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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1415 E Princeton Avenue Gilbert, AZ 85234

$615,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6701061

Property Type Single Family Residence

Price Type --

Spacious home located near Gilbert's renowned downtown. Tons of dining and shopping just down the street. Bright living room featuring carpet flooring & on-trend palette throughout. The perfectly flowing great room provides backyard access & an inviting fireplace. Gorgeous, updated kitchen with built-in appliances, shaker cabinetry w/crown moulding, a stylish backsplash, granite counters & pantry. Double doors reveal the primary retreat, boasting large picture windows & an ensuite w/dual sinks, a separate shower/tub, & two walk-in closets. Newer AC! The charming backyard showcases a relaxing covered patio, a spa, & sparkling pool, offering the perfect setting for enjoying the warm Arizona weather.

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1202 W Davis Way Flagstaff, AZ 86001

$615,000

4 Beds

2 Baths

1,667 SqFt

Status Active

MLS # 6730477

Property Type Single Family Residence

Price Type --

Welcome to your home in Coconino Estates close to downtown, schools, skiing, and the Flagstaff Urban Trail System! This charming single-level home has 4 bedrooms & 2 baths, an inviting open floor plan, a wood-burning stove and huge windows for tons of natural light. In the backyard you'll find mature trees, Koi pond and covered patio. Other features include new roof in 2019, large storage shed, tons of parking and a view of the beautiful San Francisco Peaks. A perfect place to call home, whether it's your full-time residence or a vacation home in the mountains. Walking distance to downtown Flagstaff, parks, Coconino Center for the Arts, bus stop, schools and Flagstaff Urban Trail system. Access to the ''Ditch Pool'' with voluntary HOA.

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3357 E Derringer Way Gilbert, AZ 85297

$615,000

4 Beds

2.5 Baths

2,834 SqFt

Status Active

MLS # 6765583

Property Type Single Family Residence

Price Type --

Location, Location! Stop and take a look!! You'll love the new floors (installed in 2024). In addition to all of this, the home features an impeccable eat-in kitchen, great room, and formal living room. Enjoy afternoons in the beautiful backyard with a covered patio, cozy firepit, and sparkling pool. This is a value you won't want to miss!

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1202 E Palo Verde Drive Phoenix, AZ 85014

$615,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6762575

Property Type Single Family Residence

Price Type --

Discover this classic, single level, 3 bed, 2 bath home with no interior steps located in the desirable Escondido Hermosa neighborhood of North Central Phoenix. Beautifully remodeled throughout in 2021, the spacious floor plan features a large kitchen with an open eating area, flowing seamlessly into the expansive outdoor patios perfect for entertaining. The primary suite offers a cozy seating area, wood-beamed ceilings, walk-in closet, remodeled bathroom, and direct patio access through sliding doors. Highlights include skylights, block construction, a 2-car garage, and Tesla leased solar panels, keeping monthly energy costs low. Ideally located within walking distance of local dining and retail, and just minutes from the airport, hiking trails, and the Biltmore and Arcadia corridors. and the Biltmore and Arcadia corridors! The HVAC unit is an eight year old Trane and the flat roof was re-coated in 2022. Also, the tile roof underlayment was replaced in 2020!

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1775 W Green Tree Drive San Tan Valley, AZ 85144

$615,000

5 Beds

2.5 Baths

3,577 SqFt

Status Active

MLS # 6763012

Property Type Single Family Residence

Price Type --

Welcome home to this spacious 3576 sqft 2 story house with 5 bedrooms and 2.5 bathrooms. Brand new carpet and vinyl floors throughout the house. Separate living room and family room, formal dining. Kitchen with solid wood cabinets, kitchen island, brand new microwave and range. Shutters throughout the house. Huge loft upstairs. It's located next to the community park. Schools nearby. Within 30 minutes from Queen Creek Olive Mill.

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10520 W Patrick Lane Peoria, AZ 85383

$615,000

5 Beds

2.5 Baths

3,094 SqFt

Status Active

MLS # 6764118

Property Type Single Family Residence

Price Type --

Get ready to make this beautifully maintained home in a well sought after Peoria neighborhood your new home! Priced below appraised value, featuring a 3 car garage & RV Gate, this unique layout will not disappoint. Walk into your open floor plan with upgraded granite kitchen counters. Relax in your downstairs master suite with a deep closet & custom master bath. Upstairs boasts a well laid out floorplan to include a landing that can be used as a second family or game room. 4 oversized bedrooms with walk in closets, access to the above attic with standing room & a roomy full bath make this second floor feel custom built! Did I mention the solar that is paid in full, the brand new AC's or that there is no HOA?! One of the largest homes in the neighborhood is move-in ready & priced to sell!

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2123 E Torrey Pines Place Chandler, AZ 85249

$615,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6765321

Property Type Single Family Residence

Price Type --

Come and explore this beautiful single-level home in Cooper Commons! You'll be captivated by its inviting charm, featuring wood-look floors & an open-concept living/dining area. Complete with built-in surround sound, this home is perfect for entertaining. The bright family room is ideal for creating lasting memories, while the cozy den offers a quiet space for an office. The kitchen is a chef's delight, complete with stainless steel appliances, quartz counters & a center island. Retreat to the main bedroom, which boasts a private bath with dual vanities, a soaking tub, and a walk-in closet. The backyard oasis includes a covered patio, a rejuvenating spa, & a sparkling heated pool, perfect for relaxation. You'll love everything about this home so check it out before it's gone!

