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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

14137 W Evans Drive Surprise, AZ 85379

$495,000

5 Beds

3.5 Baths

2,714 SqFt

Status Active

MLS # 6684281

Property Type Single Family Residence

Price Type --

Situated in a family-friendly neighborhood, you'll love the sense of community and convenience that surrounds you. From nearby parks to attractions like Uptown Alley and Surprise Stadium. Downstairs, discover a bedroom, a spacious family room, living room, and a well-appointed kitchen - ideal for gatherings and quality family time. Upstairs, 4 more bedrooms and a loft offer plenty of space for everyone to spread out and relax. But the real highlight of this home? The backyard oasis! With an extended patio providing ample space for outdoor dining and lounging, and a sparkling pool just in time for summer.

View Property

28436 N 123rd Lane Peoria, AZ 85383

$495,000

2 Beds

2 Baths

1,399 SqFt

Status Active

MLS # 6687157

Property Type Single Family Residence

Price Type --

This 1399sqft RIVAS GEM is offered TURNKEY with all furniture and furnishings included. It welcomes you on a large lush landscaped lot with lots of privacy. The newly painted walls invite you to enjoy this 2BRm, 2Bath home where the main areas are all interactive, highlighted by a robust fireplace. The bedrooms shimmer with beautiful wood floors and each bedroom has the expanded option. The large covered rear patio, done in Mexican tiles, ads a touch of olde world charm, and the extended garage gives that needed extra space. All this is located within the award winning 55+ Community of Trilogy at Vistancia, that offers resort style living at its finest.

View Property

15252 N 100th Street Scottsdale, AZ 85260

$495,000

2 Beds

2 Baths

1,607 SqFt

Status Active

MLS # 6688936

Property Type Apartment

Price Type --

Come see this Beautiful 2 Bedroom plus den 2 Bathroom Condo in a Great Area of Scottsdale. This condo has a nice large great room perfect for relaxing and entertaining guests. The kitchen is open with lots of counterspace and upgraded cabinets and looks over into the great room so you can be part of the entertainment. The guest bedroom is good sized and shares a hall bathroom. The large primary bedroom has an ensuite complete with a walk-in closet, dual sinks, and a walk-in shower. There is an inside laundry and a storage area. Enjoy the great Arizona weather on your private patio looking over a common area with grass and trees and a views of McDowell Mountains. This complex is gated, has several pools and spas, is close to shopping, freeways, schools, restaurants, etc. Water, Sewer, Tra Trash included in HOA Fees.

View Property

7887 N 16th Street Phoenix, AZ 85020

$495,000

3 Beds

2 Baths

1,539 SqFt

Status Active

MLS # 6695318

Property Type Townhouse

Price Type --

Looking for a Desert Mountain Escape? You found it! Tucked away near Squaw Peak, this immaculate three bedroom, two bath townhome has everything you are looking for! Spacious Primary bedroom with a spectacular primary bath, split floor plan, guest bedrooms are on the other side of the unit for great privacy. The kitchen is open to a large great room, and private balcony with great desert views. Bedrooms provide amazing Mountain Views. Unit is close to community amenities including the pool, hot tub, great walking and biking trail. Great Freeway access, close to restaurants and shopping and local hiking trails.

View Property

19777 N 76th Street Scottsdale, AZ 85255

$495,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6645554

Property Type Townhouse

Price Type --

** LUXURIOUS & UPDATED 2 BEDROOM UNIT WITH PRIVATE GARAGE -- SITUATED IN ONE OF THE PREMIER CONDO COMMUNITIES IN SCOTTSDALE -- VENU AT GRAYHAWK ** The Unit includes a Private & Attached One-Car Garage, with Direct Access into the Condo -- a Great Feature for Added Security & Convenience ** This Unit Occupies All Three Floors -- All Staircases are Interior and No Neighbors Above ** The Community Updated the Roof in 2021 ** Owners can Enjoy an Amazing Range of Amenities at both VENU & the adjacent EDGE Condo Community: Multiple Resort-Style Pools with Cabanas, Clubhouses, Fitness Centers, Fireside Seating & BBQ's, Movie Theater, Resident Chef, Concierge, Courtesy Security Patrol & MUCH MORE! ** Close to Everything You Love about Scottsdale! ** Click ''MORE'' for Additional Features Additional Features and Information: This end unit has plenty of Natural Lighting inside, with lots of Windows and High Ceilings ** Relax on your Private, Covered Balcony ** Full Size Washer and Dryer are located in the Garage and convey to the Buyer ** Flat Screen TV in Living Room conveys to Buyer ** Luxury Vinyl Plank Flooring throughout, including the Stairways ** Summary of Updates: 2018: Flooring Throughout; Interior Painting; Refrigerator; Built-in Micro; Window Blinds ** 2019: Partial Updates in Bathrooms ** 2020: New Water Heater; New Privacy Blinds for the Six Living Room Windows ** 2021: Partial Updates in Kitchen; Community Re-Roof for Building ** The VENU Community has a Wonderful North Scottsdale Location, with close proximity to the 101 Freeway, Multiple Shopping & Dining Areas (including easy access to Kierland and Desert Ridge), Mayo Clinic, WestWorld of Scottsdale, Golf Courses (and Phoenix Open), Auto Auctions and MORE!! **

View Property

6513 W El Cortez Place Phoenix, AZ 85083

New

$495,000

3 Beds

2 Baths

1,480 SqFt

Status Active

MLS # 6689679

Property Type Single Family Residence

Price Type --

LOCATION. LOCATION. LOCATION. Mountain VIEWS! It's an incredible 3 bedroom, 2 bath home featuring an open floorplan with lots of natural light, a large master bedroom & spacious living areas. New flooring, backyard turf, indoor paint and concrete kitchen countertops. Prime lot located at the end of a Cul-De-Sac & is on one of the most secluded lots in the entire subdivision. Step outside to the private rear yard & enjoy incredible mountain and desert preserve views. Relax under the covered patio or retire inside and gaze out the window at the picturesque landscape. End of culdesac and adjacent to the wash. Total privacy. Leave and save money with waterless landscaping. Plus a THREE car garage! Close to everything. Plenty of room for a pool!

