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

3885 E Juanita Avenue Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6750086

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Single-Level Home in Desirable Gilbert Location! This stunning single-level home features 4 bedrooms, 2 bathrooms, and a 2-car garage in the quiet community of Carol Rae Ranch. Recently remodeled, the home showcases new wood tile floors, baseboards, carpet, fresh interior paint, updated hardware, and more. The kitchen boasts modern updates, including new quartz countertops, freshly painted cabinets, and stainless steel appliances, making it both stylish and functional. Conveniently located with quick access to State Routes 202 and 60, this home is near excellent schools, hiking and biking paths, shopping, dining, and all the amenities that make Gilbert such a sought-after location.

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9571 W Fossil Creek Road Strawberry, AZ 85544

$575,000

4 Beds

2 Baths

2,208 SqFt

Status Active

MLS # 6661672

Property Type Single Family Residence

Price Type --

MASSIVE $25K PRICE IMPROVEMENT!! LOOKING FOR A HIGH-COUNTRY PROPERTY THAT WILL FIT THE WHOLE FAMILY, A FEW HORSES AND ROOM TO SPARE? THIS IS IT! THIS SPACIOUS 4 BEDROOM, 2 BATHROOM HOME SITS ON AN ACRE OF AMAZINGNESS. LOCATED IN STRAWBERRY AT AN ELEVATION OF 6000 FT. IN 2020 THE HOME HAD A COMPLETE TOP TO BOTTOM REMODEL INCLUDING A NEW KITCHEN, BATHS, FLOORING, FIXTURES ETC. THIS HOME HAS EASY YEAR-ROUND ACCESS WITH TONS OF FLAT PARKING, A HUGE YARD TO ENTERTAIN, FRONT AND REAR YARD FIREPITS AND SPECTACULAR VIEWS OF THE PONDEROSA FOREST FROM EVERY ANGLE. THIS CABIN COULD BE USED FOR FULL TIME LIVING, A SECOND HOME OR IT HAS A PROVEN TRACK RECORD AS A SUCCESSFUL AIRBNB. THE HORSE FACILITIES ARE SPLIT/FENCED FROM THE MAIN PROPERTY AND INCLUDE MULTIPLE TACK ROOMS AND COVERED HAY STORAGE.

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11145 E Posada Avenue Mesa, AZ 85212

$575,000

3 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6660177

Property Type Single Family Residence

Price Type --

Beautiful upgrades throughout with oversized lot. Back yard is an entertainers dream with paver walkways and seating area. Patio has roll down screen to enclose the porch. Kitchen cabinets upgraded with nice granite and tasteful colors. Furnished with desireable modern furniture. His & her closets and sinks in master bath. The owner will be taking golf cart, tools, work benches, fire pit out back and storage container out back. buyer to pay $2212.5 capital improvement fee

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19234 N 268th Drive Buckeye, AZ 85396

$575,000

3 Beds

2.5 Baths

2,341 SqFt

Status Active

MLS # 6672585

Property Type Single Family Residence

Price Type --

Impeccable turnkey oasis! NEW BUILD in May 2023! EXTENDED Refuge model offers 2 master bdrms + 3rd bdrm & den. An open floor plan seamlessly connects the kitchen to the breakfast room w/slider & Great Room featuring a tiled gas fireplace wall & a double slider leading to the extended travertine patio w/pergola, rolling shades on sliders, & gas bib. The extd master suite impresses with a tray ceiling, tiled shower, double sinks, & lg closet. Kitchen has granite counters & sink, tile backsplash, staggered cabinets w/pull-out drawers, SS appliances, gas stove, RO, & a walk-in pantry. Other features include landscaped yard, paver driveway, leaders & gutters w/French drain, water softener, tankless water heater, & laundry w/cabinets. LG. EXTENDED 2-car garage + A SEPARATE GOLF CART GARAGE!

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4335 N Holly Drive Pine, AZ 85544

$575,000

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6674878

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bed, 2 bath, 1508 square foot cabin in lovely Pine, Arizona. Situated on a 15K lot, this property features a wraparound porch, mountain views, an enclosed yard, gorgeous wood vaulted ceilings, and plenty of space to spread out and watch all the wildlife this area boasts. Whether you love hiking or fishing or exploring the charming town of Pine just 100 miles north of Phoenix, this home has everything you need for a weekend getaway or a primary residence.

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5689 S Mir Way Hereford, AZ 85615

$575,000

5 Beds

2 Baths

2,710 SqFt

Status Active

MLS # 6674101

Property Type Single Family Residence

Price Type --

Big, Bold, and Beautiful with Gorgeous Mountain Views! Amazing 5 bed, 2 bath, custom home nestled on 2.289 acres in the Executive Acres community of Hereford, AZ. The primary bedroom features a generous walk-in closet and the lovely primary bathroom has a large, jetted tub, separate shower, and private water closet. The remaining 4 bedrooms are larger than average and the guest bath features dual sinks! The kitchen comes complete with updated appliances, two pantry closets and plant shelves between the kitchen and formal living room. Kitchen and baths have stunning tile work. Tile floors throughout, except for the primary closet which has carpet. Washer, dryer, and water softener will remain, (water softener is not currently hooked up for use). This property also has a private well with two (2) water storage tanks located in an oversized storage room within the home. There is a deep, 2+ car garage with 8' garage door, huge RV cover, and an additional carport. RV hook ups including septic connection, lots of space for your projects, and a finished shed give you ample space for all your projects. Home has a private well!

