What’s Ahead For Mortgage Rates This Week – July 5, 2016

Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure StatementLast 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.

16035 W El Cortez Place Surprise, AZ 85387

$459,990
4 Beds
2 Baths
2,139 SqFt
Status Active
MLS # 6557712
Property Type Single Family Residence
Price Type --
Brand new, energy-efficient home available NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. White cabinets with ice quartz countertop and backsplash. Grey tile flooring in our Balanced package. Paloma Creek - Reserve Series is coming soon to Surprise. Strategically located near Loop 303, this family friendly community offers easy access to the amenities of metro Phoenix and includes an exclusive community center on your doorstep. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

9450 E Sector Drive Mesa, AZ 85212

$459,990
3 Beds
2 Baths
1,377 SqFt
Status Active
MLS # 6681234
Property Type Single Family Residence
Price Type --
Lovely 3 bedroom ,2 bath Primrose floor plan. This home is nicely appointed with the 4 panel sliding door in the living area and 8' doors throughout. The Harmony Essential Palette includes stainless gas range, dishwasher, microwave, and beautiful granite kitchen counters. Stunning 6 by 24 tile floors are in all the main living areas with upgraded carpet in the bedrooms. Many upgrades in plumbing and electrical bring this homes design together for a home to move into quickly.

40970 W Agave Road Maricopa, AZ 85138

$459,990
4 Beds
3 Baths
2,142 SqFt
Status Active
MLS # 6538559
Property Type Single Family Residence
Price Type --
START PACKING!!! It's the Castellano - Very spacious home with 4 bedrooms, 3 baths and 3 car tandem garage. Large walk in shower at owner's bath, Optional opening at flex room. 12x8 sliding glass door off covered patio. Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Aristrokfraft ''white'' cabinets through out the home and 42'' uppers in the kitchen. Upgrade flooring includes AO Abound 18x18 Nimbus tile in all areas of the home except bedrooms and owner's bath. Garage service door for easy access into the back yard and so much more. Water Company is Santa Cruz Water Company and Sewer is Palo Verde Utilities Company. Seller to write contract. Please verify all information with onsite agents.

1263 E Palo Verde Drive Casa Grande, AZ 85122

$459,990
5 Beds
3 Baths
2,549 SqFt
Status Active
MLS # 6637959
Property Type Single Family Residence
Price Type --
If you're looking for a ranch style, true 5 bedroom split floorplan, in Casa Grande, AZ then look no further! This home, built in 2018, consists of 5 bedrooms, 3 full bathrooms, a 2 car garage and sits on a corner lot 8,448 sqft in size. It has a very spacious backyard with lots of citrus trees and even a large covered patio for those fall, winter and spring nights you may want to enjoy the Arizona weather. This home has had only one owner and has been kept in meticulous condition. There is surround sound throughout and even a multi-camera owned security system and it's all located within the Cottonwood Ranch community of Casa Grande.

26825 W Kerry Lane Buckeye, AZ 85396

$459,990
2 Beds
2 Baths
1,574 SqFt
Status Active
MLS # 6642095
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. This home offers two bedrooms two bathrooms, 4' garage extension, AV built-in, extension at rear of home, large laundry, gas stub and outlet package, 8' interior doors, stainless steel range/oven and microwave, dishwasher, upgraded flooring, cabinets, counter tops and surrounds. Upgraded electrical package and garage hobby package. Complete January 2024.

6620 S 43rd Street Phoenix, AZ 85042

$459,990
3 Beds
3 Baths
1,946 SqFt
Status Active
MLS # 6667409
Property Type Single Family Residence
Price Type --
Discover modern elegance in this fully remodeled Phoenix smart home. The interior showcases a pristine canvas with white paint, accentuating stainless steel appliances and marbled quartz waterfall countertops. Wood plank tile flooring adds a touch of warmth, while the bathrooms feature contemporary flair with floating vanities and toilets. A white-tiled fireplace graces the living space, creating a cozy focal point. Step outside to a landscaped paradise - an affixed pergola offers shade, complemented by a fire pit and seating for outdoor gatherings. Pavers encircle the backyard, providing a polished finish, while dog-treated turf ensures a lush, pet-friendly retreat. Welcome to your stylish sanctuary in Phoenix, Arizona. Home to be sold fully furnished. Electric car charger to convey.

26496 N Feather Mountain Road Paulden, AZ 86334

$459,900
4 Beds
2 Baths
2,280 SqFt
Status Active
MLS # 6615556
Property Type Manufactured Home
Price Type --
STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB.

26442 N Feather Mountain Road Paulden, AZ 86334

$459,900
4 Beds
2 Baths
2,280 SqFt
Status Active
MLS # 6615584
Property Type Manufactured Home
Price Type --
STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB. ADDITIONAL PHOTOS COMING SOON.

2112 W Altimeter Way Paulden, AZ 86334

$459,900
4 Beds
2 Baths
2,280 SqFt
Status Active
MLS # 6615294
Property Type Manufactured Home
Price Type --
STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB.

2182 W Altimeter Way Paulden, AZ 86334

$459,900
4 Beds
2 Baths
2,280 SqFt
Status Active
MLS # 6615303
Property Type Manufactured Home
Price Type --
STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB.

210 S 372nd Drive Tonopah, AZ 85354

$459,900
4 Beds
2 Baths
1,935 SqFt
Status Active
MLS # 6676250
Property Type Single Family Residence
Price Type --
🏡 Your Dream Spec Home Awaits! 🏡. This new 4-bed, 2-bath build radiates rural charm, featuring premium finishes and an open layout. Imagine life with horses, toys, and no HOA restrictions. Completion estimated April 2024. Make it yours!

34969 N Stirrup Circle San Tan Valley, AZ 85144

$459,900
4 Beds
2.5 Baths
2,789 SqFt
Status Active
MLS # 6681713
Property Type Single Family Residence
Price Type --
Spacious two-story home with 4 beds 2.5 baths and 3 car garage. The home needs some TLC, this can be the perfect home for someone with vision to make it their own. The home is a great canvas for that beautiful home with plenty of room for a growing family or hosting guests.