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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9024 W Colter Street Glendale, AZ 85305

$475,000

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6691118

Property Type Single Family Residence

Price Type --

BRAND NEW HOME, NEVER LIVED IN, W BUILDER WARRANTIES! Nestled within the vibrant community, enjoy exclusive access to a sparkling community pool! For those who love the outdoors, a sprawling park awaits just steps away, providing ample space for picnics, leisurely strolls, and recreational activities. One of the standout features of this property is no neighbors in front of the house, you'll enjoy enhanced privacy and unobstructed views, creating a tranquil retreat to call your own. The oversized lot presents an exciting opportunity for customization, serving as a blank canvas for your landscaping dreams! Commute with ease thanks to quick access to the 101 and I-10 freeways, simplifying travel to nearby cities and beyond. 3 bed 2 bath home PLUS Den!

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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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2577 Elk Run Loop Snowflake, AZ 85937

$475,000

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6678890

Property Type Single Family Residence

Price Type --

Very nice 3 Bed 2 Bath home on 1.71 fenced acres with an RV Storage Barn/Shop. Only a few years old in a lovely secluded neighborhood near Shumway, between Snowflake and Show Low. Move in ready.

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40396 W Wade Drive Maricopa, AZ 85138

$475,000

4 Beds

3 Baths

2,078 SqFt

Status Active

MLS # 6682397

Property Type Single Family Residence

Price Type --

Wow...A coveted lake lot with an almost new home. This home closed in September '23 for $30K MORE than the current list price! Need more? The builder only builds spec homes now (buyers only get very few final finishing options), but this home was built from scratch and highly optioned! Incredible value here, plus it's like having a new home without the wait time or other headaches! This desirable Agate model features 4 bedrooms, 3 full baths, and an oversized garage. N/S exposure, front yard landscaping is done, and all appliances are included. Tankless water heater, radiant roof barrier, along with many other exciting new build features. Enjoy the wonderful amenities of Rancho El Dorado. Don't miss this rare chance to be on the lake, for a bargain.

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11240 N Seven Falls Drive Tucson, AZ 85737

$475,000

4 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6627143

Property Type Single Family Residence

Price Type --

Seller will entertain all reasonable offers. Selller is offering a home warrenty not to exceed $500. Everything you need is wrapped into this two-owner 4BD/2BA charming home! Located in the desirable Copper Creek neighborhood on a premium corner lot with great mountain views, dramatic soaring ceilings, tiled entry way and tiled gas fireplace in family room. Lightly lived in and used as a winter home only. Enter to find an appealing split bedroom floor plan featuring both living and family rooms. Large family room off kitchen w/ dining area and access to covered patio. The flooring is attractive tile with carpet in the dining room and bedrooms. The bright kitchen has a sizable pantry, and plenty of storage and counter space. The owner's suite, features a garden tub and separate shower. Inviting backyard has generous landscaping, a water feature, fruit trees, and room to relax. Close to the beautiful Catalina mountains. A great place to call home!

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6868 E Gecko Ranch Road Florence, AZ 85132

$475,000

3 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6681685

Property Type Manufactured Home

Price Type --

Welcome to your secluded oasis! Nestled on 1.27 acres of land with a private road, this fully remodeled mobile home offers unparalleled privacy and tranquility. Enjoy the convenience of north-south facing orientation, ensuring abundant natural light throughout the day. This charming home boasts 3 bedrooms and 2 baths, perfect for comfortable living. Step outside onto the covered front porch or back deck, ideal for savoring morning coffee or hosting gatherings with loved ones. The backyard oasis features a delightful tiki bar, creating an inviting space for entertaining or relaxing under the stars. For pet owners, there's a convenient dog run to ensure furry friends have ample space to play. Additionally, the property includes the largest conex box available, providing ample storage for all your outdoor gear and equipment. With plenty of covered space to tinker and explore, unleash your creativity and make this property your own. Whether you're into gardening, DIY projects, or simply enjoying the serene surroundings, there's room for everyone to pursue their passions. Despite its secluded location, this property offers easy access to essential amenities. Nearby grocery shopping, restaurants, and entertainment options ensure that you're never far from the comforts of modern living. Don't miss this opportunity to experience the perfect blend of privacy, convenience, and endless possibilities!

