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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4682 S Primrose Drive Gold Canyon, AZ 85118

Open House

$725,000

4 Beds

2 Baths

2,299 SqFt

Status Active

MLS # 6679283

Property Type Single Family Residence

Price Type --

This 2299 Sq. Ft. Popular Hermitage model, Located In Superstition Foothills, Is A True Gem. You Are Met With A Wall Of Windows Welcoming In The Sunlight With The Backdrop Of A Desert Hill. Tile Flooring Throughout This Home. Large Eat In Kitchen With Pantry, Kitchen Island, And Granite Countertops. (Granite On Ledges & Wood On Window Sills) The Home Has 4 Bedrooms And 2 Bathrooms. Split Primary Suite Is A Lavish Retreat With Its Own Private Exit, A Sprawling Walk-In Closet, And A Spacious Tiled Step-In Shower. Outside, A Covered Back Patio Stretches The Length Of The Home, Beckoning You To Entertain Friends And Family In The Serenity Of Your Oversized Lot. Only One Neighbor And Backing Up To The Hillside, You Have Ultimate Privacy. 3 Car Garage W/ Workshop Area, Cabinets, & Rv Gate.

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28225 N Crook Court Rio Verde, AZ 85263

$724,999

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6653311

Property Type Single Family Residence

Price Type --

Discover the epitome of luxurious living with this stunning 2-bedroom, 2-bathroom residence nestled in the prestigious TRILOGY AT VERDE RIVER community. Boasting breathtaking PANORAMIC VIEWS of the iconic FOUR PEAKS, this home is a true haven for those seeking a perfect blend of sophistication and natural beauty. As you step inside, you'll be captivated by the meticulous attention to detail and numerous upgrades that adorn this residence. The gourmet kitchen is a chef's delight, featuring top-of-the-line GE Monogram appliances, upgraded cabinets, and an expansive island with quartz counters. The kitchen seamlessly flows into the living space, creating an open and inviting atmosphere. Enhancing the indoor-outdoor living experience, the 15' multi-sliding patio doors lead to a private outdoor oasis with an awe-inspiring mountain view. Situated on an elevated lot with only 1 neighbor, this home offers a sense of tranquility and seclusion. Luxury extends to the bedrooms, where plantation shutters and remote-controlled shades provide an extra layer of comfort and style. The master bedroom features an en-suite bathroom with modern fixtures and finishes. Beyond the confines of the home, Trilogy at Verde River invites you to indulge in resort-style living. This exclusive community offers a range of amenities, including golf, tennis, pickleball, a lap pool, a resort pool, a hot tub, and fine and casual dining options. Immerse yourself in the active lifestyle that Trilogy at Verde River has to offer while relishing the serene beauty of the surrounding landscape. Don't miss the opportunity to make this exquisite residence with unparalleled views your own. Experience the pinnacle of desert living in this meticulously crafted home in the heart of a resort-style community.

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6978 W Lone Cactus Drive Glendale, AZ 85308

$724,999

5 Beds

3 Baths

3,354 SqFt

Status Active

MLS # 6662921

Property Type Single Family Residence

Price Type --

**Owned outright SOLAR SYSTEM** Kitchen freshly painted on May 20th, 2024. Nestled in community of Arrowhead Ranch, this 5 bedroom/3 FULL Bathroom/3-car garage is sure to please. North/South facing corner lot located across the street from a park and walking distance to Sierra Verde Elementary School. Home boasts include upgraded flooring, PLANTATION SHUTTERS, ceiling fans, mature fruit trees, shed, custom paint, CHERRY cabinets, gas fireplace with custom brick hearth, garage cabinets, walk deck/balcony, garage work bench, garage side door, and a newer AC unit. Garage even has an AC system (Property is being Sold As-Is). Listing Agent is related to Seller.

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21885 S 197th Street Queen Creek, AZ 85142

$724,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6709131

Property Type Single Family Residence

Price Type --

The ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large gourmet kitchen. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath. Additional features include a study, powder room, an extended covered patio, 10 ft. ceilings and tile in all traffic areas.

