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

3406 E Libby Street Phoenix, AZ 85032

Open House

$560,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6717614

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated three-bedroom, two-bath home nestled in a prime location backing directly onto a beautiful golf course. This open-concept floorplan boasts a bright and spacious layout, The kitchen flows seamlessly into the living and dining areas, ideal for entertaining. Step outside to your private oasis which features a view fence that showcases the golf course, a large putting green, and a chipping area, perfect for golf enthusiasts. Enjoy evenings by the firepit, soaking in the serene surroundings of AZ. Best of all, there's NO HOA, offering you unparalleled freedom and flexibility.

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16972 W Alice Avenue Waddell, AZ 85355

Open House

$560,000

4 Beds

3 Baths

2,788 SqFt

Status Active

MLS # 6763393

Property Type Single Family Residence

Price Type --

This better-than-new 4-bedroom + Den, 3-bathroom home is nestled in a peaceful community with no homes behind, offering ample privacy. Conveniently located near shopping, dining, and entertainment, you'll have everything you need just minutes away. Whether you're looking for a primary residence or an income generating property, this home is perfect - currently operating as an established Airbnb. It features a family room and upstairs loft, highlighted by fresh interior paint, soft carpet and wood-look tile flooring. The oversized primary bedroom on the main floor has an oversized ensuite bathroom with double sinks and a walk-in shower. The kitchen offers a pantry, granite countertops, a kitchen island and an eat-in dining area. The exterior features a covered patio and lush real grass!

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3839 N St Elias Circle Mesa, AZ 85215

$559,999

3 Beds

3 Baths

2,181 SqFt

Status Active

MLS # 6766638

Property Type Single Family Residence

Price Type --

Welcome to 3839 N St Elias Cir, nestled on a quiet cul-de-sac with mountain views in the highly desirable Red Mountain Ranch community of Mesa, AZ. This 3 bedroom home, plus a spacious den, offers not only a beautifully maintained interior but also a lifestyle that embraces Arizona's natural beauty. The peaceful backyard is a private retreat with a large, extended covered patio, perfect for dining, surrounded by vibrant landscaping. From your kitchen window, enjoy the view of blooming flowers and frequent hummingbird visits. The cozy gazebo offers a shaded sitting area, making it the ideal spot to savor your morning coffee. Inside, the home features soft, clean carpeting with upgraded padding, providing comfort underfoot. High ceilings and very large energy efficient windows invite an abundance of natural light, creating a bright, airy atmosphere throughout. The kitchen overlooks the living room and is designed with granite countertops, stainless steel appliances, and soft close cabinetry, blending style and function. The den, larger than a standard bedroom, is equipped with custom shelves and drawers, offering versatility for work or leisure. Living in Red Mountain Ranch means more than just a home; it's a lifestyle. With access to world class golf courses, fitness centers, hiking trails, and more, there's always something to enjoy. Plus, located just minutes from the Red Mountain 202, the home's location provides easy access to local dining, shopping, and entertainment. This well maintained property combines comfort, convenience, and a true sense of community. With its move in ready condition and prime cul-de-sac location, this home is a perfect sanctuary for those looking to embrace both relaxation and an active lifestyle.

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4324 W Orchid Lane Glendale, AZ 85302

$559,999

3 Beds

2 Baths

2,237 SqFt

Status Active Under Contract

MLS # 6755871

Property Type Single Family Residence

Price Type --

A stunning and completely renovated home boasts an open floorplan, 3 bedrooms, 2 bath and a Den with 2237 sqft, 2 car garage with a large backyard RV gate & parking, large lot room for all the toys and a sparling pool with covered patio. The kitchen comes with stainless-steel appliances, quartz countertops and brand-new white shaker cabinets. Brand new vinyl wood flooring & upgraded carpet throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, and custom vanities. Brand new water heater. Located in a lovely desirable neighborhood located close to shopping, parks, schools, and dining. No HOA's A Must see

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3224 W Garnet Street San Tan Valley, AZ 85144

Open House

$559,995

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6773032

Property Type Single Family Residence

Price Type --

Pack your bags, this home is move-in ready! This home sits on an oversized 9,145sqft lot, ideal for a backyard oasis. The oversized kitchen island is the perfect centerpiece for entertaining. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. A first-floor office provides the space to work from home. The home is complete with designer curated finishes.

