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

11224 E Upton Avenue Mesa, AZ 85212

$625,000

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6746987

Property Type Single Family Residence

Price Type --

Over $60,000 in post-possession UPGRADES! Including electric blinds, a fully remodeled laundry room and primary bathroom, updated bathroom countertops, epoxy garage floor covering and garage cabinets, and a finished backyard complete with turf and a drip irrigation system. Additional features include an owned water softener, a reverse osmosis system, and newly installed light fixtures // ceiling fans throughout all bedrooms and living areas. This move-in-ready home boasts a split floor plan, an open-concept living room and kitchen, and elevated design accents throughout. Refrigerator, washer & Dryer included! Don't miss out on this opportunity.

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10744 W Briles Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

2,512 SqFt

Status Active

MLS # 6747063

Property Type Single Family Residence

Price Type --

This gorgeous home with a sparkling POOL is move in ready & fully upgraded! Gourmet kitchen w/ white cabinets, stainless steel appliances, 5 burner gas range w/ hood, wine fridge, large pantry & granite counters. Tandem garage 48' long to fit your SUV, boat, etc. Great floor plan w/ den (or bedroom) or could change to a formal living in front, large great room, soaring vaulted ceilings bringing natural light throughout the whole home. The powder room downstairs can easily have a shower added. Plumbing already installed. Upstairs is open loft, two large bedrooms and the primary suite. Backyard features sparkling pool and covered patio w/ low maintenance turf that has sprinkler system to keep it cool for your kids/pets. Across the street from the park.

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1643 W Harmont Drive Phoenix, AZ 85021

$625,000

3 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6761053

Property Type Single Family Residence

Price Type --

Welcome to 1643 W Harmont! Located in the highly coveted Sunnyslope School District, this move-in ready home with NO HOA has been well maintained and comes loaded with upgrades and improvements. These features include: 3 generously sized bedrooms and 2 newly updated bathrooms. The open kitchen was remodeled in 2015 and features under-mount cabinet lighting, track lighting, brand new appliances, gas range, a four-seat breakfast bar, and direct access to the backyard. Other updates include a new roof, replaced in 2020 with a 30-year warranty, new remote control fans, no carpet throughout, USB Outlets, new ceiling fans, a new water softener and cozy fireplace. This is also an energy-efficient home boasting a 16 SEER Trane Unit and ductwork (2015), new AC condenser (2024), new water heater (2024) added insulation (2019) and argon-filled, tinted vinyl windows. Finally, step outside to your south-facing backyard for a year-round urban oasis. Complete with a covered patio, a sparkling pool which was drained and acid washed in 2020 and boasting a new variable speed pool pump installed in 2023. Additionally, you'll find natural grass, a sizable shed and an RV gate for easy access. Plan your private tour of this stunning and well maintained Royal Oaks home, today!

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44025 N 44th Lane New River, AZ 85087

$625,000

4 Beds

3 Baths

2,823 SqFt

Status Active

MLS # 6753711

Property Type Single Family Residence

Price Type --

SOLAR to be PAID OFF at COE, and already accruing credits! This exceptional 4 BR, 3 BA single-level home in a cul-de-sac corner lot with 2 Master Suites, each with en-suite baths, walk-in closets, and outside access. Features include a large kitchen with breakfast bar, nook, island, desk, and stainless appliances. Enjoy high ceilings, a split floor plan, and a private backyard with a covered patio, sitting area with gas fire pit, and new turf play area. Built with efficient 2x6 construction, low-E windows, 2 newer AC units and Solar Panels to keep your electric bill even lower.. Recent updates include a new water heater, dishwasher, disposal, RO system, and garage door. Close to I-17, shopping, restaurants, and Anthem Community Center with fitness, pool, tennis, and waterpark amenities.

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6919 E Quince Street Mesa, AZ 85207

$625,000

3 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6756462

Property Type Single Family Residence

Price Type --

Your dream home in Las Sendas is here! This delightful 3-bedroom, 2.5-bath residence features a 3-car garage, an attractive paver driveway, and an eye-catching stone facade. Discover an inviting great room with high ceilings, a soothing palette, recessed lighting, classic plantation shutters, and stylish wood-look flooring. The gourmet kitchen comes with granite counters, abundant white cabinetry with crown moulding, sleek stainless steel appliances, a pantry, and a center island with a breakfast bar for casual dining. The primary bedroom offers soft carpeting, an ensuite with double sinks, and a walk-in closet. Enjoy quiet afternoons in the backyard, complete with a gas firepit stub, a covered patio for al fresco dining and serene panoramic views. Make this gem yours today!

