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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26511 N Thornhill Court Peoria, AZ 85383

$610,000

3 Beds

2.5 Baths

1,950 SqFt

Status Active

MLS # 6728282

Property Type Single Family Residence

Price Type --

This is a beautiful, professionally designed model home that you won't want to pass up! This is the Ashton Woods Oasis floorplan, with the lot situated in a cul-de-sac with great views. This home includes several upgrades to start with a pavered driveway and entry, epoxy coated garage floor, water softener, and a solar system! Moving inside you will find the upgraded lighting throughout, built-in speakers, modern accent trim walls, master walk-in shower with rain shower faucet, upgraded laundry room with cabinets, counter and sink, and a 4-panel sliding door, that provides abundant natural light, and invites you to the covered patio. The backyard is aesthetically landscaped with pavers, artificial turf, and tile beneath a pergola creating perfect space to enjoy the outdoors.

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19004 N 25th Way Phoenix, AZ 85050

$610,000

4 Beds

3 Baths

2,106 SqFt

Status Active

MLS # 6730783

Property Type Single Family Residence

Price Type --

Beautiful & well maintained home is now available! This home has too many upgrades to list! It has 4 bedrooms, 3 bathrooms, a 3 car garage, NO HOA, large corner lot on a cul-de-sac, large pool & new fencing around it, citrus trees in the back yard (orange & lemon). Full length covered rear patio, large kitchen with granite countertops, & lots of cabinet space. Here are some of the recent updates on the home: Roof- 2011 Kitchen remodel 2011 Pebbletec added to pool 2014 Trane 19 Seer AC unit 2014 PAID OFF & owned Solar system 2015 Aeroseal of the ductwork 2016 New Anlin windows for the entire home 2020 New kitchen appliances 2021 New variable speed pool pump 2023 New washer & dryer 2023 This home has RV parking space & gate, is close to 101, 51 & 10 minutes to Desert Ridge.

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3951 W Talc Drive San Tan Valley, AZ 85144

$610,000

4 Beds

3.5 Baths

2,913 SqFt

Status Active

MLS # 6756189

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4 bedroom, 3.5 bath home in the heart of San Tan Valley! This property features modern finishes throughout, including a 2-car extended garage allowing space for up to 4 cars. The spacious kitchen boasts granite countertops, stainless steel appliances, and a large island—perfect for entertaining. You'll also find a rare builder upgrade by Toll Brothers—an extra sliding window in the kitchen, a feature no longer offered, along with an extended patio for seamless indoor-outdoor living. Relax in the inviting living room or step outside to your private backyard oasis with low-maintenance landscaping. Conveniently located near shopping, dining, and parks, this home has it all! A must-see in a fast-growing community

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22698 E Saddle Way Queen Creek, AZ 85142

$610,000

4 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6762473

Property Type Single Family Residence

Price Type --

NO WAIT TO BUILD! This is your opportunity to move into the growing Madera Community and ASSUME 5.25% VA loan. This lovely JUNIPER plan built by Tri-Point has been lightly lived in for 18 months! Beautifully completed low maint back yard with artificial turf and established landscape. This ''like new'' home features 4 Bds, 3 baths, PLUS Flex rm, 10 ft ceilings,luxury vinyl plank flooring thru-out, custom window shade on patio door with remote open and close. The open concept kitchen highlights 42'' upper cabinets, stainless steel appliances, granite counters, breakfast bar with pendant lighting, 2'' faux wood blinds, Owner suite includes large walk-in closet with separate Tub/Shower. Exterior door to patio. Gorgeous amenites of the pool & park is a short walk away!

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3118 N 15th Avenue Phoenix, AZ 85015

$610,000

3 Beds

2 Baths

1,392 SqFt

Status Active

MLS # 6771036

Property Type Single Family Residence

Price Type --

The search is over! Fall in love with the appealing open layout featuring a soothing palette, a modern feature wall, recessed lighting, and attractive wood-like flooring. The delightful kitchen comes with quartz counters, grey shaker cabinets with crown moulding, a stylish tile backsplash, stainless steel appliances, a handy pantry, and a center island with a breakfast bar for casual dining. The primary bedroom includes an ensuite with double sinks, a lavish raindrop shower, and a convenient and large walk-in closet. Outdoors, you'll find an open patio, pristine artificial turf, and a shed for additional storage. HVAC System was replaced 20024. Don't miss out on this fantastic opportunity!

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17850 N 68th Street Unit 2097 Phoenix, AZ 85054

$610,000

2 Beds

2 Baths

1,814 SqFt

Status Active

MLS # 6769240

Property Type Apartment

Price Type --

Prime location and luxury living! This stunning home boasts premium interior upgrades with no detail overlooked. Nestled beside Reach 11 hiking trails, 1,000 ft from Lifetime Fitness, and within 2 miles to 3,000,000sf of premier shopping/dining at Desert Ridge, Kierland Commons, Scottsdale Quarter, and Scottsdale/101. The home shines with granite countertops, tile backsplash, upgraded kitchen cabinetry with slide-out drawers, herringbone imported Italian tile, upgraded high end stainless kitchen appliances, Toto toilets, custom $2,000 office wallpaper, primary suite walk-in closet organizers, ADA-compliant bathrooms, laundry room cabinets and more!. Ample natural light through out, with community elevators for single-level living. Private 2-car garage and extra storage included Additional features include RO system, upgraded USB electrical outlets, 2 private balconies, European White Oak office floor.

