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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6438 W Mercer Lane Glendale, AZ 85304

$490,000

3 Beds

2.5 Baths

1,570 SqFt

Status Active

MLS # 6628488

Property Type Single Family Residence

Price Type --

This home is the absolute definition of ''turn-key''. From solar panels and a brand-new roof to new carpet, paint and appliances the list of improvements are too long to list in this description (ask for the list)! With over 90k worth of improvements this home sits ready to go on a corner lot and with NO HOA. With one of the larger lots in the Montara community, you will find yourself walking distance to a fantastic neighborhood green belt and community parks. Welcome home!

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20813 W Minnezona Avenue Buckeye, AZ 85396

$490,000

3 Beds

3 Baths

1,771 SqFt

Status Active

MLS # 6653557

Property Type Single Family Residence

Price Type --

This home has an Energy Star rating for energy efficiency. Located within the award winning community of Verrado & the active adult neighborhood of Victory, this well kept 3 bedroom, 2 bath, 3 car garage home has nice views of both the Whitetank & Estrella mountains. The 3rd bedroom has double doors that allow it to be an office or den. It is one level home, tile floors, beautiful cabinets & just a few years old. Landscaping is low maintenance & the driveway is pavers. Come look at this wonderful home that is ready for you to move in now. Washer, Dryer & refrigerator are included. Verrado has medical services, eateries, CVS pharmacy, multiple grocery stores, over 60 parks, established hiking trails, vet services & more. The Victory HOA also has a gym for active adult residents

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1445 S Revere -- Mesa, AZ 85210

$490,000

4 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6645184

Property Type Single Family Residence

Price Type --

Convenient location in Mesa, well maintained 4 Bedrooms & 2 Bath Home on a Corner Lot with an RV Gate. Kitchen features cabinets with pull out drawers, a MOVEABLE island for easy entertaining & creating extra space, along with a pass-through to an outside Wet Bar. Gated sparkling diving pool & grass area to enjoy, low maintenance yard. Large, covered patio offering plenty of shade. The RV area has space for 40ft Trailer and 30 AMP service conveniently located for hook-up. UPDATES INCLUDE - Hot Water Tank 2023, Windows 2021, HVAC 2021, Bathrooms 2021, Insulation in Attic 2020, Pool System 2017, Kitchen 2016, Flooring 2016 & all new exterior doors. Near highways US60, the 101 freeway and easy access to public transportation and the light rail. Shopping and restaurants within minutes.

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11748 W Foothill Drive Sun City, AZ 85373

$490,000

4 Beds

2.5 Baths

3,207 SqFt

Status Active

MLS # 6662509

Property Type Single Family Residence

Price Type --

!!NOT AN AGE RESTRICTED HOME!!!BEST PRICE PER SQFT in Crossriver! Welcome to this grand two-story home. This gem offers a 2-car garage, a mature shade tree, & a cozy front porch for your morning coffee. Be impressed by the delightful interior boasting an inviting living room adorned w/a designer palette, plush carpeting and plenty of room. Spacious open layout w/direct backyard access makes indoor/outdoor living fun! The kitchen includes SS appliances, ample counter space, wood shaker cabinetry, recessed lighting, & an island w/a breakfast bar. Discover a well-sized loft ideal for an entertainment center. The main retreat has a private bathroom w/dual sinks & a walk-in closet for added comfort. The backyard provides a covered patio, excellent for afternoon relaxation. What's not to like?

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17759 W Maya Way Surprise, AZ 85387

$490,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6668674

Property Type Single Family Residence

Price Type --

Looking for a beautiful home with all the great features inside and a stunning backyard with pool? This is it! Inside you'll find 4 bedrooms plus a den/office, open kitchen with large dining space, upgraded tile throughout the house. Outside you'll find a fantastic fenced play pool that's solar heated, extended pavers patio area for fun or entertaining and much more.

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21259 W Yale Street Buckeye, AZ 85396

$490,000

3 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6672791

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Priced reduced below comps! This meticulously maintained home has an expansive great room with wood-look tile flooring in the main areas. Natural light floods in through sliding glass doors, blending the indoor with the outdoor living. The kitchen displays recessed & pendant lighting, white cabinetry with crown molding, SS appliances, a walk-in pantry, granite counters, and a prep island with a breakfast bar. All large bedrooms have plush carpets! Primary retreat includes an ensuite with dual sinks, make-up desk, and a walk-in closet. #2 Bedroom is enormous!! PLUS! A unique feature of this property is the open den, offering boundless possibilities! Spacious backyard has a covered patio for unwinding. Mountain views, close to school, park, walking trails, and pool!

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16905 S Rio Vista Road Mayer, AZ 86333

$490,000

4 Beds

3 Baths

2,350 SqFt

Status Active

MLS # 6676647

Property Type Single Family Residence

Price Type --

Meticulously maintained 4 Bedroom 3 Bathroom home is ready for a new family! This is a move-in ready house with a generous floorplan situated on a beautiful acre of land. Room for your RV on the side and 3 Car Garage attached. Wide circle driveway can accommodate your Toy Hauler and cars. Panoramic Views out all the windows! No HOA! Close to State Land and trails for days. Cordes Lakes is 3,700 in elevation and the perfect mild climate. Easy access to PHX, Prescott or Sedona. Lying in the foothills of Prescott Valley, Cordes Lakes has common terrain of a middle latitude desert, including but not limited to tall, long stretching hills, mesas, several species of cacti, and large rock formations. The Cordes Lakes' back roads lead straight to the Agua Fria National Monument.

