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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3406 E Libby Street Phoenix, AZ 85032

Open House

$560,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6717614

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated three-bedroom, two-bath home nestled in a prime location backing directly onto a beautiful golf course. This open-concept floorplan boasts a bright and spacious layout, The kitchen flows seamlessly into the living and dining areas, ideal for entertaining. Step outside to your private oasis which features a view fence that showcases the golf course, a large putting green, and a chipping area, perfect for golf enthusiasts. Enjoy evenings by the firepit, soaking in the serene surroundings of AZ. Best of all, there's NO HOA, offering you unparalleled freedom and flexibility.

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16972 W Alice Avenue Waddell, AZ 85355

Open House

$560,000

4 Beds

3 Baths

2,788 SqFt

Status Active

MLS # 6763393

Property Type Single Family Residence

Price Type --

This better-than-new 4-bedroom + Den, 3-bathroom home is nestled in a peaceful community with no homes behind, offering ample privacy. Conveniently located near shopping, dining, and entertainment, you'll have everything you need just minutes away. Whether you're looking for a primary residence or an income generating property, this home is perfect - currently operating as an established Airbnb. It features a family room and upstairs loft, highlighted by fresh interior paint, soft carpet and wood-look tile flooring. The oversized primary bedroom on the main floor has an oversized ensuite bathroom with double sinks and a walk-in shower. The kitchen offers a pantry, granite countertops, a kitchen island and an eat-in dining area. The exterior features a covered patio and lush real grass!

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3839 N St Elias Circle Mesa, AZ 85215

$559,999

3 Beds

3 Baths

2,181 SqFt

Status Active

MLS # 6766638

Property Type Single Family Residence

Price Type --

Welcome to 3839 N St Elias Cir, nestled on a quiet cul-de-sac with mountain views in the highly desirable Red Mountain Ranch community of Mesa, AZ. This 3 bedroom home, plus a spacious den, offers not only a beautifully maintained interior but also a lifestyle that embraces Arizona's natural beauty. The peaceful backyard is a private retreat with a large, extended covered patio, perfect for dining, surrounded by vibrant landscaping. From your kitchen window, enjoy the view of blooming flowers and frequent hummingbird visits. The cozy gazebo offers a shaded sitting area, making it the ideal spot to savor your morning coffee. Inside, the home features soft, clean carpeting with upgraded padding, providing comfort underfoot. High ceilings and very large energy efficient windows invite an abundance of natural light, creating a bright, airy atmosphere throughout. The kitchen overlooks the living room and is designed with granite countertops, stainless steel appliances, and soft close cabinetry, blending style and function. The den, larger than a standard bedroom, is equipped with custom shelves and drawers, offering versatility for work or leisure. Living in Red Mountain Ranch means more than just a home; it's a lifestyle. With access to world class golf courses, fitness centers, hiking trails, and more, there's always something to enjoy. Plus, located just minutes from the Red Mountain 202, the home's location provides easy access to local dining, shopping, and entertainment. This well maintained property combines comfort, convenience, and a true sense of community. With its move in ready condition and prime cul-de-sac location, this home is a perfect sanctuary for those looking to embrace both relaxation and an active lifestyle.

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4324 W Orchid Lane Glendale, AZ 85302

$559,999

3 Beds

2 Baths

2,237 SqFt

Status Active Under Contract

MLS # 6755871

Property Type Single Family Residence

Price Type --

A stunning and completely renovated home boasts an open floorplan, 3 bedrooms, 2 bath and a Den with 2237 sqft, 2 car garage with a large backyard RV gate & parking, large lot room for all the toys and a sparling pool with covered patio. The kitchen comes with stainless-steel appliances, quartz countertops and brand-new white shaker cabinets. Brand new vinyl wood flooring & upgraded carpet throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, and custom vanities. Brand new water heater. Located in a lovely desirable neighborhood located close to shopping, parks, schools, and dining. No HOA's A Must see

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3224 W Garnet Street San Tan Valley, AZ 85144

Open House

$559,995

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6773032

Property Type Single Family Residence

Price Type --

Pack your bags, this home is move-in ready! This home sits on an oversized 9,145sqft lot, ideal for a backyard oasis. The oversized kitchen island is the perfect centerpiece for entertaining. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. A first-floor office provides the space to work from home. The home is complete with designer curated finishes.

