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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4909 S Turbine -- Mesa, AZ 85212

$485,000

3 Beds

2.5 Baths

1,898 SqFt

Status Active

MLS # 6697692

Property Type Single Family Residence

Price Type --

Your dream of living in Eastmark for under $500k is finally coming to reality! This 3 bed, 2.5 bath 2-story has several upgrades that your neighbors do not; including a pass-through gate for the side yard and deeper set back for more front yard beauty! You even get to enjoy your morning coffee on the front patio with views of the mountain! Don't wait on this one-it will not last long!!

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12583 W Midway Avenue Glendale, AZ 85307

New

$485,000

3 Beds

3 Baths

2,419 SqFt

Status Active

MLS # 6698715

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning two-story residence boasts 3 bedrooms and 3 bathrooms, perfect for comfortable living. The open-concept first floor invites you into a spacious living room, seamlessly flowing into a dining area that also offers convenient office space, ideal for today's flexible lifestyle needs. Located just 4 miles away from the iconic State Farm Stadium, shopping plaza, and the vibrant Westgate Entertainment Center, this home not only offers comfort and style but also easy access to entertainment, shopping, and dining options. Don't miss out on the opportunity to make this beautiful home yours!

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36158 N Red River Court San Tan Valley, AZ 85143

New

$485,000

3 Beds

2.5 Baths

2,314 SqFt

Status Active

MLS # 6705924

Property Type Single Family Residence

Price Type --

Well Loved & Move in Ready Home! Oversized Corner, CuldeSac Lot next to Green Space. Flexible Room Near Entry could be Formal Sitting, Office or any Purpose. Kitchen w/breakfast bar opens to Dining & Family Room, Overlooking Pool & Patio for Great Flow & Entertaining! Giant 10ft long Walk in Pantry! Whirlpool SS fridge Incl. Gorgeous, Light Colored LVP Flooring in Traffic Areas. Large Owner's suite boasts 2 Walk In Closets & Dual Vanities. Spacious Upper Level Laundry Room w/Whirlpool Wash/Dry incl. Vaulted Loft is over 29ft long!! Imagine the Possibilities! Fenced, Heated & Sparkling Pool! Play Structure & Artificial Turf too! Recent Exterior Paint. Neighborhood Amenities Include Walking Paths/Trails, Parks, Tot Lots, Sport Courts & Social Events Calendar. Don't Miss This One!!

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2725 W Bisbee Way Phoenix, AZ 85086

$485,000

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6700354

Property Type Single Family Residence

Price Type --

Check out this beautifully remodeled home nuzzled in the highly desirable Anthem community with a lush backyard, extending views, and a builder-grade (and HOA-approved) children's playhouse! All new clean white cabinets, honed quartz countertops, matte black faucets, darling light fixtures, detailed feature walls, and fresh paint throughout. This property has been loved, cared for (maybe a little spoiled), and well-maintained by its owners since the day it was built. The kitchen is to die for and offers full functionality with a large peninsula and all new appliances while overlooking the dining area and living room. The Charm floorplan features an open-concept living space, a split floor plan, and a large primary suite comfortably fitting a king-sized bed. The primary bathroom accent flo or tile and updated tile shower with a rain shower head give the space a unique and luxurious experience. You are within walking distance of the Anthem Dog Park, stunning desert trails, and a pocket park, with a 2-minute drive to shopping and the freeway while still being nestled in a quiet residential neighborhood. This property is excited for its next family to begin their new chapter in life together! Come see 2527 W Bisbee Way - you won't want to miss out on this one!

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1107 E 9th Place Mesa, AZ 85203

$485,000

3 Beds

2 Baths

1,852 SqFt

Status Active

MLS # 6703300

Property Type Single Family Residence

Price Type --

RARE NORTH MESA BEAUTY you don't want to miss!! BURSTING WITH CHARM, this 3 bdrm, 2 bath, 2 car garage is the perfect mix of old and new! Ideally located close to Hohokam Park, Down Town Mesa, & 202 Freeway, your access to a vibrant lifestyle is just minutes away. Design enthusiasts will love the custom double front doors, luxury vinyl flooring, wood burning fireplace, wains coating, and French doors! Freshly painted interior & custom shutters throughout. Kitchen boasts white cabinets, stainless steel appliances, tile backsplash, quartz counters & built-in desk! Oversized laundry room w/ access to extra storage room! Private backyard is lush, featuring mature shade trees and a relaxing sun porch. Low water bills w/ Irrigated lot! NO HOA & N/S Exposure! THIS WON'T LAST LONG!!