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22058 W Tonto Street Buckeye, AZ 85326

$490,000

5 Beds

3 Baths

3,237 SqFt

Status Active

MLS # 6684918

Property Type Single Family Residence

Price Type --

Looking for a beautiful home with space for everyone and everything? This stunning 5-bedroom, 3-bathroom residence spans 3,239 square feet with 3 car tandem garage, offering ample storage and luxurious upgrades. Once inside you'll discover hardwood flooring, soaring ceilings to the second floor, granite countertops and timeless wrought iron banister. Enjoy a seamless flow from formal living room, formal dining room into a generous great room where memories will be made while gathering round the kitchen island. The kitchen features upgraded cabinetry, large pantry and additional dining space. French doors provide easy access to the backyard to enjoy additional outdoor living space under the large covered patio overlooking mature landscaping, providing a peaceful oasis.. Just around the corner from the Great Room you'll find a first floor bedroom and full bathroom making multigenerational living or hosting guests a breeze. Once on the second floor you'll find the primary suite that is a true retreat featuring a sitting room, large bedroom, two large walk-in closets, generous double vanity, soaking tub and walk-in shower. 3 additional bedrooms with large closets, Large laundry room and a third full bathroom complete the second floor. This home is conveniently located with easy access to I-10 and the developing Costco shopping center. Enjoy energy-efficient living with solar panels.

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2608 W Estrella Road New River, AZ 85087

$490,000

3 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6678059

Property Type Manufactured Home

Price Type --

2 acre property in New River with breathtaking mountain views in every direction! This rare property includes a number of desirable features like a private well! Step onto the spacious patio deck, great for entertaining or simply unwinding while enjoying the serene locale. Inside, you'll be greeted by vaulted ceilings and stylish two-tone paint that accentuates the open, airy atmosphere. The subway tile shower in the master bath adds a touch of modern elegance with a vanity including double sinks and luxurious quartz counters. Recent upgrades include a new roof installed in 2021 and a new HVAC system added in 2023, ensuring comfort and peace of mind for years to come. All windows have been replaced, except for one, providing enhanced energy efficiency throughout the home. The kitchen features raised panel cabinets, a sleek tile backsplash, and a large island giving it an abundance of counter space for meal preparation. Ceiling fans and crown molding add both style and functionality to the living spaces. Additional amenities include a fridge, dual flush toilet for water conservation, and a spacious detached barn/garage (32 x 12), complete with drywall and insulation, offering ample storage space for all your outdoor gear and equipment. Outside, the property is adorned with fresh exterior paint and includes a recently filled propane tank for added convenience. 2 acre properties in this price range are not easy to come by in New River!

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9139 W Gelding Drive Peoria, AZ 85381

$490,000

4 Beds

2.5 Baths

2,176 SqFt

Status Active

MLS # 6668188

Property Type Single Family Residence

Price Type --

Beautiful two-story home in great Peoria neighborhood! This home features a spacious living and dining room and kitchen with granite counters and stainless steel appliances. The great room has a stunning banister that leads to the second level. The primary bedroom features a large closet and en-suite bath with a separate tub and shower and dual sinks. The backyard features a sparkling pool, covered patio, and grassy area. Located close to Rio Vista park, shopping, restaurants, and a short drive to Park West!

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40779 N Citrus Canyon Trail Phoenix, AZ 85086

$490,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6659726

Property Type Single Family Residence

Price Type --

Welcome to your perfect retreat! Amazing View Lot Backyard. This 3-bed, 2-bath gem features an inviting open floor plan, backed by a tranquil open space. Enjoy the low-maintenance backyard with extended pavers, a darling gazebo, and a charming front porch. Inside, relish modern updates such as new granite kitchen countertops, updated carpet, ceiling fans, lights, and faucets. Community perks include the Anthem Community Center with a water park, tennis courts, parks, and more. Embrace comfort and style in this meticulously cared-for home - your sanctuary awaits!

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1923 E South Mountain Avenue Phoenix, AZ 85042

Open House

$490,000

4 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6691714

Property Type Single Family Residence

Price Type --

A rare Phoenix find! This four-bedroom two, two-bath home also offers extra living space with its fully converted garage. The pool is ready for summer and has also had recent maintenance completed. The pool has a new pump, filter, and blue pebble pool surface upgrade. A newer roof(2022), recently redone flooring, fresh paint throughout the home, and new landscaped gravel make this home a no-brainer! The spacious backyard has a newer irrigation system. The house has solar panels with a transferable loan to be owned. There is a large storage building and covered storage in the backyard; both roofs were done in 2022. Both bathrooms have been renovated. The seller has made many renovations; however, there is still room for the next owner's visions. We look forward to you seeing it!

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