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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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

Status Active

MLS # 6752994

Property Type Apartment

Price Type --

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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

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MLS # 6756933

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6090 N Stratford Court Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,090 SqFt

Status Active

MLS # 6767709

Property Type Single Family Residence

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Welcome to Beaver Creek Preserves! A gated community nestled in Northern Arizona, 30 minutes south of Sedona. Complete with community walking trails, clubhouse, community pool, and work-out facility. Brand new, never lived in home built in 2023, with 3 bedrooms plus a den, 2.5 bathrooms, 2 car garage and an RV garage. Enjoy the serenity of Beaver Creek Preserves. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas. The modern rustic charm of the finishes and mountain views, one you do not want to miss!

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22274 E Cherrywood -- Queen Creek, AZ 85142

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$550,000

4 Beds

2.5 Baths

2,083 SqFt

Status Active

MLS # 6786964

Property Type Single Family Residence

Price Type --

Best Lot in La Sentiero! This stunning home sits on an oversized cul-de-sac lot with an RV gate that opens directly to the park! Located in Queen Creek, it's just minutes away from shopping, dining, and entertainment. Step inside this beautifully designed 4-bedroom, 2.5-bath residence, complete with a spacious 3-car garage. The open-concept layout is filled with natural light, highlighting the home's modern finishes. The upgraded kitchen is a chef's dream, featuring extended cabinetry, sleek white quartz countertops, and stainless steel appliances. Key features include: stylish wood-look tile flooring in high-traffic areas, a grand front entry with a dramatic hallway leading to a spacious great room, a generously sized laundry room with room for an extra refrigerator or freezer

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954 E 7th Street Mesa, AZ 85203

$550,000

3 Beds

2 Baths

1,542 SqFt

Status Active Under Contract

MLS # 6777888

Property Type Single Family Residence

Price Type --

Welcome to this stunning, fully remodeled home in the heart of Mesa where warranties abound! This 3-bedroom, 2-bath home is a perfect blend of style and functionality, ready for you to move in. Step inside to discover a bright and inviting open floor plan, featuring all-new appliances, sleek quartz countertops, and modern cabinets enhanced by a beautiful marble backsplash. The spacious primary bedroom includes an expanded walk-in closet with custom shoe rack shelving, offering ample storage space. Both bathrooms are luxuriously designed with heated porcelain tile floors. The master bathroom offers a curb-less zero entry shower. Throughout the home, you'll find durable Stone Composite Luxury Vinyl Plank flooring that combines elegance with easy maintenance. New windows and fresh paint... add to the modern appeal. Warranties include showers, floors, windows, with a service plan for the AC unit. Enjoy the new pressure-treated lumber fencing with RV gates on both sides of the house, making parking and storage are a breeze. The flood irrigated yard means lush greenery without the cost and hassle! Conveniently located near the 202 freeway, this home combines modern living with easy access to all that Mesa has to offer. Plus, with no HOA, you have the freedom to make it your own. Don't miss your chance to own this remarkable property!

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4413 W Box Canyon Drive Eloy, AZ 85131

$550,000

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6700890

Property Type Single Family Residence

Price Type --

Partially FURNISHED & STUNNING! This 2 bedroom + DEN, 2 bath home is on highly desired VIEW lot. Garage is 30 ft. deep. The backyard will wow you w/GORGEOUS water feature, firepit, pergola, landscaping lights, Travertine patio, artificial grass & large potted Palm trees. You will love this home from the gated paver courtyard to the amazing backyard & everything in-between! Kitchen has Quartz counters, 2-tone Cabinets w/knobs, roll-out shelves, tile backsplash, SS appliances, Gas range, convection oven, pendant & under cabinet lights. So many upgrades from the wood look tile flooring, Plantation shutters, tiled showers, comfort height toilets, Valet area w/upper & lower cabinets. HUGE Garage has 8ft. door, Storage Space/exercise area, Cabinets, Shelving & Epoxy Floors.

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4572 W Main Street Joseph City, AZ 86032

$550,000

4 Beds

2 Baths

2,791 SqFt

Status Active

MLS # 6722308

Property Type Single Family Residence

Price Type --

Discover a rare opportunity to own a beautiful home coupled with a thriving RV park business. This unique property offers a blend of comfortable living and lucrative investment potential, ideal for those seeking a dynamic lifestyle and income stream. Main home to be sold with RV park parcel. MLS # 6722349

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1103 W Pebble Beach Drive Tempe, AZ 85282

$550,000

4 Beds

2 Baths

1,731 SqFt

Status Active

MLS # 6737458

Property Type Single Family Residence

Price Type --

Location, Location very good center location close to Arizona state university only 2-3 miles , easy access to major freeways and sky Harber airport. 4- bedroom high ceiling new flooring in all bedrooms. Freshly painted, perfect rental or family home large cozy back yard remodeled with brand new artificial Graas, low maintenance. short drive to mill Ave, Tempe town lake and Papago hiking and golfing. Night life restaurants shops Ets.

