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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6885 S Elmer Loop -- Hereford, AZ 85615

$489,900

4 Beds

2 Baths

2,100 SqFt

Status Active

MLS # 6681500

Property Type Single Family Residence

Price Type --

Just completed is this beautiful newly constructed Home with 4 bedrooms plus a den & provides ample space for all your needs & desires. Step inside & be greeted by stunning matte black windows that perfectly frame the views. The open floor plan, lovely wood tile flooring seamlessly blends modern aesthetics with warmth & comfort, creating an inviting atmosphere throughout. The heart of this home is the beautiful kitchen, adorned with lovely granite countertops, complemented with the pretty cabinetry for all your culinary essentials. Retreat to your luxurious primary suite where relaxation becomes effortless in the en-suite bathroom complete with beautiful finishes & a spa-like ambiance. Gather with friends and family or simply unwind on lazy afternoons in your spacious backyard - providing an open slate for your landscape design and garden. Stop in to discover this wonderful Home in a smaller charming neighborhood offering paved roads and a bike ride away from some wonderful local eateries, trailheads and fun day, destinations.

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17416 N 20th Street Phoenix, AZ 85022

$489,900

3 Beds

2 Baths

1,140 SqFt

Status Active

MLS # 6686202

Property Type Single Family Residence

Price Type --

RARE OPPORTUNITY to own two homes on one lot. Main home is 1140 Sq ft 3 bedroom 2 bath and rear home is 790 sq ft 2 bedroom 1 bath. Both homes were completely renovated in 2016 with new kitchen cabinetry, granite counters, stainless appliances and new flooring throughout. Bathrooms also completely updated. 2 car tandem garage and lots of grassy areas. Both homes have new HVAC in 01/2024.

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1614 E Paradise Lane Phoenix, AZ 85022

$489,900

3 Beds

2 Baths

1,265 SqFt

Status Active

MLS # 6684799

Property Type Single Family Residence

Price Type --

Come See This Well Maintained 3 Bed 2 Bath Home Near Moon Valley - No HOA + New AC In 2023. Open Living Concept With Vaulted Ceilings, New LPV Flooring Throughout and Upper Daylight Windows For Natural Light In Main Living Area. Kitchen Open to Living Room Has Granite Countertops, Stainless Appliances & Plentiful Cabinet Storage. Primary Bedroom Has Walk-In Closet, Full Bathroom With Granite Countertops, Double Sinks & Sliding Door Access to Backyard. Additional 2 Bedrooms & Full Guest Bath Make This A Perfect Starter Home. Enjoy The Large Backyard with Covered Patio and Low Maintenance Desert Landscape. Located In Quiet North Phoenix Neighborhood with Convenient Access to Hiking, Biking, Restaurants, Shopping and Major Highways.

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58 S Rainbow Drive Payson, AZ 85541

$489,900

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6689369

Property Type Single Family Residence

Price Type --

IMMACULATE NEW BUILD!!! This stunner offers a welcoming front Porch w/Tongue in Groove Wood Accents, 1500 Sqft, 3 Bedrooms and 2 Baths in an open Kitchen/Family Room setting. Beautiful wood style Vinyl Flooring and White Cabinetry throughout. The Kitchen offers Stainless Appliances, Granite Countertops and corner Pantry for extra storage. Primary Bath offer Dbl Vanities, and Granite Shower Surround. Primary Bedroom is spacious with double walk-in closets. New GE Profile line Washer/Dryer combo in Laundry Conveys. The ENTIRE HOME has Spray Foam Insulation including the 2 Car Garage as well as the roll-down Door. Extras include Shed Storage, Wood Fenced Backyard and Tongue in Groove Covered Patio. So much value at a Great Price! See it today!!

