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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4919 W Hunter Trail San Tan Valley, AZ 85144

$562,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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4354 Ponderosa Trail Wickenburg, AZ 85390

$562,486

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770324

Property Type Single Family Residence

Price Type --

Introducing the Dream floor plan, a stunning 1,648 sq ft home with 2 beds & 2 baths, expertly designed by Shea's in-house interior design team. This home features a GE built-in induction appliance package, including a dishwasher, wall oven, microwave, & oven hood. Oil-rubbed bronze accents add elegance throughout. The primary bath boasts a heavy glass shower enclosure, quartz countertops, & under-mount sinks in both baths. Enjoy custom mosaic tile work, upgraded full overlay cabinets, generous cabinet pullouts, & quartz countertops in the kitchen. Additional features include a 15 ft sliding glass wall, extended covered patio, upgraded electrical, $20k in tile flooring, 4 ft garage extension, & custom landscaping front & back. Discover current incentives at Shea sales office.

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2827 N 212th Drive Buckeye, AZ 85396

$562,073

4 Beds

4 Baths

2,514 SqFt

Status Active

MLS # 6741507

Property Type Single Family Residence

Price Type --

Welcome to your TO BE BUILT: 4-Bed, 4-Bath Mountain-View dream home nestled against the stunning White Tank Mountains, offering unparalleled privacy and breathtaking views. This East/West oriented gem boasts grand 10' ceilings and elegant 8' doors throughout, creating a sense of luxury and space. The chef-inspired kitchen is a culinary delight, featuring a gas cooktop, wall oven micro combo, large pantry, premium countertops, and 42-inch upper cabinets. Perfect for entertaining, the home seamlessly blends indoor and outdoor living with multiple sliding glass doors leading to a spacious patio. The expansive owner's suite is a retreat of its own, complete with a big closet and a huge walk-in super shower with a rainhead. Located just minutes from the Sienna Hills Swim park/gym/clubhouse!

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1922 E Yale Street Phoenix, AZ 85006

$562,000

3 Beds

2 Baths

1,231 SqFt

Status Active

MLS # 6772421

Property Type Single Family Residence

Price Type --

This fully renovated 1925 classic home blends charm with modern luxury. Featuring stunning luxury laminate floors and brand-new windows, the open floor plan is enhanced by beautiful wood beams and elegant crown molding. The custom bathroom showcases period-specific tile choices, while the kitchen boasts white shaker cabinets, quartz countertops, a striking blue tile backsplash, a pot filler above the gas range, and a farmhouse sink. Stainless steel appliances complete the space. Plus, enjoy peace of mind with a new roof and serviced A/C—all part of a permitted remodel!

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1473 W Saddle Run Apache Junction, AZ 85120

$561,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750810

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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3131 N Central Avenue Unit 6021 Phoenix, AZ 85012

$561,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568555

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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7931 E Quartet Avenue Mesa, AZ 85212

$561,674

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6714316

Property Type Single Family Residence

Price Type --

MLS#6714316 Ready Now!! The Edmonton at Hawes Crossing Discovery is a beautiful 1-story floor plan that comes standard with 1,832 sq. ft., 4 bedrooms, 2 bathrooms, 2-car garage, and 2 dining areas. The foyer takes you directly to the dining and kitchen area, which provides ample space for cooking all your favorite meals. Enjoy an open casual dining and great room area with direct access to the outdoor living area, which makes for great entertaining space. The spacious primary suite has a private bathroom with double sinks and a walk-in closet. Welcome home! Structural options include: 8' interior doors. Design upgrades include: tile throughout whole home, paver driveway, tankless water heater, soft water loop, window treatments on all window, 2 faux wood blinds.

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8320 E Paloma Avenue Mesa, AZ 85207

$560,990

4 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6781572

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen cabinets and quartz countertops. Super luxury 7 x 22 plank tile flooring. A public report is available on the Arizona Department of Real Estate website.

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25224 N 159th Drive Surprise, AZ 85387

Open House

$560,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6733494

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME - Congratulations on finding this wonderful quick close home with such awesome upgrades, the quartz countertops and upgraded backsplash will add a touch of elegance to your kitchen but also provide durability, the oversized glass door in the great room will bring in natural light! Gas connections for your range, BBQ, and dryer provides more efficient dryer, and cooking and grilling, so with a combination of modern electrical features and carefully chosen window coverings, you can enjoy a sophisticated and energy-efficient living space right from the moment you move in. A tankless water heater is a great choice for your home as it provides hot water on demand eliminating the need for a storage tank the home is Energy Star Certified to save you money and Smart home modern!

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5030 W Hunter Trail San Tan Valley, AZ 85144

$560,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776913

Property Type Single Family Residence

Price Type --

Brand new energy efficient home! This plan is where perfect blend of functionality and elegance comes to life. This stunning home boasts 5 bedrooms and 3 baths, ensuring room for everyone! A standout features of the Avery is a private bath in one of the bedrooms that could be used for an in-law. The heart of the home is the kitchen, where the island takes center stage, as a practical social hub where family and friends can gather. The kitchen boasts White shaker style cabinets, granite counter tops and a generous amount of tile that overlooks the great room, creating an inviting atmosphere. Each of our spray foam insulated homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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12308 W Parkway Lane Avondale, AZ 85323

$560,378

3 Beds

2.5 Baths

2,238 SqFt

Status Active

MLS # 6782961

Property Type Single Family Residence

Price Type --

Enjoy oversized living spaces and abundant energy efficient windows in this 3-bedroom 2.5-bathroom home that boasts 10 foot ceilings, 8 foot interior doors and a 3 car garage. Designer finishes throughout make this home as beautiful as it is functional. The gourmet kitchen features an oversized island, upgraded countertops and cabinets and GE stainless steel appliances. You will love the finishes throughout the home including designer selected tile flooring, upgraded carpet and pad in all bedrooms and gorgeous backsplash in the kitchen and Owner's Bath. Find time for yourself in your huge Owner's Retreat with a large bathroom featuring a Super Shower with tile surrounds and oversized walk in closet. This home also boasts a large covered patio and oversized backyard; 2X6 CONSTRUCTION

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13342 N 173rd Lane Surprise, AZ 85388

$560,000

4 Beds

2.5 Baths

2,774 SqFt

Status Active

MLS # 6783711

Property Type Single Family Residence

Price Type --

Fabulous home in the growing Aria Ranch at Surprise! This two-story residence is in like-new condition, showcasing a great curb appeal with a desert landscape & a 3 car tandem garage. The functional interior boasts soft paint, wood-look tile flooring, a den, a formal dining room, and a living room open to the kitchen for easy entertaining. This open layout is made bright & airy by tall ceilings that promote a sleek design & a modern feel! The immaculate white kitchen features shaker cabinetry with crown moulding, herringbone subway tile backsplash, quartz counters, SS appliances, gas cooktop, and an island with breakfast bar. You'll also find a walk-in pantry & a mud room. Plush carpet throughout the second floor. The loft is perfect for a secondary family room, come see it today!!! The large owner's suite hosts a pristine ensuite with an oversized dual vanity, a tiled shower, and a bountiful walk-in closet. The expansive backyard offers a covered patio & endless potential to be customized. Close to shopping, major roads, and easy access to Loop 303. Hurry to see, this beauty will sell fast!

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