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

20435 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468712

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20427 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468752

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20419 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519611

Property Type Single Family Residence

Price Type --

2023 BRAND NEW HOME! This beautiful 4 bedroom / 2 bath is on 1.2 acres of land with NO HOA! The home features an open floorplan stainless-steel appliance, large pantry, a split double vanity in the primary master with additional closet space. Large, covered patio to enjoy the mountain views with plenty of space for your RV and toys on 1.2 acres! This lot provides endless opportunities for your own landscape/design. Please contact with any questions!

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20411 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519609

Property Type Single Family Residence

Price Type --

New 4-bedroom, 2-bathroom Ranch home on 1.21 acres with beautiful mountain views, open kitchen, granite countertops, and stainless-steel appliances. The home features 9-foot ceilings and a split floor plan. Horses are allowed, and there is no HOA. The property has access to a shared well.

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20298 E Mockingbird Drive Queen Creek, AZ 85142

$605,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6780519

Property Type Single Family Residence

Price Type --

You'll love this beautiful home on a premium corner lot in Queen Creek Station that offers 3 bedrooms + study with double doors & 2.5 baths in 2320 SqFt. The open great room layout with a formal dining area was designed for entertaining and features wiring for surround sound and a built-in media wall with cabinets and shelving. The updated eat-in kitchen features granite countertops, tile backsplash, stainless appliances including a gas range, a large island with breakfast bar & pendant lighting, and butler's pantry with built-in desk and walk-in pantry. The large backyard offers a full-length covered patio with ceiling fan, extended paver patio, easy care artificial turf for kids and pets to play on, an above ground spa with pergola covering, and only single story neighbors. The primary bedroom has a tray ceiling, access to the backyard, and an en-suite bath with dual vanities, oversized shower, and roomy walk-in closet. Other features include laundry room cabinets, an oversized 2 car garage with service door to the backyard, an extended paver driveway for additional parking, and an RV gate. Fabulous amenities for the entire family at the Mary Lou Fulton Aquatic Center include a resort-style pool, playgrounds, picnic areas, sport courts, and walking trails.

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302 W Oak Avenue Unit 2 Flagstaff, AZ 86001

$605,000

2 Beds

2.5 Baths

1,098 SqFt

Status Active

MLS # 6733260

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).

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19882 N Crimson Ridge Way Surprise, AZ 85374

$605,000

2 Beds

2 Baths

2,273 SqFt

Status Active Under Contract

MLS # 6780024

Property Type Single Family Residence

Price Type --

**NEW ROOF**NEW WATER HEATER**NEW AC'S 2021**This REMODELED-MODIFIED Windrose floorplan has a new light & bright floorplan w/walls removed in the living area & kitchen for a spacious open great room that flows into an ALL new kitchen. Inside this split 2 Bedroom,2 Bath, w Den home, you will find NEW beautiful wood-look tile floors in the main living areas & baths w/new carpet in the bedrooms. The kitchen is open to the great room w/new cabinets,leathered quartzite countertops,SS appliances, a large island w/breakfast bar & dining area w/new built-in buffet cabinets. The great room is for entertaining w/a gas fireplace that has elongated tile floor to ceiling, a built-in cabinet w/leathered quartzite & a new dry bar cabinet w/wine fridge & leathered quartzite countertop.Floorplan in Photos You have large windows and two patio doors to the covered patio from the great room and dining area. Primary Bath has new leathered quartzite countertop, new cabinet, new walk-in shower, sinks, faucets & lights. 2nd Bath has new cabinet, leathered quartzite countertop, sink, mirror & vanity light. ALL NEW INTERIOR PAINT with new LED ceiling lighting and fans. Laundry room has NEW LG Washer and Dryer w/new ceiling light, sink, faucet & cabinet. 2 car garage has new interior paint - new water heater. Lush landscaping provides plenty of privacy for the covered patio. This home has a new roof w/15 yr warranty and 2 Trane Air Conditioners new in 2021 w/warranty until 9/28/2031. There is a Termite Warranty with Action Termite to February 3, 2025 (there have been no termites).

