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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13270 N 79th Avenue Peoria, AZ 85381

$490,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6700937

Property Type Single Family Residence

Price Type --

Come check out this stunning 3 bedroom, 2 bathroom home nestled in a prime Peoria location, close to shopping centers and the 101, complete with a sparkling updated pool in the fully fenced backyard! NO HOA! This property offers the ultimate blend of convenience and freedom. Step inside to discover a beautifully renovated interior, complete with new appliances that elevate the living experience. The layout is perfect for both relaxing and entertaining, with ample natural light accentuating the modern design elements throughout. Everything you need is right at your fingertips, making this move-in ready home the perfect choice for those seeking both comfort and convenience. Don't miss your chance to make this dreamy home yours!

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1654 S Alamo Circle Mesa, AZ 85204

$490,000

4 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6703117

Property Type Single Family Residence

Price Type --

Looking for a new place to call home? This charming 4-bedroom property nestled on a tranquil cul-de-sac in Mesa is NOW on the market! Discover a welcoming interior showcasing terracotta tile flooring, designer color palette, vaulted ceilings, arched doorways, & an impressive stone fireplace. The eat-in kitchen offers plenty of white cabinets, a stylish tile backsplash, granite counters, stainless steel appliances, recessed lighting, & a large island equipped with a breakfast bar. The primary bedroom boasts plush carpet in all the right places & a private bathroom for added comfort. Host fun gatherings in the spacious backyard, featuring a covered patio & a refreshing swimming pool! A deal like this won't last long!

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16433 S 17th Drive Phoenix, AZ 85045

$490,000

3 Beds

2 Baths

1,661 SqFt

Status Active

MLS # 6632600

Property Type Single Family Residence

Price Type --

Reduced price**Beautiful home in Foothills Club West community. Ideal split floor plan with open kitchen and great room. Fresh interior custom paint and exterior including garage. New neutral carpet. Recessed lighting, custom wood blinds and ceiling fans in all rooms. White kitchen cabinets, pantry and white appliances. Neutral tile in all traffic areas and baths. Easy care desert front and backyards with watering systems. Yard is big and private and is ready for a new pool install. Great schools, hiking and biking trails and golf with lovely mountain views. Super convenient location with easy access to freeways, shopping and much more.

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1445 S Revere -- Mesa, AZ 85210

$490,000

4 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6645184

Property Type Single Family Residence

Price Type --

Convenient location in Mesa, well maintained 4 Bedrooms & 2 Bath Home on a Corner Lot with an RV Gate. Kitchen features cabinets with pull out drawers, a MOVEABLE island for easy entertaining & creating extra space, along with a pass-through to an outside Wet Bar. Gated sparkling diving pool & grass area to enjoy, low maintenance yard. Large, covered patio offering plenty of shade. The RV area has space for 40ft Trailer and 30 AMP service conveniently located for hook-up. UPDATES INCLUDE - Hot Water Tank 2023, Windows 2021, HVAC 2021, Bathrooms 2021, Insulation in Attic 2020, Pool System 2017, Kitchen 2016, Flooring 2016 & all new exterior doors. Near highways US60, the 101 freeway and easy access to public transportation and the light rail. Shopping and restaurants within minutes.

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40779 N Citrus Canyon Trail Phoenix, AZ 85086

$490,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6659726

Property Type Single Family Residence

Price Type --

Welcome to your perfect retreat! Amazing View Lot Backyard. This 3-bed, 2-bath gem features an inviting open floor plan, backed by a tranquil open space. Enjoy the low-maintenance backyard with extended pavers, a darling gazebo, and a charming front porch. Inside, relish modern updates such as new granite kitchen countertops, updated carpet, ceiling fans, lights, and faucets. Community perks include the Anthem Community Center with a water park, tennis courts, parks, and more. Embrace comfort and style in this meticulously cared-for home - your sanctuary awaits!

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11748 W Foothill Drive Sun City, AZ 85373

$490,000

4 Beds

2.5 Baths

3,207 SqFt

Status Active

MLS # 6662509

Property Type Single Family Residence

Price Type --

!!NOT AN AGE RESTRICTED HOME!!!BEST PRICE PER SQFT in Crossriver! Welcome to this grand two-story home. This gem offers a 2-car garage, a mature shade tree, & a cozy front porch for your morning coffee. Be impressed by the delightful interior boasting an inviting living room adorned w/a designer palette, plush carpeting and plenty of room. Spacious open layout w/direct backyard access makes indoor/outdoor living fun! The kitchen includes SS appliances, ample counter space, wood shaker cabinetry, recessed lighting, & an island w/a breakfast bar. Discover a well-sized loft ideal for an entertainment center. The main retreat has a private bathroom w/dual sinks & a walk-in closet for added comfort. The backyard provides a covered patio, excellent for afternoon relaxation. What's not to like?

