded by single story homes that includes a private pool, generous paver work, and a storage shed. The master bedroom offers backyard access through its own sliders and features an en-suite bathroom with dual sinks, a separate bathtub and shower, and a large walk-in closet. Additional amenities include tile and vinyl plank flooring, plantation shutters, neutral paint, ceiling fans, a side yard with a double gate, a stone-accented facade, and a 3-car garage complemented by an expansive paver-lined driveway.

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14410 N 42nd Place Phoenix, AZ 85032

$569,000

4 Beds

3 Baths

1,752 SqFt

Status Active

MLS # 6690022

Property Type Single Family Residence

Price Type --

Welcome to your dream family abode nestled in the heart of North Phoenix, Arizona! This charming single-level home boasts an array of desirable features designed to cater to your every need. Step inside to discover a spacious interior adorned with multiple living spaces, providing ample room for relaxation and entertainment. Whether you're hosting gatherings or enjoying quiet family evenings, there's a space for every occasion. The home's owned solar panels not only offer eco-friendly energy solutions but also ensure significant savings on utility bills, providing both environmental consciousness and economic efficiency. Outside, you'll find a delightful backyard oasis, perfect for soaking up the Arizona sunshine. Welcome home!

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7825 W Rovey Avenue Glendale, AZ 85303

$569,000

4 Beds

2 Baths

2,694 SqFt

Status Active

MLS # 6731089

Property Type Single Family Residence

Price Type --

This Beautiful home located in Tessera's gated community features *4 Bathrooms *2 Baths, Formal Living Room with Dining Room *Family Room*Granite counter*Tile floors in all common areas*Extended 3 car garage*Additional 4th Garage conditioned as workshop or can be used to store extra toys.*Lots of space for entertainment for large family*Beautiful front landscape with mature trees*RV Gate *Pavers/concrete laid out for RV parking Front/back yard*Across from Community Park*

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