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

16002 W Jenan Drive Surprise, AZ 85379

$589,000

4 Beds

2.5 Baths

2,484 SqFt

Status Active

MLS # 6780813

Property Type Single Family Residence

Price Type --

Easy to Show this Beautiful move in ready home located in Greer Ranch subdivision. This 4 bedroom 2 1/2 bath split floor plan with great room is perfect for entertaining guests. Granite counter-tops and beautiful staggered cabinets with large walk in pantry and separate coffee bar area make this kitchen a cook's dream. Gorgeous Master Bedroom and bath. Large laundry room/ pantry with door to the side yard. Raised flower bed along the entire backyard block wall and large grass area along with extended covered patio make for a gorgeous outdoor haven and play area. RV gate with 10' side yard is ready for your creative touch. 3 car garage includes a deep sink. New Paint Inside and Out, Stainless Appliances 1 year old, Luxury Vinyl Plank Floors throughout , New Upgraded Carpet in Bedroom

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21539 S 215th Place Queen Creek, AZ 85142

$589,000

4 Beds

3.5 Baths

3,245 SqFt

Status Active

MLS # 6668740

Property Type Single Family Residence

Price Type --

NEW Exterior Paint!!! Welcome to this stunning 4 bedroom, 3.5 bath model home nestled in the heart of Queen Creek. Showcasing the builder's finest work, this 3,245 sqft house offers spacious, luxurious living, combined with refined style. Unique to this home is a versatile finished basement - a rare find in the community, perfect for any lifestyle needs. Watch Video Link!

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8744 E Via De La Luna -- Scottsdale, AZ 85258

$589,000

3 Beds

3 Baths

1,675 SqFt

Status Active

MLS # 6673641

Property Type Single Family Residence

Price Type --

Rare 3/3 in desirable McCormick Ranch on a quiet dead-end street. Easy access to schools, shopping, Talking Stick Entertainment District, Dbacks spring training, etc. New dual-speed AC unit with 10-year warranty assures you stay cool affordably! Lovely community pool lets you cool down and not deal with the headaches of maintenance. Please email all offers for quickest response. Supra shackle is now up for easy access! Agents show at your leisure - lockbox installed, no need to schedule.

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9122 W Circle Drive Strawberry, AZ 85544

$589,000

3 Beds

2 Baths

2,027 SqFt

Status Active

MLS # 6703166

Property Type Single Family Residence

Price Type --

Feel the peacefulness of Country Living and bring your horses - 2 horse coved corral is included. Nestled on a secluded 0.40 acre lot, this private home boasts a spacious 2027 sq ft of living space. As you step inside, you are welcomed with a generous great room adorned with cathedral ceilings and a warming gas fireplace, offering a cozy ambiance for gathering or quiet evenings in. The allure of outdoor living is evident with covered back deck overlooking a sprawling yard, providing a perfect setting for outdoor dining, sitting around the fire pit or simply soaking up nature's beauty. Upstairs is a sizable primary bedroom which provides a tranquil sanctuary, vehicle an open loft area offers versatility for various lifestyle needs. This is horse property with two stalls. The 2-car garage has a full attic making for ample storage. NEW HVAC SYSTEM heat and A/C

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35737 N Loemann Drive San Tan Valley, AZ 85143

$589,000

4 Beds

3.5 Baths

3,219 SqFt

Status Active

MLS # 6714599

Property Type Single Family Residence

Price Type --

Welcome to 35737 N Loemann Dr., a stunning home nestled in the highly desirable area of San Tan Valley. This gorgeous property boasts 4 bedrooms, 3.5 baths, and an expansive 3,219 sqft of living space on an 8,265 sqft lot that backs onto the serene Empire Park. As you step inside, you are greeted by a spacious open floorplan that perfectly balances luxury and functionality. The gourmet kitchen is a chef's dream, featuring a large island/breakfast bar, walk-in pantry, granite countertops, stainless steel appliances, reverse osmosis system, and a water softener. The main floor houses a large primary suite complete with a spacious ensuite and a walk-in closet, providing a perfect retreat. Upstairs, you'll find a second suite and all bedrooms come with their own walk-in closets, ensuring ample storage space for everyone. A huge loft and a media room add to the home's versatility, making it ideal for both relaxation and entertainment. The great room opens to an expansive backyard with a view fence overlooking Empire Park, a covered patio, and plenty of space for a custom pool, perfect for entertaining family and friends. Additional features include a 3-car tandem garage and an RV gate for extra storage. Pride of ownership is evident throughout this meticulously maintained home. Don't miss the opportunity to make 35737 N Loemann Dr. your new address in San Tan Valley, AZ.

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2947 E Rose Lane Phoenix, AZ 85016

$589,000

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6722709

Property Type Townhouse

Price Type --

Views, views, views!! Come see this remodeled Biltmore condo overlooking the magnificent Biltmore golf course. This home features an updated kitchen with stainless steel appliances, completely remodeled bathrooms, new flooring throughout, a good-sized living room and dining room with fireplace, a Split Master, and incredible views of the golf course and mountain from every window and patio. The AC unit was replaced in 2021. One car garage, lush landscaping, Amazing gated community with multiple pools and tennis courts. Within walking distance to all of the Biltmore amenities, world-class hotels and golf courses, shopping, restaurants, entertainment, theaters, library, access to major freeways, 15 minutes to Sky Harbor, and more.

