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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18813 E Loma Vista Drive Rio Verde, AZ 85263

$475,000

4 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6632241

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION. This house is priced to sell. Your dream home is finally here! Discover this gorgeous turn-key property nestled in the highly desired 55+ Rio Verde Community. You are greeted by an enchanting interior featuring high ceilings, gleaming wood-look floor, modern recessed lighting, soothing palette, and a remarkable fireplace. The beautiful kitchen boasts wood cabinetry adorned with crown moulding, stainless steel appliances, and quartz counters. Primary bedroom offers plush carpet in all the right places, an immaculate ensuite with quartz dual sinks, and a walk-in closet. Completely updated. Enjoy spectacular mountain views from the charming backyard showcasing covered patios and an easy-care desert landscape! Walking distance to community ammenities. Don't miss it.

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10773 W Baden Street Tolleson, AZ 85353

$475,000

3 Beds

2.5 Baths

2,022 SqFt

Status Active

MLS # 6669641

Property Type Single Family Residence

Price Type --

The search is finally over! Be the proud owner of this charming 3-bedroom with a den property nestled in Roosevelt Park that has never been lived in. Explore inside to find a spacious open floor showcasing tile flooring, soothing palette throughout, and modern recessed lighting. The impeccable kitchen boasts white shaker cabinets adorned with crown moulding, sleek quartz counters, stainless steel appliances, a walk-in pantry, and a large island complete with a breakfast bar. The primary bedroom features soft carpet in all the right places, a private bathroom with dual sinks, and a walk-in closet. Discover the quaint backyard offering a cozy covered patio and plenty of potential for adding your personal touch! Don't let this opportunity pass you by!

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326 S River Road Payson, AZ 85541

$475,000

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6579027

Property Type Single Family Residence

Price Type --

Two homes on a peaceful 1.57 acres with mountain views near the Tonto Creek. The primary home is a lovely 3 bedroom, 2 bath home featuring a beautiful yard with inviting gazebo, a huge 28X32 garage/workshop, 2 carports, and multiple sheds. The property has a private well, valuable irrigation rights and horses are allowed with lots of room for gardening and fruit trees. The 2nd home is a 2 bedroom, 1 bath, 1152 square feet mobile home. Use as a guest house, multi-family property or income producing rental with a separate driveway, septic, electrical and privacy.

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4525 N 66th Street Scottsdale, AZ 85251

$475,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6620593

Property Type Townhouse

Price Type --

Welcome to your new home in a prime Scottsdale location. This three-bed, two-bath townhouse has BRAND NEW LVP flooring throughout, is light and bright, and offers a great floorplan. With 1,962 square feet and an open-concept layout, you have ample space to relax and entertain. The property boasts a larger lot in the community, ensuring privacy & tranquility with the added luxury of no neighbors behind. This gated community offers exclusive amenities, including three community pools, a clubhouse, a workout facility, and a tennis court. Take advantage of the Arizona sunshine & cool off in one of the sparkling pools, or challenge friends & family to a friendly game of tennis. Located within walking distance to Old Town Scottsdale, you'll have access to some of the best dining, shopping, and entertainment the city has to offer. Fashion Square Mall is also just a short stroll away, providing endless shopping opportunities. If you enjoy the outdoors and hiking, Camelback Mountain is just minutes away! With short-term rentals allowed, this property offers the potential for a lucrative investment opportunity. Whether you're looking for a stunning primary residence or a profitable rental property, this townhouse is the perfect choice. Don't miss out on this incredible opportunity - schedule a viewing today and make this beautiful townhouse your new home or investment property!

