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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

362 Ancora Drive Litchfield Park, AZ 85340

$556,500

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6775129

Property Type Single Family Residence

Price Type --

Within the highly desirable Old Litchfield Park you will find this tastefully updated 3 bedroom 2 bath home with Pool and No HOA. Upon arrival you will notice the block construction, mature shade trees and large patio/seating area. At entry the vaulted ceilings, wood plank style floor tile and sunlight shining through upgraded dual pane windows with real wood plantation shutters will invite you in. Remodeled kitchen boasts granite countertops, stainless steel appliances, a farmhouse sink and backyard pool view. Owner's suite includes walk-in closet, built in vanity and large slider door with direct backyard access. Other interior features include multiple living areas, neutral paint throughout and inside laundry. Outback you will find a desert oasis ready for relaxation and... entertainment with newly resurfaced pool, refinished cool decking, covered patio, multiple seating areas and plenty of grass for pets or play. Other exterior features include storage shed, on roof solar and north/south exposure. Area features and activities in and around Old Litchfield Park include Wigwam Resort, golf, neighborhood lake, multiple parks with playgrounds, restaurants, tennis courts, basketball courts, library, community pool and recreation center.Welcome Home!

View Property

5145 N 87th Drive Glendale, AZ 85305

$556,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

View Property

12004 W Parkway Lane Avondale, AZ 85323

$555,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

View Property

3842 E Fiesta Flower Lane San Tan Valley, AZ 85140

$555,988

4 Beds

3 Baths

2,741 SqFt

Status Active

MLS # 6700081

Property Type Single Family Residence

Price Type --

MLS#6700081 December Completion! The Revere plan at Combs Ranch-Landmark is a 4 bedroom, 2-story home designed to accommodate the ultimate living experience. With a main level guest room, gorgeous island kitchen, casual dining area and great room opening up to the outdoor living space this home is thoughtfully laid out at every turn. Upstairs, the luxe owner's suite has a large WIC, spa-like bath, and is separate from 2 bedrooms and loft. Design upgrades feature flooring cabinetry and stainless-steel appliances.

View Property

4405 N 203rd Avenue Buckeye, AZ 85396

New

$555,784

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6786223

Property Type Single Family Residence

Price Type --

Nestled in the coveted Victory at Verrado Active Adult community, this stunning Clyde plan home blends farmhouse charm with modern elegance. Relax on the cozy front porch while soaking in breathtaking views of the White Tank Mountains and Roma Park. The chef's kitchen shines with a large island, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances. The great room, highlighted by a coffered ceiling, is perfect for entertaining. A serene home office offers space for hobbies or reading. The Primary Suite boasts a spa-like bath and spacious walk-in closet. Extras include pendant lighting, ceiling fans, blinds, and owned solar panels. ***Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

View Property

20931 E Via Del Sol Street Queen Creek, AZ 85142

Open House

$555,541

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6754262

Property Type Single Family Residence

Price Type --

SELLER CONSESSION AVAILABLE ON THIS QUICK MOVE-IN NEW CONSTRUCTION HOME! Located Close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and is just steps to the 8-Mile Walking Trail. This Beautiful Home is located in the Cul-de-sac and has the upgrades your clients are looking for: All Appliances Including Stainless Refrigerator, White Washer & Dryer, Stainless Gas Cooktop with Double Wall Ovens, Beautiful Cabinetry w/Hardware, Plank Tile Flooring, Quartz Kitchen Countertops, Front yard landscaping and so much more! Backyard is large enough for a future pool. We are in Close-Out with a limited number of homes remaining. Don't Wait, Come See This Home Today!

View Property

2469 W Sioux Lane Happy Jack, AZ 86024

$555,500

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6757412

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful residential property in the Starlight Pines HOA, where maintained roads ensure easy access year-round. Nestled in the scenic beauty of Rim Country, this 3-bedroom, 2-bathroom home is designed for comfort and convenience. As you enter, you'll be captivated by the beautiful tongue and groove ceilings that add a touch of rustic elegance to the living spaces. Each of the three bedrooms is thoughtfully designed with ample storage, ensuring that all your belongings have their place. The highlight of this property is the extra-large garage, measuring 30x32, with an additional 30x10 loft above, providing extensive storage or workspace options. Custom screen doors add a unique charm and functionality to the home, allowing fresh air to flow through while keeping insects at bay. Step outside onto the beautiful deck, the perfect spot to relax and enjoy the peaceful surroundings. Here, you can witness the majestic elk that frequently visit, offering a unique connection to nature. With its blend of rustic charm and modern amenities, this home in Starlight Pines HOA offers an ideal retreat for those seeking a tranquil lifestyle in the heart of Rim Country. Don't miss out on this opportunityrequest a time today and experience this wonderful property for yourself.

