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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2608 W Estrella Road New River, AZ 85087

$490,000

3 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6678059

Property Type Manufactured Home

Price Type --

2 acre property in New River with breathtaking mountain views in every direction! This rare property includes a number of desirable features like a private well! Step onto the spacious patio deck, great for entertaining or simply unwinding while enjoying the serene locale. Inside, you'll be greeted by vaulted ceilings and stylish two-tone paint that accentuates the open, airy atmosphere. The subway tile shower in the master bath adds a touch of modern elegance with a vanity including double sinks and luxurious quartz counters. Recent upgrades include a new roof installed in 2021 and a new HVAC system added in 2023, ensuring comfort and peace of mind for years to come. All windows have been replaced, except for one, providing enhanced energy efficiency throughout the home. The kitchen features raised panel cabinets, a sleek tile backsplash, and a large island giving it an abundance of counter space for meal preparation. Ceiling fans and crown molding add both style and functionality to the living spaces. Additional amenities include a fridge, dual flush toilet for water conservation, and a spacious detached barn/garage (32 x 12), complete with drywall and insulation, offering ample storage space for all your outdoor gear and equipment. Outside, the property is adorned with fresh exterior paint and includes a recently filled propane tank for added convenience. 2 acre properties in this price range are not easy to come by in New River!

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40779 N Citrus Canyon Trail Phoenix, AZ 85086

Open House

$490,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6659726

Property Type Single Family Residence

Price Type --

Welcome to your perfect retreat! Amazing View Lot Backyard. This 3-bed, 2-bath gem features an inviting open floor plan, backed by a tranquil open space. Enjoy the low-maintenance backyard with extended pavers, a darling gazebo, and a charming front porch. Inside, relish modern updates such as new granite kitchen countertops, updated carpet, ceiling fans, lights, and faucets. Community perks include the Anthem Community Center with a water park, tennis courts, parks, and more. Embrace comfort and style in this meticulously cared-for home - your sanctuary awaits!

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17943 W Townley Avenue Waddell, AZ 85355

$489,999

4 Beds

3 Baths

2,045 SqFt

Status Active

MLS # 6691608

Property Type Single Family Residence

Price Type --

Amazing opportunity to move into a newly built(2023) move-in ready popular Sapphire open floor plan with mountain views. This home has 4 bedrooms,3 full bathrooms and teen/great room.The kitchen boast stainless-steel appliances, quartz countertops and a center island that opens up to spacious living area that has large sliders, which open up to a beautiful finished backyard landscaping. The primary suite showcase a generous walk-in closet and upgraded primary bath.Home has a Tesla charger installed in garage. Super friendly and quiet neighborhood with multiple parks that are walking distance. Minutes away from tons of shopping, new commercial development,Costco and White Tank Foothill hiking and campground. Home is nearby great schools (Legacy/American leadership academy. Don't miss out!

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811 E Seldon Lane Phoenix, AZ 85020

$489,999

5 Beds

3 Baths

2,295 SqFt

Status Active

MLS # 6677093

Property Type Single Family Residence

Price Type --

**NO HOA - NEW AC** North Phoenix house with mountain views in a beautiful neighborhood. This is one of the largest floorplans in the area (addition fully permitted - sq. footage on tax records incorrect) with attached 620 sf apartment that comes with a separate entrance, full bath, fridge, and kitchen sink. Wonderful opportunity to own in the highly desired North Phoenix Sunnyslope area.

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20093 W Montecito Avenue Litchfield Park, AZ 85340

$489,995

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6651677

Property Type Single Family Residence

Price Type --

Discover this attractive Alden home, ready for quick move-in! Included features: a spacious great room; a dining nook with multi-slide doors overlooking a wide covered patio; an impressive kitchen boasting 42'' cabinets, a center island, a walk-in pantry and stainless-steel appliances. a luxurious primary suite showcasing a private bath with double sinks and an oversized walk-in closet; and a fourth bedroom and third bath. You'll also appreciate 12'' x 24'' stone tile flooring, added windows, cultured marble bathroom countertops, front yard landscaping and a concrete-paver driveway and walkway.

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4016 N 152nd Drive Goodyear, AZ 85395

New

$489,995

3 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6693331

Property Type Single Family Residence

Price Type --

Welcome home to this amazing 3 bedroom split floorplan. As you enter you will be greeted with your open kitchen & family room with vaulted ceilings. Kitchen has been fully updated with white shaker cabinets w/ soft close, granite counter tops with waterfall edge, stainless steel appliances & matte gold hardware. Living room boasts cozy fireplace with decorative feature wall. LVP flooring throughout home. Bathrooms tastefully updated with modern tile, cabinetry & fixtures. Lush backyard with large covered patio perfect for entertaining or just relaxing. All lighting has been updated. 2 car garage w/ attached cabinets. Come enjoy the Pebblecreek lifestyle!

