What’s Ahead For Mortgage Rates This Week – June 27, 2016

Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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10830 W Grant Street Avondale, AZ 85323

$464,995

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6693990

Property Type Single Family Residence

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Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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7423 W Northview Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

2,255 SqFt

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MLS # 6634845

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Ready for Immediate Move-in! This exquisite 4-bedroom, 2.5-bathroom residence is fully upgraded, featuring 42-inch grey cabinets and quartz countertops. Enjoy the spacious layout, complete with a loft for additional versatility. The home is thoughtfully designed for your convenience. Don't miss this opportunity!! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long-term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. ***Prices subject to change, photos may be of a model home or virtually staged, actual home will vary.

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7410 W Northview Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6675709

Property Type Single Family Residence

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This home is our amazing Concerto plan featuring 3-bedroom 2.5-bathroom and a 2-car garage on a larger north/south facing homesite within the desirable Alto gated community!!! The kitchen is beautifully upgraded with Valle Nevado granite counters, modern white full overlay cabinets accented with matte black hardware. and GE Stainless-steel appliances. The great room includes a multi-slide door to make indoor/outdoor living a breeze. Upstairs includes a large loft, 2 additional bedrooms, laundry and primary suite with spa-like bath. Ready for an April 2024 move-in! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

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7227 N 74th Avenue Glendale, AZ 85303

$464,990

3 Beds

2.5 Baths

1,986 SqFt

Status Active

MLS # 6676548

Property Type Single Family Residence

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Under Construction New build home with an April 2024 move-in!!!! This amazing home includers 3-bedroom 2.5-bathroom and a 2-car garage home in the desirable Alto gated community!!! This Concerto floor plan is expertly designed with quartz kitchen countertops, modern white full overlay cabinets, contemporary imperfect smooth walls, and stainless kitchen appliances to name a few. Don't miss out on this home!!^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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