View Property

3650 E Quenton Drive Unit 6 Mesa, AZ 85215

$555,000

3 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6784952

Property Type Single Family Residence

Price Type --

Amazing Views !!!! Located in Val Vista estates, community pool, large common area, rv/boat parking, 3 bed 2 ½ bath, third can also serve as office. be can also Large back porch, new roof & hot water heater in 21, new A/C in 2000, new fridge & dishwasher in 23.

View Property

16143 W Charlotte Drive Surprise, AZ 85387

$555,000

3 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6752054

Property Type Single Family Residence

Price Type --

his brand new Fulton home, known for its quality and stunning designs, is ready for move-in! Featuring over $75K in premium upgrades, this bright and spacious great room plan includes 3 bedrooms, a den, and 3 bathrooms. Enjoy 9' ceilings, a gourmet kitchen with upgraded cabinets, granite countertops, and a custom backsplash. The split floor plan includes a large primary bedroom with a luxurious spa super shower in the primary bath, and elegant wood-look tile flooring throughout. Additional features include 2'' white blinds, ceiling fans, fully landscaped front and backyards, and a 3-car tandem garage. Situated in front of the park with a paver entry. his Energy Star certified home with Indoor airPLUS certification is conveniently close to the community pool, picnic area, tot lots, basketball and pickleball courts, and more. See Document for all upgrades.

View Property

20712 W Medlock Drive Buckeye, AZ 85396

$555,000

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6770305

Property Type Single Family Residence

Price Type --

Beautiful David Weekley contemporary home in the only GATED community in Victory, Mountainside. This unique Pathfinder floorplan showcases this open-concept floorplan and this particular elevation has 12' ceiling in the great room, emphasized by more windows! You'll love the gorgeous & functional kitchen featuring a huge island, granite counters, plenty of cabinets. Stunning First Impressions entry door, neutral tile THROUGHOUT, immaculate condition. Generous master bedroom with spa-like ensuite bath & walk-in closet. Guest bedroom and separate den with French Doors and guest bath at front of house. This location in Mountainside is ideal - one side neighbor, facing green space & adjacent to guest parking. Mountainside has private pool & social area for residents. A great place to live!

View Property

1205 W Indian School Road Phoenix, AZ 85013

$555,000

3 Beds

1 Bath

1,143 SqFt

Status Active

MLS # 6770320

Property Type Single Family Residence

Price Type --

Welcome to Melrose! Completely remodeled by owner, this centrally located gem in Melrose district is walking distance to some of the top restaurants in Phoenix. Everything in this home has been meticulously thought out and upgraded by current owner. Beautiful tile through the entire home, large kitchen island and upgraded appliances including tankless water heater. Gated parking for multiple vehicles and rear rv gate for alley entry. Plenty of room in back yard for detached garage or ADU to be built. Bathroom has been completely re-done and boasts beautiful tile shower/tub and contemporary look. Covered back patio for entertaining and self watering landscaping. Owner will provide detailed list of upgrades. Great starter home or potential airbnb!

View Property

1 E Lexington Avenue Unit 410 Phoenix, AZ 85012

$555,000

2 Beds

2 Baths

1,169 SqFt

Status Active

MLS # 6783887

Property Type Apartment

Price Type --

Low Down Payment Seller Financing! Premier mid-town urban living! This corner unit enjoys spectacular panoramic views of the mountains and city center. Spacious floorplan boasts a well equipped kitchen with stainless steel appliances, sleek soft close cabinetry, Quartz counters, stylish back splash & convenient pantry. Espresso plank wood floors with neutral tile in kitchen & baths, and plush carpet in the bedrooms. Beautifully appointed primary suite w/shower, soaking tub, dual sinks and a large walk-in closet. Split bedrooms for convenience. Washer/Dryer in the unit. Shades for privacy throughout. 2 covered parking spaces plus storage. Desirable community with gym & pool, several common spaces and rec room. Ideal location near light rail, Downtown, Midtown and Uptown businesses, activities, restaurants, cultural events, public transportation just outside your door. Available with Seller carry financing ONLY. 10% down 6.5% rate on 30 year amortization with 5 year balloon payment Credit qualified within verifiable adequate income and 650+ credit score

View Property