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18186 W Amber Ridge Way Goodyear, AZ 85338

$489,995

4 Beds

3 Baths

1,991 SqFt

Status Active

MLS # 6590508

Property Type Single Family Residence

Price Type --

Versatile single-level home design with designer upgrades throughout. The open kitchen, casual dining area, and great room flow seamlessly to a large covered patio, ideal for indoor-outdoor living. The serene primary bedroom suite showcases a luxe bathroom with a dual-sink vanity, walk-in shower, and large walk-in closet. The secondary bedrooms feature roomy closets and access to two shared hall baths, one with separate dual-sink vanity area.

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32166 N Buckaroo Road San Tan Valley, AZ 85140

New

$489,990

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6693627

Property Type Single Family Residence

Price Type --

Introducing Topaz floor plan. This single-story haven boasts a perfect fusion of modern charm and functional design. This home spans a comfortable and efficient layout across 2507 square feet.Nestled in the city of San Tan Valley, the exterior exudes curb appeal with its spanish facade and desert landscaped front yard. Step through the front door into a welcoming foyer, where the seamless flow of the open-concept design invites you further into the heart of the home, showcasing the 8' doors.The heart of the home, the kitchen, is adorned with quartz countertops, stainless steel appliances, separate dining and a convenient center island.The owner suite includes a well-appointed bathroom, and ample closet space. Two additional bedrooms provide comfort and convenience for family members or or guests. The den, a versatile space serves as the perfect home office, library, or cozy retreat for relaxation. 4 panel sliding glass doors open to the backyard where outdoor living comes to life. Whether hosting barbecues, gardening, or simply enjoying a quiet evening under the stars, the backyard offers a private escape. Embrace the ease of single-story living in this thoughtfully designed residence, where every detail has been carefully considered for the ultimate in modern lifestyle.

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2857 W Monte Way Laveen, AZ 85339

$489,990

5 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6642248

Property Type Single Family Residence

Price Type --

This two-story home features an 8-ft. entry door and 9-ft. first floor ceilings. The open concept floor plan includes a spacious great room with access to an extended covered back patio. The kitchen boasts granite counters, an expansive center island, and 42-in. upper cabinets for added storage space. You'll also find porcelain tile flooring and a bedroom with full bath on the first level. Moving upstairs, the bedrooms and common areas feature plush carpeting, with porcelain tile flooring in the laundry and baths. The spacious laundry room also includes granite countertops, a deep-set sink, and linen closet. sq./ft. lot with a generous side yard and spectacular views of South Mountain.

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10227 S 55th Drive Laveen, AZ 85339

$489,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6679381

Property Type Single Family Residence

Price Type --

Come see this great single-story home that provides so much! With 4 bedrooms plus a den, 3 full baths, and a 3 car garage this layout is ideal. The outside of the home is a modern desert exterior that provides a nice contemporary curb appeal upon walking through the front door. The primary bedroom sits in the back of the home, so it provides nice privacy in an otherwise open concept home. The kitchen has a large island that overlooks into the dining and living area making it great for hosting and entertaining. This home offers beautiful white shaker style cabinets in the kitchen and bathrooms. A clean gray quartz kitchen countertop in the kitchen, and guess what there's more! Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home.

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16854 W Cortaro Point Drive Surprise, AZ 85387

$489,990

2 Beds

2 Baths

2,149 SqFt

Status Active

MLS # 6659969

Property Type Single Family Residence

Price Type --

Spacious Verano model... Priced to sell. 2 bedrooms and a den. Large entertaining space through out. Large extended covered patio. Close to the pool, work out facility and outdoor sports like Golf and Pickle Ball courts. Electric cook top but also plumbed for gas underneath cook top. All appliances included, including an extra laundry room refrigerator.

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31015 N 251st Avenue Wittmann, AZ 85361

$489,900

4 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6671042

Property Type Single Family Residence

Price Type --

Welcome to your stunning newly built home on 1 acre ranch with beautiful surrounding mountain views! New homes built near the home and throughout Wittmann. Enter the home into a sizeable grand room with dining area and kitchen. Wood plank-like tiling throughout the home with ceiling fans in the great room and all bedrooms. Kitchen has granite on large island and countertops, SS microwave and oven/stove. Large primary bedroom and ensuite bathroom with double sinks w/ granite, tiled shower, toilet room, and linen closet. Walk in closet with shelving. Guest bath also has double sinks w/ granite and a tiled shower/tub. Ample size additional 3 bedrooms complete the interior. Covered patio and land provides ample space for your horses, toys, sheds, etc. No HOA! Welcome home & to ranch living!

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