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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9173 W Charleston Avenue Peoria, AZ 85382

$455,000

4 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6693791

Property Type Single Family Residence

Price Type --

Best part... NO HOA!!!! Come and check out this conveniently located move in ready home. This one will check all the boxes! 4 bedrooms, 2 baths, new carpet and interior paint, RV gate, large backyard with room for a pool and more! Drive just a mile and you will be on the 101 heading North or South to get anywhere in the Valley. Just down Bell road you will be at P83 with copious shopping or eating options.

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6748 W Charter Oak Road Peoria, AZ 85381

New

$455,000

3 Beds

2 Baths

1,578 SqFt

Status Active

MLS # 6694889

Property Type Single Family Residence

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Located in a quiet neighborhood with a kids playground and dog park. Beautiful single story home located in the highly desirable Peoria Village . This home is an open concept layout, perfect for all needs! The master bedroom features a walk in closet and large and roomy bathroom with dual sinks and a private toilet room, The backyard features a hassle free cement flooring that is easy to clean, your own mini-retreat, mature trees. close to P83 entertainment district, Arrowhead Mall, Peoria sports complex.

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2326 W Gaby Road Phoenix, AZ 85041

$455,000

4 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6606891

Property Type Single Family Residence

Price Type --

Beautiful 4bd/2.5 bath two-story home on a corner lot. Don't miss the opportunity to own this amazing home with lots of upgrades and so much to offer. The entry way opens to a 9ft. ceilings semi formal living/dining area that has great natural light. As you move into the kitchen, you can see a spacious gourmet island with a large pantry space. The kitchen opens to the spacious family room with stairway to a beautiful office/ loft. Upstairs is the oversized master suite with a huge walk-in closet, separate shower/tub and double sinks! Home is near schools, parks, shopping, and minutes away from easy freeway access & Sky Harbor. A perfect home for entertaining.

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195 N Mariposa Drive Wickenburg, AZ 85390

$455,000

3 Beds

2 Baths

1,180 SqFt

Status Active

MLS # 6609665

Property Type Single Family Residence

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This listing is located on two lots and includes a main house PLUS a guest house. Live in the main house and use the Casita as a mother-in-law suite, or rent it out. The main house has 3 bdrms and 1 and 3/4 bathrooms. Master bath has double sinks with a tub/shower, Guest bath has a tub/shower, It has a covered patio and a large fenced yard in the back. The Casita has an open great room area with an all electric kitchen, bedroom with a walk-in closet and a tub/shower in the bathroom. 2 a/c wall units, The Casita has it's own large fenced yard with fruit trees. The property also includes a car carport, a workshop and a large fenced yard. Full laundry outside with lots of storage and a separate storage shed, great location with incredible views

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