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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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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17719 W Eva Street Waddell, AZ 85355

Open House

$468,955

4 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6667659

Property Type Single Family Residence

Price Type --

This GORGEOUS Single Story New Construction home has it all! 1,915 square feet, 4 bedrooms, 2.5 bathrooms, and a full size 2 car garage! ***Est COE in May*** This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, upgraded white quartz countertops, and 9' ceilings throughout. It also includes a soft water loop. This home prioritizes efficiency, with features such as dual pane low-E windows, and a smart home system included. The exterior features front yard desert landscaping, a covered patio and private backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

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3927 E Jasper Drive Gilbert, AZ 85296

$468,900

3 Beds

2.5 Baths

1,816 SqFt

Status Active

MLS # 6684552

Property Type Single Family Residence

Price Type --

Discover the epitome of modern living in this remodeled, beautiful single-family home nestled in Gilbert. With a spacious private yard, the master bedroom boasts luxury with a dual sink vanity, private toilet room, and a large walk-in closet. The gourmet kitchen features stainless steel appliances and ample cabinet space for culinary enthusiasts. Enjoy low-maintenance front and backyard spaces, while the community pool and spa offer a refreshing retreat during summer. Kids will love the nearby community park with a playground, and your pets will adore the green grass. Perfectly situated, with easy access to major highways like US 60 and San Tan 202, as well as the Mesa Gateway Airport.

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10411 W Chipman Road Tolleson, AZ 85353

New

$468,885

5 Beds

3 Baths

2,048 SqFt

Status Active

MLS # 6697419

Property Type Single Family Residence

Price Type --

June Move-In 'Welcome Home'' You are going to love this Spacious single level Brand New Home & The Fantastic Location. Split Floor Plan w/5Bdrms,3 baths & 2 Car Garage + Double Gate. This Open Floorplan was designed for you and guests to come together and enjoy the great room, dining room and kitchen spaces that flow together seamlessly. ''Wonderful indoor/outdoor living'' W/Nice Size Backyard + Large Back Patio & Front CY Perfect For Entertaining Or Family Nights. 9' Ceilings, GOURGEOUS KITCHEN W/Stainless Steel Appliances, Upgraded Cabinets, Quartz Countertops, Double Door Pantry, 12x24 Tile throughout except bedrooms where plush carpet will snuggle your toes. Two-Tone Paint, Energy Star & Smart Home Features + More. Photos Of Model Home & Ext Completed Carefree C, Options Will Vary.

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17063 W Butler Avenue Waddell, AZ 85355

New

$468,777

3 Beds

3 Baths

2,162 SqFt

Status Active

MLS # 6695624

Property Type Single Family Residence

Price Type --

Open-concept living is the name and Antelope is the place. Step inside this 2,162 sq. ft. two-story, 3 bedroom, 3 bath home that includes a downstairs study with double doors and a spacious upstairs loft area, perfect for all your entertaining needs. A beautiful Kitchen with quartz counter-top and 42 Inch Benton stone gray cabinets put the finishing touches on this home. Our High-Performance Homes come standard with home automation technology, a REME HALO Air Purification system and they are designed with you in mind, to stay healthier & more comfortable in your new home.

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1082 W Morelos Street Chandler, AZ 85224

$468,500

3 Beds

2 Baths

1,326 SqFt

Status Active

MLS # 6695158

Property Type Single Family Residence

Price Type --

Welcome to this peaceful charming 3 beds, 2 baths, 2-car garage single-level home. 220 power outlet for electric car charging is available in the garage. A semi-open layout with vaulted ceilings with a neutral palette. New carpet and tile flooring throughout. The kitchen boasts SS appliances with new granite kitchen & bath countertops. Cozy dining area with a bay window! The main bedroom has outdoor access and an ensuite with dual granite sinks, a separate tub/shower, & a walk-in closet. One other bedroom, w/double-door entry, can be used as an office. Home is plumbed for soft water and reverse osmosis in the kitchen. Check out the tranquil backyard with a covered patio, lush green lawn, mature tree landscape and a new irrigation system.