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5608 W Paseo Way Laveen, AZ 85339

$559,990

3 Beds

2.5 Baths

2,024 SqFt

Status Active

MLS # 6744935

Property Type Single Family Residence

Price Type --

''Discover the perfect blend of style and functionality in The Topaz, a meticulously designed 3-bedroom, 2.5-bath home offering just over 2,500 square feet of luxurious living space. This stunning residence features a striking Craftsman exterior, setting the stage for a refined and welcoming interior. Step inside to be greeted by a spacious den perfect for a playroom and office. The heart of the home, the kitchen, is a chef's delight with its sleek 42-inch upper cabinets. The kitchen island contrasts elegantly with gray cabinetry and is complemented by matte black hardware, while the pristine white quartz countertops and neutral gray backsplash add a touch of sophistication. Top-of-the-line stainless steel appliances, including a refrigerator, gas stove, microwave, and dishwasher, are perfectly paired with a single-bowl stainless steel undermount sink and an upgraded faucet for a contemporary finish. Enjoy the convenience of 6x36 wood-like tile flooring throughout the main areas, paired with 9-foot ceilings and 8-foot interior doors that enhance the sense of space and openness. The expansive living room features a large 4-panel sliding glass door that seamlessly connects indoor and outdoor living, offering a light-filled, airy ambiance. The layout is thoughtfully designed with secondary bedrooms positioned at the front of the home, providing a private retreat for family or guests. The serene primary suite, tucked away at the back, is a true sanctuary. It boasts a spacious layout and an indulgent bathroom with dual square sinks, quartz countertops, and upgraded matte black fixtures. Quartz surrounds for the countertops add a luxurious touch to your daily routine. Additional features include a 3-car garage with a convenient garage door opener and a washer and dryer for added convenience. With its blend of modern amenities and thoughtful design, The Topaz offers the perfect setting for comfortable and stylish living. Experience the refined elegance of The Topaz Floorplanwhere every detail is designed with your comfort and convenience in mind.

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5607 W Paseo Way Laveen, AZ 85339

$559,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6728643

Property Type Single Family Residence

Price Type --

Introducing the exquisite Jade floorplan, a haven of sophistication and comfort. With over 2600 square feet, this spacious residence boasts 4 bedrooms and 3.5 baths, complemented by a 3-car garage and features such as a formal dining area and butler's pantry—ideal for entertaining guests in style. Approaching the home, its picturesque farmhouse exterior, accented by a charming paver driveway, sets the stage for the exceptional elegance within. Step inside to discover a gourmet kitchen that is the heart of the home, featuring 42-inch white shaker style cabinets adorned with gun metal hardware. Mosaic white backsplash flows seamlessly with the pristine Carrara style white quartz countertops, offering a timeless canvas for culinary creativity. The expansive great room, bathed in natural light streaming through a magnificent 4-panel sliding glass door, seamlessly connects indoor and outdoor living spaces. Enjoy gatherings or quiet moments alike in the expansive backyard oasis beyond. Throughout the main living areas, 6 by 36 wood-like plank tile flooring provides not only durability but also warmth and visual appeal. This flooring choice enhances the home's charm and complements its modern design elements. Every bathroom in the Jade Floorplan is a testament to luxury, boasting round sinks with upgraded matte black finishes. Quartz countertops grace each bathroom, continuing the theme of sophistication and quality craftsmanship. Additional features include stainless steel appliances throughout, encompassing a washer, dryer, refrigerator, and garage door opener, along with a soft water loop for enhanced comfort and convenience. This meticulously crafted residence exemplifies the perfect union of luxury and practicality, offering a haven for discerning buyers seeking a superior lifestyle. Experience the unparalleled elegance of the Jade Floorplan firsthand.

