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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4558 Jackpot Road Wickenburg, AZ 85390

$464,950

2 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6669942

Property Type Single Family Residence

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Your new home awaits at the Wickenburg Ranch Golf & Social Club community. This perfectly designed Beacon plan provides the perfect 2-Bed, den/office and 2-Bath home. The home offers an open concept layout with upgrades throughout. Upgraded cabinet hardware, appliance package, quartz countertops, custom blinds, 4ft garage extension w/ professionally coated epoxy garage floor, whole house tile with ceramic upgrades in the Master suite. The full room 8 ft sliding glass doors open up to the patio with installed electric patio shades to enlarge the main room living space. Residents also have access to an abundance of amenities, including an outstanding 18-hole golf course, 9-hole par 3 course, fitness center, a resort swimming pool, and much more.

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177 Bahia Lane Litchfield Park, AZ 85340

$464,900

4 Beds

2 Baths

1,905 SqFt

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MLS # 6664255

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Introducing an exquisite 4-bedroom, 2-bathroom townhome with a pool nestled in the desirable Litchfield Park neighborhood! This stunning home has been meticulously upgraded with remodeled bathrooms, new kitchen counters, appliances, cabinets, and fresh paint throughout, exuding a modern and inviting atmosphere. Enjoy the convenience of community amenities including a pool, tennis courts, and a basketball court, perfect for active living. Additionally, being just a short walk from Litchfield Elementary School adds to the appeal for families. With shopping and dining options nearby, this home offers both luxury and convenience. Don't miss the chance to own this well maintained property that truly shows like a model - it won't stay on the market for long!

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23853 N 39th Lane Glendale, AZ 85310

$464,900

3 Beds

2.5 Baths

1,651 SqFt

Status Active

MLS # 6677840

Property Type Single Family Residence

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Beautiful 3-bed, 2.5-bath property in sought after Sunrise at North Canyon community. Home offers an open and inviting floorplan with soaring ceilings, openwork stair rails, tile flooring throughout the first floor and luxury vinyl plank throughout the second floor - no carpet! The cozy family room with fireplace and French doors to the back patio is warm and welcoming. The kitchen has plenty of cabinet space, convenient breakfast bar, dining area with a bay window and views of the spacious backyard. Head upstairs to find a sizable loft - ideal for home office or TV area, and three bedrooms. The primary suite has a walk-in closet, and en-suite bath with dual sinks. Oversized backyard includes a play area and a full-length covered patio with room to relax and/or entertain. And don't forget the 2-car garage with additional storage cabinets, extended driveway and RV gate. Located a short walk from Desert Sage Elementary school, half mile from Victory Lane and Hurricane Harbor water park, one mile from Beuf community park and easy access to shopping and highways. This home has it all!

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14589 W Desert Hills Drive Surprise, AZ 85379

$464,900

3 Beds

2 Baths

1,909 SqFt

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MLS # 6687656

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Welcome to Your Fully Furnished Dream Home in Copper Canyon Gated Community! Nestled in the heart of the highly sought-after Copper Canyon gated community, this stunning 3-bedroom, 2-bathroom home with a spacious den is an absolute gem. Boasting a modern and open floor plan, this residence is perfect for those who appreciate both elegance and comfort. As you step inside, you'll be greeted by the warmth of exquisite dark hardwood floors. The inviting living space features an open concept design, with a large breakfast bar overlooking the family room, making it ideal for entertaining guests or enjoying quality family time. Step outside, and you'll discover your own private oasis. The extended patios offer the perfect spot to unwind and soak in the sun. sun, while the sparkling pebble-tec play pool with a soothing water feature provides endless hours of enjoyment and relaxation. For those with a passion for vehicles or outdoor toys, the extended 2-car garage comes complete with epoxy floors, ensuring a pristine space for your vehicles. Additionally, the property features an additional RV gate with extended slab parking, offering ample space for all your parking needs.

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