What’s Ahead For Mortgage Rates This Week – May 23, 2016

Last week’s economic news included the NAHB Housing Market Index, reports on housing starts, building reports and existing home sales. Minutes of the Federal Reserve’s last FOMC meeting were also released.

Homebuilder Confidence Unchanged, Housing Starts and Building Permits Increase

The National Association of Home Builders (NAHB) reported that builder confidence held steady with a reading of 58 in May. Analysts projected a reading of 58 and April’s reading was also 58. Builder confidence in market conditions could be slowing due to concerns over acquiring skilled labor and a shortage of developed lots. Demand for homes remains high, but a slim inventory of available properties and builder emphasis on higher-priced homes contributed to sidelining moderate income and first-time buyers.

Commerce Department reports for April Housing Starts and Building Permits issued suggest that tight housing inventories may receive some relief. April housing starts rose from a revised March reading of 1.099 million to 1.170 million starts. Housing starts increased by 6.60 percent in April. Housing starts have slowed as compared to the year-over-year period from April 2015 to 2016; housing starts increased by 10 percent for the same year-over-year period in 2015. While any increase in home construction is welcome, some analysts said that they did not expect a huge increase in home construction in coming months.

Construction of multifamily housing units rose by 10.70 percent, while single-family home construction increased by 3.30 percent. Rising rents and millennials delaying home purchases were seen as fueling multifamily home construction. As homes become less affordable, would-be buyers are continuing to rent, which places higher demand on rental units.

Pre-owned Home Sales Rise in April

Sales of previously owned homes rose by 1.70 percent in April to a seasonally-adjusted annual rate of 5.45 million sales. Sales increased by 12.10 percent in the Midwest, where homes are most affordable, and fell by 1.70 percent in the West, where homes are most costly. This development suggests that rapidly rising home prices have or will soon reach maximum levels in high-cost areas. Home prices in many areas rose rapidly in preceding months as short inventory and high demand created bidding wars and keen competition for available homes. A lack of affordable single family homes has caused some buyers to buy condos while others have put buying on hold.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose for 30-year fixed rate mortgages rose by one basis point to 3.58 percent; the average rate for a 15-year fixed rate mortgage was unchanged at 2.82 percent and the average rate for a 5/1 adjustable rate mortgage rose by two basis points to 2.80 percent. Discount points were 0.60, 0.50 and 0.50 percent respectively. Analysts are watching the Fed closely for any indication that it will raise the target federal funds rate in June, although concerns over the possibility of Great Britain leaving the European Union could cause the Fed to hold off on raising the rate. If the Fed raises the target federal funds rate, loan rates for credit cards and mortgages would also increase.

New jobless claims fell last week to 278,000 new claims against expectations of 279,000 new claims and the prior week’s reading of 294,000 new claims. Analysts said that a telecommunications strike caused the prior week’s raise in claims as striking workers who are replaced during a strike are eligible for jobless benefits.

What’s Ahead

This week’s scheduled economic releases include new and pending home sales along with weekly reports on mortgage rates and new jobless claims.

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311 W Campbell Avenue Phoenix, AZ 85013

$475,000

2 Beds

1 Bath

982 SqFt

Status Active

MLS # 6694291

Property Type Single Family Residence

Price Type --

DELIGHTFUL CHARM in all the best ways inside this 2B/1b quaint historic Yaple Park, located walking distance to the lightrail, Lux Coffee, and restaurants galore! Coveted features of this beauty include historic wood flooring t/o, wood burning fireplace, ceiling height kitchen cabinetry, coved plaster ceilings in living room, unique picture windows (beautiful light in every room), original solid wood doors and hardware, and vintage bath tile. Newer updates & upgrades include a pavered north facing front conversation patio, blown-in cellulose insulation in the attic, updated wiring t/o the interior of the home, newer hexagonal kitchen tile flooring (installed with proper sub-flooring), newer gas water heater, newer roof (2019), new concrete rear patio, with wooden deck for entertaining, partly updated sewer (with ABS) at the kitchen sink & clean outs in rear yard, and new dual paned French doors to the rear patio and yard. This incredible starter property also has very inexpensive flood irrigation rights through SRP, large shade trees, an exterior garage (and laundry room) that could be converted to a guest house down the road, gated parking, and qualifies for historic taxes through the City of Phoenix (owner just needs to apply - see application in documents tab). For simple, beautiful, charm-filled living in a walkable area it doesn't get much better than this in Central Phoenix! Must see!!

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2165 W Bennett Way San Tan Valley, AZ 85144

$475,000

4 Beds

2.5 Baths

2,990 SqFt

Status Active

MLS # 6694311

Property Type Single Family Residence

Price Type --

Great, open concept home located in the desirable community of Morning Star Farms features a Large chef kitchen, granite counters, large island & eat in kitchen with Stainless appliances including double oven, Formal dining room and large family room. Upstairs to the loft and 4 bedrooms including the primary suite. Easy to maintain backyard, with RV gate and covered patio for entertaining. Nearby parks, shopping and restaurants.

