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

7233 W Corrine Drive Peoria, AZ 85381

$644,900

4 Beds

3 Baths

1,982 SqFt

Status Active

MLS # 6510891

Property Type Single Family Residence

Price Type --

This fully renovated 4 bedm, 3 bath Luxury Home, is currently a very successful AIR.B.n.B. Walking distance to shops and restaurants. 7 miles to PHX Cardinal football Stadium / Westgate District. This Home features - Solar Heated Play Pool with connected Spa - 2 Stall Garage - Walk-in Closet - Indoor Fireplace - new front/back landscape (pavers/tuff) - Vaulted ceilings - New water heater - Freshly painted inside.

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7008 E Lynx Wagon Road Prescott Valley, AZ 86314

$644,900

4 Beds

3 Baths

2,655 SqFt

Status Active

MLS # 6733564

Property Type Single Family Residence

Price Type --

Welcome to beautiful Stoneridge. This home has it all. With plenty of space for friends and familyand all the amenities you need. Main level living with additional bedrooms upstairs. The open floor plan invites you to enjoy family gatherings, perfect for entertaining. Enjoy breathtaking views from the large open lot. Walking distance to the golf course, restaurant and parks. Call today before this home is gone!

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2826 E Victor Hugo Avenue Phoenix, AZ 85032

$644,900

5 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6769787

Property Type Single Family Residence

Price Type --

This beautifully updated home in the peaceful Shadow Mountain neighborhood is surrounded by picturesque mountain views & offers a blend of modern upgrades and serene outdoor living. The spacious, low-maintenance backyard is one of the main features of the home with newly planted citrus trees, covered patio and a newer aqua blue Pebble Tech pool making it the perfect oasis for relaxation. Step inside to find a stylish kitchen and living area with sparkling white quartz countertops, stainless steel appliances, fireplace, sit in dining room and a tankless water heater for energy efficiency. The home has been thoughtfully upgraded with brand new flooring(2024), a new septic tank system (2023), a new block wall for privacy (2023), and an upgraded main electrical panel (2023), Updated Plumbing. Other recent updates include: Refurbished HVAC unit installed in (2023), New remote-controlled ceiling fans (2023), New French patio doors (2023), New vinyl windows(2023) throughout. Also close to great shopping, & minutes from the 51 making easy commutes. This home combines modern convenience with natural beauty, making it a must-see property! Don't miss the opportunity to make it yours.

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4823 E Presidio Road Scottsdale, AZ 85254

$644,900

3 Beds

2 Baths

1,750 SqFt

Status Active Under Contract

MLS # 6737405

Property Type Single Family Residence

Price Type --

New Photos Coming, Beautiful updated home in desirable 85254. No HOA. Single level, 3BR/2BA/2CG. Formal LR/DR and family room with fireplace are great for entertaining. Updated Quartz countertops throughout. Large backyard, with new turf and putting green with plenty of room for a pool. Please inquire with any questions.

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4703 N 206th Drive Buckeye, AZ 85396

$644,900

2 Beds

2.5 Baths

2,297 SqFt

Status Active

MLS # 6722802

Property Type Single Family Residence

Price Type --

Introducing this highly desirable Lennar NextGen home, which is ONLY available as a resale in the sought-after Victory at Verrado community. Boasting 2 bedrooms, den, 2.5 bathrooms, 2 great rooms, courtyard, covered rear patio with extended pergola, and two add'l rear patio areas. This open-concept home is perfect for those who love to entertain. The gourmet kitchen is equipped with a gas range, hood, and a spacious island, flowing seamlessly into the eat-in breakfast nook. The NextGen suite has a separate entrance and features a full bathroom, bedroom, living room, and kitchen, providing a private retreat for you or your guests. Plantation shutters add a touch of elegance and privacy to this beautiful home.

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7315 E Night Watch Way Prescott Valley, AZ 86314

$644,900

3 Beds

2 Baths

2,123 SqFt

Status Active

MLS # 6779660

Property Type Single Family Residence

Price Type --

Discover the exquisite Lupine Plan in the sought-after Stoneridge Golf Community. This home is in pristine condition, boasting a new roof and fresh paint on the exterior and interior as of August 2024. 2.5-car insulated garage with two 240 outlets for car charging or hobbies. The home features 3 bedrooms plus a bonus room, and 2 baths, Remodeled kitchen includes granite island, under-counter LED lighting, updated black stainless appliances, slide-out shelves, and a walk-in pantry. High ceilings and custom barn doors. Solid surface flooring throughout. Both primary and secondary bathrooms have been beautifully remodeled. The garage has epoxy flooring, work area, and water softener, Oasis of a backyard!! Dog door leads to secure dog run with HOA approved 6' fence. See documents for feature Unique paver stone driveway and walkway. Enjoy the mornings or evenings on the extended, covered patio.

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2825 N 42nd Street Unit 11 Phoenix, AZ 85008

$644,888

3 Beds

4 Baths

2,229 SqFt

Status Active

MLS # 6671892

Property Type Single Family Residence

Price Type --

This sophisticated and contemporary residence boasts three spacious master suites in addition to generously sized rooms for office use. The main level presents an expansive open floor plan featuring a gourmet kitchen, a generously sized great room, a convenient half bath, and direct access to a two-car garage. 2 of the master suite offers substantial walk-in closets and full baths complete with dual vanities. The rooftop patio provides a delightful vantage point for glimpsing mountain views. The sought-after Edgemont community provides residents with access to a pool, a gated pet park, and a BBQ grill. Conveniently located less than two miles from Arcadia's fashionable dining venues, shops, the 202 freeway, minutes away from the Biltmore, Downtown Phoenix, and the Airport. location Location!! Location!!

