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. 

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

18782 E Elizar Drive Gold Canyon, AZ 85118

$463,995

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6695224

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.

View Property

10838 W Grant Street Avondale, AZ 85323

$463,995

4 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6694032

Property Type Single Family Residence

Price Type --

Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

View Property

7909 E Dartmouth Street Mesa, AZ 85207

$463,900

4 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6642855

Property Type Single Family Residence

Price Type --

Welcome to this updated gem in a well-kept neighborhood, free from HOA fees! This home boasts a spacious great room floorplan, complete with new wood-like flooring, fans, and fixtures. The kitchen shines with fresh white shaker cabinets, black hardware, Quartz tops, and brand new stainless steel appliances. Both bathrooms have been updated with new vanities and Quartz tops. The large backyard invites creativity, offering space for a potential pool or other additions. With spacious bedrooms, a roomy laundry area with extra storage, vaulted ceilings, and an abundance of natural light. Conveniently located just minutes away from parks and the Viewpoint Golf Course.

View Property

45233 W Jack Rabbit Trail Maricopa, AZ 85139

$463,900

4 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6656384

Property Type Single Family Residence

Price Type --

Experience Maricopa living with this beautiful 4-bedroom, 3-bath home, designed for comfort and convenience. Situated in the quiet Alterra neighborhood, this home offers over 2,870 square feet of contemporary living space, designed to cater to your unique lifestyle. Step inside and discover the inviting warmth of the open floor plan with multilevel spaces and a great layout. At the heart of the home is a stunning modern kitchen that features maple cabinets, stainless steel appliances, and ample granite counter space, spacious pantry and island. Retreat to the luxurious primary bedroom suite, boasting a spacious bathroom and a generous walk-in closet, providing the perfect escape after a long day. With three additional bedrooms, there is ample space for family, guests... or the flexibility to create the ultimate home office or hobby room. Step outside and discover your own private oasis, where days are spent basking in the Arizona sunshine beside the sparkling blue pool, surrounded by desert landscaping and ample space for outdoor entertaining. Whether hosting summer barbecues with friends or enjoying quiet evenings under the stars, this backyard offers endless opportunities for relaxation and more. The spacious 3-car garage, provides ample storage for vehicles, outdoor gear, and more. The downstairs guest bedroom and adjoining bath offers versatility, serving as a private retreat for guests or a home office. Located in the heart of Maricopa, this home offers convenient access to a wealth of amenities and attractions. Explore nearby Copper Park, where lush green spaces, playgrounds, and sports courts await, or indulge in a night of entertainment at Harrah's Ak-Chin Hotel/Casino, just moments away. With a variety of restaurants, shopping destinations, and recreational opportunities within easy reach, you'll find everything you need right at your doorstep. Living in Maricopa, just 16 miles from Chandler, offers the advantage of easy access to a larger city with additional amenities, employment opportunities, and entertainment options while still enjoying the more relaxed pace and affordability of Maricopa. More than just a home, this is a lifestyle - a place where memories are made, and every day is an opportunity for new adventures. Don't miss your chance to make this stunning home all yours today - discover the true meaning of Arizona living.

View Property

19604 W Cambridge Avenue Buckeye, AZ 85396

$463,010

3 Beds

2 Baths

2,070 SqFt

Status Active

MLS # 6683060

Property Type Single Family Residence

Price Type --

Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

View Property

15576 W Coral Pointe Drive Surprise, AZ 85374

$463,000

2 Beds

2 Baths

1,712 SqFt

Status Active

MLS # 6672695

Property Type Single Family Residence

Price Type --

Your garden oasis awaits! Surrounded by mature foliage which comes live under the sun offering plenty of shade. Well-lit for entertaining or enjoy relaxing in this peaceful garden. Professionally maintained 8-person hot tub also instills relaxation. Custom tile floors enhance this 2 bedrm, 2 bath home. Spacious kitchen looks toward the backyard; beverage ''bar'' included. Gas: stove, heat, dryer & custom BBQ. Primary bedrm & bath boasts a walk-in, standard wall & linen closet, 2 sinks, & step-in shower. 2 hallway closets. Indoor laundry leads to extended 2 car garage w/ double sided wall cabinets. Owned water softener. Irrigation upgraded & automated. Backyard fenced w/ 2 gates. Front enclosed courtyard is gated. Roof inspection 2/24. Come live a lush, relaxing Grand lifestyle!

