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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17706 W Hatcher Road Waddell, AZ 85355

Open House

$490,010

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6674723

Property Type Single Family Residence

Price Type --

This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 2.5 bathrooms, and a 3 car tandem garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

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889 W Old Stewart Road Willcox, AZ 85643

$490,000

3 Beds

2 Baths

1,202 SqFt

Status Active

MLS # 6385022

Property Type Manufactured Home

Price Type --

Begin your homestead/farm today! House has a private well, there is also an irrigation well. Property is fully fenced, and cross fenced for animals. Use the acreage for grazing cattle, or to grow crops. Bordered on 3 sides by paved roads. Enjoy beautiful views in all directions and wide open spaces. Property is a total of 4 parcels being sold together, totaling 266 acres.

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722 W Desert Valley Drive San Tan Valley, AZ 85143

$490,000

3 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6662602

Property Type Single Family Residence

Price Type --

Your new homes awaits in the desirable Skyline Ranch II community! Within walking distance to an Elementary School and parks, this community is also close to restaurants, shopping and entertainment. Step inside to discover a beautifully maintained interior boasting an open floor plan with vaulted ceilings, creating an airy and spacious ambiance throughout. Home features a new AC system, window shade screens (blocking 90%), fresh interior and exterior paint, and new rock landscaping throughout for effortless upkeep. Enjoy the inviting backyard oasis complete with a fire pit for family gatherings plus a luxurious pool, complemented by a new pool pump for your ultimate comfort and enjoyment. Entertain guests or simply relax in style! With a garage door, smoke alarms, and a hot water heater all less than 5 years old, this home offers both modern convenience and peace of mind. Don't miss the opportunity to make this exquisite property your own

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203 S Penn Avenue Prescott, AZ 86303

$490,000

2 Beds

1 Bath

897 SqFt

Status Active

MLS # 6668148

Property Type Single Family Residence

Price Type --

A Cozy Cottage-style Home Located Just 8 Blocks From Historic Courthouse Plaza in Downtown Prescott! This 897 SqFt , 2BR/1BA/1 GAR Home Features a Charming Patio Where You Can Relax and Enjoy The Prescott Weather. Open Kitchen and Dining Area With Sliding Glass Door That Leads to Tranquil Front Patio, Interior Features Include Vinyl Plank Flooring, Horizontal Blinds, Lighted Ceiling Fans and So Much More! Zoned For Multi Family! Don't Miss Out On This One!

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8214 E Chaparral Road Scottsdale, AZ 85250

$490,000

3 Beds

2 Baths

1,352 SqFt

Status Active

MLS # 6674047

Property Type Townhouse

Price Type --

Step into luxury living with this completely renovated 3-bedroom, 2-bathroom townhome, boasting a single-level, split floor plan design. The kitchen features sleek stainless steel appliances and stunning quartz countertops with an elegant backsplash. Retreat to the spacious primary suite, complete with a generous walk-in closet, a luxurious ensuite bathroom featuring a dual vanity, and a custom tile shower. Outside, indulge in your own charming patio, while having the convenience of two dedicated carport spaces and separate storage. This end unit property offers the ultimate in tranquility, while being just steps away from Chaparral Lake Park, Old Town Scottsdale, Fashion Square Mall, and an array of shopping, dining, and recreational options. Experience the epitome of urban living wit h easy access to greenbelt parks, bike/walking paths, and more.

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3085 Ponderosa Road Overgaard, AZ 85933

$490,000

3 Beds

2 Baths

3,641 SqFt

Status Active

MLS # 6691824

Property Type Manufactured Home

Price Type --

Fantastic opportunity to own this 3BR/2BA home on 2.06 acres. Over 3500 sf of living space. 2 Furnaces, Woodstove in lving area and evaporative coller. 12x24 Greenhouse, 2 detached 1 car garages with electic and 1 has propane. Set far back off a paved road and is fenced. Fire pit, raised flower beds, rose bushes and raspberry bushes. Large enclosure for dogs. 1000 gallon propane tank owned. Renewal by Anderson windows and sliding glass door - Warranty transfers to new owner. Don't miss this great opportunity.

