What’s Ahead For Mortgage Rates This Week – July 25, 2016

Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

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5818 N 22nd Drive Phoenix, AZ 85015

$455,000

4 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6685236

Property Type Single Family Residence

Price Type --

Huge lot in the city with a pool! 4 beds 2 bath remodeled home. Fresh paint, new kitchen and counter tops, clean working pool. Open large floor plan with new flooring and carpet. Large remodeled restrooms and master is almost the size of two bedrooms.

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355 S Latigo Way Cottonwood, AZ 86326

$455,000

3 Beds

2 Baths

1,695 SqFt

Status Active

MLS # 6689165

Property Type Single Family Residence

Price Type --

Centrally located, this gem combines natural beauty with modern amenities, offering an idyllic lifestyle for anyone looking to buy. Don't miss your chance to claim this home, where luxury meets efficiency, and the views are simply unmatched from the front of the home looking towards Mingus Mountains and rear of home towards the gorgeous Red Rocks of Sedona, giving spectacular reverse sunsets. Experience energy efficiency and cost savings with owned solar panels, and enjoy the comfort of newer Lennox furnace and A/C units at your fingertips. Add to that the convenience of an indoor laundry room, with cabinets and a newer washer and dryer. Revel in the high ceilings which enhance the home's open and airy ambiance, while the professionally installed vinyl flooring in the entryway, family room, kitchen, and bathrooms exudes modern sophistication. The master suite features a spacious walk-in closet with built-in cedar planking shelving for shoes, ensuring organized and stylish storage. The rear guest bedroom comes with brand-new carpeting, adding a touch of luxury and comfort for your guests or family members. Experience culinary perfection with matching Samsung appliances in a kitchen that's a chef's delight, and enjoy the health benefits of a water softener, whole-house chlorine removal system, and reverse osmosis for pristine water quality. Indulge in the convenience of instant hot water to sinks, saving time in your daily routine. The home has been thoughtfully updated with all walls freshly repainted and decorative base trim in most rooms. New light fixtures in the dining and kitchen areas provide the perfect blend of functionality and style. As a bonus, the garage door has been meticulously maintained, receiving periodic visits from a local company, ensuring that the motor and springs, replaced within the last year, are in top condition. Additional practicality comes courtesy of the new mop sink installed this year, complete with special fittings for a garden hose - ideal for refilling the backyard oasis that is your personal HotSprings salt system spa. Seating 4 comfortably with two lounge chairs, relax and gaze upon the stars, an awesome experience that awaits you each night. This property is designed with outdoor living in mind, featuring a large rear covered back porch that spans an impressive 34 feet in length, enhanced by decorative pavers. The porch is adorned with 3 decorative exterior ceiling fans, creating a cool retreat for those warm summer days. With a gas connection ready for your barbecue, the outdoor space is ideal for hosting friends or simply enjoying a quiet evening. Privacy and tranquility are provided by a jasmine plant that fills the air with a delightful seasonal aroma. A planter box with faux ferns adds a touch of greenery and charm. This home invites you to imagine your life surrounded by these thoughtful improvements and indulgent features. Welcome home to comfort, style, and unforgettable moments.

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126 S Laura Lane Casa Grande, AZ 85194

$455,000

3 Beds

2 Baths

2,063 SqFt

Status Active

MLS # 6686900

Property Type Single Family Residence

Price Type --

Experience Arizona living in this fully furnished haven boasting 3 bedrooms, 2 bathrooms. Enhanced w/upgrades, including custom interior paint, tile flooring, & vaulted ceilings, every corner exudes comfort and style. Entertain effortlessly in the expansive kitchen, featuring raw tumbled marble countertops, cabinetry w/hardware, & an RO system. Retreat to the spacious primary owner's suite w/a luxurious en suite bathroom, complete w/a walk-in shower and a sizable walk-in closet. Garage is extended. Outside, the heated pool overlooks the golf course, providing a picturesque backdrop for relaxation or gatherings. The full-length patio, adorned with pavers, ceiling fans, and remote lighting, invites you to bask in your own slice of paradise. This home will not last long. Call Now!

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16541 W Sierra Street Surprise, AZ 85388

$455,000

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6686167

Property Type Single Family Residence

Price Type --

A nice house in great community Sycamore farms community pool open floor plan for guest entertainment where all guest can be together on area really well maintain condition Also it is a good location on the west valley area. everything there hospital near by

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