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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3935 E Rough Rider Road Phoenix, AZ 85050

$475,000

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6675020

Property Type Townhouse

Price Type --

Bldg 13 - Great corner unit that offers more outside living space and windows with the wonderful Desert Ridge location. Extra storage in garage, freshly painted and ready for the new owner! Great for full time or lock & leave resort living.

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3669 E Ironhorse Road Gilbert, AZ 85297

$475,000

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6664792

Property Type Single Family Residence

Price Type --

This adorable turn-key residence in Power Ranch is the one for you! Inside, the HUGE living room with sliding glass doors leading to the back patio sets the tone for a cozy living experience. Fresh paint, neutral palette, tile flooring, plush carpets, and lovely archways are beautiful attributes. The eat-in kitchen comes with cabinets with crown moulding, stainless steel appliances, and a convenient pantry. Check out the large primary bedroom featuring a private bathroom with a shower & tub combination and a walk-in closet. The secondary bedrooms include well-sized closets. In the spacious backyard, you'll find a covered patio and a mature tree that provides refreshing shade!

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402 E Las Puertas Lane Queen Creek, AZ 85140

$475,000

2 Beds

2 Baths

1,539 SqFt

Status Active

MLS # 6666557

Property Type Single Family Residence

Price Type --

MOVE IN READY!! TURNKEY HOME! BETTER THAN NEW! Unlock the life you've dreamed of with this barely-lived-in gem in Encanterra Resort! A home that has it all - GOLF BENEFITS INCLUDED. Priced $70k below a model match, this stunning Shea Home showcases 2 cozy bedrooms, 2 modern bathrooms, a handy office/den, and a 2-car garage, all on a sought-after premium lot. But that's not all! The adult pool, bar, opulent golf, pickleball, tennis, variety of pools, top-tier gym, spa haven, and more, create an idyllic every day. Your unique home, with unparalleled amenities, at an unmatched offer. It's more than a home; it's your haven. Score this slice of paradise - before it's too late. Fantasy is now. ✨ Don't miss out! *ASSUMABLE VA LOAN! ASK LISTING AGENT FOR DETAILS!*

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1657 S Murdock Road Camp Verde, AZ 86322

New

$475,000

3 Beds

2 Baths

1,533 SqFt

Status Active

MLS # 6696487

Property Type Single Family Residence

Price Type --

Welcome to your new home! This charming 3 bed, 2 bath sanctuary boasts 1532sqft of comfort and style. Nestled on a private well, enjoy peace and serenity. Revel in the modern touches with a newer roof, fresh flooring, plush carpet, and upgraded lighting fixtures. Gather around the cozy fireplace in the family room for memorable evenings. Don't miss your chance to make this haven yours!

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8410 S 40th Glen Laveen, AZ 85339

$475,000

3 Beds

2.5 Baths

2,592 SqFt

Status Active

MLS # 6672626

Property Type Single Family Residence

Price Type --

The Arosa Estates in Laveen South Mountain offer modern family living at its finest. Built in 2018, this contemporary home boasts a family-friendly layout designed for creating lasting memories. With three bedrooms, each featuring walk-in closets, and 2.5 baths, there's ample space for everyone. The kitchen is a highlight, with quartz countertops and a massive island perfect for meal prep or gathering with loved ones. A den/office provides additional space for work or relaxation. Upstairs, a versatile loft can serve as a playroom or extra living area, while two oversized bedrooms offer comfort and privacy. The first-floor ensuite bedroom provides a peaceful retreat from daily stresses. Outside, the finished backyard features artificial turf, designer pavers, and a covered patio, ideal for enjoying Arizona's beautiful weather and outdoor lifestyle. This move-in-ready home boasts quality craftsmanship throughout. With plenty of shopping and restaurants nearby, as well as A+ rated schools within walking distance, daily errands and commuting are a breeze. Welcome to your new home in Arosa Estates!

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3190 W Black Oak Drive Show Low, AZ 85901

$475,000

3 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6672672

Property Type Townhouse

Price Type --

This charming golf villa is located in the scenic community of Torreon. It offers a comfortable and spacious living space with three bedrooms and two bathrooms. The villa boasts a detached one-car garage, providing convenient parking and storage options. The interior features an open and split floor plan, creating a sense of openness and privacy. The main living area seamlessly connects the kitchen, dining, and living spaces, making it ideal for entertaining guests or spending quality time with family. The layout also ensures that the master suite is separate from the other bedrooms, offering a peaceful retreat. Surrounded by trees, the villa offers a tranquil and picturesque setting. The lush foliage provides privacy and creates a serene atmosphere. The natural beauty of the..

