What’s Ahead For Mortgage Rates This Week – July 5, 2016

Last week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.

S&P Case-Shiller: Home Price Growth Ticks Downward

April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.

Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.

Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.

Mortgage Rates Lower, Jobless Claims Rise

Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.

Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.

Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.

What’s Ahead

Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.

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4126 E Camden Avenue San Tan Valley, AZ 85140

$489,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6650702

Property Type Single Family Residence

Price Type --

3 Car Garage & Pool! Slice of paradise in Castlegate , Queen Creek/San Tan Valley! This beautiful 3 bedroom + den/flex or 4th bed, 1,940 sq ft residence & backyard oasis defines comfort and style. Your 3-car garage features two roll-up doors, a side door for yard access to where the double side gate opens to RV parking, a toy owner's dream! Step inside to the heart of the home to see 3 living spaces kitchen/great room, living/dining, & de/flex/4th bedroom. You'll love it all, from the beautiful tree shaded grand front patio, the stylish archways & light bright windows to the private backyard oasis with mature landscaping. Primary suite offers the indulgence of a soaking tub next to a separate shower, walk-in closet, double sinks, W/C & 2 garden views. See it & fall in love! Two additional bedrooms ensure ample space for family or guests. Relax in your own backyard sanctuary, where a sparkling pool awaits your enjoyment. The extra-tall privacy wall ensures tranquility, and when you're in the mood for outdoor entertaining, the stylish outdoor bar & BBQ area is your go-to spot for creating unforgettable memories. And the allure extends beyond the main living space - a pull-down ladder reveals an accessible attic providing a perfect storage solution. Plus a free-standing 'pool shack', finished inside, currently a 'she-shed' could be an arts and crafts workshop or more storage & it's equipped with a window-mounted A/C for comfort. To sweeten the deal, the seller is open to carryback financing with 50% down, making this dream home even more attainable. Conveniently located near shopping, dining & schools, this residence is a rare gem! Don't miss this extraordinary opportunity to call this stunning home yours, complete with a 3-car garage, a toy friendly double side gate, and a refreshing, private, garden party retreat.

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1550 S Hopi Trail Dewey, AZ 86327

$489,000

3 Beds

2 Baths

2,056 SqFt

Status Active

MLS # 6569707

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Home on HUGE 136,309 sqft Lot. Brand New Roof. New Heating & AC. New Windows. New Luxury Vinyl Plank (waterproof) Flooring throughout. Kitchen boasts Brand New Cabinets, Quartz Countertops, Stainless Steel Appliances, and Large Island. Convenient Laundry built into 2nd bathroom. Lots of Room for Animals, RV's, etc. Excellent Location with good privacy.

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15427 N 56th Avenue Glendale, AZ 85306

$489,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6641672

Property Type Single Family Residence

Price Type --

Welcome to this stunning property with a natural color palette. The kitchen boasts a nice backsplash, adding a touch of elegance to the heart of the home. The master bedroom features a walk-in closet. Additionally, this property offers other rooms for flexible living space, allowing you to configure the layout to suit your needs. The primary bathroom is equipped with double sinks and good under sink storage. Step outside and discover a fenced-in backyard, providing security and privacy. The private in-ground pool offers the perfect retreat for those warm summer days, while the covered sitting area allows for an idyllic space to relax and unwind. Other features include fresh interior paint and partial flooring replacement in some areas.

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7748 W Stony Quail Way Florence, AZ 85132

$489,000

2 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6646242

Property Type Single Family Residence

Price Type --

You will love this popular Preserve model completed in 2021. Beautiful 2-bed, 2-bath home w/a den is highly upgraded & impeccably maintained. Kitchen features quartz counters, staggered cabinets w/lighting, SS appliances, gas stove, wall microwave & oven. Laminate wood floors flow through the open living areas. Garage has epoxy, sink, built-in wall cabinets + large storage room w/cabinets. Step outside to your private patio, featuring an outdoor fireplace for cozy evenings. Patio has remote shades that transforms into an Arizona room, letting you enjoy the outdoors year-round. Complete w/a SPA & pergola, this outdoor oasis is perfect for relaxation & entertainment. Don't miss the opportunity to make this house your home. Come see everything is outstanding 55+ resort community has to offer Both master & laundry room have been extended. Lights and garage door can open remotely.

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40723 W Olney Avenue Tonopah, AZ 85354

$489,000

6 Beds

2 Baths

2,433 SqFt

Status Active

MLS # 6648073

Property Type Manufactured Home

Price Type --

Explore this incredible residence featuring 6 bedrooms, 2 baths, and spanning 2,433 square feet on over 10 acres of land. Conveniently located off Elliot Road, this property is primed to fulfill all your desired needs. A remarkable opportunity awaits with a private well, fenced surroundings, and a fully operational irrigation well providing ample water for your envisioned garden, pasture, farm, or lush green acres. The possibilities are endless—experience the uniqueness of this property firsthand.

