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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16824 W Bristol Lane Surprise, AZ 85374

$470,000

4 Beds

2 Baths

2,047 SqFt

Status Active

MLS # 6671347

Property Type Single Family Residence

Price Type --

Tucked away - yet close to EVERYTHING! Tall ceilings & opens spaces characterize this corner lot oasis. Split floorplan with large living areas provide opportunity to fit your life and all it entails. Entertainers delight with surround sound, backyard flat screen, and dual exits to the backyard. Well equipped kitchen boasts granite counters, crisp 42'' cabinets, and stainless steel appliances.The romantic main bedroom provides direct outdoor access, a private ensuite with dual sinks, and a walk-in closet. Multiple generously sized bedrooms, and with walk-in closets! Enjoy your own paradise under covered patio and a refreshing pool with peaceful water features, and lighting for any occasion. The garage we're jealous of, full epoxy floors, & TONS of cabinet storage, work bench, & peg board!

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18798 N Piccolo Drive Maricopa, AZ 85138

$470,000

5 Beds

3 Baths

2,722 SqFt

Status Active

MLS # 6670388

Property Type Single Family Residence

Price Type --

STUNNING Single Level Built in 2021 w Over 2700 Sq Ft! Boasting 4 spacious beds with walkin closets + enclosed den, 3 FULL baths (second master with on suite!) & formal dining room! Gorgeous kitchen overlooks the great room & features staggered White cabinetry, granite countertops, subway tile backsplash & SS appliances w GAS range! UPGRADES include soaring 10+ ft ceilings, 5 in baseboards, wood plank tile, plush carpet, modern fixtures, designer paint, gas hookup to dryer, extended garage w epoxy flooring & more! Palatial master features dual sinks, oversized walk-in shower & soaking tub & huge walkin closet! Step through the oversized doors to your own BACKYARD OASIS with sparkling pool, extended paver & travertine deck, large pergola & shed with NO NEIGHBORS BEHIND! Truly A MUST SEE!

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5350 E Deer Valley Drive Phoenix, AZ 85054

$470,000

2 Beds

2 Baths

1,246 SqFt

Status Active

MLS # 6675006

Property Type Apartment

Price Type --

Wow!! Best buy in Tuscana on the top floor with private and secure lobby entry. The building also has elevators so ADA and pet friendly. This upscale unit also includes 2 underground, gated, garage spaces. These top floor units rarely come on the market and when they do they sell quickly. This is the type of upscale luxury condo that is perfect for the lock and leave 2nd home for the winter. Your guests will love the great room living with large eat in kitchen and breakfast bar. Split floor plan for nice privacy and there's a very private rear patio looking out to the Marriott Resort with Mountains in the background. Perfect for watching the fireworks. This location is an absolute 10 across from High Street marketplace and Desert Ridge mall. Mayo hospital just across the 101 too, wow!!

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15866 W Central Street Surprise, AZ 85374

$470,000

3 Beds

2 Baths

2,214 SqFt

Status Active

MLS # 6680067

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single-family home located in the Mt Vista Ranch neighborhood. This spacious property boasts 3 bedrooms, 2 bathrooms, and a den. One of the standout features of this home is the absence of carpet throughout, making for easy maintenance. The property also comes equipped with leased solar panels, resulting in significantly lower energy bills. Recent upgrades include new garage cabinets and a new roof. Conveniently located near shopping, parks, and various amenities, this home offers the perfect blend of comfort and convenience. The property also includes a 3-car garage, providing ample space for parking and storage. Don't miss out on this fantastic opportunity to own a beautiful home in a prime location.

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2421 W Turtle Hill Drive Anthem, AZ 85086

$470,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6680748

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home nestled in the prestigious Anthem Country Club. Featuring 2 bedrooms, 2 bathrooms, this home boasts a meticulously open airy floor plan. Enjoy the elegance of new flooring throughout, a refreshed kitchen with a new large island, granite countertops, stainless steel appliances, and remodeled bathrooms with custom tile, double headed walk-in shower in the master and a custom bathtub shower. Outside, a covered pergola that offers a perfect spot to enjoy the scenic views. With fresh paint inside and out, this home exudes sophistication. Residents also enjoy access to Anthem Country Club's prestigious amenities, including two golf courses, fitness centers, tennis courts, and more. Experience comfort, style, and resort-style living in this move-in ready

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15717 W Polk Street Goodyear, AZ 85338

Open House

$470,000

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6689715

Property Type Single Family Residence

Price Type --

Welcome to this beautiful modern home. Seller offers $10,000 for the buyer to use towards pre-paids, closing costs, escrows, or rate buydown WITH A FULL PRICE OFFER. The kitchen boasts a large granite island with pendant Lights, upgraded tile backsplash, shaker-style cabinets that provide plenty of storage space. The owner's suite includes a spacious free-standing soaking tub, walk-in shower, and a roomy walk-in closet. The loft offers a Relaxing large private balcony, making this home ideal for those looking for a comfortable stylish living space. The open floor plan seamlessly connects the spacious living room to the modern kitchen, creating a perfect space for entertaining. Extra bonus room with separate entry makes the perfect area for a personal gym, creative workspace, private office, ect. The backyard is landscaped with grass, pavers, and rocks for easy maintenance. The two and a half car garage provides ample space for bikes, jet skis, and storage. The Bella Rosa community offers a heated pool, playgrounds, Tree-lined walking paths, multiple picnic gazebo's, easy access to interstate 10, restaurants, shopping, and the Goodyear Recreation Center. come tour today!! Home is still under builders warranty!

