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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1561 W Pampa Avenue Mesa, AZ 85202

Open House

$499,990

3 Beds

2 Baths

1,773 SqFt

Status Active

MLS # 6701989

Property Type Single Family Residence

Price Type --

Discover comfort and sustainability in this charming 3 bedroom 2 bathroom home. Upgraded with owned solar, beautiful custom kitchen, new a/c, fridge and w/d included! Other upgrades include fiber internet, tile throughout, added attic insulation, ceiling fans in all rooms, smart/led lighting, and updated windows. NO HOA! Bring all your toys with expansive RV parking, concrete slab, and custom rv gates for easy access. Garage is temp controlled with new mini a/c split. Close to schools and park. This home is ready to move in!

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108 N 236th Avenue Buckeye, AZ 85396

$499,980

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6678396

Property Type Single Family Residence

Price Type --

Recently remodeled 4 bed 3 bath with 3 car garage on a view lot with all new soft close kitchen/bathroom cabinets, quartz counters, designer tiled backsplash, modern cabinet hardware, stainless upgraded appliances, large farmhouse sink with commercial sprayer faucet, tile throughout main home, lush carpet and upgraded padding in bedrooms, new chrome interior door hardware, custom walk in tiled oversized master shower, his and her sinks, large master closet, walk out slider doors from master to back patio, blinds, ceiling fans, designer lighting, LED recessed lights, HUGE laundry room, new water heater, newly painted interior/exterior, huge covered patio with a professionally landscaped back yard with built in BBQ area, mountain views, and so much more to see in person!!

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Tubac AZ 85646

$499,900

2 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6683032

Property Type Single Family Residence

Price Type --

Adjoining the lush Santa Cruz River, the Trails Head community is a vibrant part of the Barrio de Tubac. You can enjoy proximity to the Historic/Artisan Village of Tubac itself which has recently been voted by USA Today as the number one up and coming Artisan Community in the Country. The Trails Head neighborhood also adjoins the renowned Juan Bautista de Anza National Historic Trail which provides many miles of shaded areas to enjoy throughout the year. This 1743 sq/ft , 2 bedroom 2 bath plus den, home is positioned to take advantage of everything Tubac has to offer. Wether it is enjoying shopping and the art scene or experiencing the many outdoor opportunities, Trails Head in the Barrio de Tubac is a wonderful place to call home!

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Pinetop AZ 85935

$499,900

3 Beds

2 Baths

1,740 SqFt

Status Active

MLS # 6695219

Property Type Single Family Residence

Price Type --

Location, Location, Location! Complete renovation was completed in 2019 including plumbing, electrical & beautiful interior finishes. Including wood floors, granite countertops in the kitchen and bathrooms. The front yard offers apple trees, cherry, blackberry, raspberry, elderberry, strawberry plants, and many more ornamental flowering plants. Rock chip seal driveway new June 2021. Attic space offers 300+ sq ft of additional storage w.a pull down ladder installed 2021. A sturdy decorative stone mailbox was built in 2021. No HOA & close to Woodland Lake Park. Better Hurry!

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10508 E Nichols Avenue Mesa, AZ 85209

$499,900

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6700453

Property Type Single Family Residence

Price Type --

Situated on a N/S Corner Lot within the ''New Old-Home Neighborhood'' of Mulberry. Featuring nice curb appeal with Front Porch and pavered driveway, a split great room floor plan with lots of tile, 2'' Blinds, Lots of Crown Molding, the beautiful kitchen features a huge island/breakfast bar, granite counters with Subway Tile backsplash, Lots of Cabinets w/hardware with crown molding, Stainless Steel Appliances incl Gas Range, Plumbed for gas dryer in laundry room, Large Owners Suite with Crown Molding, Walk-In Closets in Owners Suite & 1 Secondary Bedroom, Covered Patio Overlooking Nicely Landscaped w/synthetic grass area, Separate Awning w/Sitting Area. Plumbed for Sink in Garage. Mulberry is a master-planned community that EVERYONE falls in love with. It's almost like an enchanted land. ...magically reminiscent of the early 1900s when homes sprung up to create quaint neighborhoods. Our community features two beautiful main entrances with lush landscaping. Tree-lined boulevards lead to centrally located Mulberry Park, no more than a short walk from anywhere in the neighborhood. But the neighborhood beauty isn't all we have! Our amenities include sport courts, playgrounds, two pools, fitness, multipurpose room, a huge event lawn, and a Lifestyle program. Adjacent to the community, Desert Ridge Junior and High Schools, as well as two elementary schools, are all part of the top-rated Gilbert School District. The 202 Santan and US 60 Superstition Freeways are each within approximately 1.8 miles of Mulberry. Mesa's tech corridor, expected to provide thousands of job opportunities, lies just one mile south. Also, within a mile, you'll find major shopping, dining, and entertainment.

