What’s Ahead For Mortgage Rates This Week – May 23, 2016

You Ask, We Answer: 5 Ways That You Can Proactively Build and Improve Your Credit ScoreLast week’s economic news included the NAHB Housing Market Index, reports on housing starts, building reports and existing home sales. Minutes of the Federal Reserve’s last FOMC meeting were also released.

Homebuilder Confidence Unchanged, Housing Starts and Building Permits Increase

The National Association of Home Builders (NAHB) reported that builder confidence held steady with a reading of 58 in May. Analysts projected a reading of 58 and April’s reading was also 58. Builder confidence in market conditions could be slowing due to concerns over acquiring skilled labor and a shortage of developed lots. Demand for homes remains high, but a slim inventory of available properties and builder emphasis on higher-priced homes contributed to sidelining moderate income and first-time buyers.

Commerce Department reports for April Housing Starts and Building Permits issued suggest that tight housing inventories may receive some relief. April housing starts rose from a revised March reading of 1.099 million to 1.170 million starts. Housing starts increased by 6.60 percent in April. Housing starts have slowed as compared to the year-over-year period from April 2015 to 2016; housing starts increased by 10 percent for the same year-over-year period in 2015. While any increase in home construction is welcome, some analysts said that they did not expect a huge increase in home construction in coming months.

Construction of multifamily housing units rose by 10.70 percent, while single-family home construction increased by 3.30 percent. Rising rents and millennials delaying home purchases were seen as fueling multifamily home construction. As homes become less affordable, would-be buyers are continuing to rent, which places higher demand on rental units.

Pre-owned Home Sales Rise in April

Sales of previously owned homes rose by 1.70 percent in April to a seasonally-adjusted annual rate of 5.45 million sales. Sales increased by 12.10 percent in the Midwest, where homes are most affordable, and fell by 1.70 percent in the West, where homes are most costly. This development suggests that rapidly rising home prices have or will soon reach maximum levels in high-cost areas. Home prices in many areas rose rapidly in preceding months as short inventory and high demand created bidding wars and keen competition for available homes. A lack of affordable single family homes has caused some buyers to buy condos while others have put buying on hold.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose for 30-year fixed rate mortgages rose by one basis point to 3.58 percent; the average rate for a 15-year fixed rate mortgage was unchanged at 2.82 percent and the average rate for a 5/1 adjustable rate mortgage rose by two basis points to 2.80 percent. Discount points were 0.60, 0.50 and 0.50 percent respectively. Analysts are watching the Fed closely for any indication that it will raise the target federal funds rate in June, although concerns over the possibility of Great Britain leaving the European Union could cause the Fed to hold off on raising the rate. If the Fed raises the target federal funds rate, loan rates for credit cards and mortgages would also increase.

New jobless claims fell last week to 278,000 new claims against expectations of 279,000 new claims and the prior week’s reading of 294,000 new claims. Analysts said that a telecommunications strike caused the prior week’s raise in claims as striking workers who are replaced during a strike are eligible for jobless benefits.

What’s Ahead

This week’s scheduled economic releases include new and pending home sales along with weekly reports on mortgage rates and new jobless claims.

6028 E Joan De Arc Avenue Scottsdale, AZ 85254

$1,850,000
4 Beds
3 Baths
3,400 SqFt
Status Active
MLS # 6787338
Property Type Single Family Residence
Price Type --
SELLER FINANCING AVAILABLE!!! This stunning TURN KEY single-story home offers 4 bedrooms, 3 bathrooms, and an open floor plan filled with natural light. Enjoy the luxury of two master suites on opposite ends of the home, a fully upgraded kitchen with high-end appliances, and a backyard paradise featuring a new sports court for basketball and pickleball, a pool, spa, outdoor dining with a bbq kitchen area & TV, and tons of space to expand or add a casita. Located in a quiet neighborhood near great restaurants and shopping, this home comes fully furnished and ready for you to enjoy. Paradise Valley School District A rare find in North Scottsdale—don't miss out! **Seller Financing with a minimum of 25% down (serious inquiries only please) $1,850,000