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17759 W Maya Way Surprise, AZ 85387

$490,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6668674

Property Type Single Family Residence

Price Type --

Looking for a beautiful home with all the great features inside and a stunning backyard with pool? This is it! Inside you'll find 4 bedrooms plus a den/office, open kitchen with large dining space, upgraded tile throughout the house. Outside you'll find a fantastic fenced play pool that's solar heated, extended pavers patio area for fun or entertaining and much more.

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4401 N 40th Street Phoenix, AZ 85018

$490,000

2 Beds

1.5 Baths

1,024 SqFt

Status Active

MLS # 6670260

Property Type Townhouse

Price Type --

Looking for a place to call home? This fabulous two-story townhome in Three Fountains Community is the one! Inside, you'll discover the perfectly flowing open floor plan paired with tile flooring, recessed lighting, and sliding glass doors leading to the back patio. The well-maintained kitchen is equipped with stainless steel appliances, granite counters, plenty of cabinet space, and a large center island. Both sizable bedrooms with wood-look floors and ceiling fans will give you a good night's sleep after a busy day! The cozy back patio is the right spot for unwinding. The Community provides an assigned parking spot and access to the refreshing pool. Don't miss this one-of-a-kind opportunity! Make it yours today!

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16905 S Rio Vista Road Mayer, AZ 86333

$490,000

4 Beds

3 Baths

2,350 SqFt

Status Active

MLS # 6676647

Property Type Single Family Residence

Price Type --

Meticulously maintained 4 Bedroom 3 Bathroom home is ready for a new family! This is a move-in ready house with a generous floorplan situated on a beautiful acre of land. Room for your RV on the side and 3 Car Garage attached. Wide circle driveway can accommodate your Toy Hauler and cars. Panoramic Views out all the windows! No HOA! Close to State Land and trails for days. Cordes Lakes is 3,700 in elevation and the perfect mild climate. Easy access to PHX, Prescott or Sedona. Lying in the foothills of Prescott Valley, Cordes Lakes has common terrain of a middle latitude desert, including but not limited to tall, long stretching hills, mesas, several species of cacti, and large rock formations. The Cordes Lakes' back roads lead straight to the Agua Fria National Monument.

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1421 W Pasadena Avenue Phoenix, AZ 85013

$490,000

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6687374

Property Type Single Family Residence

Price Type --

This beautifully well-kept home is just the right find in this market, offering 3 bedrooms, 2 baths, pool & lawn! As you enter you are greeted with travertine flooring and new carpet in living room and bedrooms. Kitchen features granite counter tops with lots of counter and storage space. Bathrooms feature tile showers and new toilets. All bedrooms have walk-in closets and new carpet. Big corner lot backyard features tons of space for entertaining including a pool and BBQ island. RV gate access with extra space on side of home. Great location within walking distance of the light rail and minutes from downtown and uptown.

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2331 E Evans Drive Phoenix, AZ 85022

$490,000

3 Beds

2.5 Baths

1,987 SqFt

Status Active

MLS # 6695130

Property Type Townhouse

Price Type --

Live luxuriously in this Phoenix home! Just off AZ-51, this home features a 2-story layout around a private outdoor courtyard. Downstairs boasts new concrete flooring, wood fireplace, and easy outdoor access. The kitchen features stainless steel appliances, soapstone countertops, and a sliding door to the garage. Upstairs, find new hardwood flooring leading to the primary bedroom with its own balcony, a large walk-in closet, and updated bathroom. The two spacious guest bedrooms share a full bath with brand new mirrors and fixtures. Outside, the courtyard offers ample space and gorgeous landscaping. Other updates include a new roof (2023), new water softener (2023), solar panels, and a new washer/dryer. The community features a pool within walking distance and guest parking. Conveniently located near shopping, dining, the Phoenix Mountain Preserve, and Lookout Mountain Preserve.

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17809 W Lincoln Street Goodyear, AZ 85338

Open House

$490,000

3 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6668243

Property Type Single Family Residence

Price Type --

Take a look at this beautiful home located in the desirable community of Canyon Trails! Formal living and dining room as you walk in. A great room with eat in kitchen and family room. Full surround sound and sliding glass door that leads to the backyard desert oasis. This beautiful backyard has a pavers, turf, salt water pool, gas fire pit and gas grille that makes it perfect for entertaining! The Large master bedroom, master bath, bonus room and walk-in closest also has a separate entrance from the backyard! The two bedrooms are split from the master for privacy. Third car garage can be used as a workshop, man cave or storage with an a/c unit. Canyon Trails has a community pool and rec center. Near Canyon Trails Shopping Center and easy access to the I-10 and 303. Quiet Neighborhood

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