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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668 N Miller Street Mesa, AZ 85203

$550,000

5 Beds

3 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6700260

Property Type Single Family Residence

Price Type --

Don't let looks deceive you this house is HUGE, 3065 square feet. Priced at the value of a three bedroom but has the space to be used as 4/5 bedroom. Has two seperate living areas which makes for awesome two family residence. IT's a steal at only $550,000 Granite counters in bathrooms and kitchens. tile in all the wet areas and brand new carpet. Turn key ready to move in!

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3610 E Sumner Place Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,152 SqFt

Status Active

MLS # 6754467

Property Type Single Family Residence

Price Type --

Gated community 30 minutes south of Sedona, Arizona. Brand New, Never Lived in home with community pool and clubhouse, tennis courts, walking trails, work out facility. Beaver Creek Preserve community features modern luxury with rustic charm, blending in with the natural landscape around. This home is ready for your RV and toys, featuring a 2 car garage plus a 52' in length and 14' width RV Garage, Awesome kitchen, large island, granite countertops, walk-in pantry in your new kitchen, 3 bedrooms plus a den, and a gorgeous primary bathroom. 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.

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2008 E Stacey Road Gilbert, AZ 85298

$550,000

3 Beds

3 Baths

1,959 SqFt

Status Active

MLS # 6728969

Property Type Single Family Residence

Price Type --

Discover your beautiful home in this exclusive community! This stunning 3-bedroom plus den residence features breathtaking mountain views, three upgraded bathrooms, and a spacious three-car tandem garage. Inside, enjoy an open-concept living area, a connected kitchen with newer appliances and butlers walk-in pantry, and a versatile den perfect for an office, playroom, or can be made into a 4th bedroom. Primary suite at back of the home for privacy has expanded walk in shower and closet. Step outside to a beautifully landscaped yard and expansive paver patio, ideal for entertaining. Community amenities include parks and walking trails, fostering a vibrant atmosphere.... Special Incentive for the right buyer!!

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1010 W Olson Trail Huachuca City, AZ 85616

$550,000

4 Beds

5 Baths

4,323 SqFt

Status Active Under Contract

MLS # 6671963

Property Type Single Family Residence

Price Type --

Custom Site Built Home with gorgeous mountain views all around. Complete with 9 acres. 4,300 sq/feet, 4 bedrooms, 5 bathrooms,Spacious Kitchen, Game/Media Room,Workshop,Full RV hookups,she- shed and a separate yard shed for all your lawn tools. Easy drive to Tucson, Close to the Sonoita Wineries, Tombstone, Bisbee, and Sierra Vista, this could be the place for you!

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27036 W Sequoia Drive Buckeye, AZ 85396

$550,000

2 Beds

2 Baths

1,998 SqFt

Status Active Under Contract

MLS # 6774218

Property Type Single Family Residence

Price Type --

NEWLY REMODELED PRESERVE with OWNED SOLAR and WALLED LOT and FURNISHED! You'll fall in love the moment you walk through the door. This home features new wood-grain tile & carpet throughout, fresh interior paint & baseboards. Enjoy a custom-built media wall, new light fixtures, custom drapery & plantation shutters. The living room has a center slider door that enhances the space. The master bath boasts a floor-to-ceiling tile shower. In the kitchen, you'll find S/S appliances, a new microwave, quartz countertops, backsplash & under-counter lighting. The newly remodeled backyard offers beautiful landscaping and turf, an extended travertine patio with a BBQ & Blackstone. Epoxy, storage, sink & workbench in the garage. THIS HOME IS A GEM!

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10923 W Escuda Drive Sun City, AZ 85373

$550,000

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6733296

Property Type Single Family Residence

Price Type --

Wow, Look Honey, they just dropped the price on this Beautiful Lakefront Home in Ventana Lakes 55+ Community. It has everything you want, 3 bedrooms, 2 bathrooms, an Office, 3 car garage, 2 living spaces and an open concept home. Assumable Solar loan of Purchased system with Seller contributing $20,000 toward the loan balance at close of escrow. You will enjoy the morning sunrises as well as the evening sunsets from your lakefront backyard. Ventana Lakes is one of Peoria's premier 55+ communities. The community features 9 lakes, some with waterfalls, and great catch and release fishing. 4 community pools and spas, recreation and fitness rooms, billiards, fine arts, crafts and quilting rooms, handball, pickleball and tennis courts. Bingo games and more.

