What’s Ahead For Mortgage Rates This Week – May 31, 2016

Last week’s economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims.

New Home Sales Surpass Expectations

Sales of new homes surpassed expectations and the prior month’s reading. April’s reading of 619,000 sales exceeded expectations of 523,000 new homes sold and 531,000 new homes sold in March.  New home sales rose by 16.60 percent on a seasonally adjusted annual basis, which was the highest increase in 24 years. 

Analysts said that April’s new home sales indicate that builders are increasing production of new homes to meet high demand for homes. Short inventories of available homes are credited with driving up demand and home prices. Buyers seeking family homes are contending with investor buyers and cash buyers in popular markets.

With affordability becoming limited in many cities, first time and moderate income homebuyers aren’t buying as many homes as they once did. This development contributes to slowing markets, as move-up buyers generally rely on first time buyers to purchase their homes. 

Shortages of available homes has pressured home builders to break ground on new home construction projects, but builders continue to cite labor shortages and a lack of buildable lots as reasons why they aren’t building homes as fast as homes are needed. 

Pending Home Sales Numbers Suggest Peak Buying Season Returns

Pending home sales were also higher than forecast in April with a reading of 5.10 percent as compared to expectations of 0.80 percent for April and the March reading of 1.60 percent. Pending home sales gauge future closings for home sales and reached their highest level in 10 years and posted a year-over-year gain of 4.60 percent. 

Three of four regional readings for pending home sales posted gains, with home sales in the Midwest posting slower growth. On a year-over-year basis, he South posted a gain of 6.80 percent and the Northeast posted a gain of 1.20 percent. The West saw a jump in pending sales with a reading of 11.40 percent after posting a negative reading in March. 

April’s expansion in new and pending sales suggests that the peak home buying season is back.

Mortgage Rates Rise; New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates. The rate for a 30-year fixed rate mortgage was six basis points higher at 3.64 percent; the rate for a 15-year mortgage rose eight basis points to 2.89 percent. The average rate for a 5/1 adjustable rate mortgage rose seven points to 2.87 percent. Discount points averaged 0.50 percent for all mortgage types. 

New jobless claims dipped last week to 268,000 as compared to an expected reading of 275,000 new claims and the prior week’s reading of 278,000 new claims. Analysts said that New York school employees that were eligible for benefits boosted jobless claims earlier in May due to a non-typical law that allows some school workers to draw unemployment during school closures such as spring break or labor disputes.

What‘s Ahead This Week

This week’s scheduled economic news includes Case-Shiller Home Price Indices, construction spending and reports on inflation, core inflation and consumer sentiment. No reports were scheduled for Monday due to the Memorial Day holiday. 

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26827 N 68th Street Scottsdale, AZ 85266

$1,999,999

5 Beds

5 Baths

4,383 SqFt

Status Active

MLS # 6640376

Property Type Single Family Residence

Price Type --

CONTEMPORARY TENNIS COURT ESTATE~! Acre+ with guest house. A private paradise awaits you via a long curved driveway. Enjoy your lighted tennis court, sheltered amidst shade trees, mature cacti, flowering shrubs. This masterpiece is built to last with Integra Block, I-Beam & Post Tension Concrete. Dual living floorplan is connected by an upper level view skywalk & overlooks the heart shaped pool. Wood/tile/concrete flooring. All bedrooms have walk-in closets & upper deck access. Cute guest house with mini-kitchen & 3/4 bath. Office, Library wall, Media room, home gym w/shower. Soaring wood ceilings in great room Double Island kitchen w/sleek gray quartz counters, stainless appliances, tall wine cooler, W/I pantry. 2 story exterior metal fireplace. Ramada w/BBQ, pvt Garden. NO HOA FEES~!

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30989 N 77th Way Scottsdale, AZ 85266

$1,999,999

3 Beds

3.5 Baths

4,143 SqFt

Status Active

MLS # 6713596

Property Type Single Family Residence

Price Type --

This stunning home spans over 4100 sq ft, offering ample space for luxury high desert living. With 3 bedrooms +den and 3.5 baths, it provides the perfect retreat for a family or individuals seeking a spacious living environment. Recently remodeled, this home features high end 'wood like' tile flooring throughout, giving it a modern and elegant aesthetic. The kitchen is adorned with beautiful quartz countertops and equipped with Wolf stainless steel appliances and a Sub-zero refrigerator. The primary bedroom is oversized, offering enough space for a seating area and more. The bathroom has been remodeled, offering a luxurious and serene space for relaxation. There is a large walk-in closet off of the bathroom, with custom built-ins; in addition, there are 2 other closets in the main bedroom The home includes a 3-car garage equipped with a mini split AC. Additionally, the home has a beautiful pool that was just updated with new tile and pebble tech, the pool decking was all re-coated as well. In addition to there is also a hot tub, gas firepit (with seating area), and built in BBQ, this backyard is a beautiful oasis! The home also benefits from a newer roof and AC unit, ensuring comfort and peace of mind. Situated on a corner lot, this home offers picturesque mountain views, creating a serene and tranquil atmosphere. With all of its impressive features and recent upgrades, this home is a must see!!

