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.

3404 W Fremont Road Phoenix, AZ 85041

$500,000 - 4Br/2Ba -  for Sale in Santolina At South Mountain Phase 1, Phoenix
New
$500,000
4 Beds
2 Baths
2,395 SqFt
Status Active
MLS # 6697187
Property Type Single Family Residence
Price Type --
Introducing this adorable 4-bedroom home in Santolina South Mountain Community! Featuring a 3-car tandem garage with attached cabinets, RV gate, and mature landscape. Inside, an inviting hallway leads to the bright & large open floor plan paired with wood-look tile flooring, neutral paint, and sliding glass doors to the back patio. Impeccable kitchen displays recessed & pendant lighting, stylish tile backsplash, a pantry, stainless steel appliances, ample cabinetry with crown moulding, granite counters, and a practical island with a breakfast bar. You'll love the serene primary retreat equipped with plush carpet, walk-in closets, and an ensuite with dual sinks. Spacious backyard has a covered patio, perfect for unwinding after an exhausting day. Don't miss out on this amazing abode!

3202 W Thude Drive Chandler, AZ 85226

$500,000 - 4Br/2Ba -  for Sale in Mountainside Ranch, Chandler
New
$500,000
4 Beds
2 Baths
2,079 SqFt
Status Active
MLS # 6683454
Property Type Single Family Residence
Price Type --
Great Opportunity to own a home in Chandler! 2,079 sq ft, 4/2 with easy access on and off the 101 and minutes from stores and restaurants. Roof redone in 2019 Windows replaced in 2020 HVAC replaced in 2022 Floors redone in 2019 Water Heater replaced 2021 Kitchen Cabinets and Sink redone 2024 This one will need a little TLC.

900 S Canal Drive Chandler, AZ 85225

$500,000
3 Beds
2 Baths
1,800 SqFt
Status Active
MLS # 6682557
Property Type Townhouse
Price Type --
Welcome to a one-of-a-kind home that whispers stories of French elegance, located in the GATED Che Bella Villas of Chandler. Picture yourself stepping into an incredible remodel, where modern living harmoniously meets European charm. No expense has been spared with over $100K in custom improvements! The dream kitchen features wood-like tile floors offering the warmth of wood combined with the durability of tile. Your culinary adventures will be complemented by a 250 bottle France Wine Cave refrigerator and stunning quartz counters showcased on the massive center island, an inviting hub for friends and family to gather around and share stories. Plantation shutters, designer barn door, crown molding and Pottery Barn lighting add... layers of sophistication and practicality. All walk in closets, pantry and garage have been transformed with $30K in custom crafted build outs - perfect for all your storage solutions! The luxurious bathrooms feature a new steam shower with granite tiles, Carrera marble counters and a 7-foot soaking tub in the primary on suite - you have to see to believe! Imagine unwinding in a space that feels like a private spa retreat, right in your own home. The spacious family room, with its cozy fireplace, becomes the perfect backdrop for your memories. Ideal end unit location is flooded with natural light. Attached 2 car garage and water softener. A blend of luxury, comfort, and style, nestled in a community that offers the best of Chandler. If you've been searching for a home that stands out from the rest, that combines everyday living with elegance, and that is located in a vibrant, welcoming community, your search ends here. Your dream home awaits!

6921 S 13th Way Phoenix, AZ 85042

$500,000 - 4Br/2Ba -  for Sale in Cortona, Phoenix
New
$500,000
4 Beds
2 Baths
1,924 SqFt
Status Active
MLS # 6695860
Property Type Single Family Residence
Price Type --
Fabulous turn-key home in gated Cortona Community. Meticulously maintained property with Modern earth tone facade and beautifully manicured yard perfect for entertaining. The inviting entry leads into a spacious and bright great room with Arcadia doors leading to the backyard. The modern Chef's kitchen has island seating, stainless appliances, custom cabinet handles with white cabinetry and a large pantry. Wood look ceramic tile through out the home that's easy to maintain! Split floor plan w/privacy & spacious bathrooms. Covered back patio with travertine tile and built-in gas BBQ. 15 minutes to Sky Harbor/Downtown!

