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

8104 E Petra Avenue Mesa, AZ 85212

$599,490

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6781580

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen Cabinets and quartz countertops. Super luxury 8 x 36 tile flooring. A public report is available on the Arizona Department of Real Estate website.

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20305 W Turney Avenue Buckeye, AZ 85396

New

$599,343

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6788262

Property Type Single Family Residence

Price Type --

This beautifully designed Copeland plan features our signature Loft-inspired 'Looks' collection, offering a cohesive and sophisticated interior design. The great room boasts a 12' multi-slider leading to a spacious covered patio, perfect for indoor/outdoor living. The kitchen shines with a large island, pendant lighting, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances, including a wall oven. Retreat to the exquisite primary suite with double walk-in closets and a resort-style bath featuring a no-step shower with a rain shower head and double vanity. Wood-look tile flooring, ceiling fans, blinds, and Solar are all included. Don't miss your chance to make this gem yours! ***Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

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286 E Citrus Hollow Way Queen Creek, AZ 85140

$599,132

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6644003

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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7450 E Continental Mountain Estates Drive Unit 1 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723737

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 2 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723860

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 3 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723861

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 4 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723862

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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5618 W Hardtack Trail Laveen, AZ 85339

$599,000

5 Beds

3 Baths

2,971 SqFt

Status Active

MLS # 6775155

Property Type Single Family Residence

Price Type --

You'll FALL IN LOVE The Moment You Step Into This Grand Entrance With 2 STORY HIGH CEILINGS*NEUTRALPalette*Lots Of TILE Flooring*CLOVER Plan Has Room For Everyone*8 FT. Interior DOORS*GREAT Room W/Sliders+Open To ISLAND KITCHEN Featuring GRANITE Counters,42'' BIRCH Cabinets, GAS Stove,WALK-IN Pantry, SS Refrigerator STAYS*Formal DINING For Fun Gatherings*1BR/BA Down*Staircase Opens To LOFT*PRIMARY Suite Has PRIVATE BATH W/Separate Tub+Shower, WALK-IN Closet*Secondary Bedrooms Have MOUNTAIN VIEWS+Walk-In Closets*FLEX Room In Lieu Of 3rd Car*Extended PATIO*Backyard Is Ready For Your DESIGN+CREATIVITY*4 FT Garage EXTENSION*Xtra Insulation*Greenbelt 3 Doors Away*PLAYGROUND Around The Corner*SCHOOL Right Down The Street*Easy FREEWAY Access*LIKE NEW Condition*THE PERFECT PLACE TO CALL HOME!!

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9374 W Sandstone Mountain Drive Casa Grande, AZ 85194

$599,000

4 Beds

2 Baths

2,425 SqFt

Status Active

MLS # 6785934

Property Type Single Family Residence

Price Type --

Stunning New 2024 home features 4 bedrooms, 2 bathrooms, and a dedicated office, along with a spacious 3-car garage, all set on a full-acre lot in a highly sought-after area just minutes from I-10. Experience the open & inviting layout designed to make the most of every square foot. The kitchen shines with elegant Shaker-style white cabinets, luxurious Quartz countertops, modern stainless steel appliances & pantry. Relax in the bright Great room, which offers flexible options for dining or entertainment. Stylish neutral tile flows through the main high-traffic areas, while cozy carpeting enhances the bedrooms. Retreat to the expansive Primary suite, complete with a primary bathroom featuring a walk-in shower. Other features include fully fenced yard with block walls. Back shady patio and an expansive enclosed back yard with endless possibilities. HOA permits R.V.'s, Boats and other recreational vehicles for a low 30 per month. This treasure is ready for immediate occupancy.

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2118 E Voltaire Avenue Phoenix, AZ 85022

$599,000

3 Beds

2.5 Baths

1,754 SqFt

Status Active

MLS # 6772448

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. The Wren showcases a generous backyard and second floor deck to bring the outside in.

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10556 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,312 SqFt

Status Active

MLS # 6666831

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning semi-custom residence spans over 2,300 sqft and is nestled on a generous 1-acre lot, free from HOA restrictions. Inside, you'll find a beautifully designed split floor plan featuring 4 spacious bedrooms and 3.5 baths. Each room offers direct bathroom access with premium showers, ensuring comfort and convenience for everyone. The gourmet kitchen is a chef's delight, equipped with SS appliances and elegant finishes. Step outside to enjoy the charm and privacy provided by the farm-style fencing. We warmly invite all buyers and buyer's agents to tour this remarkable property. Experience unmatched elegance and comfort!

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4380 W Eagle Street Show Low, AZ 85901

$599,000

3 Beds

2 Baths

1,632 SqFt

Status Active

MLS # 6730924

Property Type Single Family Residence

Price Type --

Experience the beauty of White Mountain living in this furnished cabin located in the exclusive Eagle Mountain Estates. Built in 2020, this home showcases exceptional craftsmanship throughout its 3-bedroom, 2-bath layout. Set on a naturally landscaped lot with engineered drainage for peace of mind, this cabin offers oversized covered porches both in the front and back—ideal for taking in the serene surroundings and outdoor living year round. Inside, you'll find splendid features including granite countertops, custom cabinets, and elegant tile work. The vaulted ceilings add a sense of spaciousness to the home. Located in a peaceful, gated community, this cabin provides a perfect blend of tranquility and stylish amenities. Welcome home!

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