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21738 E Bonanza Way Queen Creek, AZ 85142

$724,995

4 Beds

3 Baths

2,740 SqFt

Status Active

MLS # 6706301

Property Type Single Family Residence

Price Type --

Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed gourmet kitchen with a spacious walk-in pantry, center island and breakfast nook. Beautiful quartz countertops enhance the space. The adjacent great room overlooks a relaxing covered patio. The spacious primary suite with attached bath, is a tranquil oasis, offering dual closets and a spa-inspired shower for indulgent relaxation and two extensive walk-in closets. The master is separated from three additional bedrooms and 2 full bath for privacy. Both a 2-car garage and an RV garage are included. With amenities such as a tankless water heater for efficiency and a charming paver driveway, this home seamlessly blends convenience with sophistication.

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2447 E Hazeltine Way Gilbert, AZ 85298

$724,990

4 Beds

2.5 Baths

3,462 SqFt

Status Active

MLS # 6667272

Property Type Single Family Residence

Price Type --

Fantastic two-story property in the popular Adora Trails! This amazing home showcases an excellent curb appeal with a low-maintenance landscape and a 3-car garage with a paver driveway. Enter through the custom glass & iron door to find a formal living room made bright & airy by double-height soaring ceilings. Discover a formal dining room with a gorgeous tin ceiling. The spacious family room has pre-wired surround sound, making it the perfect area to relax while watching a movie. The spacious kitchen features staggered cabinetry, granite countertops, stainless steel appliances, and an oversized island with a breakfast bar and stool seating. The multi-slider door opens from the kitchen to the backyard, allowing the indoors to merge with the outdoors to enjoy the impressive mountain views. Convenient den is great for an office, while the large loft can be an entertainment/game center. The primary suite has a balcony, a walk-in closet, and a full ensuite. With no neighbors behind, the backyard offers privacy galore and stunning sunsets behind the mountains. What's not to like? This home has room for everyone & everything. Hurry to see!

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40208 N Faith Lane Anthem, AZ 85086

$724,990

4 Beds

2.5 Baths

2,560 SqFt

Status Active

MLS # 6706984

Property Type Single Family Residence

Price Type --

Prepare to be Amazed! This Wonderful 4 bed, 2.5 bath Home Nestled in one of the most sought after Valley Communities boasts a stunning Back Yard Oasis and Immaculate Interior Appointments...Plantation shutters, a Warm palette and Dramatic vaulted Ceilings...The Kitchen features wood cabinetry w/ample Granite Tops counter space, a pantry, Stainless Appliances...Large Upstairs Primary BR features a Large walk-in closet, and En Suite Bath w/dual vanities and separate Shower and Tub... A Den/Office downstairs, for work or guests! Entertain in the spectacular Back Yard- Heated Pool and Spa, low maintenance beautiful turf, a Gazebo...one of the larger larger Anthem yard spaces...All this located in Desirable Anthem, convenient to shops, stores, parks and schools...Hurry, This won't last long!

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4323 N 129th Drive Litchfield Park, AZ 85340

$724,950

5 Beds

3.5 Baths

4,623 SqFt

Status Active

MLS # 6688537

Property Type Single Family Residence

Price Type --

Exquisite home within the gated community of Bel Fleur! This massive house has almost 4,700 square feet of living space which includes a huge family room, a lovely formal dining room, a large living room with vaulted ceilings, a cozy upstairs loft, and a spacious kitchen with lots of counter and cabinet space. The home has great space for a large family with five big bedrooms and three and a half bathrooms. You will love the luxurious master suite with space for a private retreat and a master bathroom that boasts double sinks, an oversize walk-in shower, a large soaking tub, and a roomy master closet with space for all of your valuables. This two-level house sits on a private lot with no neighbors to the rear and measures over a quarter-acre which offers a beautiful desert landscaped backyard with an extended patio and room for a private pool. The property also provides plenty of parking space with its extended driveway and three-car garage. Highly desired location near great schools and grocery stores. Just minutes away from Old Town Litchfield Park where you can stay active at the Litchfield Park Recreation Center, check out books at the Litchfield Park Library, play a round at the Wigwam Golf Club, and enjoy live music and fine dining at the Wigwam Resort!

