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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713 N Banning Circle Mesa, AZ 85205

$600,000

4 Beds

3 Baths

2,753 SqFt

Status Active

MLS # 6730306

Property Type Single Family Residence

Price Type --

NO HOA** NEW ROOF, NEW AC, OWNED SOLAR AND FRESHLY PAINTED LIVING ROOM & DINING. This Meticulously maintained 4 bedroom, 3 bathroom tri-level home boasts a Huge game room \ Bonus room for all your entertainment or work at home needs! The Owner Suite includes a beautifully redesigned bathroom with contemporary fixtures and luxurious shower. Situated on a Cul De Sac lot and designed with an oversized driveway for ample parking for all your vehicles and recreational toys. Located in a prime location close to parks, premiere golf and a variety of dining options. Also very close proximity to Superstition Springs Mall, Fat Cats at Longbow, US 60 and Red Mountain 202 Freeways. Talk about a combination of Convenience and Leisure! Come see this AMAZING home for yourself

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7656 E Northland Drive Scottsdale, AZ 85251

$600,000

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6725478

Property Type Townhouse

Price Type --

Discover this beautifully remodeled, turn-key home in a prime location, ready for immediate move-in! This stunning property features new windows, doors, flooring, bathrooms, custom cabinetry, a custom storage shed, HVAC system, irrigation, sewer lines, insulation, landscaping, and much more. One of the few units to include a garage and security shutters, it offers convenience, great location, and lock and leave lifestyle. Enjoy the close proximity to Old Town, Fashion Square, and the Waterfront. Located in a 55+ community with low HOA fees, this home is perfect for those seeking a vibrant, low-maintenance lifestyle.

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11835 S 217th Avenue Buckeye, AZ 85326

$600,000

3 Beds

2.5 Baths

2,546 SqFt

Status Active

MLS # 6727734

Property Type Single Family Residence

Price Type --

Unique opportunity! 5 Fenced Acres with electronic gate and additional gate access, Private well, 2 Power drops, Freshly painted exterior, NEW skylights. The large wrap-around outdoor patio area, indoor patio, and separate tiled front atrium are perfect for entertaining or relaxing in the shade and enjoying the gorgeous mountain views. Kitchen has been updated with a new farmhouse style sink and includes a built in refrigerator. Energy efficient adobe structure keeps cool in the heat of summer. Styled by custom wood ceilings and a stunning archway, you'll be sure to love the generous living area. Don't miss your chance to own

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14971 W Pinchot Avenue Goodyear, AZ 85395

$600,000

3 Beds

2.5 Baths

2,810 SqFt

Status Active

MLS # 6736779

Property Type Single Family Residence

Price Type --

ALL the major items replaced!! Complete Roof replacement 2020. New Induction cooktop. Bosche dishwasher,Washer/Dryer LG approximately 6 yrs young, HVAC 2-zone w/filtration system (Trane)12 yrs. Hot Water heater 2022. OWNED SOLAR 48 panels, 7.8 kW! Home offers fantastic spaces for all! As you enter you will be greeted with a spacious foyer and 2 flex rooms with vaulted ceilings and large windows allowing natural lighting to shine in! Kitchen offers a phelora of cabinets and counter spaces, informal eating area, open to the space great room with a wall of shelves and even a library ladder, and both areas have easy access to the outdoor living area and heated swimming pool with water feature. Covered patio with additional pergola!! Extensive LED landscape lighting both (click more) in both back and front yard. Home offers 2 bedrooms with private bathrooms and another guest room. Primary bedrooms presents 2 walk-in closets, bath with separate shower/bathtub, dual sinks and linen closet! Laundry room w/LG appliances, built-in cabinets and counters, and additional space for perhaps an extra fridge? 3 full car attached garage. Lots of potential and great back /side yard. PebbleCreek is an award winning Active Adult Commuity with something for everyone to enjoy! 3 Golf Courses, Pickleball, tennis, Indoor/outdoor swimming pools, restaurants, fitness centers, and so much more! Be sure to put this home and community on your must view list!

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7030 N 12th Street Phoenix, AZ 85020

$600,000

4 Beds

2 Baths

1,688 SqFt

Status Active

MLS # 6753596

Property Type Single Family Residence

Price Type --

Welcome home! This charming 4-bed, 2-bath residence offers a gated carport for secure parking, a convenient RV gate, ample driveway space, and an inviting front porch. Discover a welcoming living room with vaulted ceilings, a soothing palette, blinds, and stylish wood-look flooring. Enjoy cozy evenings in the family room, which is perfect for relaxing with loved ones. The delightful kitchen comes with granite counters, abundant white cabinetry, a mosaic tile backsplash, pendant/recessed lighting, stainless steel appliances, a pantry, and an island with a breakfast bar. The main bedroom offers a private bathroom for added comfort. Venture outside to a backyard, complete with a covered patio, storage sheds, well-laid pavers, and a warn firepit for gatherings under the stars. Make it yours!

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1123 W Thomas Road Phoenix, AZ 85013

$600,000

3 Beds

3 Baths

1,966 SqFt

Status Active

MLS # 6760309

Property Type Single Family Residence

Price Type --

Step into a piece of history with this beautifully maintained 3-bedroom, 3-bathroom mid-century home in the Encanto Manor Historic District. Ideal as either a lucrative Airbnb investment or a serene family residence, this home boasts original details that capture timeless charm. Enjoy cozy gatherings around the wood-burning fireplace in the parlor or the gas fireplaces in the living room. The inviting interior features warm brick accents, graceful arched transitions, and period tiling, complemented by a modern kitchen with granite countertops and a pantry. Additionally, a separate guest quarters offers flexibility for visitors. Perfectly situated near Dark Hall Coffee, Sprouts Farmers Market, Chase Stadium, Encanto Park with its two nine-hole golf courses and an amusement park!