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4624 E Superstition Boulevard Apache Junction, AZ 85119

$589,000

3 Beds

2 Baths

1,484 SqFt

Status Active

MLS # 6727460

Property Type Single Family Residence

Price Type --

Up to 20K in interest rate buy down and closing costs in Seller concessions on a full price offer. This horse property offers luxury and country living with no HOA. Key features include full slab Quartzite countertops, book-matched backsplash, soft-closing white shaker cabinets, GE slate appliance package, slate range hood, gas cooktop, Walt Disney collection lights, antique copper sinks and hardware, vaulted ceilings, abundant natural light, open floor plan, all-new flooring, new windows, storage shed, private water, and septic system. Enjoy mesmerizing views of the Superstition Mountains. Some tour this amazing home.

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5254 Starlight Drive Happy Jack, AZ 86024

$589,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6747257

Property Type Single Family Residence

Price Type --

Escape to your own serene retreat with this stunning 3-bedroom, 2-bathroom cabin nestled in the heart of the forest. Situated on almost an acre of lush, wooded land, this home offers the perfect blend of rustic charm and modern comfort. Perfect for family or guests, each room offers warmth and comfort with beautiful wooden accents. Enjoy updated amenities while maintaining the cabin's rustic appeal. Open floor plan with large windows that bring the beauty of the outdoors inside. Whether you're looking for a weekend getaway or a full-time residence, this cabin offers the perfect setting to unwind and connect with nature. Don't miss out on this rare opportunity to own a piece of paradise!

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2320 E La Jolla Drive Tempe, AZ 85282

$589,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6747506

Property Type Single Family Residence

Price Type --

Recently remodeled home in Tempe conveniently located near AZ-101, AZ-202, and US 60 and just minutes away from Tempe Marketplace, ASU, and Sloan Park. This home is beautiful inside and out and features so many modern touches and attention to detail. The kitchen boasts shiny Carrera quartz countertops, stainless steel appliances, shaker cabinets, subway tile backsplash and a large kitchen peninsula perfect for seating multiple people. The decor in both bathrooms blends well with the rest of the home and the guest bathroom also features a Carrera quartz countertop. Additional updates include luxury vinyl plank flooring, new carpet in all bedrooms, fresh paint inside and outside, epoxy in the garage, new custom tall shower door, new tub, and new dual flush toilets. You can also find new light fixtures throughout the home and post lights in the front yard that are dusk to dawn aluminum solar lamps. The backyard has plenty of space to gather around the sparkly blue pool and underneath the large, covered patio. There is also an RV gate and RV parking area located on the west side of the home that is closed off from the rest of the backyard, a perfect spot to park your RV or any other type of vehicle or ATV.

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32508 N 133rd Drive Peoria, AZ 85383

$589,000

4 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6749403

Property Type Single Family Residence

Price Type --

**WINNER of the Peoria/Vistancia BEST Home on TOUR!!!*** Experience the allure of this beautiful home in Vistancia Village! Offering 4 beds + den, 3 baths, desert landscape, and a 2-car garage w/paver driveway. Home exudes refined style with layered crown molding, neutral paint, tons of natural light, & wood-look tile floors w/carpet in bedrooms. Enjoy the seamless design of an open layout paired with surround sound, making entertaining a bliss! The gourmet kitchen boasts SS appliances, a walk-in pantry, quartz counters, white shaker cabinetry, mosaic tile backsplash, and an island w/breakfast bar. The den provides versatility! Main bedroom has a barn door that opens to the ensuite with dual sinks & a walk-in closet. Outback, you have artificial turf and a travertine-covered patio w/ceiling fan! You'll surely love the mountain views! Just WOW!!

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1250 W Sand Dune Drive Gilbert, AZ 85233

$589,000

4 Beds

2.5 Baths

2,036 SqFt

Status Active

MLS # 6755373

Property Type Single Family Residence

Price Type --

Discover this fully updated, cul-de-sac home surrounded by 3 lakes in the highly coveted Islands community in Gilbert AZ. Located alongside the green belt with views of the lakes, this 4 bedroom, 2 1/2 bath home has been completely updated with custom wood shutters, bamboo wood flooring & new HVAC units. Discover the chef's kitchen equipped with double ovens, custom cabinetry, granite countertops & travertine flooring. The great room features custom wood shutters, a cozy fireplace & strikingly vaulted ceilings which lead into the downstairs primary bedroom, which offers a private entrance to the backyard, dual vanities, separate shower/tub & walk in closet. Enjoy entertaining in your North/South exposure backyard, perfect for hosting friends & family. Community center pool & spa. Must see

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2901 N Miller Road Scottsdale, AZ 85251

$589,000

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6762164

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath home on large lot close to schools and all that Old Town Scottsdale has to offer, including Restaurants, Galleries, Museums, Live Entertainment, and Scottsdale Stadium. Spring Training home of the San Francisco Giants and much more. A great location to live and great Air BnB potential RV gates in both front and backyard. Circular Drive in front for easy access, Dual Pane Windows Granite Countertops, Soft Close Cabinet Drawers and Stainless Steel Appliances in kitchen. Beautifully landscaped backyard with lots of space for entertaining. This home is a must see!

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