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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1121 N Winthrop Circle Mesa, AZ 85213

$575,000

4 Beds

2.5 Baths

2,073 SqFt

Status Active

MLS # 6740745

Property Type Single Family Residence

Price Type --

No HOA! Assumable loan at 2.5%! This charming 4 bedroom, 2.5 bath (plus a den) single level home is a true reflection of care. The open floor plan seamlessly transitions from room to room, showcasing unique and tasteful accents throughout. The flooring features subtle southwest colors in tile and engineered wood. Step outside to the oversized backyard with a sparkling pool and generous open space accessible through the RV gate. Ample storage area for ATV's, boats, and more. Experience the best of north Mesa living with no H.O.A. fees. Within walking distance to schools. Don't miss out on this incredible opportunity!

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20883 E Cattle Drive Queen Creek, AZ 85142

$575,000

4 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6742557

Property Type Single Family Residence

Price Type --

You will not be disappointed the moment you walk into this 4BR, 3BA, 2CG located in a well developed Queen Creek area. Very spacious with high high ceiling. Large kitchen with high end upgrades such as granite counter, gourmet kitchen, gas cook top, 42 inch upper cabinets, stainless steel appliances, recessed lighting. neutral ceramic tile flooring thru out the house. The open floor plan of the family room, kitchen & dining area will give you plenty of room to entertain all of your guests. Large laundry area. Epoxy flooring in Garage and Paver drive-way. Desert landscaping in the front for low maintenance and a beautiful backyard with covered patio for your relaxing and entertainment after long day work, paver, fake grass, with no house in the back. EZ access to freeway. Close to school

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16324 N 73rd Drive Peoria, AZ 85382

$575,000

3 Beds

2.5 Baths

2,082 SqFt

Status Active

MLS # 6752817

Property Type Single Family Residence

Price Type --

Move In Ready 3 bedroom + den/office, 2.5 baths, 2,082 square foot home with a gorgeous backyard and salt water pool! Beautiful great room with soaring ceilings, tile, kitchen boasts granite countertops, expresso wood cabinets, backsplash, gas stove, canned lighting, ample cabinets and counter space, large master suite with separate tub & shower, dual vanities, water closet, huge walk-in closet, 1 bedroom on first floor, second floor den/office is perfect for working from home, ceiling fans in all bedrooms, 2 car garage has epoxy flooring, 12 foot RV gate, California driveway in front of RV gate, backyard oasis is perfect for relaxing or entertaining, view lot that backs to the community park, covered patio with fans and TV, sunshades, extended paver patio, side entrance from garage to backyard with security door, exterior painted in 2022, AC replaced in 2017, located close to the 101, Arrowhead Mall, Peoria Sports Complex, shopping, entertainment, see this home today!

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13357 W Mayberry Trail Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6743221

Property Type Single Family Residence

Price Type --

Very livable, Charming 2 bedroom, 2 bath plus Den home in the highly desirable Adult community of Trilogy in North Peoria! This special home has great curb appeal. Step inside to a nice open den space and split front bedroom. Initing living/dining and kitchen area where you will find a large seating island, granite counter tops, Clean white cabinets and stainless appliances. Primary bedroom with ensuite bath featuring dual vanities, beautiful step in shower and walk in closet. Wonderful outdoor living with large covered patio overlooking a beautifully landscaped yard with extensive use of pavers and artificial turf. Trilogy offers the very best of retirement living in Arizona - community pools, fitness centers, golf, tennis, pickleball and loads of classes and clubs!

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6402 N 45th Avenue Glendale, AZ 85301

$575,000

5 Beds

4 Baths

2,681 SqFt

Status Active

MLS # 6744593

Property Type Single Family Residence

Price Type --

Welcome to this stunningly remodeled 5-bedroom, 4-bathroom home, where no detail has been overlooked. Every aspect has been updated, featuring new tile flooring, Italian cabinetry, sleek black stainless steel appliances, modern windows, fresh lighting, new paint throughout, and so much more. The spacious open floor plan includes multiple living areas and a versatile den or dining room. Outside, enjoy a generous covered patio perfect for entertaining, alongside a garden area surrounded by mature citrus trees. Conveniently located within walking distance to schools and shopping, this home offers both luxury and practicality with space for everyone to enjoy!