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16911 W Jenan Drive Surprise, AZ 85388

$559,990

3 Beds

2.5 Baths

2,587 SqFt

Status Active

MLS # 6758419

Property Type Single Family Residence

Price Type --

MLS#6758419 January 2025 Completion! The 45-RM3 at Paradisi Almeria Collection is a single-story home offering 2,587 square feet of living space, with 3 bedrooms, 2.5 bathrooms, a study, and a 2-car garage. The foyer guides you past the secondary bedrooms and laundry room, leading into a spacious open-concept kitchen, casual dining area, and gathering room. Conveniently located off the kitchen and dining space, the study offers added flexibility. The primary suite features a large walk-in closet, dual vanities, and a split tub and shower in the bathroom, perfect for enjoying a relaxing soak. Structural options include: gourmet kitchen with gas cooktop, 12' multi slide glass door, 8' interior doors, garage service door.

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12246 W Lonesome Trail Peoria, AZ 85383

$559,990

4 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6775929

Property Type Single Family Residence

Price Type --

MLS#6775929 February Completion! The Champlain in Mystic Discovery offers a stunning single-level design with 1,967 square feet of comfortable living space, including 4 bedrooms, a study, 2.5 baths, and a 2-car garage. Located in a master-planned community nestled in the scenic hills of North Peoria, this neighborhood features a resort-style amenity center complete with a heated pool, event lawn, covered outdoor play area, and inviting indoor-outdoor gathering spaces. The Champlain's Tuscan-inspired elevation adds instant curb appeal, while its thoughtfully selected interiors feature upgraded quartz countertops, 42'' recessed panel maple cabinetry, a custom kitchen backsplash, upgraded carpeting, and elegant matte black hardware.

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13593 W Calle De Pompas -- Peoria, AZ 85383

$559,990

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6785551

Property Type Single Family Residence

Price Type --

Move-in ready - The Hewitt II, situated on a corner lot with breathtaking White Peak views in Northpointe at Vistancia, is a beautifully designed single-story home with an exceptional layout and stylish designer upgrades throughout.

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14155 W Alameda Road Surprise, AZ 85387

$559,990

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6734303

Property Type Single Family Residence

Price Type --

MLS#6734303 November Completion. The 50RM1 floorplan at Raveena at Rancho Mercado features 4 bedrooms, a flex room, 2.5 bathrooms, a 3-car garage, and 2,226 sq ft all on one level. Upon entering the foyer, you'll be captivated by the open-concept design, leading to a spacious gathering room, dining area, and a gourmet kitchen. The outdoor living space is perfect for al fresco meals and family time. The owner's suite, secluded for privacy, offers double vanities and a generous walk-in closet. The flex room is ideal for a home office or study area. Two additional bedrooms and a laundry room complete this luxury home. Structural options include: covered outdoor patio, paver front porch, garage service door, alternate A/C location, and soft water loop.

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14632 W Georgia Drive Surprise, AZ 85379

$559,990

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6744715

Property Type Single Family Residence

Price Type --

Take advantage of VA assumable loan at 2.75%. Welcome to your move in ready home with a Modern Barn style featuring an Open Floor plan, 4 Bedrooms, 2.5 Bath, Den/Office, Loft, Gourmet Kitchen with upgraded grey cabinets, Quartz countertops with glass tile backsplash & stainless-steel appliances, Walk in Pantry nestled next to a charming shiplap mudroom, large island opens to the Great Room complemented by elegant wainscotting wall with tile planks flooring, Master Suite with separate shower and soak in tub, walk in closet. Did I mention energy efficient with solar panels, RO system & water system, 3rd car garage! The extra-large patio slider welcomes you to an extended Patio cover. perfect for entertainment with a custom BBQ, large backyard! The community features resort style amenities including pool, clubhouse, fitness center, BBQ are and much more. Very close to the 303 & shopping center.

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