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1804 Meadowbrook Road Prescott, AZ 86303

$600,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6761248

Property Type Single Family Residence

Price Type --

Mid Century modern one level gem on a large level lot in the tall pines offering modern upgrades and amenities with room to park RV with power hookup and no HOA! Close to historic downtown Prescott's restaurants, shops and events, Thumb Butte trails, Dignity Health, Prescott and Yavapai Colleges, public and charter schools. Newer roof and windows. Open concept living with on-trend laminate flooring; updated kitchen featuring solid surface countertops, stainless appliances, island with extra counter space and storage, and tile backsplash; spacious living area with rock fireplace; primary suite with on-trend vanity and white subway tile surround in tub shower; two bedrooms with updated full bath; large family room (not included in square footage) opening to fenced backyard with dog run; small private office; laundry room. Tall trees, 10x12 workshop w/220, covered patio, gas fire-pit, two storage sheds and low maintenance native landscaping. Spotless and absolutely move-in ready.

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9036 E Halifax Circle Mesa, AZ 85207

$600,000

4 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6765309

Property Type Single Family Residence

Price Type --

Here's the home you have been looking for! This move in ready home has been updated throughout the years and features 4 bedrooms, 2 bathrooms, vaulted ceilings, a private heated pool and a 2 car garage. This energy efficient home includes a brand new 19 seer AC unit, New windows throughout, and a new roof with a 10 year warranty. The updated kitchen consists of resurfaced cabinets, SS appliances including induction cooktop, corian countertops, custom tiled backsplash and an island. The kitchen opens to the family room and features a gas fireplace & a work station. The primary bedroom is split from the 3 guest bedrooms and includes french doors that lead to your private heated salt pool. Step out back to enjoy the low maintenance backyard including a built in BBQ, covered patio with extended pavers & walkway, expansive use of turf offering multiple seating areas, citrus trees and more. Additional upgrades include new security doors front & back, neutral paint, shutters, new garage door, new hot water heater and a new salt cell. All of this is conveniently located just off of the 202 freeway and offers easy access to shopping, schools, hospitals, restaurants, multiple lakes and the Salt River. Move this one to the top of the list before it's too late!

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41908 W Arvada Lane Maricopa, AZ 85138

$600,000

5 Beds

4 Baths

3,292 SqFt

Status Active

MLS # 6764885

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-story home offering 5 bedrooms, 4 baths, and a versatile den/office, perfect for today's lifestyle. The interior showcases a great room with high ceilings, a soothing palette, wood-look flooring, and sliding doors that lead to the backyard. Enjoy cooking in the impeccable kitchen with abundant white cabinetry, granite counters, SS appliances, a large island, and a walk-in pantry. The main bedroom offers soft carpeting, an ensuite with dual sinks, and a walk-in closet. The in-law suite, complete with a private dinette and bathroom, provides added flexibility for guests or extended family. Energy efficiency is key with solar panels, helping reduce utility costs. This home blends comfort, functionality, and style—ideal for your next chapter!

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1909 E Libra Drive Tempe, AZ 85283

$600,000

3 Beds

2 Baths

1,564 SqFt

Status Active

MLS # 6772083

Property Type Single Family Residence

Price Type --

Beautiful 3BR/2BA Home with Pool, Garage, and 2024 Upgrades! This move-in-ready gem has it all! Featuring a sparkling remodeled pool and a new roof and AC installed in 2024, this home offers modern comfort and peace of mind. The completely renovated kitchen and baths boast fresh finishes, while new windows flood the space with natural light. Enjoy sleek, new flooring throughout and plenty of storage in the 2-car garage. Whether you're hosting poolside or relaxing indoors, this home is perfect for both entertaining and everyday living. Don't miss your chance—this one won't last long!

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3747 E Dover Street Mesa, AZ 85205

$600,000

4 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6775227

Property Type Single Family Residence

Price Type --

$25k PRICE IMPROVEMENT! Welcome home to this beautiful 4-bedroom property! Located in the desirable Crosspoint neighborhood, near parks & restaurants, this fabulous house, will welcome you with w/a 2-car garage, grassy front yard, & a relaxing front patio. Inside, you'll find soaring vaulted ceilings, wood flooring, & comfortable great room w/an inviting fireplace. The living room is ideal for entertaining w/backyard access & bay windows in the dining area. The kitchen has shaker cabinets, granite counters, tile backsplash, & a peninsula w/breakfast bar. Tray ceilings, & an ensuite w/dual sinks, a fully tiled shower, a soaking tub, & a large walk-in closet are some of the features you will love about the primary suite. The backyard features grass and an in-ground trampoline.

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7507 E Roosevelt Street Scottsdale, AZ 85257

$600,000

3 Beds

2 Baths

1,180 SqFt

Status Active

MLS # 6779019

Property Type Single Family Residence

Price Type --

WOW what a gorgeous Property!!! This 3 bed / 2 bath home sits on a Generous Lot and has been Completely Remodeled by LICENSED CONTRACTORS. House Boasts: POOL, New White Shaker Soft Close Cabinetry, Custom Backsplash, Quartz Counters with Waterfall, New Appliances, Walk in Pantry, New Tile and Laminate Flooring, Remodeled Bathrooms, All new Electrical and Plumbing Fixtures, New Doors / Baseboards and Trim, Custom Finishes, Fresh Paint Inside and Out, Dual Pane Windows, Newer HVAC and Roof, New Landscaping, Covered Patio, Custom Gates and MUCH MUCH MORE!!! All for under 600k. Wonderful location close to Shopping, Dining and Entertainment. Loops 101 and 202 nearby for quick commute anywhere in the VALLEY. Tremendous School District. Do not miss out on this AMAZING OPPORTUNITY.

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