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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174 E Palomino Way San Tan Valley, AZ 85143

$459,900

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6689071

Property Type Single Family Residence

Price Type --

Beautiful single-story home in golf course Community, Johnson Ranch. Kitchen upgraded with granite Counters & backsplash. Brand new luxury vinyl through the home. Neutral wall colors, Large RV gate, 2 car garage. Backyard features a large oversized lot with a beautiful sparkling pebble tech pool. Lots of amenities in the area including Community Heated Pool and Spa, Tennis & Pickleball Courts, Walking Paths and Playgrounds plus Pitch & Putt course. ,

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26310 N 131st Drive Peoria, AZ 85383

$459,900

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6690392

Property Type Single Family Residence

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Welcome to Rancho Cabrillo Subdivision in North Peoria, nestled between Lake Pleasant and the White Tank Mountains where the sunset glow dances across the natural beauty of the Arizona desert landscape. With 1820 sq. ft. of interior living space, 3 BED + Office/Den, 2 Baths and a 2 CAR Garage. Open concept main living area, crisp light gray color pallet with white trim and doors. Stylish multi-color wood look plank ceramic floors that compliment any decorating style. Open concept kitchen, dark espresso cabinets, black/white granite countertops, pendant lighting, stainless steel appliances package and a walk-in pantry for all your storage needs. Open master suite with updated ceiling light/fan fixture and can lighting. Master Bath features double sinks, a large tiled shower with seating and a walk in closet. 2 additional bedrooms, a full bath plus a spacious front Office/Den, that makes a great flex space for work, family or guests. Step out back and take a deep breath, property backs up to a green space, low maintenance with a paved covered patio and seating area, green space for pets or games. Neighborhood mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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8534 E Navarro Avenue Mesa, AZ 85209

$459,900

3 Beds

2 Baths

1,729 SqFt

Status Active

MLS # 6693497

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom home plus a den in great neighborhood! You get Gilbert's great Schools but pay Mesa's low taxes! Amazing kitchen has granite countertops, double ovens, gas cook top, white painted raised panel staggered cabinets, built in micro & under cabinet lighting. Home has beautiful wood tile flooring throughout, upgraded baseboards, NEW DUAL PAINE VINYL WINDOWS 2019, high end Pella double doors with built in blinds, ceiling fans, canned lights, neutral paint, vaulted ceilings. Open & spacious floorplan! Den could easily be used as 4th bedroom. Great backyard with covered patio, 3 citrus trees (lime, lemon & grapefruit) & large grassy play area. Great location just down the street from a large park, super close to both the 202 & US 60 freeways & plenty of shopping/entertainment!

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864 S 80th Street Mesa, AZ 85208

$459,900

3 Beds

2.5 Baths

1,984 SqFt

Status Active

MLS # 6684531

Property Type Single Family Residence

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Welcome Home! Beautiful Home in Fountain of the Sun in a Gated Active Adult Community in Mesa, Furnished, 3 Bedroom 2 1/2 Bath, Updated Kitchen w/ Soft Close White Cabinetry, Large Pantry Area, Granite Counters and Stainless Appliances, Large Open Floor Plan with Tile Flooring , Primary Bedroom w/Walk-In Closet, French Doors & Updated Bathroom w/ Walk-In Shower, 2 Guest Bedrooms w/ Updated Guest Bathroom w/ Walk-In Shower, Carpet in the Bedrooms, Large Laundry Area w/ Wash Sink and 1/2 Bath, Storage Room, Updated Dual Pane Windows, New Roof (2019), New Water Heater (2024), Beautiful Covered Back Patio Area (10' by 30'') with Fenced in Yard Great for Entertaining, Terrific Front Courtyard!

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