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

Whats Ahead For Mortgage Rates This Week May 18 2015Last 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

40274 W Michaels Drive Maricopa, AZ 85138

$490,995
5 Beds
3 Baths
2,570 SqFt
Status Active
MLS # 6681266
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. 4 additional bedrooms and two baths round out the residence. A 3-car garage and a covered patio are also included!

25315 W Bowker Street Buckeye, AZ 85326

$490,990
4 Beds
3.5 Baths
2,712 SqFt
Status Active
MLS # 6694685
Property Type Single Family Residence
Price Type --
BEAUTIFUL home ready in Sep! This home has ALL the space you need!! Need a 4th bedroom with own full bath and walk-in closet downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Large closets, soft water loop, and it's a Smart Home! Gorgeous interior with 6''x24'' wood look tile and upgraded carpet, matte black finishes! Beautiful Burlap cabinets with matte black hardware, 2''x8'' brick linen backsplash and quartz countertops including in full bathrooms. Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage with service door, Smart door opener and keyless entry. Great curb appeal. This home is EVERYTHING!!!

16148 N 178th Avenue Surprise, AZ 85388

$490,900
4 Beds
2.5 Baths
2,645 SqFt
Status Active
MLS # 6682536
Property Type Single Family Residence
Price Type --
Honey stop the car! This Surprise Farms home has much to offer! Big - Over 10,000 square foot lot!! RV Gate. Outdoor living at its finest with a sparkling pool and Jacuzzi, built-in firepit with seating, Covered patio and a basketball court and Storage Shed. This 2 story home has 4 bedrooms, 2.5 bath, Great living space on the main floor as well as an upstairs lot/bonus space. Nice kitchen with plenty of cabinets and granite countertops. Location, location, location! Minutes to Willow Canyon High School, Restaurant, shopping, medical and the 303 freeway.

9922 E Tiburon Avenue Mesa, AZ 85212

$490,900
4 Beds
3 Baths
2,093 SqFt
Status Active
MLS # 6661820
Property Type Single Family Residence
Price Type --
Priced below comps! Experience modern living in the coveted East Mesa community. This 2-year-old home offers the ideal blend of contemporary design and convenience such as the low-maintenance landscaping and the added benefits of solar panels, tankless water heater and water softener. Monthly budgeting for this home is a breeze! HOA includes front yard maintenance and the solar panels provide a huge savings per year on electric bills. Inside, find a spacious open concept equipped with all the modern finishes plus a walk-in pantry and all tile throughout the main level! A first-floor bedroom with a full bath adds versatility, while the second-floor offers a large primary bedroom retreat complete with a dual vanity en-suite and a sizable walk-in closet. Two additional bedrooms, one with its own walk-in closet and another full bath with a dual vanity. Outside this impeccable home indulge in a plethora of resort-style amenities including a pool with twisting slides, a lap pool, spa, cabanas, fire pits, and Fitness Center which includes a Spin Room & Movement Studio for a variety of workouts. The community center serves as a hub for various small to large gatherings with its Game Room, meeting/business room, and Event Center. Outdoor enthusiasts will delight in the multiple parks and sports courts available for basketball, volleyball, tennis, and bocce. Check out the aerial video in Photos section to preview the community! Conveniently located near SR-24, Loop 202, and US-60, as well as a variety shopping, dining, and entertainment options including popular San Tan Village shopping district, this home is easily accessible to everything the east valley has to offer.

16027 W Silver Breeze Drive Surprise, AZ 85374

$490,500
3 Beds
2 Baths
2,298 SqFt
Status Active
MLS # 6648850
Property Type Single Family Residence
Price Type --
Home Qualifies for Renovation Loan! Combine the purchase price + renovation Cost= New Loan. design it, and personalize your dream home with only 3% down! Must SEE. Step into a welcoming ambiance with tall vaulted ceilings and a tasteful two-tone color palette. Revel in the elegance of tile and wood-like flooring in common areas, complemented by carpets in select rooms. The home is adorned with beautiful white shutters, recessed canned lighting, and ceiling fans for optimal temperature control. The kitchen is designed for entertaining, offering an eat-in area seamlessly connected to the living space, or choose to host formal dinners in the dining room. The kitchen boasts a striking Spanish tile backsplash, an island, and sleek all-black stainless appliance The primary suite is generously sized, featuring a spacious bathroom with a double sink vanity, walk-in shower, and an expansive walk-in closet. Discover a bonus linen room/closet/pantry, versatile for various needs, even as a potential desk area. The garage includes an extra storage room catering to all your organizational requirements. Unwind in the backyard, where a pergola provides a perfect setting to enjoy breathtaking sunsets, accompanied by ample space for entertaining. Don't miss the opportunity to experience this captivating home - Must See Today!

