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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5064 E Peak View Road Cave Creek, AZ 85331

$624,995

3 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6650226

Property Type Single Family Residence

Price Type --

3BD 2.5BA 2141 SQ FT HOME WITH PRIVATE POOL IN GREAT LOCATION. LARGE BKYD THAT BACKS TO DESSERT WASH. TILE IN ALL WALK AREAS & CARPET THROUGHOUT.

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24041 N 171st Lane Surprise, AZ 85387

$624,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6684177

Property Type Single Family Residence

Price Type --

Come see this Julia dream home! Included features: an inviting covered entry; a convenient laundry; an elegant dining room leading onto a covered side porch; a spacious great room; a gourmet kitchen offering 42'' cabinets, quartz countertops, an extended center island, a butler's pantry and a walk-in pantry; a roomy nook with large center meet doors; an extended covered patio; a versatile flex room; an impressive primary suite showcasing extra storage in the bath and a generous walk-in closet; a study in lieu of a storage area; a 2-car garage and a single-car garage. This home also offers front yard landscaping and driveway pavers as well as ceiling fan prewiring, wood laminate and stone tile flooring and additional windows in select rooms. This is a must see!

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21873 E Saddle Court Queen Creek, AZ 85142

$624,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6731525

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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24021 N 172nd Avenue Surprise, AZ 85387

$624,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6732025

Property Type Single Family Residence

Price Type --

Welcome Home! Darius plan provides a sophisticated and accommodating plan for livability that checks all the boxes on your wish list. In addition to a lavish owner's suite—with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for multi-generational living. You'll also enjoy a 3-car garage, a study, a great room with a covered patio featuring a multi slide door to bring the outdoor living indoors. Inviting gourmet kitchen with a generous island, dining nook for all entertaining gatherings! Airy 10 ft ceilings ,desired jack and jill bathrooms and so much more! This home sits on an oversized cul-de-sac lot.

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22717 E Lords Way Queen Creek, AZ 85142

$624,990

4 Beds

3 Baths

2,123 SqFt

Status Active

MLS # 6761308

Property Type Single Family Residence

Price Type --

4 CAR SUPER GARAGE!!! Do not miss the opportunity to own our lovely Opal plan featuring 4 bedrooms, a Den and 3 baths, Modern Desert home Not only will you be impressed with the expansive garage, this N/S homesite has a double gate and is large enough to build a wonderful backyard Oasis. The gourmet kitchen has light grey shaker cabinetry with extended dining cabinets, sleek stainless steele hardware, quartz countertops, and a glitensing tile backsplash. Wood plank tile floors are in the main living areas with designer tile floors in the primary bath; and the primary bath features an oversized shower with tile surrounds. The Opal floor plan offers flexibility with a bedroom, bath, and den separate from the other rooms for a guest suite arrangement. This home offers room for everyone and plenty of storage with the oversized garage, expansive 10' ceilings, & 8' interior doors. Additional convenience features include an electric car charging package, garage sink, preplumb for a sink in the laundry, laundry room to the primary closet, and added LED ceiling lighting. Gather at the community pool, hottub, pickle-ball, BarBQ's, Ramadas, or neighborhood park in our lovely Madera Community. When you choose to venture out for dining and entertainment, there are several options with Queen Creek Market Place a few short miles away and the new Frontier Family Park that is almost complete.

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20147 W Mulberry Drive Buckeye, AZ 85396

$624,990

3 Beds

2 Baths

2,397 SqFt

Status Active

MLS # 6678219

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's our Carmona sitting on a LARGE lot with over 12,300 sq. ft. and an 8' gate. 3 bedrooms, study, 2 baths, 2 car with storage area. 12'x8' sliding glass door that leads out to the extended covered patio. Stainless steel gas double oven appliance package with a 36'' cooktop and canopy hood. Sonoma Maple Painted ''Linen-off white'' cabinets with 42'' kitchen uppers and pull out trash drawer. DT Quartz Evening Gray countertops with a stainless steel undermount single bowl sink. Upgrade flooring includes EMS Beaumont 7x24 Bosso tile in all areas of the home except beds/closets. Dual sinks at bath 2. Garage service door, stub out for future BBQ and so much more. Please verify all information with onsite agent . Thank you!

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25931 N 23rd Avenue Phoenix, AZ 85085

