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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841 E Mclellan Boulevard Phoenix, AZ 85014

$1,499,000

4 Beds

4 Baths

3,740 SqFt

Status Active

MLS # 6724305

Property Type Single Family Residence

Price Type --

This gorgeous home is the perfect house. It boasts 10' ceilings throughout. All four bedrooms have an attached bathroom. The kitchen was recently remodeled, with a beautiful island, granite counters, and high end appliances. There are very few hallways in the house so all the square footage consists of gigantic rooms, perfect for entertaining. It's around the corner from MTA and in the desirable Madison School district.

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1227 E Jeanine Drive Tempe, AZ 85284

Open House

$1,499,000

5 Beds

3.5 Baths

4,174 SqFt

Status Active

MLS # 6769630

Property Type Single Family Residence

Price Type --

RARE Corona Ranch basement home with 5 bedrooms and 3.5 half baths is ready for you! This huge corner lot sits on just over a 1/3rd of an acre with mature landscaping, huge pool, built in jacuzzi and outdoor BBQ. Entering you have a huge living space, lots of natural light throughout, plenty of space for everyone to enjoy. Plantation shutters throughout entire house. Full basement has room for all your media, toys, bar and 2 bedrooms w a full bath.Best lot in the community !

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10220 E Cochise Drive Scottsdale, AZ 85258

$1,498,000

3 Beds

2.5 Baths

3,133 SqFt

Status Active

MLS # 6716959

Property Type Single Family Residence

Price Type --

THIS STUNNING HOME IS HUGE! THE MAIN ROOMS ARE OVERSIZED. THE YARD IS HUGE!! THE GLASS POOL SPARKLES RAINBOWS!! ITS LIGHT, BRIGHT, IMMACULATE!!!! A NATURALLY LIT 3 CAR GARAGE WITH A FAN. WALK OUTSIDE INTO YOUR BACKYARD OASIS OUT OF ALMOST EVERY ROOM. COOK IN A GRAND KITCHEN WITH IMPRESSIVE CABINETRY. THIS HOME IS AWE-INSPIRING!!!! YOU CAN HAVE LAKE ACESS, WALK IN THE PARK, PLAY TENNIS, VOLLEYBALL, BASKETBALL.... EAT & SHOP AT OUR SHOPPING CENTER, JOIN CLUBS.

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8533 E Montello Road Scottsdale, AZ 85266

$1,497,000

3 Beds

3.5 Baths

3,431 SqFt

Status Active

MLS # 6777777

Property Type Single Family Residence

Price Type --

The private Encanto Norte gated community is home to this beautiful single level custom home. The primary suite is a wonderful retreat including his and her walk in closets. The split floor plan has 2 more large bedrooms with ensuite bathrooms. A great room floor plan with an updated kitchen and dining and an office/den. Gorgeous landscaping surrounds a front yard courtyard and accents the beautiful heated pool and spa in the private and spacious backyard entertaining space. The tranquil desert and mountain views complete this private and well maintained property. A new roof and new HVAC are added bonuses to this well priced home.

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100 W Northern Avenue Unit 13 Phoenix, AZ 85021

Open House

$1,495,500

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6759072

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this unique, gated new community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This 2 level plan features the owner's suite and all primary living on the ground floor with additional bedrooms and flex loft upstairs. Subzero/Wolf appliances, Trane cont. AC units, and tankless water heaters all set the standard for the list of included high-end features. A community pool, dog park and walking path all provide the outdoor enjoyment without the upkeep.

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Munds Park AZ 86017

$1,495,000

3 Beds

6 Baths

4,000 SqFt

Status Active

MLS # 6772459

Property Type Single Family Residence

Price Type --

Currently a restaurant but was formerly a single- family residence. Could be changed back to residential and you would have a sprawling estate.

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27722 E Mount Ord Drive Fort Mcdowell, AZ 85264

$1,495,000

3 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6667696

Property Type Single Family Residence

Price Type --

Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the well-appointed kitchen, complete with modern appliances and a spacious island. Outside the property spans 5.22 acres across 3 parcels, making it ideal for horse enthusiasts. The property includes grass paddocks, corrals & hay storage, Solar Electrical System, Community well, whole home off grid.

