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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10746 E Dragoon Circle Mesa, AZ 85208

$470,367

3 Beds

2.5 Baths

1,669 SqFt

Status Active

MLS # 6464259

Property Type Single Family Residence

Price Type --

$20,000 in Builder Incentives(must use Preferred Lender)for a buyer to use on this NOW COMPLETED Inventory home!This floorplan features 3 bedrooms and 2.5 baths. Spacious Great Room area and 8' doors on 1st level. Kitchen has beautiful shaker style cabinets in Ash color and granite countertops. 12X24 tile throughout the entire first floor. Master has TWO walk in closets and a large Walk in Shower! Diamond Court, built by Newmark Homes, is an 18 home community nestled in a prime location in Mesa with lots of new retail/restaurants close by!

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2430 E Boulder Avenue Apache Junction, AZ 85119

$470,105

4 Beds

3 Baths

2,377 SqFt

Status Active

MLS # 6691660

Property Type Single Family Residence

Price Type --

This beautiful two story home has 2377 sqft with 3 full bedrooms, 2 full bathrooms and a loft upstairs. Down stairs also has a full bedroom and a full bathroom. Plenty of space for the whole family! Granite countertops throughout the whole home. This home also sites on a corner lot at the end of a cul-de-sac, fantastic location! **This home is on track for an end of June closing.** Contact listing agent for more details and special financing incentives.,

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3131 N Central Avenue Phoenix, AZ 85012

$470,000

1 Bed

1.5 Baths

822 SqFt

Status Active

MLS # 6386350

Property Type Apartment

Price Type --

*Construction Completed* 3.5% buyer incentive can be used towards rate buy down, upgrades, closing costs, or combo of those! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious 1 bedroom/1.5 bath condo offers an open floor plan with ten ft. ceilings, large master bedroom with ensuite bathroom, and a guest powder room. The chefs kitchen features expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful 50' lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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19851 W Flower Street Buckeye, AZ 85396

$470,000

4 Beds

2 Baths

2,304 SqFt

Status Active

MLS # 6636252

Property Type Single Family Residence

Price Type --

2%-3% in seller concessions available to the buyer to apply towards closing costs or interest rate buy down. Call Your agent right now. With an impressive split floor plan - 4 beds, 2 baths, and a 2-car garage on a spacious lot, this homes offers a seamless open layout for social harmony. Revel in the details, including tile flooring, a soothing color palette, and an abundance of natural light throughout. The kitchen features black appliances, granite counters, recessed lighting, a pantry, and an island with a breakfast bar. The primary bedroom boasts a HUGE walk-in closet and a private bathroom with dual sinks. The backyard is a blank canvas for your personal touch and room for a pool. Garage refrigerator included as well. Welcome home!

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37063 W Oliveto Avenue Maricopa, AZ 85138

$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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1233 S 16th Avenue Phoenix, AZ 85007

$470,000

4 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6659031

Property Type Single Family Residence

Price Type --

Brand new construction near Downtown Phoenix with close access to I17 and I10 freeways. Approximately 15 minutes from Sky Harbor airport. This is a 4bedroom 2bathroom approximately 1750SF home with a spacious open concept layout. Home also comes with a two car garage with a 50amp receptacle for Electric Vehicle charging. Bedrooms are spacious and all come with light/fan fixtures. Home has a covered patio with fan/light fixture already installed, it has a sizeable backyard. Backyard is an open canvas where the new owner can design their own landscape or even put in a swimming pool.

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1255 N Arizona Avenue Chandler, AZ 85225

$470,000

3 Beds

2.5 Baths

1,681 SqFt

Status Active

MLS # 6664981

Property Type Townhouse

Price Type --

Your future home is waiting for you in Tre Vicino, an exceptional gated community ideally situated in the heart of Chandler. With two separate pool areas for both personal use and guests, this property, constructed in 2020, boasts 3 spacious bedrooms, all with walking closets, 2.5 baths, and plenty of living space. Features an open-concept kitchen with granite countertops, a sizable island, and a walk-in pantry that opens to a generous living area, perfect for hosting, a corner lot with a great size backyard, landscape complemented with pavers and artificial turf. Situated on a premium lot and just steps away from the community's green belt common area, this property is conveniently located near shopping, downtown Chandler's entertainment options, and the 202 freeway.

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5528 W Rainwater Drive Laveen, AZ 85339

$470,000

4 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6665303

Property Type Single Family Residence

Price Type --

This immaculately maintained single-story residence nestled within the charming Ellison Trails community offers the perfect blend of comfort and convenience. Situated on a desirable corner lot, this home boasts a thoughtfully designed floorplan, ensuring seamless living. Step inside to discover an inviting interior adorned with modern finishes and abundant natural light. The spacious layout encompasses 4 bedrooms, 2 bathrooms, and generous living areas, providing ample space for relaxation and entertainment. The heart of the home is the well-appointed kitchen, complete with quartz countertops, SS appliances, and ample cabinet storage. Whether you're hosting gatherings or preparing family meals, this kitchen is sure to inspire your culinary creativity. Retreat to the tranquil owner's suite offering a private oasis where you can unwind after a long day. Additional bedrooms provide flexibility for guests, home offices, or hobbies. Outside, the expansive yard offers endless possibilities for outdoor enjoyment, from al fresco dining to gardening or simply soaking up the Arizona sunshine. With a prime location just minutes from the 202 freeway, commuting is a breeze, while nearby shopping, dining, and entertainment options ensure convenience at your fingertips. Don't miss your chance to experience the epitome of comfortable living in this Ellison Trails gem. Put your offer in today and make this house your forever home!

