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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21724 E Roundup Way Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6708033

Property Type Single Family Residence

Price Type --

Step into Light Sky Ranch and experience the allure of the Dominic plan. This single-level residence spans 2510 square feet and presents an inviting layout ideal for entertaining. The focal point of the home is its expansive great room, seamlessly connected to a sunlit kitchen featuring a central island, dual walk-in pantries, and a welcoming breakfast nook that extends to the covered patio. Retreat to the luxurious primary suite boasting a generous walk-in closet and an attached bath with double sinks and an elegant shower. With two additional bedrooms, a teen room, two and a half baths, and a dedicated study, this home offers ample space for privacy and relaxation. Outside, a single-car garage and a 2-car garage provide abundant storage for vehicles and outdoor equipment. Enhanced with amenities such as a tankless water heater for efficiency and a charming paver driveway, this residence effortlessly blends convenience with sophistication.

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6782 W Firebird Drive Glendale, AZ 85308

$629,995

4 Beds

3 Baths

2,125 SqFt

Status Active

MLS # 6783697

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after community of Arrowhead Ranch, this beautiful 4 bedroom 3 bath +Den home stands as a true masterpiece of craftsmanship and design. Every inch of the property has been meticulously maintained, showcasing an elegant balance of style and function. Eye-catching custom woodwork graces the interior, from intricate design to handcrafted cabinetry, adding warmth and sophistication to every room. The spacious open floor plan invites natural light to pour in, enhancing the home's inviting ambiance. Outside, the manicured landscaping and peaceful surroundings offer a serene escape while still being close to all the amenities that the Arrowhead area has to offer. **Please check documents tab for the list of upgrades as well as the Home floor-plan. **

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24006 N 171st Drive Surprise, AZ 85387

$629,995

4 Beds

3.5 Baths

2,844 SqFt

Status Active

MLS # 6678786

Property Type Single Family Residence

Price Type --

Welcome Home! Darius plan provides a sophisticated and accommodating plan for livability that checks all the boxes on your wish list. In addition to a lavish owner's suite—with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for multi-generational living. You'll also enjoy a 3-car garage, a study, a great room with a covered patio featuring a multi slide door to bring the outdoor living indoors. Inviting gourmet kitchen with a generous island, dining nook for all entertaining gatherings! Airy 10 ft ceilings ,desired jack and jill bathrooms and so much more! This is a must see!

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21816 E Saddle Court Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6708893

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a multi-sliding glass door in the great room, cozy breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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21970 E Stirrup Court Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6709030

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a multi-sliding glass door in the great room, cozy breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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21881 E Saddle Court Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6731553

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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23997 N 172nd Avenue Surprise, AZ 85387

$629,995

3 Beds

2.5 Baths

2,734 SqFt

Status Active

MLS # 6732038

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante, a beautiful community with surrounding views to enjoy! This community offers single story homes with floor plans you will love, like our beautiful Julia plan! This home sits on an oversized, cul de sac, corner lot with mountain views. Once you walk inside the Julia, the extended entry leads to an expansive gourmet kitchen with an extended Quartz center island and 42'' cabinets; a large Butlers Pantry with a wetbar, breakfast nook and great room with a 15ft center meet slider, for indoor and outdoor entertaining. In addition, there is a formal dining room with adjacent covered courtyard off to the side of the home accessible by the center meet doors! This home is set up with 3 bedrooms, 2 and half bathrooms, 3 car garage with additional storage. Welcome to the home of your dreams!

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25388 N 76th Drive Peoria, AZ 85383

$629,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6704857

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 2,150 sq ft of functional living space. It features 4 bedrooms, 3 bathrooms, den, and a 3 car tandem garage. The open concept kitchen is perfect for entertaining and features a large Island, walk-in pantry and stainless steel appliances. It also offers our Coastal Design Palette which includes Fairview White Painted 42'' Cabinets, Crisp Stria Quartz kitchen countertops, Zelige Cielo 4x4 kitchen backsplash, and 6x36 wood looking plank tile in all the common areas. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Great location close to dining, freeways, parks, and entertainment!

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22884 E Lords Way Queen Creek, AZ 85142

$629,990

4 Beds

3.5 Baths

3,111 SqFt

Status Active

MLS # 6726730

Property Type Single Family Residence

Price Type --

Step into this delightful quick move-in home, featuring our Daisy floorplan with 3111 sqft, boasting 4 bedrooms, a den, a loft, and 3.5 bathrooms. The Daisy floorplan offers a spacious kitchen with a large island, pantry, and expansive dining and great room areas, perfect for entertaining guests or enjoying quality family time. Embrace the elegance of our fine finishes, featuring 6 x 24 plank tile floors in the main living areas, plush carpeting in the bedrooms, stylish 42'''' gray shaker upper cabinets with sleek Black Bronze hardware, and stunning quartz kitchen countertops paired with a white 4 x 16 tile backsplash. The kitchen comes fully equipped with stainless steel appliances, including a gas range, microwave, dishwasher, refrigerator, and white washer and dryer. Additionally, the kitchen is pre-wired for pendant lighting, allowing for easy customization, and features a painted grade mission railing and soft water loop. This home is truly a gem, with 8' doors throughout, a 4-panel slider in the great room, and a mission stair railing adding to its allure. It's just waiting for your personal touch to make it complete. Don't let this opportunity pass you by! Begin your journey to owning your dream home at Madera!

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11506 E Utah Avenue Mesa, AZ 85212

$629,990

4 Beds

3.5 Baths

2,615 SqFt

Status Active

MLS # 6728747

Property Type Single Family Residence

Price Type --

Welcome to the Garnet at Destination at Gateway in Mesa, Arizona. This stunning single-story home boasts 4 bedrooms, 3.5 bathrooms, and a den. With 10-foot ceilings and 8-foot doors, the space feels open and inviting. The gourmet kitchen features GE stainless steel appliances, a 36-inch gas cooktop, built-in wall oven and microwave, shaker cabinets with hardware, quartz countertops, and a tile backsplash. Enjoy 6x36'' wood-look tile in the main areas and upgraded carpet elsewhere. A 4-panel sliding glass door connects the great room to a covered patio. The primary bathroom includes a separate shower, soaking tub, dual sinks, and vanity. Bathrooms have upgraded vanity lighting with matte black faucets and fixtures.

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23043 E Lords Way Queen Creek, AZ 85142

$629,990

4 Beds

2.5 Baths

2,568 SqFt

Status Active

MLS # 6757137

Property Type Single Family Residence

Price Type --

Brand new phase!. Our beautiful Juniper plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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2434 W Rowel Road Phoenix, AZ 85085

Open House

$629,990

3 Beds

2.5 Baths

1,964 SqFt

Status Active

MLS # 6755330

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Elevated A package of upgrades including 42'' flagstone cabinets, quartz countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.

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