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3804 E Camelback Road Phoenix, AZ 85018

$1,999,999

4 Beds

4 Baths

4,764 SqFt

Status Active

MLS # 6764227

Property Type Single Family Residence

Price Type --

LUX IN THE CITY! The ideal lock-and-leave home with short term rentals allowed. This beautiful home offers tranquility in the heart of the city, tucked away off Camelback, on a private street. Open and bright with soaring ceilings and spacious rooms, the home exudes elegance. The chef's kitchen is outfitted with Bosch and KitchenAid appliances, dual islands, and custom cabinetry (easily adaptable to white). Massive laundry room with farm sink, lots of cabinets, and plenty of counter space. Enjoy outdoor living with a large patio and two balconies—one with morning views of Camelback, the other with stunning Piestewa Peak sunsets. The primary suite offers dual closets, separate his-and-her toilets, and a spa-like bath with a

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11334 E Troon Vista Drive Scottsdale, AZ 85255

$1,999,999

3 Beds

3.5 Baths

4,097 SqFt

Status Active

MLS # 6682066

Property Type Single Family Residence

Price Type --

Quintessential Arizona Living on an elevated mountainside lot nestled within the Sonoran Desert and surrounded by captivating panoramic Mountain Vistas. Located within the prestigious gated community of Troon Ridge Estates, this estate is situated on a 2-acre double lot to maintain privacy and jaw dropping VIEWS! The Santa Fe Style Estate features natural elements of boulder outcroppings, majestic Saguaros and a tranquil water feature in the front courtyard setting the tone for the serene ambiance of the home. The open floor plan expands 4100 sf of living space with large picture windows creating a canvas of outdoor desert landscape being an extension of the indoor atmosphere and design. A living piece of art, this home features exquisite one-of-a-kind hand-carved woodwork that........ embodies unparalleled craftsmanship and artistic flair. This home is a sanctuary of sophistication and authentic Southwestern design. The Terracotta Tile floors expand throughout the living space creating an authentic rustic appeal. The kitchen highlights the hand-carved wooden cabinets, a mosaic tile backsplash, double ovens, and an inviting eat-in area overlooking the great room living space. The living area is designed to maximize breathtaking views, with large windows framing Troon Mountain, Pinnacle Peak, and the McDowell Mountains. A grand beehive fireplace anchors the room adding warmth and charm, while a wet bar adorned with copper detailing provides an ideal spot for entertainment. This meticulously designed home features three-bedrooms all with ensuites, offering comfort and privacy, plus a generously sized office. The primary suite is a haven for relaxation with inviting fireplace, wrap-around private balcony, and spa-like bath. A backyard oasis providing awe-inspiring views, infinity-edge pool, expansive covered patios, an additional fireplace, and plenty of seating areas for relaxing or hosting guests. Enjoy proximity to Troon Country Club, renowned hiking trails such as Tom's Thumb, and the unmatched beauty of the desert! Plus, an array of nearby world-class golf courses, West World, shopping and dining destinations. *Included in the sale is Parcel #217-02-851 to protect your serene views and privacy*

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12326 E Black Rock Road Scottsdale, AZ 85255

New

$1,999,995

3 Beds

3.5 Baths

3,353 SqFt

Status Active

MLS # 6787768

Property Type Single Family Residence

Price Type --

*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Interior Finishes have been added!* This spanish contemporary Irini floor plan is under construction on an elevated home site! Features include an attached Casita with a separate entry, a private Courtyard, Great Room with a 16' glass pocket door and 60'' linear fireplace, SS Wolf appliances, double wall ovens, 48'' Sub Zero Fridge, Soft Water System and large study with wet bar. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!