8530 E Pepper Tree Lane Scottsdale, AZ 85250

$1,850,000
5 Beds
3.5 Baths
3,819 SqFt
Status Active
MLS # 6784607
Property Type Single Family Residence
Price Type --
Amazing Opportunity - Builder's Dream - cul-de-sac lot in highly desirable central Scottsdale neighborhood comprised of large lots w/ custom renovated and new-build construction. Spacious home with open floor plan features 3,819 SF on 37,800 SF Lot, 4 BR + Den, 3.5 BA, 16' vaulted wood ceilings, skylights, dual fireplace, 3-car garage w/ storage closets, ±1,000 SF covered rear patio, pool, semi-circular driveway, RV gate, attractive landscaping, and surplus land area w/ potential for ancillary expansion (i.e. ADU/guest, office, sport court, play zone, RV/boat storage, etc.) Located near Pima and Indian Bend Rds. Excellent proximity to public/charter/private schools and rapidly growing retail/hospitality/entertainment district w/ Loop 101 access. Built in '82 with NO HOA, Sold ''AS IS' AC Units were updated in 2019 and 2021 PROFESSIONAL PICS TO COME SHORTLY.

8497 E Montello Road Scottsdale, AZ 85266

$1,850,000
4 Beds
4 Baths
3,517 SqFt
Status Active
MLS # 6765966
Property Type Single Family Residence
Price Type --
Experience the perfect blend of elegance and functionality in this meticulously designed home. The open floor plan creates a seamless flow between living spaces, making it ideal for both everyday living and entertaining. Enjoy vaulted ceilings and beautiful porcelain wood flooring throughout, with no interior steps leading to your backyard oasis. The gourmet kitchen boasts stunning quartz countertops, a custom travertine mosaic backsplash, and a built-in breakfast bar featuring a unique copper sink and faucet. Equipped with a Thermador double oven, gas cooktop, stainless-steel appliances, and a spacious walk-in pantry, this kitchen effortlessly connects to the family room, complete with a cozy gas fireplace. Retreat to the expansive primary bedroom, which offers direct access to the backyard. The luxurious primary bath features a large walk-in shower, a soaking tub, a dual vanity with maple cabinets, and a generous walk-in closet with double doors. Each additional bedroom has its own private bathroom for added convenience. Step outside to your backyard sanctuary, where you can unwind while enjoying breathtaking sunset and mountain views. The rooftop deck provides 360-degree vistas and is accessible via a spiral staircase. The outdoor space also features a sparkling pool with a grotto fountain, a sunken swim-up bar, and a 6-hole synthetic grass putting green. Complete with a covered patio and an inviting seating area with a gas firepit, this home is perfect for relaxation and entertaining alike.

10592 E Horizon Drive Scottsdale, AZ 85262

$1,850,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6751378
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE!!! Beautiful Hacienda home at Desert Mountain. The home offers a wonderful courtyard entry with fireplace that leads to an open great room floor plan. There are two en-suites in the home and a separate loft complete with a full bath. The kitchen has dual Viking ovens, Viking Range and Viking refrigerator, microwave and generous sized island that opens up to the great room that is ideal for entertaining. The owner's suite features two closets, soaking tub and fireplace. The Hacienda Village has a community pool, spa, and exercise room.

37031 N Mirabel Club Drive Scottsdale, AZ 85262

$1,850,000
3 Beds
3.5 Baths
3,366 SqFt
Status Active
MLS # 6751900
Property Type Single Family Residence
Price Type --
Great home in the gated Mirabel Club. Situated on a quiet premium homesite with beautiful landscaping surrounding the home. The open kitchen with top of the line appliances has been tastefully updated and overlooks the great room. From the great room you enter a large covered outdoor patio area with pool, spa, fire pit and built in BBQ. Enjoy great views of mountains, natural desert and stunning Arizona sunsets. Additionally the home offers two bedrooms both ensuite, den and half bath on the main level and an attached loft with bedroom, full bath and outdoor patio.

10477 N 101st Place Scottsdale, AZ 85258

$1,850,000
4 Beds
3 Baths
3,196 SqFt
Status Active
MLS # 6771580
Property Type Single Family Residence
Price Type --
CAPTIVATING WATER/MOUNTAIN VIEWS! Located in highly sought after gated ''Island at Scottsdale Ranch''. Beautifully renovated with the finest finishes & upgrades. Popular Marquesa model offers 1 bedroom/office down w/full bath; upstairs you will find a spacious primary bedroom w/balcony & spiral staircase to pool area overlooking Lake Serena & mountains. Primary has 2 walk-in closets, new walk-in shower/tub. 2 generous guest rooms up with bath. Designer kitchen w/new cabinetry, Jenn-Air appliances, Wolf Induction cooktop that any Chef will love! Built-in bar for entertaining. Living room w/ soaring ceilings and romantic gas fireplace. NEW ROOF w/extended 10 year warranty. Cozy family room plus office/sitting room. Fabulous entertaining backyard w/pool & heated spa, private boat dock/boat with amazing indoor/outdoor living at its finest all on an over-sized lot. Pool recently resurfaced with new cool decking. Built-in BBQ on side patio convenient to the kitchen. Fresh epoxy floor in 2 car garage. Unique misting system (for bugs) covers the entire backyard so you can enjoy evenings sitting out. THIS IS A MUST SEE ... ONE-OF-A-KIND HOME! DON'T LET IT GET AWAY!

