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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804 N Wilderness Circle Payson, AZ 85541

$575,000

3 Beds

2 Baths

1,686 SqFt

Status Active

MLS # 6762747

Property Type Single Family Residence

Price Type --

This beautifully maintained and updated home is located in the Woodhill subdivision on a quiet cul-de-sac. The home offers large rooms, a split floor plan, a generous primary suite with an oversized closet, hickory extended cabinets, a breakfast bar, vaulted ceilings, and a large screened covered patio. It has new exterior paint, a new Electric Heat Pump, water heater, primary bathroom shower, beautiful luxury vinyl plank flooring, a roof replaced two years ago, and much more. You do not want to miss out on this perfect place to call your home!

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4323 W Villa Theresa Drive Glendale, AZ 85308

$575,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6763477

Property Type Single Family Residence

Price Type --

The search is finally over! This coveted corner lot property greets you with a 2-car garage, an RV gate, a tasteful brick facade, and a paver walkway. You'll find a living room with new paint, a charming bay window, and new wood-look flooring. The great room has an inviting fireplace for relaxing evenings. Cook delicious meals in the kitchen, equipped with granite counters, ample wood cabinetry, a tile backsplash, stainless steel appliances, and a handy pantry. You'll also find a versatile den ideal for an office. The main bedroom includes sliding door access to the backyard for seamless indoor-outdoor living, a wakj0ub closet, and an ensuite with dual sinks. The backyard boasts a covered patio, pristine natural turf, and a pool for endless summer fun. Make this yours!

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6063 W Pinon Way Pine, AZ 85544

$575,000

2 Beds

2 Baths

1,200 SqFt

Status Active

MLS # 6765502

Property Type Single Family Residence

Price Type --

Welcome to Pine Creek Canyon at the Portals II nestled in the Ponderosa Pines! The majestic views are breathtaking. This cozy 2 bedroom 2 bath home comes furnished. Extensive paver work recently done makes the entry to the home inviting and gives a fresh updated look. There is a newer AC/Heat Pump as well as a stone fireplace. You will have access to Portal II amenities such as basketball courts, shuffleboard, and tennis courts.

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4429 E Del Rio Drive San Tan Valley, AZ 85140

$575,000

4 Beds

2.5 Baths

3,460 SqFt

Status Active

MLS # 6767453

Property Type Single Family Residence

Price Type --

A beautiful 4 bed, 2.5 bath in Laredo Ranch is now for sale! Nestled on a premium corner lot and boasting great curb appeal, a manicured landscape w/lush natural turf, and a 2 car tandem garage! Come inside to discover spacious dining & living areas w/tile flooring and trending palette throughout. Prepare delicious meals in this chef's kitchen comprised of staggered cabinetry w/crown moulding, granite counters, mosaic tile backsplash, pendant lighting, stainless steel appliances, and an island complete w/a breakfast bar. Upstairs you'll find a sizeable loft w/soft carpet, where you can spend a relaxing Sunday evening! Double doors open up to the primary bedroom, showcasing a mirrored walk-in closet, and a full ensuite w/dual sinks for added comfort. Don't forget about the large media room w/custom coffered ceilings! Lastly, the expansive backyard includes a covered patio, mature shade tree, and a sparkling blue pool! This is sure to be the home you've been looking for, hurry and act now!

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5023 E Desert Forest Trail Cave Creek, AZ 85331

$575,000

3 Beds

2 Baths

1,527 SqFt

Status Active

MLS # 6766899

Property Type Single Family Residence

Price Type --

Discover this modern, open-concept home featuring a spacious 15-foot multi-slider door that seamlessly connects to an extended, private covered patio—perfect for indoor-outdoor living. The gourmet kitchen boasts a large island, 42-inch Timberlake upper cabinets, granite countertops, and Whirlpool stainless steel appliances, ideal for cooking and entertaining. The split-bedroom floor plan offers a private master retreat, complete with 8-foot interior doors and stylish tile flooring throughout. Located near shopping, dining, and the best of Cave Creek living!

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2809 N 70th Street Scottsdale, AZ 85257

$575,000

2 Beds

2 Baths

1,217 SqFt

Status Active

MLS # 6768285

Property Type Single Family Residence

Price Type --

VOTED BEST OUTDOOR SPACE-Scottsdale Tour! Where artistic design and nature combine. Large front and backyard with mature, low maintenance, desert acclimated flowering plants. Tasteful artistic design add to the serenity of the home. New roof, exterior paint, and natural gas heater/AC unit this year. Newer natural gas tankless water heater keeps utility costs to a minimum. Ready to move in and enjoy but plenty of space to add on should you desire.

