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

20581 N Enchantment Pass Maricopa, AZ 85138

$579,900

4 Beds

3 Baths

2,528 SqFt

Status Active

MLS # 6650676

Property Type Single Family Residence

Price Type --

Stunning home located in the highly desirable Province adult community! Original owners who have taken immaculate care of this home. This is a split floor plan and is one of the very few built with a separate entry guest house / casita room. Located across the street from a greenbelt with a beautiful open floor plan and no neighbors behind. Entertainers kitchen with granite countertops and S/S appliances. Home features newly painted inside and out, shutters throughout, upgraded doors, large laundry / utility room, upgraded installation. Home has two large AC units with three zones to control heating and cooling. Backyard is professionally designed with private patio are with pavers, fire pit, beautifully landscaped with a newly private spa - 2 years old.

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1521 W Garfield Street Phoenix, AZ 85007

$579,900

2 Beds

2.5 Baths

2,059 SqFt

Status Active

MLS # 6716799

Property Type Single Family Residence

Price Type --

Amazing 2 bed, 2.5 bath home updated & reimagined by one of the members of its original family! The formal entry opens to an large greatroom. There's a spacious kitchen with 5 burner gas range, upgraded cabinetry, gorgeous granite counters, stainless steel appliances & elegant tile backsplash. A fantastic place to gather & entertain! The ground floor has an owner's suite w/ tiled shower, powder room & large office/utility room. The upstairs was designed as a second owner's suite, complete with its own ensuite & balcony. It's large enough to enclose an additional bedroom or use as a mother-in-law suite. The home has been updated with a reinforced foundation, newer roof & HVAC (mini-splits). Perfect as a SFD or multi-generational home & just minutes from downtown. Welcome home!

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7517 N 86th Avenue Glendale, AZ 85305

$579,900

5 Beds

2 Baths

2,628 SqFt

Status Active

MLS # 6718483

Property Type Single Family Residence

Price Type --

Immaculate Reconstructed Home, Fully Upgraded. Come and see this Beautiful Diamond in the heart of Glendale. About 2.7 miles from Cardinal Stadium. Gorgeous Tiled Bathroom Showers, New Bathroom Vanities with Marble Counter tops, New Tiled Floors in the right places, New carpet in the Bedrooms, 2 8x8 Feet Arcadia Doors, Electric Chimney, New Kitchen Cabinets with New Granite Counter Tops, Two New A/C units. New Trusses, New Tiled Roofing, New Insulation, New Drywall and Texture, New Baseboards, New Doors, New Garage Door. New Stainless Steel Kitchen Appliances. This is a Must see. Agents Bring Your Buyers, they will not be disappointed.

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4245 S Boulder Street Gilbert, AZ 85297

$579,900

5 Beds

3 Baths

2,402 SqFt

Status Active

MLS # 6727334

Property Type Single Family Residence

Price Type --

This beautiful 5-bedroom, 3-bath, 2-story home features new carpet in the bedrooms and fresh interior paint throughout, creating a welcoming ambiance. The open kitchen and living area boast stainless steel appliances, including a dishwasher, microwave, and range, perfect for modern living. Upstairs, you'll find a spacious loft and additional bedrooms, providing ample space for family and guests.

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7602 E Thomas Road Scottsdale, AZ 85251

$579,900

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6728718

Property Type Single Family Residence

Price Type --

Fully Remodeled, Move in ready, centrally located. Come see this Charming home, New Roofing, New Laminated Flooring, New Light Fixtures, New Texture, New Doors, New Kitchen Cabinets with Granite Counter Tops, New Bathroom Tiled Showers. New Windows. Agents Bring your buyers they will not be disappointed.

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16951 W Villagio Drive Surprise, AZ 85387

$579,900

2 Beds

2 Baths

2,075 SqFt

Status Active

MLS # 6733430

Property Type Single Family Residence

Price Type --

CLEAN & PRISTINE SIERRA THAT BACKS TO COMMON AREA WITH NO BACK TO BACK NEIGHBORS & PRIVATE PATIO. PRE-PAID SOLAR LEASE, COVERAGE UNTIL 5/2044, MONTHLY APS BILLS AVERAGE $55 PER MONTH. RECENT UPGRADES INCLUDE PLANTATION SHUTTERS, BEAUTIFUL GRANITE & CUSTOM CABINETRY IN KITCHEN, CENTER ISLAND, MASTER & GUEST BATHROOMS. THE LIGHT/BRIGHT KITCHEN IS COMPLETE WITH BUILT-STAINLESS WALL OVEN, MICROWAVE, 5 BURNER GAS COOKTOP & REFRIGERATOR & BRIGHT OFFICE/DEN HAS DOUBLE DOORS. WINDOW WORLD DOUBLE PANE, TRIPLE COATED LOW E WINDOWS HAVE BEEN ADDED THROUGHOUT HOME. EXTENDED GARAGE HAS WORKBENCH, CABINETS, OVERHEAD STORAGE, NEWER HVAC, HOT WATER TANK & HOT WATER RECIRCULATION SYSTEM. EXPANDED SOUTH FACING, PRIVATE PATIO CREATES THE IDEAL SETTING FOR ENTERTAINING FAMILY AND FRIENDS.