2739 E Windsor Avenue Phoenix, AZ 85008

$500,000
4 Beds
3 Baths
1,544 SqFt
Status Active
MLS # 6609476
Property Type Single Family Residence
Price Type --
Centrally located 3bd/2ba Main house with 230 sq ft guest house with a bathroom and no HOA. Close to hospitals, AZ Center, sports stadiums, symphony hall, light rail, parks, airport and hiking nearby at Camelback Mtn. The home has a welcoming great room that leads right into the beautifully updated kitchen with quartz countertops, pendant lighting, stainless steel appliances and tile/vinyl throughout the whole downstairs. The primary suite is downstairs with a large walk-in closet and its own ensuite. Stairs were redone with vinyl. The upstairs has 2 bedrooms with walk-in closets and a hall bathroom. Guest house has its own AC unit, bathroom, and beautiful vinyl flooring. Roof replaced 2022 & new AC on the main house in 2019.

728 E Payton Street San Tan Valley, AZ 85140

$500,000
4 Beds
3 Baths
2,561 SqFt
Status Active
MLS # 6620924
Property Type Single Family Residence
Price Type --
Welcome home to this beautiful and popular 2 story house located in The Pecan Creek Sub-Division of Queen Creek. This home has been recently restored with new cabinets, GRANITE counters up and down,, and ceramic plank flooring tiles in all bathrooms, laundry, kitchen and all other wet areas. All new carpet and paint throughout. Walk into the large living room, with an open concept kitchen and family room. There's an office and bathroom downstairs, perfect for work from home. Upstairs you'll find large size bedrooms with a large loft having plenty of space for a family recreation room. The full house width covered back patio is extra wide looking onto a oversized back yard. Store your tools and other frequently used item in the large storage cabinets in the garage.

1250 N Abbey Lane Chandler, AZ 85226

$500,000
3 Beds
2.5 Baths
2,150 SqFt
Status Active
MLS # 6636880
Property Type Townhouse
Price Type --
Absolutely gorgeous home located in a gated community. Great location near IKEA and the I10 freeway. Enjoy all the amenities of the community, which include a gym, pool, dog park and more! Lots of shopping nearby, you wont want to miss this one!

11937 W Nadine Way Peoria, AZ 85383

$500,000
4 Beds
2.5 Baths
2,204 SqFt
Status Active
MLS # 6639099
Property Type Single Family Residence
Price Type --
This is a well maintained home with updates in all the right places. Enjoy the wonderful living spaces & beautiful surroundings. 4 bedrooms with 2.5 bathrooms. Freshly painted exterior, interior, cabinets. Fresh carpet in bedrooms, & an upgraded primary bathroom. Spacious corner lot, with a cul- de-sac at the end of the street. Bay window in primary bedroom & the dining room. Slide out kitchen shelfs. The exterior has a paver patio, gas stub at patio, sunscreens & gutters too! Be sure to check out all the amenities that Vistancia has to offer. From Pickleball & tennis to a community waterpark there's something for everyone! Minutes away from the grocery store & all of the new development coming nearby! Ask us how to buy down your rate or cover closing costs! Vistancia amenities include: 8,000-square-foot indoor basketball gymnasium featuring pickleball courts and an adjoining entertainment lounge and game room Three swimming pools, a resort-style pool with waterslides, and a heated lap pool Outdoor event lawn for small-concert venues, community events, outdoor exercise classes, and lawn games Four lighted tennis courts Multipurpose space for meetings, gatherings, and events Movement studio with Fitness On Demand classes Teen game room Card and Craft room Catering kitchen

2210 E Marmora Street Phoenix, AZ 85022

$500,000
4 Beds
2 Baths
1,712 SqFt
Status Active
MLS # 6638117
Property Type Single Family Residence
Price Type --
All New plumbing, New sewer line, New Electrical & New Electrical Box! NEW ROOF 2023 and all new AC ducting! Great home on a cul-de-sac lot! This 4-bed, 2-bath completely remodeled home. Bright and open kitchen features custom cabinets, quartz counters, and stainless steel appliances. Spacious primary suite with a gorgeous bathroom, complete with double vanity and walk-in shower! The serene backyard oasis offers a covered patio, fire pit, and stunning mountain views. No HOA.

