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

15625 N Jerry Street Surprise, AZ 85378

New

$570,000

5 Beds

3 Baths

2,455 SqFt

Status Active

MLS # 6787673

Property Type Single Family Residence

Price Type --

Beautifully stunning 5-bedroom, 3-bathroom single level newer built surprise home. This home has upgrades throughout including marble floor throughout with no carpeting, upgraded baseboards, 9' ceilings and archways throughout, upgraded doors, fixtures window blinds and ceiling fans. This open floor plan home has a large living room and formal dining area with access easy access to the backyard patio. Stunning kitchen features granite countertops, tile backsplash, breakfast bar, upgraded soft-close cabinets, large island, separate walk-in pantry, gas range, dishwasher and refrigerator.

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28715 N 64th Drive Phoenix, AZ 85083

$570,000

3 Beds

2 Baths

1,820 SqFt

Status Active Under Contract

MLS # 6784043

Property Type Single Family Residence

Price Type --

Don't miss this open airy 3BR, 2BA floorpan with many modern amenities such as upgraded blackout shades throughout entire home. The kitchen is a chef's delight, featuring elegant white cabinets, a wall oven, microwave, gas stovetop, farmhouse sink, rounded quartz island & quartz countertops with a walk-in pantry. Included are a refrigerator and washer/dryer. Luxuriate in the spa like owners bathroom suite with an oversized tiled walk in shower w/bench, double sinks, and a large closet. Bedrooms are carpeted & tile flooring flows through main areas. A large coat closet & gas tankless water heater complete this inviting home! Enjoy outdoor living with a sliding door leading to a low-maintenance backyard with turf and brick accents, surrounded by mountain views and overlooking a scenic canal

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16180 W Glenrosa Avenue Goodyear, AZ 85395

$570,000

5 Beds

3.5 Baths

3,066 SqFt

Status Active

MLS # 6651477

Property Type Single Family Residence

Price Type --

Embrace the beauty of this wonderful 5-bedroom haven in Palm Valley! This home has a split floorplan, spacious primary bedroom with a remodeled walk-in shower, his and hers vanities and a walk-in closet. This home also features a MIL suite with it's own entrance from the courtyard and private bathroom PLUS an extended driveway with an RV Gate. The open-concept kitchen displays recessed lighting, a pantry, staggered cabinetry adorned with crown moulding, granite counters & backsplash and stainless steel appliances. Lastly, the backyard features a covered patio and a shimmering pool, perfect for warm summer days! Hurry! This gem will surely impress you!

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2135 S Bristol -- Mesa, AZ 85209

$570,000

4 Beds

3 Baths

1,883 SqFt

Status Active

MLS # 6709098

Property Type Single Family Residence

Price Type --

Nestled in the heart of coveted Augusta Ranch, this home epitomizes elevated living. With its spacious open-concept floor plan boasting four bedrooms and three baths, it's an entertainer's dream. The family room and inviting kitchen areas are ideal for hosting gatherings. Enjoy the beautiful low-maintenance backyard, complete with a large pool that can be enjoyed year around thanks to a gas heater addition (2023). Updates like a new roof (2023) and renovated bath fixtures add modern convenience, while the community's amenities, including an executive golf course, bar/grill, abundant events, parks, and a school, ensure a lifestyle of comfort and enjoyment. This home is a must-see!

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3225 N Lost River Drive Camp Verde, AZ 86322

$570,000

4 Beds

3 Baths

3,640 SqFt

Status Active

MLS # 6727355

Property Type Single Family Residence

Price Type --

With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Updated 4 Bed, 3 Bath Home on 2 separate Parcels totaling over an Acre of Land. Brand New 2024 Roof. Brand New 2024 HVAC. All New LVP flooring & Fresh Carpet. Kitchen Boast New Quartz Countertops, Stainless Steel Appliances, & Tile Backsplash. Master Bedroom features Custom Walk-In shower, His & Her sinks, & Barndoor entry. New Light fixtures and Contemporary Fans throughout. Freshly Painted Inside & Out. Great for Animals or Extra Toys/RV's. Just Blocks away from the Verde River - Excellent Location!

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714 W Mesquite Street Gilbert, AZ 85233

$570,000

4 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6750995

Property Type Single Family Residence

Price Type --

Fantastic opportunity! Welcome to this stunning residence featuring a 3-car garage and a convenient RV gate. Discover a welcoming living room with vaulted ceilings, clerestory windows for natural light, contemporary track lighting, and tile flooring. The great room has a cozy fireplace for quiet evenings. The delightful kitchen boasts a charming breakfast nook, granite counters, abundant wood cabinetry, built-in appliances, recessed lighting, a pantry, and a two-tier island with a breakfast bar. The den is perfect for an office or study. The main bedroom includes French doors leading to the backyard, an ensuite with dual sinks, and a walk-in closet. The enchanting backyard displays a covered patio and a sparkling pool for cooling down on warm days. Make this gem yours!