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27524 N Montana Drive Rio Verde, AZ 85263

Open House

$550,000

2 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6751350

Property Type Townhouse

Price Type --

Beautiful turnkey townhome in the gated community of Tonto Verde. Located in a quiet cul-de-sac, backing to the beautiful driving range and a short walk to the clubhouse and its amenities. Great room style living with fireplace and walls of windows taking in the backyard views and gorgeous sunsets. Split floor plan with 2 large bedrooms and 2 full baths. Primary bedroom with access to the spacious patio and primary bath with dual vanities, tub, walk in shower and walk in closet. Kitchen with center island and cooktop, breakfast counter and dining that is open to the lush landscaping with floor to ceiling windows. New Interior paint 2024, New roof in 2022, New HVAC in 2020, New Hot water heater in 2022 and New Washer/Dryer in 2020. Oversized 2.5 car garage with golf cart access

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5089 S Louie Lamour Drive Gold Canyon, AZ 85118

Open House

$550,000

3 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6777908

Property Type Single Family Residence

Price Type --

WOW! Fabulous, FULLY FURNISHED, Turn-Key 3 Bedroom UPDATED HOME with DEN & HEATED POOL plus DOUBLE MOUNTAIN VIEWS of Superstition & Dinosaur Mountains! ***You'll LOVE the HIGH-END UPDATES throughout including....FULL KITCHEN REMODEL with GORGEOUS GRANITE & Cabinets, Plantation Shutters, Complete Updates of BOTH BATHROOMS with Travertine Showers and Granite & more! *** You'll also appreciate and enjoy the QUIET & PRIVATE BACKYARD OASIS with 11,000 Gallon Pool (2012) plus... HVAC (2017), Exterior Paint (2022), PVC Irrigation (2022), Water Softener (2021), Water Heater (2021), Tile Flooring through-out (ZERO CARPET) & More - Must See! *** GOLD CANYON EAST is ... Gold Canyon East is a popular community of 647 homes located in the foothills of the Superstition Mountains. In addition to panoramic mountain views, residents enjoy walking and hiking paths through-out the community and championship golf courses, dining, spa services and more at the Gold Canyon Golf Resort next door!

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11991 N 69th Avenue Peoria, AZ 85345

Open House

$550,000

4 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6781152

Property Type Single Family Residence

Price Type --

Discover a stunning blend of modern elegance and Arizona charm in this fully remodeled 4-bedroom, 3-bathroom home, spanning 2,323 square feet. Every detail of this renovation has been carefully curated for style, comfort, and functionality, creating a warm yet sophisticated atmosphere. The heart of the home unfolds seamlessly as the living room transitions into a private backyard sanctuary through beautiful bifold doors. These doors bring the outdoors in, offering panoramic views of Arizona's endless skies and direct access to a sparkling pool—ideal for relaxation or entertaining. This backyard oasis provides ample space for lounging, al fresco dining, and savoring the tranquility of the Arizona desert.

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11674 W Parkway Lane Avondale, AZ 85323

Open House

$550,000

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6784222

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 2 bathroom single level home featuring a climate controlled 4 car garage with a roll up door pass through to the backyard! Garage also has polyaspartic epoxy flooring, built in workbench, and custom storage shelves. Explore inside to an open layout showcasing wood like tile flooring, plantation shutters, and a custom electric fireplace feature. A remarkable gourmet kitchen with all the upgrades including wood shaker cabinets, quartz countertops, stainless steel appliances including a gas stove, and a large walk-in pantry. Unwind in the master suite featuring a shiplap accent wall, private bathroom with dual vanities, extra storage cabinets, large walk-in shower and a huge walk-in closet. Enjoy the outdoors in your low maintenance backyard with paver walkways, artificial turf, and an insulated covered patio.Other features include whole house water softener/RO filtration system, tankless water heater, and spray foam insulation. Pre-plumbed to add a sink in the garage, gas line for a bbq in the backyard as well as an outlet for a jacuzzi/hot tub. Lets make this your dream home! (Amazing 2.875% assumable loan also available for Veterans only)

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13202 W Beechwood Drive Sun City West, AZ 85375

Open House

$550,000

3 Beds

2 Baths

2,525 SqFt

Status Active

MLS # 6693377

Property Type Single Family Residence

Price Type --

Beautiful, fully remodeled brick front home on a corner lot in the 55+ community, Sun City West. Gorgeous new flooring throughout this thought out, open floor plan. The kitchen has new white cabinets with a large island for entertaining. The living area has a wet bar with a built-in refrigerator. All 3 BRs have walk-in closets and large enough for King beds with space to spare. The entry has a privacy gate to keep out solicitors and it opens to an impressively large patio. The back yard has another large patio with flourishing citrus trees. There are many extras throughout including plantation shutters, weather shield roller shades for when you travel, extra long garage, plush landscaping, and more. The furnishings are included in so all you have to do is pack your bags and move in!

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9254 E Milagro Avenue Mesa, AZ 85209

Open House

$550,000

4 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6780804

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this beautifully remodeled home with extensive landscaping ideally situated on an oversized lot. Citrus trees and privacy hedges create a beautiful and quiet oasis. The home features newer wood-look tile and carpeting throughout. The modern kitchen features sleek white cabinets with stylish hardware, granite countertops, and stainless steel appliances, making it a chef's dream. Enjoy the spacious owner's bath, complete with a separate shower and tub for your relaxation. The expansive covered patio is perfect for entertaining, featuring a beautiful Pebble-Tec pool, recently remodeled with tile and travertine that promises endless summer fun. The yard offers plenty of space for outdoor activities, with a gate for your convenience.... Located within the vibrant community of Augusta Ranch, you'll have easy access to the golf course and an elementary school right within the subdivision. Don't miss the chance to own this exceptional property that combines elegance with outdoor living at its finest!

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