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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4590 N 178th Lane Goodyear, AZ 85395

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3 Baths

2,384 SqFt

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MLS # 6695615

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available by Jun 2024! A unique single-story home featuring a social living area. White cabinets with hardware, cream/black granite countertops, travertine-look tile flooring and warm grey carpet in our Crisp package. Abel Ranch is now open in Goodyear. Visit this gated community featuring a park, fitness stations, and more. We're proud to introduce new, professionally curated design packages and luxurious primary suites. We build each home with innovative, energy-efficient features that cut down on utility bills so you can afford to do more living.* Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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$493,768

4 Beds

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$493,000

3 Beds

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Status Active

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Property Type Single Family Residence

Price Type --

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$493,000

3 Beds

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1,543 SqFt

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Property Type Single Family Residence

Price Type --

Come and see this stunning home located on a larger lot that backs up to the natural river bed! This lot offers a layer of privacy within the community since there are no neighbors to the back. So many upgrades, New 4 ton Trane AC unit installed in 2021. Plus all new stainless steel appliances in 2021. The gorgeous ''24x28'' tile in all the common area boast custom! Kitchen has been upgraded with elegant and durable granite counters and matching backsplash. Fully remodeled main bathroom. Awesome outdoor living space! Everything in this home is in pristine condition! Bring your buyers! See remarks on timing.

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17853 W Southgate Avenue Goodyear, AZ 85338

$492,919

3 Beds

2.5 Baths

2,333 SqFt

Status Active

MLS # 6701357

Property Type Single Family Residence

Price Type --

Corner Lot!!! Luxury New Build Appx 5-6 mo., Owner's Suite & Office Plus Storage, 3 Beds & Flex/Office with Double Doors, 2.5 Baths, Oversized Garage & Paver'd Driveway. You will love the feeling of the Open Entry & the Elegance of 8' Doors throughout. Prepare Culinary Masterpieces in the Chef-Inspired Kitchen, Equipped with a Gas Range and Large Walk-In Pantry. Host Family & Friends in Style by Merging Indoor-Outdoor Living with 12' Multi-Slide Glass Door and addl' 8' Slide Glass Door. You will love the Spacious Owner's Suite, Huge Closet, & Oversized Owners Bath. Just Minutes from Shopping, 1-10 and Loop 303 and Goodyear Sports and Aquatics Center! Pics & Virtual Tour of model not subject. This home is To Be Built.

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1833 Cumberland Road Ash Fork, AZ 86320

$492,500

3 Beds

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1,838 SqFt

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MLS # 6525887

Property Type Manufactured Home

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Brand new upgraded 2022 CAVCO West Model DE-32603A sitting on a nicely treed 10 acre lot. Property is connected to APS grid and sits just off Cumberland Rd. Large eat in kitchen w/island and ALL NEW ss appliances, solid wood cabinets & upgraded counters. Split master bedroom with its own attached den/ sitting area that can easily be converted into a 4th bedroom. Spacious additional bedrooms that have been pre wired for ceiling fans. Large laundry room/ mud room makes leaving the outdoors a breeze. Enjoy the wide open sky and stunning views of Bill Williams mountain to the east. Plenty of room to build out a barn & keep horses or other live stock. Approx. 45 mins from Flagstaff & Prescott & just 20mins from Williams. Call today for more information

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5350 E Deer Valley Drive Phoenix, AZ 85054

$492,500

2 Beds

2 Baths

1,246 SqFt

Status Active

MLS # 6699861

Property Type Apartment

Price Type --

AZ Luxury Resort Style Living at It's Best in Toscana at Desert Ridge! Ready for Move in. Just Bring your toothbrush & Clothes! LOL! Furnishings available! This lovely Split Floorplan unit offers:2 bedrooms,1.75 baths, workstation Balcony. Open and Light and Bright! 2 garage tandem parking spaces #787/788 w/oversized locked storage cage. Kitchen is open to great room w/Stainless Appliances & Granite Countertops, Gas Cooktop/Oven.1 Bedroom on each side of great room for privacy. Elegant wood-like tile floors,Upgraded carpet & slate tile. builtin work station in Laundry room. Gas Fireplace in Great Room. 24 Hour Guard Gate. Near High Street & Desert Ridge Marketplace. World class Shopping & Restaurants & More! You will be spoiled enjoying the Spa like amenities of Toscana.

