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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4363 E Pony Lane Gilbert, AZ 85295

$515,000

4 Beds

3.5 Baths

2,029 SqFt

Status Active

MLS # 6696081

Property Type Single Family Residence

Price Type --

Don't miss this beautiful Gilbert home in the neighborhood of Cooley Station. As you enter this home, you step into a large great room floorplan that flows into the kitchen and outdoor patio. The 18' stacked sliding patio doors connects indoors to the outdoors for great entertaining. Kitchen features lots of cabinets, Quartz countertops, breakfast bar and walk-in pantry. Half bath is just off of the kitchen. All 4 bedrooms, 3 Full Bathrooms and convenient laundry room are all upstairs. Primary bedroom features 2 walk-in closets, balcony through sliding glass door, en-suite bathroom with dual sinks and walk-in shower. 2nd bedroom features en-suite bathroom. Front/back yards maintained by HOA. Community includes pool, basketball court, playground and parks. Close to San Tan Village Mall.

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4195 N 198th Avenue Litchfield Park, AZ 85340

$515,000

3 Beds

2 Baths

1,740 SqFt

Status Active

MLS # 6698053

Property Type Single Family Residence

Price Type --

Experience this fabulous 3-bedroom home on a prime corner lot in the Verrado Community. The open floor plan is filled with natural light, with wide sliding glass doors leading to the back patio. The kitchen boasts wood-look tile flooring, stainless steel appliances, a pantry, and recessed and pendant lighting. It also features a subway tile backsplash, cabinets with crown molding, granite countertops, and a large island with a breakfast bar. The bonus room offers a perfect space for work or study. The primary suite includes plush carpeting, an ensuite with dual sinks, a glass-enclosed shower, and a walk-in closet. Enjoy the large backyard with its covered patio, providing a peaceful setting for relaxing afternoons.

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3079 N Princeton Drive Florence, AZ 85132

$515,000

5 Beds

4 Baths

2,883 SqFt

Status Active

MLS # 6697837

Property Type Single Family Residence

Price Type --

Embrace the grandeur of this incredible 5-bedroom home nestled on a sprawling lot within a picturesque subdivision, boasting breathtaking mountain views and an array of outstanding features! This two-story residence features a spacious interior, separate den, generously sized bedrooms, and great room, provide ample room for everyone. One of the the standout features is the expansive lot, which backs to a common area, ensuring privacy and tranquility with no neighbors behind. The backyard is a true oasis, complete with a sparkling pool, a charming pergola, and citrus trees. Inside and out, this home offers exceptional entertainment options, with surround sound that extends to the patio, allowing you to create the perfect atmosphere for gatherings. The convenience of keyless front door

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1572 Mission Viejo Drive Sierra Vista, AZ 85635

$515,000

5 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6698059

Property Type Single Family Residence

Price Type --

This gorgeous 5 bedroom & 3 bathroom home on over a quarter of an acre in the desirable Coronado Crossing neighborhood feels like a model home! The exterior of the home has fresh paint (2023), mature trees & flowers, shutters, a beautiful custom security screen door, & an additional driveway that leads to oversized covered parking for your RV or boat! When entering you will appreciate the vaulted ceilings, premium wood look tile in all the right places, an open layout & a gorgeous custom stone fireplace as the center of the home. The kitchen is bright & airy with an eat-in area, large windows, granite countertops, newer stainless appliances (double oven included), and a wall full of cabinets. This home has a large formal dining room, separate family room/den... granite countertops in all the bathrooms, spacious bedrooms, 2 AC units, newer hot water heater, smart thermostats, & so much storage! In the backyard you will find a covered patio, large grass area, a garden, beautiful native plant by design border the common areas, fruit trees, a custom chicken coop, raised garden beds, & storage shed!

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1806 N 208th Avenue Buckeye, AZ 85396

New

$515,000

4 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6698162

Property Type Single Family Residence

Price Type --

Discover your dream home! This immaculate home has the perfect layout, featuring a spacious main-level bedroom, complete with a full bathroom. The kitchen dazzles with stainless steel appliances, quartz countertops, ample cabinet space, and a large walk-in pantry. Upstairs, find a cozy loft and a versatile theater room that can easily be converted into a fifth bedroom. Enjoy peace of mind with a security system and smart home setup. And another convenient feature of this home is the air conditioned 3 car garage! Embrace the vibrant Verrado community with picturesque streets, parks, trails, and top-rated schools. Experience luxury living - come see this beautiful home today!

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3919 W Buckskin Trail Phoenix, AZ 85083

$515,000

3 Beds

2.5 Baths

1,656 SqFt

Status Active

MLS # 6703305

Property Type Single Family Residence

Price Type --

Magnificent 3-bedroom, 3-bathroom abode featuring vaulted ceilings and expansive windows in the spacious great room and formal dining area. The kitchen boasts a convenient breakfast bar for casual dining. The master bedroom includes a generous walk-in closet. Step outside to enjoy the covered patio and refreshing pool. The property offers a charming mix of lush front lawn and low-maintenance desert landscaping in the backyard. Conveniently located within walking distance to a strip mall and close to golfing and hiking trails, offering a perfect blend of comfort and convenience. You need to see this today!

