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

13325 W Luke Avenue Litchfield Park, AZ 85340

$635,000

3 Beds

2.5 Baths

2,432 SqFt

Status Active

MLS # 6782771

Property Type Single Family Residence

Price Type --

This home in the gated Dreaming Summit community of Litchfield Park is move-in ready! The property features 3 bedrooms, 2.5 baths, a separate den, and an inviting front courtyard. The main living area boasts upgraded plank flooring, fresh paint, and plantation shutters. The stylish kitchen includes recessed lighting, ample cabinetry, stainless steel appliances, a stunning upgraded island with breakfast bar, and plenty of counter space. The primary suite has a private exit, luxurious bath with dual sinks, a tub, shower, and walk-in closet. The large backyard offers an extended patio, built-in gas BBQ, private pool, and double gate—perfect for Arizona living! Located near Luke AFB. Just 7 miles from Westgate entertainment district, State Farm Stadium, and 4 Spring training stadium

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10034 E Pantera Avenue Mesa, AZ 85212

$635,000

3 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6783523

Property Type Single Family Residence

Price Type --

Don't miss out on the chance to own this impeccably maintained, modern single-story home nestled in the sought-after Gilbert School District. With three bedrooms and a versatile den or office featuring stylish barn doors, this home seamlessly combines elegance and practicality. Step into the outdoor haven, complete with a pristine pool and spa, complemented by a generously sized covered patio—perfect for leisure and entertaining. Inside, the 10-foot ceilings create an airy atmosphere, highlighting a meticulously remodeled kitchen that exudes contemporary charm. The primary suite, strategically situated for privacy, boasts an expansive bay window, separate tub and shower, and dual sinks.

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1612 E Julie Drive Tempe, AZ 85283

$635,000

4 Beds

2 Baths

2,204 SqFt

Status Active

MLS # 6784114

Property Type Single Family Residence

Price Type --

This beautifully updated home, in the heart of Tempe welcomes you with wood-look tile flooring throughout. Updates include removal of popcorn ceiling, installation of flush mount lighting in formal and informal living and dining areas, updated bathrooms and bright, open, updated, kitchen. The primary suite is spacious and boasts a bath with a separate vanity/dressing area, as well as a private exit to the backyard. The den/office is crafted with double French doors for privacy. The no-maintenance, spacious, backyard features a beautiful, sparkling, pool, as well as plenty of space for playing or lounging. New windows & electrical panel 2021, new HVAC 2022. All of this in a spectacular location convenient to shopping, dining, golf, ASU, the Loop 101, the SR 60, I-10 and the Loop 202!

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15571 W Prairie Dunes Drive Surprise, AZ 85374

New

$635,000

2 Beds

2.5 Baths

2,290 SqFt

Status Active

MLS # 6789147

Property Type Single Family Residence

Price Type --

WOW!!! Nestled in the heart of the desirable 55+ community of Sun City Grand, this stunning corner lot gem offers unparalleled charm and comfort. From the moment you arrive, you'll be greeted by a desert landscaping, a welcoming courtyard, stone accents, and a 2-car garage with a dedicated golf cart bay. Step inside to discover sleek tile flooring, pre-wired surround sound, and a cozy great room with custom wall niches and a fireplace - perfect for entertaining. The formal dining area is ideal for hosting festive gatherings. The chef's kitchen boasts stainless steel appliances, wall ovens, granite counters and backsplash, ample white cabinetry, a center island, and a peninsula with a breakfast bar... Retreat to the luxurious primary suite featuring a sitting area, an ensuite with dual sinks, a make-up vanity, a soaking tub, and a spacious walk-in closet. The second bedroom also includes a walk-in closet, and the den offers the perfect space for a home office or media room. Outside, the backyard oasis awaits with a covered patio, a serene water feature, and a refreshing pool - your private retreat for relaxation. Don't miss this incredible opportunity to live the Sun City Grand lifestyle!