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Yuma Prooving Guard AZ 85365

$468,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6660419

Property Type Manufactured Home

Price Type --

ARMLS Brand Team's Test Listing - DO NOT EDIT

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325 W Gina Marie Boulevard Paulden, AZ 86334

$468,000

2 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6680004

Property Type Single Family Residence

Price Type --

Wow you won't want to miss out on this completely remodeled home on 5 acres. New appliances. Open floor plan with a country flare. Barn doors open floor plan. Large master bedroom and master bath. Detached shop with a bar. Dog run, horse stalls and shelter. Private well with whole house filtration system. Completely fenced with lots of frost-free water spickets. All usable land. Amaizing views! Rv hook ups. Hot water heater, stove and dryer are set up for electric or propane services.

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2937 W Anderson Drive Phoenix, AZ 85053

$468,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6682918

Property Type Single Family Residence

Price Type --

Highly upgraded 3-bed, 2-bath home! New RV gates on both sides of property w/concrete driveway & 2-car garage w/epoxy floor, new cabinetry, & new door/motor. Brand new synthetic turf w/pathways & elegant fountain is the cherry on top! New roof & fresh in/out paint. Discover new windows, tile flooring throughout, new chandeliers, upgraded recessed lighting, new custom plantation shutters, & new doors. The comfortable living room offers a surround sound system for convenience! The remodeled eat-in kitchen has new shaker cabinets, granite counters/backsplash, SS appliances, new sink, island w/breakfast bar, & new handles. The main bedroom features a private bathroom & walk-in closet. Both bathrooms are upgraded! The paver backyard boasts covered patio, storage shed, & boulder pond. Stop by!

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43307 W Askew Drive Maricopa, AZ 85138

$468,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6679513

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home with a spacious 3-car garage,and pool.This home features tile floors,plantation shutters,and a cozy living room.The spacious great room is perfect for relaxing and entertaining with lots of kitchen storage,SS appliances,skylights,tile backsplash,granite counters,pantry,and a center island & extended breakfast bar.Primary bedroom has direct backyard access and a private bathroom with dual sinks,shower,tub and a walk-in closet.Backyard is an entertainer's dream featuring a covered patio,built-in BBQ,artificial turf,and sparking pool.This home has new HVAC system,hot water heater,water softener,pool pump & salt cell,resurfaced pool & cool decking to name a few (check docs for full list).A perfect blend of comfort & luxury. Come and make it yours today!

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12535 W Marguerite Avenue Avondale, AZ 85323

Open House

$467,656

4 Beds

2 Baths

2,207 SqFt

Status Active

MLS # 6677110

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Move in ready Lantana design at Highland Ridge by Brookfield. 6000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the 3-car garage leads you into the drop zone. 48,000 in upgrades. Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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9430 W Minnezona Avenue Phoenix, AZ 85037

Open House

$467,500

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6683540

Property Type Single Family Residence

Price Type --

Charming 3-bedroom home with a spacious great room and stunning mountain views, with the added privacy of no neighbors in front of the home. Nestled within a gated community offering park amenities, children's playgrounds, and scenic walking trails, this residence is designed for both comfort and convenience. Just outside the gated community you will find Westgate Entertainment District, which includes shopping, dining, sports and music. Want to stay inside? No problem, the chef's kitchen is a culinary delight, featuring stainless steel appliances, a gas stove, subway tile backsplash, white quartz countertops, and ample cabinetry with sleek handles, centered around a large island perfect for entertaining. Enjoy the seamless flow of large tile flooring throughout the living spaces. With a split floorplan and open layout, including a large slider leading to the back yard. This home offers versatility and elegance, enhanced by modern amenities such as a soft water loop, tankless water heater, and contemporary square sinks in the bathrooms with marble countertops and white cabinets. Additional highlights include a low-maintenance backyard with pavers, a covered patio for outdoor relaxation along with a very low-maintenance backyard. This home also features can lights throughout, a Ring doorbell for added security, and fresh interior paint for a polished finish. Experience the epitome of modern living in this meticulously crafted residence, where every detail is thoughtfully designed to elevate your lifestyle and create a sanctuary you'll be proud to call home.

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