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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

29798 N 121st Drive Peoria, AZ 85383

$469,999

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6677098

Property Type Single Family Residence

Price Type --

Stunning residence featuring 3 bedrooms plus a den and family room, offering a spacious and flexible living environment. The interior is adorned with elegant 9+ flat ceilings creating an airy and inviting ambiance. The kitchen features granite countertops, a convenient kitchen island, and a walk-in pantry. Enjoy meals in style with the choice of formal dining, an eat-in kitchen, or the breakfast bar. Outside is a covered patio, perfect for al fresco dining and entertaining. This home is nestled in a community that offers a plethora of amenities, including a biking/walking path, children's playground, clubhouse, and a refreshing community pool and spa. Indulge in the perfect blend of comfort, luxury, and community living - your forever home awaits!

View Property

6291 W Victory Way Florence, AZ 85132

Open House

$469,999

3 Beds

2.5 Baths

2,658 SqFt

Status Active

MLS # 6698944

Property Type Single Family Residence

Price Type --

This home has gorgeous curb appeal. You'll be in awe of the impeccable features and upgrades this home has to offer. Featuring 3 bedrooms, a den, and 2.5 bathrooms, this home has plenty of space for you to enjoy! 10' Ceilings and 8' Doors throughout. Imagine making delicious meals in your gourmet kitchen that features a double oven and ample counter space. Stainless steel appliances. RO and Soft Water System is installed. Plantation Shutters throughout, Furniture negotiable, Hot Tub included (only 2 years old), Enjoy the beautiful Arizona Sunrises and Sunsets in your backyard under the extended rear covered patio. Take advantage of $1,500 Lender credit when approved financing through Blanco Mortgage.

View Property

18570 W Honeysuckle Drive Surprise, AZ 85387

$469,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

View Property

15933 W Hackamore Drive Surprise, AZ 85387

$469,995

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6667705

Property Type Single Family Residence

Price Type --

Come to Mason Ranch II in Surprise and discover our GRAND OPENING INCENTIVES!! Come and see this beautiful 3501 floor plan. This home features 3 Bedrooms, 2 Baths, 3-Car Garage. Nestled on an oversized end lot with an extended driveway. This home is enriched with numerous upgrades and ALL appliances included!!! You will find white shaker cabinets, granite kitchen countertops, large kitchen island, custom full kitchen backsplash, large single bowl sink, stainless steel kitchen appliances, gas range, carpet and tile flooring, tankless hot water heater, 9' ceilings, 8' interior doors, pre-plumb for soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, and more! Est. completion June 2024.

View Property

19565 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6697392

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

View Property

19631 W Cambridge Avenue Buckeye, AZ 85396

$469,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6657110

Property Type Single Family Residence

Price Type --

Explore this beautiful Slate home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an open dining area; an impressive kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private upgraded master bath with Quartz countertops; a central laundry; a convenient storage area; a covered patio and a 2-car garage. This home also offers stone tile flooring, ceiling fan prewiring and additional windows in select rooms.

View Property

2905 W Shanley Avenue Apache Junction, AZ 85120

$469,990

4 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6693714

Property Type Single Family Residence

Price Type --

Welcome to Radiance at Superstition Vistas, a brand new master planned community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! The JUSTIN-1863 sq ft, 4 bed/2 bath adorable, energy efficient single level home in which you will find tile in all common areas, 9 foot ceilings and on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island. Located close to the 24, 60 & 202.

View Property

16076 W El Cortez Place Surprise, AZ 85387

$469,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6669090

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home ready NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. White cabinets with white granite countertops, and greyish brown carpet in our Distinct package. Five brand new designer-decorated models now open at Paloma Creek. Future residents will enjoy floorplans featuring covered back patios, private primary suites and ample storage. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and future fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features.

View Property

32783 N Slate Creek Drive San Tan Valley, AZ 85143

$469,990

4 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6654901

Property Type Single Family Residence

Price Type --

This newly updated home showcases stunning new updates, tons of versatile space, a redesigned kitchen, and all new backyard landscaping. The goodies don't stop there. It also boasts a 3-car stacked pull through garage to the backyard and NO REAR NEIGHBORS. As you make your way into the home you are greeted to all new vinyl flooring, 5-inch upgraded baseboards, and freshly painted walls for a sleek finish. The downstairs library provides an enclosed sanctuary that can be used as a fourth bedroom for guests, and the upstairs loft provides additional versatile space. The updated kitchen opens up to the family room and provides a large center island with drop-in sink, quartz countertops, updated cabinets with hardware, and stainless-steel appliances. Upstairs, you will find the comfort of all NEW CARPETING and three additional bedrooms, all equipped with walk-in closets. The main bedroom offers a large retreat with a reading nook as well as an en-suite that boasts a JACUZZI tub and separate shower. One of the most appealing attributes about this home is its lot location - no homes behind you, ensuring privacy and an unobstructed view of the Superstition Mountains. Don't miss the chance to call this home yours.

View Property

2416 E Wagon Wheel Lane San Tan Valley, AZ 85140

$469,900

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697607

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with an amazing guest retreat and farmhouse exterior. The 2 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. 4 panel slider off the great room. This home has been upgraded with 8 foot interior doors, 6x36 inch ceramic tiles, backsplash, modern black cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout!

View Property

16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

View Property

9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

View Property