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8237 E Lippizan Trail Scottsdale, AZ 85258

$1,999,950

4 Beds

3 Baths

2,938 SqFt

Status Active

MLS # 6780922

Property Type Single Family Residence

Price Type --

Welcome to the newly remodeled 8237 E. Lippizan Trl, a stunning home located in the highly sought-after McCormick Ranch community in Scottsdale. This beautifully updated property offers a spacious layout, modern high end finishes, and a resort-style backyard, perfect for enjoying Arizona living at its finest. Step into a light-filled living area with large windows that bring in abundant natural light. The open floor plan creates a seamless flow between the living room, dining room, and kitchen, making it perfect for entertaining. The updated kitchen features sleek quartz countertops, brand new matching stainless steel appliances, a large center island with breakfast bar seating, custom cabinetry, and gorgeous new flooring. Whether you're preparing a casual meal or hosting guests, this kitchen offers the perfect blend of style and functionality. The beautifully landscaped backyard offers a covered patio, sparkling pool, and plenty of room for outdoor dining and relaxation. This space is designed for enjoying the Arizona weather year-round. McCormick Ranch is one of Scottsdale's premier master-planned communities, offering access to miles of walking and biking paths, lakes, parks, and two championship golf courses. With its close proximity to Old Town Scottsdale, Scottsdale Fashion Square, and local hotspots, you'll enjoy the perfect blend of outdoor beauty and urban convenience!

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10088 E Duane Lane Scottsdale, AZ 85262

$1,999,900

3 Beds

5 Baths

4,395 SqFt

Status Active

MLS # 6755431

Property Type Single Family Residence

Price Type --

Custom Built 1+ACRE Estate in North Scottsdale's Exclusive Troon North Gated Talus Golf Community situated on Cul-de-Sac corner lot adjacent to miles of desert preserve providing complete PRIVACY & Endless Desert Mountain Views! This Open Great Room Split Floorplan has 3 EnSuites, +Den/Office +Media/FlexRoom, 3/full & 2/half Baths, 3-Car Garage, Vaulted Ceilings, Gourmet Kitchen, GE Profile SS Appliances, Bay Window Dining, Gas Fireplaces, Wet Bar & Lots of Oversized Windows capturing all the Views. The primary EnSuite has Private Exit to Backyard, Walk-in Shower, Jacuzzi Tub, Walk-in Closet & MORE VIEWS, Resort Style Backyard with Pebbletec Pool, Water Feature, 2-Way Fireplace & SO MUCH MORE - The Community features Trails, Pickleball, Tennis, Shopping, Dining, Parks & Golfing, Must See!

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95 Meander Way Sedona, AZ 86336

$1,999,888

4 Beds

4 Baths

3,981 SqFt

Status Active

MLS # 6767200

Property Type Single Family Residence

Price Type --

Luxury Retreat with Endless Potential Welcome to your exclusive Sedona getaway, where luxury meets opportunity! This fully remodeled, fully furnished, and ACTIVE short-term rental (STR) is not just a property-it's a 2nd home that can STR when you are not enjoying the home. Situated atop a hill in West Sedona, this 4-bedroom gem offers jaw-dropping views of Thunder Mtn and Chimney Rock. Nearly half an acre with pitch & Putt Golf, Hot Tub, front and back yard fire tables for stargazing, Oversized 2 car garage AND separate Covered RV Parking ideal for Sprinter Vans or RVs. Unmatched Features & Amenities Step into a world of sophistication and comfort with two spacious living rooms, a private yoga room, and versatile spaces perfect for hosting guests. NO HOA adds to the allure, giving you the freedom to tailor this property to your vision, whether as a luxurious 2nd or 3rd home retreat or an investor's dream. Natural Beauty Meets Modern Design: Outside, a huge deck and multiple open areas front and back to soak in Majestic Views of Thunder Mountain and Chimney Rock. Inside, the open-concept living area is a showcase of modern design, featuring an exposed beam ceiling, wood vinyl flooring, and designer lighting that creates an ambiance of luxury and warmth. Culinary Delights & Relaxation: The chef's kitchen is a masterpiece, equipped with top-of-the-line Bosch Appliances, quartz countertops, and a 6-burner gas range that will inspire culinary creativity. The primary bedroom is a sanctuary, complete with a private balcony for savoring Sedona's famed sunsets and an en-suite bath that rivals a spa retreat. Entertainment & Outdoor Living: The lower level is dedicated to entertainment and relaxation, offering two additional bedrooms, a versatile Media room with direct backyard access, a yoga/room, and bonus TV sitting room with two twin pull outs. Outside, a cozy patio beckons with HOT TUB, providing a front-row seat to Sedona's natural wonders and easy access to hiking trails, gourmet dining, and local attractions. Step out to the pitch and putt golf course or take in some corn hole. Covered RV Space could be a great tiki bar or used for Sprinter/RV guests. Investment Excellence: With its prime location, luxurious amenities, and exceptional income potential, this Sedona retreat is not just a propertyit's a smart investment that promises both financial returns and a lifestyle of unparalleled luxury. Add additional income by renting out the separate RV Garage. Seize this opportunity to own a piece of Sedona's charm and prosperity! * PRICE INCLUDES: all furnishings, dishes, linens, art, electronics, side by side washer and dryer, two additional refrigerators in garage

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5426 E Palo Brea Lane Cave Creek, AZ 85331

