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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17798 W Running Deer Trail Surprise, AZ 85387

$465,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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40930 W Agave Road Maricopa, AZ 85138

$465,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6641288

Property Type Single Family Residence

Price Type --

START PACKING... It's the Castellano.. This home has 4 bedrooms, 3 baths and 3 car garage. Large walk-in shower at owner's bath. Multi slide door that leads out to the covered patio perfect for entertaining. Gas range for the cook in the family. Benton painted white cabinets with 42'' kitchen uppers and pull out trash drawer with two bins. DT One Quartz Evening Gray countertops in the kitchen and at the enhanced kitchen island. DT Marble Attache Matte kitchen backsplash and stainless steel undermount kitchen sink. 8' tall interior doors throughout the home. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. Gas drop to dryer, gas stub for BBQ, 8' garage door, garage service door and so much more.

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12565 N 175th Drive Surprise, AZ 85388

New

$465,900

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6688259

Property Type Single Family Residence

Price Type --

Beautiful property nestled on a desired corner lot! This gem displays a well-maintained front yard and a 2-car garage for your vehicles. The delightful interior features a spacious open floor plan, highlighting tall ceilings, a soothing palette, tile flooring, and soft carpet in all the right places. The kitchen is fully equipped with ample counter space, a walk-in pantry, rich wood cabinetry, recessed lighting, and an island with a breakfast bar, great for morning conversations. Double doors reveal a generous main retreat, offering a private bathroom with dual sinks and a large walk-in closet. Out the back, you'll find a covered patio for relaxing evenings after a busy day. Conveniently situated near schools, shopping, and parks. Stop searching!

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1131 E Lowell Avenue Gilbert, AZ 85295

$465,900

3 Beds

2.5 Baths

1,575 SqFt

Status Active

MLS # 6673558

Property Type Single Family Residence

Price Type --

The interior boasts an inviting open floorplan, encompassing 3 bedrooms, 2.5 baths, and a 2-car garage. Revel in the charm of beautiful wood and tile flooring, complemented by a tasteful two-tone paint scheme. The well-appointed kitchen includes a pantry, and all bedrooms feature spacious walk-in closets, with the master bedroom boasting an impressive two walk-in closets. Updated blinds and ceiling fans enhance each bedroom. Enjoy the home's North/South exposure and take advantage of its proximity to a playground, tennis courts, and an elementary school within walking distance. Spectrum, a highly coveted community in Gilbert, offers convenient access to amenities such as the 202 Expressway, San Tan Mall, Old Town Gilbert, golf courses, and much more!

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10210 N 54th Drive Glendale, AZ 85302

$465,500

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6686502

Property Type Single Family Residence

Price Type --

Oakdale is a quiet Glendale neighborhood located conveniently nine miles or less to major freeways in all directions. This home has a cozy front garden area. As you enter the home you are greeted by a vaulted pitched ceiling, a lovely corner fireplace & large windows that look onto the front garden area. Beyond the living room is an Arizona room with an expansive view of the backyard. This neighborhood has NO HOA. The spacious bedrooms are a split style with the master suite located towards the back of the home off the main living area, additional two bedrooms separated by a Jack & Jill bathroom down the hall. The primary bedroom has a spacious walk-in closet. Features include recently painted exterior, freshly painted interior, ceramic tile flooring throughout, new AC and water heater, black stainless steel kitchen appliances (includes refrigerator).

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505 W Stanley Avenue San Tan Valley, AZ 85140

$465,500

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6689220

Property Type Single Family Residence

Price Type --

Welcome Home!! This beautiful 3 bedroom, Plus Den, 2 bath, 2 car garage home is located in the desirable and established Ironwood Crossing neighborhood. Large kitchen with granite counter tops, beautiful crown molding on cabinets, custom tile back splash, and stainless steel appliances. Open and spacious floorplan with 8' doors throughout. Ceiling fans in all rooms. Water softener and RO water system. Enjoy relaxing under your extended covered patio with sunshades or under the stars next to your gas fire pit. Exterior was repainted in 2020. This is a must see! Owner has access to Mary Lou Fulton & Ira Fulton Aquatic center. Great community features include parks, basketball courts, pickleball courts and much much more. **Some Furniture is Available on a Separate Bill of Sale*

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16755 W Buckhorn Trail Surprise, AZ 85387