View Property

2992 N Miller Road Scottsdale, AZ 85251

$495,000

2 Beds

2 Baths

1,268 SqFt

Status Active

MLS # 6680864

Property Type Apartment

Price Type --

Highly upgraded 2 bedroom condo in sought after Bellagio complex. Close to shopping and old town Scottsdale. Newer appliances (2 years), new floors in bathroom and laundry, new vanities and fixtures in both bathrooms by Jacuzzi Co. Large laundry room with new cabinets, sink and flooring. New water softener, new garage cabinets in double garage. Furniture available under separate bill of sale.

View Property

3516 S Seneca Way Gilbert, AZ 85297

$495,000

3 Beds

2.5 Baths

1,931 SqFt

Status Active

MLS # 6690472

Property Type Single Family Residence

Price Type --

WOW !! This Stunning home is Nestled in the serene neighborhood of Power Ranch. Pristine and immaculate, YOUR NEW 3 Br ,2.5 bath ,1car garage home offers a spacious open concept layout designed for modern living. Sunshine filled gives brightness shining in daily . The Master suite is a sight to behold. DBL sinks, walk in closet and a make up area. The heart of the home is a gourmet kitchen adorned with sleek appliances and ample counter space. Step outside through an oversized almost full wall of sliding glass doors to an upgraded backyard with artificial turf & pavers t/o. Enjoy a great relaxation setting for endless summer days and starlit evenings. On cold chilly nights your living room turns into a romantic colorful flame changing room with a built in modern flame fireplace. Need more privacy the living area is equipped with electric roller shades .YES what else does one need. This house has everything anyone could want. All higher end bronze fixtures through this home adds a touch of class and character. The Community is filled with fun amenities LOCATED IN THE LAKE SUBDIVISION . A pool , spa, BBQ area ,gazebo, walking path , playground ,tennis, basket ball courts and so much more. Don't take my word for it come feel the fun, serenity and beauty for your self.

View Property

17185 S Mescalero Drive Munds Park, AZ 86017

New

$495,000

3 Beds

2 Baths

1,238 SqFt

Status Active

MLS # 6685198

Property Type Single Family Residence

Price Type --

The original home, constructed in 1969, underwent expansions in 2005 and has since received updates, including a repainted exterior and interior, as well as the addition of a 50-amp Tesla charging station. Inside, this spacious residence features a generous living area with new vinyl flooring. Three sizable bedrooms. Upgraded bathrooms, a wood stove, and a covered front porch contribute to the property's charm. Convenience and security are ensured with ample parking, a chain-linked backyard, and a rebuilt back deck. Both the front and back yards boast mature trees, creating a serene ambiance. An enclosed back porch provides a cozy retreat, complete with an on-demand water heater for chilly days. Additionally, a spacious shed in the backyard offers ample storage space for tools and toys.

View Property

2346 W Turtle Hill Court Anthem, AZ 85086

$495,000

2 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6687808

Property Type Single Family Residence

Price Type --

Come see Anthem, simply one of the best ''multi-generational'' communities around. Amenities and activities for all! This home features recent upgrades in kitchen and both bathrooms. Neutral colors throughout. Primary bedroom has been extended with access to the back yard. Primary bathroom has tastefully remodeled walk-in shower. The home sits on an oversized lot, conveniently located and private. Anthem Country Club has ''2 of everything''. 2 golf courses, 2 tennis facilities, 2 club houses, 2 restaurants, 2 pools, 2 fitness centers, just 2 much fun! Come and enjoy.

View Property

140 W Thompson Road Payson, AZ 85541

$495,000

4 Beds

2 Baths

1,901 SqFt

Status Active

MLS # 6574951

Property Type Single Family Residence

Price Type --

Rare and beautiful Cabin nestled in the woods! Minutes from Payson and 300+- feet from Tonto National Forest where wildlife and trails are in abundance, a bird watchers dream. Just three miles from Tonto Creek and 20 minutes away from the Rim lakes. A great family friendly neighborhood for children to roam, ride, and play outdoors! Five bedrooms, two bathrooms provide you lots of space. Open concept, Chef's Kitchen, butcher-block counters, high ceilings, beautiful wood floors, full laundry, spacious deck, and a backup generator. Many additional upgrades and finishes to satisfy! This home is furnished and is perfect for a fulltime residence, weekend getaway or possible Air B&B. Truly a must see!

View Property

4724 W Lydia Lane Laveen, AZ 85339

$495,000

5 Beds

3 Baths

2,948 SqFt

Status Active

MLS # 6568702

Property Type Single Family Residence

Price Type --

Lovely home in gated community close to schools, parks and the 202 Freeway. Great location. This 5 Bedroom 3 bath home is in a desirable community. This home offers a gorgeous kitchen with granite countertops, dual wall ovens, upgrades galore. with an island w/breakfast bar seating and dining. This home has a family room and formal dining area and a bedroom downstairs with a full bathroom. Upstairs has a nice loft with 3 Bedrooms with walk-in closets and a Master Bedroom with an ensuite bathroom including dual sinks, separate tub and shower and his and her walk-in closets. Backyard with a covered patio for all of your entertaining needs.

View Property