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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4502 N 124th Avenue Avondale, AZ 85392

Open House

$495,000

5 Beds

3 Baths

2,763 SqFt

Status Active

MLS # 6649213

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Rio Crossing, a secluded neighborhood enclave, complete with a large central park and playgrounds. As you enter the home, vaulted ceilings create a dramatic entryway where an oversized stairway opens into the room. Formal living and dining rooms are located in the front of the home, where natural light streams through the large windows creating a sense of spaciousness. Kitchen is upgraded with top tier cabinets, granite counter tops, enclosed pantry and is open to the family room. Kitchen also contains a large island for ample space to work and sit. This stylish home has 5 bedrooms PLUS a loft. One bedroom and a full bath located downstairs, provides a great solution for guests or multi-generational living. The best feature of this fabulous home is that the large back yard is PRIVATE, no neighbors looking into your space. ALSO, no neighbor next door, home is located next to a greenbelt. Schedule your showing today, you are going to love this house!

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11229 S Tomah Street Phoenix, AZ 85044

Open House

$495,000

2 Beds

2 Baths

1,716 SqFt

Status Active

MLS # 6683790

Property Type Single Family Residence

Price Type --

Beautifully remodeled home w/pool on a golf course! Spacious living room w/large windows provide views out to the covered patio, pool & golf course. Plus an area for a piano, office or formal dining. Remodeled kitchen w/granite counters, breakfast bar open to casual living space (or dining room) w/fireplace .Coffee bar/drop zone & large laundry room. The primary bedroom has 2 large closets, vanity area, & separate shower/toilet area & door to the patio. The 2nd bedroom w/door to the 2nd bath. The backyard w/low maintenance landscape, irrigation, covered patio, pool Plantation shutters, newer roof, AC, water heater, 2 car garage w/built in storage, 55+ community w/plenty of activities. Close to Ahwatukee rec center w/indoor/outdoor pool, clubhouse, pickle ball, exercise facility +more.

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18009 N 129th Drive Sun City West, AZ 85375

Open House

$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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2418 W Ellis Street Phoenix, AZ 85041

$494,999

5 Beds

3 Baths

2,644 SqFt

Status Active

MLS # 6634090

Property Type Single Family Residence

Price Type --

This well maintained, 5-bedroom 3-bathroom, 3-car garage home, nestled in a quiet neighborhood at Copper Creek is a must see! It features an open floorpan with vaulted ceilings and abundance of natural light throughout. Chef's kitchen with white cabinets, granite countertops and a large island/breakfast bar. Four bedrooms upstairs including a spacious primary suite and a loft. One bedroom and full bath located downstairs. Neutral paint, flooring and finishes throughout. The spacious, low maintenance backyard, complete with a large pergola and artificial grass turf, is perfect for relaxing or entertaining.

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13351 W Rowel Road Peoria, AZ 85383

$494,999

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6697175

Property Type Single Family Residence

Price Type --

Prime location! Nestled within the beautiful Rancho Cabrillo subdivision with its expansive views, you will enjoy the privacy afforded by the open green space to the left of your home. This home offers an open concept layout with beautiful plank tile flooring throughout. The kitchen is ideal for entertainers with designer cabinets, quartz countertops, a spacious island, and stainless steel appliances. The natural light streaming in through the sliding glass doors will create a warm and inviting atmosphere, especially in the main living area. The owner's retreat is a luxurious sanctuary with a beautiful en suite featuring dual vanities and a subway tiled walk-in shower. A split bedroom floor plan allows for privacy when guests are visiting or use this space for your private office away from the noise. The inclusion of a garage wired for EV cars, ample storage space, and an RV gate are both practical and convenient features. Come check out this newer built home without the wait time.

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32229 N Tiny Dancer Drive San Tan Valley, AZ 85140

New

$494,990

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6705958

Property Type Single Family Residence

Price Type --

New Construction in the heavily sought after San Tan Valley. Walk into the 2,219 square foot home with 4 bedrooms and 3 bathrooms and you will see a classic wood look in the 6x36 ceramic, wood-styled, tile. The front 2 bedrooms share a full bath with storage. Down the hall is the entrance to the garage with extra storage closet. As you walk into the rectangular shaped great room and kitchen, you will see more of the upgraded Oxford Collections. It boasts beautiful dark wood, 42 inch, upper cabinets, light quartz and gold hardware AND a matching gold faucet! The bathrooms also have the dark brown cabinets, gold hardware and black faucets. In the great room, the upgraded 4 panel sliding glass doors brings loads of light into the whole house! The Primary shows a double sink, linen closet, walk-in-closet and great view of the backyard. But the best and most unique part of this home is the guest retreat. This additional space is equipped with a full bathroom, bedroom, den, AND closet. Lastly, who could forget about the 2.5 car garage that is ideal for storage or an extra long vehicle!