$1,999,888

5 Beds

3.5 Baths

4,761 SqFt

Status Active Under Contract

MLS # 6753335

Property Type Single Family Residence

Price Type --

Wow! Located on a large 13,000+ sq. ft. lot in Cave Creek's Montevista subdivision, this fully renovated Toll Brothers home has it all. From the BEAUTIFULLY landscaped grounds to the stairwell's STUNNING cascading chandelier, this modern 4,761 sq. ft. property is perfect for those who like to entertain! In addition to 5 bedrooms, 3.5 baths, & a well-appointed kitchen (featuring upgraded Jenn-Air appliances), the floorplan has an indoor/outdoor vibe. The living room enjoys a modern fireplace and expansive windows. Outside? There is a RESORT BACKYARD complete with multiple shaded structures, an outdoor kitchen, firepit, & a pool/spa! And best of all? This home is located in the gated community of Montevista (which spoils residents with a 5-acre park, basketball court, playground, & more).

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37945 S Blue Tank Trail Wickenburg, AZ 85390

$1,999,500

4 Beds

3 Baths

3,467 SqFt

Status Active Under Contract

MLS # 6752522

Property Type Single Family Residence

Price Type --

This luxurious Spanish-style estate sprawls 10 acres of pristine desert landscape, offering unparalleled privacy and breathtaking 360-degree panoramic views!! Step into luxury as you enter this meticulously designed home featuring exquisite details at every turn. The negative edge pool and jacuzzi beckon for relaxation while you soak in the stunning desert vistas. Inside, the vaulted tongue and groove ceilings create an atmosphere of grandeur, complemented by hand-carved stone imported from Mexico and handmade cedar cabinets and doors. The gourmet kitchen is a chef's dream, boasting upgraded appliances, stunning granite countertops, and ample space for culinary creations. Indulge in the tranquility of the hand-painted tile in the bathrooms, complete with a jetted bathtub for ultimate relaxation. Throughout the home, you'll find timeless Saltillo floors and fireplaces, perfect for cozy evenings spent with loved ones. For the equestrian enthusiast, a horse barn awaits, ready to accommodate your equine companions. Miles of trails are available for riding! The immaculate courtyard and landscaping provide a serene outdoor oasis, ideal for entertaining guests or enjoying quiet moments of reflection. Casita provides private luxurious guest housing! With a 4-car garage, 50' RV Garage and owned Solar Panels ensuring low-cost living, this property offers both luxury and sustainability. Don't miss your chance to own this slice of paradise in the heart of Wickenburg!

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7150 E Sierra Vista Road Cave Creek, AZ 85331

$1,999,500

4 Beds

4.5 Baths

3,490 SqFt

Status Active

MLS # 6737872

Property Type Single Family Residence

Price Type --

Spacious, gracious, intelligently upgraded classic home high in the pristine Sonoran desert above Cave Creek. Expansive views with unparalleled privacy. The elevation from this 9.9 acre mountainside parcel presents breathtaking sunsets and dark skies at night that illuminate the stars! Remodeled in 2017 and upgraded through 2024 with high-end modern finishes while preserving the integrity of the original homestead built in 1975. Wholly owned solar was added in 2021. This is one-of-a-kind! The 3490sf hacienda (main house) is 3 bdrm (en-suite), study w/closet, gourmet kitchen, & dramatic great rm/dining rm overlooking view and saltwater pool (with pool heater added in 2020) and extensive patios. The 676sf casita has 1 bdrm & bath, kitchenette & living room w/deck overlooking the desert.... In 2021 an atelier/art studio with tile flooring and air conditioning was created by remodeling a storage room. The Mediterranean architecture is enhanced w/ stone walkways, iron archways w/ flowering vines, fruit trees & steel trellised patios. The original supporting wood beams in the Great Room are from the Prescott National Forest. Custom concrete Saltillo tile designed floors provide a maintenance free surface underfoot. A locally designed bespoke gate was added in 2023.

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11424 E Starflower Court Chandler, AZ 85249

$1,999,500

6 Beds

5.5 Baths

5,663 SqFt

Status Active Under Contract

MLS # 6729571

Property Type Single Family Residence

Price Type --

Calling all car lovers and land lovers... This estate with a detached casita checks all boxes. This gorgeous home will not disappoint. The main house has a split floor plan with 5 bedrooms, bonus room and a private office upstairs. The kitchen offers a Subzero refrigerator, a Wolf 48'' range, 6 burner with flat top griddle, 2 sinks, 2 dishwashers, an oversized island overlooking a generous sized great room. Like to entertain? Enjoy a bar area with wine and beverage fridges. For the car enthusiast come check out the 42 foot extended, temperature controlled RV garage, a driveway plumbed with cleanouts, 30/50 outlets in driveway and inside garage. Why wait, come check it out today!!

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