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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6754 W Andrea Drive Peoria, AZ 85383

Open House

$634,990

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6740369

Property Type Single Family Residence

Price Type --

Ready now! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Interior photos of similar spec home, options will vary

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7432 W Quail Track Drive Peoria, AZ 85383

Open House

$634,900

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6755381

Property Type Single Family Residence

Price Type --

October completion! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, photos of similar spec to show layout, options may vary**

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5971 W Venus Way Chandler, AZ 85226

$634,900

4 Beds

2.5 Baths

2,018 SqFt

Status Active

MLS # 6733382

Property Type Single Family Residence

Price Type --

This beautiful home was just updated! Please see upgrades in documents. Location, location, location offers easy access to all the freeways, shopping & restaurants, in the desirable Chandler area. This home offers a wonderful layout with 4 bedrooms and 21/2 baths, making it ideal for comfort and privacy. Embrace the opportunity to a move-in ready home with a great location, easy maintenance landscape, and a sparkeling diving pool. Don't miss this home!!

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515 W Poncho Lane San Tan Valley, AZ 85143

$634,900

3 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6781033

Property Type Single Family Residence

Price Type --

Gorgeous 3-bed plus den/office home in The Estates at Johnson Ranch. The single-story layout features a spacious great room with 9' ceilings, tile flooring, & custom shutters throughout. The kitchen is stylishly appointed with top tier stainless steel appliances, an island with breakfast bar seating, walk-in pantry, & RO System. Energy-efficient with paid-off solar and two newer A/C units (2022). The split floor plan includes a generous master suite with private backyard access. Step outside to a resort-like yard featuring a lap pool, covered pergola, extended patio, raised garden beds, & two-tone fencing. 2- car garage with epoxy flooring & cabinets along with extra storage including multiple sheds, one 8'x30' with golf cart access through the RV gate. A true gem in a great neighborhood!

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16001 W Huron Drive Sun City West, AZ 85375

$634,900

2 Beds

2.5 Baths

2,182 SqFt

Status Active

MLS # 6783974

Property Type Single Family Residence

Price Type --

WOW!! Golf Course Lot #15th Hole on Trail Ridge GC. This, Open Concept w 10' ceilings, Updated Premier Cottonwood Model has Silas stone Kitchen Counter Tops, Matching Appliances & Center Island. 6 Skylights throughout w newer Tile/Carpet in the Bedrooms. All the Bathrooms have been updated & the Master has a Walk in Tub w a separate Shower. This house also boasts a Office/crafts room that roomy & bright. AC was replaced in 2019 & water heater in 2018. Master Bedroom has Bay window updated feature. Large 2 car garage along w additional golf cart garage which has Additional Storage Cabinets. This home has wide views of fairway, mountains & gorgeous AZ sunsets. All this, and more, plus all the amenities of Sun City West

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7814 E Cypress Street Scottsdale, AZ 85257

$634,900

3 Beds

2 Baths

1,848 SqFt

Status Active

MLS # 6738297

Property Type Single Family Residence

Price Type --

Welcome to the highly desirable Cox Heights neighborhood near El Dorado Park and the Greenbelt in Scottsdale! Great South Scottsdale location near Old Town, ASU, Scottsdale Stadium with easy access to freeways! Quiet cul-de-sac street. Home features open floor plan with Living Room, dining room and Kitchen with island. Marble countertop, stainless steel appliances, New flooring and carpet all in Oct 2023. Exterior paint 2022, new ceiling fans 2022, new garage door opener 2023, added attic insulation 2021. A/C and Roof 2017, gas hot water heater 2018. North / South exposure!

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10105 E Sphere Avenue Mesa, AZ 85212

$634,900

4 Beds

3 Baths

2,324 SqFt

Status Active

MLS # 6763289

Property Type Single Family Residence

Price Type --

Discover the charm of this fabulous home with stone accents on the façade! Appealing interior showcases clean lines that promote an inviting atmosphere! You'll love the desirable open layout paired with wood-look tile flooring, recessed lighting, and a wall-mounted fireplace. Glossy stainless steel appliances, a walk-in pantry, subway tile backsplash, ample white cabinets with crown molding, a prep island with a breakfast bar, and quartz counters complete this immaculate kitchen. Romantic main retreat provides plush carpet, a private ensuite with dual sinks, enclosed glass shower, and a walk-in closet. The spacious backyard with artificial turf and a covered patio is ideal for hosting family get-togethers.

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20051 W Pasadena Avenue Litchfield Park, AZ 85340

$634,500

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6776214

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home on over an acre of land! Enjoy mountain views from your front patio and a new AC unit replaced this year! This home features 3 bedrooms, 2 bathrooms, updates throughout, and an open great room layout. You will love this stunning kitchen with granite countertops, stainless steel appliances, and a kitchen island with a breakfast bar. The soft neutral tones and elegant wood-look flooring throughout the home create a clean, cohesive aesthetic .The primary suite is spacious with an ensuite featuring dual sinks, a soaking corner tub, a separate shower, and a huge walk-in closet! The remaining 2 bedrooms have walk-in closets and ceiling fans. The laundry room has added upper cabinets for additional storage! The private backyard is fenced and offers an extensive covered patio with extensions. Enjoy easy care landscape with artificial grass. Beyond the back gate you will find a huge yard with plenty of room for horses and a 24X35 Insulated metal workshop/garage generator attached! Additional features include lifetime sunscreen film applied, insulated garage, gutters, Security doors on both patio doors, and pull-out shelves in kitchen. Do not miss out on this home!

