What’s Ahead For Mortgage Rates This Week – August 1, 2016

Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.

According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.

New and Pending Home Sales Increase

Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.

Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.

Fixed Mortgage Rates Rise

Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.

What‘s Ahead

This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.

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12585 W Desert Flower Road Avondale, AZ 85392

$450,000

4 Beds

2.5 Baths

2,075 SqFt

Status Active

MLS # 6680201

Property Type Single Family Residence

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Welcome to this wonderful home in Rancho Santa Fe! This original owner home has been refreshed with new interior paint and carpet and features 4 Bedrooms and 2.5 Bathrooms! Prescott floor plan features Living/Dining area, Large Kitchen with Breakfast Nook, and Family Room. Kitchen refrigerator conveys. Generous Main Bedroom with vaulted ceiling and walk-in closet. Main Bathroom features new tile flooring, separate tub & shower & dual sink vanity. Powder Room downstairs for guests. Large corner lot has low maintenance landscaping, covered back patio, firepit and large pool. Enjoy life in Rancho Santa Fe with great community park with lots of grassy area, sport courts, small disc golf course, volley ball, playground and more. Also Avondale Friendship Park is close by. Lots of shopping and restaurants too. Come see!

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2118 W Campbell Avenue Phoenix, AZ 85015

$450,000

3 Beds

2 Baths

1,734 SqFt

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MLS # 6659312

Property Type Single Family Residence

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This elegant home is move in ready. The galley kitchen with pass through to the family room, Master Bedroom split from other two generously sized rooms, Large back yard with beautiful shade tree, covered patio, storage area, Block BBQ area. New Roof 2019, New Windows 2018.

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24271 N Cotton Road Florence, AZ 85132

$450,000

3 Beds

2.5 Baths

2,217 SqFt

Status Active

MLS # 6658815

Property Type Single Family Residence

Price Type --

Spacious 3 bed, 2.5 bath home in Crestfield Manor w/ a den, 2.5 car garage & RV gate. Sparkling new pool in the backyard is perfect for the upcoming summer season! Inside, the home has an open main living area that seamlessly connects to the kitchen. The kitchen features quartz countertops w/ abundant counter space & cabinets. The primary bedroom is light, bright & spacious. The primary suite features dual sinks, a standing shower & large walk-in closet. The additional 2 bedroom are a great size w/ a large second bathroom w/ a large vanity & shower/tub combo. The den is a great size, waiting for you to make it your own. This home has abundant storage w/ closets throughout & a large laundry room. This home is on a larger lot ready for you to make it your own. The sparkling new pool... is already done & ready for the upcoming summer season. Home features an RV gate and RV parking is allowed in the community with prior approval from the HOA. Don't miss out on this newer home w/ a gorgeous sparking pool in a great community!

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2237 E Everett Drive Phoenix, AZ 85022

$450,000

2 Beds

2 Baths

1,127 SqFt

Status Active

MLS # 6679705

Property Type Single Family Residence

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Sweet Sugarloaf Mountain Views! clean Clean CLEAN and loads & LOADS of updates! Porcelain Wood-Grain Flooring T/O Custom Kitchen Cabinets Quartz Counters Doors & Hardware ''Gold'' Fixtures NEW Whirlpool SS Appliances Washer/Drier INCLUDED in Laundry/Utility/Storage Room Shed in Rear New Doors Moulding Baseboards Hardware NEW Trane HVAC/Gas Furnace. 2 Car Garage w/ WiFi Opener WiFi and USB Outlets New C-Fans w/ Remotes and Lighting T/O New Doors New Shower New Toilets Fresh Landscaping You;ll love the huge Utility room off the garage. Extra Parking Slab. VIEWs! Use Aligned

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