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1898 Kensington Court Prescott, AZ 86301

$625,000

3 Beds

4 Baths

2,469 SqFt

Status Active Under Contract

MLS # 6733682

Property Type Single Family Residence

Price Type --

Set within the charming development of Kensington Place, a community of only 12 homes centrally located in Prescott, lies this stunning contemporary main-level living home. Step inside and be greeted by the inviting foyer and open office/den, which can also serve as a formal dining area. The great room concept is sure to impress with its high-volume ceiling & 3-panel glass door that bathes the space in natural light. The dining area and kitchen flow seamlessly into the great room, creating an ideal layout for entertaining. The kitchen is a showstopper, featuring floor-to-ceiling dark stained cabinetry with glass-enclosed display cabinets, quartz counters, and a suite of stainless-steel appliances, including a 5-burner gas range. The spacious master bedroom offers access to the back patio and an ensuite bathroom with a walk-in shower with tile insets, double sink vanity, water closet, and walk-in closet. The main level also includes a powder room, laundry room, storage area, and access to the 2-car garage. Upstairs, the luxurious feel continues with a large bonus/family room, currently used as a game room with a pool table and access to the covered deck via a sliding glass door. Two roomy guest bedrooms share a Jack and Jill bathroom, and there's an additional powder room on this level as well. The backyard is beautifully landscaped and fenced with rock, block, and wrought iron, while beyond the fence lies terraced rock landscaping. The covered paver back patio is the perfect spot to relax with a glass of wine as the sun sets in the west. A side yard gate opens to tasteful low-maintenance landscaping with both front and back yards drip water systems on a timer. Located at the end of the street, this property borders Blooming Hills Estates park/open space directly to the north. Additional highlights include a tile roof, durable porcelain plank tile floors in the main living area, high-end carpet in the bedrooms and game room, and granite counters in the bathrooms. This property offers the style and amenities of a Prescott Lakes home without the high HOA fees. It's conveniently close to hiking trails, including the Peavine Trail and Watson Lake. The HOA, now resident-managed, has reduced dues since the takeover. Come see this exceptional home today.

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6202 E Mckellips Road Unit 65 Mesa, AZ 85215

$625,000

3 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6765063

Property Type Single Family Residence

Price Type --

Stunning turn-key detached home located directly on golf course! Very rare Floratina Model in the premier gated community of Tuscany Villas. Resort living at it's finest. Brand new a/c unit, bath cabinets, and pantry installed in 2023. Unit does not share walls with neighbor. Upgraded granite counter tops throughout. Open concept kitchen adjacent to family room w/island, maple cabinets, designer backsplash and stainless appliances. Sliding glass doors to covered back patio for entertaining, outdoor dining, cozy firepit, new artificial turf and relaxing lounge area. Adjacent to wash for side courtyard privacy. Large primary bedroom, ensuite bath and walk in closet. 2 car garage w/built in cabinetry and lots of newly added storage. Community heated pool and spa, workout room & clubhouse!

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9802 S 46th Street Phoenix, AZ 85044

$625,000

4 Beds

3.5 Baths

2,417 SqFt

Status Active

MLS # 6759316

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4-bedroom, 3.5-bathroom property offers luxury living in a serene Ahwatukee neighborhood with no HOA. The spacious design features high ceilings and large windows, flooding the home with natural light and offering breathtaking views of the heated pool, spa, and mountains beyond. The master suite is a private retreat, complete with an en-suite bathroom and a walk-in closet. The functional kitchen is equipped with reliable appliances, ample storage, and a convenient layout perfect for daily cooking or entertaining. One of the home's standout features is the windows that provide a seamless connection between indoor and outdoor living. Step outside to enjoy the large heated pool and spa, perfect for year-round relaxation and entertainment. Above, the second-story deck spans the entire length of the home, offering panoramic views of the pool, spa, and surrounding mountainsideal for enjoying your morning coffee or watching the sunset, with the high block wall providing extra privacy. Located minutes from major freeways, scenic hiking trails, golf courses, and top-tier restaurants, this home offers the best of both convenience and tranquility. Don't miss the chance to make this stunning property yours!

