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.

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

2180 S Winchester Road Apache Junction, AZ 85119

$599,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6776558

Property Type Manufactured Home

Price Type --

One-of-a-kind 1.25-acre property with detached 70x26' 6+ car garage w/ 4 automatic garage doors. Plus, 31x40' covered 2 RV parking structure w/ 14' clearance & RV hookups, and additional 46x29' 4+ car covered parking area. Owned 14.22kW Solar system. The entire property is fenced by block and currently divided to have a large front and back yard, and the 1.25-acre lot leaves plenty of space for a horse set-up. Commercial-grade electronic gate separates the front and back detached garage, RV, and parking/utility areas. The home has 3 beds, 2 baths, and 1960 sqft. The interior features vaulted ceilings, new dual-pane windows, excellent mountain views, a remodeled Kitchen with high-end cabinetry, soft close pull-out drawers, large pantry cabinets, and a vast island.

View Property

18387 W Brookwood Drive Goodyear, AZ 85338

$599,000

5 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6776393

Property Type Single Family Residence

Price Type --

Discover your private sanctuary in this nearly new 5-bedroom, 3-bath, 2,770 sq. ft. luxury home. Lightly lived in—just 6 months over the past 3 years—this home promises both exclusivity and tranquility with stunning mountain views and a peaceful setting away from the city's hustle. Experience the epitome of modern elegance in the gourmet kitchen, featuring granite countertops, sleek stainless steel appliances, and a spacious walk-in pantry. Every detail speaks of refined comfort, from the expansive living spaces to the serene bedrooms designed for ultimate relaxation. Picture yourself unwinding with breathtaking sunsets in this immaculate retreat where sophistication meets nature's beauty. Welcome to a lifestyle of serene luxury—welcome home!

View Property

1315 E Gemini Drive Tempe, AZ 85283

$599,000

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6778194

Property Type Single Family Residence

Price Type --

Charming updated block home with a pool, no HOA and RV gate. Bright and open remodeled kitchen with white shaker cabinets, quartz countertops, breakfast bar, stainless steel appliances including a fridge. Luxury vinyl flooring throughout including the bedrooms. Real fireplace in the living room. The roof was replaced 3 years. HVAC replaced in 2018. Primary suite bathroom remodel with walk in shower, white vanity and quartz countertops. Entertainers backyard. Covered patio, Pebble Tec diving pool, pavers and a pergola for shade. RV Gate. Located in a desirable Tempe neighborhood with no HOA, this home is within walking distance to all three schools and conveniently close to freeways, shopping, and dining. North/South exposure

View Property

1712 E Chelsea Lane Gilbert, AZ 85295

$599,000

3 Beds

2.5 Baths

2,166 SqFt

Status Active

MLS # 6781270

Property Type Townhouse

Price Type --

Welcome to a highly upgraded, detached 3 story townhouse-style home located at a beautiful, gated community Lakes at Annecy in Gilbert! This Maracay Home was built with Modern custom statement walls on each level and upgraded fixtures throughout the entire home along with an attached 2 car garage. Enter the lower level where you will find a large living space you can set up as a guest meeting area, home office or even a gym. Follow the custom oak open rail staircase up to your bright, open concept living space with an amazing gourmet kitchen. All bedrooms are on the third level, you will always have a quiet and calm environment when you rest. It is the seller's secondary home and has barely been used for less than 6 months. The entire house has top-tier builder upgrades over $65k, real hardwood flooring, Arabescato Como Quartz countertop, GE Gourmet Appliance etc., everything is like new. Perfect location, walking distance to shopping and school, less than 5 mins get on highway, top school district. If you are looking for a luxury, modern and easy-care home, this is a must see!

View Property

5423 W Range Mule Drive Phoenix, AZ 85083

$599,000

3 Beds

2.5 Baths

2,175 SqFt

Status Active

MLS # 6781710

Property Type Single Family Residence

Price Type --

Rarely do you find a true premium view lot with mountain views in Stetson Valley. This 3-bedroom, 2.5-bath home features an open study/den/living room, with the master bedroom conveniently located on the main level. Enjoy a beautifully designed kitchen with 42'' cabinets, granite countertops, a large breakfast bar/island, and stainless steel appliances. Open floor plan, with custom stair railings, a built-in credenza on the upper landing, along with 12'' accent windows that fill the home with natural light. The curb appeal is fantastic, with lush mature landscaping, a sparkling pool, synthetic lawn, extended cool decking, multiple seating areas, with a true view fence overlooking the meticulously maintained greenbelt. Within walking distance of two trailheads for walking and biking.

View Property

6321 S Teresa Drive Chandler, AZ 85249

$599,000

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6784569

Property Type Single Family Residence

Price Type --

This lovely 4-bedroom home features 1 bedroom & full bath downstairs + loft upstairs, new roof w/warranty 2019, newer AC, remodeled pool & pump 2024, therapeutic jacuzzi w/bluetooth, water heater 2022, brand new smart appliances (never used 2024 w/ThinQ Tech), new carpet 2024, new interior & exterior paint, new turf, new bathroom fixtures, hardware & blinds T/O & epoxied garage w/radiant barrier. This home has it all! Discover an inviting living room w/tons of natural light. The spotless kitchen comes w/tile counters, white cabinetry & breakfast bar. Upstairs, you'll find a large loft w/closet, ideal for a workspace or playroom. The cozy primary bedroom offers an ensuite w/double sinks & a huge walk-in closet. Enjoy your backyard oasis w/new covered patio, pool & spa. Don't miss this gem!