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5608 W Paseo Way Laveen, AZ 85339

$559,990

3 Beds

2.5 Baths

2,024 SqFt

Status Active

MLS # 6744935

Property Type Single Family Residence

Price Type --

''Discover the perfect blend of style and functionality in The Topaz, a meticulously designed 3-bedroom, 2.5-bath home offering just over 2,500 square feet of luxurious living space. This stunning residence features a striking Craftsman exterior, setting the stage for a refined and welcoming interior. Step inside to be greeted by a spacious den perfect for a playroom and office. The heart of the home, the kitchen, is a chef's delight with its sleek 42-inch upper cabinets. The kitchen island contrasts elegantly with gray cabinetry and is complemented by matte black hardware, while the pristine white quartz countertops and neutral gray backsplash add a touch of sophistication. Top-of-the-line stainless steel appliances, including a refrigerator, gas stove, microwave, and dishwasher, are perfectly paired with a single-bowl stainless steel undermount sink and an upgraded faucet for a contemporary finish. Enjoy the convenience of 6x36 wood-like tile flooring throughout the main areas, paired with 9-foot ceilings and 8-foot interior doors that enhance the sense of space and openness. The expansive living room features a large 4-panel sliding glass door that seamlessly connects indoor and outdoor living, offering a light-filled, airy ambiance. The layout is thoughtfully designed with secondary bedrooms positioned at the front of the home, providing a private retreat for family or guests. The serene primary suite, tucked away at the back, is a true sanctuary. It boasts a spacious layout and an indulgent bathroom with dual square sinks, quartz countertops, and upgraded matte black fixtures. Quartz surrounds for the countertops add a luxurious touch to your daily routine. Additional features include a 3-car garage with a convenient garage door opener and a washer and dryer for added convenience. With its blend of modern amenities and thoughtful design, The Topaz offers the perfect setting for comfortable and stylish living. Experience the refined elegance of The Topaz Floorplanwhere every detail is designed with your comfort and convenience in mind.

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5607 W Paseo Way Laveen, AZ 85339

$559,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6728643

Property Type Single Family Residence

Price Type --

Introducing the exquisite Jade floorplan, a haven of sophistication and comfort. With over 2600 square feet, this spacious residence boasts 4 bedrooms and 3.5 baths, complemented by a 3-car garage and features such as a formal dining area and butler's pantry—ideal for entertaining guests in style. Approaching the home, its picturesque farmhouse exterior, accented by a charming paver driveway, sets the stage for the exceptional elegance within. Step inside to discover a gourmet kitchen that is the heart of the home, featuring 42-inch white shaker style cabinets adorned with gun metal hardware. Mosaic white backsplash flows seamlessly with the pristine Carrara style white quartz countertops, offering a timeless canvas for culinary creativity. The expansive great room, bathed in natural light streaming through a magnificent 4-panel sliding glass door, seamlessly connects indoor and outdoor living spaces. Enjoy gatherings or quiet moments alike in the expansive backyard oasis beyond. Throughout the main living areas, 6 by 36 wood-like plank tile flooring provides not only durability but also warmth and visual appeal. This flooring choice enhances the home's charm and complements its modern design elements. Every bathroom in the Jade Floorplan is a testament to luxury, boasting round sinks with upgraded matte black finishes. Quartz countertops grace each bathroom, continuing the theme of sophistication and quality craftsmanship. Additional features include stainless steel appliances throughout, encompassing a washer, dryer, refrigerator, and garage door opener, along with a soft water loop for enhanced comfort and convenience. This meticulously crafted residence exemplifies the perfect union of luxury and practicality, offering a haven for discerning buyers seeking a superior lifestyle. Experience the unparalleled elegance of the Jade Floorplan firsthand.