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12288 W Domino Drive Peoria, AZ 85383

$485,000

3 Beds

3 Baths

2,459 SqFt

Status Active

MLS # 6703674

Property Type Single Family Residence

Price Type --

Your next home is this beautiful 3 bed / 3 bath popular floorplan in Vistancia. Large Kitchen featuring a beautiful Island, walk-in pantry, gas stove and much more. Full Bath & Den on 1st level. Upper level features a large Loft, two secondary bedrooms, upstairs laundry, Master Suite & large closet. Low Maintenance Living at its finest! Community amenities are endless with parks, pools, water slides, splash pad, club house, gym, hiking and biking and off road trails! Separate Community Pool/Spa exclusive for Acacia Grove/Primrose Estates residents. Easy to show and ready to make your next home.

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7784 N 58th Lane Glendale, AZ 85301

$485,000

5 Beds

3 Baths

2,271 SqFt

Status Active

MLS # 6704714

Property Type Single Family Residence

Price Type --

Nestled on a tranquil corner lot adjacent to a verdant common area, this charming two-story residence exudes warmth and comfort. Boasting five bedrooms and three baths, including a convenient downstairs bedroom and full bath, it offers ample space for relaxation and entertainment. The inviting kitchen features a breakfast bar, adorned with elegant granite countertops, perfect for culinary delights. A beautiful chandelier graces the dining area, enhancing the ambiance for memorable gatherings. Upstairs, a cozy loft complements the two baths and four bedrooms, providing a retreat-like atmosphere. Outside, a covered patio beckons for leisurely moments, while the two-car garage and RV gate offer practicality and convenience. Conveniently situated near Glendale Community College, es

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3819 E Hampton Avenue Mesa, AZ 85206

$485,000

5 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6704571

Property Type Single Family Residence

Price Type --

This is an upgraded 5 Bedroom, 2 Bathroom, ranch-style Mesa home featuring a covered back patio overlooking the private, fenced pool and synthetic grass play area! Inside, you'll find both a family and living room, with the family room connecting to the kitchen. Dine at the breakfast bar or adjacent dining area! Step into the Master bathroom to see a walk-in, surround-tile shower. This home has OWNED SOLAR for massive savings. Other perks include an indoor laundry room and nearby parks (one with dog park area), plus Eastern Canal Trail for walking, running, and biking. Enjoy close proximity to many shopping and dining options, supermarkets, golfing, and the Usery Mountain Recreation Area!

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17242 N 40th Place Phoenix, AZ 85032

New

$485,000

3 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6706344

Property Type Single Family Residence

Price Type --

This charming one-story residence boasts modern comforts and convenience, making it the ideal haven for any homeowner. As you step inside, you're greeted by a seamless blend of style and functionality. The updated kitchen features sleek stainless steel appliances, elegant granite countertops, and ample cabinet space. The living area invites you to unwind and entertain in style. With its open layout and abundant natural light, this inviting space is perfect for hosting gatherings or simply relaxing with loved ones. This home offers the ultimate in convenience, with easy access to major freeways including State Route 51 and Loop 101. Whether you're commuting to work, exploring downtown Phoenix, or indulging in the vibrant culture of Scottsdale, you'll appreciate the proximity to everything the Valley has to offer. Plus, with the airport just a quick trip away, travel has never been more convenient. This home is conveniently located within five minutes of Abrazo Scottsdale Campus Hospital, ensuring quick access to top-notch medical care whenever needed. Recent updates including new interior paint, updated cabinets, renovated bathrooms, and vinyl flooring add a touch of modern elegance to this already impressive home. Don't miss your chance to make this Phoenix gem your own.

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945 E Playa Del Norte Drive Tempe, AZ 85288

New

$485,000

2 Beds

2 Baths

1,329 SqFt

Status Active

MLS # 6707309

Property Type Apartment

Price Type --

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14413 W Dahlia Drive Surprise, AZ 85379

New

$485,000

3 Beds

2.5 Baths

1,929 SqFt

Status Active

MLS # 6707010

Property Type Single Family Residence

Price Type --

Good news and bad news. Good news is you found your dream home! Bad news is it won't last long. In the highly sought after community of Marley Park with over 18 neighborhood parks, splash pads, pools and club house, this like-new home is what you've been waiting for. You will be in awe of the condition of this 3 bedroom with a den, single story home with upgraded tile, modern light fixtures and plantation shutters. The open kitchen is an entertainer's delight with stainless steel appliances, pullout drawers in the cabinets, quartz countertops and updated subway tile backsplash. And wait until you walk out the extended patio doors to your backyard oasis. No detail was missed with the new sparkling pool, extended artificial turf, covered patio and travertine pavers. Don't miss it!

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3131 N Central Avenue Phoenix, AZ 85012

$485,000

1 Bed

1.5 Baths

822 SqFt

Status Active

MLS # 6413953

Property Type Apartment

Price Type --

*Construction Completed* 3.5% buyer incentive can be used towards rate buy down, upgrades, closing costs, or combo of those! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious one bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Enjoy the views to the East from the spacious balcony. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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