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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6438 W Mercer Lane Glendale, AZ 85304

$490,000

3 Beds

2.5 Baths

1,570 SqFt

Status Active

MLS # 6628488

Property Type Single Family Residence

Price Type --

This home is the absolute definition of ''turn-key''. From solar panels and a brand-new roof to new carpet, paint and appliances the list of improvements are too long to list in this description (ask for the list)! With over 90k worth of improvements this home sits ready to go on a corner lot and with NO HOA. With one of the larger lots in the Montara community, you will find yourself walking distance to a fantastic neighborhood green belt and community parks. Welcome home!

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20813 W Minnezona Avenue Buckeye, AZ 85396

$490,000

3 Beds

3 Baths

1,771 SqFt

Status Active

MLS # 6653557

Property Type Single Family Residence

Price Type --

This home has an Energy Star rating for energy efficiency. Located within the award winning community of Verrado & the active adult neighborhood of Victory, this well kept 3 bedroom, 2 bath, 3 car garage home has nice views of both the Whitetank & Estrella mountains. The 3rd bedroom has double doors that allow it to be an office or den. It is one level home, tile floors, beautiful cabinets & just a few years old. Landscaping is low maintenance & the driveway is pavers. Come look at this wonderful home that is ready for you to move in now. Washer, Dryer & refrigerator are included. Verrado has medical services, eateries, CVS pharmacy, multiple grocery stores, over 60 parks, established hiking trails, vet services & more. The Victory HOA also has a gym for active adult residents

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40779 N Citrus Canyon Trail Phoenix, AZ 85086

$490,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6659726

Property Type Single Family Residence

Price Type --

Welcome to your perfect retreat! Amazing View Lot Backyard. This 3-bed, 2-bath gem features an inviting open floor plan, backed by a tranquil open space. Enjoy the low-maintenance backyard with extended pavers, a darling gazebo, and a charming front porch. Inside, relish modern updates such as new granite kitchen countertops, updated carpet, ceiling fans, lights, and faucets. Community perks include the Anthem Community Center with a water park, tennis courts, parks, and more. Embrace comfort and style in this meticulously cared-for home - your sanctuary awaits!

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11748 W Foothill Drive Sun City, AZ 85373

$490,000

4 Beds

2.5 Baths

3,207 SqFt

Status Active

MLS # 6662509

Property Type Single Family Residence

Price Type --

!!NOT AN AGE RESTRICTED HOME!!!BEST PRICE PER SQFT in Crossriver! Welcome to this grand two-story home. This gem offers a 2-car garage, a mature shade tree, & a cozy front porch for your morning coffee. Be impressed by the delightful interior boasting an inviting living room adorned w/a designer palette, plush carpeting and plenty of room. Spacious open layout w/direct backyard access makes indoor/outdoor living fun! The kitchen includes SS appliances, ample counter space, wood shaker cabinetry, recessed lighting, & an island w/a breakfast bar. Discover a well-sized loft ideal for an entertainment center. The main retreat has a private bathroom w/dual sinks & a walk-in closet for added comfort. The backyard provides a covered patio, excellent for afternoon relaxation. What's not to like?

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722 W Desert Valley Drive San Tan Valley, AZ 85143

$490,000

3 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6662602

Property Type Single Family Residence

Price Type --

Your new homes awaits in the desirable Skyline Ranch II community! Within walking distance to an Elementary School and parks, this community is also close to restaurants, shopping and entertainment. Step inside to discover a beautifully maintained interior boasting an open floor plan with vaulted ceilings, creating an airy and spacious ambiance throughout. Home features a new AC system, window shade screens (blocking 90%), fresh interior and exterior paint, and new rock landscaping throughout for effortless upkeep. Enjoy the inviting backyard oasis complete with a fire pit for family gatherings plus a luxurious pool, complemented by a new pool pump for your ultimate comfort and enjoyment. Entertain guests or simply relax in style! With a garage door, smoke alarms, and a hot water heater all less than 5 years old, this home offers both modern convenience and peace of mind. Don't miss the opportunity to make this exquisite property your own

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1944 E Palmcroft Drive Tempe, AZ 85282

$490,000

3 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6665416

Property Type Single Family Residence

Price Type --

This is a charming single family home that features 3 bedrooms and 2 updated bathrooms. This house has a stunning dream backyard perfect for any family and your fur babies. New tile flooring as well as new roof covering as of December 2023. This home is very conveniently located near parks, freeways, and public schools. This gem offers a beautifully renovated front and back yard on a quarter of an acre lot with a lush lawn that includes an RV gate with no HOA. In the bright and spacious outdoors you will also find 2 sheds, a covered patio, seating areas, and trees. This home is in a prime location within Tempe, Arizona within a 10-minute drive to the ASU campus.

