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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8038 S 54th Lane Laveen, AZ 85339

$505,000

4 Beds

2.5 Baths

2,403 SqFt

Status Active

MLS # 6689698

Property Type Single Family Residence

Price Type --

Desirable 4 bedroom 3 bath floor plan with a sparkling blue pool home situated on a spacious corner lot in the sough after Cheatham Farms neighborhood! featuring bold decorative tones throughout. The formal living room offers soaring ceilings and fashionable staircase, separate formal dining leads to the sizable open kitchen, complete with new upgraded appliances with plenty of space to entertain as the kitchen flows through the family room out to your back patio. with a lots of space surrounding the pool for entertaining. The den downstairs is being used as a bedroom, this home is perfect for accommodating guests. With 4 more rooms upstairs the large primary suite is a great layout. Located in the heart of Laveen, you're just minutes away from dining options, easy access to the 202.

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2511 W Queen Creek Road Chandler, AZ 85248

$505,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6693596

Property Type Apartment

Price Type --

This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting. Views of city lights and mountains, enhancing the living experience. New carpeting in the main bedroom. Blackout drapes and drapery rods in the main bedroom for privacy and light control. Custom paint in various parts of the unit including the kitchen, entry, main bedroom and bath, and guest bath. Light filtering drapes in the living room that allow natural light while providing privacy. Custom California Closets in both the main and guest bedrooms for optimized storage. Pull-out shelves in kitchen cabinets and a dual garbage can pull-out system for convenience. Newly installed stacked LG Washer & Dryer in the laundry closet, creating additional shelf space. Water softener and water filtration system at the kitchen sink connected to the ice maker in the refrigerator for clean, purified water. Walk-in pantry for ample food storage. Low maintenance LVP flooring that is durable and easy to clean. Two (2) parking spaces with storage cage for additional security or storage. This extensive list of features clearly positions the property as a luxurious and convenient choice for prospective buyers offering comfort, efficiency, and stunning views in a prime location. Proximity to Dining and Entertainment: The ability to walk to nearby restaurants, entertainment venues, and a farmer's market enhances the living experience by providing leisure and shopping options right at your doorstep. Located close to significant tech companies like Intel and Northrop Grumman, and within the Price technology corridor, which could be particularly attractive to professionals working within these sectors. This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting.

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2059 E Adobe Street Mesa, AZ 85213

$505,000

3 Beds

3 Baths

1,620 SqFt

Status Active

MLS # 6693344

Property Type Single Family Residence

Price Type --

Complete remodel! 3 Bed 3 bathroom home in Mesa Arizona. This lovely property features a 2-car garage, a convenient RV gate, tasteful stone accents, and a welcoming porch with charming trellis. Discover a lovely living room with vaulted ceilings, a neutral palette, and wood-look flooring. Enjoy the great room with stone-clad fireplace for cozy evenings. The kitchen comes with quartz counters, pristine white shaker cabinets, black stainless steel appliances, and a peninsula with a breakfast bar for casual dining. The master bedroom offers plush carpeting, sliding door access to the backyard, walk-in closet, and private bathroom. Venture outside to the backyard that boasts a big covered patio and a perfect canvas for your dream oasis, offering endless potential for personalized landscaping.

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444 E Vesper Trail Queen Creek, AZ 85140

$505,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6699188

Property Type Single Family Residence

Price Type --

The community is nestled near the San Tan Mountains, providing beautiful views and a tranquil environment just about 45 minutes from downtown Phoenix and Scottsdale. Encanterra offers extensive amenities that cater to a luxurious and active lifestyle. These include two clubhouses, multiple dining options, state-of-the-art fitness centers, tennis and pickleball courts, and an 18-hole championship golf course. There's also a full-service spa named Alvea Spa, which has been recognized as one of the best in the area. For social activities, the community offers various clubs, events, and classes. With no rear neighbors the home offers great privacy with and extended 15 foot lush backyard with a pergola, sun shades and a fire pit to enjoy the outdoor living. Home has owned solar.

