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

Last 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.

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

8608 E Mariposa Drive Scottsdale, AZ 85251

$639,000

3 Beds

2 Baths

1,688 SqFt

Status Active

MLS # 6769267

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION, This couldn't be better. High demand neighborhood with no HOA. Move in ready, freshly painted, lovely flooring, large bedrooms, facing north/south. Grassy area in backyard, RV Gate for all your toys. Close to Chaparral Park with lake, walking and bike paths dog park. Minutes to Scottsdale Fashion Square as well as Old Town Scottsdale, and EASY ACCESS to 101.

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11846 N 93rd Street Scottsdale, AZ 85260

$639,000

3 Beds

2 Baths

1,192 SqFt

Status Active

MLS # 6773400

Property Type Townhouse

Price Type --

Discover the charm of this delightful 2-bedroom townhome in Scottsdale Vista! Starting with a 2-car garage & a lovely courtyard. The inviting interior features designer paint, tons of natural light, recessed lighting, and wood-look tile flooring. You'll LOVE the large living room with vaulted ceilings & sliding doors to the back! The impressive kitchen boasts SS appliances, granite counters/backsplash, a breakfast nook, and wood cabinetry w/crown molding. Cozy den for an office! Main bedroom has outdoor access & a private bathroom. Check out the private backyard with a covered patio to relax or enjoy BBQ! It also includes access to the Community pool behind, promising year-round enjoyment. PLUS! Conveniently close to schools, shopping, dining, & more. Easy access to 101 Fwy! Welcome home!

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6181 S Granite Drive Chandler, AZ 85249

$639,000

2 Beds

2 Baths

2,008 SqFt

Status Active

MLS # 6781646

Property Type Single Family Residence

Price Type --

You'll love this 2 bed, 2 bath PLUS den home in the lovely 55+ gated Lone Tree Community! There's so many upgrades you won't want to miss! The great room area allows for relaxed living & easy entertaining with the upgraded kitchen open to the dining & family room. The kitchen offers 42 in painted gray cabinets, custom tile backsplash, granite counters, gas cooktop, reverse osmosis & stainless appliances. The kitchen also has pull-out drawers in cabinets for easy access & a large pantry. The main bedroom is a true retreat with a luxurious ensuite bath complete with dual vanity with upgraded quartz counters, vessel sinks, newer lighting & faucets & feature wall. The large walk-in closet is not to be missed! The guest bedroom is oversized & comfortably fits a king bed. It's split from from the master & is adjacent to the guest bath with upgraded vanity featuring a vessel sink, granite counter & upgraded lighting. The office/den could be a 3rd bedroom & offers plenty of space for your needs. Step out back & relax in your beautiful back yard with covered patio, nice landscaping & upgraded Shasta pool - a perfect place to cool off. This pool is heated & cooled & can be fully run from your phone app! The laundry is fabulous as it is oversized & offers loads of cabinets, a sink & quartz counters. Upgraded engineered hardwood flooring throughout all the common areas, plantation shutters throughout, two-tone paint & more! All this plus a 2-car garage complete with heated & cooled workshop area! Hurry to view this property - this won't last long!

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1700 E Lakeside Drive Unit 58 Gilbert, AZ 85234

$639,000

3 Beds

3 Baths

2,517 SqFt

Status Active Under Contract

MLS # 6753691

Property Type Townhouse

Price Type --

Spacious home with courtyard entry in gated resort community of Val Vista Lakes! TWO PRIMARY SUITES plus another bedroom and LOFT! One primary suite w/remodeled bathroom downstairs and other primary suite w/ bathroom upstairs. 3rd bdrm is downstairs next to remodeled hall bath. Vaulted high ceilings as you enter with a spacious living area and views to the back patio. Luxury vinyl wood flooring throughout the downstairs, carpet on stairs and upstairs area. Fresh looking kitchen with white cabinetry & countertops, and farm sink with views to courtyard. Large eat in kitchen area too! This home is ideally located just steps away from the clubhouse and you can walk to the ramada and enjoy views of the lake! Living in Val Vista Lakes is resort style living with all the amenities it offers!