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14214 N 38th Street Phoenix, AZ 85032

$610,000

4 Beds

2 Baths

1,808 SqFt

Status Active

MLS # 6769316

Property Type Single Family Residence

Price Type --

Fully Remodeled Gem in North Phoenix! This stunning home blends modern luxury with comfort, offering an open-concept layout, sleek finishes, and designer touches throughout. Every detail has been meticulously updated - from the brand-new kitchen with stainless steel appliances to the spa-like bathrooms with custom tile work. Fresh flooring, new windows, and upgraded lighting, this home is move-in ready and perfect for entertaining. Located in a desirable North Phoenix neighborhood, close to top schools, New Paradise Valley Mall minutes away, and outdoor recreation. Don't miss your chance to own this beautifully transformed home!

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4317 E Western Star Boulevard Phoenix, AZ 85044

$610,000

4 Beds

2 Baths

1,615 SqFt

Status Active Under Contract

MLS # 6757507

Property Type Single Family Residence

Price Type --

This Home Is A True Icon Like No Other Which Is Apparent The Moment You Drive Up The Street. It Is One Of The Most Admired And Sought After And Is Finally For Sale. Be Greeted By The Multi Tier Concrete Steps And Patios, A Fire Pit, Steel Posts And Beams,Smooth Stucco Walls With Wood Facia And A New Metal Roof. The Clear Glass Front Door Completes The Entry And The Mid Century Modern Block Home With Strategic Frank Lloyd Wright Style Gray Block Walls And Accents. Concrete Stained Floors, Birch Cabinets, With Corian Counters. The Two Bathrooms Have Been Proffesionally Designed With High End Commercial Grade Fixtures. Walk In To The Backyard Oasis And Wow! The Covered Patio Open To The Large Yard, Diving Pebble Tek Pool, Detached Block Office heated and cooled With Mini Split.. Backs Wash The Separate Quarters Is Quite Amazing. Gray Block Walls With Birch Interior Facia, Contemporary LED Lighting And Glass Block Windows With Double Door Entry. The Diving Pool Has One Of The Most Unique Custom Steel Fencing And A Metal Welded Shade Sail Frame. Two Unique Gates Lead You To The Open Wash For Hiking, Biking With Entrance To The City Park And Trails To South Mountain For Miles Of Trails. The Yard Also Features A Propane Fire Pit, Raised Planters, Propane BBQ Grill And Metal And Rock Pillars.

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330 W Verano Place Gilbert, AZ 85233

$610,000

4 Beds

2 Baths

2,123 SqFt

Status Active

MLS # 6781175

Property Type Single Family Residence

Price Type --

Immaculate and completely renovated gem located in a quiet cul-de-sac in the highly desired lake subdivision of Lago Estancia. This beautiful 4 bedroom, 2 bath home was completely remodeled in 2024. This Pulte built home features an updated kitchen with white shaker cabinetry, stainless steel sink and appliances, granite countertops, interior and exterior paint, luxury vinyl plank flooring, new carpet and baseboards, recessed lighting, new plumbing and light fixtures, new water heater, updated bathrooms with high-end vanities. Located just minutes from downtown Gilbert, fine dining, shopping, freeways and A+ rated schools!

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15210 S 44th Place Phoenix, AZ 85044

$610,000

4 Beds

3 Baths

2,315 SqFt

Status Active Under Contract

MLS # 6725779

Property Type Single Family Residence

Price Type --

Must see this gorgeous remodel with new white shaker cabinets, self closing with brushed nickel hardware. Stainless kitchen appliances with Granite counter tops. All downstairs floors done in wood look vinyl planks and upstairs is upgraded neutral carpet. One bedroom and full bath downstairs. Two upstairs bedrooms share a Jack and Jill bath. Huge owner's suite, Bath has step in shower plus tub and large walk in closet. Freshly painted, inside and out. Both AC units new in 2022, Gas water heater new in 2021. Front and back yards have artificial grass in 2024. Fenced play pool and spa. Nice well kept community with no HOA, close to freeways and shopping.

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688 W Ebony Way Chandler, AZ 85248

$610,000

3 Beds

2 Baths

2,157 SqFt

Status Active Under Contract

MLS # 6716664

Property Type Single Family Residence

Price Type --

PRICE REDUCED!!! and sellers giving$5000 towards closing costs as well! LOCATION! LOCATION! **NEW GRANITE COUNTERS in the KITCHEN and BATHROOMS!! *** All the CABINETS have been freshly painted! This beautiful home has 3 bdrms/2 bths with DEN can convert to extra bdrm. A spacious 3-CAR garage. The floor plan features a cozy family room, formal dining area, and formal living room. 5 Blink cameras and an alarm system that coveys with the home. Other recent upgrades-NEW A/C, with all new duct system in 2021, a NEW GAS HOT WATER HEATER 2023, and fresh paint both inside and out, including inside the garage! The backyard is a beautifully landscaped oasis with a stunning pool, perfect for relaxation and entertaining. This move-in-ready home is just waiting for you to make it YOUR own!

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176 N Honeysuckle Lane Gilbert, AZ 85234

$610,000

4 Beds

2 Baths

2,109 SqFt

Status Active Under Contract

MLS # 6753160

Property Type Single Family Residence

Price Type --

Rare find! Located in beautiful Park Grove Estates. Minutes from downtown Gilbert. This 4 bedroom 2 bath home features a large entry area thats open to formal dining room, open kitchen/family room concept, vaulted ceilings-lots of natural light throughout home. Ready for you to make it your own! Huge corner lot, (over 13,000sqft). Mature trees and an RV gate! Large pool with a built in spa, mature trees... +Newer roof, newer windows and A/C as well as exterior paint+ Lots to see!

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