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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4489 N Ocotillo Road Benson, AZ 85602

$2,250,000

5 Beds

4 Baths

3,600 SqFt

Status Active

MLS # 6746660

Property Type Single Family Residence

Price Type --

With irrigated pastures, barns, multiple homes, and the San Pedro River this property is one of a kind. This ranch has 55 acres of irrigated pasture and a 900 gpm irrigation well. Along with two horse barns, shop, clinic, hay storage, working corrals, tack rooms, feed rooms, and more. The ranch is the perfect place to raise cattle or horses in privacy. The 2400 sf home, 1200 sf ranch mangers home, and barn with office/apartment it provides space for all your crew or guests. Just 22 miles from Benson this location is great for expanding your livestock operation. Three domestic wells, a large irrigation well, and a pond supply water to the acreage. This location has an amazing water table and would make a perfect place to grow any crop or raise feed. A 350 acre private lease also available.

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14216 S Canyon Drive Phoenix, AZ 85048

$2,250,000

5 Beds

5 Baths

5,561 SqFt

Status Active

MLS # 6751901

Property Type Single Family Residence

Price Type --

Custom estate sitting on nearly 2.5 acres in the prestigious of gated Canyon Reserve community. Stunning mountain views surround the main and guest house on this quiet cul-de-sac. Greeted with high ceilings, arched entryways, travertine floors, and large windows to provide natural lighting in the formal dining, great room with gas fireplace, and office/den with built-in floor to ceiling bookshelves. Chef's kitchen includes stainless steel appliances, kitchen island with additional sink, pantry, and eat-in kitchen. Primary suite includes built-in shelves, fireplace, private seating area, dual sink vanities, oversized shower, separate bathtub, and walk-in custom closet. Entertain family and friends in the backyard's custom pool/spa with expanded pool deck, covered patio, outdoor TV setup, built in BBQ, and exterior fireplace while enjoying your private mountain views and desert landscaping. Additional home features include a 3-car garage and guest house with mini kitchen and full bath. Located near your favorite Ahwatukee hiking, golf, and dining!

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10141 N Mcdowell View Trail Fountain Hills, AZ 85268

$2,250,000

3 Beds

4 Baths

4,479 SqFt

Status Active

MLS # 6771738

Property Type Single Family Residence

Price Type --

A beautiful Fire Rock CC home priced to sell with furniture and finishes included.This well appointed home sets on over an acre and is move in ready.Majestic mountain views and city lights are undeniable through large picture framed windows.Vibrant views of the golf course are also present throughout the home and while enjoying numerous outdoor patios.A designer kitchen with timeless granite countertops with bar and a floor to ceiling Cantera fireplace showcase the great room.The split master suite has it all with mountain and sunset views, privacy, access to the pool/spa and separate study.Pride of ownership shows with many updated systems including the theatre room and backyard pool area with fountains and a rocking Sonos/Pioneer sound system. Live and enjoy the FireRock CC lifestyle!!!

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4822 E Flower Street Phoenix, AZ 85018

$2,250,000

4 Beds

3.5 Baths

3,033 SqFt

Status Active Under Contract

MLS # 6759791

Property Type Single Family Residence

Price Type --

Stunning ranch style renovation/ new build in one of Arcadia's most coveted neighborhoods! Great room w/ vaulted ceilings, custom beams and 2 sets of sliding doors for indoor/ outdoor living. New Andersen windows, European Oak wood floors & custom millwork t/o. Gourmet kitchen w/ quartz island, custom cabinetry, 48'' dual fuel range, leathered granite counters. Beautiful large butler's pantry w/ powder room. Separate media room/ den. Split floor plan w/ formal office and 3 bedrooms/ 2 baths in separate wing. Primary suite w/ vaulted ceilings and sliding doors to covered patio, marble oversized shower and custom walk-in closet. Backyard w/ covered patio & Belgard pavers, plenty of room for pool, Camelback mtn views. New plumbing, electrical, sewer lines, gas lines & 3 new HVAC units.