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16525 W Sheridan Street Goodyear, AZ 85395

$635,000

2 Beds

2.5 Baths

2,066 SqFt

Status Active Under Contract

MLS # 6745341

Property Type Single Family Residence

Price Type --

Paid off solar! Beautiful, very well maintained home in Pebble Creek golf Course community! New top of the line AC unit with a 10 year warranty. Enjoy low maintenance backyard, with brand new pavers and turf! Corner lot with great curb appeal, epoxy floors in 2.5 car garage. Bonus versatile room which can be used as office/ den or spare room. Two large master suites on opposite ends of house. Enjoy all this beautiful gated community has to offer, including pools, club house, restaurants/bar, coffee shop etc.

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5100 E Rancho Paloma Drive Unit 2026 Cave Creek, AZ 85331

$635,000

2 Beds

2 Baths

1,990 SqFt

Status Active Under Contract

MLS # 6766794

Property Type Townhouse

Price Type --

Discover this beautifully upgraded townhome in the highly sought-after Rancho North community, renowned for its privacy and breathtaking mountain and desert views. The spacious great room layout features two generous bedrooms, a large den, two full baths, and a two-car garage. The interior showcases stylish white cabinets, quartz countertops, a gas stove, and a spacious primary bathroom with an oversized shower. A neutral color palette creates a warm and inviting atmosphere. Two large sliding doors lead to a private balcony, ideal for enjoying the tranquil desert ambiance and unobstructed mountain vistas. With large picture windows that flood the home with natural light, this townhome offers a bright and airy feel. The community boasts fantastic amenities, including a heated pool, spa,BBQ area and workout facility. You'll also be conveniently located near shopping, dining, and outdoor activities like hiking and biking. This home is Energy Star Certified and features smart home technology, including WiFi door and garage locking and thermostat control, along with an EV charging station. Don't miss this exceptional opportunity!

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32185 N 129 Avenue Peoria, AZ 85383

$635,000

4 Beds

3 Baths

2,509 SqFt

Status Active Under Contract

MLS # 6779598

Property Type Single Family Residence

Price Type --

Shea homes former Hope model with pre-paid solar is ready for you to make it ''Home!'' This 2,509 sq/ft home features the ''kitchen-centric'' floorplan that was designed for entertaining to the max! This lightly lived in, 4 bedrooms and 3 full bath home has designer touches including wood flooring, custom built ins, surround sound inside/out, ceiling fans, and window treatments throughout. The chef's kitchen features SS appliances & hood, pass through bar and massive quartz island with room to seat all your guests inside and out! Step outside to the professionally landscaped backyard with stunning mountain views and built in BBQ and fireplace. Please see attached options list for details on all upgrades. Rated the top master planned community several years in a row, Vistancia Village offers an unparallel lifestyle that includes pickleball, tennis, golf, 3 swimming pools, trails, parks, clubs and classes for all interests and a large offering of community events! Perfectly situated off the 303 freeway, enjoy easy access to shopping and dining!

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9310 S 182nd Lane Goodyear, AZ 85338

$635,000

4 Beds

3 Baths

2,851 SqFt

Status Active

MLS # 6707263

Property Type Single Family Residence

Price Type --

Welcome to Estrella Mountain in Goodyear, Arizona. This beautifully remodeled home features modern finishes throughout, enhanced by the added benefit of solar power for energy efficiency. Enjoy the best of Arizona living with local amenities including scenic hiking and biking trails, pristine parks, and access to the residents-only Starpointe Residents Club and Presidio Residents Club, which offer pools, fitness centers, and more. Conveniently located, this home is just a 30-minute drive from Sky Harbor International Airport, Sports enthusiasts will appreciate the quick 25-minute drive to State Farm Stadium, and military personnel will benefit from the proximity to Luke Airforce Base, only 20 minutes away. Don't miss this great home with views & a private yard with sparkling pool!

