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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19591 W Lincoln Street Buckeye, AZ 85326

$580,000

4 Beds

2.5 Baths

3,428 SqFt

Status Active

MLS # 6748422

Property Type Single Family Residence

Price Type --

This beautifully upgraded home is the one you've been looking for! Step inside to be greeted by an expansive interior, where soaring ceilings and a calming, contemporary color scheme create a serene ambiance. The sleek tile flooring and modern recessed lighting enhance the sophisticated atmosphere. The kitchen is a true chef's delight, featuring ample cabinetry with elegant crown molding, luxurious quartz countertops, and state-of-the-art stainless steel appliances. The large island, with its breakfast bar, serves as the centerpiece of this culinary haven, complemented by a walk-in pantry that offers plenty of storage. Upstairs, a versatile loft space is ideal for a home office, media room, or play area. The primary suite is a sanctuary of comfort, bathed in natural light and offering a pristine ensuite with dual vanities and a spacious walk-in closet. The impressive outdoor space is designed for entertaining. The extended patio provides a perfect setting for gatherings, whether for a quiet evening or a lively celebration. This is a rare opportunity to own a truly exceptional home, don't miss out!

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710 W 18th Street Tempe, AZ 85281

$580,000

3 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6743870

Property Type Single Family Residence

Price Type --

1-0 BUY DOWN AVAILABLE WITH THE PREFERRED LENDER! This charming 3-bedroom, 2-bath home is nestled with a gated courtyard, you'll immediately appreciate the serene grass area and shaded patio. The inviting family room seamlessly connects to the entertainer's kitchen, which features a farmhouse sink, stainless steel appliances, and more than ample storage. The warm-toned granite countertops offer generous space, including a breakfast bar and a versatile bar/desk area. The primary bedroom boasting a stylish en suite bath, complete with a spacious walk-in shower and walk-in closet. You'll love the additional storage options, including a hall room for pantry items or a spare refrigerator, a large laundry area with a folding counter and drawer storage, and a dedicated cabinet filled pet/craft/ sport equipment space. The rear bonus room provides flexibility...it could serve as a living, dining, or media room and opens directly to the backyard. Enjoy outdoor living on the expansive rear patio featuring a gazebo, synthetic grass, and a firepit. Plus, the property includes an expansive covered RV parking area, large sturdy sheds, and a garage workshop for all your storage or creative needs. This home truly offers both comfort and functionality! Plus, Clark Park is right next door and is a fantastic place with a wide range of amenities! Here's a quick overview of what you can enjoy there: Community Center: Great for classes, events, and community gatherings. Pool & Splashpad: Perfect for cooling off and having fun in the water. Basketball Courts: Ideal for pickup games or practice. Baseball Diamond: A spot for baseball games and activities. Dog Park: A dedicated space for your furry friends to play. Grills: For BBQs and outdoor cooking. Horseshoes Pit: A fun game for social gatherings. Ramadas: Shaded areas for picnics and parties. Volleyball Court: A place for beach-style volleyball games. Community Garden: A spot to grow plants and vegetables. Playground: A great area for kids to play and explore. It seems like Clark Park has something for everyone, whether you're looking to stay active, relax, or enjoy time with family and friends. Bus and light rail access is nearby - perfect for high school and college student/faculty commuting!

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25958 W Westcott Drive Buckeye, AZ 85396

$580,000

2 Beds

2 Baths

1,862 SqFt

Status Active Under Contract

MLS # 6746921

Property Type Single Family Residence

Price Type --

SPARKLING POOL, SPA ,OWNED SOLAR AND A SEPERATE GOLF CART GARAGE- THIS HOME HAS IT ALL! Enjoy your own private oasis on the Mountain side of Sun City Festival. Nestled on a quiet street, this light and bright home will not disappoint. Many features include- wood plank tile flooring throughout, dual vanity master bath with tiled low threshold shower and a large spacious closet. Kitchen features S/S appliances and granite countertops. The Den is perfect as an office or hobby room. Step thru the center sliding doors to the back covered patio with extended pavers, built-in BBQ, and lush landscaping and your own putting green. The center courtyard is perfect for your morning coffee and is adjacent to the kitchen. Both garages have epoxy flooring. A short walk or drive to the rec center.