23325 S 132nd Street Chandler, AZ 85249

$1,850,000
3 Beds
3.5 Baths
3,462 SqFt
Status Active Under Contract
MLS # 6775551
Property Type Single Family Residence
Price Type --
This County Island custom home offers the perfect fusion of a contemporary luxury home with the ''gentleman's ranchette'' behind a walled-off area to the back of the property. There is an attached 3/car garage & a free-standing large Shop/RV garage. Home is very sophisticated with the latest in high-end finishes & appliances. Enjoy the majestic great room & all beds/baths that are ensuite. Note the sleek, modern office with ample storage, plus a spacious flex room, & a huge storage room. You will love the kitchen that a chef would only dream of. Each room controls its own mini-split AC. Home is an entertainer's delight with 3 large patios, a pool house & pool with fire pots & the list goes on. Please see list of options included in Documents. All TVs convey. Lots of privacy here to enjoy

4432 E Camelback Road Unit 120 Phoenix, AZ 85018

$1,850,000
3 Beds
3 Baths
2,840 SqFt
Status Active
MLS # 6713420
Property Type Townhouse
Price Type --
Welcome to #120 at 4432 N Camelback Road, a meticulously renovated, move-in-ready townhome located in the coveted Guard Gated community of The Village at Camelback. This fabulously curated property features a spacious floor-plan with an inviting open kitchen and living area that wonderfully lends itself to entertaining. The home offers three spacious bedrooms, including a master bedroom with a flex space that can be used as an office/sitting area, a den, two full baths, two powder rooms, and abundant storage throughout. Here you'll find exceptional ample outdoor living spaces including an expanded private side yard, covered patio, and backyard with a spa-perfect for relaxing, and two balconies. Enjoy views from this natural light-filled home. Recent renovations include new marble tile floors and shower in the master bath, new carpeting in the upstairs bedrooms, an updated skylight, and new barn-door entry into the master bedroom, updated guest bathroom, low-e windows and screens, and new washer and dryer in the laundry room. The entire interior has been repainted, custom window treatments, new designer light fixtures, and extensive landscaping enhance the home's appeal. Additional features include built-in bookcases, new pantry, updated closet doors, and storage closets in the garage. Discreetly tucked away behind The Village Tennis & Fitness Club, convenience is paramount here with the ease of walkable access to a plethora of local amenities including the new Global Ambassador, AJ's, Steak 44, hiking trails, and much more, offering the best of Phoenix living. Minutes away from Paradise Valley, Scottsdale, and the Sky Harbor International Airport. Come see this beautiful townhome and experience unparalleled comfort and convenience in an unbeatable location for yourself!

15418 E Stardust Drive Fountain Hills, AZ 85268

$1,850,000
5 Beds
4 Baths
5,144 SqFt
Status Active
MLS # 6653088
Property Type Single Family Residence
Price Type --
Got Toys? This resort style home is for You!! This spacious and well-maintained home offers the perfect blend of comfort and elegance. The open floorplan with high ceilings and large windows flood the interior with natural light. The gourmet kitchen with subzero refrigerators, dual wall ovens, dual drawer dishwasher, granite countertops and ample storage is a culinary enthusiasts delight! A 36 bottle wine refrigerator, mini frig plus separate ice maker at the bar is a perfect place to unwind and reflect. Step outside to the huge and private backyard with pool, spa, grotto, waterfall and water slide! The primary bedroom is a true retreat, boasting a luxurious en suite bath with his and her walk in closets. The additional bedrooms are generously sized. On the main floor, one is currently being used as a home theater. The other bedroom en suite has a built in daybed and built in desk making it a perfect home office. Jack and Jill bedrooms upstairs, both with walk in closets, are a perfect private area for guests and/or family members. Did I mention the 43' x 26.6' 4 car garage? Ample height for car lifts and rv's. It also has an rv gate and paver slab. This is an incredible home at an incredible price. Don't miss the opportunity to call this exquisite house your home!! Please see documents tab for a complete list of amenities, upgrades and updates on this incredible home.

