What’s Ahead For Mortgage Rates This Week – May 23, 2016

You Ask, We Answer: 5 Ways That You Can Proactively Build and Improve Your Credit ScoreLast 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.

27524 N Montana Drive Rio Verde, AZ 85263

$550,000 - 2Br/2Ba -  for Sale in Tonto Verde Unit Five Corrective Plat, Rio Verde
Open House
$550,000
2 Beds
2 Baths
1,730 SqFt
Status Active
MLS # 6751350
Property Type Townhouse
Price Type --
Beautiful turnkey townhome in the gated community of Tonto Verde. Located in a quiet cul-de-sac, backing to the beautiful driving range and a short walk to the clubhouse and its amenities. Great room style living with fireplace and walls of windows taking in the backyard views and gorgeous sunsets. Split floor plan with 2 large bedrooms and 2 full baths. Primary bedroom with access to the spacious patio and primary bath with dual vanities, tub, walk in shower and walk in closet. Kitchen with center island and cooktop, breakfast counter and dining that is open to the lush landscaping with floor to ceiling windows. New Interior paint 2024, New roof in 2022, New HVAC in 2020, New Hot water heater in 2022 and New Washer/Dryer in 2020. Oversized 2.5 car garage with golf cart access

5089 S Louie Lamour Drive Gold Canyon, AZ 85118

$550,000 - 3Br/2Ba -  for Sale in Gold Canyon East, Gold Canyon
Open House
$550,000
3 Beds
2 Baths
1,670 SqFt
Status Active
MLS # 6777908
Property Type Single Family Residence
Price Type --
WOW! Fabulous, FULLY FURNISHED, Turn-Key 3 Bedroom UPDATED HOME with DEN & HEATED POOL plus DOUBLE MOUNTAIN VIEWS of Superstition & Dinosaur Mountains! ***You'll LOVE the HIGH-END UPDATES throughout including....FULL KITCHEN REMODEL with GORGEOUS GRANITE & Cabinets, Plantation Shutters, Complete Updates of BOTH BATHROOMS with Travertine Showers and Granite & more! *** You'll also appreciate and enjoy the QUIET & PRIVATE BACKYARD OASIS with 11,000 Gallon Pool (2012) plus... HVAC (2017), Exterior Paint (2022), PVC Irrigation (2022), Water Softener (2021), Water Heater (2021), Tile Flooring through-out (ZERO CARPET) & More - Must See! *** GOLD CANYON EAST is ... Gold Canyon East is a popular community of 647 homes located in the foothills of the Superstition Mountains. In addition to panoramic mountain views, residents enjoy walking and hiking paths through-out the community and championship golf courses, dining, spa services and more at the Gold Canyon Golf Resort next door!

11991 N 69th Avenue Peoria, AZ 85345

$550,000 - 4Br/3Ba -  for Sale in Autumn Point By Shea Homes Lot 1-90 Tr A, Peoria
Open House
$550,000
4 Beds
3 Baths
2,323 SqFt
Status Active
MLS # 6781152
Property Type Single Family Residence
Price Type --
Discover a stunning blend of modern elegance and Arizona charm in this fully remodeled 4-bedroom, 3-bathroom home, spanning 2,323 square feet. Every detail of this renovation has been carefully curated for style, comfort, and functionality, creating a warm yet sophisticated atmosphere. The heart of the home unfolds seamlessly as the living room transitions into a private backyard sanctuary through beautiful bifold doors. These doors bring the outdoors in, offering panoramic views of Arizona's endless skies and direct access to a sparkling pool—ideal for relaxation or entertaining. This backyard oasis provides ample space for lounging, al fresco dining, and savoring the tranquility of the Arizona desert.

