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.

6739 E Sharon Drive Scottsdale, AZ 85254

$1,275,000
4 Beds
2.5 Baths
2,211 SqFt
Status Active
MLS # 6783190
Property Type Single Family Residence
Price Type --
Brand New Home in 85254 other than the garage. 12' ceiling hight. Enter through this amazing Iron Door. Look strait to the pool through the Accordion Door leading to the back yard for Inside/Outside Living at it's best. No HOA. Master Suite you will fall in love with. Master Shower with Stand alone tub in shower. His and Her Closets. Closets are waiting for you to design your dream layout. Entertainers Dream. Tones of Cabinets in Kitchen. Huge Island. North South exposure. Large Diving Pool in Back Yard. Natural Turf. Low Maintenance Yard. 4th bedroom is set up as office but will build closet if wanted to complete bedroom. Close to shopping and restaurants with Kierland and Scottsdale Quarter near by.

7298 E Brisa Drive Scottsdale, AZ 85266

$1,275,000 - 3Br/4Ba -  for Sale in Lot 19, Parcel B At Bellasera, Scottsdale
Open House
$1,275,000
3 Beds
3.5 Baths
2,826 SqFt
Status Active
MLS # 6780698
Property Type Single Family Residence
Price Type --
Experience luxury living in one of the most desirable models within the prestigious Bellasera community. This exquisite 3-bedroom, 3.5-bath home, complete with a casita and three-car garage, sets on a 19,000+ sq. ft. lot with north/south exposure. The property welcomes you with a private front patio in elegant Cantera stone, while the expansive back patio, also in Cantera stone, features powered sunshades and overlooks a meticulously landscaped yard with a new PVC underground watering system on a timer. The main house offers a spacious open-concept kitchen and family room with a cozy gas fireplace. The updated kitchen features stunning new quartzite countertops and soft-close cabinetry. The primary bedroom has been expanded to provide ample space, featuring windows with views of the patio and garden. Additional highlights include a second bedroom with bath and a versatile den/office that overlooks the front patio. The three car garage is equipped with built in cabinets and epoxy flooring, ensuring ample storage and convenience. A standout feature of this property is the separate casita, accessible through its own entrance. This private space offers a comfortable bedroom and full bath, ideal for guests or multi generational family members, ensuring they have their own quiet retreat. Bellasera's community amenities are unmatched, including a guarded gate, resort style swimming pool, spa, workout facility, tennis and pickle ball courts, hiking trails, and dog park. The community also hosts numerous monthly social events, fostering a vibrant and inclusive atmosphere. This home has been lovingly maintained and is truly move-in ready, presenting a rarer opportunity to enjoy luxurious living with outstanding community features.

6337 E Windstone Trail Cave Creek, AZ 85331

$1,275,000 - 4Br/3Ba -  for Sale in None, Cave Creek
Open House
$1,275,000
4 Beds
3 Baths
3,048 SqFt
Status Active
MLS # 6733499
Property Type Single Family Residence
Price Type --
This luxurious Santa Fe-style home on an expansive horse-property lot in the Sonoran desert is perfect for horse enthusiasts. It features 4 spacious bedrooms and 3 baths, starting with a charming flagstone courtyard and majestic peeled-pole columns framing the entrance. The kitchen boasts upscale stainless-steel appliances, granite countertops, and a cozy breakfast nook. The primary suite offers a blissful bedroom, walk-in closet, custom fireplace, and a private spa-like bath. Amenities include covered horse stalls, a tack/storage room, ramada, hot tub, and potential for a pool. With 3,048 sq ft, fully remodeled laundry room, and a lock-off casita, this home offers flexible living options.

7678 E Starla Drive Scottsdale, AZ 85255

$1,274,000
4 Beds
3 Baths
2,941 SqFt
Status Active
MLS # 6779375
Property Type Single Family Residence
Price Type --
Forever Home or Investors Dream. Beautiful single-level home in the gated community of La Vista in North Scottsdale. Perfectly positioned for easy access to dining, shopping, and the 101 freeway, you're just 15 minutes from Scottsdale Quarter and Kierland Commons. Walk into profit with this Vacation Rental Super Host with $25K+ in bookings through April 2025!! 2024 YTD Gross Earnings totaling nearly $100K+ Spacious home features 4 bedrooms, 3 baths + flex space, arranged in a functional split floorplan. Boasting 12' Foot ceilings and dripping in natural light. Large bright, white kitchen with island. The backyard features a heated saltwater pool, small gated dog run & custom outdoor BBQ island with green egg, perfect for entertaining.