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2528 W Coyote Creek Drive Phoenix, AZ 85086

$634,000

4 Beds

2.5 Baths

2,803 SqFt

Status Active

MLS # 6770980

Property Type Single Family Residence

Price Type --

This expansive home is nestled on a premium lot backing onto a wash, boasting mountain vistas and featuring 4 sizable bedrooms and 2.5 baths across more than 2800 Square Feet, which includes a separate casita! The layout encompasses two living spaces on the ground floor with plank tile floors and a neutral color scheme throughout. The kitchen is equipped with granite countertops, stainless steel appliances, including a double oven range, cabinets with pull-out shelves, a two-door pantry, an island with extra storage, and recessed lighting. All bedrooms are located upstairs. The primary bedroom includes a sitting area and an attached bathroom with a dual sink vanity, separate tub and shower, linen closet and a walk-in closet. Additionally, two secondary bedrooms come with walk-in closets. The private backyard is a haven with a covered patio featuring a ceiling fan, a heated pool and spa, ample flagstone-style decking, a firepit, low-maintenance desert landscaping, and fencing that provides views of the desert and mountains. The separate casita, complete with a wall-mounted AC unit, is perfect for use as a pool house, office, or gym. Other highlights are the recently updated A/C units, a laundry room on the main level, a guest powder room, and a two-car garage. Anthem Parkside presents exceptional amenities for the whole family, including over 30 parks and a community center with a gym, indoor basketball/volleyball courts, a 10-court pickleball complex, and an outdoor water park.

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5101 E Terry Drive Scottsdale, AZ 85254

$634,000

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6713504

Property Type Single Family Residence

Price Type --

BRAND NEW ROOF on this immaculate home on a corner lot conveniently located near the community pool, tennis courts and Greenbelt in highly desirable Paradise Manor. This charming home offers a private courtyard, vaulted ceiling in the light open living room with fireplace, 3 bedrooms, 2 baths and kitchen with NEW Dishwasher, SS appliances and granite countertops. Primary bedroom with large walk-in closet opens to the private covered back patio and main suite bathroom has separate shower and tub and double sink vanity with granite countertops. In addition, this superior Scottsdale location is just a few minutes drive to Kierland Commons/Scottsdale Quarter, Paradise Valley Mall, and numerous restaurants and shopping. Great opportunity to make this home with NEW water heater your own.

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3476 E Pinto Drive Gilbert, AZ 85296

$634,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6764649

Property Type Single Family Residence

Price Type --

Discover your oasis in Lakeview Trails at Morrison Ranch! This like-new, meticulously maintained home, built in 2019, features 3 spacious bedrooms, 2 luxurious baths, a versatile den and an additional bonus space. Upgraded throughout, the home boasts beautiful wood plank tile flooring that enhances its modern charm. The heart of the home is a large, open kitchen with a massive island, perfect for gatherings and culinary adventures. Step outside to your backyard paradise, complete with low-maintenance artificial grass, a built-in BBQ, and a cozy fire table for memorable evenings. With built-in permanent LED holiday lighting, your home shines year-round. Enjoy serene lake views, multiple playgrounds for the kiddos, and walking paths throughout this welcoming community with friendly neighbors. This gem won't last long-come see it today!!

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17040 W Echo Lane Waddell, AZ 85355

$633,999

4 Beds

3 Baths

2,529 SqFt

Status Active

MLS # 6769239

Property Type Single Family Residence

Price Type --

Ask about seller contribution for 2/1 interest rate buy down!! Don't miss this beautifully upgraded home featuring a full 3 bed/2 bath residence and an attached guest space w/ full kitchen, full size washer and dryer, separate bedroom and full bath... and sparkling pool to top it all off! This floor plan is perfect for multigenerational living, visiting family or friends or it can offer a great opportunity for rental income! This home is so light and bright and features an open floor plan with lots of windows and tastefully upgraded tile floors in all the right places. Both kitchens have beautiful quartz counters tops, 42'' cabinets, tile backsplash, stainless steel appliances and added open shelving. Bathrooms have quartz counter tops and showers with floor to ceiling tile. Outdoor spaces are low maintenance with paved decking, river rock and astroturf. The backyard is perfect for entertaining with a large covered patio and refreshing pool. The lighted pool and patio area create a serene evening oasis ideal for Arizona living. Northern Crossing is a gated community with walking paths and green parks for larger gatherings. All of this in a convenient location near grocery shopping, restaurants, and a hop skip and a jump away from the 303 for an easy commute.

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