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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31867 N 130th Avenue Peoria, AZ 85383

Open House

$559,990

4 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6649706

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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257 S 165th Avenue Goodyear, AZ 85338

Open House

$559,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6739809

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Amethyst floor plan with 3 bedrooms, 3 baths. Extended covered patio with a 12x8 sliding glass door. 8'garage door with two controls. Sonoma Maple ''Slate-gray cabinets with 42'' kitchen uppers. Enhanced kitchen island with Himalaya white granite countertops and white undermount single bowl sink. Stainless steel 30'' cooktop with wall oven, micro and canopy hood. Upgraded flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except beds & closets. Dual sinks in bath 2, 8' tall interior doors. 8' tall garage door with two controls. Please verify all information with onsite agent. Thank you!

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29605 N 128th Lane Peoria, AZ 85383

$559,900

2 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6766232

Property Type Single Family Residence

Price Type --

Discover luxury & relaxation in this beautifully updated 2-bed, 2-bath home in the coveted active adult community of Trilogy at Vistancia. A welcoming courtyard greets you upon arrival and beckons you to enjoy the great outdoors in quiet solitude or in conversations with friends and family. Step inside and experience an inviting open-concept layout perfect for modern living, featuring tile flooring, expansive windows, and pre-wired surround sound for an immersive entertainment experience. The pristine kitchen is a chef's delight, equipped with SS appliances, pantry, RO system, granite countertops, stylish espresso cabinets with crown molding, a custom prep island with breakfast bar, & a beautiful tile backsplash. Recessed & pendant lighting provide warm ambience and well-lit spaces. The primary suite offers a peaceful retreat with new plush carpeting, plantation shutters, & an ensuite bathroom featuring dual sinks & a spacious walk-in closet. The additional bedroom with plantation shutters and new plush carpeting provides plenty of comfort and privacy for family or guests with an easily accessible guest bathroom. Spacious 2-car garage (extended by 4 additional feet) includes a workbench and easy access to tools and extra storage space. Notable upgrades include a new water heater and owned soft-water system ensuring efficient and reliable comfort year-round. The serene backyard oasis offers a relaxing spa, cozy fire pit, a covered patio featuring a mounted outdoor TV, ceiling fan, BBQ, and paver seating areas to experience the alluring landscape of citrus trees, turf, evening lighting and open surroundings. This home is a rare find. Don't miss the opportunity to experience this incredible property in Trilogy at Vistancia, a 55+ Active Adult Community in which Members enjoy friendly neighbors, access to the Mita and Kiva Clubs with community pools, fitness centers, sports courts, golf course, yoga, spa, and many additional activities and amenities.

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4422 W Adobe Drive Eloy, AZ 85131

$559,900

2 Beds

2.5 Baths

2,198 SqFt

Status Active

MLS # 6769583

Property Type Single Family Residence

Price Type --

This lovely home features upgraded kitchen appliances with 42'' cabinets, convection oven, under cabinet lighting, wall mounted hood and quartz counter tops. Flooring has wood-looking tile and upgraded carpeting in the bedrooms. The back patio is fully screened to create your Arizona room where you can relax and listen to the water feature in the back yard and look out on the desert common area behind this grand home. Come by today! Furniture is available for sale on separate invoice.

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16918 S 180th Drive Goodyear, AZ 85338

$559,900

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6778923

Property Type Single Family Residence

Price Type --

Discover your dream lifestyle in this stunning, open-concept Ballad floorplan, nestled within the vibrant, lake-inspired Active Adult community of CantaMia! Set on an oversized lot, this home is a true oasis designed for both relaxation and entertaining. The entrance invites you into an outdoor paradise with a sparkling pool, built-in BBQ, charming pergola, and panoramic mountain views that will take your breath away. Inside, the thoughtful layout features wood plank tile flooring throughout all high-traffic areas, while luxury laminate adds warmth and sophistication to the bedrooms and office spaces. The beautifully upgraded kitchen boasts sleek smokey grey maple cabinets, elegant tan quartz countertops, a stylish white subway tile backsplash, and a gas range, making it the perfect space to enjoy cooking and hosting. Additional highlights include built-in garage cabinets for ample storage, a convenient water softener, and a backyard with a view fence that offers both privacy and scenic views. Enjoy incredible sunsets over the mountains from the comfort of your own private retreat, with no neighbors directly behind as it backs to a lush, expansive green space. Living in CantaMia means embracing an active, connected lifestyle. This exceptional community offers endless amenities, from sparkling lakes to scenic walking trails, fitness facilities, and social events that foster a close-knit community spirit. Don't miss the chance to live your best life in a home that combines luxury, comfort, and all the perks of the Arizona lifestyle!

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22625 W Kimberly Drive Buckeye, AZ 85326

$559,900

4 Beds

2.5 Baths

3,689 SqFt

Status Active

MLS # 6780364

Property Type Single Family Residence

Price Type --

Two-story property on a highly desirable corner lot! The 3-car garage w/extended driveway allows you to bring all your toys, cars, and trucks. PLUS. Garage has an electric charging station!!! Enjoy your morning coffee on the welcoming porch. Delightful interior greets you with a main level boasting carpeted living room, formal dining, custom paint finishes, tile flooring in the right areas, pre-wired surround sound in the family room, powder room, and double-door den/office. The kitchen has tile counters, center island, SS appliances, wood cabinets, and walk-in pantry. Upstairs bedrooms, soft carpet throughout, and large loft. The oversized main suite features plenty of space for all your furniture, walk-in closet and bathroom has dual sinks. Spacious backyard, Pool, covered patio.