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8330 E Earll Drive Scottsdale, AZ 85251

$724,950

3 Beds

2 Baths

1,395 SqFt

Status Active

MLS # 6707185

Property Type Single Family Residence

Price Type --

Experience luxury living in this beautiful Scottsdale gem! This stunning property has been completely remodeled featuring new floors, doors, and trim, fresh stucco, with new exterior and interior paint! The home features an open floor plan with a beautiful kitchen, complete with white cabinetry, a spacious island, and stainless steel appliances. The bathrooms have been beautifully updated, and a brand-new AC unit ensures both the home and the garage stay cool. With NO HOA, the possibilities are endless—whether you're looking for a primary residence, an investment property, or a lucrative Airbnb opportunity. The Margaritaville backyard oasis includes a private pool, covered patio and bar, perfect for relaxation and entertainment. Located in the heart of Old Town Scottsdale, you're just moments away from amazing restaurants, shopping, and the vibrant nightlife and entertainment Scottsdale offers.

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20205 W San Juan Avenue Litchfield Park, AZ 85340

$724,921

3 Beds

2.5 Baths

2,334 SqFt

Status Active

MLS # 6649039

Property Type Single Family Residence

Price Type --

Your guests will be impressed as they enter your formal foyer and see the 12' ceilings in the family room of this open plan! 2,324 square foot home has the perfect amount of space to in all the right places with 3 large bedrooms, 2.5 baths, study and extra storage throughout. Room for entertainment with the extended covered patio and 12' multi-slide glass door. The master suite has an impressive walk-in shower and walk-in closet PLUS upgraded quartz countertops and flooring. Gourmet kitchen with a walk-in pantry, gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring throughout are just some of the custom choices that make this home a must see! 2X6 CONSTRUCTION and extensive new home warranty.

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200 Moons View Road Sedona, AZ 86351

$724,900

2 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6691061

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the heart of the enchanting Sedona red rocks! This two bed two bath home with two car garage is nestled amidst the stunning landscapes and vibrant energy that Sedona is world renowned for. Enjoy breathtaking, unobstructed views of Sedona's iconic red rock formations from the comfort of your own home, or from the large fully enclosed Arizona bonus room. Nestled just off the 11th hole of the Oak Creek Country Club Golf Course, this traditional Sedona style home is located in a quiet Oak Creek neighborhood, yet close to all the amenities the Village of Oak Creek has to offer - hiking, biking, Oak Creek, shopping, golf and world class dining. Start your Sedona journey today!

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3009 E Hemberg Drive Flagstaff, AZ 86004

$724,900

3 Beds

2.5 Baths

2,223 SqFt

Status Active

MLS # 6693899

Property Type Single Family Residence

Price Type --

Nestled amidst the breathtaking landscapes of Flagstaff, Arizona, in the esteemed Swiss Manor neighborhood, this enchanting property offers a harmonious blend of natural beauty and living. Situated near the majestic mountains, this residence boasts a prime location for outdoor enthusiasts and nature lovers alike. Step inside this spacious abode to discover a thoughtfully designed layout featuring three bedrooms plus a den, providing ample space for relaxation and productivity. With two bathrooms, including one ensuite, convenience is paramount in this mountain retreat. Ascending through the three stories of this home, you'll find yourself immersed in a world of comfort and style. With five interior levels, each offering its own unique ambiance and purpose, there's no shortage of space for living, entertaining, and unwinding. Whether you're enjoying the panoramic views from the topmost level or cozying up by the fireplace in the family room, every corner of this home exudes warmth and tranquility. Embrace the allure of mountain living while still enjoying the convenience of amenities and easy access to Flagstaff's vibrant community. With its captivating surroundings and versatile living spaces, this property offers the perfect opportunity to embrace the Flagstaff lifestyle and create cherished memories for years to come. Don't miss your chance to make this mountain retreat your own slice of paradise.

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