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6614 E Portia Street Mesa, AZ 85215

$615,000

4 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6767410

Property Type Single Family Residence

Price Type --

Escape to Your Own Private Oasis in NE Mesa! This stunning 4-bedroom, 3-bathroom, 3-car garage home situated on a large lot offers the perfect blend of space, comfort, and outdoor living. Enjoy the privacy of a large, fenced-in front courtyard complete with a backyard oasis featuring a refreshing heated pool and spa with a large cover patio. No HOA: Enjoy the freedom and flexibility of owning a home without the restrictions of a homeowners' association.,room to park your toys / RV The well-maintained home features a spacious kitchen, perfect for entertaining. Key Features: Assumable FHA loan: (subject to lender approval) 4 bedrooms, 3 bathrooms, 3-car garage, Private front courtyard, Heated pool and spa, Large, well-maintained kitchen, and Great schools nearby

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14679 N Love Court Fountain Hills, AZ 85268

$615,000

2 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6773245

Property Type Single Family Residence

Price Type --

ASSUMABLE 3.5% FHA LOAN AVAILABLE, if buyers qualify. Welcome to your desert retreat in the highly sought-after city of Fountain Hills! This delightful 2 bed/2 bath home offers the perfect blend of comfort and outdoor living. Nestled on a quiet cul-de-sac, this property features ample living space, play pool, and breathtaking mountain and desert views. As you step inside, you're greeted by an airy, open-concept living space with high ceilings and plenty of natural light. The kitchen is equipped with stainless steel appliances, lots of storage, and waterfall granite breakfast bar. The spacious primary suite offers direct access to the backyard. A second bedroom and full bath provide additional comfort and flexibility for guests or a home office. The true highlight of this home is... ...the backyard oasis! Cool off in your private play pool, enjoy the covered patio, and take in the stunning sunset views that only Arizona living can offer. This home is conveniently located just minutes from shopping, dining, hiking trails, and the world-famous Fountain Park. Don't miss your chance to own a slice of paradise in Fountain Hills!

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3131 N Central Avenue Unit 7002 Phoenix, AZ 85012

$615,000

2 Beds

2 Baths

1,109 SqFt

Status Active

MLS # 6775741

Property Type Apartment

Price Type --

Beautiful top level views and urban living at the exclusive Edison Midtown. This 2-Bedroom 2-Bath condo offers open living area with wood flooring throughout, large windows, 11' ceilings, with amazing daytime and evening views overlooking the courtyard and pool area. The gorgeous kitchen features white cabinets, white quartz countertops, tile backsplash, and stainless-steel Bosch appliances. A separate storage unit is also included. Edison Midtown features remarkable amenities which includes a large fitness center, pool and spa, indoor and outdoor lounges, bbq area, and gated garage parking! Don't let this beautiful condo pass you by!

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16981 S 175th Avenue Goodyear, AZ 85338

$615,000

2 Beds

2.5 Baths

2,363 SqFt

Status Active Under Contract

MLS # 6735144

Property Type Single Family Residence

Price Type --

Gorgeous AV Home in Canta Mia 55+ gated community resort like living at its best. The Tremolo model 2 bedroom 2.5 baths, den and casita will not disappoint. Walk into courtyard with entrance to the casita and main home that welcomes you to warm foyer overlooking the beautiful back courtyard and pool. Kitchen with quartz countertops, loads of storage, pull out shelving, double wall ovens, newer gas cooktop, built-in microwave, large kitchen island, under/over cabinet lighting. Primary bedroom has bay window, sliding glass door takes you to covered patio/pool area. Primary bathroom walk-in tiles shower. bathrooms updated quartz countertop. Ceiling fans throughout. Backyard entertainers dream .Garage 240V, Casita 20amp. Additional insulation. Solar owned.

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20831 N 10th Street Phoenix, AZ 85024

$615,000

4 Beds

3 Baths

2,212 SqFt

Status Active Under Contract

MLS # 6749459

Property Type Single Family Residence

Price Type --

Very recent closed sale in Arroyo Rojo similar sqft, no pool, or preserve view to the back sold for $649K. Nestled in a vibrant community this exceptional home boasts 4 bedrooms & 3 bathrooms, all while offering desert preserve views. The premium lot is an entertainer's dream, featuring a built-in fireplace, plumed for an outdoor kitchen, a pool with water feature, and ample space for hosting events. Inside, you'll be welcomed by an updated kitchen showcasing Quartz countertops, stainless steel appliances, and dark wood grain cabinets. The main floor also includes a full bathroom and a versatile office/den with French doors. Upstairs, you'll discover 3 beds/2 bath, PLUS a versatile closed loft area/flex space w/2 closets. Convenient upstairs laundry. Leasing is allowed. 30 Day Min.

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