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17806 N 41st Place Phoenix, AZ 85032

New

$505,000

3 Beds

2 Baths

1,370 SqFt

Status Active

MLS # 6706300

Property Type Single Family Residence

Price Type --

You don't want to miss this delightful 3-bedroom home! It features an RV gate and a 2-car garage. The interior is captivated by its vaulted ceilings, carpeted and tiled floors, and spacious living room, which is ideal for creating lasting memories. The kitchen is equipped with wood cabinetry, built-in appliances, tile counters, recessed lighting, and a breakfast bar. The main bedroom ensures a restful night's sleep with direct backyard access, a private bathroom with dual sinks, a soothing tub, and a walk-in closet. The backyard includes a covered patio and a grassy area, perfect for outdoor activities. This rare find won't disappoint! This home is a must-see!

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624 E Piping Rock Road Phoenix, AZ 85022

$505,000

2 Beds

2 Baths

1,340 SqFt

Status Active

MLS # 6698499

Property Type Single Family Residence

Price Type --

Beautifully renovated single-level home in Hillcrest is ready for its new owner! Centrally located in beautiful Moon Valley. Entering through your private courtyard to the newly updated home of your dreams! The kitchen boasts new stainless steal appliances, quartz countertops, and updated flooring throughout. Step into your master retreat with new vanity, tile shower and 2 master closets!

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1231 E Helena Drive Phoenix, AZ 85022

$505,000

3 Beds

2.5 Baths

1,852 SqFt

Status Active

MLS # 6684833

Property Type Single Family Residence

Price Type --

Beautifully maintained low maintenance home including backyard turf in great location - Conveniently located within minutes to SR101, SR51 and I-17 for easy access around town - Upgraded cabinets with child locks, granite, tile backsplash - loads of storage - inside laundry room with cabinets and pantry - extensive tile throughout except stairs and bedrooms - large loft perfect for home office, gym, playroom, etc - Views of Lookout Mountain from the primary bedroom - No neighbors behind you - backs greenbelt - Oversize extended garage with overhead racks - Schools, shopping, parks, golf, hiking within minutes - Desert Ridge and Norterra just minutes away - Best of All -* WE HAVE OWNED SOLAR* - No qualifying or pymt required with full price offer - Low utility bills for the summer heat! Seller will payoff solar at closing with full price offer. Seller installed solar in summer 2020. 25 panels in total.

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4348 W Sandra Circle Glendale, AZ 85308

Open House

$505,000

4 Beds

2 Baths

1,911 SqFt

Status Active

MLS # 6701452

Property Type Single Family Residence

Price Type --

This dream home offers a seamless blend of style and comfort with top-tier upgrades. The neutral color scheme creates a homely yet stylish feel, while the kitchen features high-end steel appliances and a beautiful backsplash. The primary bathroom boasts double sinks for convenience and luxury. Step outside to a covered patio and a fully fenced backyard, and includes a private in-ground pool perfect for relaxation and gardening. This home's unique charm and functionality make it a valuable investment in effortless elegance. Make this your happy home!

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7709 N 18th Avenue Phoenix, AZ 85021

Open House

$505,000

3 Beds

2 Baths

1,349 SqFt

Status Active

MLS # 6687048

Property Type Single Family Residence

Price Type --

Welcome home to this charming property that boasts a cozy fireplace, a soothing natural color palette, and a spacious center island in the kitchen. You'll love the nice backsplash in the kitchen, and the other rooms offer flexible living space to suit your needs. The primary bathroom features good under sink storage, and the fenced in backyard is perfect for privacy. Enjoy the private in ground pool and covered sitting area in the backyard, ideal for outdoor entertaining. With fresh interior paint and new flooring throughout the home. Don't miss out on this wonderful opportunity!

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12131 W Marguerite Avenue Avondale, AZ 85323

$504,990

4 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6454131

Property Type Single Family Residence

Price Type --

Castellano - Linen cabinets throughout the home and stunning AZT Della Terra Aluminum quartz kitchen countertops including the enhanced island. 8' interior doors, 12x8 sliding glass door off the great room and leads to your covered patio. Upgrade flooring includes 18x18 tile in all areas except the bedrooms & closets and so much more. Seller to write contract and to verify all information with our onsite agents.

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2628 E Hollywood Ike Avenue San Tan Valley, AZ 85140

$504,990

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6679011

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2178 square foot residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living, featuring a den, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. Complete with a 4-car garage, two car tandem and a super garage, this residence represents the epitome of ideal living.

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9726 W Albeniz Place Tolleson, AZ 85353

$504,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6701782

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est Completion August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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