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2792 Kona Trail Flagstaff, AZ 86005

$580,000

3 Beds

2 Baths

1,300 SqFt

Status Active Under Contract

MLS # 6756366

Property Type Single Family Residence

Price Type --

Located in a quiet cul de sac in Kachina Village, this single level home offers an abundancy of privacy and forest views. The large, covered deck overlooks a scenic canyon with towering ponderosa pines. The adjacent lot provides a walking path to National Forest. Inside you will find several sizable windows bringing in natural light and providing a wonderful space to view the four seasons that Northern Arizona provides. This is an incredible opportunity to own a move in ready home that grants the right mix of seclusion and convenience. There is a bonus room downstairs that is a blank canvas for a studio, storage, exercise room etc... The furnace and hot water heater were replaced about 3 years ago and a new roof with sheathing is being completed now. Interior paint was done just last week

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11035 W Chino Drive Sun City, AZ 85373

$580,000

4 Beds

2 Baths

2,247 SqFt

Status Active Under Contract

MLS # 6768500

Property Type Single Family Residence

Price Type --

Beautiful Lakefront Home in Ventana Lakes 55+ Community. It has everything you want, 4 bedrooms, 2 bathrooms, 3 car garage, 2 living spaces and an open concept home. Anderson Windows! Tile in all the right areas. This is a ''MUST SEE'' home in this area. You will enjoy the morning sunrises as well as the evening sunsets from your lakefront backyard. Ventana Lakes is one of Peoria's premier 55+ communities. The community features 9 lakes, some with waterfalls, and great catch and release fishing. 4 community pools and spas, recreation and fitness rooms, billiards, fine arts, crafts and quilting rooms, handball, pickleball and tennis courts. Bingo games and more.

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4739 S Leisure Way Gilbert, AZ 85297

$580,000

3 Beds

2 Baths

1,722 SqFt

Status Active Under Contract

MLS # 6769608

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level home in the highly sought-after Layton Lakes community, where modern living meets everyday convenience. This beautifully updated 3-bedroom, 2-bathroom home offers an open and spacious layout designed to maximize both comfort and style. The moment you step inside, you'll notice the gorgeous flooring throughout, free from any carpet, offering a sleek, low-maintenance appeal. Large windows flood the living spaces with natural light, creating a bright and welcoming atmosphere. Recent upgrades include new exterior paint (Aug/Sept 2024), new faucets, and fresh turf (Oct 2024), ensuring a move-in-ready experience. With its east-west orientation, you'll enjoy plenty of sunlight throughout the day. Nestled in a prime location, this home is close to parks... , walking trails, top-rated schools, and easy access to freeways, making it a perfect choice for both families and professionals. The kitchen is the heart of the home, boasting ample cabinetry, modern appliances, and a breakfast bar that's perfect for casual dining or entertaining guests. Retreat to the serene master suite, which features a generous walk-in closet and a private bathroom for your own personal oasis. Outside, the expansive backyard is a landscaped paradise, featuring a variety of plants and a fenced-in poolideal for relaxation.

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3401 N 37th Street Unit 16 Phoenix, AZ 85018

$580,000

2 Beds

2 Baths

1,494 SqFt

Status Active Under Contract

MLS # 6782005

Property Type Townhouse

Price Type --

This stunning 2-bedroom, 2-bathroom townhome, spanning 1,500 square feet in the highly desirable Arcadia Lite area, seamlessly combines modern design with sophisticated elegance. Upon entry, you're greeted by an expansive open floor plan with soaring ceilings, filling the home with a bright and airy ambiance. A perfect balance of natural and designer lighting enhances the luminosity throughout. The kitchen is a chef's dream, featuring premium Taj Mahal stone countertops, an LG appliance package, and a luxurious wine and coffee bar—all complemented by custom designer finishes. Recently upgraded with a new roof and windows, this home is truly move-in ready, complete with high-end amenities. Both oversized bedrooms offer spacious walk-in closets, and the primary bathroom serves as a serene retreat, complete with dual showers and an indulgent soaking tub. Additionally, a versatile flex space within the home provides the perfect setup for a home office or creative studio, adapting to any lifestyle. The private backyard invites relaxation or entertaining, while the two-car garage adds security and ample storage, making this townhome as practical as it is stylish.