895 W Tyson Street Chandler, AZ 85225

$1,274,000
4 Beds
3 Baths
2,714 SqFt
Status Active
MLS # 6736767
Property Type Single Family Residence
Price Type --
Location, Location, 5 min walk to Downtown Chandler - one-of-a-kind property. Stunning 4-bedroom home, plus a Casita, AIRBNB or a 5th bedroom/ Office, NO HOA restrictions. Minutes from 21 medical facilities. Large lot, with Fruit trees, pool and hot spa, Casita and separate building workshop. Contents negotiable. The home boasts 19 feet of gorgeous Anderson windows across the front, flooding the interior with natural light, and a freshly painted exterior. Experience year-round comfort with York 21 SEER AC and a heated spa and poolperfect for unwinding or hosting unforgettable gatherings. Looking for something truly unique? You'll love the stone chimneys with 3 gas fireplaces, including one in the kitchenyes, a cozy kitchen fireplace in Arizona! The open-concept layout is designed for entertaining, with a living room, modern glass railings, and original built-ins that add a vintage touch to the modern upgrades. Every bedroom features a walk-in closet with custom shelving and shoe racks, ensuring ample storage. The extended air-conditioned garage is perfect for large trucks, the garage doors are to the side, so the front view is free of a garage door and there's a separate workshop for your projects. The Casita provides a fun space for guests or family staycations and even some additional income. (not incl in sq ft) or a home office. Outdoors, you'll discover a mini orchard with fruit trees, including pecan, orange, lemon, almond, pomegranate, and two green apple treesa true garden sanctuary. As the sun sets, the home takes on a magical ambiance, glowing with warmth and inviting energy. This property combines modern amenities like a full home water filtration system, tankless water heater, central air vacuum, and more, with mid-century charm, designed by Tibshraeny, to create a sophisticated yet comfortable living experience. Don't waitthis earthy, modernist home with timeless appeal is calling you. Come see for yourself why this Arizona oasis is the perfect home! -Extended length and Air Conditioned Garage -Extra large driveway with turn about - plus space for a boat or small RV - Garage cabinets - additional inside storage and shelving - New lighting, new garage door motor - Fridges 2 big ones and 2 little ones - 4 Mini splits - kitchen, garage, back bedroom, and Casita - Casita sq ft is not included in home size of 2714sqft - Home has central vac system - Large front patio to host - Original front door, solid from 1960 - Block home with South and east sides being insulation and radiant barrier then wood batten - 21 seer York AC and new air handler - Whole home water filtration - Tankless with hot water recirculation - New Gas meter - New 2phase pool pump with heater to spa as well - 4 electric boxes, main, workshop, casita, and one in garage - 2 Equator Washer/dryers - single unit for Casita and one for home - Casita conveys as shown - ready to rent - king bed, outside furniture, linens, micro, coffee pot, TV, as you see it - Casita has new tile flooring, shower door and water heater moved outside - with pad raised ready to build outward and upward - Home furniture would be included if its the right price, jukebox and art work do not convey - but outside patio furniture, inside beds, TV's, Dining room buffet - table chairs - all of it - Primary bedroom has Warmly floor heating - all new plumbing, white bathroom dresser all convey - 2 bathrooms are Toto and other is Swiss Madison - 4th bedrooom, wall bookcase is attached and stays - Family room steel glass desk can stay - or it can be removed - If removed you would have three fireplaces one in the kitchen, the TV family area and one in the front living room - Kitchen base cabinets are 1960's with honed Quartz on tops - the bases are one of a kind with strong pullouts and shelving - 19ft of Anderson windows in the front - Krasiva windows for the other 11 and 2 sliding doors, then 3 Jen Wen sliders to enclose the sun/gym room - Gym equipment can stay - All inside doors (11) have been replaced by Sarto doors and Frames imported from Italy and hardware from Germany - We would like one of the outside table and chairs, whichever, orange is our favourite - then there is the white and small black - Chop saw and spray painter unit they go - a gift from my hubby - But blowers, whippers, lawn mowers they all stay - Of the 6 shovels I will take one and one rake - hoses all stay - Taxes are very reasonable annual $2,100. for 17,322 sq ft lot - Water bills for large lots can be upward of $600.00 a month - This property has SRP flood irrigation, at $190. for 2024 year - APS was $353.00 for October and Chandler water for home is $75.00 a month - TMobile for high speed internet $55.00 monthly - Pool maintenance including chemicals is $126.00 a month for weekly service - Home is under one year coverage for you - However I do have contractor names if you want them - Questions just have your agent reach out to me 🙂

