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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23176 W Skinner Road Wittmann, AZ 85361

$635,000

4 Beds

2 Baths

2,242 SqFt

Status Active

MLS # 6731535

Property Type Single Family Residence

Price Type --

Highly upgraded 4 bedroom 2 bath 3 car garage on an Acre lot! NO HOA! Located at the end of a nice road, with tons of room to ride your horses dirt bikes ect... This Beautiful home comes with Quartz counter tops, large center island, tile backsplash, built-in microwave, stainless steel hood, 8' doors and 4'' baseboards, designer tile and upgraded lighting. Split floor plan, 2 walk-in closets in Master.. Located in a very nice area just minutes from Surprise and Wickenburg.

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7639 W Nosean Road Peoria, AZ 85383

$635,000

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6741345

Property Type Single Family Residence

Price Type --

MLS#6741345 Ready Now! The Iris is a 1-story home with 1,982 sq. ft., featuring 3 bedrooms, 2 bathrooms, a 2-car garage, and a flex room. As the only single-story floor plan at Aloravita South Discovery, it stands out for its thoughtful design. The foyer leads to a hallway with secondary bedrooms and a full bathroom. The open kitchen, casual dining area, great room, and flex room create a welcoming living space. The private covered patio is perfect for enjoying Arizona weather. The primary suite offers a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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302 W Oak Avenue Unit 1 Flagstaff, AZ 86001

$635,000

3 Beds

2.5 Baths

1,213 SqFt

Status Active

MLS # 6730466

Property Type Single Family Residence

Price Type --

TO BE BUILT...Welcome to modern living in the heart of Flagstaff - a collection of contemporary detached homes that redefine luxury and convenience. Nestled against the backdrop of the stunning mountains, step into a world where architectural brilliance meets nature's beauty. The community boasts a sleek and contemporary design that seamlessly integrates with the natural surroundings. Plentiful glass allows ample natural light to flood the interiors, creating a harmonious blend of indoor and outdoor living. Clean lines, high ceilings, and thoughtfully designed spaces provide an open and airy atmosphere making each home a sanctuary of modern sophistication. Wake up to the awe-inspiring sight of the mountains right outside your window (Select Lots Only). Whether you're sipping your morning coffee on the patio or enjoying a quiet evening indoors, the breathtaking scenery is a constant companion, creating a sense of tranquility and connection with nature. Embrace the convenience of city living without sacrificing the serenity of a mountain retreat. The community is ideally located within a short distance to downtown Flagstaff with easy access to the Urban Trail System (FUTS), allowing residents easy access to vibrant shops, eclectic restaurants, cultural attractions, and lively entertainment. Enjoy the best of both worlds - the bustling energy of city life and the peaceful seclusion of your private mountain haven. Step inside and experience a harmonious blend of form and function. The interiors are adorned with high-end finishes, contemporary fixtures, and premium materials. The open-concept layouts create a seamless flow between living, dining, and kitchen areas, perfect for both entertaining guests and cozy family nights. Invest in more than just a home - invest in a lifestyle. These bungalows offer not just a residence but a secure investment in the future. The combination of prime location, modern design, and proximity to downtown Flagstaff, Flagstaff Medical Center, Flagstaff Elks Lodge, Jay Lively Ice Arena, Buffalo Park, Basha's Grocery Store, and many schools ensures a high standard of living and potential for long-term value appreciation. There are a total of 13 available lots, any of the three attached plans will work on any of the available lots.

