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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915 N Wedgewood Drive Mesa, AZ 85203

$475,000

5 Beds

2 Baths

1,487 SqFt

Status Active

MLS # 6700652

Property Type Single Family Residence

Price Type --

Padsplit opportunity! Beautifully re-modeled 5 bedroom 3 bathroom multi-generational home with freshly painted with updated carpet & LVP in the common areas, lovely white cabinets with quartz countertops in the kitchen & new appliances. This home can host a large/extended family/tenants! This home features an RV gate & parking in the back. The bathrooms have been re-done with stylish vanities & updated light fixtures & brand new showers. Easy to maintain gravel front & backyard will make upkeep a breeze. Walking path and park are directly behind the home. Grab this home now before its gone!

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233 W Harvard Avenue Gilbert, AZ 85233

$475,000

4 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6699265

Property Type Single Family Residence

Price Type --

You'll love this charming home in Gilbert positioned less than a mile from downtown Gilbert! Get it painted any color courtesy of seller as well! A 2-car garage and grassy front yard await. Enter to find an open layout w/backyard access to merge the indoor/outdoor activities, vaulted ceilings that add to the airy feel, recessed lighting, and wood-look flooring. The immaculate kitchen features stainless steel appliances, white cabinetry, quartz counters, and an island w/breakfast bar. The bright primary room offers a double-door entrance, a walk-in closet, and an ensuite w/a floor-to-ceiling tiled shower. Venture into the sizeable backyard boasting artificial turf, a covered patio, and trees planted in the yard that will continue to mature to add privacy. What are you waiting for?

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2414 W Kiowa Circle Mesa, AZ 85202

$475,000

3 Beds

2 Baths

1,822 SqFt

Status Active

MLS # 6699157

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled within the coveted Dobson Ranch community in Arizona! This charming abode boasts 1,822 square feet of comfort and style, featuring 3 bedrooms/2bathrooms, vaulted ceilings, and new roof and flooring installed in 2011. Living room complete with fireplace. Enjoy having outdoor access from all bedrooms with 2 of the bedrooms have their own private garden! Beyond the walls of your abode lies the vibrant Dobson Ranch community, renowned for its picturesque surroundings and abundance of amenities. Residents of Dobson Ranch enjoy access to sparkling pools, lush green parks, scenic walking trails, and recreational facilities including tennis courts and golf courses. You have to come check out this home!

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10812 N Dogwood Road Florence, AZ 85132

$475,000

5 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6699971

Property Type Manufactured Home

Price Type --

Professional photos coming next week * A 4+ acre property with NO HOA and private well is hard to find but including 5 bedrooms & 3 baths makes it even more special * Tons of storage with workshop attached to carport + tack rm/storage + permitted out building that can be finished to be a casita or office * Full length covered patios front & back for some added charm * Sunscreens all around for cooler interior temps * Extended length attached 2 car carport * Fenced in pipe & top rail, double RV gate with auto opener * Design your landscape to make this your dream home * Plenty of room to build an arena, barn, stalls, turn-out area, RV garage or whatever your heart desires *

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2118 W Carson Road Phoenix, AZ 85041

New

$475,000

3 Beds

2 Baths

2,181 SqFt

Status Active

MLS # 6701533

Property Type Single Family Residence

Price Type --

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3899 E Frances Lane Gilbert, AZ 85295

$475,000

3 Beds

2.5 Baths

1,767 SqFt

Status Active

MLS # 6700809

Property Type Single Family Residence

Price Type --

Welcome to the perfect home in Gilbert's highly sought-after neighborhood - Pecos Manor! From the moment you arrive, you will be captivated by the stunning paver driveway leading you to your new dream home on a corner lot! As you step inside, you will be greeted with a flood of natural light and a neutral color palette, fresh interior paint, and new carpet, creating a warm and inviting atmosphere. This 3 bedroom, 2.5 bathroom home has been meticulously maintained and updated, making it move-in ready for you and your family. The kitchen boasts an island, stainless steel appliances, granite countertops, and an abundance of cabinets- perfect for the aspiring chef in your family. Retreat to the spacious master suite, complete with a luxurious en-suite bathroom featuring double sinks, a separate tub and walk-in shower, and a large walk-in closet. The perfect oasis to relax and unwind after a long day. But the perks don't stop there! Step outside to your own private backyard retreat, complete with a covered patio and low maintenance gravel yard- making it the perfect space for entertaining guests and enjoying the beautiful Arizona weather. Conveniently located near everything you could want or need- including easy access to the 202, shopping, dining, entertainment, and more! This home truly has it all. Don't wait, make it yours today!