11674 W Parkway Lane Avondale, AZ 85323

$550,000 - 4Br/2Ba -  for Sale in Alamar Phase 1, Avondale
Open House
$550,000
4 Beds
2 Baths
2,311 SqFt
Status Active
MLS # 6784222
Property Type Single Family Residence
Price Type --
Beautiful 4 bedroom 2 bathroom single level home featuring a climate controlled 4 car garage with a roll up door pass through to the backyard! Garage also has polyaspartic epoxy flooring, built in workbench, and custom storage shelves. Explore inside to an open layout showcasing wood like tile flooring, plantation shutters, and a custom electric fireplace feature. A remarkable gourmet kitchen with all the upgrades including wood shaker cabinets, quartz countertops, stainless steel appliances including a gas stove, and a large walk-in pantry. Unwind in the master suite featuring a shiplap accent wall, private bathroom with dual vanities, extra storage cabinets, large walk-in shower and a huge walk-in closet. Enjoy the outdoors in your low maintenance backyard with paver walkways, artificial turf, and an insulated covered patio.Other features include whole house water softener/RO filtration system, tankless water heater, and spray foam insulation. Pre-plumbed to add a sink in the garage, gas line for a bbq in the backyard as well as an outlet for a jacuzzi/hot tub. Lets make this your dream home! (Amazing 2.875% assumable loan also available for Veterans only)

13202 W Beechwood Drive Sun City West, AZ 85375

$550,000 - 3Br/2Ba -  for Sale in Sun City West Unit 3, Sun City West
Open House
$550,000
3 Beds
2 Baths
2,525 SqFt
Status Active
MLS # 6693377
Property Type Single Family Residence
Price Type --
Beautiful, fully remodeled brick front home on a corner lot in the 55+ community, Sun City West. Gorgeous new flooring throughout this thought out, open floor plan. The kitchen has new white cabinets with a large island for entertaining. The living area has a wet bar with a built-in refrigerator. All 3 BRs have walk-in closets and large enough for King beds with space to spare. The entry has a privacy gate to keep out solicitors and it opens to an impressively large patio. The back yard has another large patio with flourishing citrus trees. There are many extras throughout including plantation shutters, weather shield roller shades for when you travel, extra long garage, plush landscaping, and more. The furnishings are included in so all you have to do is pack your bags and move in!

9254 E Milagro Avenue Mesa, AZ 85209

$550,000 - 4Br/2Ba -  for Sale in Augusta Ranch Parcel 2, Mesa
Open House
$550,000
4 Beds
2 Baths
1,924 SqFt
Status Active
MLS # 6780804
Property Type Single Family Residence
Price Type --
Discover the perfect blend of comfort and style in this beautifully remodeled home with extensive landscaping ideally situated on an oversized lot. Citrus trees and privacy hedges create a beautiful and quiet oasis. The home features newer wood-look tile and carpeting throughout. The modern kitchen features sleek white cabinets with stylish hardware, granite countertops, and stainless steel appliances, making it a chef's dream. Enjoy the spacious owner's bath, complete with a separate shower and tub for your relaxation. The expansive covered patio is perfect for entertaining, featuring a beautiful Pebble-Tec pool, recently remodeled with tile and travertine that promises endless summer fun. The yard offers plenty of space for outdoor activities, with a gate for your convenience.... Located within the vibrant community of Augusta Ranch, you'll have easy access to the golf course and an elementary school right within the subdivision. Don't miss the chance to own this exceptional property that combines elegance with outdoor living at its finest!

930 W Mclean Drive Wickenburg, AZ 85390

$550,000 - 3Br/3Ba -  for Sale in Mariposa Heights 3, Wickenburg
Open House
$550,000
3 Beds
3 Baths
2,022 SqFt
Status Active
MLS # 6780676
Property Type Single Family Residence
Price Type --
Welcome to this beautifully appointed home, boasting 3 spacious bedrooms (Note: 2 are suites) and 3 bathrooms, with over 2,022 sq. ft. of living space. Perfectly located in the center of town, this home offers easy access to everything Wickenburg has to offer - whether you're looking for a vacation getaway or a year-round residence, this property is ideal. Step into the heart of the home—the kitchen—with custom cabinetry that will truly take your breath away. The open and inviting great room features stunning wood floors and solid custom doors throughout. Every detail has been thoughtfully designed for both beauty and function. Outside, you'll appreciate the convenient pickup-height garage door and the RV gate with ample space for your bus or recreational vehicles. The backyard offers plenty of room for outdoor activities and is the perfect spot to relax and enjoy Arizona's incredible weather. This home is truly a must-see. It combines the comfort, space, and convenience you've been looking for. Don't waithomes like this go fast!