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13965 W Woodbridge Avenue Goodyear, AZ 85395

$579,900

4 Beds

3 Baths

2,645 SqFt

Status Active

MLS # 6730972

Property Type Single Family Residence

Price Type --

Spacious 2650 sq ft single story home located at the end of a quiet culdesac in beatiful Palm Valley. 4 bedrooms 3 bathrooms with a den that can be used as a 5th bedroom. Huge main bedroom with walkin closet. Huge granite top kitchen with over plenty of cabinets, walk in pantry and huge island countertop overlooking a huge great room and backyard. Formal dining rm across from kitchen. Full access to Palm Valley comm Rec center huge pool club house basketball etc. This home has been a rental property for many years and owners want to retire. Home is in great shape and may need some tlc. Owner may give some discount or give a cash credit back to buyer at COE for justified tlc. All offers will be reviewed. Seller may carry short term with 10% down with approved application.

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23086 E Thornton Road Queen Creek, AZ 85142

$579,900

5 Beds

3 Baths

2,116 SqFt

Status Active

MLS # 6744050

Property Type Single Family Residence

Price Type --

SELLER OFFERING $10,000 CONCESSION!! Rare 5-bedroom home in Barney Farms built in 2021. Enjoy this premier community in a resort setting, with a deep-water lake at the heart of it all. The community center inspires a healthy active lifestyle with an aquatic center, pickle ball courts, sand volleyball, and numerous parks, playgrounds, and trails to enjoy. This home has a fun putting green in the backyard for more laid-back leisure and a cozy patio. The front room comes complete with a built-in Murphy bed and shelves to make a perfect office / guest bedroom. A ''collar-controlled'' smart doggie door provides security and convenience for the little loved ones. The best part is a split floorplan perfect for multi-generational living or working at home. You'll love this new home!

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926 W Spur Avenue Gilbert, AZ 85233

$579,900

4 Beds

2 Baths

2,134 SqFt

Status Active

MLS # 6770643

Property Type Single Family Residence

Price Type --

Discover modern luxury in this beautifully remodeled single-family home located on a large corner lot in the heart of Gilbert, Arizona. This 4-bedroom, 2-bathroom home has been completely transformed, offering over 2,100 square feet of sophisticated living space. No detail has been overlooked in this top-to-bottom renovation, blending contemporary design with everyday comfort. Step inside to find an open and inviting floor plan, featuring brand-new flooring, fresh paint, and updated lighting throughout. The gourmet kitchen is a chef's dream, boasting new quartz countertops, sleek custom cabinetry, stainless steel appliances, and a spacious island perfect for meal prep and casual dining. The living and dining areas flow effortlessly, creating an ideal space for entertaining family and friends. The luxurious primary suite is a true retreat, complete with a walk-in closet and a fully updated en-suite bathroom showcasing a custom-tiled shower, dual vanities, and modern fixtures. The additional bedrooms are generously sized with plenty of closet space, and the remodeled baths feature stylish finishes and top-tier materials. Outside, the large backyard is your blank canvas with endless possibilities including plenty of room to add a pool, making it perfect for Arizona's outdoor lifestyle. Whether you're hosting a BBQ or relaxing under the stars, this backyard is ready for all your outdoor living needs. The home also includes a spacious two-car garage, new windows, upgraded HVAC, and energy-efficient features throughout. Located in a prime Gilbert neighborhood, close to top-rated schools, shopping, dining, and entertainment, this fully remodeled gem is move-in ready and waiting for you to make it your home. Don't miss this rare opportunity!

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16426 S 180th Drive Goodyear, AZ 85338

$579,900

2 Beds

2 Baths

1,779 SqFt

Status Active

MLS # 6777616

Property Type Single Family Residence

Price Type --

Welcome to this energy-efficient residence located on a desirable corner lot in the sought-after 55+ Cantamia Community! Enter to find a harmonious open floor plan featuring wood-look tile flooring & neutral palette that complements any décor. Well-appointed kitchen boasts abundant cabinets topped w/crown moulding, tile backsplash, butler's service area, recessed & pendant lighting, a prep island w/a breakfast bar, granite counters, & high-end SS appliances such as cooktop gas & a wall oven. The main bedroom is a serene retreat, offering plush carpet, plantation shutters, an ensuite w/dual sinks, & a walk-in closet. Flexible den provides additional space, perfect for an office or library. Discover the expansive backyard, complete w/an extended covered patio & a refreshing pool. LAKE VIEW! *$$$SOLAR SAVINGS$$$* / GATED community / DEN-FLEX ROOM can be easily converted into 3rd BDRM. NEAT Bucher Block counter in Butler area- AC Minisplit in the Garage.

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13348 W Cambridge Avenue Goodyear, AZ 85395

Open House

$579,900

4 Beds

2 Baths

2,210 SqFt

Status Active

MLS # 6773589

Property Type Single Family Residence

Price Type --

Come see this beautiful home in the desirable Palm Valley community. This charming single-family home situated in a family-friendly neighborhood. This recently updated property features a spacious layout with four bedrooms and two updated bathrooms, ideal for comfortable living. The open-concept design allows for plenty of natural light, creating a warm and inviting atmosphere. The kitchen is equipped with modern appliances and ample storage, perfect for home cooking. The backyard offers a private pool and spa for relaxation and entertaining. With nearby parks, shopping centers, and easy access to major highways, this location is convenient for both families and commuters. It's a wonderful opportunity for anyone looking to settle in Goodyear. Solar is paid in full at the close of escrow

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1308 W Macaw Court Queen Creek, AZ 85142

$579,890

3 Beds

2.5 Baths

2,531 SqFt

Status Active

MLS # 6750328

Property Type Single Family Residence

Price Type --

Ready September!! Near all the amenities and park area. 3 Bedrooms 2.5 bath plus loft, Beautiful cabinets with granite Counter tops, wood look tile and two-tone paint throughout!! Great sized backyard with covered patio to enjoy. Just steps away from all the amazing Amenities North Creek has to offer.

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