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7233 E Eagle Nest Way San Tan Valley, AZ 85143

New

$475,000

4 Beds

2 Baths

1,976 SqFt

Status Active

MLS # 6694535

Property Type Single Family Residence

Price Type --

Welcome to your ultimate getaway! This modern 4-bedroom home, constructed in 2018, brings a fresh, new-home feel, complete with a dazzling pool in the backyard. Got an RV or toys? Park them behind your RV gate. Tucked away in a peaceful corner of the community, the private backyard offers a tranquil oasis, perfect for unwinding or throwing lively parties. Step inside to find a bright, open kitchen and living area that beckons you to relax and savor the moment. New flooring in 3 of the bedrooms! Whether you're hosting a gathering or simply enjoying the serenity of your surroundings, this home is designed for comfort and joy. Nestled in the charming Quail Run community, you'll also be treated to stunning mountain views, adding a touch of natural beauty to your everyday life.

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4331 E Douglas Avenue Gilbert, AZ 85234

$475,000

3 Beds

2 Baths

1,412 SqFt

Status Active

MLS # 6694719

Property Type Single Family Residence

Price Type --

Welcome Home!!! This gorgeous 3 bedroom 2 bath home at Towne Meadows in Gilbert is in a fantastic location. Close to restaurants, shopping, schools, parks & easy access to the 60 or 202 Fwy's. You'll love the layout of this home. Your kitchen offers stainless steel appliances, granite counter tops, a breakfast bar & new cherry cabinets. Your spacious master suite offers a plethora of natural light , a walk in closet, two granite vanities, a shower\tub combo & direct access to your backyard oasis. This home also offers upgraded ceiling fans & lighting, plantation shutters, vaulted ceilings, new exterior & interior paint, a 2 car garage with a water softener, as well as a backyard oasis that includes a covered patio, grass lawn, mature landscaping & a sparkling heated play pool to enjoy all year long. Your community offers a large park area that includes a basketball court, green area, swing sets, a playground & a ramada to utilize. This gem in the desert is a Great Buy & a Must See!!!

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4444 E Wildwood Drive Phoenix, AZ 85048

New

$475,000

3 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6695411

Property Type Single Family Residence

Price Type --

Great Investment Opportunity! Long-term tenants have a lease until the end of 2025. Well maintained single family home with updated flooring, high ceilings, beautiful fireplace and a great back yard! Gated community with a pool and the HOA maintains the front yard.

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120 E Rio Salado Parkway Tempe, AZ 85281

New

$475,000

1 Bed

1.5 Baths

1,264 SqFt

Status Active

MLS # 6695435

Property Type Apartment

Price Type --

Experience Tempe Town Lake living to it's finest! This beautiful condo has everything you need with a gourmet kitchen and appliances including refrigerator, gas cooktop/oven, DW. Also includes W/D, fireplace, prewired for Surround sound and an extra storage room in the garage! This is the largest one bedroom floorplan available in Edgewater with a large patio offering stunning views of Tempe Town Lake as well as the swimming pool/spa amenity. Walk to all Mill Ave shops and restaurants, the Metro light rail, ASU, & enjoy everything Downtown Tempe has to offer!

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8551 W Monona Lane Peoria, AZ 85382

Open House

New

$475,000

3 Beds

2 Baths

1,527 SqFt

Status Active

MLS # 6695519

Property Type Single Family Residence

Price Type --

Welcome to the perfect haven of comfort and style! Begin your exploration in the spacious kitchen sporting a tastefully done, attractive accent backsplash complemented by all stainless steel appliances for your culinary adventures. To make your cooking experience even more convenient, a kitchen island is added to provide ample preparation space and continuity in the kitchen layout. The home's fresh interior paint with a neutral color scheme lends an inviting ambiance, enhancing the overall aesthetic appeal while providing the perfect canvas for your furniture and decor. Feast your eyes on this charming property, where each detail reflects thoughtful planning aimed at catering to homeowners who appreciate a blend of style, elegance, and efficiency. This exquisite property is your home!

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4138 E Orchid Lane Gilbert, AZ 85296

New

$475,000

4 Beds

2.5 Baths

1,990 SqFt

Status Active

MLS # 6695793

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this stunning single-family home located in the highly sought-after THE GARDENS community in Gilbert. Boasting 4 bedrooms and 2.5 bathrooms, this residence offers the ideal backdrop for modern family living. Step inside and be greeted by the beautifully updated open-concept living, dining, and family rooms. Light gray tile plank flooring graces all traffic areas, creating an inviting and contemporary atmosphere. New window coverings and updated electric outlets, along with modern lighting fixtures, add a touch of elegance to every space. Bright open kitchen, featuring pristine white cabinetry, a convenient island, and stainless steel appliances. Primary suite on the second level, complete with a spacious walk-in closet and extended sink bathroom vanity. Newer AC unit and a gas water heater, ensuring your comfort and convenience year-round. Grassy shade covered backyard, It's the perfect space to unwind after a long day. THE GARDENS community is truly unique, with its tree-lined streets, 11 parks, 3 sparkling pools, sand volleyball courts, basketball courts, and an abundance of scenic walking paths. It's a neighborhood designed for an active and vibrant lifestyle. Conveniently located near the 202 freeway, top-rated schools, and the popular San Tan Village shopping district, you'll have everything you need just moments away. Don't miss out on the opportunity to make this beautiful home yours today. Act quickly, as homes in this prime location don't stay on the market for long! Come and see it soon! *****Temporary 1-0 Buydown offered by preferred lender for qualified buyers.*****

