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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2978 Glenview Drive Sierra Vista, AZ 85650

$550,000

3 Beds

2.5 Baths

2,373 SqFt

Status Active

MLS # 6774663

Property Type Single Family Residence

Price Type --

This is a beautifully remodeled home in Winterhaven that is totally handicap accessible to include zero entry, pocket doors, special shower with seat and high toilet, and tile floors throughout the home. The completely remodeled kitchen includes a counter with sink that raises and lowers by motor and makes the perfect prep station. You'll find all new tile floors, new windows, remodeled kitchen custom cherry cabinets and granite counters, along with high end appliances, automated window coverings, new HVAC, water treatment system, new tile roof and owned solar system. There's a water feature out back along with a covered patio, built in grill, astroturf for the puppies to play, established landscaping and an awesome view of both the golf course and Huachuca Mtns. This is a Beauty!

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2303 S 337th Avenue Tonopah, AZ 85354

$550,000

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6776063

Property Type Single Family Residence

Price Type --

Coming Soon! A stunning, to-be-built home awaits! This brand-new 4 bed, 3 bath residence features not one but two master bedrooms and comes complete with an RV garage . Set on over an acre of horse property, this split-floor plan gem offers a perfect blend of modern upgrades and convenience, all just 7 minutes from the freeway. NO HOA.

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11002 W Holly Street Avondale, AZ 85392

$550,000

4 Beds

3 Baths

2,569 SqFt

Status Active

MLS # 6777931

Property Type Single Family Residence

Price Type --

BEAUTIFUL TRI-LEVEL HOME IN CRYSTAL GARDENS! THIS HOMES MAIN LEVEL FEATURES LIVING/DINING ROOM * LARGE EAT IN KITCHEN WITH ISLAND, PANTRY,UPGRADED CABINETS, GRANITE COUNTER TOPS AND BACK SPLASH, INSET LIGHTING. THE KITCHEN OVERLOOKS THE FAMILY ROOM. LOWER LEVEL HAS POWDER ROOM, LAUNDRY ROOM WITH CABINETS AND EXIT TO 3 CAR GARAGE PLUS A WATER SOFTENER. UPPER LEVEL HAS LAMINATE FLOORS THROUGHOUT. THE PRIMARY SUITE HAS A SEPARATE SHOWER AND TUB, DOUBLE SINKS, PRIVATE TOILET ROOM, WALK IN CLOSET WITH BUILT IN CLOSET ORGANIZER. THE HUGE BACKYARD IS PERFECT FOR ENTERTAINING WITH MATURE LANDSCAPING GAZEBO, SPARKLING POOL, SPORT COURT, RV GATE AND MUCH MUCH MORE! YOU HAVE TO SEE THIS HOME TO APPRECIATE ! MOVE IN READY! TOO MANY UPGRADES TO MENTION.

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41581 W Somerset Drive Maricopa, AZ 85138

$550,000

5 Beds

3 Baths

2,521 SqFt

Status Active

MLS # 6775776

Property Type Single Family Residence

Price Type --

This beautiful 5-bedroom, 3-bathroom, 2-car garage home is located in the sought-after Glennwilde community in Maricopa. The home has two floors and covers 2521 SqFt of space. **It features a solar system, a large pool, a heated spa, and a low-maintenance backyard with artificial turf and citrus trees. *The kitchen has granite countertops and the flooring is laminate plank throughout. The windows in the home was replaced with low energy has Solar The Glennwilde community also offers two heated pools for your enjoyment the home is close to Pacana Park with its amenities. Dog Park, Playground, Basketball, Baseball, Tennis, Fishing Pond, etc.

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27709 N 23rd Drive Phoenix, AZ 85085

$550,000

4 Beds

2.5 Baths

2,045 SqFt

Status Active

MLS # 6776809

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bedroom residence situated in Dynamite Mountain Ranch! Tastefully renewed interior features tile flooring, fresh neutral palette, and soaring ceilings in the harmonious living & dining room. HUGE great room bathes in abundant natural light & seamlessly connects to the back patio through sliding glass doors. The kitchen comes complete with recessed lighting, built-in appliances, a center island with a breakfast bar, granite counters, recessed lighting, and plenty of cabinetry topped with crown moulding. Spacious main retreat boasts plush carpet, vaulted ceilings, an ensuite with dual sinks, and a walk-in closet. Easy-care backyard has a covered patio where you can enjoy peaceful mornings or relaxing evenings. This urn-key gem is ready to be called home!

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1505 W Lynwood Street Phoenix, AZ 85007

$550,000

3 Beds

2 Baths

1,420 SqFt

Status Active

MLS # 6777036

Property Type Single Family Residence

Price Type --

This charming 3-bedroom, 2-bathroom home in central Phoenix combines classic appeal with modern amenities. The spacious living area features natural light and a cozy atmosphere, perfect for family gatherings. The well-equipped kitchen offers updated appliances and ample storage. Each bedroom provides a comfortable retreat, while the bathrooms are tastefully designed for convenience. The backyard is a delightful outdoor space, ideal for entertaining or relaxing. With its prime location, this home is just minutes from local shops, parks, and dining, making it a perfect choice for both families and professionals.