37887 N Boulder View Drive Scottsdale, AZ 85262

$1,850,000
4 Beds
4 Baths
4,002 SqFt
Status Active
MLS # 6753434
Property Type Single Family Residence
Price Type --
Experience luxury living in Boulder Heights, a prestigious community nestled in the picturesque landscapes of North Scottsdale. This custom-built residence offers an unparalleled blend of sophistication, comfort, and breathtaking views that epitomize the essence of Arizona living - all at an elevated vantage point of 3,000 feet. Carefully curated, this one-owner home features a desirable great room floor plan, three bedrooms & three full bathrooms in the main home, plus a detached casita complete with its own kitchenette. Enter the home through your private, gated courtyard - featuring a gas fireplace & water feature - to your grand foyer with clerestory windows. Indulge in the ultimate entertainment experience with a wet bar equipped with a 578-bottle wine humidor, perfect for hosting unforgettable gatherings with friends and family. The inviting chef's kitchen boasts a Viking Professional appliance package, double ovens, granite & quartz countertops, a large walk-in pantry, and solid-wood cabinetry. The primary retreat features a sitting area, an oversized walk-in closet, and a spa-like bathroom with a jetted tub & luxurious walk-in shower. Soaring 14-foot ceilings in the main living areas, 18-foot barrel vault ceilings in the hallway, 24-inch travertine stone flooring, and tasteful chandeliers & fixtures throughout exude grandeur and style. Step outside to discover a private oasis featuring a heated saltwater pool and spa, over 1,200 sq/ft of covered patio space with misters & space heaters, a BBQ area with a pre-plumbed gas line, and plenty of yard space - perfect for year-round relaxation and enjoyment. The oversized three-car garage with epoxy flooring & built-in cabinetry ensures plenty of room for your vehicles and storage needs. Beyond the confines of this exquisite property, residents can immerse themselves in North Scottsdale's renowned lifestyle - high-end shopping, gourmet dining experiences, world-class golf courses, and outdoor adventures - all just moments away from your doorstep. Experience the allure of North Scottsdale living in this exquisite Boulder Heights home, where luxury meets tranquility against the backdrop of Arizona's stunning natural beauty. Welcome home.

512 E Mesa Vista Lane Mesa, AZ 85203

$1,849,900
5 Beds
4 Baths
4,409 SqFt
Status Active Under Contract
MLS # 6769646
Property Type Single Family Residence
Price Type --
Frank Lloyd Wright inspired landmark estate built in 1968, revived in 2024! Mid century modern design, 1+ acre, lush, hillside property boasting incredible Mountain View's. The home is masterfully designed and features 4 bedrooms, 4 Bath, + full gen-suite/ casita with its own kitchen. Stunning interior courtyard, 3 car det. garage, multiple carports and other parking spaces. Centrally located in NW Mesa, only 15 min from PHX airport, Scottsdale, Tempe, Spring training fields nearby, easy freeway access to 202/101, and many amazing nature experiences close by. You will see the pride of ownership in this beautifully manicured neighborhood with NO HOA. This property can be sold fully furnished, and would make a great vacation rental, second home, or primary residence.

11693 E Parkview Lane Scottsdale, AZ 85255

$1,849,000
3 Beds
2.5 Baths
2,879 SqFt
Status Active
MLS # 6769647
Property Type Single Family Residence
Price Type --
Love at first sight! This beautiful remodeled/redesigned Troon home has incredible views of the McDowell Mountains and is located on a quiet cul-de-sac street. Incredible kitchen offers two-tone custom cabinetry w/glass inserts, 48'' commercial gas range, classy quartz counters & backsplash, and enormous island that opens to huge great room. Soaring 12' ceilings with recessed lighting in all rooms, smooth texture interior walls, all new 8' interior doors, new 16' slider, and gorgeous 12 x 59 wood-like porcelain tile flooring throughout. Resort like backyard has 1500 sf of new Ivory Travertine pavers, RV gate/parking, new pebble tec finish and tile on pool, artificial turf, new BBQ island, jacuzzi with new stone and outdoor fireplace. 2 brand new AC units and new roof underlayment.