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37063 W Oliveto Avenue Maricopa, AZ 85138

Open House

$470,000

5 Beds

3 Baths

3,618 SqFt

Status Active

MLS # 6648485

Property Type Single Family Residence

Price Type --

Embark on a serene suburban journey at 37063 W Oliveto in Maricopa's Sorrento community. This 5-bed home, with a loft radiates modern family living. Upstairs, find elegantly renovated bathrooms with countertops and sinks, complemented by fresh cabinets and stylish mirrors. The kitchen, the heart of this home, features an enhanced island and beautiful granite countertops. Outside, a private pool and oasis, perfect for relaxation and entertainment, with north/south exposure for year-round enjoyment. Sorrento offers a close-knit community with amenities like biking paths, a playground, and a tennis court, balancing tranquility and convenience. This home isn't just a residence; it's a haven for a fulfilling, balanced lifestyle. Join the vibrant Sorrento community.

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18409 W Vista Norte Street Goodyear, AZ 85338

Open House

$470,000

3 Beds

3 Baths

1,955 SqFt

Status Active

MLS # 6668878

Property Type Single Family Residence

Price Type --

*Prepare to be amazed! Arrive to a beautifully conceived 1,955sf open floor plan nestled on an impressive 8,445sf lot size with an aura of comfort and warmth and the benefits of practicality and ultimate relaxation*This single level 3BR, 3BA home is located in the popular & quiet Las Brisas community in Goodyear*This home has been meticulously and expertly designed with features that include an elegant kitchen overlooking the spacious great room, perfect for entertaining*Impeccable wood-like tile flooring throughout the entire whole (no carpet)*Speaking of the kitchen, features include: white raised cabinetry, stainless steel 'Cafe' appliances, gas cook top, and a HUGE center island*Master suite offers dual vanities, walk-in shower, & spacious walk-in closet*Inside laundry area w/overhead cabinetry & a utility sink*Gorgeous light fixtures, surround sound & an extended length sliding patio door are just a few other features that make this home truly special* Not only is there an RV GATE, the 3 car tandem garage has built in storage and a sink*Enjoy evening walks around this gorgeous community or at the park across the street which boasts a luscious green belt as well as a ramada and play area*Make sure to pay a visit to this wonderful home today!

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2701 E Villa Rita Drive Phoenix, AZ 85032

Open House

$470,000

3 Beds

2 Baths

1,288 SqFt

Status Active

MLS # 6683668

Property Type Single Family Residence

Price Type --

Entertainer's delight indoors and out, and no HOA! The open and bright living area leads past the kitchen's large quartz countertops into a spacious backyard oasis with a diving pool, hot tub, covered patio, and grass area. The primary suite has a walk-in closet and private exit to the back yard. Plank tile flooring, dual-pane windows, and luxurious bathrooms! Room for all your toys with a long driveway and 45 feet behind the RV gate! Centrally located just minutes from SR51, Loop 101, Desert Ridge entrainment district.

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2323 S Gordon -- Mesa, AZ 85209

Open House

$470,000

3 Beds

2 Baths

1,692 SqFt

Status Active

MLS # 6687150

Property Type Single Family Residence

Price Type --

**Seller is offering $5,000 credit to buyer to assist with rate buy down or as needed!** Welcome to Barrington Estates, a lush gated community, conveniently located just off the 202 and Baseline road. Find yourself at home in this meticulously cared for home. This 3 bedroom 2 bath home provides an open layout with ample space for gathering. The tastefully updated cabinetry, quartz countertops, paint, and flooring provides a fresh feel upon entering the home. The large master bedroom suite features a walk in closet, and an extended vanity. The full guest bathroom has also been updated from top to bottom. The garage has a 220 volt plug for all of your EV charging needs!

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6228 N Jessie Road Casa Grande, AZ 85194

New

$469,999

3 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6692828

Property Type Single Family Residence

Price Type --

Incredible New Build with NO HOA! This beautiful modern desert home includes 1,651 SQFT, 3 Bed 2 baths, Oversized 3 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, farmers sink, modern cabinets, built in soaking tub with double vanities in the primary bathroom, and upgraded brick on the exterior! This home is to be built. Build time is 6 - 8 months.

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9420 W Morrow Drive Peoria, AZ 85382

$469,999

2 Beds

2 Baths

1,603 SqFt

Status Active

MLS # 6689983

Property Type Townhouse

Price Type --

*FULLY FURNISHED!* ALREADY INSEPCTED! HOME WARRANTY INCLUDED (because we care about you)! Located in the best part of Westbrook this VERY WELL APPOINTED home! REMODELED REMODELED REMODLED! All the bells and whistles are included, like furniture, linens and cookware! All yours! Comes full or partially furnished, with very nice furniture and appliances... GORGEOUS! All Granite counters- stainless appliances- with Induction cooktop- upgraded cabinets and 2 pantries! All new Dual pane windows, custom colors and wood floors! Modernized Bathrooms with HUGE walk in showers, taller Granite vanities, and a ''recirculating pump'' keeps the hot water at the shower for you, means INSTANT HOT WATER! WAIT TILL YOU SEE THE MASTER ROOM!!! The AC is new in 2017, and W&D stay! SEE DOCS FOR INSPECT INSEPCTED 2 MO AGO AND WE NEVER MOVED IN! FREE FOR YOU-SEE DOCS TAB. The most adorable back patio, with fruit trees, and BIG beautiful shade trees the HOA maintains for you! Gotta come see! My seller just bought this home 6weeks ago and has to sell...give us your best offer... this home offers all furniture, towels, linens, cook ware, utensils, EVERYTHING! Just bring your toothbrush as its been said. Hurry!! We are taking a loss, but your gain!

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