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41333 N Belfair Way Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6746580

Property Type Single Family Residence

Price Type --

If you are looking for a remodeled home for under the average list price in Anthem Country Club, stop right here, you have found it! With three bedrooms and two bathrooms, this home is perfect for a small family or a couple who needs room for visitors. The remodeled kitchen and bathroom, and the updated flooring ensure that the home is move-in ready. You will love the storage space in the kitchen, which includes a large pantry. The updated stainless-steel appliances, quartz countertops and natural light from both large and small windows give the kitchen and family room a fresh, bright, and cheery feel and look. This home is a private oasis within the spectacular community of Anthem Country Club which offers anything you could ask for in a Country Club setting. Two Club Houses with restaurants, two fitness centers, tennis, pickleball, bocce ball, two private heated pools and so much more. Come see for yourself, we are certain you will love it!

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5020 E Morning Star Drive Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6760957

Property Type Single Family Residence

Price Type --

ENJOY LIVING IN AHWATUKEE'S ACTIVE ADULT COMMUNITY IN THIS COMPLETELY RENOVATED HOME. INVITING OPEN FLOOR PLAN WITH ABUNDANT UPDATES. EAT-IN KITCHEN FEATURES QUARTZ COUNTERTOPS, TILED BACKSPLASH, UPGRADED CABINETRY, GRANITE SINK, PANTRY & STAINLESS-STEEL APPLIANCES. GAS FIREPLACE IN FAMILY ROOM. MASTER SUITE BATHROOM INCLUDES GRANITE COUNTERTOP & WALK-IN SHOWER WITH GRAB BARS. WALK-IN CLOSETS IN SECONDARY BEDROOMS PLUS HALL BATH CONNECTS TO BEDROOM TWO. LAMINATE WOOD FLOORING THROUGHOUT WITH TILE IN THE BATHS. ADDITIONAL ELEMENTS OF REMODEL INCLUDE RECESSED LIGHTING, RAISED-PANEL 3-HINGE DOORS, CUSTOM BASEBOARDS/MOLDING, DUAL-PANE WINDOWS TANKLESS WATER HEATER, SOFT WATER SYSTEM WITH ENTIRE HOME WATER FILTRATION, FRONT & BACK ARTIFICIAL GRASS & COVERED PATIO WITH MISTING SYSTEM.

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3600 W Cobalt Court San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6752633

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 4-bedroom, 2.5-bath residence in The Preserve at San Tan! Discover an inviting great room with high ceilings, recessed lighting, a soothing palette, blinds, and stylish wood-look flooring. The delightful kitchen boasts quartz counters, ample white shaker cabinets, chic pendant lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and an island with a breakfast bar. You'll also find a versatile den, ideal for an office or study. Upstairs, the cozy loft offers additional living space. The serene main bedroom includes plush carpeting, an ensuite with dual sinks, and a walk-in closet. Venture outside to the backyard, featuring a covered patio for al fresco dining and ample space to create your dream oasis. The community also offers a dog park, pickleball court, community grills, outdoor theater/amphitheater, fire pits, walking/biking trails and SO MUCH MORE! Come see it today!

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44049 W Palo Nuez Street Maricopa, AZ 85138

$550,000

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6751432

Property Type Single Family Residence

Price Type --

Elegance, luxury, and practicality combine in this one-of-a-kind home. BEAUTIFUL HOME IN MARICOPA WITH A POOL AND RV GARAGE. The curb appeal is off the charts with a paved driveway, cozy courtyard, and LARGE 45' RV GARAGE. Spacious floor plan with open kitchen concept boasting beautiful granite countertops, oversized pantry, and huge island, all overlooking a great room and backyard. Large primary bedroom with roomy bathroom featuring dual vanities and walk-in shower, but it's the backyard that will capture your attention; mature backyard complete with lots of artificial grass for the little ones, oversized pergola, and REFRESHING SWIMMING POOL for those hot AZ afternoons or weekends with friends. Never pay for RV storage again; come by and look and make this beautiful home yours.

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