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3629 W Morelos Street Chandler, AZ 85226

New

$489,900

3 Beds

2 Baths

1,510 SqFt

Status Active

MLS # 6697080

Property Type Single Family Residence

Price Type --

Updated 3BD 2BA single-level home in sought after Hearthstone community. No HOA, and super convenient location to all major highways shopping and entertainment. Tile and laminate flooring throughout - no carpeting - new roof, windows and hot water heater, with tasteful, new plantation shutters in kitchen/dining/family room set beneath vaulted ceilings. Granite counterops in kitchen, 2 car garate with slab parking and sizeable landscaped, fenced in back yard with RV gate and parking. Water softener, modern sercurity system and garage shelving included.

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2548 S Player Avenue Sierra Vista, AZ 85650

$489,900

3 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6676270

Property Type Single Family Residence

Price Type --

Santa Fe Oasis with Mountain Views, Pool, Corner Lot, and Golf Course Living! The golf course frontage provides stunning fairway, mountain, and lake views, perfect for morning coffee or evening cocktails. The master suite, independently situated on the second floor, boasts a secluded haven with a personal balcony and spiral staircase leading directly to the heated pool and spa. Extensive high-end updates include kitchen, bathrooms, flooring, built-in desk/bookcases, and individual climate control in each room. A two-car garage with a separate storage room provides additional space for all your gear, tools, and seasonal items. This unique residence creates the perfect blend of luxury, comfort, and breathtaking views. Don't let this dream home slip away!

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15515 W La Salinas Lane Surprise, AZ 85374

$489,900

2 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6689886

Property Type Single Family Residence

Price Type --

This Pleasing Palo Verde with the addition of an Arizona room shows all the TLC that has been given to it and it is as clean as a whistle. The Southern backyard exposure is a bonus for quiet mornings of enjoyment with your cup of brew or evening entertainment with family and friends. Pleasure the scent and the taste of fresh fruit from the orange and lemon tree. AND your furry friends will frolic in the fenced-in rear yard. A spacious front courtyard is welcoming and is just the beginning of what one will find once you have entered this home. Plantation shutters adorn the windows. Neutral colors throughout and the media wall will suit your fancy. This home is turnkey with the furnishings included. The HVAC, Hot Water Heater, Irrigation System and the Roof have all been replaced in 2024. The driveway, sidewalk and front courtyard are all newly resurfaced. A plus is the vacation mailbox which provides a sense of relief while you take time to travel. The Grand is a one-of-a-kind adult community that offers insurmountable amenities and activities. Welcome Home!

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8788 W Frier Drive Glendale, AZ 85305

$489,900

4 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6690154

Property Type Single Family Residence

Price Type --

Location! Location! Location! Welcome to Rovey Farms Estates! Minutes from Westgate Entertainment District, Arizona Cardinals Stadium & Crystal Lagoons Island Resort; Arizona's best food, fun, events and shopping! Close to the 101 Fwy. NEW 5-ton A/C unit! Paid Solar! This great home includes all the features you've been looking for; kitchen breakfast bar, pantry, plenty of cabinets, counter space. Open floor plan features a spacious living area & high ceilings. True split floor plan offers a spacious master bedroom w/ large closet, double sinks w/ separate shower & tub in master bath. All other rooms are very spacious. Backyard is beautifully landscaped, paved, covered patio area AND this property has a 3-car garage. Ask about Seller Incentives! Don't miss out on this opportunity!!

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15023 N 55th Drive Glendale, AZ 85306

$489,900

2 Beds

2.5 Baths

1,918 SqFt

Status Active

MLS # 6609101

Property Type Single Family Residence

Price Type --

2 Bedroom, 2.5 Bath, Sitting Room Primary Bed, 2 Car Garage. KITCHEN: 42'' upper basalt maple cabinets, Moon White upgraded granite counters, Gas GE Profile stainless appliances, tile backsplash. FLOORING: 5'' x 48'' Wood-Look LVP w/carpet in bedrooms. Luxury Primary Bathroom w/ door to Laundry, frosted pantry door, shower Bath 2, Gas stub BBQ and more

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391 N 158th Drive Goodyear, AZ 85338