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18428 W Robin Lane Surprise, AZ 85387

New

$580,000

3 Beds

2.5 Baths

1,884 SqFt

Status Active

MLS # 6786575

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this stunning home that effortlessly blends charm and practicality. This upgraded single-story layout features 3 spacious bedrooms, a versatile den/office, and 2.5 well-appointed bathrooms. The property includes a 3-car tandem garage and a remarkable 40-foot RV garage, providing plenty of room for all your vehicles, recreational toys, and outdoor gear. Inside, you'll find a thoughtfully designed split floor plan with a convenient storage nook leading to the garage. The chef-inspired kitchen boasts elegant granite countertops, high-end stainless steel appliances, an electric cooktop, and a walk-in pantry—perfect for culinary enthusiasts. Unwind after a busy day in your private backyard oasis, complete with a custom pool and jacuzzi surrounded by stylish

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6418 W Irma Lane Glendale, AZ 85308

$580,000

3 Beds

2 Baths

1,834 SqFt

Status Active Under Contract

MLS # 6774108

Property Type Single Family Residence

Price Type --

Brand New Roof in 2024! Absolutely Stunning 3 Bedroom, 2 Bath, Single Level Home Located on Premium Golf Course Lot, Formal Living & Dining Room w/Vaulted Ceilings, Upgraded Kitchen w/Custom Cabinets & Granite Countertops, Kitchen Island w/Breakfast Bar, Stainless Steel Appliances Included, Family Room w/Wood Burning Fireplace, Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks, Custom Walk-In Shower & Tub, Tile Throughout Home, Dual Pane Windows, Plantation Shutters, Extended Covered Backyard Patio, Professionally Landscaped Front & Backyard, Variety Of Mature Citrus Trees, Best Backyard in the Community with over Quarter Acre Lot & Wonderful Views of the Golf Course, 2 Car Garage, Cul-De-Sac Lot, Come Check It Out!

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2702 E Saddlebrook Road Gilbert, AZ 85298

$580,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6769751

Property Type Single Family Residence

Price Type --

Must see this gorgeous home in highly desirable Adora Trails! Fall in love the minute you pull up; N/S exposure, pavered drive way, wrought iron security door. Neutral colors throughout, split floorplan w/ spacious great room. Wood shutters and crown molding. Gourmet kitchen w/ gas cooktop, granite, R/O system, backsplash, pull out shelves, walk in pantry and SS appliances. 3 bdrm, 2 bath + Den with glass french doors. Garage has built in cabinets & workbench. Laundry room has built in cabinets. Owner suite has classy closet. Owner has taken excellent care of this home adding gutters & fully landscaped backyard w/ grass, trees & areas to relax/entertain in covered space. Very desirable Adora Trails is master planned to include a variety of community & lifestyle amenities! Don't Miss out!

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20627 W Luke Avenue Buckeye, AZ 85396

$580,000

2 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6752899

Property Type Single Family Residence

Price Type --

Discover this charming 1,577 sq. ft. Single story home located in the vibrant Victory District of Verrado, a premier 55+ active adult community. This beautifully designed residence features 2 spacious bedrooms, a versatile den perfect for a home office and 2 modern bathrooms. With a layout that emphasizes comfort and functionality, you'll enjoy open-concept living areas, stylish finishes, and access to the community's extensive amenities, including golf courses, pickle ball, tennis courts, pools, walking trails, and social clubs. Ideal for those seeking an active, engaging lifestyle in a welcoming neighborhood.

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26218 S Brentwood Drive Sun Lakes, AZ 85248

$580,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6779857

Property Type Single Family Residence

Price Type --

Discover this popular Alameda model home, featuring 3 spacious BR and 2 BA in the sought-after Cottonwood Active Adult Community. The primary BR boasts an elegant en-suite with an additional expanded walk-in closet, offering ample storage space. Enjoy luxurious travertine flooring throughout with carpet thoughtfully placed for comfort. Vaulted ceilings in the family room enhance the home's style and openness, while most windows have been recently upgraded for improved energy efficiency. The extended garage includes epoxy flooring, workbench, and abundant storage. Situated on a desirable golf course and lake view lot, this home provides stunning scenery to enjoy from your own backyard with balcony too! Don't miss this exceptional opportunity to own a slice of paradise!

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