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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41432 N Bent Creek Way Phoenix, AZ 85086

$599,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6750950

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled gem in the Anthem Golf and Country Club. Step inside to an open, airy layout with high ceilings and abundant natural light. The spacious living area shines with fresh, contemporary finishes and elegant touches throughout. The kitchen is a standout, featuring an expanded quartz countertop with a bar perfect for quick meals, along with extra cabinetry beneath the island and a large pantry for added convenience. Champagne-toned fixtures and cabinet knobs give the space a touch of modern luxury. Retreat to the master suite, a private haven with a spa-like en-suite bathroom. Enjoy a serene wood-finish vanity, sleek white quartz tiles, a soaking tub for relaxation, and a walk-in shower with modern fixtures. Dual vanities with wood-finish cabinets and a generous walk-in closet offer both style and storage. Located in the desirable Anthem Golf and Country Club community, this home offers access to the nearby Ironwood Golf Course and restaurant, along with top-rated schools, parks, and a wide range of recreational amenities. This friendly neighborhood has activities for all ages. Don't miss the chance to own this stunning home in Anthem's exclusive gated community. Come see for yourself the perfect blend of luxury and comfort!

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1059 W Caroline Lane Tempe, AZ 85284

$599,900

4 Beds

2.5 Baths

2,486 SqFt

Status Active

MLS # 6758794

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful 4-bed, 2.5-bath home in Tempe Village! Its charm starts with a 2-car garage & a manicured landscape. Be greeted by a welcoming living room & a formal dining room, separated by a graceful archway! Continue onto the inviting family room that opens to the kitchen, allowing a greater traffic flow. The large kitchen has granite counters & backsplash, staggered cabinetry, a huge island, a breakfast nook, and built-in appliances w/cooktop elec. Natural light filled the spaces, complemented by designer paint, tile & wood-look floors downstairs, and plush carpet on the bedrooms upstairs. Main bedroom boasts an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Discover the backyard with a paver-covered patio, artificial turf, & a splash pad! Move-in ready!

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18835 N 16th Place Phoenix, AZ 85024

$599,900

4 Beds

2.5 Baths

2,259 SqFt

Status Active

MLS # 6761517

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home in the heart of North Phoenix! This charming property in a gated community, boasts an open, airy layout that fills the space with natural light, enhanced by fresh, modern paint throughout. The kitchen features sleek white cabinetry, creating a clean and inviting space for cooking and gathering. Situated on a large lot, this home offers ample outdoor space, perfect for relaxation or play. From the upstairs bedrooms, enjoy breathtaking mountain views, adding a serene and picturesque backdrop to your daily life. With Mountains and trails just minutes away, this home is an ideal retreat for nature enthusiasts seeking both comfort and adventure.

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24129 N 165th Lane Surprise, AZ 85387

$599,900

4 Beds

3 Baths

2,599 SqFt

Status Active

MLS # 6762704

Property Type Single Family Residence

Price Type --

Next Gen living at its finest in the master-planned community of Asante in Surprise. This exceptional residence features a unique Next Gen Suite with its own entrance, kitchenette, and living space—perfect for multi-generational living or a home office. The main home offers an inviting layout with 3 spacious bedrooms and 2 bathrooms, 10-foot ceilings and luxurious vinyl plank flooring throughout. The gourmet kitchen showcases white antique-style cabinets, stainless steel appliances, a gas range, and a generous walk-in pantry. The great room features a faux whitewashed block wall and double sliding doors capturing natural light in from the backyard. The owner's suite is accented with a charming shiplap wall, private access to the backyard, walk-in closet and a beautifully appointed en-suite bathroom with dual sinks, granite countertops, and a tiled walk-in shower with rain shower head. Two additional bedrooms share a guest bathroom with granite counters and a tub/shower combo. The Next Gen Suite offers a private setup complete with a kitchenette that includes a full-size refrigerator, dishwasher, maple spice cabinets, and a conventional microwave. The living and dining area leads to a bedroom, walk-in closet with washer and dryer hook-up, plus a bathroom making it ideal for accommodating parents, adult children, guests or workspace. Additional highlights include the Puragain water purification and softener system and reverse osmosis. The backyard oasis is perfect for outdoor gatherings or relaxation, featuring a covered patio, extended pavers, and low-maintenance synthetic grass. Come tour this Next Gen home today!

