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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517 W Granada Road Phoenix, AZ 85003

$1,400,000

4 Beds

3 Baths

2,262 SqFt

Status Active

MLS # 6782129

Property Type Single Family Residence

Price Type --

Step into a piece of history with this meticulously remodeled 1941 home nestled in the highly sought-after Willo Historic District. This residence perfectly blends timeless charm with contemporary elegance while honoring its rich heritage. The heart of this home is the expansive, fully remodeled, open kitchen and two living areas, designed for both family gatherings and entertaining guests. The chef's kitchen is a true showstopper, featuring custom walnut cabinetry, a large kitchen island with soapstone countertops, custom tile work and a separate beverage fridge. Culinary enthusiasts will appreciate the premium Bertazzoni gas range. The primary suite is fantastic with its elegantly appointed bath, double sinks, large shower and large walk-in closet and doors to the outdoor living room. The split floorplan with three additional bedrooms and 2 more baths offers flexibility for a growing family, home office, or guest quarters. The home's bathrooms have all been completely remodeled with modern touches, blending style and functionality. The outdoor living room is perfect for al fresco dining, morning coffee, or evening cocktails in front of the TV and outdoor fireplace. Enjoy peace of mind with all new plumbing, electrical, windows, roof and sewer line. This home truly offers the best of both worlds: the character and craftsmanship of the past with the convenience and style of today. Willo Historic District is renowned for its annual home tour, where residents open their doors to showcase the neighborhood's unique architectural styles. Living here means becoming part of a tight-knit community that values preservation and pride of ownership.

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6523 E Lonesome Trail Cave Creek, AZ 85331

$1,400,000

4 Beds

3.5 Baths

3,595 SqFt

Status Active

MLS # 6771859

Property Type Single Family Residence

Price Type --

Stunning views, exceptional quality paired with an abundance of space and privacy! No HOA providing freedom for horses, garage addition, bar, or entertaining space. The home is built with timeless finishes, quality construction, single level four bedroom (dual primary suites), three & a half bath, and three car garage. Enjoy mountain views and sunsets from the roof top view deck, gated/stucco privacy yard, indigenous wash which emphasize the serene desert solitude. This home is located on County Island, and can be used as an Airbnb or VRBO. You do not want to miss this Cave Creek gem! Seller willing to carry / Seller Financing Available 20% down INTEREST ONLY / 5% / 2 year balloon.

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2003 E Clubhouse Drive Phoenix, AZ 85048

$1,400,000

5 Beds

3.5 Baths

3,812 SqFt

Status Active

MLS # 6773388

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this wonderful 4 bed, 3.5 bath residence now on the market! Great curb appeal, a manicured landscape w/lush natural turf, a 5 CAR GARAGE w/built-in cabinets, and a paver driveway are just the beginning. Discover a spacious living area w/soaring ceilings, luxurious fixtures, plantation shutters, and custom palette throughout. Continue into the large family room, featuring a wood-burning fireplace to keep you warm during the chilly winter months. The gorgeous kitchen is equipped w/everything the aspiring chef needs, espresso cabinetry, granite counters, tile backsplash, pantry, subzero appliances, large island, and a breakfast nook w/a serving window & bar. Double doors open up to the primary bedroom, showcasing private outdoor access, a 2nd fireplace, a walk-in closet, and a lavish ensuite w/dual sinks. Upstairs you will find your very own private theater room with Dolby Atmos surround sound and 140 screen, a wet bar w/ balcony access, perfect for movie nights w/friends & loved ones! Lastly, the resort-like backyard includes a covered patio, view fence, extended seating pool side in the walk down gazebo w/a built-in BBQ, hot tub, and a sparkling blue pool w/a rock waterfall & additional water features, lights and fire features! Cozy up to the fire pit on cold nights and take in the amazing views all around. Home features full ensuite of home automation control for everything from all the interior lights and fans to all the pool features.

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615 W University Drive Mesa, AZ 85201

$1,400,000

3 Beds

1.5 Baths

1,386 SqFt

Status Active

MLS # 6774011

Property Type Single Family Residence

Price Type --

Prime Multi-Family Development Opportunity in Downtown Mesa's Sought-After Opportunity Zone! Located on a generous 1.33-acre lot at 615 W University Dr, this property offers an exceptional chance for developers. Significant progress has already been made with architectural plans and City approvals for a 27-townhome project. This unique lot, which spans from North Date to North Kosick, consists of five parcels, offering extensive frontage along University Drive. Ideally positioned just one block north of downtown Mesa and the light rail, this property is also minutes from major freeways, the ASU campus, schools, and various shops.

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22873 S 193rd Street Queen Creek, AZ 85142

$1,400,000

5 Beds

3 Baths

3,440 SqFt

Status Active

MLS # 6779387

Property Type Single Family Residence

Price Type --

This beautiful red brick home sits on a city acre and is just as gorgeous on the inside as the outside. It has been completely remodeled with stunning features great for hosting. This 5 bed, 3 bath 1 story with a split floorplan has 2 living spaces, new flooring, cabinetry, doors, & completely remodeled Bathrooms with high end finishes throughout. The kitchen was awarded the ''Showcase Your Space'' 2021 Remodel of the Year by Capitol Mark Interiors & includes custom cabinetry, upgraded appliances, satin bronze hardware, & Zellige back splash. The backyard feels like a resort with new stone patio, fireplace with TV, limestone counter BBQ, sparkling pool, firepit with tons of seating and gathering spots. The RV Gate allows easy access for additional driveway, Casita, or Detached Garage.