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5632 E Emile Zola Avenue Scottsdale, AZ 85254

$1,495,000

4 Beds

3 Baths

2,934 SqFt

Status Active

MLS # 6781991

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in 85254! Back on the market and better than ever, this beautifully remodeled 4-bedroom, 3-bathroom home boasts 2,934 sq. ft. of luxury living right across from Sereno Park! This meticulously designed home features a grand, vaulted living room with authentic wood beams, creating a warm and inviting space perfect for relaxation or entertaining. Two primary suites offer ultimate privacy, each with its own spa-like bathroom and generous closets. The heart of the home extends to a stunning backyard oasis on a sprawling 1/3-acre lot. Dive into the sparkling pool, fire up the outdoor kitchen, and enjoy endless Arizona sunsets in style. Don't miss this reimagined gem - set your private tour today and see what makes this home so special!

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7180 E Kierland Boulevard Unit 509 Scottsdale, AZ 85254

$1,495,000

2 Beds

2 Baths

1,511 SqFt

Status Active

MLS # 6731549

Property Type Apartment

Price Type --

Welcome to Optima Kierland turn-key luxury Living. This Beautiful East Facing Unit offers spectacular views along with all the amenities & location, location! Enjoy an open floor plan with lots of space. The split floorplan offers expansive windows & walk-in closets in each suite. The outdoor patio is a wonderful place to watch the sunrise or relax in the evening. This unit includes a storage unit located on L3. Optima Kierland has amazing amenities. Rooftop Pool & Spa with scenic views of Mountains and City lights. Walking/jogging track on the rooftop. The world-class fitness center, golf simulator, 2 yoga studios, indoor basketball/pickleball & more. Shopping & Dining within walking distance.

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15407 N 19th Street Phoenix, AZ 85022

$1,495,000

4 Beds

4 Baths

4,100 SqFt

Status Active

MLS # 6766954

Property Type Single Family Residence

Price Type --

PANORAMIC MOUNTAIN VISTAS surround this refined remodel in a secluded cul-de-sac w/Phoenix Mountain Preserve trail access. Savor the sunrise& sunset from covered front & back patios of the hillside ACRE+ lot dressed in new landscape. Contemporary eat-in kitchen boasts professional appliances and sleek quartz counters. Relax away the day in the main suite w/stunning views, patio exit, soak tub. Two addt'l en-suite bedrooms w/walk-in closets. Built-in bar and yard entry set the stage for fun in the family room. Bonus multi-use den. Vaulted ceilings, wide-plank flooring, neutral paints, tasteful fixtures. Masterful split plan w/central great room enjoys a wall of sliding glass exits to the expansive tiered yard. Large lawn opens to pickleball court and spacious lower level w/room for a pool. -

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14503 N Adero Canyon Drive Fountain Hills, AZ 85268

$1,495,000

3 Beds

3.5 Baths

2,583 SqFt

Status Active

MLS # 6767292

Property Type Townhouse

Price Type --

Nestled in the serene enclave of Adero Canyon in Fountain Hills, this brand-new home epitomizes upscale, ''lock and leave'' living. Designed for those who appreciate both luxury and low maintenance, this residence offers sleek, contemporary architecture along with expansive windows and doors, creating a feeling of both privacy and views. The residence is sited on one of the highly preferred, elevated private lots as it backs to the preserve and hills, with no neighbors behind. High-end finishes, open concept living spaces and smart home features complete this modern oasis, making it an ideal retreat for those seeking a balance between sophistication and convenience. With two en-suite bedrooms and study/office in the main residence, plus separate entry casita and upgraded patio yard with spool, no detail has been forgotten in this picture-perfect home!

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4825 N 72nd Way Scottsdale, AZ 85251

$1,495,000

3 Beds

3.5 Baths

2,235 SqFt

Status Active

MLS # 6780709

Property Type Townhouse

Price Type --

Welcome home to your jewel box in the heart of Scottsdale's high-profile 85251 zip code! This modern masterpiece sits in Royale Gardens, a lush and tranquil tree-lined community reminiscent of Old Hollywood. Completely redeveloped from the foundation up and featuring both Scandinavian and contemporary design, this custom two-story residence features a rare 3 bedroom, 3.5 bathroom layout that is both spacious and perfect for entertaining. Stunning from the finest materials used, including imported hardwood floors, floating staircase, glass enclosed showers, recessed LED lighting, marble bathrooms, and a world-class gourmet kitchen with Sub-Zero integrated refrigerator and Corian countertops.

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