$465,462

4 Beds

3 Baths

2,291 SqFt

Status Active

MLS # 6686984

Property Type Single Family Residence

Price Type --

Can't find what you want on the resale market, look no further. This 4 bedroom, 3 bathroom Pastora plan is open, spacious and livable. The kitchen overlooks the great room and is loaded with upgrades. The kitchen includes 42'' upper cabinets with a gourmet layout, stainless steel appliances, quartz counter top and beautiful back splash. The flooring throughout is upgraded. The 12ft. sliding glass door allows more light into the great room and provides a seamless transition between the indoor and outdoor spaces. Our High Performance Homes come standard with home automation technology and a Reme Halo air purifier to promote a healthy lifestyle. EZ access to the 303 loop. Elementary school is close to community. Home is MOVE-IN READY

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17708 W Eva Street Waddell, AZ 85355

Open House

$465,420

5 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6687003

Property Type Single Family Residence

Price Type --

This GORGEOUS Single Story New Construction home has it all! 1,915 square feet, 5 bedrooms, 2.5 bathrooms, w/ 2 car garage! ***Est COE in May*** Our Quick move-in homes will include appliances and backyard landscape with turf. 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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9812 E Windy Pass Trail Gold Canyon, AZ 85118

$465,400

3 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6657193

Property Type Single Family Residence

Price Type --

This popular split floor plan is located in a gated community on a quiet corner lot with mountain views and mature, low-maintenance landscaping in both the front and back yards. The interior features 3bd/2ba split floor plan, open family room with fireplace & skylights, formal dining room (or den), ceiling fans throughout and 9ft+ ceilings. Large primary suite includes great views of the back yard & pool and an en-suite with dual sinks, shower and walk-in closet. The eat-in kitchen features maple cabinets, granite countertops, pantry and breakfast bar. Tile & laminate flooring throughout. Enjoy the pebble tec play pool with waterfall and above-ground spa! The pool has a self cleaning in-ground system. Welcome home!

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1850 E Bernie Lane Gilbert, AZ 85295

$465,205

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6693338

Property Type Townhouse

Price Type --

Beautiful, newly built condo now available in Towns at Annecy! This 2-story Spanish/Italian style property offers a lovely kitchen with Stainless Electric GE appliances including a refrigerator, Quartz countertops, and a Delta Faucet. Other highlights include Espresso Shaker style cabinets, Delta Bath Hardware, wood look flooring, two closets in the Primary Suite, and ample storage throughout. A stainless GE Washer and Dryer are also included! Soft Water Loop pre-plumbed only. Enjoy gated access and endless amenities including a pool, spa, playground, and more! Please note that the interior photos are not from this home, they are a reference from a finished model.

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1850 E Bernie Lane Gilbert, AZ 85295

$465,205

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6693434

Property Type Townhouse

Price Type --

Lovely new Spanish/Italian style condo now available in the private and gated community of Towns at Annecy. Enjoy endless amenities throughout the community and designer selections throughout the 3 bed, 2.5 bath home. Stainless Electric GE appliances including a Refrigerator, Washer, and Dryer! The kitchen boasts Quartz countertops, a Delta Kitchen Faucet, and Nutmeg Shaker style cabinets throughout. The unit has ample storage including two closets in the Primary Suite. Other highlights include wood look flooring and carpet flooring, Delta bath hardware, and a Soft Water Loop pre-plumbed only. Attached 2-car tandem garage. Please note that the interior photos are not from this home, they are a reference from a finished model.

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5258 E Calle De La Fressa -- Hereford, AZ 85615

$465,000

4 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6691769

Property Type Single Family Residence

Price Type --

A must see to appreciate is the elegance and peaceful beauty of this new built 4-bedroom modern, country charmer! Boasting magnificent views of the northern/ eastern mountain range & the gorgeous Huachuca mountains, a hike away. The front porch & yard provide an idyllic ambiance for the beauty of this quiet country style neighborhood. Featuring a wonderful spacious open floor plan, to include 4 bedrooms, 2 bathrooms, a den, vaulted ceilings, larger windows, taler doors & an open concept - split bedroom plan, with an oversized 3 car garage. Just beautiful are the buttercream-colored cabinets accented with the darker granite counters. A lovely kitchen island & charming dinning create such a relaxing yet elegant dining experience. The wood tile flooring throughout makes for easy living and a great look. Stop in to see this gorgouse home and you too will fall in love!

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