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203 S Penn Avenue Prescott, AZ 86303

$490,000

2 Beds

1 Bath

897 SqFt

Status Active

MLS # 6668148

Property Type Single Family Residence

Price Type --

A Cozy Cottage-style Home Located Just 8 Blocks From Historic Courthouse Plaza in Downtown Prescott! This 897 SqFt , 2BR/1BA/1 GAR Home Features a Charming Patio Where You Can Relax and Enjoy The Prescott Weather. Open Kitchen and Dining Area With Sliding Glass Door That Leads to Tranquil Front Patio, Interior Features Include Vinyl Plank Flooring, Horizontal Blinds, Lighted Ceiling Fans and So Much More! Zoned For Multi Family! Don't Miss Out On This One!

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9139 W Gelding Drive Peoria, AZ 85381

$490,000

4 Beds

2.5 Baths

2,176 SqFt

Status Active

MLS # 6668188

Property Type Single Family Residence

Price Type --

Beautiful two-story home in great Peoria neighborhood! This home features a spacious living and dining room and kitchen with granite counters and stainless steel appliances. The great room has a stunning banister that leads to the second level. The primary bedroom features a large closet and en-suite bath with a separate tub and shower and dual sinks. The backyard features a sparkling pool, covered patio, and grassy area. Located close to Rio Vista park, shopping, restaurants, and a short drive to Park West!

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17809 W Lincoln Street Goodyear, AZ 85338

$490,000

3 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6668243

Property Type Single Family Residence

Price Type --

Take a look at this beautiful home located in the desirable community of Canyon Trails! Formal living and dining room as you walk in. A great room with eat in kitchen and family room. Full surround sound and sliding glass door that leads to the backyard desert oasis. This beautiful backyard has a pavers, turf, salt water pool, gas fire pit and gas grille that makes it perfect for entertaining! The Large master bedroom, master bath, bonus room and walk-in closest also has a separate entrance from the backyard! The two bedrooms are split from the master for privacy. Third car garage can be used as a workshop, man cave or storage with an a/c unit. Canyon Trails has a community pool and rec center. Near Canyon Trails Shopping Center and easy access to the I-10 and 303. Quiet Neighborhood

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17759 W Maya Way Surprise, AZ 85387

$490,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6668674

Property Type Single Family Residence

Price Type --

Looking for a beautiful home with all the great features inside and a stunning backyard with pool? This is it! Inside you'll find 4 bedrooms plus a den/office, open kitchen with large dining space, upgraded tile throughout the house. Outside you'll find a fantastic fenced play pool that's solar heated, extended pavers patio area for fun or entertaining and much more.

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8214 E Chaparral Road Scottsdale, AZ 85250

$490,000

3 Beds

2 Baths

1,352 SqFt

Status Active

MLS # 6674047

Property Type Townhouse

Price Type --

Step into luxury living with this completely renovated 3-bedroom, 2-bathroom townhome, boasting a single-level, split floor plan design. The kitchen features sleek stainless steel appliances and stunning quartz countertops with an elegant backsplash. Retreat to the spacious primary suite, complete with a generous walk-in closet, a luxurious ensuite bathroom featuring a dual vanity, and a custom tile shower. Outside, indulge in your own charming patio, while having the convenience of two dedicated carport spaces and separate storage. This end unit property offers the ultimate in tranquility, while being just steps away from Chaparral Lake Park, Old Town Scottsdale, Fashion Square Mall, and an array of shopping, dining, and recreational options. Experience the epitome of urban living wit h easy access to greenbelt parks, bike/walking paths, and more.

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16905 S Rio Vista Road Mayer, AZ 86333

$490,000

4 Beds

3 Baths

2,350 SqFt

Status Active

MLS # 6676647

Property Type Single Family Residence

Price Type --

Meticulously maintained 4 Bedroom 3 Bathroom home is ready for a new family! This is a move-in ready house with a generous floorplan situated on a beautiful acre of land. Room for your RV on the side and 3 Car Garage attached. Wide circle driveway can accommodate your Toy Hauler and cars. Panoramic Views out all the windows! No HOA! Close to State Land and trails for days. Cordes Lakes is 3,700 in elevation and the perfect mild climate. Easy access to PHX, Prescott or Sedona. Lying in the foothills of Prescott Valley, Cordes Lakes has common terrain of a middle latitude desert, including but not limited to tall, long stretching hills, mesas, several species of cacti, and large rock formations. The Cordes Lakes' back roads lead straight to the Agua Fria National Monument.

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