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2647 N Miller Road Unit 16 Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6746341

Property Type Single Family Residence

Price Type --

Rare Old Town Scottsdale Single Family Detached with Two Car Garage on the Coronado Golf Course. New paint in and out with BRAND NEW HVAC system. New Water Heater, and Appliances. Three 3yr old Roof and Updated fire sprinkler heads. This amazing home on a premium lot with a community pool and no common walls. A wonderful year-round home, winter getaway or income property. Large living/dining area with fireplace, tall ceilings, and golf course views. Owner's suite has golf course views, private bath, walk-in closet and patio exit. Third bedroom can be an office with french doors. Direct entry to kitchen with pantry from a 2 car garage with built-ins. Full size washer and dryer with lots of storage space. Enjoy premier Scottsdale art galleries, upscale shopping, restaurants, local music

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3308 E Jasper Drive Gilbert, AZ 85296

$575,000

3 Beds

3.5 Baths

2,537 SqFt

Status Active

MLS # 6747866

Property Type Single Family Residence

Price Type --

Charming Family Home in Prime Location! This inviting 3-bedroom, 3.5-bath home offers the perfect setting for family living. Featuring a versatile loft space ideal for a playroom, family movie nights, or a cozy home office. The spacious, fully turfed backyard is ready for endless outdoor fun, whether it's for games with the kids or relaxing under the stars. Located just a short walk from local restaurants and stores, this home combines the warmth of family living with the convenience of nearby amenities. A wonderful place to make lasting memories!

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28721 N 128th Drive Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6749410

Property Type Single Family Residence

Price Type --

This charming, meticulously cared for home has 2bd/2ba + den and is located on a quiet cul-de-sac in the highly desirable, gated community of Trilogy at Vistancia. This lovely home has many upgrades including central vac, a large eat-in kitchen with loads of storage, s/s gas appliances, and it opens to the great room with a custom wall unit and built-in surround sound. Just off the great room is access to a tranquil, private courtyard complete with a gas fireplace. The backyard has lush landscaping, fire pit, fountain, mister system, artificial turf and generous use of pavers. The upgrades continue in the extended garage which has plenty of storage cabinets, shelving, mop sink, and epoxy floor. You can even listen to music/tv from the great room with the built-in speakers in the garage. You will absolutely love the world class amenities in the active adult community of Trilogy at Vistancia.

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6309 N 14th Street Phoenix, AZ 85014

$575,000

3 Beds

3 Baths

2,226 SqFt

Status Active

MLS # 6748320

Property Type Single Family Residence

Price Type --

Discover this exceptional home nestled in an exclusive gated community of just 22 patio homes. Perfectly located for easy access to entertainment, shopping, downtown, and the airport, this residence offers the ultimate in convenience and luxury. Inside, you'll find two master suites, with a third bedroom that can easily serve as a guest room or home office. The spacious living room features a cathedral ceiling and a stunning fireplace, while the charming patio off the dining room offers an elegant oasis to unwind. Additional highlights include brand-new HVAC and flooring, and fresh interior paint!

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1639 E Redfield Road Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6750971

Property Type Single Family Residence

Price Type --

ALL ELECTRIC* ZERO UTILITY BILLS *MONTHLY REBATE FROM SRP* TOP OF THE LINE TESLA SOLAR SYSTEM WILL BE PAID OFF AT THE CLOSE OF ESCROW.* *HIGH EFFICIENCY HVAC SYSTEM 2023* *WOOD FLOORING AND CARPET 2024* *HALL BATH ENLARGE AND REMODEL 2024* *TESLA SOLAR SYSTEM 2022* PERFECT FAMILY HOME IN SONOMA RANCH. GREAT SCHOOLS CLOSE BY, NEIGHBORHOOD PARKS, BEAUTIFUL YARD WITH SWIMMING POOL. NORTH SOUTH FACING HOME. HOME IS MOVE IN READY.

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8143 W Salter Drive Peoria, AZ 85382

$575,000

5 Beds

3 Baths

2,465 SqFt

Status Active

MLS # 6751158

Property Type Single Family Residence

Price Type --

Freshly painted Ext/Int 5BR, 3BA, 3CG located in well developed Fletcher Heights neighborhood, new stainless steel stove and dishwasher. Very bright and spacious floor plan with high ceiling. Spacious kitchen over look the family room. Laminate flooring thru out the house. Ceiling fan in every room for your comfort. Low maintenance front with desert landscaping. Large backyard with a swimming pool for your family enjoyment in the summer time, low maintenance desert landscaping with artificial grass . Formal dining and living room. Very large Owner bedroom with double sink, separate tub and shower and a large walking closet. Close to shopping, schools, park, restaurant and easy access to loop 101

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427 E Mayfield Drive San Tan Valley, AZ 85143

$575,000

4 Beds

2.5 Baths

2,369 SqFt

Status Active

MLS # 6751714

Property Type Single Family Residence

Price Type --

You can't miss this property, It's sitting on a massive 20,000+ sq ft lot (just under 1/2 acre) with an RV gate and HOA allows RV'S up to 30 feet long parking in the back yard. There are 4 bedrooms and 2.5 baths. There is a huge open family room as well as a formal living room and a dining room. There is also a large open kitchen with a big island for entertaining,, new granite counters. The backyard is a blank slate waiting to become the backyard of your dreams, the options are endless and three-car garage. Improvements...All Carpet updated Jan-2022.All baseboards updated Jan -2022.The whole house was painted inside Jan-2022,,, Toilets Updated Jan-2022. Kitchen and Baths granite countertops and Cabinets painted updated Aug-2024. THE HOME WARRANTY IS INCLUDED FOR ONE YEAR.

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