17378 W Pima Street Goodyear, AZ 85338

$550,000 - 5Br/3Ba -  for Sale in Cottonflower Unit 3, Goodyear
Open House
$550,000
5 Beds
3 Baths
2,999 SqFt
Status Active
MLS # 6738856
Property Type Single Family Residence
Price Type --
Seller Open to Negotiations of Buyer Concessions! Why wait for new construction? This fully updated 5-bedroom, 3-bathroom home in Goodyear, AZ offers all the modern upgrades you've been searching for! With a new roof (2023) and HVAC system (2014), this home provides peace of mind and modern comfort. The beautifully updated kitchen features sleek quartz countertops, while all bathrooms have been tastefully remodeled for a contemporary feel. Step outside to your private backyard oasis, complete with a sparkling pool and waterfall, newly redone cool decking, a safety gate, and low-maintenance astroturf grass—perfect for families. A downstairs bedroom and full bath make it ideal for guests or multi-generational living. The freshly painted interior and exterior brighten the space, and the 3-car garage provides plenty of room for storage and hobbies. Located in a family-friendly neighborhood with top-rated schools and parks nearby, this home is the perfect blend of style, space, and convenience. This move-in-ready home stands out with its fully upgraded featuresdon't miss out on this incredible opportunity!

287 N Scott Drive Chandler, AZ 85225

$550,000 - 4Br/3Ba -  for Sale in Fire Rock Ranch, Chandler
Open House
$550,000
4 Beds
3 Baths
2,575 SqFt
Status Active Under Contract
MLS # 6768264
Property Type Single Family Residence
Price Type --
If you are in search of a residence that combines effortless maintenance with an exceptional location, then this property is for you. Nestled conveniently just 3 miles from downtown Gilbert, 3 miles from downtown Chandler, and a mere mile and a half from the 202 freeway, this home offers unparalleled accessibility. Boasting four bedrooms, a loft, and three full bathrooms. Notably, one of the secondary bedrooms is conveniently situated on the first floor, accompanied by a full bathroom for added convenience. This residence has an inviting open floor plan, with soaring 9-foot ceilings, and ample closet space throughout. The kitchen is adorned with stainless steel appliances, granite countertops, and exquisite tile accents that lend a touch of elegance to the space. The primary suite stands out with its generously proportioned room, complete with double sinks, an over sized shower, and an expansive walk-in closet, ensuring a luxurious daily retreat. Moreover, the community offers an array of amenities, including a refreshing pool, picturesque parks, and access to top-tier schools. This residence is truly a gem that should not be overlooked. We invite you to seize this exceptional opportunity and make this house your cherished home.

2749 E Bellerive Drive Gilbert, AZ 85298

$550,000 - 4Br/2Ba -  for Sale in Adora Trails Parcel 11b, Gilbert
Open House
$550,000
4 Beds
2 Baths
1,759 SqFt
Status Active
MLS # 6759037
Property Type Single Family Residence
Price Type --
Discover this METICULOUSLY maintained north/south facing 4-bedroom, 2-bath home. Located on a quiet street in the highly sought-after community of Adora Trails in South Gilbert. Featuring the popular Lily floor plan, this home boasts an UPGRADED kitchen with granite countertops, stainless steel appliances, a gas stove, and a pantry. The spacious dining area and large breakfast bar make mealtimes a delight. This split floor plan showcases wood-look tile in all main living areas and neutral paint throughout, creating a warm and inviting atmosphere. The upgraded 9' ceilings throughout and impressive 12' vaulted ceilings in the family room add to the sense of space and elegance. Enjoy the beautiful Arizona weather from your front porch with a lovely sitting area or retreat to your backyard covered pavered patio equipped with an outdoor TV, perfect for entertaining. The low-maintenance backyard is ideal for those who prefer relaxation over upkeep. Storage is plentiful with upgraded full cabinets in the laundry room, Monkey Bar shelving, and two large suspended ceiling racks in the garage, ensuring you have space for all your belongings. This home is move-in ready with washer, dryer and refrigerator. Have peace of mind knowing that the AC and heating have been under an annual inspection and service contract. All this nestled in the highly sought-after Adora Trails community, residents are treated to an exceptional lifestyle enriched by a variety of amenities. Enjoy beautifully maintained parks, scenic walking trails, and state-of-the-art recreational facilities, perfect for both relaxation and active living. The community clubhouse is a hub of activity, featuring a fully equipped gym, spacious meeting rooms, and a modern kitchen for gatherings. Residents can also take advantage of the inviting pool, which boasts lap lanes, a wading area with a splash pad, and is heated during the winter months for year-round enjoyment. With an on-site elementary school and a calendar full of community events, Adora Trails fosters a vibrant, active lifestyle that brings neighbors together. Discover the perfect blend of convenience, community, and fun in this desirable neighborhood!