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22520 E Rosa Road Queen Creek, AZ 85142

Open House

$639,000

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6786228

Property Type Single Family Residence

Price Type --

**Upgrades throughout** in A dream home in the highly sought-after Spur Cross subdivision! This stunning 4-bedroom, 2-bathroom residence showcases an open floor plan with expansive living spaces and a breathtaking kitchen perfect for entertaining. Step outside to your private oasis featuring a custom pool equipped with the advanced QuickPure3 system and lush AstroTurf for low-maintenance beauty. The home boasts spacious, light-filled bedrooms, upgraded lighting, and custom finishes throughout. The epoxy-coated garage floor adds durability and style. Enjoy the community's top-notch amenities, including a pool and sports courts, all while being conveniently close to dining, shopping, and entertainment. This home embodies luxury, comfort, and convenience—don't miss out!

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20654 E Avenida Del Valle -- Queen Creek, AZ 85142

$638,990

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6781616

Property Type Single Family Residence

Price Type --

MLS#6781616 January Completion! The Cambridge is a single-story floor plan at Ellsworth Ranch Landmark, offering 2,474 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a 2-car garage, and an exercise/flex room. The welcoming porch greets you at the front of the house. Upon entering, the foyer leads you down a hallway with secondary bedrooms and 2 full bathrooms on one side and a laundry room on the other. Continuing straight, you'll arrive at the spacious, open kitchen, great room, and dining area—a space sure to capture your heart. Structural options include: alternate extended laundry with drop zone in lieu of tandem. This home sale includes a washer and dryer!

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14205 W Mauna Loa Lane Surprise, AZ 85379

$638,900

5 Beds

3 Baths

4,068 SqFt

Status Active

MLS # 6722668

Property Type Single Family Residence

Price Type --

** Priced to sell - $19,100 price reduction ** Gorgeous corner lot home has everything you've been looking for! Enjoy a 3-car garage, stone accents, RV gate & a cozy front patio. Welcoming interior features wood-look tile flooring, bountiful natural light and pre-wired surround sound. Spacious living/dining room and great room are ready for entertaining. Fabulous kitchen includes recessed lighting, a plethora of white cabinets with crown molding, a walk-in pantry, SS appliances, stylish tile backsplash and a center island. Romantic grand suite boasts plush carpet, an impeccable ensuite with dual sinks and a large walk-in closet. The resort-style backyard will make you feel like you're on vacation everyday with a refreshing pool and rock waterfall. Tour it today!

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18501 E Avenida Del Ray -- Rio Verde, AZ 85263

$638,500

3 Beds

3 Baths

2,513 SqFt

Status Active

MLS # 6751012

Property Type Single Family Residence

Price Type --

Your Dream Desert Retreat Awaits—and the seller is highly motivated to make it yours! Step into this stunning 3-bedroom, 3-bath sanctuary, ideally located in the peaceful, 55+ Rio Verde Country Club community. Enjoy beautiful, low-maintenance desert landscaping featuring seven mature palm trees and a delightful variety of fruit-bearing trees, including lemon, pink grapefruit, and orange. This gorgeous property combines elegance and practicality, offering you a slice of paradise with motivated sellers ready to welcome new owners. Don't miss this incredible opportunity to secure your place in this serene, sought-after community. Enjoy a bright and airy open layout adorned with brand-new premier laminate plank tile and freshly painted interiors and exteriors. The living and dining areas feature a charming beehive fireplace and a beautiful skylight that fills the space with natural light. The well-equipped kitchen, complete with oak cabinets for ample storage, also offers breathtaking views of Four Peaks, making it a delightful space for both cooking and entertaining. The home boasts two spacious master suites, providing luxurious comfort and privacy. The primary suite features plush Berber carpet, direct outdoor access to a private patio, and a spa-like bathroom with dual sinks, a jetted tub, and a walk-in closet. Throughout the home, you will find an abundance of closet space, ensuring every item has its place. Set on a spacious lot of over 15,200 sq. ft., this home is perfect for entertaining, surrounded by mature citrus trees and beautiful desert landscaping. Enjoy hosting on the open patio or dining al fresco by the outdoor fireplace, all while immersing yourself in the tranquil beauty of nature. Act quickly, as this stunning home is priced to move and won't be on the market for long! Seize the opportunity to own this gem in the sought-after Rio Verde Country Club community, offering breathtaking views, exceptional comfort, and boundless charm. Here, you're not just purchasing a home; you're embracing a whole new lifestyle!