View Property

20320 N Palm Canyon Drive Surprise, AZ 85374

$463,000

2 Beds

2 Baths

1,627 SqFt

Status Active

MLS # 6695366

Property Type Single Family Residence

Price Type --

Dream home on oversized corner lot with LAKE & GOLF COURSE VIEWS from the front courtyard, den & breakfast nook! NEW TRANE HVAC (2022), interior paint, luxury vinyl floors, 5'' baseboards & LED lights. The kitchen is a chef's paradise boasting ALL NEW SS appliances including oven w/air fryer & convection, Corian counters, & tastefully painted cabinetry. Updated hall bath has NEW vanity w/quartz counter, mirror, light, & modern toilet. Retreat to Primary bdrm w/charming bay window & skylight in bath. Laundry is a breeze w/NEW Maytag front load washer/dryer on pedestals, cabinets & sink plumbing. NEW PELLA slider leads to spacious patio w/pony wall for privacy. Extd garage w/NEW Water Softener (2022), cabinets, painted floor, NEW garage door & opener (2023) & NEW water heater (2017).

View Property

19636 W Cambridge Avenue Buckeye, AZ 85396

$462,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6646619

Property Type Single Family Residence

Price Type --

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

View Property

15562 W Hackamore Drive Surprise, AZ 85387

$462,770

4 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6696951

Property Type Single Family Residence

Price Type --

Move-in Ready NEW HOME. Discover this exquisite 3501 floor plan boasting 3 bedrooms, 2 baths, and a 2-car garage, complete with all appliances! This home is adorned with a myriad of upgrades, featuring stone-gray cabinets with hardware, quartz kitchen countertops, a bespoke full kitchen backsplash design, a spacious kitchen island, a large single stainless steel bowl sink, stainless steel appliances, a gas range, tile flooring, a tankless hot water heater, 9' ceilings, 8' interior doors, a soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, pre-wired ceiling fans in all bedrooms, the great room, and patio, pre-wiring for pendant lights at the kitchen island, a garage keyless entry pad, and much more!

View Property

25177 W Bowker Street Buckeye, AZ 85326

$462,750

4 Beds

3 Baths

2,511 SqFt

Status Active

MLS # 6674472

Property Type Single Family Residence

Price Type --

BEAUTIFUL home ready in May! This home has ALL the space you need!! Need a 4th bedroom with own full bath downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Great closet space, comfort height toilets throughout, and square bathroom sinks. This home has electrical upgrades that include flat screen prewires and upgraded lighting, soft water loop, 8' interior doors, and it's a Smart Home! Gorgeous interior with lots 18''x18'' tile. white cabinets with polished nickel hardware, herringbone design backsplash and beautiful granite countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage, Smart door opener and keyless entry. This home is EVERYTHING!!!

View Property

6521 S 43rd Drive Laveen, AZ 85339

Open House

$462,500

3 Beds

3 Baths

2,169 SqFt

Status Active

MLS # 6676880

Property Type Single Family Residence

Price Type --

Sharp FORMER MODEL 3BR/3BA plus den shows beautifully. Lots of upgrades including spacious island kitchen overlooking family room, complete with upgraded cherry cabinets, granite, and stainless steel appliances. Upstairs features Primary bedroom, guest room with en-suite bath, and open den/loft area with built-in cabinets/desk. One full bedroom/bath downstairs as well. Upgraded plank-style wood flooring, custom window coverings, upgraded bay windows in dining & kitchen complete the interior of this wonderful home. Double French doors lead to spacious backyard complete with covered patio, gazebo and mature landscaping. All of this, and cllose to Cesar Chavez park, schools, shopping and restaurants. This home shows very well and will NOT disappoint! Welcome home!

View Property

3336 S 155th Lane Goodyear, AZ 85338

$462,490

4 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6692746

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

View Property