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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18812 N 94th Avenue Peoria, AZ 85382

$469,000

2 Beds

2 Baths

1,483 SqFt

Status Active

MLS # 6684237

Property Type Townhouse

Price Type --

Fully Remodeled Westbrook Village Gem! 15K CAPITAL RESERVE ASSESSMENT WILL BE PAID BY SELLER FOR BUYER!!! This stunning property has undergone a complete transformation, boasting meticulous attention to detail and high-quality finishes throughout. Fairway Ridge is situated in the coveted Westbrook Village community, this home offers both elegance and functionality. With spacious living areas, a gourmet kitchen, luxurious bathrooms, and impeccable landscaping, this residence is the perfect blend of style and comfort. Don't miss your chance to call this meticulously remodeled home yours!

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10459 E Natal Avenue Mesa, AZ 85209

$469,000

3 Beds

2.5 Baths

1,730 SqFt

Status Active

MLS # 6683132

Property Type Single Family Residence

Price Type --

Prepare to be impressed by this well-maintained home in Mulberry Community! The lovely façade provides a low-care front yard, stone accents, and a cozy front porch. You'll love the large great room graced with wood-look flooring, bountiful natural light, and sliding glass doors leading to the back patio. The kitchen features cabinets with crown moulding, recessed lighting, stainless steel appliances, and granite counters. Continue upstairs to find the carpeted primary bedroom offering an ensuite with dual sinks, a make-up desk, and a walk-in closet. The private backyard with artificial turf, an attached pergola, and pavers is perfect for alfresco dining, entertaining, or merely unwinding after a long day. Don't let this opportunity slip by!

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4275 Ponderosa Trail Wickenburg, AZ 85390

$469,000

2 Beds

2 Baths

1,866 SqFt

Status Active

MLS # 6687915

Property Type Single Family Residence

Price Type --

Experience comfort and style in this unique two bed, 2 bath treasure in Wickenburg Ranch! Step inside to discover a well-appointed interior with ample space for both relaxation and productivity. Featuring a spacious office/den that can easily transform into a third guest room for visitors or family! A large 2 car garage is equipped with wall to wall storage cabinets, and there is another spacious golf cart garage as well! Outside, the fully fenced backyard is an oasis, perfect for outdoor gatherings, pets, gardening, or simply enjoying the sunshine and magnificent star filled nights. Nestled in the desirable Wickenburg Ranch community, a beautiful and vibrant community awaits you

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11832 S Magic Stone Drive Phoenix, AZ 85044

$469,000

2 Beds

2 Baths

1,789 SqFt

Status Active

MLS # 6688359

Property Type Single Family Residence

Price Type --

Golf Course Lot AND mountain views....This Ahwatukee gem is in a 55+ community. This turnkey home is being sold ''as-is'' its fully FURNISHED at no monetary cost if buyer wishes. It has has been updated with New roof, AC unit, Flooring, and Kitchen. The brick fireplace in the eat in Kitchen brings a cozy feeling while looking at the Mountain Views and Golf course. Relax at happy hour time on the enclosed outdoor patio. With Ahwatukee Rec Center you will have swimming, pickelball, workout facility, and activities to keep you busy. Come enjoy living in an active community!

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2802 E Dahlia Drive Phoenix, AZ 85032

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$469,000

3 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6688385

Property Type Single Family Residence

Price Type --

Welcome to your charming oasis in the heart of Phoenix Arizona! This delightful single-story home offers comfort and convenience in every corner. Situated on a generous north-south facing lot, with an RV gate and no HOA, this property provides ample space for all your outdoor activities and storage needs. Step inside to discover a thoughtfully updated interior, featuring three cozy bedrooms and two bathrooms. The bathrooms have been tastefully renovated, showcasing modern showers and fixtures, adding a touch of contemporary style to the home. Entertain effortlessly in the spacious living area, flooded with natural light and offering a warm and inviting atmosphere for gatherings with family and friends. The kitchen is a chef's delight, boasting stainless stee appliances, plenty of cabinet space, and sleek countertops, making meal preparation a breeze. Outside, soak in the stunning mountain views from the privacy of your backyard, perfect for enjoying morning coffee or hosting summer barbecues. With a brand new roof backed by a 10-year warranty and a newer HVAC unit, this home offers both peace of mind and energy efficiency. Parking is a breeze with the attached two-car garage, providing secure storage for your vehicles and belongings. Don't miss out on the opportunity to call this lovely house your home. Schedule your showing today and start living the relaxed Arizona lifestyle you've been dreaming of!

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13256 N 38th Place Phoenix, AZ 85032

$468,999

3 Beds

2 Baths

1,240 SqFt

Status Active

MLS # 6643265

Property Type Single Family Residence

Price Type --

Welcome to this breathtakingly remodeled home, a true gem that blends modern luxury with unparalleled convenience. Situated just a mile east of SR 51, this home offers swift access to major roads and urban amenities. A short stroll down the street leads to the lush expanses of Indian Bend Park, providing a perfect setting for outdoor recreation and relaxation. Perfect for New Beginnings. This home isn't just a residence; it's a lifestyle choice. Whether you're looking for a peaceful family haven or a vibrant social hub, this property caters to all. It is the perfect way to start your new year in style.

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18755 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6695197

Property Type Single Family Residence

Price Type --

Entrada del Oro in the Superstition Mountains: A serene desert escape with breathtaking, rugged beauty. Perfect for sunrise and sunset admirers.

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40258 W Michaels Drive Maricopa, AZ 85138

$468,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6695514

Property Type Single Family Residence

Price Type --

You'll find plenty to love about the Raleigh plan! The center of the home boasts a large gourmet kitchen with a convenient center island and walk-in pantry, which flows into an open-concept dining room and great room. The owner's suite is adjacent, with a private bath and a walk-in closet. There are three additional bedrooms and a bath off the great room and off the entry is a private study. Outside, enjoy your corner lot and large covered patio!

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18740 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

1,930 SqFt

Status Active

MLS # 6679862

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 3BR/2.5BA home! The back yard offers picture perfect views of Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!

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19551 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688597

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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19542 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688608

Property Type Single Family Residence

Price Type --

Explore this dynamic Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; a well-appointed kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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24075 W Pecan Road Buckeye, AZ 85326

$468,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6680414

Property Type Single Family Residence

Price Type --

Just over 3000 sq ft, this floorplan has It all. 4 bedrooms, 3.5 baths, a den downstairs, a half bath downstairs, a loft upstairs, and a 3-car tandem garage! This home offers so much space and a beautiful open concept. The outside has a Craftsman style exterior with included desert landscape. You walk into an open space with wood look plank tile throughout. There is a separate carpeted den area to be utilized as needed. The open concept living, kitchen, and dining area downstairs is great for entertaining. The gorgeous 4 panel sliding glass door that leads you to your outdoor covered patio provides an indoor/outdoor living space with a large backyard area. This home features our Minimalist design package that includes Crisp Stria quartz kitchen counter tops, with Fairview Stone Gray cabinets, Arctic White stacked kitchen backsplash, an undermount single bowl kitchen sink, matte black finish plumbing fixtures, stainless-steel appliances, and much more. Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home, making your move-in process seamless. Upstairs has a spacious loft for additional living space, along with 4 bedrooms, 3 full baths, and laundry. Not only is the laundry room perfectly located for a growing family, right now we're including matching washer & dryer in this move-in ready home. The primary room has a large walk-in closet, double sinks, a large walk-in shower, and an additional linen closet for extra storage. The 3 additional bedrooms all have spacious walk-in closets as well. Great location close to dining, freeways, dog park and entertainment.

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