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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2460 S Apache Drive Chandler, AZ 85286

$569,000

4 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6727216

Property Type Single Family Residence

Price Type --

Brand new roof, new HVAC, new stove/oven/microwave! This charming 4 bedroom and 2.5 bathrooms, is nestled in the heart of Chandler, a community celebrated for its parks, top-rated schools, and great dining. The kitchen offers access to each room on the main floor and the living areas are perfect for cozy family gatherings! The master suite offers a bright ensuite bathroom and a walk-in closet. Outside offering a covered patio ideal for al fresco dining, low-maintenance landscaping, and a refreshing pool! Close to major freeways, conveniently located near shopping, dining, and Chandler Fashion Center.

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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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9038 W Orchid Lane Peoria, AZ 85345

$569,000

4 Beds

2.5 Baths

2,437 SqFt

Status Active

MLS # 6738790

Property Type Single Family Residence

Price Type --

Seller Concession Available ! Beautifully maintained single-story home nestled in a gated community on a quiet Cul-De-Sac. The kitchen is a chef's dream with granite countertops, a large island adorned with pendant lights, a gas cooktop, stainless steel appliances & LED lighting, all complemented by high ceilings. The split floor plan includes a versatile flex room, perfect for a home office or playroom. The luxurious primary bathroom boasts a soaking tub & a spacious frosted glass tiled shower, alongside a generous walk-in closet. The 3-car garage provides ample storage space. Enjoy the low-maintenance backyard, complete with artificial turf, a dog run, an RV gate, a kids' play structure. Plus, there are no two-story homes behind the property, ensuring privacy. Conveniently located, close to The Westgate Entertainment Complex! This home offers both tranquility and entertainment at your doorstep.

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18370 W College Drive Goodyear, AZ 85395

$569,000

3 Beds

2 Baths

2,099 SqFt

Status Active

MLS # 6750583

Property Type Single Family Residence

Price Type --

POOL PARTY-READY!! 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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3150 N Eagle Landing Road Show Low, AZ 85901

$569,000

2 Beds

2 Baths

1,679 SqFt

Status Active

MLS # 6752586

Property Type Single Family Residence

Price Type --

We may say this often - but it is true - Escape to the Pines! This perfect lot that backs to State land in Creekside at Eagle Mountain Estates is a beautiful gated community in Show Low. This very spacious 2 bedroom, 2 bath home with a separate little office area off the kitchen (which has a large walk in pantry and gas range) is perfect for relaxation retreat away or living here permanently . Enjoy the warmth of the living room fireplace during those cooler mountain evenings or step outside into your enclosed pavered yard—perfect for peaceful mornings with a book or safe playtime for your pets. This home also features a generously sized two-car garage that provides extra space for larger vehicles or additional storage (think UTVs!). Residents appreciate the community's strict no short-term rental policy, which preserves the neighborhood's quiet charm. Whether you're seeking a permanent residence or a seasonal retreat, this home offers an ideal setting for a tranquil lifestyle surrounded by natural beauty. Explore the opportunity to call this serene dwelling your own!

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2475 N 163rd Drive Goodyear, AZ 85395

$569,000

2 Beds

2 Baths

2,088 SqFt

Status Active

MLS # 6759367

Property Type Single Family Residence

Price Type --

This fabulous 2 bed/2 bath residence now on the market is for you! Featuring great curb appeal, a low-care landscape with mature shade tree, and a 2 car + golf cart garage. A spacious open floor plan w/elegant wood plank flooring, formal dining area, a 2-way fireplace, and neutral palette throughout. The gorgeous kitchen is comprised of wood cabinetry w/granite counters, a pantry, brand new SS dish-washer/gas stove top-oven. Newer ''Samsung Bespoke ''refrigerator, new pen lighting & recessed lighting, completes the breakfast bar. You'll love the primary bedroom, with a walk-in closet and an esuite w/dual sinks. You'll also find a cozy open den/sitting room! Finally, the lovely backyard includes a covered patio, extended paver seating area, a built-in BBQ, gas fire pit and fountain.

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7901 W Missouri Avenue Glendale, AZ 85303

$569,000

4 Beds

2.5 Baths

2,961 SqFt

Status Active

MLS # 6771300

Property Type Single Family Residence

Price Type --

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10441 W Los Gatos Drive Peoria, AZ 85383

$569,000

4 Beds

3 Baths

2,698 SqFt

Status Active

MLS # 6779637

Property Type Single Family Residence

Price Type --

Amazing 4-bedroom and Den Residence in Casa Del Rey! You're greeted by 3-car garage, welcoming porch**Impressive entryway leads you to a charming living/dining room w/ Earth-tone palette**Spacious Family Room boasts Soaring Ceilings, Clerestory Windows for ample natural light**Gorgeous Kitchen comes w/Granite Counters, Custom Wood Cabinetry w/Crown Molding, SS appliances, a large Pantry, and a two-tier peninsula with Breakfast Bar**Convenient Downstairs Bedroom & full Bath** Upstairs, the Loft provides additional Living Space**Large Master Suite with Spacious Master Ensuite with Separate Tub/Shower and Large Walk-In Closet**Large Secondary Bedrooms**Double Sinks at Hall Bath**Ceiling Fans throughout**Step Outside to Eye Appealing Backyard with Extended Covered Patio & Large BBQ Island The cozy primary bedroom offers a sitting nook, an ensuite with double sinks, and a walk-in closet.Unwind in the enchanting backyard, complete with a full-length covered patio, stylish pavers, pristine artificial turf, and a built-in BBQ with a dry bar for outdoor get-togethers. Make this gem yours now!