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7026 E Warner Road Tempe, AZ 85284

$1,400,000

5 Beds

5 Baths

5,500 SqFt

Status Active

MLS # 6780197

Property Type Single Family Residence

Price Type --

INVESTOR OPPORTUNITY in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Renovate the existing home or build one large residence. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.

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10602 W Electra Lane Peoria, AZ 85383

$1,400,000

6 Beds

5 Baths

3,386 SqFt

Status Active

MLS # 6784168

Property Type Single Family Residence

Price Type --

Welcome Home! This stunning property has it all, offering a main home with 3,035 sqft of living space, 5 spacious bedrooms, and 4.5 bathrooms, plus a separate 351 sqft bedroom and bath within the RV garage—ideal for guests or a private office suite. Step into an incredible chef's kitchen featuring a massive island and a folding glass wall that seamlessly connects indoor and outdoor living. The resort-style backyard is truly one-of-a-kind, boasting a luxurious infinity-edge pool and spa, an outdoor living area with a built-in BBQ and fireplace, and a putting green for a bit of friendly competition. The impressive RV garage, equipped with a 220 outlet, provides a 50x16.5 space on the RV side, with a large storage area above the office. This property blends elegance, convenience, and functionality to create an unforgettable living experience. Don't miss the chance to make it yours!

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5516 W Melinda Lane Glendale, AZ 85308

$1,400,000

5 Beds

4.5 Baths

4,100 SqFt

Status Active

MLS # 6785183

Property Type Single Family Residence

Price Type --

Rare Find in Arrowhead Lakes! An Entertainers Dream Home by AslanHomesUSA. This forthcoming to-be-built home Includes architectural plans fully approved by HOA design committee. Buyer can take over with builder and choose all finishes. Please note, Photos provided to illustrate approximate finished appearance. Back yard photos are from a neighboring home for reference. Nestled against the mountainside, this coveted lot offers a perfect blend of natural beauty and urban convenience. Your backyard? A serene mountain escape with hiking and biking trails steps away. Stunning views of the city skyline, sparkling lakes, and majestic mountains. Close to world-class golf, top-tier shopping, and vibrant entertainment, this location is unbeatable.

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12776 N 78th Street Scottsdale, AZ 85260

$1,400,000

4 Beds

3 Baths

3,175 SqFt

Status Active Under Contract

MLS # 6781005

Property Type Single Family Residence

Price Type --

Nestled in the heart of the Buenavante neighborhood is a fantastic home that offers a great split floor plan that checks a lot of boxes.Enter through the double doors into a spacious living/dining room w/ views to the back gardens. A separate family room with cozy fireplace makes room for everyone. Updated kitchen with lots of storage & great island for easy prep & a place for guest to hangout. The primary is a dream w/ a fireplace, nice sitting area & access to the pool. Primary bath is wonderful w/ separate tub/shower & separate vanities & closets. The Jack & Jill bathroom between 2 of the bedrooms makes for a great kid setup plus there is a 3rd full bath for guest. South facing backyard w/ an inviting pool & established landscaping. Bonus - No Short Term Rentals allowed in subdivsion.

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744 W Royal Palm Road Phoenix, AZ 85021

$1,400,000

3 Beds

3.5 Baths

3,547 SqFt

Status Active Under Contract

MLS # 6784881

Property Type Single Family Residence

Price Type --

If you're a fan of natural light and wide open spaces, this is the home for you! Classic 3 bed, 3.5 bath home on a half acre, irrigated, corner lot in the Royal Palm neighborhood. Tons of flex space - 2 office areas and 3 living spaces as well. Gorgeous views from nearly everywhere in the house. All 4 bathrooms have been remodeled, and the kitchen updated with white shaker cabinets, quartz countertops, and stainless appliances. Beautiful hardwood oak floors recently refinished. Inviting front patio welcomes friends and neighbors, and expansive back covered patio will be the pool party hub. Room for an urban farm too - chicken run area on side yard, as well as lots of fruit trees - 3 massive pecans, apricot, peach, rosemary, basil. Room for all your people, and your ideas!

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2432 Leisure World -- Mesa, AZ 85206

$1,400,000

4 Beds

4.5 Baths

3,800 SqFt

Status Active

MLS # 6784370

Property Type Single Family Residence

Price Type --

A rare opportunity! Custom built 4 bedroom , 4.5 bathroom home on a quiet cul-da-sac in Leisure World. Located on the fifth hole of Coyote Run Golf Course and overlooking holes twelve and thirteen. A large great room, a formal dining room, an office , four bedrooms with there own bathrooms plus a half bath, Indoor kittchen features top of the line appliances and a breakfast bar.Access the martini bar via a spiral staircase to the upper level with a fantastic view of the valley. The side yard has a summer kitchen with a retractable awning top and side awnings, The golf course patio is accessible by opening the 20 foot wide electric patio door. The home also features a double garage and a double golf cart garage. Fully Furnished.

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39791 N Country Lane San Tan Valley, AZ 85140

New

$1,400,000

5 Beds

3 Baths

3,595 SqFt

Status Active

MLS # 6788522

Property Type Single Family Residence

Price Type --

Huge rate buydown incentive!!! Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around.

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