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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6612 W Pine Cone Trail Pine, AZ 85544

$495,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6587581

Property Type Single Family Residence

Price Type --

Amazing property located in the heart of Pine Arizona. With enough bunk room for the entire family and then some. This home is designed for the ultimate in entertaining and an escape to cooler weather. The attached 4 car plus garage is set up with a bar and entertainment area for family and friends

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15848 W Laurel Lane Surprise, AZ 85379

$495,000

5 Beds

3 Baths

3,676 SqFt

Status Active

MLS # 6618880

Property Type Single Family Residence

Price Type --

PRICE IS RIGHT & GREAT INCENTIVE! 5-K TOWARDS BUYERS COST W/ RIGHT OFFER! Unique opportunity to own this spacious floor plan that rarely comes for sale in this neighborhood. Perfect for multi-generational living and/or home-based business. Spotless & well maintained, all bedrooms are HUGE w/ walk-in closets. Upstairs master is perfect w/giant closet! Downstairs also has large bedroom w/ another walk-in closet. Perfect for mother-in-law space, or teen. 2 huge living areas downstairs, & upstairs is loft area & home office, or another bedroom - could be made into 2 bedrooms! Big kitchen w/ walk-in pantry & tons of cabinet. Upstairs laundry w/ washer & dryer included. Blank slate backyard waiting for your design- perfect for kids & Fido. Low HOA & property taxes. KILLER LOCATION off 303

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18200 S Wolf Run Trail Mayer, AZ 86333

$495,000

2 Beds

1 Bath

882 SqFt

Status Active

MLS # 6654333

Property Type Single Family Residence

Price Type --

STUNNING serene 13 acres of quiet paradise. Private well and septic. NO HOA/CCR! Has the original home from 1930 for the historical lovers. 2 beds, 1 bath with beautiful large walk in shower. Owner has lived and thrived here for 28 years. Make it your home or use for guest cabin / weekender and build a new home. also has nice stucco could be turn into guest house. NUMEROUS WATER AND ELECTRICAL hook ups throughout, making this an AMAZING AND PROFITABLE place to start an Air B&B, OFF ROAD RV CAMPING ECT.. Large metal storage shed. Surrounded on all sides by National Forest, state land. Come pan for gold in Turkey Creek, hike, utv, atv, horses, and more all right from your back yard!! STUNNING serene 13 acres of quiet paradise. Private well and septic. NO HOA/CCR! Has the original home from 1930 for the historical lovers. 2 beds, 1 bath with beautiful large walk in shower. Owner has lived and thrived here for 28 years. Make it your home or use for guest cabin / weekender and build a new home. NUMEROUS WATER AND ELECTRICAL hook ups throughout, making this a possibility for an AMAZING AND PROFITABLE place to start an Air B&B, OFF ROAD RV CAMPING ECT.. Has nice stucco building with electric, water and could be turned into guest quarters Large metal storage shed. Surrounded on all sides by National Forest, state land. Come pan for gold in Turkey Creek, hike, utv, atv, horses, and more all right from your back yard!!

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46834 N Az Highway 288 -- Young, AZ 85554

$495,000

3 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6655778

Property Type Single Family Residence

Price Type --

Welcome to paradise in the heart of Young, Arizona. This enchanting two-bedroom, one-bathroom house plus guest house is nestled on a generous 1.95-acre plot offering views of the surrounding landscape. As you step inside this cozy home, you will be greeted by a warm and inviting atmosphere. The spacious living area/great room boasts ample natural light along with a cozy wood burning stove. One cannot overlook the incredible versatility offered by the accommodation options. This property includes an efficiency guest house complete with its own kitchen and bathroom, making it an excellent space for hosting out-of-town guests or generating additional rental income - truly enhancing your investment potential! Allow yourself to be captivated by endless possibilities when stepping outdoor Welcome to paradise in the heart of Young, Arizona. This enchanting two-bedroom, one-bathroom house plus guest house is nestled on a generous 1.95-acre plot offering views of the surrounding landscape. As you step inside this cozy home, you will be greeted by a warm and inviting atmosphere. The spacious living area/great room boasts ample natural light along with a cozy wood burning stove. One cannot overlook the incredible versatility offered by the accommodation options. This property includes an efficiency guest house complete with its own kitchen and bathroom, making it an excellent space for hosting out-of-town guests or generating additional rental income - truly enhancing your investment potential! Allow yourself to be captivated by endless possibilities when stepping outdoors onto this property. The East end of the property lines along the main road in town giving options for building a business on this property as well. Bring your horses, bring your chickens, bring your outdoor toys, and bring your loved ones to a unique lifestyle offered in Young AZ. PS. There are two wells and two septic systems on this property. 1 well is capped. Also, the guest house is stubbed for propane and will be hooked up for the gas stove top.

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1437 N Easy Street Payson, AZ 85541

$495,000

3 Beds

3 Baths

2,050 SqFt

Status Active

MLS # 6658283

Property Type Single Family Residence

Price Type --

Beautiful views from this great home in an Alpine Heights cul-de-sac! This 3 bedroom, 3 bathroom home features 2,050 sq. ft., a family room, a 1 car garage, a carport, a high-efficiency water heater, and the roof was replaced in October 2023. The living room has knotty pine vaulted ceilings, large windows for letting in natural light & the views, and a wood fireplace as well as a gas stove. The kitchen has granite countertops, plenty of storage with 2 pantries, and a breakfast bar. The master suite features a walk-in closet, 2 sinks, and a walk-in shower. The backyard has a patio and plenty of mature landscaping for privacy. Your favorite spot will be the covered deck perfect for entertaining and enjoying the views of Rim Country.

