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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6225 E Carolina Drive Scottsdale, AZ 85254

$635,000

3 Beds

2 Baths

1,415 SqFt

Status Active

MLS # 6733040

Property Type Single Family Residence

Price Type --

Welcome to this charming single-story home boasting fresh interior and exterior paint that accentuates its bright and airy ambiance. The kitchen features stainless steel appliances including a range and dishwasher, complemented by beautifully painted cabinets and quartz countertops that provide ample workspace. With three bedrooms and two baths, this home offers both comfort and functionality. Enjoy entertaining in the spacious living areas complete with a cozy fireplace and luxury vinyl plank flooring throughout. Outside, a fenced pool awaits in the private backyard, perfect for relaxing or hosting gatherings. This home combines modern upgrades with classic charm, making it an ideal retreat for any homeowner.

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3993 W Talc Drive San Tan Valley, AZ 85144

$635,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6745758

Property Type Single Family Residence

Price Type --

MOVE-IN READY, better than a new build or spec home. This 4 bed, 3.5 bath with 4 car garage dream home is waiting for you! Custom features include tile plank flooring throughout, kitchen with backsplash, custom cabinets with pull-out drawers, quartzite countertops, gas chef range and beverage fridge. Master suite with walk-in closet, master bathroom features a large walk-in shower with custom tile surround, free-standing tub, vessel sinks with his and her vanities and faucets. All upgrades done by an interior designer. Large bedrooms and one w/private bath, walk-in closet. Bedrooms are split from the master with a large bonus room. Sliding wall of glass from great room that leads out to the extended patio. Private backyard with no two stories behind you.

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20750 N 87th Street Unit 2139 Scottsdale, AZ 85255

$635,000

2 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6743827

Property Type Townhouse

Price Type --

Amazing townhome near McDowell Mountain Preserve! Welcome to this beautifully updated two-bedroom, two-bath townhome featuring a two-car garage. The living room boasts a beautiful fireplace with elegant stone accents, creating a warm and inviting atmosphere. Step outside to a large, open patio, perfect for relaxing or entertaining. The modern kitchen is a chef's dream, equipped with stainless steel appliances, stunning granite countertops, and a convenient breakfast bar. Enjoy meals in the adjacent formal dining area, enhanced with updated fixtures that add a touch of sophistication. The large master bedroom offers a private balcony, providing a serene retreat with views of the surrounding area. Inside laundry adds convenience, making daily chores a breeze. Located just steps away from the McDowell Mountain Preserve, and minutes from Scottsdale's shopping and dining, this townhome offers easy access to outdoor adventures and breathtaking scenery. Experience the perfect blend of comfort, style, and location in this must-see home!

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15492 W Campbell Avenue Goodyear, AZ 85395

$635,000

5 Beds

3.5 Baths

3,900 SqFt

Status Active

MLS # 6755869

Property Type Single Family Residence

Price Type --

Basement homes are not synonymous with Arizona. Welcome to Palm Valley Living at it's finest! This well appointed home has 5 bedrooms 3.5 bathrooms with 3900 sq ft for your enjoyment. 3 car garage and a neutral pallet makes this one a winner!

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11207 N 109th Place Scottsdale, AZ 85259

$635,000

3 Beds

2.5 Baths

1,993 SqFt

Status Active

MLS # 6763576

Property Type Townhouse

Price Type --

BRAND NEW AC UNIT! Don't miss out on this 3 bedroom 2.5 bath townhome, located in Scottsdale. This home offers new flooring, new ac unit, new stove and great floor plan. When you walk in you will be immediately greeted with charm and a beautifully kept home. All bedrooms are located upstairs with a half bath downstairs. Washer and dryer are located in the half bath that is right off the kitchen. This home offers a two car garage with extra room for storage. Enjoy the community features of a pool, spa and tennis courts.

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1433 E Tulsa Street Gilbert, AZ 85295

$635,000

3 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6770807

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning property offers modern convenience and comfort in an excellent neighborhood and top-rated school district. Step into the open living space with soaring high ceilings and beautiful waterproof luxury vinyl plank flooring. The chef's kitchen is a masterpiece, featuring quartz countertops, brand-new stainless steel appliances, an Italian-made sink, soft-close cabinets, and a new refrigerator and dishwasher. The spacious bonus room is perfect for an office or den. Enjoy the low-maintenance front and back yard, complete with a large paver patio and double-door RV gate.

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2618 N 68th Place Scottsdale, AZ 85257

$635,000

3 Beds

2 Baths

1,667 SqFt

Status Active

MLS # 6770473

Property Type Single Family Residence

Price Type --

Welcome to this charming and updated 3-bedroom, 2-bathroom home located in the desirable Inmar Terrace community in South Scottsdale. Updates include: New Kitchen and Bathroom cabinets/countertops. New kitchen appliances. New showers. New tile flooring through out, no carpet! New paint inside and outside and a remodeled backyard. With just under 1,700 square feet of living space, this home is perfect for a small family looking for both comfort and convenience. The spacious floor plan includes a bright living area, a modern kitchen, and well-sized bedrooms, making it an ideal space for both everyday living and entertaining. The property features a large carport, providing extra parking for your vehicles or guests. Located close to some of Scottsdale's best entertainment, shopping, and dining options, this home offers a perfect blend of suburban peace and urban accessibility