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9452 E Heritage Trail Drive Scottsdale, AZ 85255

$2,250,000

3 Beds

2.5 Baths

3,252 SqFt

Status Active Under Contract

MLS # 6766268

Property Type Single Family Residence

Price Type --

Exquisitely Remodeled Single Level DC RANCH Home in (Gated) Desert Haciendas. Rare find that does not come on the market often! Luxuriously Upgraded with Custom Designer Finishes. 3bed, 2.5bath, Den/Media, 3-Car, Soaring 20''ft ceiling w/ Wood Beams, White Oak Hardwood floors, Amazing Gourmet Kitchen, Expansive quartz island, w/Custom Cabinetry, WOLF Range, Newer 48'' SUBZERO, New BOSCH DW, Wine bar, Butler's Pantry! Spa Primary Suite , Marble Shower, Rift wood custom cabinets, w/Custom Double M-Closet w/Built-ins and French door to Backyard Paradise. Enjoy the double French Doors that open to the Courtyard w/ Fireplace. Outdoor areas w/ incredible Stone Finishes, Pool & Raised Spa, Fireplace & Pergola...a ton of Architectural details throughout! Check out this Very Special Home!

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12785 N 135th Street Scottsdale, AZ 85259

$2,250,000

3 Beds

2.5 Baths

3,431 SqFt

Status Active Under Contract

MLS # 6781211

Property Type Single Family Residence

Price Type --

Welcome to an exquisite luxury estate in the esteemed guard-gated community of Scottsdale Mountain. This privately gated property offers a harmonious blend of soft contemporary design, rustic stone accents, and modern lighting, creating an inviting and elegant ambiance. Perched high on an expansive hillside lot, the estate promises breathtaking panoramic views. Inside, every room is a masterpiece of refinement and detail. The gourmet kitchen is every chef's dream with three SubZero units - fridge, freezer, and wine fridge - alongside a built-in Miele coffee center. The spacious island is the ideal gathering spot for family and friends, while the sleek 5-burner induction cooktop adds to the home's contemporary aesthetic. Retreat to your luxurious owner's suite and indulge in breathtaking sunsets or savor your morning coffee with panoramic views from every window. The owner's bath is truly spa-like, boasting modern floating vanities, a massive walk-in shower, and a soaking tub - perfect for unwinding after a long day. Complete with an oversized walk-in closet, the space offers ample storage space that is highlighted by designer lighting. Designed for both relaxation and entertainment, the backyard features a low-maintenance paradise with silver travertine pavers, lush turf, an outdoor kitchen, a ramada, and LED accent lighting. Watch sunsets light up the mountains to the north and take in incredible 180-degree panoramic cityscapes to the south. This expansive lot is also surrounded by Natural Area Open Space (NAOS) to the east, ensuring no neighboring developments disrupt the tranquility. Discover the ultimate luxury living experience at Scottsdale Mountain, where breathtaking views and an active lifestyle converge. This community embodies the quintessential Arizona lifestyle with easy access to a myriad of outdoor activities. Enjoy pickleball, tennis, basketball, and neighborhood events all within the community's gates. Or venture out for a vibrant array of local attractions, including golf, hiking, mountain biking, and horseback riding. With the Lost Dog and Sunrise Trailheads into the McDowell Sonoran Preserve located just outside the community gates, you're just minutes from exceptional scenery and an active lifestyle. Don't miss out on this opportunity to live in one of Scottsdale's most coveted communities, surrounded by natural beauty, while still being close to all that this vibrant city has to offer. Come see why this is more than just a house - it's an experience you won't want to miss!

