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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40386 W Michaels Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6682259

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!

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18602 W Honeysuckle Drive Surprise, AZ 85387

$474,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6645451

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room, Laundry room closet, a bedroom and an attached bath. This home also has stone tile flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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10834 W Grant Street Avondale, AZ 85323

$474,995

4 Beds

3 Baths

1,870 SqFt

Status Active

MLS # 6694013

Property Type Single Family Residence

Price Type --

The ranch-style Larimar plan offers a seamless blend of style, comfort and functionality. The heart of this home is its open, airy kitchen, which features a center island, walk-in pantry and dining room, and flows into an inviting great room with stylish center-meet doors that provide access to the covered patio. The large primary suite boasts a well-appointed bath and an oversized walk-in closet. This home will be built with four bedrooms, plus an extra bathroom (3)! Very few homesites left.

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19568 W Cambridge Avenue Buckeye, AZ 85396

$474,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6697512

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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2429 E Cy Avenue San Tan Valley, AZ 85140

$474,990

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697588

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with a den and modern exterior. 4 panel slider off the great room. The 3 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. This home has been upgrade with wood plank ceramic tiles, backsplash, modern cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout! And for buyer's who are looking to take some hassle out of the moving process, Ashton Woods is offering washer, dryer, fridge AND blinds.

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4169 E Brook Lynn Place San Tan Valley, AZ 85143

New

$474,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6701262

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This charming Sage features Ashton Woods' stunning farmhouse elevation. With 4 beds, 3 baths, and 2,150 sqft of space, it's perfect for your family and even has a spacious 3-car tandem garage with a garage door opener and a large den. Inside, enjoy modern living with included stainless steel gas appliances, a 4-panel sliding glass door for added natural light, and blinds throughout. This house comes move-in ready with Washer, Dryer & Fridge! Don't miss out on this opportunity for luxury and convenience!

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9730 W Albeniz Place Tolleson, AZ 85353

New

$474,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6701785

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est completion of August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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10215 S 55th Drive Laveen, AZ 85339

$474,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6695223

Property Type Single Family Residence

Price Type --

Welcome to the Sage, your charming farmhouse retreat on a corner lot! This exquisite 4-bed, 3-bath home boasts 2150 sq ft of modern comfort and timeless appeal. As you step onto the large front porch, the farmhouse exterior exudes warmth and hospitality. Inside, discover 8ft interior doors, 9ft ceilings, and a spacious living room illuminated by a large sliding glass door. The kitchen features granite countertops, birch cabinets, and modern gas stainless steel appliances, perfect for culinary enthusiasts. The primary suite offers a larg walk in closet and well apointed bathroom with a walk in shower, while the den provides versatile space for a home office or entertaiment room.

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40870 W Agave Road Maricopa, AZ 85138

$474,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6399861

Property Type Single Family Residence

Price Type --

THIS HOME IS READY FOR MOVE-IN! It's the popular Belice - 3 bedrooms, 2 baths and 3 car tandem garage. We're building this home with an 8' garage door, garage service door, 12x8 sliding glass door off of the great room that leads out to your extended covered patio. Gas appliance package with microwave. Lausanne Espresso cabinets with 42'' upper cabinets in kitchen. Himalaya white granite countertops in kitchen and the enhanced kitchen island with matching backsplash. Upgrade flooring includes 12x24 Linden Pointe Grigio tile in all areas of the home except bedrooms/closets. Owners bath has separate tub and shower with Artic white tile surrounds. Dual sinks at bath 2. Interior two tone Gray paint throughout and so much more. Water Company is Santa Cruz Water Company and Sewer.

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10840 E Flintlock Drive Sun Lakes, AZ 85248

$474,990

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6641292

Property Type Single Family Residence

Price Type --

Popular expanded Alameda floorplan very near Palo Verde clubhouse in Cottonwood/ Palo Verde which offers 2 clubhouses/restaurants & private golf courses! 3 bedrooms, spacious great room, nice kitchen with granite countertops, roll out shelves, large pantry & kitchen nook. Neutral paint inside and all lighting fixtures replaced with LED inside & out giving the home a more modern look. Back yard has large covered patio and landscaping is mature with trees & citrus in a private setting. Driveway & walkway have been pavered. Newer roof, A/C & water heater - all important things replaced - come see it today!

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16854 W Cortaro Point Drive Surprise, AZ 85387

$474,990

2 Beds

2 Baths

2,149 SqFt

Status Active

MLS # 6659969

Property Type Single Family Residence

Price Type --

Spacious Verano model... Priced to sell. 2 bedrooms and a den. Large entertaining space through out. Large extended covered patio. Close to the pool, work out facility and outdoor sports like Golf and Pickle Ball courts. Electric cook top but also plumbed for gas underneath cook top. All appliances included, including an extra laundry room refrigerator.

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8312 E Orange Blossom Lane Scottsdale, AZ 85250

$474,900

3 Beds

3 Baths

1,752 SqFt

Status Active

MLS # 6493243

Property Type Townhouse

Price Type --

COME FALL IN LOVE. NEW CARPETING 6/26/23. WONDERFUL OPPORTUNITY TO OWN A SPACIOUS 3 BEDROOM TOWNHOUSE NEAR DOWNTOWN SCOTTSDALE. PERFECT LOCATION WITH GUEST PARKING ON THE STREET IN FRONT OF YOUR NEW HOME. SUPER FLOOR PLAN WITH LIVING ROOM, FAMILY ROOM AND KITCHEN OVERLOOKING REAR PATIO. ENJOY THE EASY CARE WOODEN FLOORS. TAKE ADVANTAGE OF THE PRIVATE INTERIOR LAUNDRY. SUPER LARGE MASTER BEDROOM WITH WALK-IN CLOSET UPSTAIRS WITH TWO ADDITIONAL BEDROOMS AND GUEST BATHROOM. TOTAL OF 2.5 BATHS. SHADED REAR PATIO AND ASSIGNED PARKING DIRECTLY BEHIND YOUR NEW HOME FOR 2 VEHICLES. CHATEAU DE VIE 3 IS CLOSE TO SCOTTSDALE'S FAMOUS INDIAN BEND WASH SYSTEM OF PARKS AND RECREATION FACILITIES AND AWARD WINNING SCOTTSDALE COMMUNITY COLLEGE. IT'S A GREAT NEIGHBORHOOD AND HOME. BATHROOM COUNT 1+3/4+1/2.

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