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3055 N 33rd Place Phoenix, AZ 85018

$569,000

4 Beds

2.5 Baths

2,108 SqFt

Status Active Under Contract

MLS # 6725209

Property Type Townhouse

Price Type --

Beautiful newer townhome in a quiet gated community centrally located near Biltmore and Arcadia - close to restaurants, shopping, entertainment and just 10 minutes to downtown Phoenix and Sky Harbor International Airport. First floor has an open floorplan with high ceilings and wood plank tile flooring, Kitchen has a large island with bar seating, granite counters, large pantry, and bay window dining area. It is open to the family room, which has an oversized triple sliding glass door leading out to a covered patio and pavered backyard. Oversized garage has separate side yard exit. Upstairs you enter a huge loft space with vaulted ceiling. 4 bedrooms are split from each other for added privacy - Master at one end, two bedrooms at the other end and the fourth halfway between.

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2409 W Acoma Drive Phoenix, AZ 85023

$569,000

4 Beds

3 Baths

2,557 SqFt

Status Active Under Contract

MLS # 6746657

Property Type Single Family Residence

Price Type --

Beautifully maintained, energy-efficient home features owned solar panels, RV gate + parking, a charming front yard & inviting entry to start. Step inside to travertine & wood floors stretching across an open layout w/ vaulted ceilings. Additional upgrades include plantation shutters throughout, an open & spacious kitchen equipped w/ stainless steel appliances, granite counters, tile backsplash, breakfast bar & a whole house water filtration system. The spacious main suite boasts its own fireplace, sitting/office area, direct backyard access, & a private bathroom featuring dual sinks + a walk-in closet. The large laundry room has built-in cabinets & a utility sink. This is one of the largest single stories in the neighborhood that has 2 en suites. Pool has motorized safety cover. Outside, the sizable backyard boasts a covered patio, two sheds, a spa, refreshing pool, and ample space for lively barbecues. Don't miss this delightful haven!

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240 W Dorado Circle Litchfield Park, AZ 85340

$569,000

3 Beds

2.5 Baths

1,672 SqFt

Status Active

MLS # 6743546

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 3-bedroom, 2.5-bath home in the highly sought-after neighborhood of Old Litchfield Park. This exceptional property offers NO HOA and is short-term rental friendly, making it an ideal choice for both homeowners and investors. The home features exquisite Spanish-inspired touches throughout, offering a unique blend of elegance and comfort. In 2024, the kitchen and bathrooms were fully remodeled with designer touches that elevate every space. The heart of the home is the spacious eat-in kitchen, perfect for family gatherings and entertaining. It boasts a walk-in pantry, a convenient pot-filler faucet over the stove, and ample space for all your culinary needs. Adjacent to the kitchen is a separate office, ideal for remote work or as a quiet study. The primary suite is a true retreat, featuring a remodeled bathroom with a large, luxurious shower that adds a touch of spa-like serenity. The living area is highlighted by a beautifully designed fireplace, creating a warm and inviting atmosphere. Step outside to discover two stunning new pergolas on both the front and back patios, perfect for outdoor dining and relaxation. The property also features a beautifully crafted designer side gate that enhances the home's curb appeal. The large diving pool offers a perfect oasis for relaxation and entertainment. This home has been maintained, with a newer flat roof, hot water heater, and pool pump all replaced in 2020, ensuring peace of mind for years to come. Located just a short walk from Stagg's Park, Litchfield's Lake, the Recreational Center, and the iconic Wigwam Resort, this home offers a perfect balance of luxury and convenience. Don't miss the opportunity to make this exceptional property your own!

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5720 S Wildrose -- Mesa, AZ 85212

$569,000

2 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6731718

Property Type Single Family Residence

Price Type --

Discover elevated living in the stunning 55+ Encore community. This Manhattan model home is nestled on a desirable corner lot beside a tranquil park. From the moment you arrive, curb appeal captivates with lush surroundings. Inside, soaring ceilings and an extended great room create a sense of openness, while the private study offers a perfect space to unwind or work. The gourmet kitchen boasts a massive island and walk-in pantry, ideal for any culinary endeavor. Outside, relax on your extended porch or covered patio adorned with travertine, or challenge yourself on the 4-hole putting green. The 2.5 car garage, with epoxy floors and built-in cabinets, completes this thoughtfully designed retreat.

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