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14200 W Village Parkway Unit 2128 Litchfield Park, AZ 85340

$635,000

2 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6744120

Property Type Townhouse

Price Type --

Nestled within the impressive gated Wigwam Golf Community, this single-story townhome is a haven of elegance and comfort. With two spacious bedrooms, a versatile den, and a thoughtful layout, this home offers a unique blend of style and functionality. Upon entering, you are greeted by a warm, inviting living area that flows seamlessly into a well-appointed kitchen. The kitchen, equipped with modern appliances and ample counter space, is perfect for both casual meals and entertaining guests. The two bedrooms offer a tranquil retreat, each spacious and filled with natural light. The master suite is particularly impressive, featuring ample storage and a luxurious bathroom that promises relaxation. Adding to the home's appeal is a versatile den, which could serve as a home office... a library, or a cozy entertainment room. This additional space provides flexibility to cater to your lifestyle needs. Outside, the property is equally inspiring. The meticulously maintained landscape adds to the home's curb appeal, while the community's amenities, including the renowned Wigwam Golf Course, promise a lifestyle of leisure and convenience. This townhome is more than just a place to live, it's a sanctuary where comfort meets elegance, making it a perfect place to call home.

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2735 N 145th Avenue Goodyear, AZ 85395

$635,000

6 Beds

3 Baths

3,590 SqFt

Status Active

MLS # 6711546

Property Type Single Family Residence

Price Type --

Step into this entertainer's delight! All that is needed for this beautiful, move-in ready home is YOU! Motivated seller is offering a one year home warranty and $10,000 seller concessions. Home has fresh paint throughout and updated flooring including gorgeous hardwood floors and new carpet. Enjoy the amenities of all that Palm Valley has to offer. Take advantage of the savings of solar with a low monthly lease payment of $62. Don't miss out on this great opportunity!

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2209 E Windsor Avenue Phoenix, AZ 85006

$635,000

3 Beds

3 Baths

1,913 SqFt

Status Active

MLS # 6723859

Property Type Single Family Residence

Price Type --

What a GEM! Comfort meets modern elegance in this beautiful home nestled on a large lot. Featuring a manicured landscape w/natural grass & mature trees, it offers a tranquil setting. Discover a desirable open layout paired with chic light fixtures, neutral palette, & tile flooring w/plush carpet in bedrooms. The kitchen boasts SS appliances, quartz counters, subway tile backsplash, white shaker cabinets, and an island w/breakfast bar. Two main bedrooms! One includes French doors to the back, and both feature a barn door that opens to the ensuite with dual sinks & a walk-in closet. You'll LOVE the peaceful backyard! A covered patio, artificial turf, elevated paver patio, & a hot tub complete the picture. PLUS! This value has a 2-car garage & 2 RV gates on both sides of the house. Just WOW!

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22353 N 99th Lane Peoria, AZ 85383

$635,000

3 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6728823

Property Type Single Family Residence

Price Type --

This METICULOUSLY CARED FOR and IMMACULATELY KEPT home with GREAT ROOM floor plan will PROVIDE a SPECIAL PLACE for COMFORT and DAILY LIVING but ALSO a PLACE for ENJOYMENT and ENTERTAINMENT*You have YOUR OWN PRIVATE POOL with GREENBELT VIEWS rather than back yard neighbors, as well as the DESIRABLE MEADOWS' COMMUNITY PICKLE BALL COURTS, POOL, SPA, and SPRAWLING PARK only a few doors away*Your KITCHEN has OVERSIZED ISLAND, GAS STOVE, R/O, refrigerator included, and PANTRY*CONVENIENT BUILT IN STUDY CENTER*LARGE OWNER SUITE is split and you can APPRECIATE the added 4-ft extension*This NEWER BUILT HOME has updated CEILING FANS and PENDANT lighting, NEST thermostat, BLINK exterior CAMERAS, and ORANGE and LEMON tree planted in 2023*COME BY and SEE why YOU WILL WANT TO CALL THIS PLACE YOUR ''HOME

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