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20021 W Pasadena Avenue Litchfield Park, AZ 85340

$605,000

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6753893

Property Type Single Family Residence

Price Type --

This is your chance to own a fantastic 3-bed, 2-bath horse property sits on an oversized lot! Its charm starts with a cozy front porch, 2 RV gates, & a 2-car garage w/extended driveway. Inviting interior features abundant natural light, high ceilings, a two-tone palette, and tile flooring w/soft carpet in bedrooms. You'll love the spacious open floor plan paired with French doors to the back! The impressive kitchen boasts SS appliances, granite counters, ample wood cabinetry, a pantry, recessed lighting, and an island w/breakfast bar. All bedrooms with walk-in closets! Main bedroom also has outdoor access and an ensuite with dual sinks & a separate tub/shower. HUGE! Unlimited potential can be explored in the backyard with a covered patio to relax. Enjoy beautiful mountain views! Just WOW!

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5652 N 188th Lane Litchfield Park, AZ 85340

New

$605,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6787823

Property Type Single Family Residence

Price Type --

Home, sweet home! This stunning residence in Zanjero Trails features a 3-car garage, eye-catching stone accents, and breathtaking mountain views. You're welcomed by a spacious great room with a soothing palette, recessed lighting, classic plantation shutters, and attractive wood-look flooring. The spotless kitchen comes with quartz counters, crisp white cabinetry with crown moulding, a stylish tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. You'll also find a den ideal for a workspace or lounge. The main bedroom offers plush carpeting, an ensuite with double sinks, and a walk-in closet. Venture out onto the lovely backyard, which includes a covered patio, a charming ramada for al fresco dining, well-laid pavers, and pristine artificial turf. Make it yours!

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3831 W Lanham Drive New River, AZ 85087

$605,000

4 Beds

2.5 Baths

2,356 SqFt

Status Active

MLS # 6761751

Property Type Single Family Residence

Price Type --

NEW A/C AND CARPET This immaculate home boasts a host of desirable features, including a brand new A/C system and fresh carpeting. With 4 bedrooms, 2.5 baths, a separate dining area, and a den/office, this residence offers ample space for comfortable living and entertaining. As you walk up to the home, you're greeted by charming stone accents and a private courtyard, setting the tone for the inviting atmosphere within. The heart of the home is the stunning kitchen, designed with entertainers in mind. Granite counters, a spacious island with breakfast bar, and stylish tile backsplash complement the stainless steel appliances and wall oven. Plus, the kitchen is equipped with a large walk-in pantry and convenient sliding pullouts, ensuring storage and organization are effortless.French doors lead you to the beautifully landscaped backyard, featuring artificial turf for easy maintenance and additional space for outdoor enjoyment. The master bedroom is a serene retreat, boasting a bay window perfect for a cozy reading nook and a sizable walk-in closet. With its thoughtful design, modern amenities, and prime location near Great Hearts Academy, this home offers the perfect blend of comfort and sophistication. Don't miss your chance to make this dream home yours! CARPET INSTALLED AFTER PICS TAKEN. *Most bedrooms have new carpet and it all matches.

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1311 S Ponderosa Drive Gilbert, AZ 85296

$605,000

4 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6738445

Property Type Single Family Residence

Price Type --

Higley Park is Gilbert living at its finest. Your Children get the best education, a community splash pad and swimming pool. You get the finest in restaurants, nightlife, shopping at Epicenter and the San Tan Mall. All of this in a safe clean centrally located community with great highway access and an easy commute to anywhere. This home has a unique floorplan downstairs where the 2 smaller rooms have been turned into one great room that makes the home feel much larger. Recent upgrades include. All new backyard with synthetic grass 2023, Interior paint and carpet 2023, Travertine in Master bath 2023, New light fixtures and ceiling fans 2023, new hot water heater 2021, 2 new high end A.C. units 2020.

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29277 N 70th Lane Peoria, AZ 85383

$605,000

4 Beds

3 Baths

2,172 SqFt

Status Active

MLS # 6754671

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bed, 3-bath home in the sought-after Sonoran Mountain Ranch! Great curb appeal with a split 3-car garage, stone accent details, & a manicured desert landscape. You'll love the desirable open layout paired with plantation shutters, abundant natural light, tall ceilings, designer paint, and tile flooring w/plush carpet in bedrooms. The gourmet kitchen features granite counters, staggered Cherry cabinetry, a pantry, recessed & pendant lighting, a prep island w/breakfast bar, and SS appliances w/cooktop gas. Enter the main bedroom to find an ensuite that boasts dual sinks, a large walk-in closet, & a shower w/dry-off area. The charming backyard is the best spot for relaxing or entertaining, offering a paver-covered patio & artificial turf! What a GEM!

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