24 County Road 3153 -- Vernon, AZ 85940

$549,999
3 Beds
2 Baths
2,160 SqFt
Status Active
MLS # 6760518
Property Type Manufactured Home
Price Type --
Looking for an affordable modern-day Ranch on 5 acres in the White Mountains? Consider this well-maintained ranch-style 3-bed/2-bath, 2,160 sq ft. triple-wide manufactured home on 5 acres fully fenced, covered with 100+ Juniper/Pine trees set off with a Ranch-Style entrance, only minutes from the National Forest, accessible on well-maintained roads, making it the ideal horse/prepper property with no HOA's, just 25 minutes from Show Low. Property features include: an oversized Steel/Hanger building 30' X 60' with partial living quarters inside, a fully enclosed two-story barn structure 21' X 33' for RV storage, two storage sheds, and two full-size carports—major landscaping with fenced-in areas, separate enclosed/covered dog area w/direct access from the home, large garden area, large steel fire pit area, and a roundabout driveway. That's just the beginning. This home features a covered front deck, a recently replaced roof, an open kitchen floor plan featuring a center island with new countertops/appliances/workstation sink, a large separate dining area, Great Room style living room with a pellet stove for efficient heating, a split-bedroom master suite that includes an oversized closet with two-doors allowing access from the bath or bedroom, Dual-pane windows, vaulted ceilings, a full-size utility room, forced Heating and Air Conditioning (new), a large back storage area, and an abundance of cabinets providing plenty of storage space. Also included is the Starlink hardware for fast Internet.

14686 S Country Club Way Arizona City, AZ 85123

$549,999
3 Beds
2 Baths
2,027 SqFt
Status Active
MLS # 6763659
Property Type Single Family Residence
Price Type --
It is hard to list all the improvements made by the present owners in the last 7 years, but you can experience same luxurious living in this stunning, recently painted in and out 3 bedroom, 2 bathroom home with breathtaking curb appeal. While taking in the mountains in the distance, you will make your way (admiring palms, saguaros, flowering bushes, and cacti) to the hand-made gate, and the newly installed paved patio leading you to the main entrance. You will see the old fashioned speak-easy door and find yourself inside your new home with same, tiled floor throughout. Gourmet kitchen is featuring new granite island, counter, and one piece backsplash (same granite in both bathrooms, and outdoor kitchen,) upgraded cabinets (with extra row and antique glass,) all SS appliances with new stove, pull out cabinet shelves. The split floor plan includes upscale main suite, lavish master bathroom where everything was rebuilt: the shower (moving the wall and liquidating the garden tub,) the double sinks, the hardware. There is a professional wardrobe, too. A luminating bay window in the bedroom has a new glass, like all the windows in the house. The inside also has two guest bedrooms, a wash room, and an extra room which can serve as a library, office, dining room, or 4th bedroom (adding the closet.) There is also a huge living room that the owners divide into living and dining area. A family room is by the kitchen. Next, you will step outside to your resort-style backyard with a sparkling pool and spa, oversized yard, all rocked, with an RV gate, and three sheds. His and Her sheds are insulated, electrified, sheet-rocked, and tiled. The third one serves as storage. All are secured to the cement pads. There are also citrus trees producing grapefruits, oranges and lemons. This custom home has a lot of amazing features including TRIPLE pane windows (Symington,) PLANTATION shutters on all of them, CROWN MOLDING with hand made corbels throughout the house. The house sits on the #16th hole on the GOLF course, and has a block fence for added privacy. No HOA, this elegant, and very practical property is a dream come true.