4210 E Desert Vis Trail Cave Creek, AZ 85331

$1,269,999 - 4Br/4Ba -  for Sale in Saguaro Trails, Cave Creek
Open House
$1,269,999
4 Beds
3.5 Baths
3,558 SqFt
Status Active
MLS # 6614047
Property Type Single Family Residence
Price Type --
Homesite 1-SpurCross-This home includes the multi-generational living with the great room and bedroom 2 suite. Complete with a kitchenette featuring an eat-in kitchen island and washer/dryer/fridge hook ups and walk in shower in lieu of tub/shower, it's a private apartment within the home. Other options included in this price are vaulted ceilings with beams, exterior stone, laundry room sink, 15' multi-slide doors in great room, and bbq gas preplumb. The upgraded finishes include hardwood flooring, quartz countertops, upgraded cabinets, and bathroom surrounds. Upgraded kitchen appliances include double ovens, built in microwave, chimney hood, and 36'' cooktop.

9197 W Molly Lane Peoria, AZ 85383

$1,269,900
4 Beds
3 Baths
3,799 SqFt
Status Active
MLS # 6776781
Property Type Single Family Residence
Price Type --
Located in the highly sought after community of Cibola Vista, this home offers resort-style living situated on your half an acre lot! With tall ceilings and large windows all throughout the house, you have beautiful natural sunlight to enjoy your private oasis. A true chef's kitchen with high-end appliances perfect for entertaining or home cooked meals. Out back you are greeted with a huge covered patio with outdoor speakers and surround sound, a sparkling pool with an oversized baja shelf for lounging and built-in outdoor kitchen perfect for summer parties and outdoor living! A 3 car garage with epoxy flooring for all of your toys. Whether you're envisioning a detached casita, an RV garage, or a private garden sanctuary, the possibilities are endless on this large lot with an RV gate!

2909 N 81st Place Scottsdale, AZ 85251

$1,265,000
4 Beds
2 Baths
2,217 SqFt
Status Active Under Contract
MLS # 6763705
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the vibrant heart of Scottsdale! This stunning, completely remodeled home combines modern luxury with beautiful design. From the new roof, AC, plumbing, electrical, flooring, cabinets, bathrooms, level 5 smooth drywall, etc., every detail has been meticulously crafted. Bright, open-concept living area perfect for entertaining. Stylish kitchen that features sleek quartz countertops, stainless steel appliances, walk-in pantry, and striking black cabinetry. Large open living room with a new gas fireplace, sets the perfect backdrop for gatherings with family and friends. There is a spacious master suite with a lavish en-suite bathroom featuring a soaking tub and separate shower. Step outside to discover your backyard paradise! With a large covered patio, sparkling pool, spa, and lush turf, it's the ideal space to soak up the Arizona sun or host unforgettable outdoor gatherings. The low-maintenance landscaping enhances the home's curb appeal while providing a tranquil escape. Nestled in a highly sought-after Scottsdale neighborhood, you're just moments from the vibrant Old Town, with its exceptional shopping, dining, and entertainment options. This home isn't just a property; it's a lifestyle waiting for you to embrace. Don't miss your chance to make this stunning oasis your own!