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26028 N 66th Drive Phoenix, AZ 85083

$570,000

4 Beds

3 Baths

2,119 SqFt

Status Active

MLS # 6757394

Property Type Single Family Residence

Price Type --

Location, location, location! Attention: Seller is offering a $10,000 credit at closing towards buyer updating and/or upgrades! This home has energy saving feature upgrades as well with newly installed premium Andersen windows with a transferable warranty and a fully owned 5KW solar system to keep your energy bills low. In demand north Phoenix Eagle Ridge location with mountain views! Homes do not come up for sale frequently in this idyllic neighborhood. Close to shopping, schools, and parks. Multi-level open floor plan with expansive vaults and skylights to let in lots of light. Recently updated primary bath with huge walk in shower. Large yard and covered patio for entertaining. Inviting pebble-tec pool with a removable fence and beautiful water feature will captivate you! The main level has a convenient 4th bedroom for guests or as an in home office. The heart of the home, the kitchen, features multiple pantries with abundant storage and pull out drawers in convenient locations, as well as easy access to both the living room and family room. Newer high efficiency AC and air handler installed by current owner as well as water heater. Durable bamboo and tile flooring in all the high traffic areas of the home as well. Your new home awaits you!

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11541 E Corbin Avenue Mesa, AZ 85212

$570,000

4 Beds

2.5 Baths

2,373 SqFt

Status Active

MLS # 6767202

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2.5-bath home is located in the highly desirable Warner Enclave subdivision in Mesa. With 2,377 sq. ft. of upgraded living space, this 2-story home offers a bright and open floor plan perfect for entertaining. The kitchen features stunning Valhalla granite countertops, soft-close cabinets, a large pantry, and stainless steel appliances, including a gas range. The primary suite boasts a spacious walk-in closet, dual vanities, and a separate tub and shower. Additional features include a cozy upstairs loft, a dedicated office space, and a convenient upstairs laundry. The home is ENERGY STAR certified with a low HERS rating of 51, ensuring excellent energy efficiency. Outside, you'll find a well-maintained desert landscape with a covered patio, perfect for outdoor relaxation. Located near top-rated schools such as Queen Creek Unified District, this home also offers quick access to shopping, dining, and entertainment. Plus, with no rear neighbors, you'll enjoy added privacy. Don't miss out on this gemschedule your tour today!

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13408 W Lariat Lane Peoria, AZ 85383

$570,000

3 Beds

2 Baths

1,781 SqFt

Status Active

MLS # 6769987

Property Type Single Family Residence

Price Type --

This 2022 3bdrm 2bath home is on one of the larger lots in Rancho Cabrillo. The home includes an additional bonus room, extended driveway pavers, and a large side vehicle gate. The kitchen opens up to the great room and dining room. Four panel sliding glass doors open up to the backyard entertaining area which includes a covered back patio, built-in BBQ, pool with water feature, and sun deck. The pool deck is surrounded by travertine pavers. The backyard also includes a fire pit and artificial turf. You will enjoy plenty of pool parties, and BBQ's in this beautiful backyard. Don't miss out on this one-of-a-kind gem! Seller is related to Listing Agent.

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26322 W Firehawk Drive Buckeye, AZ 85396

$570,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6772955

Property Type Single Family Residence

Price Type --

HIGHLY UPGRADED Serenity model w/Owned Solar & Updated 19 SEER Amana HVAC! Rare opportunity to own a 3 bedroom, 2 bath + Den home w/a Screened in Patio. You will be greeted by the Tuscan elevation & the Gated Paver Courtyard. Upon entering you will be impressed by the architectural touch of the tray ceilings throughout. Tile flooring leads you into the Chef Lux kitchen w/under cabinet lights, Granite counters, Tile backsplash, Pull-out shelves, Soft close drawers, Pendant lights & Walk-in Pantry. Cozy Gas Fireplace in the family room. Owner Suite w/a Bay window & Barn door that leads into the Bath w/dual sinks & Modern Walk-in Tiled shower for a spa like retreat! Enter the fully Insulated temperature-controlled garage w/cabinets, epoxy floors updated water softener & tankless water heater

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29810 W Bellview Street Buckeye, AZ 85396

$570,000

4 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6777916

Property Type Single Family Residence

Price Type --

Come and see this beautiful house with neutral tones through out, open floor plan, lots of natural light in the living area. Huge island in kitchen. Split floor plan, the back patio is huge, this house has pleanty of land, over 1 acre ready for you to give it your personal touch.

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5153 N Main Drive Apache Junction, AZ 85120

$570,000

3 Beds

2 Baths

1,640 SqFt

Status Active Under Contract

MLS # 6690299

Property Type Single Family Residence

Price Type --

Beautiful 2.5 acres close to freeway, and surrounded by views, clear skies, city lights and peace and quiet! This 3 bedroom, 2 bath home has updating and room for the family. Updates include engineered wood flooring, Thermaster energy efficient windows, French doors, beadboard, stainless appliances, new roof and more. The great room is open concept with wood beams and a real wood burning fireplace. Bring your toys and horses as there is room for all! This horse property/mini farm has 2 stalls, a barn or 2 car garage, storage shed and a carport. Home has it's own well. The east 1.25 acres share a well with one other and can be subdivided. Easy to show. This property has something for everyone!

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