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4533 N 93rd Glen Phoenix, AZ 85037

$550,000

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6778859

Property Type Single Family Residence

Price Type --

Elegant 4 bed 3 bath home- enter a grand tower the hallway accentuated with high ceilings and doors. The Great room has a gorgeous 4 panel sliding door, eat-in dining, entertainment and kitchen. Huge granite island with breakfast bar. Shaker cabinets, stainless steel appliances w/ gas range. Split bedroom layout, the master features a nice sliding barn door, walk in sized ensuite, his/her sinks, and a walk in closet. The back is landscaped with pavers and artificial turf. Gated community-minutes from loop 101, Westgate district and AZ Cardinals Stadium.

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2486 W Dapple Gray Court San Tan Valley, AZ 85144

$550,000

3 Beds

2.5 Baths

2,211 SqFt

Status Active

MLS # 6780694

Property Type Single Family Residence

Price Type --

Incredible opportunity to own a stunning home. Owner added many upgrades above comparables conservatively $110,000. 2024 NEW HVAC Lennox with variable speed, NEW gas Pool Heater, NEW gas water heater, NEW OWNED 22 panel Solar. New EV plug in garage, NEW insulated garage door (with all new hardware) and NEW wifi garage door opener. Heated pool with pop-up cleaners, variable speed pump, artificial turf. In the backyard, along with bull nosed travertine decking! This house is turnkey! POOL FENCE and EV Charger included in sale. Your Arizona Lifestyle rear grounds are complete with an oversized patio with a wall mounted television and designed pergola that leads naturally to the outdoor refrigerator/kitchen/BBQ Area. Spend warm summer nights in your sparkling pool with ambient lighting. Spend your winters by the fire feature with a cozy heated pool! Conservative additional $80,000 in back yard landscaping. Designer kitchen and bbq island complete with plumbed water/drains for sink, electric, and natural gas for the BBQ.

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619 W Winchester Drive Chandler, AZ 85286

$550,000

3 Beds

3.5 Baths

2,565 SqFt

Status Active

MLS # 6782619

Property Type Single Family Residence

Price Type --

Look no further! This wonderful home has it all in the new Haven Community of Chandler. Be welcomed by the bright living room w/recessed lighting, wood tile plank floor in all the right places, & a side patio. Fantastic family room filled w/natural light w/ balcony access where you can enjoy your morning coffee. Magazine cover kitchen showcases a plethora of white cabinets w/crown molding, upgraded counters, SS appliances, pantry, & pendant lights over the center island. The den is ideal flex space for an office or a teen room. Owner's retreat enjoys a luxurious ensuite w/dual sinks, & a walk-in closet. Relax in the perfectly sized backyard w/paver patio, and grass turf.

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20823 S 185th Way Queen Creek, AZ 85142

$550,000

2 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6782864

Property Type Single Family Residence

Price Type --

What a gorgeous home with no neighbors behind! The layout was thoughtfully designed with a formal living and dining room, a sizable den, two ample bedrooms, and an open family room adjacent to the kitchen. Durable tile flooring in the main areas, neutral paint, and abundant natural light. Open-concept kitchen showcases a pantry, a center island with a breakfast bar, stainless steel appliances, and maple cabinetry. Discover a bright primary bedroom offering enough space for all your furniture, a walk-in closet, and a bathroom with a jetted tub, step-in shower, and dual sink vanity. Both bedrooms are carpeted for extra comfort! The garage has a window A/C unit, ceiling fans, and multiple outlets. In the backyard, relax under the covered patio, green grass, or sparkling pool. Move-in ready!!

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15818 W Mercer Lane Surprise, AZ 85379

$550,000

4 Beds

2.5 Baths

2,846 SqFt

Status Active

MLS # 6783386

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautiful split single level home in Greer Ranch. Four bedrooms plus a den! The home boasts a neutral color paint scheme and fresh interior paint. The kitchen is a cook's dream with all stainless steel appliances, a kitchen island. The primary bedroom features a walk-in closet and an en-suite bathroom with double sinks, as well as a separate tub and shower for ultimate relaxation. The covered patio overlooks a fenced-in backyard with a private in-ground pool, perfect for entertaining or simply enjoying a quiet evening. New carpet installed. This property is a must-see for those seeking a blend of comfort and style.

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15227 S 28th Street Phoenix, AZ 85048

New

$550,000

3 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6785785

Property Type Single Family Residence

Price Type --

This stunning home, fully updated in 2024, offers the perfect blend of modern living and is located in the heart of one of Ahwatukee's most desirable neighborhoods. Situated on a premium corner lot backing up to a serene desert wash, this property provides both privacy and stunning views. The meticulous updates throughout make this home truly move-in ready! Inside, you'll find an open-concept layout with tasteful finishes and abundant natural light. The kitchen features stylish cabinetry, sleek countertops, and newer appliances, perfect for both daily living and entertaining. The spacious primary suite offers a relaxing retreat with a beautifully updated en-suite bathroom and ample closet space. The resort backyard with view fence and pool are ideal for year-round enjoyment! Conveniently located near top-rated schools, shopping, dining, and major freeways, this home combines tranquil living with easy access to everything you need. Mountain Park Ranch has 3 community parks and pools (1 heated,) tennis and pickleball courts, hiking trails, etc.

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