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16911 W Jenan Drive Surprise, AZ 85388

$559,990

3 Beds

2.5 Baths

2,587 SqFt

Status Active

MLS # 6758419

Property Type Single Family Residence

Price Type --

MLS#6758419 January 2025 Completion! The 45-RM3 at Paradisi Almeria Collection is a single-story home offering 2,587 square feet of living space, with 3 bedrooms, 2.5 bathrooms, a study, and a 2-car garage. The foyer guides you past the secondary bedrooms and laundry room, leading into a spacious open-concept kitchen, casual dining area, and gathering room. Conveniently located off the kitchen and dining space, the study offers added flexibility. The primary suite features a large walk-in closet, dual vanities, and a split tub and shower in the bathroom, perfect for enjoying a relaxing soak. Structural options include: gourmet kitchen with gas cooktop, 12' multi slide glass door, 8' interior doors, garage service door.

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12246 W Lonesome Trail Peoria, AZ 85383

$559,990

4 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6775929

Property Type Single Family Residence

Price Type --

MLS#6775929 February Completion! The Champlain in Mystic Discovery offers a stunning single-level design with 1,967 square feet of comfortable living space, including 4 bedrooms, a study, 2.5 baths, and a 2-car garage. Located in a master-planned community nestled in the scenic hills of North Peoria, this neighborhood features a resort-style amenity center complete with a heated pool, event lawn, covered outdoor play area, and inviting indoor-outdoor gathering spaces. The Champlain's Tuscan-inspired elevation adds instant curb appeal, while its thoughtfully selected interiors feature upgraded quartz countertops, 42'' recessed panel maple cabinetry, a custom kitchen backsplash, upgraded carpeting, and elegant matte black hardware.

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13593 W Calle De Pompas -- Peoria, AZ 85383

$559,990

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6785551

Property Type Single Family Residence

Price Type --

Move-in ready - The Hewitt II, situated on a corner lot with breathtaking White Peak views in Northpointe at Vistancia, is a beautifully designed single-story home with an exceptional layout and stylish designer upgrades throughout.

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14155 W Alameda Road Surprise, AZ 85387

$559,990

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6734303

Property Type Single Family Residence

Price Type --

MLS#6734303 November Completion. The 50RM1 floorplan at Raveena at Rancho Mercado features 4 bedrooms, a flex room, 2.5 bathrooms, a 3-car garage, and 2,226 sq ft all on one level. Upon entering the foyer, you'll be captivated by the open-concept design, leading to a spacious gathering room, dining area, and a gourmet kitchen. The outdoor living space is perfect for al fresco meals and family time. The owner's suite, secluded for privacy, offers double vanities and a generous walk-in closet. The flex room is ideal for a home office or study area. Two additional bedrooms and a laundry room complete this luxury home. Structural options include: covered outdoor patio, paver front porch, garage service door, alternate A/C location, and soft water loop.

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14632 W Georgia Drive Surprise, AZ 85379

$559,990

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6744715

Property Type Single Family Residence

Price Type --

Take advantage of VA assumable loan at 2.75%. Welcome to your move in ready home with a Modern Barn style featuring an Open Floor plan, 4 Bedrooms, 2.5 Bath, Den/Office, Loft, Gourmet Kitchen with upgraded grey cabinets, Quartz countertops with glass tile backsplash & stainless-steel appliances, Walk in Pantry nestled next to a charming shiplap mudroom, large island opens to the Great Room complemented by elegant wainscotting wall with tile planks flooring, Master Suite with separate shower and soak in tub, walk in closet. Did I mention energy efficient with solar panels, RO system & water system, 3rd car garage! The extra-large patio slider welcomes you to an extended Patio cover. perfect for entertainment with a custom BBQ, large backyard! The community features resort style amenities including pool, clubhouse, fitness center, BBQ are and much more. Very close to the 303 & shopping center.

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