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1521 N Victor Drive Prescott, AZ 86301

$475,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6673728

Property Type Single Family Residence

Price Type --

Discover the perfect blend of rustic elegance and modern comfort in this 3-bed, 2-bath log cabin home. Boasting 2400 sqft, this amazing cabin offers an updated kitchen, ideal for entertaining. Step onto the expansive back deck to soak in breathtaking panoramic views of Prescott and Prescott Valley. With so many possibilities this home could be great for families, rental property, or a second home. Within minutes to shopping and medical. The potential in-law suite adds versatility, while the home's thoughtful features include a newer roof (2016), enhanced drainage work, and an upgraded electrical panel. Experience energy efficiency with owned solar panels, ensuring sustainability and savings. This Prescott gem is your gateway to cozy mountain living and endless Arizona skies.

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16218 N 99th Drive Sun City, AZ 85351

$475,000

2 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6675810

Property Type Single Family Residence

Price Type --

Breathtaking views and gorgeous sunsets on this Riverview Golf Course location! Overlooking what feels like your own pond is this 2 bedrooms, 2 bathroom home, formal dining, nice size den, family room, plus a bonus area for your office or storage and large front room for gatherings. New windows through out, open and bright Arizona room overlooking the course. Large front patio with pergola and pergola also extended over front parking. Home is in good condition and ready for its new owner.

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11237 N 49th Drive Glendale, AZ 85304

$475,000

4 Beds

2 Baths

1,952 SqFt

Status Active

MLS # 6675792

Property Type Single Family Residence

Price Type --

This block home as a new roof, new dual pane windows, new water heater, new garage door and motor, new pool heat pump for your heated pool along with pool motor, new water softener, fridge and dishwasher. There is a good sized living room off the entry and formal dining. The kitchen has granite tile countertops with backsplash, white cabinets, tile flooring, deep kitchen sink with upgraded faucet, and recessed lighting. The family room has a large exposed wooden beam a fireplace and mantle leading to a covered backyard patio with a heated pebble tec pool with diving board. The master bedroom is very spacious with a walk-in closet. The home does have leased solar with a $149 monthly payment that the seller will pay off at closing. Community park with playground, tennis courts, and basketball courts right down the street

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695 Pauley Drive Prescott, AZ 86303

$475,000

3 Beds

2 Baths

1,636 SqFt

Status Active

MLS # 6676443

Property Type Single Family Residence

Price Type --

Under $500K...AND less than a mile from the Courthouse Plaza! Charming 3 bedroom, 2 bath with great views, mature trees. Recently renovated with New Flooring, Carpet, Interior Paint, Central AC, a Bonus/Shop/Hobby Room in a 2-Car Garage, and more! Enjoy the coziness of your Wood Burning Fireplace and the serenity of the Creek from your back deck...all tucked away on a quiet cul de sac.

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18449 W Piedmont Road Goodyear, AZ 85338

$475,000

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6677574

Property Type Single Family Residence

Price Type --

Fantastic Estrella Mountain Ranch home with a beautiful, open floorplan by Engle Homes. Homesite has plenty of room between neighboring homes. Solar panels are owned. 3 bedrooms,2 bathrooms, 2 car garage with 3rd bay (can easily be changed back) currently a craft room. Formal dining room also can be a den. Kitchen has plenty of cabinet space, stainless appliances, and island. Backyard is entertainer dream with heated pool and waterfall, covered patio, outdoor fireplace, built in BBQ, and plenty of space for Fido.

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17462 W Straight Arrow Lane Surprise, AZ 85387

$475,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6683810

Property Type Single Family Residence

Price Type --

Great price for a great floorplan with a 3-car wide garage and RV gate! Upgraded kitchen has a gas cooktop, wall oven and microwave. Reverse osmosis water filter. Extra cabinets in the dining area. Cabinets in the large laundry room that is pre-plumbed for a sink. Master bedroom is very spacious. Tankless, gas hot water heater. Energy efficient and never run out of hot water! Water softener. Extra wide lot has an RV gate that is perfect for a trailer or extra vehicle storage. Back yard is large and undone. Nothing to tear out to make your dream yard! Huge grassy park is one house away. Excellent community pool if you don't want your own. NO SOLAR! You don't have to get stuck with a lease you don't want! This home is ready for your personal touches to make it what you want!

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