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3285 E Phelps Street Gilbert, AZ 85295

$638,500

3 Beds

2.5 Baths

2,485 SqFt

Status Active

MLS # 6728325

Property Type Single Family Residence

Price Type --

This charming single-level home offers 2,485 sq ft of comfortable living space. The split floor plan includes 3 bedrooms, 2.5 bathrooms, and a den. The spacious master suite features an upgraded shower and tub, double sinks, a private toilet room, and a large walk-in closet. The kitchen, perfect for entertaining, boasts granite countertops, an island, and a generous walk-in pantry, all opening up to a welcoming great room. All windows have elegant white shutters. A tandem three-car garage provides ample storage space. Outside, the backyard has a built-in firepit, turf, and recently painted exterior and block walls. With North/South exposure, this home is perfectly positioned near freeway access, San Tan Mall, shopping, and a variety of restaurants.

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4315 S 123rd Avenue Avondale, AZ 85323

$638,000

4 Beds

3.5 Baths

2,622 SqFt

Status Active

MLS # 6680632

Property Type Single Family Residence

Price Type --

10' ceilings, 8' doors and large, energy efficient windows allowing in an abundance of natural light highlight this gorgeous 4 bed, study, 3.5 bath open plan in Alamar. Enjoy trying new recipes in the gorgeous gourmet kitchen boasting painted 2-tone, shaker style cabinets, quartz countertops and GE stainless steel appliances with gas cooktop and large hood vent. Designer-selected finishes include upgraded tile flooring, carpet and pad, custom backsplash and accent lighting. Escape from a long day to the large owner's retreat boasting a tiled walk-in shower, soaking tub, and huge walk-in closet. Other features include 2-tone paint, 12' sliding glass door to the covered outdoor area and a large finished, turf backyard. 2x6 construction. Welcome home.

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12324 W Luxton Lane Avondale, AZ 85323

$638,000

4 Beds

3.5 Baths

2,624 SqFt

Status Active

MLS # 6693670

Property Type Single Family Residence

Price Type --

10' ceilings, 8' doors and large, energy efficient windows allowing in an abundance of natural light highlight this gorgeous 4 bed, 3.5 bath open plan with enclosed study in Alamar. Enjoy trying new recipes in the gorgeous gourmet kitchen boasting painted 2-tone, shaker style cabinets, quartz countertops and GE stainless steel appliances with gas cooktop and large hood vent. Designer-selected finishes include upgraded tile flooring, carpet and pad, custom backsplashes, and accent lighting. Escape from a long day to the large owner's retreat boasting a tiled walk-in shower, soaking tub, and huge walk-in closet. Other features include 2-tone paint, 12' sliding glass door to the covered outdoor area and a large backyard. 2X6 CONSTRUCTION; NEW HOME WARRANTY. Welcome Home.

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895 S Accuracy Way Tonto Basin, AZ 85553

$638,000

2 Beds

2 Baths

3,000 SqFt

Status Active

MLS # 6769352

Property Type Single Family Residence

Price Type --

This stunning custom home is a dream come true. The kitchen features two walk-in pantries and a modern-style island with bar stools. The master bedroom has a large walk-in closet, and there's a very spacious laundry room with extra storage cabinets. You'll love the cozy fireplace. The property also includes a 4-plus car garage with a built-in bar and AC. Additionally, the entire property is completely fenced and offers amazing mountain views!

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