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3040 W Black Oak Loop Show Low, AZ 85901

$499,900

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6679189

Property Type Single Family Residence

Price Type --

Brand-new home. Located in the desirable Torreon Golf Villas II. This stand-alone Villa is just what you've been looking for. Tall Ponderosa Pines surround this pristine new build. Enjoy granite countertops, a walk-in shower, open concept living area, with T&G ceilings. Luxury vinyl plank and 2'' wood blinds throughout. Spacious Kitchen. Gas Fireplace. Insta hot water heater w/filter. 2 garages. This split, Three-bedroom floorplan is ideal for a primary residence, or a place to get away. Just a short ride to the Clubhouse for a nice meal or a round of Golf. Don't forget to bring your fishing pole, to enjoy one of the beautiful lakes on the mountain. At the end of the day, watch the beautiful sunset in the crisp, mountain air. Owner/Agent and may benefit from proceeds

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12211 N Fountain Hills Boulevard Fountain Hills, AZ 85268

$499,900

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6700723

Property Type Twin Home

Price Type --

Welcome to this meticulously crafted custom home nestled in a serene neighborhood boasting mesmerizing mountain vistas and, best of all, no HOA restrictions! Step into luxury through the iron front entry door, complemented by iron scroll window guards, and be greeted by a stunning large tile floor medallion, setting the tone for a Tuscany-inspired experience. Premium engineered REAL wood floors grace the main living areas, paired with a wood-iron banister staircase railing for a touch of elegance. The kitchen is a culinary delight, featuring abundant high-end cabinetry, custom cabinets, and chiseled Italian granite countertops, all accented by skillfully crafted crown molding. Upgrade your lifestyle with 6200 series windows from Home Depot, enhancing energy efficiency and aesthetics throughout. Both bathrooms have undergone stylish facelifts, while brand new neutral carpet and pad add comfort to all three bedrooms. Enjoy the natural light flooding in through newer Anderson windows and double sliding patio doors, augmented by three skylights in the tall ceilings, creating a soothing ambiance. Step outside to the newer balcony, offering panoramic views that are sure to impress. The backyard oasis beckons with custom iron doors leading to a luxurious custom pool and premium stone decking, perfect for relaxation or entertaining. Unwind with a nightly swim right outside the owner's suite, where comfort meets luxury. Nestled on a quiet street, this home offers the perfect blend of elegance, comfort, and tranquility.

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701 W Marlboro Drive Chandler, AZ 85225

$499,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6678423

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3/2 with a pool in a great chandler neighborhood. Remodel was just finished including new quartz counters, laminate wood flooring in bedrooms, new shower in hall bath, new vanity, interior and exteror paint, new backyard landscaping with turf. new plaster in pool and much more...

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3550 E Edna Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,157 SqFt

Status Active

MLS # 6659931

Property Type Single Family Residence

Price Type --

Your dream home awaits! Meticulously cared-for Pulte gem, ready for its next chapter. Second owners, captivated by its charm. Mature landscaping, citrus trio, and a pergola create a private retreat. AMPLE STORAGE, 2 car garage with a Brand-new garage overhead storage, custom blinds, and windows, and fresh paint amplify interior allure. * Updated paint, light & plumbing fixtures and a stove with built-in air fryer! Make it your own or move in hassle-free. Proximity to top-notch dining, shopping, and seamless freeway access. Ideal timing for Spring Training! Embrace an active lifestyle with nearby trails. Modern convenience and security with a smart lock, new ADT system, and cameras. **Your peace of mind assured until July 2025 with an included home warranty. Come see your home in perso

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17852 W Jessie Lane Surprise, AZ 85387

$499,900

4 Beds

2.5 Baths

2,821 SqFt

Status Active

MLS # 6671520

Property Type Single Family Residence

Price Type --

Beautiful move-in ready home with 4 spacious bedrooms, 2.5 baths w/ loft and study. Primary bedroom is downstairs with an en suite bath that connects to the laundry room. Open floor plan with a great room and eat-in kitchen. Large island and a Butler's Pantry. Gorgeous tile downstairs. Upstairs has a large loft with 3 bedrooms and a bath. Low maintenance backyard w/pavers, artificial grass and an RV gate. Perfect home for entertaining!

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3535 W Acapulco Lane Phoenix, AZ 85053

$499,900

4 Beds

2 Baths

2,421 SqFt

Status Active

MLS # 6676367

Property Type Single Family Residence

Price Type --

Stop the car for this immaculate remodeled gem in North Phoenix! This 4 bed/2 bath was taken down to the studs and painstakingly renovated from top to bottom. The home features ample natural light, striking wood-look tile in all the right places, new carpet in the bedrooms, neutral colors, and updated bathrooms. The modernized kitchen boasts exquisite quartz countertops, elegant Shaker cabinetry, a spacious breakfast bar, pendant lighting, and new stainless steel appliances. Outside, you'll find an expansive covered patio and low-maintenance landscaping. The home is located in a quiet neighborhood near the I-17, loop 101, ASU West Campus, and GCU. Welcome home!

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15252 N 100th Street Scottsdale, AZ 85260

$499,900

2 Beds

2 Baths

1,607 SqFt

Status Active

MLS # 6688772

Property Type Apartment

Price Type --

MOVE IN READY! 2 HUGE BEDROOMS AND A HUGE DEN. OPEN FLOOR PLAN WITH PLANTATION SHUTTERS THROUGHOUT. 2 HUGE PATIOS AND ONE OF THEM IS TOTALLY SCREENED IN. CORNER UNIT SO LESS NEIGHBORS. GRANITE, STAINLESS AND BEAUTIFULLY UPGRADED THROUGHOUT. TILE THROUGHOUT, NO CARPET!!! THIS ONE WONT LAST!!!

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