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512 S Mud Springs Road Payson, AZ 85541

$495,000

3 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6660754

Property Type Single Family Residence

Price Type --

Wow! You don't want to miss looking at this home. Very well taken care of 3 large bedrooms, 2 bath, 1792 sq ft, eat in kitchen with granite, gas fireplace in the great room, open floor plan and so much more. Oversized 2 car garage with plenty of room for storage, RV gate and pad on the side of the home. Off the master bedroom is a separate exit to a screened in porch. Peach, apple & apricot fruit trees. Plus a large rose garden. Great neighborhood with no HOA, across from a school, new park with football. baseball and pickle ball courts. Hurry this one won't last long. Call today!

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2528 E Sweetwater Avenue Phoenix, AZ 85032

$495,000

2 Beds

1 Bath

1,066 SqFt

Status Active

MLS # 6670013

Property Type Single Family Residence

Price Type --

Just imagine the possibilities with an opportunity to own this home located on an extra large lot and ready for horses or ??, one of very few in this area! The home itself, is just as cute as a button, remodeled and new 2023 HVAC, make it move in ready! The outbuilding is a plus for a future office, tack room or storage. Plenty of room on the property for a barn, corrals, outdoor arena and RV or trailer parking. No HOA and you can have 5 Chickens!

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1985 W Raven Drive Chandler, AZ 85286

$495,000

3 Beds

2.5 Baths

1,509 SqFt

Status Active

MLS # 6665827

Property Type Single Family Residence

Price Type --

This 3-bedroom, 2.5-bath Shea Home situated in the highly sought-after Clemente Ranch neighborhood. The spacious great room boasts vaulted ceilings and a neutral interior paint palette. The kitchen is a chef's delight with granite countertops, an island, ample cabinet space, stainless steel appliances, and recessed lighting. Upstairs, the master bedroom impresses with vaulted ceilings, dual sinks adorned with granite countertops, and a roomy walk-in closet. The secondary bedrooms feature laminate wood floors and ceiling fans. Step into the backyard oasis with lush grass, providing ample play space for both daytime and evening enjoyment. With its ideal location offering proximity to restaurants, shopping, and easy freeway access, this home is a must-see.

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9605 W Getty Drive Tolleson, AZ 85353

$495,000

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6669664

Property Type Single Family Residence

Price Type --

Welcome to your dream home, 4 bed 3 bath home with a custom designed backyard. Host parties enjoying the gas fire pit, corn hole lanes, putting green, gazebo and covered patio while creating memories with family and friends. This gorgeous kitchen comes with an open concept and plenty of cabinet space, recessed lighting, a center island and pantry. A spacious master bedroom with walk-in closet, double sink vanity and private bath. Plus a large flex room to be used for any of your needs. - Perimeter of the yard, fireplace and counter. Inside - Ruckus Smart Switch and Wifi Network Extension. Garage - MyQ App controlled Garage Door opener. COME SEE IT FOR YOURSELF

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18009 N 129th Drive Sun City West, AZ 85375

$495,000

3 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6671466

Property Type Single Family Residence

Price Type --

W E L C O M E to this newly-upgraded 2,874 sq.ft residence. Inside, you'll find a perfectly flowing layout showcasing a large expensive floor plan. clean lines and sleek designs. Soothing palette, recessed lighting & wide plank vinyl flooring are features you'll love! The stunning kitchen boasts granite & butcher block counters, updated cabinets with custom accents, black and SS appliances, custom island, walk-in pantries. End your busy day in your primary master suites with a jacuzzi tub. Lavish bathrooms, custom vanities, expansive custom showers. Large walk in closets in each room. Spend relaxing afternoons in the expansive large backyard patio, plenty of space for entertaining! 16,900 cul-de-sac lot. This home is a dream come true! Don't miss outi Living Room, Formal Dining Room, Family Room, Office, Primary Master Suite with/classic French doors that open to a private sitting room.

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13175 N 148th Avenue Surprise, AZ 85379

$495,000

4 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6674260

Property Type Single Family Residence

Price Type --

Welcome to this modern living home nestled within the charming Marley Park community! This stunning home with an open floor plan boasts 4 bedrooms, 3 baths. Adorned with stainless steel appliances, granite counter tops, and 42'' cabinets with ample storage. A convenient guest room downstairs offers privacy and comfort. Upstairs you'll find large sized bedrooms and a large master retreat with full en suite that includes a tiled shower, dual sinks and a walk-in closet. Outside, enjoy the low-maintenance lifestyle with an oversized backyard featuring a putting green. This Marley Park community also boasts a beautiful Club House with a community pool!

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4697 N 204th Lane Buckeye, AZ 85396

$495,000

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6674327

Property Type Single Family Residence

Price Type --

MOVE RIGHT IN to this Kennedy on the corner! Situated in a quiet little niche of Victory, this Lennar floorplan is super popular - two bedrooms PLUS den, two baths, open kitchen/dining/great room. These original owners have maintained perfectly and upgraded - from custom metal screen security door to new lighting, ceiling fans, professionally painted throughout, epoxy garage floor, permanent heavy duty shelving & overhead storage in garage, professional landscape install extensive pavers in back & side yards. Ready to enjoy Victory living in a charming Victory neighborhood! FHA loan at 3.625 is Assumable!

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