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16528 W Isleta Court Surprise, AZ 85387

$635,000

2 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6677181

Property Type Single Family Residence

Price Type --

Welcome to this 2300 sq/ft furnished, Mission model home located in Sun City Grand (The Grand) a 45+ Active Adult Resort Style Community. Open site-lines are evident upon entering into the great room w/gas fireplace and picture windows. A Large Updated Kitchen with 2 Breakfast /Entertaining Bars with An Expanded Island & Granite Counter tops, S/S Appliances, Roll-out shelves, Large Pantry & plenty of Cupboard storage. Large Dining Space with Bay Window Overlooking the Pool. A Nice sized Office/Den with Built-in Double Desks w/large window situated between the Primary Suite & the Private Guest Suite. Master bath has a large shower, Double Sinks & Large Walk-in closet. The Party begins upon entering the Outdoor Covered Patio w/ Pebbletec pool & Baja Deck, Gas Grill, & Patio Seating that create an Entertainer's Delight! Home also boasts a Large Laundry room w/ storage; Powder Bath; a Second Dining area; Ceiling Fans throughout; Central Vacuum; Soft Water. The Leased Solar Panels (non-escalating transferable lease), HVAC (2 units) replaced in 2017, Hot Water Tank replaced in 2020, installation of Patio Misters in 2020, and the 2-Car Garage plus Golf Cart Garage!! Low cost nonescalating solar is $106.30 per month. The Grand is home to 4 championship Golf Courses, 2 Rec Centers, 5 pools, spas, 2 Large Exercise Rooms, Indoor Walking Track, Auditorium, the New Maple & Rye Restaurant, Banking, CVS Pharmacy, along with activities, trips, clubs and much more. Home is Vacant and Easy to Show. Don't Miss This on Your Tour!

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28524 N 102nd Way Scottsdale, AZ 85262

$635,000

2 Beds

2.5 Baths

1,711 SqFt

Status Active

MLS # 6702531

Property Type Townhouse

Price Type --

This 2br/2.5ba unit is located in the resort community of Troon North. The open floor plan includes a great room w/ high ceilings, updated kitchen and a cozy gas fireplace. Add'l features include brand new roof, appliances, hot water heater, and HVAC. Convenient direct entry 2-car garage. Upstairs you will find two primary suites with walk-in closets, dual sinks and private showers. Both rooms feature balconies for enjoying views of the desert landscape and Pinnacle Peak. Low property taxes and HOA dues make this easy desert living! Conveniently located near the Troon Clubhouse and Sonoran Mountain Preserve trail system.

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17603 N Lindgren Avenue Sun City, AZ 85373

$635,000

2 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6712021

Property Type Single Family Residence

Price Type --

Beautifully Remodeled including the windows. Open Floor Plan, Golf Course Property With Pool. Kitchen Includes Newer Upgraded Custom, Hickory Cabinets, Stainless Steel Appliances and Newer Wood Tile Flooring. Walk-in Closets In Both Bedrooms. Fully Remodeled Guest Bathroom. Air Cooled Laundry Room/pantry Off Garage With Extra Storage, Bonus Den/office off Main Bedroom. and there are 2 walk-in closets in this room. The main bedroom has a door to the outside. The Pool is Solar Heated with an additional heating feature. The Pool has a pebble-tec type coating.. There is a lovely Waterfall Feature. The backyard landscape has Astro Turf. The front courtyard is fully fenced for a cozy retreat. Come see this lovely cheerful house, just waiting For You to Call it Home! Owner/Agent

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14027 N 32nd Street Phoenix, AZ 85032

$635,000

4 Beds

3.5 Baths

2,197 SqFt

Status Active

MLS # 6742734

Property Type Single Family Residence

Price Type --

Welcome to this charming Phoenix home! With its inviting curb appeal, RV gate, and delightful fountain, you'll feel right at home from the start. Inside, you'll find stylish wood-look floors and a soothing color palette in a spacious great room featuring a chic chandelier and cozy fireplace. The pristine white kitchen boasts shaker cabinets, stainless steel appliances, a beautiful tile backsplash, quartz counters, and a breakfast bar island. The romantic primary suite offers a walk-in closet and a private bath. Relax on the covered patio with mountain views and entertain in the expansive backyard

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15530 N 78th Avenue Peoria, AZ 85382