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5613 W Carson Road Laveen, AZ 85339

$515,000

4 Beds

2 Baths

2,354 SqFt

Status Active

MLS # 6701982

Property Type Single Family Residence

Price Type --

Spacious 4 bedroom single story home in the gated community of Cottonfields. The interior has been newly painted and new flooring has been installed in 2024. Brand new water heater has been installed in 2023. The home is conveniently located in a growing neighborhood with many retail businesses near by. Close to Loop 202, shopping, and restaurants. The low maintenance backyard makes it easy to enjoy Arizona's beautiful weather.

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10442 W Cordes Road Tolleson, AZ 85353

$515,000

5 Beds

3 Baths

3,021 SqFt

Status Active

MLS # 6703269

Property Type Single Family Residence

Price Type --

Discover this stunning 5br 3 bathroom home in the desirable Park Forest neighborhood of Tolleson, AZ. Constructed in 2020, this property offers over 3,000 square feet of meticulously designed open-plan living space, perfect for modern lifestyles. Features include a spacious 3 car garage, a securely fenced backyard and a covered patio ideal for outdoor enjoyment. Inside, you'll find luxurious granite countertops and ample storage options. The layout includes a convenient main floor bedroom and office, perfect for work from home arrangements. The upstairs area boasts a versatile bonus room suitable for a gym, media center or craft area. Additional comforts include tiled flooring, ceiling fans in each bedroom and air conditioning to ensure year round comfort. Ideal luxury & practical home.

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4040 W Coneflower Lane San Tan Valley, AZ 85144

$515,000

4 Beds

3 Baths

2,027 SqFt

Status Active

MLS # 6703042

Property Type Single Family Residence

Price Type --

This rare find will surely impress you! Discover this incredible 4-bedroom property in the popular San Tan Ridge awaiting its new owners! The inviting interior features an immaculate open layout filled w/abundant natural & lovely light fixtures, tall ceilings, & wood-style vinyl flooring. Cozy family room is ideal for intimate gatherings. Kitchen is equipped with a gas cooktop, granite counters, recessed lighting, staggered wood cabinetry w/crown molding, tile backsplash, a walk-in pantry, & an island w/a breakfast bar. Retreat to the carpeted main suite that boasts a private bathroom with dual sinks & a walk-in closet. The backyard invites you to relax & have fun! Providing a covered patio overlooking a fantastic mountain view & a refreshing pool w/a built-in basketball hoop. Act now!

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7009 E Acoma Drive Scottsdale, AZ 85254

$515,000

2 Beds

2 Baths

972 SqFt

Status Active

MLS # 6705858

Property Type Apartment

Price Type --

WELCOME HOME! This stunning unit at the Plaza has been updated in every way, shape, & form with luxury vinyl plank floors, quartz countertops, & brand new updates in bathrooms. Featuring two primary suites and a great, open-floor plan, this beautiful home can be available fully-furnished, making it conveniently move-in ready or the perfect investment opportunity!

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6237 E Inglewood Street Mesa, AZ 85205

New

$515,000

3 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6706570

Property Type Single Family Residence

Price Type --

Come and take a look at this beautiful 3 bedroom 2 bath completely remodeled home! It sits in the fine neighborhood of Sonata, an HOA-free community. It is conveniently located in east Mesa and within minutes of easy freeway access, Mesa Community College, and multiple golf courses. It is perfect for the outdoor enthusiast with great hiking and fishing close by. If you're looking for space, you've come to the right place! This home flows perfectly between the large and inviting living room with vaulted ceilings to the kitchen with beautiful Quartz counters and stainless steel appliances, then to the family room complete with a wood-burning fireplace. The backyard features a beautiful and inviting swimming pool as well as a green grass area. So many upgrades to see for yourself! The windows, roof, and a/c are 5 years old. The water heater is 2 years old, they installed all new kitchen and flooring throughout, a complete master bathroom remodel and the pool was put in 2020.

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4032 W Lydia Lane Phoenix, AZ 85041

New

$515,000

6 Beds

2.5 Baths

3,370 SqFt

Status Active

MLS # 6706590

Property Type Single Family Residence

Price Type --

You've finally found the one! This spacious 6-bedroom, 2.5-bath residence is complete with a 2-car garage, tasteful stone accents, and a welcoming front porch. The living room features high ceilings, a soothing palette, durable tile flooring, and a two-way fireplace that also overlooks the family room. The kitchen comes with granite counters with matching backsplash, abundant wood cabinetry with crown moulding, recessed lighting, stainless steel appliances, a walk-in pantry, and a large island with a breakfast bar. The main bedroom offers a romantic fireplace and an ensuite with dual vanities, a jetted tub, and a walk-in closet. The sizeable backyard displays a full-length covered patio and ample space for creating your dream oasis. See this gem today!

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