30804 N 120th Avenue Peoria, AZ 85383

$1,265,000 - 5Br/4Ba -  for Sale in Blackstone At Vistancia B10, Peoria
Open House
$1,265,000
5 Beds
4 Baths
3,354 SqFt
Status Active
MLS # 6712297
Property Type Single Family Residence
Price Type --
Blackstone exclusive golf and CC community. Newest upgrades Including new paint in/out, flooring, pool pump, custom power window treatments and so much more. Super clean move in ready home! Kitchen overlooks great room with fireplace and boasts SS appliances, oversized island with prep sink an abundance of cabinets with roll outs, huge walk in pantry with second fridge. This split floor plan provides privacy to master in one corner, across the home a guest suite and separate hall leads to three addition bedrooms with media area. Large private lot with natural space behind, mtn views, pool, spa, extended paver patio, gas plumed for bbq, putting green to sharpen your game,. It's your chance to live the lifestyle you deserve in a spectacular home. provides privacy to company. Staycations are a thing of the past with this spacious resort style yard that includes extended covered paver patio, pool, spa, putting green complimented with mountain views. Freshly painted inside and out, new flooring, added enhancements make this home move in ready. It takes only moments to fall in love with this home. Area highlights include biking/walking paths, play areas, clubhouse/rec, tennis/pickleball, work out facility, golf, and more all within minutes of the 303 access. It's time to enjoy life!

3748 E Mare Court Phoenix, AZ 85044

$1,264,000
6 Beds
3.5 Baths
4,801 SqFt
Status Active
MLS # 6718151
Property Type Single Family Residence
Price Type --
Back on the market..Huge BASEMENT-HEATED Pool-Oversized Lot with dreamy mountain views and sunsets-4.5 Car Garage.Beautiful custom home situated in the Equestrian Estates.Step into your elegant home boasting 6 bedrooms, 3.5 baths, a chef kitchen with 2 workstations new granite, built-in appliances, double ovens and stainless appliances.Travertine floors in main living area. Wood flooring in bedrooms-lots of storage and walk in closets. Primary suite with sitting area and 2 closets and direct access to backyard.Full built out basement w/ bonus room, bar, 2 bedrooms and bath. Perfect place to send the kids or create a quiet cool place to retreat from the heat. Built in BBQ, view deck&storage shed.Beautiful neighborhood, Kyrene School District, horse back riding trails and more.

30813 N 138th Street Scottsdale, AZ 85262

$1,259,000
4 Beds
3 Baths
3,320 SqFt
Status Active
MLS # 6768091
Property Type Single Family Residence
Price Type --
Looking for a home with all the bells & whistles... you have found it! This beautiful Santa Fe Style residence on a 1.248 acre lot with no HOA is a true dream and value. Surrounded by breathtaking mountain views, a 3-car sided garage, RV gate, circular driveway and more. Travertine flooring, stylish light fixtures & windows enrich the experience. A desirable great room enhanced by a floor-to-ceiling stone fireplace & media niches is designed for creating memories. A prep island w/a breakfast bar, abundant cabinetry adorned w/crown moulding, granite counters, travertine backsplash, built-in appliances, a handy pantry, & a lovely bay window in the dining area complete this chef's kitchen. Note that private water well pump & tank have recently been replaced as well as the pool equipment. Rest & rejuvenation await in the owner's retreat, showcasing plush carpet, direct outdoor access, double door entry, a two-way fireplace, plantation shutters, and an ensuite comprised of two vanities, soaking tub, and a walk-in closet. As a bonus, you will also have an open den/office. Wonderful backyard includes a covered patio with a fireplace, built-in BBQ, fire pit, roof deck, and a shimmering pool & spa. What's not to like? Experience the epitome of desert living in this meticulously crafted haven!

23164 N 73rd Place Scottsdale, AZ 85255

$1,258,000
3 Beds
3 Baths
2,113 SqFt
Status Active
MLS # 6785097
Property Type Single Family Residence
Price Type --
Gorgeous one storey home built in 2018, single level with 3 bedrooms and 3 full bathrooms have everything you need on your next home! With over $150K in upgrades! Open concept living areas, stunning gourmet kitchen with stainless steel appliances, and a spacious waterfall island. The master bathroom includes an oversized bathtub, and other luxurious details throughout the house. Custom electronic shades in the master bedroom and sliding patio door provide privacy in the living and sleeping spaces. The house is equipped with a charging station for electric vehicles in the garage and driveway. A gorgeous backyard will allow you to enjoy the Arizona sunsets with no nearby obstructions. Large community pool with spa, ourdoor green areas, gym and sauna complement this beautiful h