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8049 E Via Sierra -- Scottsdale, AZ 85258

$2,250,000

4 Beds

3 Baths

2,539 SqFt

Status Active

MLS # 6781460

Property Type Single Family Residence

Price Type --

Stunning golf course property with picturesque lakes and the McDowell Mountains in the backdrop. This fully renovated home has it all: a spacious gourmet kitchen featuring a high-end appliances, wine bar and coffee station. The home boasts four bedrooms, including a luxurious master suite, and three beautifully designed bathrooms. Elegant hardwood and marble floors flow seamlessly throughout. Enjoy outdoor living with a private pool, or relax and take in the charm of your neighborhood from the comfort of the front patio. Ample parking space can be added in the front. Ideally located for those who love outdoor activities, dining, and coffee shops, this home is perfectly situated. An exceptional home, designed with unparalleled taste.

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2304 Fox Tail Trail Carefree, AZ 85377

$2,250,000

3 Beds

3.5 Baths

4,202 SqFt

Status Active

MLS # 6780112

Property Type Single Family Residence

Price Type --

Desert Oasis: A Custom-Crafted Treasure: Experience the pinnacle of desert living in this exquisite, custom-designed home showcasing spectacular views of Black Mountain and the shimmering city lights. This meticulously appointed residence features 3 bedrooms, 3 ½ baths, and a built-in office, skillfully crafted by the esteemed architect Terry Kilbane. With its adobe style exterior walls, authentic fireplaces, and unique architectural elements, this home is truly one-of-a-kind. Set on two generous lots that back onto NAOS for added privacy and serenity, recent enhancements include a fresh stucco finish and new paint, complemented by elegant brick flooring throughout. Step inside to discover the inviting warmth of hardwood floors, the sophistication of custom wood doors and cabinetry,

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4007 E Montecito Avenue Phoenix, AZ 85018

$2,250,000

5 Beds

4.5 Baths

3,545 SqFt

Status Active

MLS # 6712091

Property Type Single Family Residence

Price Type --

Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

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9327 W Vereda Solana Drive Peoria, AZ 85383

$2,250,000

7 Beds

6 Baths

7,091 SqFt

Status Active

MLS # 6724854

Property Type Single Family Residence

Price Type --

This stunning Santa Fe-style north Peoria property, nestled on a serene 1.1-acre lot on a private cul-de-sac, boasts breathtaking mountain views & a host of premium features! The large main house features Energy-efficient solar panels, large 3-car garage & RV gate. Discover the large great room & gourmet kitchen, with plantation shutters & pre-wired surround sound throughout the home. The generous owner's suite offers direct access to the backyard & a luxurious bathroom. A den, teen/Bonus room and 3 large bedrooms make this the perfect family retreat. Outside you will find a sparking pool, putting green, batting cage, grill/outdoor kitchen and sprawling yard perfect for hosting and gathering. The large 3bed/2ba casita with separate entrance and private garage is perfect for extended famil The oversized backyard is an entertainer's dream, featuring a refreshing pool, a covered patio, & putting green for golf enthusiasts. A detached guest house provides additional living space, ample bedrooms, & a fully equipped kitchen, making it perfect for visitors or extended family. This residence is more than a home; it's a lifestyle!

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7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,250,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6760321

Property Type Single Family Residence

Price Type --

Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

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3510 E Claremont Avenue Paradise Valley, AZ 85253

$2,250,000

6 Beds

4 Baths

3,718 SqFt

Status Active Under Contract

MLS # 6707201

Property Type Single Family Residence

Price Type --

Nestled in the tranquil back of a cul-de-sac within the prestigious Mirada Los Arcos subdivision of Paradise Valley, this extraordinary property offers breathtaking mountain views in multiple directions. Its prime location places you close to the finest amenities that Paradise Valley, Scottsdale, and Phoenix have to offer, including the scenic Phoenix Mountain Preserve trails, an array of popular restaurants, boutique shops, and top-rated public and private schools. The expansive lot tucked into the back of a gorgeous cul-de-sac provides the perfect opportunity to build your dream home, creating a custom living space that takes full advantage of the stunning natural surroundings. This one-of-a-kind property combines a prime location, stunning views, and exceptional potential. This is an unparalleled opportunity to create a luxurious and personalized living environment in one of the most desirable areas of Paradise Valley.

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