$624,990

3 Beds

2.5 Baths

1,976 SqFt

Status Active

MLS # 6758025

Property Type Single Family Residence

Price Type --

Welcome to the Peralta plan, offering 1,992 square feet of elegant living space with a charming Farmhouse exterior. As you step onto the pavers at the covered entry and into the home, the paint grade mission stair rail adds a touch of traditional craftsmanship while the 8' interior doors adorned with matte black door hardware. This home's kitchen and great room open up to a spacious outdoor space with a gas stub for BBQ, ensuring the possibilities of effortless outdoor entertaining. The heart of the home, the kitchen, features stainless steel GE appliances including an under-cabinet hood, a built-in gas cooktop with five burners, and a built-in wall oven and microwave with trim kit. The kitchen features white painted shaker cabinets featuring 42'' uppers and 3'' crown at the perimeter. The kitchen countertops are adorned with Della Terra slate grey quartz which are complimented by the Dal Tile - Brickworks 2x8 backsplash. A large single basin stainless steel sink with a Moen Spring kitchen faucet completes this chef's dream kitchen. All bathrooms and the kitchen feature two-tone black and champagne bronze cabinet pulls. Moen Gibson 8 widespread matte black premium finish faucets offer a beautiful contrast to the white cultured marble countertops with rectangular sinks. Throughout the downstairs and in bath 2 and the laundry upstairs, you'll find durable Dal Tile Hill House Natural 6x36 wood look tile, while the primary bathroom boasts AZ Tile Reside Matte Beige 12X24 tile. The primary bath also features an enlarged primary bath shower, perfect for unwinding after a long day. Moving upstairs, Shaw Kennfield carpet in the shade Ecru providing comfort and warmth. All flooring is elegantly trimmed with upgraded 4 ¼ baseboards. This home is complemented by a soft water loop located in the garage for added convenience. Union Park offers Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping. Don't miss your opportunity to own this beautifully designed new construction home where luxury meets functionality.

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29403 N 31st Lane Phoenix, AZ 85083

$624,990

4 Beds

3 Baths

2,105 SqFt

Status Active

MLS # 6771893

Property Type Single Family Residence

Price Type --

Ask about special financing with preferred lender. This single-level home showcases an attached private suite, which is comprised of a separate living space, kitchenette, bedroom and bathroom, ideal for multigenerational living. In the main home, the Great Room, kitchen and dining room are arranged among a convenient open floorplan, with sliding glass doors that lead to the covered patio. The owner's suite is situated at the back of the home, while two bedrooms are found off the foyer. Photos are renderings of a model home, not the actual home. A public report is available on the Arizona Department of Real Estate website.

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26827 N 67th Drive Peoria, AZ 85383

Open House

$624,990

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6715116

Property Type Single Family Residence

Price Type --

This home is now complete and ready to make it yours! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Interior photos of similar spec, options may vary**

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3537 Plaza De La Rosa -- Sierra Vista, AZ 85650

$624,990

3 Beds

2 Baths

2,412 SqFt

Status Active

MLS # 6781271

Property Type Single Family Residence

Price Type --

MUST SEE, WONT LAST LONG!! A beautiful 3 bed, 2 bath residence in La Terraza is now for sale! Boasting a stunning facade w/stone accents, low-care landscape, a 3 car garage, and RV gate, it's sure to be the home for you! Inside you will find a spacious semi-open floor plan w/elegant wood-look flooring, vaulted ceilings w/skylights, neutral palette, and a warm fireplace. The kitchen is equipped w/ample wood cabinetry, tile counters & backsplash, a pantry, built-in appliances, a breakfast nook w/a lovely bay window, and a breakfast bar. End your busy day in the primary bedroom, boasting a 3-way fireplace, a walk-in closet, and a full ensuite w/dual sinks. Don't forget about the cozy bonus room, ideal for a lounge or entertainment center! Feel safe in this beautiful gated community. Lastly, the wonderful backyard includes a covered patio, a convenient storage shed, artificial turf, a seating area w/a ramada, and a sparkling blue pool!

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2204 E Kelly Drive Gilbert, AZ 85298

$624,990

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6759517

Property Type Single Family Residence

Price Type --

Nestled in the gated community of Belrose, this stunning Gilbert home offers the ideal blend of style & comfort. Wood-look tile flooring with plush carpeting in all the right places, recessed lighting, & modern fixtures & design elements throughout. The bright, open kitchen boasts white cabinets, sleek stainless steel appliances, quartz countertops, RO System, & a walk-in pantry. The spacious primary bedroom features an ensuite with walk-in shower & dual vanity. Enjoy AZ living in your backyard with a covered patio, pavers, & a dog run. Also included, a convenient doggy door, a 2-car garage with extra storage & water softener/whole house filtration system. Situated in an incredible central location, this home provides easy access to highways, top-rated schools, shopping, dining, & more!

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12643 W Roanoke Avenue Avondale, AZ 85392

$624,970

3 Beds

2.5 Baths

2,494 SqFt

Status Active

MLS # 6783118

Property Type Single Family Residence

Price Type --

Welcome to Rancho Santa Fe! This 3-bedroom, 2.5-bath residence features a 2-car garage, an RV gate, and a low-maintenance yard. You're greeted by a cozy living room with a soothing palette, plantation shutters, recessed lighting, and tile flooring. The family room has an inviting fireplace and double French doors leading to the backyard. The delightful eat-in kitchen comes with granite counters, crisp white cabinetry with crown moulding, a stone tile backsplash, SS appliances, a handy pantry, and an island with a breakfast bar. The bright main bedroom boasts vaulted ceilings, plush carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Venture out onto the balcony, which offers serene views of the surroundings. The enchanting resort-style backyard showcases a covered patio, a lovely gazebo, a built-in BBQ, an outdoor fireplace, a putting green for golf enthusiasts, and a relaxing spa and pool combo. Make this gem yours now!

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