$489,900

3 Beds

2 Baths

2,109 SqFt

Status Active

MLS # 6657657

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Travis Park subdivision! This stunning 2017-built Richmond American residence offers luxurious living with a contemporary flair. Situated on a single story, this immaculate property boasts 3 bedrooms, 2 bathrooms, and an inviting open floorplan designed for seamless entertaining. Step inside and be greeted by the heart of the home - a chef's kitchen that will delight culinary enthusiasts. Adorned with sleek granite countertops, a convenient walk-in pantry, and a gas cooktop, this kitchen is as functional as it is stylish. The centerpiece is undoubtedly the expansive center island, perfect for meal preparation or casual dining, all while overlooking the spacious great room, creating an ideal space for gatherings with friends and family. The master suite is a true sanctuary, offering a serene retreat at the end of the day. Pamper yourself in the master bathroom featuring double sinks, a luxurious walk-in shower, and a private water closet. Plus, you'll find ample storage in the huge walk-in closet, ensuring plenty of space for your wardrobe and accessories. Owned and Leased solar panels on the home. This home also caters to practical needs with a 3-car tandem garage, providing ample storage for vehicles and belongings, along with an RV gate for added convenience. Outside, the entertaining backyard beckons with its low-maintenance artificial turf, offering a perfect setting for outdoor enjoyment and relaxation. Conveniently located close to shopping, dining, and entertainment options, as well as easy access to the I-10 freeway, this home offers both luxury and convenience in one unbeatable package. Don't miss your chance to experience the epitome of modern living in this Travis Park gem.

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28420 S Rain Valley Road Elgin, AZ 85611

$489,900

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6614323

Property Type Manufactured Home

Price Type --

With breathtaking mountain views, a private well, and a septic system, this property has everything you need for a quiet countryside getaway. Parcel #306-34-035-F included in the sale Internet tower lease provides 400.00 a year in income. The road into the property is paved and county maintained. Well was recently deepened and had a new well pump installed. Enjoy the federal recreation land nearby that includes Las Cienegas National Conservation Area, endless outdoor OHV, bird watching, and many more hiking opportunities. Furnishings in the home are available for purchase on a separate bill of sale. With breathtaking mountain views, a private well, and a septic system, this property has everything you need for a quiet countryside getaway. Parcel #306-34-035-F included in the sale Internet tower lease provides 400.00 a year in income. The road into the property is paved and county maintained. Well was recently deepened and had a new well pump installed. Enjoy the federal recreation land nearby that includes Las Cienegas National Conservation Area, endless outdoor OHV, bird watching, and many more hiking opportunities. Furnishings in the home are available for purchase on a separate bill of sale.

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1274 E Waterview Place Chandler, AZ 85249

$489,900

2 Beds

2 Baths

1,582 SqFt

Status Active

MLS # 6647390

Property Type Single Family Residence

Price Type --

This light & bright home is nestled on a spacious, golf course lot in the desirable, active adult community of Springfield. Home has an open, primary bedroom split floor plan. The kitchen has upgraded white cabinets with pull-outs, under cabinet lighting, bevel edge countertops with navy trim, breakfast bar, pantry & the refrigerator is included. The primary bedroom suite has a walk-in closet and dual sink vanity in the bathroom. Inside laundry room has sink, storage cabinets & the washer and dryer are included. More great interior features include bay windows in the living room/dining room & second bedroom and ceiling fans throughout. Low maintenance backyard has spacious patio overlooking the golf course. There's an option for 40-55 years young residents subject to Buyer verification. Springfield Adult Resort Community amenities include golf course, recreational pool, lap pool, hot tub, hobby rooms, fitness room, library and movie room. The recreation center has sport courts for tennis, pickleball, horseshoes, shuffleboard, bocce ball and basketball. The Springfield community calendar is full of activities, club meetings and many events. There is an adjoining restaurant with lounge and dining area that is a popular gathering place for residents. You are not just buying a home, you are buying a lifestyle!

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