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17302 W Columbine Drive Surprise, AZ 85388

$494,990

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6702478

Property Type Single Family Residence

Price Type --

It's the popular Belice with 3 bedrooms + flex space, 2 bath and a 3 car garage. We're building this home with large walk in shower at owner's bath, 12'x8' sliding glass door that leads out to your extended covered patio. Stainless steel gas appliances including a gas range. Tahoe Maple ''Boulder - (gray) cabinets with 42'' kitchen uppers, rollouts at pantry and pull out trash drawer in kitchen. AZT Hana Sky Quartz countertops in kitchen, enhanced kitchen island and at the owner's bath. Stainless steel undermount single bowl sink at kitchen. 8' tall interior doors. Upgrade flooring includes DT Broxburn Gray 6x24 Plank tile in all areas of the home except in bedrooms/closets. 8' tall garage door with two remotes & garage service door. Estimating completion in July.

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41030 W Agave Road Maricopa, AZ 85138

$494,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6632214

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN.. It's the very popular Belice with 3 bedrooms, + flex space to use as you wish, 2 baths and a 3 car tandem garage. Large walk in shower at owner's bath with 4x16 Ice gloss in shower surrounds. 12x8 sliding glass door off the great room that leads out to your extended covered patio. Stainless steel gas range. Benton Birch ''Sarsaprarilla stain'' cabinets throughout the home with 42'' kitchen uppers. Himalaya white granite countertops in kitchen and on the extended kitchen island. EMS Casino Ice Matt 4x16 backsplash in kitchen. Upgrade flooring includes 12x24 Astra tile in all areas of the home except bedrooms/closets which has a level 9 carpet. Dual sinks in bath 2. Gas stub for future BBQ, soft water loop, interior two-tone paint in ''Agreeable Gray''.

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40990 W Agave Road Maricopa, AZ 85138

$494,990

4 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6692805

Property Type Single Family Residence

Price Type --

READY FOR MOVE-IN!!! It's the stunning Castellano with 4 bedrooms + flex space for den, craft room or as you wish . 2.5 baths and 3 car tandem garage. Yes, this home has a large multi slide door that leads out to the covered patio. Stainless steel gas appliance package. Benton white painted kitchen cabinets with 42'' uppers and roll outs at pantry. DT One Quartz countertops in kitchen and at the large kitchen island. 8' interior doors throughout. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. 5'' baseboards and 3 1/4'' door casings. Owner's bath has 6x18 tile surrounds at shower. Prewire for pendant lights, additional recessed can lights and ceiling fan prewires. 8' garage door, garage service door and so much more.

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3636 S 97th Avenue Tolleson, AZ 85353

$494,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6694608

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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422 E Huber Street Mesa, AZ 85203

$494,949

3 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6582614

Property Type Single Family Residence

Price Type --

SELLER OFFERING $5k in concessions!! This wonderful 3-bed & 2-bath property harmoniously blends comfort and charm. Offering a 2-car garage and a desert landscape. Discover an inviting layout showcasing a formal living room w/fireplace, a bright dining room adjacent to the kitchen, and a versatile family room w/French doors to the back. Plantation shutters, vaulted ceilings, designer paint, and a mix of tile & wood-look flooring enhance the home's relaxed ambiance. The kitchen boasts built-in appliances, granite counters, ample wood cabinets, a pantry, and a breakfast bar. Main bedroom is a private retreat with a full bathroom. Den has a double-door entry. You'll love the spacious backyard featuring an open patio, cozy deck, & a sparkling play pool & Spa for year-round enjoyment! Also boasting an office! Property recently painted and looking good!

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4570 Fletcher Court Wickenburg, AZ 85390

$494,900

2 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6694530

Property Type Single Family Residence

Price Type --

Move in READY! This is THE JUNIPER MODEL YOU HAVE BEEN LOOKING FOR! HIGH ELEVATION*PRIVACY*VIEWS FROM YOUR SPACIOUS, COVERED FRONT PATIO* DESERT VIEWS FROM YOUR BACK PATIO* ORIGINAL WATER FEATURE GRACEFULLY COMPLIMENTS YOUR MAGNIFICENT SUNSET VIEWS*LOW MAINTENANCE YARD w/ WATER SYSTEM*EXTENDED GARAGE*SECURITY SCREEN DOOR*GREAT WINDOW TREATMENTS*PLANTATION SHUTTERS*STYLISH LIGHT FIXTURES 7 FANS* LOCATED ON A CUL-DE-SAC*YOU COULDN'T ASK FOR MORE* MAKE THIS JUNIPER MODEL YOURS! AMENITIES GALORE*

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