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. 

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

8855 W Northview Avenue Glendale, AZ 85305

$599,500

5 Beds

3 Baths

2,545 SqFt

Status Active

MLS # 6779939

Property Type Single Family Residence

Price Type --

This beautifully maintained home in the desirable Rovey Farm Estates is a true gem! With 5 spacious bedrooms, including a convenient downstairs bedroom, it offers plenty of room for the whole family. Featuring large Kitchen with granite countertops, a center island, and stainless steel appliances — perfect for the home chef! Open-concept living with a cozy family room, ideal for entertaining. Fresh interior paint and tile flooring throughout the entire first floor for a clean low-maintenance look. Expansive master suite with a private walk-out balcony, offering serene views of the greenbelt behind the home. Spacious, well-sized bedrooms ensuring comfort and privacy. Sparkling private pool, paved backyard, and plenty of space for lounging and dining, making it a perfect outdoor retreat! Minutes from Westgate District, where you can shop, dine and entertain!

View Property

15551 N 179th Drive Surprise, AZ 85388

$599,500

5 Beds

3 Baths

3,300 SqFt

Status Active

MLS # 6784550

Property Type Single Family Residence

Price Type --

Welcome to your new spacious 3,300 sq. ft. Surprise Farms gem! This fantastic five-bedroom, three-bathroom home features a sparkling pool and three-car garage! The main floor showcases stylish vinyl plank flooring, while the kitchen shines with stainless steel appliances and brand-new granite countertops, ideal for hosting gatherings and/or family meals. With a light, bright and flexible layout this home is designed to adapt effortlessly to your lifestyle. The expansive primary suite offers a luxurious en suite, creating the ultimate relaxing retreat. Step outside to your private backyard oasis with a covered patio, lush grass lawn, and an inviting pool—perfect for warm days and serene evenings. Nestled on a large corner lot with no neighbor to the south, this home truly has it all! Great location close to community parks and fields with EZ access to the Loop 303!

View Property

1110 E Phoenix Street Payson, AZ 85541

$599,500

4 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6711716

Property Type Single Family Residence

Price Type --

Beautiful one of a kind custom built 4 bedroom home in the highly desirable Rim View Heights Estates. Perfect for full time living or for a family getaway - there is plenty of room for everyone! It has a Great Room concept with vaulted ceilings, there is a family room as well as a formal living room. One bathroom has a walk in tub with jacuzzi jets. The home boasts 2 en-suite bedrooms with bathrooms. There is a large deck and patio to sit and enjoy the cool mountain evenings. Tall pine trees on the lot and wonderful views. Come see the brand new flooring throughout the entire house! The roof is only 5 years old. This is a lot of house for the money!

View Property

21033 W Skinner Road Wittmann, AZ 85361

$599,500

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6726891

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Wittmann, AZ! This 2023 Grote new build is a testament to quality construction and thoughtful upgrades throughout. Step inside and be captivated by the elegance that surrounds you, from the beautiful granite countertops to the upgraded bathrooms and stunning tile work. The spacious and well-designed floor plan welcomes you, offering both comfort and style. Imagine entertaining guests in the heart of your home, the upgraded kitchen, where culinary creations come to life amidst the luxurious granite surfaces. Bathrooms have been meticulously designed, offering a blend of functionality and sophistication, perfect for your daily retreats. But the beauty of this home isn't confined to its interior. Outside, on your 1.3 acre, spacious lot, you'll witness beautiful views and room for growth. Paved road access ensures convenience and less wear on your vehicles. Zoned for horses and plenty of room for corrals and trailer parking. Property will be fully fenced with two large gates making it easy to pull trailers in and out. Don't miss the opportunity to make this exquisite new build in Wittman, AZ, your forever home.

View Property

156 E Leverenz Avenue San Tan Valley, AZ 85140

$599,500

2 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6734411

Property Type Single Family Residence

Price Type --

This two-bedroom, two-bath home, plus DEN, offers everything you could want in a gated community. The community provides incredible amenities, including TWO resort clubs, pools, restaurants, golfing, and a variety of activities, athletics, and classes. The kitchen boasts ample space with granite countertops, perfect for cooking and entertaining. Adjacent to the kitchen, the utility room includes a washer and dryer, with additional space that can be used as a workroom or for extra storage. The garage also features built-in cabinets for even more storage options. The large, covered patio provides plenty of space to relax or barbecue while enjoying beautiful Arizona sunsets. Experience comfort and convenience in this wonderful home and the vibrant community. *One year warranty included.