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21207 E Domingo Road Queen Creek, AZ 85142

$599,900

4 Beds

3 Baths

2,188 SqFt

Status Active

MLS # 6769045

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Nauvoo Station! Has SOLAR!! This meticulously maintained 4-bedroom residence offers a spacious, open-concept design with surround sound in the great room, elegant tile flooring, plush carpet in select areas, and modern light fixtures throughout. The chef's kitchen features pristine white cabinetry, stainless steel appliances, quartz countertops, a pantry, and a large island with a breakfast bar, perfect for casual dining or entertaining. The primary suite includes a generous walk-in closet and a beautifully updated en-suite with dual sinks. Outside, enjoy the serene backyard with a putting green, lush lawn, and private pool, ideal for outdoor relaxation. This home is a true gem—don't miss your chance to make it yours!

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2560 N Lindsay Road Unit 66 Mesa, AZ 85213

$599,900

4 Beds

3 Baths

2,151 SqFt

Status Active

MLS # 6763255

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING BUYER CONCESSIONS with a competitive offer!! This beautifully remodeled 4-bed, 3-bath home in Mesa is a must-see! Designed by the renowned Maverick Design, the home boasts modern elegance throughout. The primary bathroom is a true showstopper with a brand-new floor-to-ceiling tiled walk-in shower, featuring double shower heads for a spa-like experience. The spacious kitchen is perfect for the home chef, complete with new stainless steel appliances and stunning granite countertops. Downstairs, the finished basement offers a private retreat with its own bedroom and full bathroom. The home is outfitted with new luxury vinyl floors and upgraded baseboards, adding a touch of sophistication. Two brand-new HVAC systems ensure year-round comfort!!

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18578 E Pine Barrens Avenue Queen Creek, AZ 85142

$599,900

4 Beds

2.5 Baths

2,931 SqFt

Status Active

MLS # 6765313

Property Type Single Family Residence

Price Type --

Welcome to this spacious and inviting 2,931 sf single-level home in popular Sossaman Estates, ideally located at the Gilbert/Queen Creek border! Designed with a modern open floorplan and 10 ft ceilings, this home offers comfort and plenty of space for everyday living and entertaining. The kitchen is ready for every chef's needs, featuring double wall ovens, a prep island with cooktop and breakfast bar, ample counter space, and plenty of cabinets. A bright breakfast nook with bay windows, an extra-large dining area, and a butler's pantry with built-in wine racks add even more charm and functionality. French doors from the living room open up to a sizable backyard complete with a covered patio, pergola, and mature trees. Side yards offer potential for an RV gate and additional storage space. The spacious primary suite provides a relaxing retreat with two walk-in closets, access to the backyard, a garden tub, a large shower, and dual vanities. Additional highlights include three well-sized bedrooms, a versatile bonus room, and built-in workstations perfect for work-from-home or study areas. The large laundry room with folding counter and plenty of storage space adds convenience. Set on almost 1/3 acre on a corner lot, there's a 2-car garage and slab parking for up to four vehicles, ideal for families and gatherings. This home's location is a dream, with easy access to greenbelts, walking trails, shopping, dining, schools, and the 202 freeway. As an estate sale, it's priced generously under market value for potential instant equity! Recent updates include: *NEW BLINDS: In Kitchen, Dining Area, Living Room, Master Bedroom, & Bedroom 4. *PLUMBING: NEW Water Softener. Water Lines Flushed. New Valves/Cartridges in Kitchen, Bathrooms, Laundry Room, & Hose Bibs. Repaired Toilet/Shower Head Leaks. *ROOF: Repaired Cracked/Slipped Roof Tiles/Mortar Caps. *HVAC: NEW Condensers w/10 yr warranty. *MISC: Repaired Bathroom Fans & Sink Stops. Secured Toilet Tank, Kitchen Cabinet & Door Thresholds.

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2427 E Marmora Street Phoenix, AZ 85032

$599,900

5 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6772891

Property Type Single Family Residence

Price Type --

Rare opportunity to own a remodeled 5 Bedroom, 3 Bathroom home, Mountain Views in North Phoenix. OWNED SOLAR!! Luxury Vinyl Plank flooring throughout, gorgeous high end kitchen, fireplace, remodeled bathrooms with the latest styles! Excellent open concept main living room, spacious primary suite, and your bonus ''Arizona'' room has endless possibilities. Low maintenance backyard featuring turf and a great amount of patio space. 3 Brand new HVAC & Electrical Panel! Just a short walk to schools, mountain preserves, 51 freeway, and a few miles to the new reimagined PV in Phoenix.