$635,000

5 Beds

3 Baths

3,026 SqFt

Status Active

MLS # 6769251

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home, featuring many desirable attributes. The neutral color scheme and fresh interior paint create a calming ambiance. The kitchen is a cook's delight with a central island. The primary bedroom includes a walk-in closet and an en-suite bathroom with double sinks, a separate tub, and a shower. Enjoy cozy evenings by the fireplace. The fenced backyard is perfect for entertaining, with a private in-ground pool, a covered patio, and a storage shed. Our lawn is adorned with low maintenance landscaping, allowing you to enjoy the aesthetics without the additional work. This home offers comfort, convenience, and style in equal measure.

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26233 N 133rd Avenue Peoria, AZ 85383

$635,000

4 Beds

3.5 Baths

3,005 SqFt

Status Active

MLS # 6776183

Property Type Single Family Residence

Price Type --

Built in 2022! 4 bed 3.5 bath home w/ a loft & a 3 car garage located in Rancho Cabrillo community in North Peoria. Paver driveway & double side gate. Wood-like tile in the main traffic areas. The kitchen is open to the family room & includes a huge island, quartz counter tops, gas range, premium stainless steel appliances & a pantry. The primary suite is over-sized & the primary bathroom includes a huge shower, dual sinks, quartz counters & a large walk-in closet. Backyard is a blank canvas, plenty of room for a pool. Open greenspace across the street & beautiful mountain view from the backyard! Walking distance to A+ schools & parks.

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4512 W Stoneman Drive Anthem, AZ 85086

$635,000

5 Beds

3 Baths

2,822 SqFt

Status Active

MLS # 6775656

Property Type Single Family Residence

Price Type --

**Stunning 5-Bedroom Home with Solar and Pool!** Welcome to your dream home! This beautifully recently painted residence boasts 5 spacious bedrooms and 3 full baths, offering plenty of room for everyone. Enjoy the convenience of two new AC units, ensuring year-round comfort, and a central vacuum system for easy cleaning. Step outside to your private oasis featuring a refreshing pool, perfect for relaxing and entertaining. The excellent layout includes a loft that can be customized to fit your lifestyle—think home office, playroom, or media space! Located within walking distance to a highly-rated middle school and a fantastic park, this home combines tranquility with accessibility. Plus, with solar panels, say goodbye to high APS bills and hello to energy savings!

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16420 N Thompson Peak Parkway Unit 1009 Scottsdale, AZ 85260

$635,000

2 Beds

2.5 Baths

1,640 SqFt

Status Active

MLS # 6783419

Property Type Townhouse

Price Type --

Prime elevated location within the complex, this 2-story end-unit townhome boasts picturesque, views of lush landscaping. An inviting great room, complete with a cozy fireplace, flows effortlessly into the dining area & sliding doors open to a private patio, ideal for outdoor relaxation. On the lower level, a versatile office space can double as an additional sleeping area. The primary bedroom offers a private balcony overlooking the beautifully curated desert landscape, while an en-suite guest room provides comfort and privacy. The community offers exceptional amenities, including a well-maintained pool, spa, & workout facility, along with access to the renowned McDowell Mountain Ranch community amenities. Cachet is conveniently located close to the 101 and popular dining spots.

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10736 W Paso Trail Peoria, AZ 85383

$635,000

3 Beds

2 Baths

2,190 SqFt

Status Active

MLS # 6781741

Property Type Single Family Residence

Price Type --

Impeccable home In great area. All new plank tile flooring installed in 2023 - Large walk in master shower remodeled with tile in 2023 - Great room concept with island kitchen and granite counter tops - Build in upgraded stainless steel appliances - Stainless steel refrigerator - 36'' gas cooktop - 42'' staggered cabinets - Double door exit into back yard - Split floor plan - Large master suite with double sinks - walk in shower - private toilet room - very large walk in closet - Large laundry room with extra cabinets and laundry sink - Paver drive way in front and paver patio in back yard - Backs up to common area with view fencing

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