What’s Ahead For Mortgage Rates This Week – June 27, 2016

Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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3703 N Wintergreen Way Avondale, AZ 85392

$455,000

4 Beds

2 Baths

2,223 SqFt

Status Active

MLS # 6648052

Property Type Single Family Residence

Price Type --

Explore this extraordinary find in Garden Lake Estates, with one of the largest lots in the community. The backyard, with an elongated covered patio, finished concrete work, elegant palm trees, and finished with rock, awaits your personal touch to make it truly yours. Step inside to an open and airy interior, highlighted by an upgraded kitchen with quartz countertops, a charming bay window, and brand-new stainless steel appliances. Freshly painted cabinets and a spacious kitchen island with a breakfast bar enhance the overall allure. The openness continues into the primary suite with vaulted ceilings, two spacious closets, separate bathtub and shower, dual sinks, private toilet room, and a garden-style tub for your relaxation. Don't miss this.

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2339 N Wind Drive Pinetop, AZ 85935

$455,000

3 Beds

2 Baths

1,790 SqFt

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MLS # 6653087

Property Type Townhouse

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GREAT LOCATION in Pinetop Country Club. FURNISHED townhome tucked back overlooking the common area w/ tons of tall Ponderosa Pine trees. True pride of ownership in this 3 bed - 2 bath home. You are greeted with a entry that opens into a large great room, open concept, vaulted ceilings with bamboo accent, gas fireplace, huge kitchen with tons of cabinets & counterspace + stainless steel appliances. This home has a split bedroom floor plan. There is a large pantry w/ a lovely laundry room with wonderful space to work. The Master/Primary overlooks the tall pine trees with amazing privacy. The closet is huge and the bath has lots of space with 2 vanities. The 2 other bedrooms, one has a desk with a fold out couch plus a fold out twin bed. The deck is incredibly spacious - READ MORE Everything else in the home AND garage STAYS! This home boasts of beautiful high quality wood laminate floors throughout (NO carpet)! This cabin in the woods comes fully furnished. What you see when you view the home, is what you get. It is move in ready. Check out the cupboards for dishes, etc. The great room has a ceiling to floor stone gas fireplace. Beautiful window coverings throughout! The garage is oversized and there is also an extra parking spot. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

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1849 W 21st Avenue Apache Junction, AZ 85120

$455,000

3 Beds

2.5 Baths

1,885 SqFt

Status Active

MLS # 6671957

Property Type Single Family Residence

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THIS GORGEOUS 3 BED 2.5 BATH HOME SITS IN THE GATED COMMUNITY OF BELLA CORONA, WITH THE MAJESTIC SUPERSTITION MOUNTAINS AS A BACKDROP. THE COMMUNITY OFFERS A SPARKLING POOL, BASKETBALL COURT, AND LUSH GREENBELTS . INSIDE, AN OPEN FLOOR PLAN SEAMLESSLY CONNECTS THE DINING AREA, KITCHEN, AND LIVING ROOM. THE STYLISH KITCHEN BOASTS A LARGE CENTER ISLAND, QUARTZ COUNTERTOPS, AMPLE CABINETRY, AND PENDANT LIGHTING. THE UPPER-LEVEL HOUSES ALL BEDROOMS AND LAUNDRY, INCLUDING A SPLIT MASTER WITH A SPACIOUS WALK-IN CLOSET , SUPER BATH, & PRIVATE BATHROOM. THE BACKYARD BOASTS A COVERED PATIO PERFECT FOR RELAXATION OR ENTERTAINING. THE GATED COMMUNITY, HEATED POOL, SPA, AND DOG PARK. Buyers & buyers agents are to verify all facts & figure ***5K SELLER CONTRIBUTIONS TO BUYERS CLOSING COST ***

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1102 W Glendale Avenue Phoenix, AZ 85021

$455,000

3 Beds

2.5 Baths

1,928 SqFt

Status Active

MLS # 6681045

Property Type Townhouse

Price Type --

Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown allure Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown Phoenix's allure. Book a tour today and experience the unmatched charm of this delightful townhome.

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