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6948 W Williams Drive Glendale, AZ 85310

$635,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6781263

Property Type Single Family Residence

Price Type --

This beautifully updated single-level home in the desirable Hillcrest community offers 4 spacious bedrooms and 2 renovated bathrooms. The open floor plan features vaulted ceilings, plantation shutters, and a gourmet kitchen with updated cabinetry, a tile backsplash, and a breakfast bar island. The primary bath is a true retreat, with a stand-alone tub, separate shower, and elegant finishes. The guest bedroom includes a built-in Murphy bed for added versatility. Energy-efficient features include solar panels, a newer roof, upgraded heat pumps, and a 220-amp electric car charger. The epoxy-finished 3-car garage offers plenty of storage, plus there's an additional storage shed in the backyard. The private backyard is perfect for entertaining, with a resurfaced PebbleTec pool and new Kool Deck, easy-care turf, a dirt area for pets and a removable pool fence for safety. With no rear neighbors, you'll enjoy peaceful outdoor living. Located minutes from shopping, restaurants, and the 101 Freeway, this home is both convenient and comfortable.

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9077 E Captain Dreyfus Avenue Scottsdale, AZ 85260

$635,000

3 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6783155

Property Type Single Family Residence

Price Type --

Well maintained home in a great community with tennis courts and a park. Updated home with an open spacious floor plan, neutral color and vaulted ceilings. Great Room plan with Gas burning fireplace. Master bedroom has a big walk-in closet. Large kitchen with granite counters, refaced Cabinets and breakfast room. Enjoy the natural salt water Pebble tec pool with relaxing waterfall. Covered patio with extensive flagstone decking, pavers and professional landscaping. Tile and upgraded laminate flooring. No carpet. LEASED SOLAR SYSTEM that must to be transferred to the new owner with obligation to pay monthly due. At this moment it is $125.82 per month. AC was replaced in 2018 and roof underlayment was replaced in 2016 with 15 years limited warranty. 1 year old pool filtration system.

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694 W Ebony Way Chandler, AZ 85248

$635,000

3 Beds

2 Baths

1,979 SqFt

Status Active Under Contract

MLS # 6724517

Property Type Single Family Residence

Price Type --

NEW PRICE! Single level home on oversized premium lot nestled in the heart of Chandler! This home has been meticulously maintained & will attract the buyer who desires a home for relaxing & entertaining. NEW ROOF in 2019! NEW HVAC units in 2021. Updated kitchen that offers granite counters, upgraded 42'' upper cabinets, island, stainless steel appliances & breakfast bar for extra seating. Flex space off of kitchen will accomodate a large dining table or leave it open; includes passthrough window to outside. Massive living space for giant sectionals & TV's. Den off of entry could be converted to a 4th bedroom. Primary bedroom split from other bedrooms w/ separate exit to patio. Primary bath w/ double sinks, walk-in closet & sep tub & shower. Ready to relax or entertain? Step out to oversize lot w/ large 16,000 gallon pool, extended covered patio w/ stamped concrete plus storage shed complete with power! Great hobby room! RV gate with paved surface to park a trailer or boat or extra car. Very popular split 3 car garage that makes single car garage with AC wall unit & sink a great shop or maybe a gym? 240V outlets in both garages. Close to 101 and 202 and the Chandler tech corridor. Shopping & Dining nearby plus close to downtown Chandler. Top rated schools add to the allure of this area.

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48040 N 15th Avenue New River, AZ 85087

$635,000

4 Beds

2 Baths

2,291 SqFt

Status Active Under Contract

MLS # 6750671

Property Type Single Family Residence

Price Type --

PRIVATE WELL on over 2 plus acres on paved roads. Multiple gates and fenced property. This charming home has it all. Home sits back from road which offers privacy in all directions. Split floorplan, large open living area and cozy fireplace. Access to add fireplace to large primary bedroom. Beautiful new floors throughout. Storage galore. Enjoy the serenity on the extended front porch surrounded by the natural beauty of the desert. Design your guest house, workshop or hobby room in the detached 532 sq ft stone building. Detached 2 car garage. Horses, ATV, RV - you can have it all! Minutes to Outlets North Phoenix and I-17. Shopping and restaurants close while still living the rural lifestyle!

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19550 N Grayhawk Drive Unit 2041 Scottsdale, AZ 85255

$635,000

2 Beds

2 Baths

1,323 SqFt

Status Active Under Contract

MLS # 6757018

Property Type Apartment

Price Type --

This property received a MAJOR facelift in 2022. High end materials & workmanship transformed this END UNIT into a CONTEMPORARY gem. Enter through the TWO car epoxy-coated garage (or private front door) & ascend the stairs to the single level living space. All arches have been removed or squared off. Engineered wood & tile floors, custom lighting (including recessed art lights) & remote controlled blackout shades throughout. Kitchen features a modified breakfast bar with granite waterfall counter. Soffit removed above. Bathrooms boast floating vanities, soft close drawers, fully tiled showers with glass entries & new toilets. Large walk-in primary closet has custom organizing system. Two patios. Mountain views. Abundant natural light. Community pool, spa, gym, tennis. Guard gated. Nice!

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