View Property

1945 E Behrend Drive Phoenix, AZ 85024

$599,500

3 Beds

2 Baths

1,960 SqFt

Status Active Under Contract

MLS # 6760080

Property Type Single Family Residence

Price Type --

Charming Fmly hm with Bonus Flex Rm! Ft security screen door! Open floorplan! Beautiful Tile floors, vaulted ceilings & arched doorway. Bright Kitchen has refinished cabinets, breakfast bar & secondary pantry storage-great for kitchen appliances! Mstr Bdrm has vaulted ceilings and plant decorator shelf. Private exit with security screen door leads to cozy patio & Inviting Salt Water Pebbletech Pool. Formal Dining Area has new Sliding Glass Doors leading to E facing 30-ft covd patio with Pull Down Sun Screens & Grill Pad. Great for Entertaining! Incredible ''Flex Room'' has vaulted ceiling, closet and private exit. Could easily convert to Income generating Guest Quarters, Mother In Law Suite or Game Rm. SOLAR! Side yd has Plum, Pomegranate & Kumquat trees! 5-Ton A/C installed in 2021. WO

View Property

15418 W Big Sky Drive Surprise, AZ 85374

$599,500

2 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6760536

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of The Grand! Discover the Mission model home, displaying a desert front yard and a 2-car garage. The immaculate interior features a spacious living/dining room, pre-wired surround sound, plantation shutters, tile flooring, a media niche, and a cozy fireplace. The kitchen is fully equipped with a gas cooktop, a wall oven, recessed lighting, solid surface counters, rich wood cabinetry, an island with a breakfast bar, and a dining area with a bay window. Don't miss the sizable den with built-in cabinets & Murphy bed. and a desk! Primary retreat has plush carpeting, a pristine ensuite, a walk-in closet, and outdoor access. Enjoy delightful BBQs in the peaceful backyard, showcasing a covered patio, seating area, and built-in BBQ. This gem will impress!! Indoor gas fireplace Ceiling fans in all rooms Dimmable lighting switches, Tile throughout main house, berber carpet in bedrooms and office Cesarstone counters and cabinets with pull-out shelving throughout Gourmet kitchen with updated stainless-steel appliances Upgraded sink with a no-touch faucet Kitchen island with shelving Breakfast bar Extended dining area with bay windows Soft water system R/o system Washer and dryer with gas or electric option Lots of storage/pullouts in laundry rm along with cesarstone countertop Utility sink in the laundry room Two car garage with coated flooring Storage cabinets and work bench in garage Updated water heater Hot water recirculation system Updated trane air conditioning units (2019) Office/bedroom custom office desk with a murphy bed Extended master bedroom with bay windows Upgraded closet shelving in master Extended second bedroom with bay windows Custom closet shelving in second bedroom Plantation shutters throughout Custom front walkway with flagstone and lighting Back patio has two ceiling fans Built in custom natural gas bbq, patio lighting, and bench seating area with lighting accents, finished with flagstone Exterior of home painted in 2020 Front and back drip system with a timer Transferrable termite treatment (expires in 2027) Community golf courses, fitness center, and many other amenities

View Property

8104 E Petra Avenue Mesa, AZ 85212

$599,490

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6781580

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen Cabinets and quartz countertops. Super luxury 8 x 36 tile flooring. A public report is available on the Arizona Department of Real Estate website.

View Property

20305 W Turney Avenue Buckeye, AZ 85396

New

$599,343

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6788262

Property Type Single Family Residence

Price Type --

This beautifully designed Copeland plan features our signature Loft-inspired 'Looks' collection, offering a cohesive and sophisticated interior design. The great room boasts a 12' multi-slider leading to a spacious covered patio, perfect for indoor/outdoor living. The kitchen shines with a large island, pendant lighting, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances, including a wall oven. Retreat to the exquisite primary suite with double walk-in closets and a resort-style bath featuring a no-step shower with a rain shower head and double vanity. Wood-look tile flooring, ceiling fans, blinds, and Solar are all included. Don't miss your chance to make this gem yours! ***Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

View Property

286 E Citrus Hollow Way Queen Creek, AZ 85140

$599,132

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6644003

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

View Property

7450 E Continental Mountain Estates Drive Unit 1 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723737

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

View Property

7450 E Continental Mountain Estates Drive Unit 2 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723860

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

View Property