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10133 S Bickwell Trail Apache Junction, AZ 85120

$644,823

5 Beds

4 Baths

3,094 SqFt

Status Active

MLS # 6768151

Property Type Single Family Residence

Price Type --

Discover a unique home and buying experience at Laurel at Blossom Rock! This 2-story Heritage design is currently under construction and features a spacious, open-concept floorplan. The inviting kitchen flows seamlessly into a bright great room that opens to a private, covered outdoor space, perfect for relaxing or entertaining. The 3-car garage includes a convenient drop zone, and the home offers 5 bedrooms, 4 bathrooms, a great room, and a kitchen with an island. Plus, $61,000 in premium upgrades are already included, and special financing options are available. The home is anticipated to be completed by September. Blossom Rock is designed for outdoor living, with community parks, miles of scenic trails, beautiful lakes, and signature events that bring the community together.

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8413 E Hubbell Street Scottsdale, AZ 85257

$644,000

3 Beds

2 Baths

1,475 SqFt

Status Active

MLS # 6749186

Property Type Single Family Residence

Price Type --

Become the proud owner of this charming fully remodeled 3-bedroom, 2-bath residence on a desirable corner lot, no expenses spared! All new plumbing and sewer lines as of 2024. Featuring a garage, a convenient RV gate, a low-maintenance yard, and a cozy front patio. Inside, the great room boasts a soothing palette, blinds, and stylish wood-look flooring. The spotless kitchen showcases quartz counters, abundant wood soft closing cabinetry, pendant/recessed lighting, a chic tile backsplash, stainless steel appliances, and a center island with a breakfast bar for casual dining. The main bedroom offers a private bathroom with dual sinks. Venture outside to the lovely backyard, complete with a covered patio, artificial turf for year-round greenery, drip system to all exterior plants, alley access, and a shed for additional storage. Make this gem yours or turn it into the perfect air bnb or VRBO!

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18602 E Avenida Del Ray -- Rio Verde, AZ 85263

$644,000

3 Beds

2 Baths

1,886 SqFt

Status Active Under Contract

MLS # 6760968

Property Type Single Family Residence

Price Type --

Built in 1990 this well maintained Santa Fe Territorial is comfortably tucked into the active adult golf community of Rio Verde. This home is move in ready and boasts 14 foot ceilings a split 3 bed 2 bath open concept floor plan. View the beautiful Mazatzal mountain tops from the covered back patio living space, accessed by a living room slider and primary bedroom which has its own private patio access. Spacious kitchen with extra long granite bar and a dining room area. A cozy Fireplace to keep you warm on crisp desert nights. Large mature desert landscaped corner lot with a long driveway providing even more privacy. 2 car garage with a separate side entrance golf cart garage. Golf membership information available upon request. Social membership included with purchase. Rio Verde's active adult Golf Course community offers an array of activities for all. There is a private gate to access all of McDowell Regional Parks 21,000 acres of hiking and mountain biking trails. Rio Verde has a very active Tennis and Pickle Ball community. Bocce Ball parties every Wednesday and Friday afternoons, A brand new 2700 sq/.ft workout facility, lap and social pool which offers water sports and class activities, a community art room, resort style library and a separate Billiards Room - all makes for an enjoyable part of the Rio Verde lifestyle. All the above mentioned amenities are included with home ownership in Rio Verde. Golf membership information available upon request- Rio Verde has two different 18 hole courses within the community.

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20254 W Hollyhock Street Buckeye, AZ 85396

$643,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6718219

Property Type Single Family Residence

Price Type --

Welcome Home to the Estates at Arroyo Seco, our newest Buckeye Community. This Deacon floorplan includes an attached RV garage, plus a tandem two car garage, a 220 V 50AMP, pre-plumb for utility sink, soft water loop, garage service door and an RV cleanout. Inside a well-appointed gourmet kitchen with 42'' upper white cabinets, brushed nickel cabinet pulls, quartz countertops, tile backsplash and GE Plus Stainless-steel appliances with a chimney hood and 36'' gas cooktop, also includes a walk-in pantry and is flanked by a great room and a dining room with center meet sliding doors leading out to a covered patio. You'll also appreciate the versatile flex-room, two secondary bedrooms with shared access to a full bath with dual vanities, and a primary suite with a private bathroom featuring a deluxe tiled shower with rain shower, dual vanities and ample walk-in closet space. A mudroom and walk-in laundry room round out the interior of the home. This home also includes two-tone paint, 9 x 35 tile flooring throughout and carpet in the bedrooms only. Ceiling fan prewires at all bedrooms, great room, flex room and covered patio; a gas stub at the patio; pre-plumb for a sink at the laundry room; pendant lighting at the kitchen island; exterior coach lights; paver driveway and walkway and front yard landscaping complete the home. This home is situated on an 8760 square foot South facing lot with a double side gate.

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26403 S 231st Way Queen Creek, AZ 85142

Open House

$643,698

4 Beds

2.5 Baths

2,918 SqFt

Status Active

MLS # 6673328

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Spanish elevation. 4 bed, 2.5 bath, plus flex room and den. Stainless Steel Gourmet Whirlpool kitchen appliances include 36'' gas cooktop, stainless chimney hood, built-in microwave and oven, and dishwasher. White 42'' cabinets with quartz countertop and tile backsplash at the kitchen, along with upgraded wood-look tile and carpet. 12 ft center slide at great room. Move in anticipated for Sept/Oct. Please ask about our special financing incentives!

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