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1161 N Cole Drive Gilbert, AZ 85234

$625,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6758696

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home in the highly desirable Carol Rae Ranch Community! With fantastic curb appeal, a NEW ROOF and NEW HVAC this home is sure to impress from the moment you arrive. Inside, you'll find a spacious, open layout featuring new wood-look tile flooring throughout, new plush carpet in all the right places, and new paint. The kitchen is a chef's delight with granite countertops and plenty of space for entertaining. Enjoy comfort for the entire family with a split floor plan and generous sized rooms. The outdoor space is a true retreat, featuring a lush green yard perfect for relaxing or hosting gatherings. Plus, with only one neighboring home on the side, you'll enjoy extra privacy! Located in a community with parks, walking trails, and more, this home is the perfect blend of comfort, convenience, and charm. Don't miss your chance to call this treasure your own!

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6930 S Nash Way Chandler, AZ 85249

$625,000

4 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6761006

Property Type Single Family Residence

Price Type --

Come take a look at this inviting 4 Bedroom PLUS den, 2 bath home nestled on a spacious lot! Recently updated with new floors, this residence features a welcoming great room and a practical split floor plan, complemented by a convenient 3 car garage. Situated within walking distance to Hull Elementary School, parks, and green belts, it offers both convenience and community charm. The large master bedroom boasts a separate shower, garden tub, and a roomy walk-in closet, ensuring ample space and comfort. Outdoor enthusiasts will delight in the expansive outdoor living area, complete with a sparkling pool, inviting fire pit and a convenient BBQ setup, perfect for entertaining friends and family year-round.

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25621 W Patton Road Wittmann, AZ 85361

$625,000

3 Beds

2 Baths

1,613 SqFt

Status Active

MLS # 6760577

Property Type Single Family Residence

Price Type --

Welcome to 25621 W Patton Rd, a stunning property nestled in the serene landscape of Wittmann, AZ. This charming home offers a perfect blend of comfort and style, ideal for those seeking a peaceful retreat while remaining conveniently close to urban amenities. Featuring 3 bedrooms and 2 bathrooms, the spacious layout provides ample room for family and guests. The bright and airy kitchen is equipped with stainless steel appliances, granite countertops and opens into a cozy living area, perfect for entertaining. Step outside to discover a vast backyard complete with a covered patio, ideal for relaxing evenings under the stars or hosting weekend barbecues. Surrounded by stunning desert landscapes, you'll enjoy breathtaking sunsets and the tranquility of country living, all while being just minutes from downtown Surprise, 1.8 miles to 4D Arena, 20 minutes to Dunns, 25 minutes to Wickenburg, 10 minutes to Horns and Hooves in Morristown, 30-40 minutes to Buckeye. This property is more than just a house; it's a lifestyle. Whether you're looking to unwind in your private oasis or host friends and family, this home has everything you need and more. Don't miss your chance to own this desert gem and experience the charm of Wittmann living firsthand with a turnkey property ready for you! A beautiful horse property in the heart of the roping capital of the world. Great place for winter visitors, boarding, ropers and barrel racers. This property is location makes it a possible income potential. This 1.27 acre property features a riding area for barrel pattern, 4 15X15 stalls in mare motel, 3 rv hookups Covered back patio with plenty of room to add more stalls!

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7609 E Indian Bend Road Unit 3005 Scottsdale, AZ 85250

$625,000

3 Beds

2 Baths

1,541 SqFt

Status Active

MLS # 6764433

Property Type Apartment

Price Type --

This stunning condominium is located on the third floor offering access using stairs or the elevator. It is a fully furnished residence that can sleep up to 6. This three bedroom two bath home is located within a gates community. The private balcony over looks the pool and you're steps away from the Scottsdale Silverado Golf Club. Walking distance to Railroad Park and the Canal takes you to Tempe Town Lake. Restaurants, shopping and entertainment are literally in your backyard. The perfect location for living your best life. Better yet this community does allow Short Term Rentals. So investors come one come all!!

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