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6708 E Juniper Avenue Scottsdale, AZ 85254

$599,900

2 Beds

2 Baths

1,428 SqFt

Status Active

MLS # 6780389

Property Type Single Family Residence

Price Type --

Experience the charm and elegance of North Scottsdale in this beautifully remodeled home, nestled in a highly sought-after neighborhood. This property boasts a prime location, providing convenient access to major freeways, an array of shopping options, and exquisite dining experiences. The thoughtful renovations enhance both style and comfort, making it the perfect retreat for relaxation or entertaining guests. Enjoy the vibrant lifestyle that North Scottsdale has to offer, where outdoor adventures and cultural experiences are just moments away. Don't miss the opportunity to make this stunning home your own!

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721 E State Avenue Phoenix, AZ 85020

$599,900

3 Beds

2 Baths

1,490 SqFt

Status Active Under Contract

MLS # 6734998

Property Type Single Family Residence

Price Type --

Adorable updated North Central Charmer in the highly desirable Northwood neighborhood. Cute as a button, lovingly restored and refreshed. HUGE green irrigated lot with abundant room for pool, hardscape or addition for more square footage. Updates include new windows, new electrical panel and outlets, full kitchen and baths, interior and exterior paint, new laminate wood flooring. Please see supplement in document tap for full list. Highly desired Madison School district, within walking distance to Madison Simis. Conveniently located in the North Central corridor~ a quick walk or bike ride to Lucy's at the Orchard, Murphy Bridal Path, Uptown Farmers Market and many new restaurants. Minutes from downtown and easy access to freeways. A true move in ready gem ready for you to call hom New interior and exterior paint New flooring throughout New windows (except front grid window) New baseboards Fully remodeled kitchen cabinets, countertops, plumbing, appliances Fully remodeled bathrooms including plumbing Updated cabinet hardware throughout Added laundry room storage cabinets New exterior primary bedroom door New closet racks and shelving New ceiling fans + light fixtures Updated electrical panel New electrical at outlets Front exterior planter Updated irrigation leveling New exterior patio paint New patio fan, electrical outlets New exterior lighting

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25031 S Desert Flower Court Sun Lakes, AZ 85248

$599,900

2 Beds

2 Baths

1,883 SqFt

Status Active Under Contract

MLS # 6750998

Property Type Single Family Residence

Price Type --

LOVELY residence in the private, GATED COMMUNITY of Oakwood. FIRST IMPRESSEIONS wrought iron front door greets you as you step into this REMODELED beauty! Gorgeous high-end STONECREEK, soft close, DOVETAIL kitchen cabinets w/GLASS doors, STUNNING QUARTZ countertops, sleek SUBWAY TILE backsplash & PORCELAIN APRON FARM sink. Tons of NATURAL light & PLANTATION SHUTTERS, neutral paint, spacious primary bdrm, lovely walk-in shower w/PEBBLE STONE accents & CUSTOM vanity cabinets. Hall bath also tastefully UPDATED! Huge laundry rm w/tons of storage & countertops. Private backyard w/LUSH landscape & real grass! PAVERED walkway & driveway. NEWER HVAC 2018, newer EXTERIOR paint 2022, newer water heater & patio ROOF 2023. This 40 & over ACTIVE ADULT community has tons of AMENITIES,clubs, events!

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2234 E Donald Drive Phoenix, AZ 85024

$599,900

3 Beds

2 Baths

1,675 SqFt

Status Active Under Contract

MLS # 6771942

Property Type Single Family Residence

Price Type --

Beautifully upgraded 3-bedroom, 2-bath home in the desirable Redhawk community. This home offers an expansive open floor plan perfect for family and guests. Enjoy luxurious features like upgraded tile flooring, granite countertops, and new AC units (installed in 2022). Relax in the cozy family room by the fireplace, which opens to the kitchen featuring stainless steel appliances. The open backyard features a sparkling pool with upgraded landscape lighting, making it an entertainer's dream. The home also boasts low-maintenance artificial turf in all the right places. With a double-car garage and an expanded paved driveway, there's plenty of parking. Don't miss this opportunity to call this stunning home your own!

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