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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

9714 W Briarwood Circle Sun City, AZ 85351

Open House

$479,000

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6639876

Property Type Single Family Residence

Price Type --

This home has been beautifully updated. Flooring will WOW you. NEW A.C. unit, NEW duct work, NEW kitchen cabinets ,beverage cooler, quartz counter tops, NEW sinks and faucets in the kitchen and bathrooms. FIREPLACE, NEW interior and exterior doors. Watering system updated. NEW garage door and rollers etc. redesign has made the Patio a useable part of the home as heating and cooling duct work adds 300 plus sq. ft. ALL UPGRADES COMPLETED IN DECEMBER 2023. SOLAR PAID OFF AND CONVEYS AT CLOSE OF ESCROW. JUST REDUCED

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6806 W Nancy Lane Laveen, AZ 85339

Open House

$479,000

4 Beds

3 Baths

2,796 SqFt

Status Active

MLS # 6660871

Property Type Single Family Residence

Price Type --

Welcome to this stunning property with natural color palette throughout the home creates a warm and inviting atmosphere, while the walk-in pantry in the kitchen provides ample storage space for all your culinary needs. The master bedroom boasts a spacious walk-in closet, offering ample room for your wardrobe. With additional rooms that can be utilized as flexible living spaces. The primary bathroom features a separate tub and shower, perfect for unwinding after a long day, as well as double sinks and good under sink storage. Step outside to the fenced-in backyard, complete with a covered sitting area. This property also offers fresh interior paint, new flooring throughout the home, and new appliances, adding an extra touch of sophistication.

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4511 W Loma Lane Glendale, AZ 85302

$478,999

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6629296

Property Type Single Family Residence

Price Type --

Fantastic cul de sac property we know you will love. 2 Family rooms, 2 living rooms, an open floor plan, and wood flooring throughout which makes for a very elegant look. The kitchen offers stainless steel appliances, contemporary cabinets with lots of storage space, and granite countertops. Spacious bedrooms and the home is move-in ready. The backyard has all the room you need to play, entertain, and relax. It's a fantastic starter home and would also be a great rental. Hurry and come take a look for yourself!

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1363 W Marlin Drive Chandler, AZ 85286

$478,999

3 Beds

2.5 Baths

2,131 SqFt

Status Active

MLS # 6662203

Property Type Townhouse

Price Type --

Welcome to this 3-bedroom,2.5 bath townhome with tile all downstairs and Granite Counters in the kitchen. Nice size great room with half bath downstairs. Features remodeled primary bath, large primary bedroom. Two additional bedrooms provide plenty of space for family or guest. Loft for the kids or office space. Two car garage with access to the home. This beautiful community offers a community pool and spa and walking paths. Conveniently located close to shopping and restaurants.

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18795 E Elizar Drive Gold Canyon, AZ 85118

$478,995

4 Beds

3 Baths

1,930 SqFt

Status Active

MLS # 6672627

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 4BR/3BA home! The front yard offers picture perfect views of Dinosaur and the Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!

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16189 N 137th Drive Surprise, AZ 85374

$478,900

3 Beds

2.5 Baths

2,117 SqFt

Status Active

MLS # 6694183

Property Type Single Family Residence

Price Type --

Beautiful remodel located in West Point Towne Center. This is a must see with high ceilings, a large kitchen gorgeously remodeled and is adjacent to green space with playground. Large loft provides endless opportunities for entertaining or office space. Master suite boasts a large walk in closed and private bath. Home is located close to shopping, dining entertainment with close freeway access to the 303.

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7124 W Southgate Avenue Phoenix, AZ 85043

$478,500

4 Beds

2.5 Baths

2,938 SqFt

Status Active

MLS # 6618195

Property Type Single Family Residence

Price Type --

This spacious 2-story open floor plan home is conveniently located minutes from SR-202 and I-10. The first-floor home office and second floor, including the staircase and loft, were updated to LVP with the realistic look and feel of hardwood, making this home CARPET FREE! The powder room was recently updated with tile-to-ceiling backsplash and a vessel sink vanity. The kitchen offers plenty of cabinets and a large walk-in pantry. The granite kitchen island with breakfast bar features a new stainless steel double apron sink and reverse osmosis system. The second-floor laundry room offers extra storage shelving. New HVAC in August 2023. Paint allowance $2,500. The second-floor bedrooms all have 9-foot ceilings with ceiling fans. The master bath is customized with a raised comfort height vanity and dual sinks, separate garden tub and shower, and a walk-in closet.