7131 E Rancho Vista Drive Scottsdale, AZ 85251

$500,000
1 Bed
1 Bath
780 SqFt
Status Active
MLS # 6642156
Property Type Apartment
Price Type --
Welcome to Old Town Scottsdale and the premium Optima Camelview Village. This 1 bedroom, 1 bathroom 2nd floor condo features 780 sf and 1 titled underground parking space. The condo is being offered for sale fully furnished and turn key. The monthly HOA dues includes water, sewer, trash, gas, and DirecTV satellite. Owner pays for electric and WiFi on top of HOA dues. New carpeting installed March 2022. Well maintained condo in a great location in the community! Highly amenitized condo complex featuring indoor and outdoor pools with spas, putting green, racquetball and basketball/pickleball courts, fitness center, steam rooms, dog park, concierge office, business center, onsite restaurant, and many other onsite businesses. It's truly an amazing place to live! FITNESS CENTER: One of the most popular amenities is the 24,000 SF fitness center with a glass wall overlooking the pool. It is fully equipped with cardiovascular and strength training equipment, a range of free weights, and balance balls. There is also a separate workout studio for practicing yoga, dancing, etc. INDOOR POOL: Come winter or summer, sunshine or rain and enjoy the heated 75'x25' pool, with two spas and lounge chairs. The pool is handicapped accessible with a swim lift. BASKETBALL & RACQUETBALL COURTS: For some competitive sport, join family, friends or neighbors at the racquetball or basketball courts available on a first come first serve basis. LOCKER ROOMS & STEAM ROOMS: The men's and women's locker rooms with steam rooms and showers are conveniently located in the corridor on either side of the indoor pool. PARTY ROOM: Residents may use the party room as a gathering place for business or pleasure at no charge for 10 or less persons - since no reservation is required others may also be using the space. Free WiFi is available in the party room. With an attached catering kitchen, the party room can be reserved for functions for a fee and holds up to 245 persons. OUTDOOR SWIMMING POOLS & SPAS: Whether you're swimming, sunbathing or just chilling outdoors after dark, there's plenty of room for all at the two outdoor pools open 6 am - 11 pm daily. The East Pool has a separate kiddie pool and spa, cushioned lounge chairs and two BBQ grills. The West Pool has a separate spa, cushioned lounge chairs and one BBQ grill. PUTTING GREEN: There is never an off-season for golf in Scottsdale so bring your clubs and practice your precision strokes. Located on L1 near the center of the promenade. PRIVATE DOG PARK: The community has a private dog park for use by residents is located on the northwest corner of E Rancho Vista and Scottsdale Road. BUSINESS SERVICES: The business center at Concierge Services provides a computer workstation with free Wi-Fi, fax and copy services. The Conference Room is located on L2, near the Fitness Center entrance. CONCIERGE SERVICES: Located on L1 - on the west side of the promenade near the Rancho Vista entrance/exit, Concierge Services is equipped to handle many of your personal needs such as theater tickets, restaurant reservations, parcel acceptance, and much, much more.

503 N 32nd Place Phoenix, AZ 85008

$500,000
3 Beds
2 Baths
1,392 SqFt
Status Active
MLS # 6643550
Property Type Single Family Residence
Price Type --
Newly remodeled home, fully furnished on HUGE LOT zoned R5 Multi-family. Fantastic development opportunity, GREAT Value Add Opportunity and EXTRA Land to build additional units. Minutes to downtown.. minutes to sky harbor airport. Recent improvements include newer flooring, paint, window and door package, vanity, tiled bath surrounds, plumbing and light fixtures, A/C unit, water heater, New brick fencing etc. Attached 288sf guest quarters with it's own separate entrance. Don't miss this Great Investment Opportunity...

4608 E Desert Drive Phoenix, AZ 85044

$500,000
2 Beds
2 Baths
1,596 SqFt
Status Active
MLS # 6645498
Property Type Townhouse
Price Type --
Single level Garden Home in the Pointe South Mountain. Situtated in back of the community on a cul-de-sac. Home features 2 bedroom split for plan with a den/office. Both bedrooms have walk in closets. Both bathrooms updated. Flooring is 16x16 Travertine in all main living areas and carpet in bedrooms. Fireplace has been converted to gas. Relax in the spacious outdoor patio area with views of south mountain. Pointe community features 4 pools, 2 of them are heated. Walking path to South Mountain just steps away.