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2926 W Villa Theresa Drive Phoenix, AZ 85053

$490,000

4 Beds

2 Baths

1,640 SqFt

Status Active

MLS # 6692541

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 2-bathroom home, free from the constraints of an HOA! Nestled on a spacious lot in a prime North Phoenix location,. Brimming with character, this residence boasts an updated kitchen, stylish vinyl flooring, and a skylit atrium that invites natural light to flood the interior spaces. The expansive backyard offers endless potential for outdoor activities and gardening. Newer dual pane windows, a newer roof system, and a newer HVAC system to keep dry and cool this summer!

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11617 W Levi Drive Avondale, AZ 85323

$490,000

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6691620

Property Type Single Family Residence

Price Type --

Welcome Home , This home built in 2021 is a sharp 3 bedroom with a den. upgraded kitchen and beautiful appointments. Compare this to a new build except it has all of the window blinds and landscaping completed for an easy turn key move in. Found in the heart of Avondale, located inside Alamar community. This is a spacious haven with a finished 3 car tandem garage. Enjoy relaxation or company with the stunning views of the Sierra Estrella mountain range.

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1511 W Mesquite Street Chandler, AZ 85224

$490,000

3 Beds

2 Baths

1,422 SqFt

Status Active

MLS # 6695296

Property Type Single Family Residence

Price Type --

This three-bedroom 2 bath Chandler home is coming to market soon. The home offers easy access to freeways, MCC, shopping, and a beautiful park just steps away. The current homeowners have updated the home to include fresh paint, new pool equipment and extra slab parking in front of the 2 car garage. The low maintenance front yard landscaping and a refreshing pool awaits the new owner. The solar panels help to keep the utility bills in check and there is no HOA

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18863 N Shelby Drive Maricopa, AZ 85138

$490,000

5 Beds

3 Baths

4,156 SqFt

Status Active

MLS # 6699491

Property Type Single Family Residence

Price Type --

Fall in love with this 4100+sf home located on a corner lot with an amazing pool! Every room is super-sized, featuring 5 bedrooms, each with a walk-in closet, and 3 full baths. There is a bedroom and bath downstairs making the perfect suite for guests or in-laws. The remarkable chef's kitchen features VIKING appliances, maple cabinetry w/crown molding, a stylish mosaic backsplash, granite counters, HUGE walk-in pantry, and extended island with built-in seating. The entire downstairs is tiled. You'll find a flexible loft upstairs offering endless possibilities. Host fun gatherings in the wonderful backyard, including a covered patio & a sparkling blue pebble-tec pool w/ grotto, waterfall & slide! Don't miss out on this one!

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20660 N 40th Street Phoenix, AZ 85050

$490,000

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6700747

Property Type Apartment

Price Type --

Welcome home to this Charming 2 bed, 2 bath, condo. This home boasts a lovely, remodeled Kitchen with newer cabinets, granite counters and stainless-steel appliances. Great Room open floor concept with outside balcony, perfect for entertaining. Wood Style Tile floors and freshly painted just for you. Not to mention the convenience of two A/C units and two private garage spaces, all within a gated community. La Verne offers Community Pools, Hot Tubs, Gym, Clubhouse, Movie Theatre and Pool Room. With easy access to dining, shopping, and major freeways, it sounds like the ideal blend of comfort and convenience.

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7314 W Dahlia Drive Peoria, AZ 85381

$490,000

4 Beds

2 Baths

2,111 SqFt

Status Active

MLS # 6701274

Property Type Single Family Residence

Price Type --

Come see this newly updated 4 bed 2 bath single story home. Large family room with open concept. Kitchen has new cabinets, granite counter tops and stainless steel appliances. Master bedroom is separate form other bedrooms. Both bathrooms have titled shower areas with granite counter tops. Newer roof and Dual pane windows. New exterior paint and patio pavers at the entry. RV Gate with RV parking. AC unit and water heater were installed in 2023.All desert landscaping with artificial grass in backyard. Large covered patio area great for entertaining guests. This home is located in great location close to schools and shopping. This home is a must see!!

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