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2301 E Binner Drive Chandler, AZ 85225

$575,000

4 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6774320

Property Type Single Family Residence

Price Type --

Absolutely gorgeous 4 bedroom home with a 3-car garage in Dobson Place! Highly upgraded carpet in the living room, and LVP floors everywhere else! 4th bedroom has a closet and double French doors--makes the perfect home office! Lovely island kitchen with oversized cabinets, pendant lighting, stainless appliances! EXTENDED 3-car garage with 220! Private, grassy backyard. Terrific neighborhood with large grass park nearby--great schools (BASIS is right down the street), shopping close by, near the 202! Hurry to this one!

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23500 W Galpin Road Buckeye, AZ 85326

$575,000

3 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6693853

Property Type Single Family Residence

Price Type --

** Motivated seller. Ranch style home on nearly an acre lot with beautiful mountain views on a quiet cul-de-sac! Irrigated lot with your own private well! No water shortages here! Home features granite counter tops in both Kitchen & bathrooms. Huge laundry room with plenty of storage, and a large game room/ workout room with brick fireplace. Come check out this property today and see all the space you can have for your animals, toys & more!! No HOA, possibilities are endless!!

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2907 S Elm Street Tempe, AZ 85282

$575,000

4 Beds

3 Baths

1,863 SqFt

Status Active

MLS # 6738692

Property Type Single Family Residence

Price Type --

Two Ensuite Bedrooms can be found in this 4BR/3Bath/2CG house, which was completely remodeled within the outside shell of the original structure and a room addition was added. Included in the remodeling was the addition of a master bedroom/bathroom, increasing the kitchen size with pantry, extending the family room, connectivity to the laundry room & a new 2 car garage. Within the original shell and room addition, the following were replaced: wall studs & drywall, water & sewer line, electrical wiring and AC ductwork & vents. The sewer service to & in the alley was replaced as well. This home is well worth a look! Follow the new flooring to a bright, open kitchen with beautiful raised panel cabinets, recessed lighting, breakfast bar & walk-in pantry. The private back yard feels like home!

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26001 S Greencastle Drive Sun Lakes, AZ 85248

$575,000

2 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6722629

Property Type Single Family Residence

Price Type --

This is the house you've been waiting for in the beautiful Cottonwood Palo Verde golf community phase II of Sun Lakes. The location is perfect, right between the walking paths of the multiple lake system and the clubhouse, tennis/pickle ball courts and pro shop. The popular Zuni model is move in ready from top to bottom, the price reflects the extensive comprehensive upgrades to all aspects of the home. New A/C in 2023, New Hot Water Heater 8/24, new roof and skylights 2023 (please see docs page) You enter through a beautiful pergola covered courtyard to enjoy your morning coffee. Vaulted ceilings greet you upon entering the bright open feeling throughout the living area. Two master suites provide privacy for guests and both bathrooms are updated and remodeled. The den is perfect for an office or additional entertaining area. Both the master and the den have access to the professionally landscaped backyard. The totally private and serene backyard oasis is perfect for entertaining under the pergola covered patios. Plant lovers will appreciate the greenery of the backyard along with the climate controlled commercial grade glass enclosed sunroom which also provides ample additional living space indoors while giving the feeling of being outside. This model also comes with an extended garage, and yes, it is Air Conditioned too, providing additional climate controlled storage. Along with the sunroom, the garage and storage area have been fully insulated. Not only has this house been completely remodeled, all systems have been updated from roof, windows, electrical, lighting, bathrooms, flooring, paint, kitchen, appliances, A/C, water heater, etc., and work has been completed by licensed contractors, all you have to do is move in and enjoy all this home and community has to offer. Right inside the new gate leading into the backyard is a pad with electrical to store and charge your golf cart. This home has ample storage throughout, is bright airy and pristine and absolutely move in ready with no detail ignored, a rare find. When talking about details of the home, even the air ducts have been cleaned, sterilized and sealed to provide a healthy comfortable living atmosphere with an air purifier, UV light, and surge protector installed on the AC unit, please see DOCS page. This home is not a flip and has been lovingly updated with quality in mind over a three year period of time.

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7635 W Rock Springs Drive Peoria, AZ 85383

$575,000

3 Beds

2.5 Baths

2,079 SqFt

Status Active

MLS # 6718396

Property Type Single Family Residence

Price Type --

This stunning single-level home is located in a highly desirable Rock Springs neighborhood, offering the perfect blend of comfort and luxury. The property features outstanding curb appeal with its beautifully landscaped front yard and an inviting entrance. As you step inside, you are greeted by an open room concept with an eat-in kitchen that boasts beautiful lighting, and in the kitchen you have granite countertops, an oversized sink, and a double wall oven with an electric cooktop. The kitchen also includes a spacious walk-in pantry and ample storage, making it a chef's dream. The oversized primary bedroom is a retreat in itself, complete with a large walk-in closet and an en-suite bathroom that offers dual sinks, a separate tub and shower, and private water closet. Two large guest bedrooms come with extra tall closets and ceiling fans, providing comfort and convenience. The living areas are designed for both relaxation and entertainment, featuring tile flooring throughout, with plush carpeting in the bedrooms. The home extends its living space to the outdoors with an extended back patio featuring two ceiling fans, perfect for enjoying the Arizona weather. The backyard is a serene oasis with artificial turf, natural vegetation, and a dog run on the side yard. Additional features include a 2-car garage and a functional laundry room. This property is a true gem, offering a perfect combination of indoor luxury and outdoor tranquility.

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9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000

5 Beds

3 Baths

1,934 SqFt

Status Active

MLS # 6722619

Property Type Single Family Residence

Price Type --

BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

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