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23079 W Morning Glory Street Buckeye, AZ 85326

$492,500

4 Beds

2 Baths

1,977 SqFt

Status Active

MLS # 6695282

Property Type Single Family Residence

Price Type --

Welcome to your dream desert retreat—a turnkey Buckeye oasis nestled in the charming Sundance neighborhood! This delightful home comes complete with a sun porch perfect for lazy afternoons, a sparkling pool to cool off on hot days, and a putting green for golf enthusiasts. Plus, enjoy the eco-friendly perks of OWNED solar panels! This is a FULLY functioning AIRBNB rental, or a ready-to-move-in home, as it comes fully furnished. Featuring four bedrooms, two bathrooms, and a dedicated office space, this home has been beautifully upgraded. Enjoy a modern kitchen with sleek renovations, and stylish tile flooring. This expansive open floor plan integrates a relaxing great room with the dining area and inviting space ideal for both entertainment and casual living. Let's get you here!

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12815 W Milton Drive Peoria, AZ 85383

$492,500

4 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6677604

Property Type Single Family Residence

Price Type --

Beautifully renovated, loving cared for! This Vistancia beauty is just waiting to wow you from start to finish! Desert Beauty adorned the front yard, professional designed with beautiful cactus and agave, to desert blooming plants, rip-rack rock river beds, gives this home an AZ welcome home. Step inside to see every inch of square foot of this floor plan was utilized to allow space for everyone. Greeted by soaring ceilings, lots of natural light and warm earth tone colors adorning the walls and luxurious vinyl plank flooring. Open concept living with the formal family and dining room adjoined to family room and kitchen area, lots of space to entertain large parties. Kitchen, Family and breakfast nook all open to each other. Kitchen boast granite counters, island, pantry, newer ... stainless steel appliances, and tons of warm wood cabinets for a timeless richness. First floor you will also find den/office or 4th bedroom with closet. Guest bath with new sink/vanity with storage. Laundry room has nice storage area, easy convert for mud room- shoe bench area. Second floor features new carpeting through out. Loft, Bedroom 2 & 3 and bath 2 with full tub and lots of counter space. Spacious Owner's suite will knock your socks off with the gorgeous mountain views & AZ desert sunsets! Owners bath complete with separate tub and remodeled tiled walk in shower, double sinks, large walk-in closet and beautiful tile flooring. Patio has brick pavers extending the area for plenty of space to enjoy the gorgeous AZ weather. Go Organic and step outside to your new fruit and veggie garden, fresh citrus & veggies ripening year round. Not a gardener, thats ok, easy convert and plenty of space for a sparkling pool! Easy walk to Vistancia Elementary School. All this located in the highly sought after community of Vistancia with community pool, waterslide, recreational events for everyone! You will not be disappointed!

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10351 E Jan Avenue Mesa, AZ 85209

$492,500

4 Beds

2 Baths

2,170 SqFt

Status Active

MLS # 6686949

Property Type Single Family Residence

Price Type --

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20124 W Exeter Boulevard Buckeye, AZ 85396

$492,377

3 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6672106

Property Type Single Family Residence

Price Type --

The ranch-style Augusta offers thoughtfully designed living space. The foyer leads to an open floor plan with a Gourmet Kitchen, a great room, and dining room and center meet doors to a covered patio. You'll find a spacious owner's suite next to the dining room, showcasing a walk-in closet and an attached deluxe bathroom. This plan offers two bedrooms and a bath. Home is complete with a two car garage with extra storage space.

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2302 N Central Avenue Phoenix, AZ 85004

$492,000

2 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6703158

Property Type Apartment

Price Type --

Stunning Midtown Condo! Highly sought after split floor plan all on one level and includes Den! Fresh and Bright, Large Balcony with a view! Inviting open kitchen, full size Washer/Dryer in oversized laundry room with extra storage, gas fireplace, granite counter tops. Brand new carpet! Two assigned private underground parking spaces in the gated garage. Community is complete with an on-site property manager, community pool/spa/sauna, clubhouse, theater room and fitness center. Tapestry is perfectly located directly in front of a light rail stop and minutes from downtown. Near many local restaurants, Phoenix Art Museum, Footprint Center, Chase Field, Symphony Hall, Herberger and Orpheum Theater.

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