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15270 W Taylor Street Goodyear, AZ 85338

$475,000

5 Beds

2.5 Baths

2,030 SqFt

Status Active

MLS # 6621249

Property Type Single Family Residence

Price Type --

THIS 5 BEROOM, 2.5 BATH TOTALLY REMODELED HOME IS WAITING FOR THE PERFECT FAMILY TO ENJOY. FROM THE MINUTE YOU WALK INTO THE LIVING SPACE WITH ALL NEW FLOORING THROUGHOUT THE HOME, OPEN KITCHEN, DINNING AND FAMILY AREA TO THE STUNNING STAIRCASE WITH BANISTER. ALL NEW KITCHEN, BATHROOMS, FIXTURES; ADDED PLUMBING, COMPLETE PAINT, NEW SUN SCREENS TO THE GREEN TURF BACKYARD FOR YOUR FAMILY TO ENJOY. THIS IS A HOME OF PURE DETAIL IN DESIGN. CUL DE SAC LOT!!!!

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2276 Lindbergh Road Overgaard, AZ 85933

$475,000

2 Beds

3 Baths

1,511 SqFt

Status Active

MLS # 6626364

Property Type Single Family Residence

Price Type --

Mogollon Airpark! This 3 bedroom, 2 bath has over 1500 square feet providing plenty of room for family and guests, and the FULLY FENCED yard is perfect for your furry friends. The open kitchen is great for entertaining, and the split bedrooms provide privacy for everyone. Relax on the large, wrap-around deck, or stargaze by the firepit. During the cool months you can cozy up in front of the woodstove. Located just a few hours from the valley, you will be surrounded by tall pines, a variety of wildlife, and the peacefulness of the small, mountain town. The fenced in yard is full of tall pines and has watering system to keep the landscape looking great. Paved roads, completely fenced, and an HOA keep this subdivision looking great. Furnished

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13641 W Pyracantha Drive Sun City West, AZ 85375

$475,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6627458

Property Type Single Family Residence

Price Type --

*Pre-Listing Inspection Completed!* This spacious home was just remodeled into a beautiful, bright and open work of art right in the heart of Sun City West, a renowned 55+ community. You're immediately greeted with a great room with separate access to the back yard or Arizona room. It flows into the open concept kitchen, with a 6-person island hosting a brand new electric range. You have plenty of cabinet space throughout the home. Enjoy the tranquility of your private Arizona room and the sunsets in your fully fenced backyard. Feeling social? Buzz out your front door and make a U-Turn to the official RH Johnson Recreation Center equipped with a Pool, Pickelball Courts, Tennis Courts, Dog Parks, and a Members-Only Library (shh!). Location, Location, Location! This spacious home was just remodeled into a beautiful, bright and open work of art right in the heart of Sun City West, a renowned 55+ community. You're immediately greeted with a great room providing access to either the back yard or Arizona room. Flowing into the open concept kitchen with ALL new appliances, you will find a 6-person island hosting a brand new electric range and hood. You have plenty of cabinet space, brand new Luxury Vinyl Plank flooring, brand new paint, LED lighting, blinds, and skylights throughout the home. Your master bath boasts a modern, spacious shower, water conscious toilet and walk-in closet in ADDITION to the sliding door access to the Arizona Room. Your second master suite is on the North side of this split floor plan equipped with a large closet and matches the theme of the other bath. Guest bedroom is off the kitchen and very spacious. 2-car standard garage has built-in cabinets on both sides with pedestrian access door to the side yard. Feeling social? Buzz out your front door and make a U-Turn to the official RH Johnson Recreation Center equipped with a Pool, Billiards, Bowling Alley, Pickelball Courts, Tennis Courts, Dog Parks, and a Members-Only Library (shh!). Brand new water heater installed by seller. (not installed by seller: new age tin/asphalt roof, roof AC unit)

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4504 Besant Way Wickenburg, AZ 85390

$475,000

2 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6628007

Property Type Single Family Residence

Price Type --

Enjoy the Privacy of 2 Primary Suites. Live the good life with a owned Solar System that will have you enjoying APS energy credits throughout the year. Nestled in the Pinto Neighborhood this home features HOA managed landscape & private cul-da-sac location. Your motorized patio shades will provide privacy screening while enjoying the gorgeous sunset colors every night. Upgraded flooring, cabinets, light fixtures throughout with an AMAZING number of cabinet pull outs designed into your kitchen. Home includes custom window covers with additional screening at 12ft sliding wall of glass. Garage includes ample custom cabinet storage, work space & owned RO system.