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11130 W Dana Lane Avondale, AZ 85392

$470,000

3 Beds

2 Baths

2,382 SqFt

Status Active

MLS # 6665526

Property Type Single Family Residence

Price Type --

Huge Price Reduction! 3 Bed/Plus LARGE Den/ Single Level w/Pool & 3 Car Garage has an open flowing floorplan w/lots of room! The Custom Security door greets you! The Formal Dining Rm sits separate from the step down spacious living rm! A large Family Rm is open to the Kitchen w/an island/Breakfast Bar/Breakfast Area & Pantry!Laundry rm is off the kitchen for convenience! Arcadia leads out to the Patio & Large Yard w/Pool! Good Sized Master Bedrm has a door leading out to the Patio! Master Bath has double sinks/separate Tub & Shower & Walkin Closet! 2 Secondary Bedrms & a Double Door Entry Den(4th Bdrm-No Closet)The Hall Bath w/Double Sinks/Separate Rm for the Toilet & Bath for Privacy! Round out the interior!The Backyard offers many options as it is a blank slate w/Pool! Call Now

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20062 N Horse Trail Drive Surprise, AZ 85374

$470,000

2 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6667234

Property Type Single Family Residence

Price Type --

***3.25% ASSUMABLE LOAN!*** Step into this impeccably maintained home nestled in the desirable 45+ community of Sun City Grand. Meticulously cared for by a single owner, this residence boasts an ideal layout featuring an expansive master bedroom that has been extended 4ft. The office/den can easily be converted into a third bedroom. Outside, enjoy the stunning landscaping and a convenient built-in grill, perfect for outdoor entertaining. Don't miss out on this opportunity to experience comfortable and stylish living in this charming community with wonderful amenities and golf courses!

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8334 W Gross Avenue Tolleson, AZ 85353

$470,000

4 Beds

3 Baths

2,349 SqFt

Status Active

MLS # 6677972

Property Type Single Family Residence

Price Type --

REMODEL OASIS. Welcome to this stunning renovated home where warmth and coziness meet modern elegance. Step inside and discover a thoughtfully designed floor-plan that starts with the living room and next to it is the family room which gives way to the kitchen. The huge loft upstairs is perfect for a game-room or another family area. The generous space, warmth and welcoming ambiance gives you the instant feeling of being home. The large sized and inviting master bedroom provides a peaceful sanctuary for relaxation. Not to mention the stunning updated bathrooms, vanities, flooring, color scheme, all combining to provide you with a blend of comfort, charm and sophistication. Big yard with walking slabs, an inviting recess area for sitting is perfect for an everyday adventure.

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9551 E Redfield Road Scottsdale, AZ 85260

$470,000

2 Beds

2.5 Baths

1,111 SqFt

Status Active

MLS # 6687019

Property Type Townhouse

Price Type --

Looking for a move-in ready, turnkey townhome? Well you have found it! Check out this adorable, freshly painted townhome in prime Central Scottsdale location... with a recent price improvement too! The gated Redfield Park townhome community is located in 85260, which is in the heart of all that Scottsdale has to offer. This location is minutes from Gateway Trail with miles of beautiful Sonoran Desert hiking, or a short trip to Kierland Commons and Scottsdale Quarter for high end boutique shopping and fine dining, or just a quick trip down the 101 freeway to Salt River Fields, Talking Stick Casino, or Butterfly Pavilion. This meticulously maintained townhome boasts 2 spacious bedrooms and 2.5 baths, and a host of recent upgrades, including fresh paint throughout: a blank canvas, awaiting your personal touches. Step through the private front courtyard entryway, as you are greeted by gleaming hardwood floors and soaring 9+ ft ceilings and a natural light filled interior. The main level showcases a seamless flow from the oversized great room into the gourmet kitchen, ideal for entertaining guests. Revel in the culinary delights of the open-concept kitchen, featuring a generous granite countertop bar perfect for casual dining or entertaining family and friends. This kitchen also offers plenty of storage and pantry space, complemented by a suite of modern appliances, custom tile backsplash and recessed lighting. Step outside to the ample sized North facing flagstone patio for coffee in the morning or enjoying a relaxing afternoon in the shade. Upstairs, are you going to find two ample sized bedrooms, two full bathrooms, and a conveniently located laundry room. Looking for tons of storage for your car and toys? This 2 car tandem garage offers ample space for all the above... And again, just steps from the heated community pool, this unit is in a prime location within the community. Welcome home to luxurious living at its finest in Redfield Park.

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