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2032 W Rancho Drive Phoenix, AZ 85015

$475,000

4 Beds

2 Baths

1,604 SqFt

Status Active

MLS # 6700849

Property Type Single Family Residence

Price Type --

MOVE-IN READY SOLIDLY BUILT CHARMER in Bethany Villas, a quiet, friendly, and walkable neighborhood in West Central Phoenix. Absolutely turn key, the owners went above and beyond the fully remodeled condition in which they bought it in 2022, and added even more upgrades! Features include all major systems updated, including newer electrical, plumbing, HVAC, roof, dual paned windows, flooring, exquisitely upgraded kitchens and baths, with newer appliances, including washer, dryer, and fridge (with newly installed water line), matte finish quartz countertop island with storage (including deep drawers), recessed canned lighting, newer plumbing and lighting fixtures t/o, newer water heater, lush and attractive front and rear landscaping (AZ Ash and Pistache shade trees, and ficus bushes), newer rear yard perimeter block wall fencing, RV gate with alley access, and newer cellular blind window coverings t/o. If you want to live in a true community with neighborhood gatherings, a community Facebook group (the Simpson neighborhood association), neighborhood newsletter, coordinated yearly garage sales, potluck, neighborhood happy hours, holiday events, luminaria lightings, and hot chocolate gatherings, in a house that is completely ready to move in, this is it!!

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248 E Sky Hi Drive Pinetop, AZ 85935

$475,000

2 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6701134

Property Type Single Family Residence

Price Type --

Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!

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1839 W Utopia Road Phoenix, AZ 85027

New

$475,000

3 Beds

1 Bath

1,161 SqFt

Status Active

MLS # 6701569

Property Type Single Family Residence

Price Type --

Welcome home! This delightful 3-bedroom residence features a practical RV gate and a low-maintenance yard. The living room has a neutral palette and contemporary wood-look flooring. The eat-in kitchen comes with quartz counters, white shaker cabinets, stainless steel appliances, a stylish tile backsplash, and sliding doors that open to the backyard for seamless indoor-outdoor living. Each cozy, well-sized bedroom offers plush carpeting and ample closet space. Enjoy breathtaking sunsets in the enchanting backyard, which offers an open patio, artificial turf, and a sparkling pool for cooling down on hot summer days. This value won't disappoint! *Sellers are willing to assist with 5k credit toward buyers closing costs

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36001 N Kennedia Lane Queen Creek, AZ 85140

$475,000

2 Beds

2 Baths

1,342 SqFt

Status Active

MLS # 6676359

Property Type Townhouse

Price Type --

Discover the charm and comfort of this fully furnished Muros floorplan nestled within the Resort Collection of Encanterra Country Club. Positioned mere moments away from both clubhouses, this residence boasts a prime location backing onto a tranquil greenbelt and parkview lot, offering a serene retreat from the hustle and bustle. Step inside to experience the seamless flow of an Open Concept design, where the kitchen, dining area, & great room converge harmoniously. The heart of the home shines with an expansive island adorned with upgraded cabinetry, countertops, & a stylish backsplash, creating an inviting space for both culinary creations & casual gatherings. A dedicated den, complete with elegant French doors & built-in cabinetry, awaits, providing an ideal spot for work or study. The split floorplan ensures privacy and comfort, with a spacious owner's ensuite offering a peaceful oasis to unwind and rejuvenate. Venture outdoors to discover the allure of the east-facing backyard, where you can bask in the Arizona sunshine and relish in the picturesque surroundings. With its thoughtfully designed layout and desirable amenities, this home embodies the essence of Arizona living, presenting an unparalleled opportunity to embrace a lifestyle of luxury and leisure. Arizona Living is Right Here Waiting for You!

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1920 E Bell Road Phoenix, AZ 85022

$475,000

4 Beds

3.5 Baths

2,124 SqFt

Status Active

MLS # 6688378

Property Type Townhouse

Price Type --

SELLER IS OFFERING UP TO $10,000 CASH CREDIT AT CLOSING FOR BUYER TO USE FOR ANY PURPOSE. Elevate your lifestyle in this remarkable corner condominium, the largest in Parkside, boasting extra windows that flood the space with natural light and offer picturesque views of the sparkling pool. With two primary bedrooms—one conveniently located on the ground floor and another on the top floor—this residence offers unparalleled flexibility and privacy. Step into the expansive open floorplan, designed with seamless flow for effortless entertaining. Slide open the two glass doors and invite the refreshing breeze indoors as you prepare meals all while engaging guest in the living and dining room. Exclusive living reaches new heights in this gated community, where every amenity has been thoughtfull or watch your children play in the playground. Discover the epitome of Arizona living with easy access to dining, entertainment, and recreation options, all within reach of this coveted address. Embrace a lifestyle of luxury and convenience at Parksidewhere every day feels like a retreat.

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19869 W Cheery Lynn Road Buckeye, AZ 85396

$475,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6701086

Property Type Single Family Residence

Price Type --

Introducing an exceptional home in Top Rated School District! This home features 3 bedrooms, 2 bathrooms, plus an office, all on a desirable corner lot. Notable features include a 2-car garage and an additional single car garage perfect for a studio or workshop, equipped with temperature controlled mini split, extra insulation, 220v, toilet room and sink. Inside, you'll find a cozy family room with a built-in electric fireplace, and a well-appointed kitchen with a pantry, island, and New stainless steel appliances. The master suite offers a luxurious 5-piece bathroom and a spacious walk-in closet. Outside, the generous backyard presents opportunities for outdoor living, with 7,438 s/f lot there is plenty of space for adding a pool. Enjoy the community amenities, including parks, playgrounds, and basketball courts, all conveniently located near shops and restaurants. This home offers the perfect blend of comfort, convenience, and potential - don't miss out!

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