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4010 W Campo Bello Drive Glendale, AZ 85308

$475,000

4 Beds

2 Baths

2,069 SqFt

Status Active

MLS # 6641786

Property Type Single Family Residence

Price Type --

NO HOA!! This 4 Bedroom, all electric home in the Desert Pines neighborhood is in a well maintained neighborhood and offers a perfect canvas for any modern amenities you may want to add to its classic charm. Priced below other available comps in the zip code to provide some instant equity to buyer. You will have plenty of space with a separate Living Room, Family Room with fireplace, Formal Dining Room, a large eat-in Kitchen, a gated diving pool and a spacious side yard suitable for trailer or extra parking. 2 car garage with shelving & a large bonus storage area. This home brings together the options for both the desire for relaxation and entertaining. Step outside to your refreshing pool with its large deck space, creating an ideal area for your outdoor gatherings & summer BBQs. More The back yard is a blank slate for the new pwner to make uniquely their own. A new roof and new hot water heater were installed in 2023. Newer dishwasher - rarely used. Rev Osmosis system installed. Rebuilt pool pump. This home is one of the few in the neighborhood with both an AC and an evaporative cooler to help reduce cooling costs. Two very large trees in the front yard and a huge Orchid tree in the back yard shade the home from the summer heat. Ceiling fans throughout.

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24454 N 173rd Lane Surprise, AZ 85387

$475,000

2 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6645241

Property Type Single Family Residence

Price Type --

Experience the epitome of comfort and style in this exquisite 2-bedroom, 2-bathroom former model home, spanning 1,492 square feet in a gated retirement community. As you step inside, the home welcomes you with its elegant tile flooring, extending throughout the living spaces, while plush carpeting in the bedrooms adds a touch of warmth and comfort. The home's thoughtful design includes a convenient laundry area connected to the primary bedroom's spacious closet, ensuring ease and efficiency. Two car garage with AC. Step outside to the backyard patio with fresh epoxy floor, built in overhead misters for the summers and be captivated by serene lake views, offering a tranquil backdrop for relaxation or entertaining. The community doesn't fall short on amenities, boasting a resort-style pool, pickleball, bocce ball, a mini putt course, and a fitness/recreation centers. The home's eco-friendly approach is highlighted by a tankless water heater, providing endless hot water while conserving energy. This home is more than just a residence; it's a gateway to a life of luxury and leisure, perfectly suited for those seeking a peaceful yet active retirement.

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7748 W Stony Quail Way Florence, AZ 85132

$475,000

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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4727 E Euclid Avenue Phoenix, AZ 85044

$475,000

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6650274

Property Type Single Family Residence

Price Type --

Ask your agent about rent to own options with this home. Charming Patio Home in The Pointe South Mountain Nestled in a peaceful cul-de-sac with breathtaking mountain views, this attractively priced patio home in the sought-after ''Resort Style Community'' of The Pointe South Mountain awaits you. Experience the perfect blend of comfort and convenience in this 3 bedroom, 2 bath residence. The family room, adorned with a distinctive bee hive fireplace, flows seamlessly into a cozy living room and dining area. The home features a speakeasy, den and a spacious 2-car garage, all set against the stunning backdrop of South Mountain Preserve and the lush Arizona Grand Golf Course. Just around the corner from the Pima Canyon Trailhead. It's your personal resort oasis. Embrace an active lifestyle with community pools/spas, and endless hiking/biking trails right at your doorstep. Golf enthusiasts will love the proximity to the golf course. This unique neighborhood is just minutes from Sky Harbor Airport, major freeways, and a plethora of shopping centers. Downtown Phoenix, ASU, and much more are easily accessible. Don't miss this opportunity for a serene lifestyle in a prime location. Easy to show - your new home awaits!

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