What’s Ahead For Mortgage Rates This Week – October 24, 2016

Last week’s economic releases included the National Association of Home Builders’ Housing Market Index along with reports on housing starts, building permits and sales of previously owned homes. Weekly reports on new jobless claims and mortgage rates were also released.

NAHB: Builder Sentiment Dips amid High Demand for Homes

Home builder confidence in current housing market conditions dipped from September’s index reading of 65 to 63. September’s reading was the highest since the peak of the housing bubble. Any reading above 50 indicates a majority of builders surveyed are confident about housing market conditions. Building new homes is essential to relieving intense demand for homes against short supplies of homes for sale. Builders cited obstacles including low supplies of land for development and workforce shortages, but expressed confidence in overall economic conditions that affect construction and sales of new homes.

Housing Starts Fall, Building Permits Rise

According to the Commerce Department, the reading for housing starts was nine percent lower in September than for August. 1.047 million starts were reported in September on a seasonally adjusted annual basis; August’s reading showed 1.150 million starts. Monthly readings tend to fluctuate due to weather, labor and materials supplies. Single family starts provided good news with a higher annual rate of 783,000 starts; this was 8.10 percent higher than August’s reading.

More building permits were issued in September than for August. Overall, 1.225 million permits issued on an annual basis. August’s reading showed 1.152 million permits issued. Building permits for single-family homes rose to 783, 000 on an annual basis, an increase of 8.10 percent over August. September’s increase in single-family permits indicates that builders are shifting their efforts toward single-family construction instead of multi-family construction. This signifies confidence in homeownership and suggests stronger housing markets as renters become homebuyers.

Sales of Previously–Owned Homes Increase

The National Association of Realtors® reported that previously owned homes sold at a seasonally-adjusted annual pace of 5.47 million sales in September as compared to a rate of 5.33 million sales in August. Pre-owned home sales rebounded after slowing in July and August. Home prices rose 5.60 percent year-over-year to an average of $234,200; this was the 55th consecutive month that home prices rose.

Sales of pre-owned home sales rose in all four regions rose year-over-year from 0.90 percent in the South to 5.80 percent in the Northeast. First-time buyers accounted for 34 percent of sales, which was the highest participation rate in four years.

Mortgage Rates Higher

Freddie Mac reported higher average mortgage rates last week. 30-year fixed rates were five basis points higher at 3.52 percent. 15-year fixed rates were three basis points higher at 2.79 percent. 5/1 adjustable mortgage rates rose three basis points to 2.85 percent. Discount points rose from 0.50 to 0.60 percent for fixed rate mortgages and were unchanged at -.40 percent for 5/1 adjustable rate mortgages.

New jobless claims were higher than expected at 260,000 claims; analysts expected 248,000 new claims to be filed based on the prior week’s reading of 247,000 new claims filed. Last week’s reading was the highest in six weeks, but analysts said that layoffs remain very low.

What‘s Ahead

This week’s scheduled economic news includes Case-Shiller home price data, readings on new and pending home sales along with reports on consumer confidence. Mortgage rates and new jobless claims will be released on their regular weekly scheduled.

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$460,243

4 Beds

2 Baths

1,897 SqFt

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Let the Sabino floor plan welcome you home with ample room for the whole family. With four bedrooms, two bathrooms with a expansive primary bedroom, you're primed to live in domestic bliss. Kitchen features Benton White cabinets with 42″ uppers, Frost quartz counter-tops and Marazzi Artezen backsplash! Tile throughout the home in a Vicinity Natural color! Our High Performance Homes come standard with home automation technology, a Remo Halo Air Purification system designed with you in mind to keep you more comfortable in your new home. This home is conveniently located close to the 303 and northern parkway!

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19610 W Cambridge Avenue Buckeye, AZ 85396

$460,193

4 Beds

3 Baths

2,070 SqFt

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Explore this must-see Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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$460,005

3 Beds

2.5 Baths

1,812 SqFt

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MLS # 6617577

Property Type Townhouse

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Remarkable new 2-story condo offering 3 bedrooms, 2.5 bathrooms, and an attached garage. This Spanish-style property is move-in ready! Located in the Towns of Annecy, home owners enjoy gated access, a community pool and spa, a playground, and walking and biking paths, perfect for taking in the lake views. The condo features designers selections and upgrades throughout including Nutmeg Shaker Winstead stained brown cabinets, a Delta Trinsic Faucet Collection, ''Frost'' Quartz countertops in the kitchen, and Matte Black cabinet and door hardware. The kitchen boasts a stainless GE dishwasher, microwave, and slide in electric range. 6'' x 36'' Floor Tile in the living, kitchen, and dining area in addition to the carpeted bedrooms. Ample storage throughout. Soft water loop pre-plumb only.

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$460,000

4 Beds

3.5 Baths

2,551 SqFt

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MLS # 6621817

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Nestled in the serene coastal community of Las Conchas, this beautiful under-construction custom home with scheduled completion for Summer 2024 offers a rare opportunity to live the ultimate beachside lifestyle. The home's architecture is a harmonious blend of modern design and coastal charm. Clean lines, large windows, and high ceilings create a sense of space and light throughout. The home offers two primary suites located on the second and first floors. On the first floor, a two car gararge, a primary suite with a walk-in shower and a generously sized walk-in closet, two secondary bedrooms, a laundry room, a full bathroom, and a living room. The upstairs features an open space living-dining room, a kitchen fully equipped with cabinetry, and a spacious island perfect for casual dining or entertaining guests. Also, a half bathroom and a second primary suite with access to the main terrace overlooking the ocean, a spa-like bathroom with a walk-in shower, and a generously sized walk-in closet. Lastly, a relaxing rooftop terrace with glass railing to enjoy the beautiful sea of Cortez. Take advantage of our pre-construction pricing now!

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