18280 N Piccolo Drive Maricopa, AZ 85138

$490,500
4 Beds
3 Baths
2,366 SqFt
Status Active
MLS # 6693401
Property Type Single Family Residence
Price Type --
Experience luxury living in this meticulously upgraded home boasting over $90k in enhancements. Revel in the integrated $30,000 whole home audio/video/alarm system, yours with an accepted offer. Culinary delights await in the gourmet kitchen showcasing high-end stainless appliances, including a gas range. Enjoy the seamless flow of wood look tile floors throughout living spaces, with plush carpeting in the bedrooms. Indulge in spa-like serenity in the master bath, boasting a custom walk-in shower. The garage is a haven for organization enthusiasts with custom cabinets, workspace, and an epoxy floor. Step outside to your private oasis, featuring lush turf, paver decks & walkways, enveloped by over 50 shrubs & trees on a smart watering system. Illuminate your evenings with custom exterior.. lighting, while a sizable Tuff Shed offers additional storage. Welcome home to unparalleled comfort and sophistication. Some additional detail: Welcome to 18280 North Piccolo Drive, a stunning corner lot house that is now available for sale. This property offers an abundance of features and amenities that are sure to impress any buyer. Situated on almost a quarter of an acre (.21), this professionally landscaped property boasts 75 flowering bushes, trees, and four fruit trees. The lush greenery is complemented by a fully irrigated and lighted yard, creating a picturesque outdoor oasis. The backyard is also plumbed for a natural gas BBQ, making it the perfect space for entertaining friends and family. As you approach the property, you'll notice the iron security front door and garage service door, providing an added layer of security. Additionally, the entire property is equipped with ICRealtime video cameras and NVR, ensuring peace of mind for you and your loved ones. A custom alarm security panel further enhances the safety features of this home. Step inside and be greeted by the inviting ambiance created by Klipsch speakers throughout the house. The spacious living areas are adorned with modern white cabinets featuring stainless steel handles, giving the home a sleek and contemporary feel. With 8-foot doors and a 12-foot patio slider, this house exudes an open and airy atmosphere. Boasting four bedrooms and three bathrooms, including a large master bedroom with a walk-in closet, this home provides ample space for everyone in your household. The master bathroom features a large Italian tile shower with a bench, adding a touch of luxury to your daily routine. One of the bedrooms even includes its own private bath, making it perfect for guests or as a dedicated office space. The gourmet kitchen is every chef's dream come true. Complete with natural gas appliances, including a range and dryer, cooking will be an absolute delight. The kitchen also features granite countertops, a large pantry for all your storage needs, and a separate dining area where you can enjoy meals with loved ones. Additional highlights of this property include a 2.5 car garage with an epoxy floor, custom cabinets, a laundry sink, and a workbench. The service entrance to the yard provides convenience for any outdoor projects or maintenance. Located in a desirable neighborhood, this house offers easy access to nearby amenities such as shopping centers, restaurants, and parks. With its prime location and exceptional features, this property is truly a gem that you don't want to miss.

17706 W Hatcher Road Waddell, AZ 85355

$490,010 - 3Br/3Ba -  for Sale in Zanjero Pass Phase 1, Waddell
Open House
$490,010
3 Beds
2.5 Baths
2,052 SqFt
Status Active
MLS # 6674723
Property Type Single Family Residence
Price Type --
This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 2.5 bathrooms, and a 3 car tandem garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

889 W Old Stewart Road Willcox, AZ 85643

$490,000
3 Beds
2 Baths
1,202 SqFt
Status Active
MLS # 6385022
Property Type Manufactured Home
Price Type --
Begin your homestead/farm today! House has a private well, there is also an irrigation well. Property is fully fenced, and cross fenced for animals. Use the acreage for grazing cattle, or to grow crops. Bordered on 3 sides by paved roads. Enjoy beautiful views in all directions and wide open spaces. Property is a total of 4 parcels being sold together, totaling 266 acres.

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

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!

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.

3085 Ponderosa Road Overgaard, AZ 85933

$490,000
3 Beds
2 Baths
3,641 SqFt
Status Active
MLS # 6691824
Property Type Manufactured Home
Price Type --
Fantastic opportunity to own this 3BR/2BA home on 2.06 acres. Over 3500 sf of living space. 2 Furnaces, Woodstove in lving area and evaporative coller. 12x24 Greenhouse, 2 detached 1 car garages with electic and 1 has propane. Set far back off a paved road and is fenced. Fire pit, raised flower beds, rose bushes and raspberry bushes. Large enclosure for dogs. 1000 gallon propane tank owned. Renewal by Anderson windows and sliding glass door - Warranty transfers to new owner. Don't miss this great opportunity.