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6962 W Glenn Drive Glendale, AZ 85303

Open House

New

$475,000

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6695811

Property Type Single Family Residence

Price Type --

Clean, well maintained 3 bedroom, 2.5 bath w extra large loft and family room, sitting on a corner lot. Extra wide stairway leading to second floor w safety gate at top. Bedrooms & Laundry all upstairs. Grab-bars in all bathrooms. Beautiful kitchen, extended granite counters & white cabinets w pull out organizers, corner pantry, upgraded appliances, Lg. breakfast island open to living space makes home great for entertaining. Double-gate to backyard that has well established shade trees, extended patio for relaxing, 220 volt hookup installed, and plenty of room for a pool. Storage cabinets in garage, Solar sunscreens on every window. House pre-wired ethernet, wired surround sound in family room and loft as well as home security system & med sized dog door. Ready to be your new family home

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6145 E Sierra Morena Street Mesa, AZ 85215

Open House

New

$475,000

3 Beds

2 Baths

1,595 SqFt

Status Active

MLS # 6695979

Property Type Single Family Residence

Price Type --

Nestled within a serene community, this inviting 3-bed, 2-bath residence exudes tranquility and comfort. The home boasts airy interiors illuminated by vaulted ceilings and abundant natural light, enhanced by wood flooring and tasteful two-tone paint. The kitchen offers ample storage with a pantry. Whether enjoying meals in the formal dining area or the cozy eat-in kitchen, every moment is savored in this versatile space. Outside, residents indulge in a plethora of community amenities including biking/walking paths, a clubhouse, tennis courts, and a refreshing pool and spa, all enveloped by the lush backdrop of a nearby golf course. This residence harmoniously blends modern living with a tranquil lifestyle!

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5202 N 16th Drive Phoenix, AZ 85015

New

$475,000

3 Beds

2.5 Baths

2,211 SqFt

Status Active

MLS # 6696354

Property Type Townhouse

Price Type --

LUXURY, LOCATION ,ENTERTAINMENT AND CHARM ARE ALL HERE .JUST STEPS AWAY FROM THE NIGHT LIFE AND GREAT DINING.THIS 2 STORY, 3 BED PLUS A DEN HOME IN A GATED COMMUNITY WITH A LOW HOA WILL IMPRESS. RUN DONT WALK THIS WILL GO FAST. ENTER TO VAULTED CEILINGS ,LAMINATE WOOD FLOORS AND NUETRAL PAINT. ALL THE APPLIANCES ARE INCLUDED. ALL THE LIGHTING IS LOW E. THE NEW WINDOWS WILL HELP KEEP THE AC BILL LOW.THE PICTURE PERFECT OFFICE IS LITE AND CHEERY WITH FRENCH DOORS THAT OVER LOOK A JULLET BALCONY.PERFECT FOR WORKING FROM HOME.THERE IS A BRAND NEW SMART WATER HEATER WITH WARRANTY.THERE IS ALSO SOFT WATER LOOP .HOA IS REROOFING IN AUGUST AND THE ASSESSMENT WILL BE PAID AT COE. THERES A COMMUNITY POOL AND HEATED SPA GREAT COMPLEX.,,LIGHTRAIL IS NEAR BY. CALL YOUR AGENT NOW...

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1430 E Winged Foot Drive Chandler, AZ 85249

Open House

New

$475,000

2 Beds

2 Baths

1,582 SqFt

Status Active

MLS # 6696416

Property Type Single Family Residence

Price Type --

Located in the Active Adult Community of Springfield! Split bedroom floorplan with open kitchen and family room. All updated in the past 5 years: AC, roof, windows, water heater & water softner. Large kitchen with granite counters, stainless steel appliances, pantry & breakfast bar. The primary bedroom offers his & hers walk-in closets and a private bathroom equipped with dual sinks. Flex room could be a den, dinning room or made into a 3rd bedroom. Wood shutters throughout, solar tubes in walk-in closets, built in cabinets in laundry & garage. Oversized back yard with mature landscaping, ground lighting, covered & uncovered patios. Relax & meet your friendly neighbors from your front patio. Enjoy 2 pools, spa, golf course, tennis, pickle ball, gym, bar/grill & tons of activities.

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