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1844 W Virginia Avenue Phoenix, AZ 85007

$575,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6770895

Property Type Single Family Residence

Price Type --

Charming 3-bed, 2-bath Home backed up to the beautiful Encanto Golf Course, this home offers breathtaking views! With new Anderson windows and a sliding door, plus custom stonework inside and out, this house blends elegance with durability. The AC system is only 2-3 years old and comes with a premium dust-collecting filter, an upgrade valued at $1,250. The kitchen floor is finished with luxurious Colorado stone, New dishwasher and washer ready to go. The property features beautiful landscaping, a large garage that fits both a sedan and a truck. New electrical box. All the fascia and soffits are covered, so you'll never need to repaint. Enjoy energy efficiency with awnings on all windows, and the monthly electric bill is just $168 for this all-electric home. Don't miss this opportunity!!!

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624 Leisure World -- Mesa, AZ 85206

$575,000

3 Beds

2 Baths

2,269 SqFt

Status Active

MLS # 6782156

Property Type Single Family Residence

Price Type --

Beautiful home on the lake. Large open floor plan, lake views from the entrance. Two great patios for entertaining. Large 2 car garage as well as an additional door for your golf cart. Located in a quiet cul-de -sac in a central spot in Leisure World. This community is a safe, fun and clean place to live in full time or for your winter get away. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

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8143 E Obispo Avenue Mesa, AZ 85212

$575,000

4 Beds

2.5 Baths

2,516 SqFt

Status Active

MLS # 6774113

Property Type Single Family Residence

Price Type --

Move in ready home in a super convenient location! Convenient floor plan with ample living space and large bedrooms w/ walk in closets. NEW Interior paint. Wood plank tile flooring and modern fixtures. Kitchen features granite counters, newer cabinets, custom tile backsplash, and stainless steel appliances. Bathrooms updated with custom tile showers, vanities, toilets, tile accents, and lighting fixtures. Lots of storage and indoor laundry room with large pantry. French doors lead to the spacious low maintenance grassy backyard with pool and covered patio & RV gate. Playset conveys with property. 1 New AC unit! Community park is 2 doors down. Did I mention the private pool? 2 doors down from a community park

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22850 E Calle Luna -- Queen Creek, AZ 85142

$575,000

5 Beds

3 Baths

2,311 SqFt

Status Active

MLS # 6779462

Property Type Single Family Residence

Price Type --

Beautiful one level 5 bedroom 3 bathroom home located in Meridian community which features a community park walking paths and community pool. Upgraded kitchen featuring stunning cabinetry granite counters mosaic backsplash black/stainless steel appliances gas range and a spacious island that fits 4 barstools & large pantry. Kitchen opens to the dining area & great room. Home has high ceilings tile flooring and recessed lighting throughout. The great room has a sliding glass doors leading to private backyard, plumbed with a gas line for outdoor cooking/barbecuing. Low maintenance front & backyard with paver boarders & paver walk path. 2 front side gates. Primary bedroom has walk in closet and walk in shower 2nd bedroom has private bathroom. Home has reverse osmosis and a water softener.

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27602 N Denver Hill Drive Wittmann, AZ 85361

$575,000

5 Beds

3 Baths

2,278 SqFt

Status Active

MLS # 6778733

Property Type Single Family Residence

Price Type --

Welcome to your private desert retreat! A home that offers not just comfort and space, but a true sense of community in a peaceful neighborhood. Set on a quiet dirt road, this property is surrounded by friendly, welcoming neighbors and picturesque land with expansive mountain views. Both levels provide a cozy, private flow between the separate rooms. Designed to accommodate a range of outdoor interests, this property is ready for whatever you envision—from horseback riding, gardening, ATV trails, and more. An RV station with power and water hookups ensures guests can comfortably share in the beauty of this property. Located only 30 minutes from Wickenburg, and 20 minutes from Surprise, this home offers the perfect balance of rural living, without being a far drive from the city.

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905 S Canal Drive Unit 17 Chandler, AZ 85225

$575,000

3 Beds

2.5 Baths

2,092 SqFt

Status Active

MLS # 6779711

Property Type Townhouse

Price Type --

Home Sweet Home! Discover the charm of this beautiful 3-bed, 2.5-bath townhouse in Mission Crossing at Chandler Ranch! This Home exudes elegance with modern light fixtures, neutral paint, tons of natural light, and wood-look tile flooring w/plush carpet in all the right places. You'll LOVE the spacious, perfectly flowing open layout! The impressive kitchen boasts black SS appliances, quartz counters, a pantry, ample white cabinetry, & a large island w/breakfast bar. There is an ample storage room under the stairs! All bedrooms await upstairs, along with a versatile loft. Main bedroom has an ensuite with dual sinks & a walk-in closet. Outback, you have a covered patio, artificial turf, & well-laid pavers. Community Pickleball Court is right next door! Move-in ready!

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