View Property

27248 W Mohawk Lane Buckeye, AZ 85396

$599,000

2 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6785443

Property Type Single Family Residence

Price Type --

Popular Gala model on a premium oversized golf course lot overlooking tee boxes. Enjoy outdoor living on the covered patio that runs the full length of the house ($80k in upgrades). This home is move-in ready with NEW interior/exterior paint, tile floors in all but MBed closet, NEW Silestone quartz counters in kitchen/guest bath (2022), NEW kitchen sink and pop-up outlets/phone chargers for convenience (2022), newer HVAC w/ 10 year warranty, NEW gas oven (2024), NEW Washer (2024), Sola tubes, great room & patio wired for sound, tankless hot water system, water softener in garage & R/O at kitchen sink, security screen door, garage racks/sink/shelving, gas bib for BBQ, gas line to dryer, AND an owned Solar system for savings! Too many things to list here. Come see it in person.

View Property

3473 E Bruce Avenue Gilbert, AZ 85234

$599,000

4 Beds

3 Baths

2,127 SqFt

Status Active

MLS # 6786513

Property Type Single Family Residence

Price Type --

This beautiful home in the sought-after Gilbert community of Higley Groves, it offers a perfect blend of comfort and location. Set along a scenic, tree-lined street, it enjoys the added benefit of being across from the local school, making it an ideal choice for families. This home boasts several recent upgrades, including fresh interior paint throughout, new flooring in all bedrooms, and a brand-new master bathroom shower for a modern, luxurious feel. The kitchen features all-new appliances, providing a sleek and functional cooking space. Additionally, the AC unit is only two years old, ensuring efficient cooling for years to come.

View Property

160 N Forgeus Avenue Tucson, AZ 85716

$599,000

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6781329

Property Type Single Family Residence

Price Type --

Prestigious Sam Hughes Neighborhood in a limited 9 lot home community on Forgues Ave. This 2 story, 3bedroom, 2 bath home is located in the heart of Sam Hughe walking distance to Sam Hughes Elementary and even the old Rincon Market now as Floras Market Run. All Garages are in the back of the homes allowing great curb appeal. This home has only been owed by one family. Large living room with built in entertainment area. The down stairs has a step down to living room area from entry. Step down to hallway to bathroom and 2 bedrooms. Stairway upstairs for split master bedroom private with master bath. Roman jacuzzi bath tub, pedestal sinks, separate shower. Large walk-in... closet. Vaulted ceilings, separate laundry room, 2 car garage entry from laundry area. Kitchen with eat in area and built in ovens. Back yard enclosed with jacuzzi and grass area. Investor property. Needs remodeling. Power of attorney is selling home and limited info. Home is being cleaned out and pictures coming soon. Selling home As Is. Nov 30th viewing available BY APPOINTMENT ONLY between 10am-2pm. Proof of funds required prior to viewing. Email to co-listing agent. See private remarks regarding access, notices. DO NOT DISTURB elderly resident! All offers are being reviewed in 30 days. No EXCEPTIONS. Offers accepted with 2 additional back ups.

View Property

13827 N 41st Place Phoenix, AZ 85032

$599,000

6 Beds

3 Baths

2,235 SqFt

Status Active Under Contract

MLS # 6759305

Property Type Single Family Residence

Price Type --

Rare 6 bedroom home in sought after North Phoenix neighborhood. Close to Desert Ridge, High Street and new Paradise Valley Mall Development. Large covered patio and cozy gazebo for entertaining. Freshly painted exterior and low maintenance desert landscaping. All furniture included.

View Property

902 E Le Marche Avenue Phoenix, AZ 85022

$599,000

4 Beds

2 Baths

2,124 SqFt

Status Active Under Contract

MLS # 6765470

Property Type Single Family Residence

Price Type --

WELCOME to your beautiful 4 bed, 2 bath home with a pool and stunning mountain views, located in a desirable neighborhood with no HOA. This immaculate property features a renovated kitchen and bathrooms, with the additional playroom, perfect for families. The home is equipped with owned solar panels for energy efficiency. Conveniently located close to shopping, restaurants, and more. The perfect family home, offering comfort, space, and breathtaking views. Don't miss out on this move-in ready gem!

View Property

25409 N 40th Lane Unit 0 Phoenix, AZ 85083

$599,000

4 Beds

3 Baths

2,134 SqFt

Status Active

MLS # 6786652

Property Type Single Family Residence

Price Type --

DROP DEAD GORGEOUS PERFECT FOR ENTERTAINING ...A LARGE FAMILY...WORKING FROM HOME...CLOSE TO MANY AMENITIES

View Property