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4863 W Picacho Drive Eloy, AZ 85131

$489,000

2 Beds

2.5 Baths

1,884 SqFt

Status Active

MLS # 6677100

Property Type Single Family Residence

Price Type --

Welcome Home to this very popular and sought after Mandera model in Robson Ranch! This partially furnished 2-bed, 2.5-bath home with a den/office spans 1884 sq ft with 18'' tile flooring throughout. Enjoy the airy feel with 11' ceilings in the main living areas and 10' ceilings in the master bedroom. The kitchen is a chef's dream, the dining area includes a built in China hutch and the master suite offers a luxurious retreat. Enjoy the warm Arizona sun in your private backyard oasis, which includes a covered paver patio with a ceiling fan, Pre-wired for a patio TV and Pre-wired electrical for a Hot Tub. Robson Ranch's Gated Community amenities, include an 18 hole championship golf course, pickleball courts, clubhouse, restaurant, heated pool, indoor lap pool, fitness center and more add to the vibrant lifestyle you will enjoy in this cozy community. See separate documents in documents tab for a list of items that will convey and also a list of features.

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1495 N Casa Grande Avenue Casa Grande, AZ 85122

$489,000

5 Beds

3 Baths

3,100 SqFt

Status Active

MLS # 6655657

Property Type Single Family Residence

Price Type --

RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!

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17531 W Fetlock Trail Surprise, AZ 85387

$489,000

3 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6656370

Property Type Single Family Residence

Price Type --

Welcome home! This well maintained 3 bed, 2 bath residence boasts an expansive 2126sqft of living space and offers the perfect blend of comfort and functionality. Step into the heart of this home and discover an inviting open floor plan, seamlessly connecting the spacious living areas. Enjoy the eat-in kitchen featuring modern appliances and a warm, welcoming atmosphere for gatherings. Ideal for remote work or a game room, enjoy the convenience of not one, but two bonus rooms - providing the flexibility your lifestyle demands. The low-maintenance backyard is a blank slate ready for your vision. The 3-car garage is a car enthusiast's dream, equipped with LED lighting and epoxied floors for a polished finish the RV gate is perfect for your outdoor adventures. Nestled in the Desert Oasis Community, experience the harmony of suburban living while still enjoying easy access to local amenities.

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12989 W Plum Road Peoria, AZ 85383

$489,000

2 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6657376

Property Type Single Family Residence

Price Type --

Lowest price per square foot in Trilogy at Vistancia! Welcome to your dream home! This Southwest-style home offers 2 bedrooms, 2 bathrooms, and a den/home office for comfort and functionality. The Montis floorplan floods with natural light, highlighting the upgraded kitchen with newly updated LG steel appliances and composite quartz countertops. The split floor plan ensures privacy, and the spacious great room is perfect for entertaining. Leased solar panels keep the home energy-efficient, lowering bills in the Arizona summer. Newer Trane heating and cooling system also allows for comfort and efficiency. Step into the lush oasis surrounding this home. A gated front courtyard with a custom wrought-iron gate sets a private and welcoming tone. The backyard is a tropical cozy oasis with hints of the desert, featuring a covered patio for relaxation and outdoor gatherings. Trilogy at Vistancia provides an active lifestyle with golf, recreation areas, hiking trails, and tennis courts. Socialize at pools, spas, and a full-day spa. Easy access to the 303, shopping, restaurants, and Lake Pleasant completes this residence, offering not just a beautiful home but a vibrant lifestyle in Trilogy at Vistancia.

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7017 W Mcrae Way Glendale, AZ 85308

$489,000

3 Beds

2.5 Baths

2,304 SqFt

Status Active

MLS # 6668087

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Glendale's prestigious Arrowhead Country Club neighborhood! This spacious 3-bedroom, 2.5-bathroom home boasts 2,304 square feet of comfortable living. Enjoy a generously sized living area perfect for entertaining guests or relaxing with family. The very large kitchen is a chef's delight, offering ample space for culinary creativity. Retreat to the large master suite for ultimate comfort and relaxation. Beat the Arizona heat with your own private pool, ideal for refreshing dips and poolside lounging. Conveniently located near Abrazo Arrowhead Hospital and neighborhood schools, with easy access to the 101 freeway and shopping at Arrowhead Town Center. Don't miss out on this incredible opportunity to experience the epitome of Glendale living

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12246 W Paso Trail Peoria, AZ 85383

$489,000

4 Beds

3 Baths

2,333 SqFt

Status Active

MLS # 6670743

Property Type Single Family Residence

Price Type --

Nestled in the sought-after Coldwater Ranch Community, this fabulous two-story home at 12246 W Paso Trl, Peoria, AZ 85383, showcases a perfect blend of comfort and style. Built in 2014, this single-family residence boasts a spacious 2,333 square feet of living space, offering ample room for a growing family The property features 4 bedrooms and 3 bathrooms, providing convenience and privacy for all family members With stone accents and colorful manicured landscaping, this home exhibits a charming exterior, contributing to its overall curb appealExplore the vibrant community of Coldwater Ranch and enjoy the proximity to local amenities and attractions. This home stands as a testament to quality craftsmanship and a desirable living experience.

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3921 E Sweetwater Avenue Phoenix, AZ 85032

$489,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6667808

Property Type Single Family Residence

Price Type --

OWNED solar tesla panels, NO HOA! N. Phx 3bed/2bath 2-car garage, storage room, shed, RV gate & parking on a corner lot. Split floor plan, wy eng wood plank floors, ss appliances, propane cooktop and a walk in pantry. Primary bedroom with walk in closet, double sinks, sitting room w/separate exit to backyard. Back patio full length lattice pergola and separate grilling ramada. Font and back yards low maintenance. PV School District, mins to shopping, dining, entertainment, pv mall redevelopment, freeways, walking/biking paths, hiking, park, pickleball and tennis courts all nearby.

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