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720 E Chilton Drive Tempe, AZ 85283

$559,900

4 Beds

2 Baths

2,079 SqFt

Status Active

MLS # 6779679

Property Type Single Family Residence

Price Type --

Lovely 4 BR 2 Bath POOL + SPA + 2 CG! New Roof 2024. Located in Tempe (w/ no HOA). featuring amazing characteristics! This home sits nestled on a lot with a slight incline in the front yard creating a pleasing aesthetic to the curb appeal. An atrium perfect for plant lovers leads to the double door entry that opens to a sunk-in formal living area w/ vaulted ceilings accented by abundant natural lighting. The kitchen is complete w/ wood cabinets & opens to a spacious living & dining area complete w/ a wood burning fireplace. The main bedroom offers a bathroom w/ dual sinks & a walk-in closet. The backyard is ideal for entertaining w/ a large covered patio, sparkling pool w/ waterfall & an inground spa.

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2214 N 28th Street Phoenix, AZ 85008

$559,900

3 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6782638

Property Type Single Family Residence

Price Type --

Come take a look at this 3 Bedroom 2 bath single level home home in Great central Phoenix. Enter into a spacious family room with tile floors wall to wall throughout the entire house. The open kitchen provides plenty of counter space on beautiful granite counters and a breakfast bar attached to the large living room. Both front and backyards are low maintenance, and have the opportunity for your green thumb to transform them. Come check your future home quickly before it's gone.

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4354 E Rosemonte Drive Phoenix, AZ 85050

$559,900

3 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6784284

Property Type Single Family Residence

Price Type --

Move-in ready and immaculate home in the gated Tatum Village community! Ideally located near the community pool and playground, this home offers a fantastic location just minutes from Mayo Hospital, Desert Ridge Marketplace, the redeveloped Paradise Valley Mall, Scottsdale attractions, and easy access to Loop 101 and HWY 51. This beautiful home offers modern design with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. Newer HVAC 2022, Newer Fridge 2022, Newly installed RO & Garbage Disposal 2023.

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7136 W Noble Prairie Way Florence, AZ 85132

$559,900

3 Beds

2.5 Baths

2,461 SqFt

Status Active Under Contract

MLS # 6763419

Property Type Single Family Residence

Price Type --

STUNNING ENDEAVOR w/LUXURY UPGRADES! This 3-bed+den/2.5-bath home offers a perfect blend of style & function! Double slider opens to extended paver patio w/gas fireplace & lush landscaping next to Open Space! Plantation shutters,10' ceilings w/curved arches, beautiful entertainment center w/surround sound highlight the Great Room! Chef's kitchen inc. granite counters, tiled backsplash, stainless appliances, gas cooktop, butler's pantry & walk-in pantry. Primary suite has a bowed window, double vanities & makeup vanity, walk-in custom tiled shower & spacious closet. Split 2nd & 3rd bedrooms share Jack-&-Jill bath, Den w/French doors offers versatility! Additional perks: 2-CAR w/4' EXTENSION+CART garage w/storage, PREPAID SOLAR lease & TOWN OF FLORENCE BOND PAID IN FULL! **A MUST SEE HOME!

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600 N Mariposa Drive Wickenburg, AZ 85390

$559,900

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6717080

Property Type Single Family Residence

Price Type --

Welcome to your new Territorial home! This remodeled home, located on ~2/3 acre corner lot offers a blend of Southwestern charm and modern convenience. Living room with panoramic views of Bradshaw Mtns to the north. Large living spaces bathed in natural light designed for both relaxation and entertainment. Beautiful and practical upgrades include custom travertine tile floors, custom (real) granite countertops, custom cabinets and totally remodeled master bath with Rohl fixtures. Kitchen boasts matching Frigidaire Gallery stainless steel appliances. For outdoor enthusiasts an RV shelter with water and electric hookups provides an ideal space to park your home on wheels or, if you prefer, your boat, motorcycles and/or ATVs. New window coverings include top of the line Hunter Douglas motorized blind, top down-bottom up front picture window shade and no-cord shades. Foam roof still under transferable warranty, new rain gutters with fun rain chains. Don't miss this opportunity to own a piece of old west Arizona! Relax in Wickenburg, the Most Western Town in Arizona, where it's easy to imagine yourself back in a slower paced time.

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20047 N 109th Drive Sun City, AZ 85373

New

$559,900

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6787401

Property Type Single Family Residence

Price Type --

ntroducing this beautiful home in the highly sought-after Ventana Lakes! This gem displays a 3-car garage and low-care landscape. Inside, you'll find tall vaulted ceilings complemented by tile flooring, dual pane windows, and mirrored walls in the living & dining room. Desirable great room offers a gas fireplace and sliding glass doors that connect seamlessly to the back patio, creating an easy flow for indoor-outdoor living. High-end SS appliances, abundant honey oak cabinets, a two-tier island with a breakfast bar, track lighting, newly installed India marble counters, and a breakfast nook complete this impeccable kitchen. Large romantic main retreat will impress you with a sunny bayed window sitting area, an ensuite with two vanities, and a walk-in closet. Don't miss the dedicated office space. Create lasting memories in the spacious backyard, featuring a screened-in patio, fire pit, and citrus tree. Act now!

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