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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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15423 W Statler Circle Surprise, AZ 85374

$475,000

3 Beds

2 Baths

2,090 SqFt

Status Active

MLS # 6649904

Property Type Single Family Residence

Price Type --

Beautiful home in the heart of Surprise! This home offers 3 bedrooms and 2 bath along with a den and extra formal dining & living room. Many upgrades have been included in this home - wood flooring through out the entire home, plantation shutters in every room, and upgraded kitchen with oversized granite slab counters, raised cabinets, and backsplash. Great home to host with the gas fireplace inside and oversize lot outside. Along with the oversize lot comes with an RV gate to haul your toys& extra storage in the backyard. Located close to the Loop 303 and shopping plazas. Come check this home out before it's gone.

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4138 E Orchid Lane Gilbert, AZ 85296

New

$475,000

4 Beds

2.5 Baths

1,990 SqFt

Status Active

MLS # 6695793

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this stunning single-family home located in the highly sought-after THE GARDENS community in Gilbert. Boasting 4 bedrooms and 2.5 bathrooms, this residence offers the ideal backdrop for modern family living. Step inside and be greeted by the beautifully updated open-concept living, dining, and family rooms. Light gray tile plank flooring graces all traffic areas, creating an inviting and contemporary atmosphere. New window coverings and updated electric outlets, along with modern lighting fixtures, add a touch of elegance to every space. Bright open kitchen, featuring pristine white cabinetry, a convenient island, and stainless steel appliances. Primary suite on the second level, complete with a spacious walk-in closet and extended sink bathroom vanity. Newer AC unit and a gas water heater, ensuring your comfort and convenience year-round. Grassy shade covered backyard, It's the perfect space to unwind after a long day. THE GARDENS community is truly unique, with its tree-lined streets, 11 parks, 3 sparkling pools, sand volleyball courts, basketball courts, and an abundance of scenic walking paths. It's a neighborhood designed for an active and vibrant lifestyle. Conveniently located near the 202 freeway, top-rated schools, and the popular San Tan Village shopping district, you'll have everything you need just moments away. Don't miss out on the opportunity to make this beautiful home yours today. Act quickly, as homes in this prime location don't stay on the market for long! Come and see it soon! *****Temporary 1-0 Buydown offered by preferred lender for qualified buyers.*****

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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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11963 W Levi Drive Avondale, AZ 85323

$475,000

4 Beds

3 Baths

2,025 SqFt

Status Active

MLS # 6654559

Property Type Single Family Residence

Price Type --

NEARLY NEW AND NO WAIT!! This one was perfectly designed and hardly lived in. The 4 bedroom beauty has 3 splits in this floor plan. Privacy was held in the highest regard while designing this home with a bathroom in each wing. The main living space is open and made for entertaining. A large kitchen island provides seating and leaves a nice open floor plan. The colors of the walls, floors and cabinets boast stylish, contemporary colors. A subway tile backsplash is the perfect finish for this fabulous kitchen. The owner's suite is separate from other bedrooms with ample space for your decor. The yard is quaint with a spacious covered patio. The back yard is a blank canvas and ready for your landscaping creativity.

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30596 W Mitchell Drive Buckeye, AZ 85396

$475,000

4 Beds

3 Baths

2,684 SqFt

Status Active

MLS # 6658563

Property Type Single Family Residence

Price Type --

Immerse yourself in the serenity of this well-maintained home in the Sonoran Desert. This captivating single-story retreat is nestled within the close-knit Tartesso community. The highly sought after Onyx floor plan boasts 4 bedrooms, 3 bathrooms, and a study perfect for an office. Upgrades to the home include: Owned Solar Panels, wood plank porcelain tiles, stainless steel appliances, and programmable thermostat. The oversized, tranquil, and professionally designed backyard is an entertainer's delight. Enjoy the majestic White Tank Mountains with its hiking trails and breathtaking vistas. Just minutes from the I-10, you can explore the vibrant Phoenix metropolitan area at your leisure.

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