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15236 W Springleaf Way Surprise, AZ 85374

$478,000

2 Beds

2 Baths

2,064 SqFt

Status Active

MLS # 6612012

Property Type Single Family Residence

Price Type --

NEW INTERIOR PAINT!! The Valencia II floor plan is beautiful from floor to ceiling, this home offers a spacious, wide-open feeling as you walk through the front door from the front courtyard with privacy wall and aggregate concrete courtyard surface, walk, and drive way. You are welcomed by tile flooring throughout. The spacious living area has an entertainment wall. sound system, floor plug and a view of the backyard. The kitchen has spacious countertops and cabinet storage with lazy susan and some roll out shelves. Refrig and dishwasher 2020. The office has built in cabinets with 2 built desks. Both bedrooms have a 4 foot extension. Covered back patio. The garage is extended and has built in cabinets and work bench.

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1505 W Fillmore Street Phoenix, AZ 85007

$478,000

4 Beds

2 Baths

1,066 SqFt

Status Active

MLS # 6624685

Property Type Single Family Residence

Price Type --

This amazing opportunity for income generation. Property comes with two separate dwelling units. First unit is a 3 bedroom, 1 bathroom with its own laundry room. Second unit is a 1 bedroom, 1 bathroom. Both units have separate electricity meters making it perfect if you are considering using one unit as a rental.

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4307 E Walatowa Street Phoenix, AZ 85044

$478,000

4 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6648126

Property Type Single Family Residence

Price Type --

This stunning 4 bedroom, 2 bathroom home has been beautifully remodeled and boasts a large backyard, perfect for relaxing and enjoying the sunshine. Located in an adult community for those 55 and over, this home also offers access to a fantastic amenity center with a pool. The home features luxurious quartz countertops, new flooring, and new carpet throughout. Its excellent location near restaurants, beautiful hiking trails, and freeways makes it easy to explore the area and stay connected with the community. This home is sure to impress with its spacious layout, modern finishes, and unbeatable location. Seller willing to assist with closing cost!

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12522 W Regal Drive Sun City West, AZ 85375

$478,000

2 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6665359

Property Type Single Family Residence

Price Type --

STEP INTO LUXURY WITH THIS METICULOUSLY CRAFTED HOME THAT HAS BEEN MODIFIED AND ENHANCED TO OFFER AN UNPARALLELED LIVING EXPERIENCE! FROM THE MOMENT YOU STEP THROUGH THE DOOR, YOU'LL BE GREETED BY THE INVITING ATMOSPHERE OF THE PRIVATE COURTYARD, SETTING THE TONE FOR WHAT AWAITS INSIDE. Prepare to be captivated by the sweeping Great Room, perfect for entertaining guests or simply unwinding in style. The Open Kitchen with a spacious Kitchen Island is a chef's dream, boasting recent gorgeous flooring that adds a touch of elegance to every meal. INDULGE IN THE UPGRADED BATHROOMS FEATURING BEAUTIFULLY TILED SHOWERS, ADDING A TOUCH OF SOPHISTICATION TO YOUR DAILY ROUTINE. WITH 2 BEDROOMS, INCLUDING A MAIN BEDROOM COMPLETE WITH 2 CLOSETS & A PRIVATE BATH. Call an Agent to see this home today!

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26212 N 122nd Lane Peoria, AZ 85383

$478,000

3 Beds

3 Baths

1,888 SqFt

Status Active

MLS # 6668521

Property Type Single Family Residence

Price Type --

This charming home has three spacious bedrooms, a bonus den, and three full bathrooms, making it an irresistible choice. The main living spaces are enhanced by elegant 12x24 staggered tiles in a modern light hues. The heart of the home is the gourmet kitchen, featuring a large island that seamlessly connects to the great room and breakfast nook, ideal for delicious meals and entertaining. The kitchen is equipped with dark espresso cabinets, granite countertops, stainless steel appliances, a gas stove, and a pantry for ample storage. Among the many builder upgrades are enhanced interior doors, contemporary fixtures and more. Super private yard with no homes behind it and no two storys next to it. Dog run has been added with doggie door.

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