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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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

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!!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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4401 N 40th Street Phoenix, AZ 85018

$490,000

2 Beds

1.5 Baths

1,024 SqFt

Status Active

MLS # 6670260

Property Type Townhouse

Price Type --

Looking for a place to call home? This fabulous two-story townhome in Three Fountains Community is the one! Inside, you'll discover the perfectly flowing open floor plan paired with tile flooring, recessed lighting, and sliding glass doors leading to the back patio. The well-maintained kitchen is equipped with stainless steel appliances, granite counters, plenty of cabinet space, and a large center island. Both sizable bedrooms with wood-look floors and ceiling fans will give you a good night's sleep after a busy day! The cozy back patio is the right spot for unwinding. The Community provides an assigned parking spot and access to the refreshing pool. Don't miss this one-of-a-kind opportunity! Make it yours today!

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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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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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1421 W Pasadena Avenue Phoenix, AZ 85013

$490,000

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6687374

Property Type Single Family Residence

Price Type --

This beautifully well-kept home is just the right find in this market, offering 3 bedrooms, 2 baths, pool & lawn! As you enter you are greeted with travertine flooring and new carpet in living room and bedrooms. Kitchen features granite counter tops with lots of counter and storage space. Bathrooms feature tile showers and new toilets. All bedrooms have walk-in closets and new carpet. Big corner lot backyard features tons of space for entertaining including a pool and BBQ island. RV gate access with extra space on side of home. Great location within walking distance of the light rail and minutes from downtown and uptown.

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2331 E Evans Drive Phoenix, AZ 85022

$490,000

3 Beds

2.5 Baths

1,987 SqFt

Status Active

MLS # 6695130

Property Type Townhouse

Price Type --

Live luxuriously in this Phoenix home! Just off AZ-51, this home features a 2-story layout around a private outdoor courtyard. Downstairs boasts new concrete flooring, wood fireplace, and easy outdoor access. The kitchen features stainless steel appliances, soapstone countertops, and a sliding door to the garage. Upstairs, find new hardwood flooring leading to the primary bedroom with its own balcony, a large walk-in closet, and updated bathroom. The two spacious guest bedrooms share a full bath with brand new mirrors and fixtures. Outside, the courtyard offers ample space and gorgeous landscaping. Other updates include a new roof (2023), new water softener (2023), solar panels, and a new washer/dryer. The community features a pool within walking distance and guest parking. Conveniently located near shopping, dining, the Phoenix Mountain Preserve, and Lookout Mountain Preserve.

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13270 N 79th Avenue Peoria, AZ 85381

Open House

$490,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6700937

Property Type Single Family Residence

Price Type --

Come check out this stunning 3 bedroom, 2 bathroom home nestled in a prime Peoria location, close to shopping centers and the 101, complete with a sparkling updated pool in the fully fenced backyard! NO HOA! This property offers the ultimate blend of convenience and freedom. Step inside to discover a beautifully renovated interior, complete with new appliances that elevate the living experience. The layout is perfect for both relaxing and entertaining, with ample natural light accentuating the modern design elements throughout. Everything you need is right at your fingertips, making this move-in ready home the perfect choice for those seeking both comfort and convenience. Don't miss your chance to make this dreamy home yours!

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1654 S Alamo Circle Mesa, AZ 85204

Open House

$490,000

4 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6703117

Property Type Single Family Residence

Price Type --

Looking for a new place to call home? This charming 4-bedroom property nestled on a tranquil cul-de-sac in Mesa is NOW on the market! Discover a welcoming interior showcasing terracotta tile flooring, designer color palette, vaulted ceilings, arched doorways, & an impressive stone fireplace. The eat-in kitchen offers plenty of white cabinets, a stylish tile backsplash, granite counters, stainless steel appliances, recessed lighting, & a large island equipped with a breakfast bar. The primary bedroom boasts plush carpet in all the right places & a private bathroom for added comfort. Host fun gatherings in the spacious backyard, featuring a covered patio & a refreshing swimming pool! A deal like this won't last long!

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17809 W Lincoln Street Goodyear, AZ 85338

Open House

$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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27448 W Wahalla Lane Buckeye, AZ 85396

Open House

$490,000

3 Beds

2.5 Baths

2,191 SqFt

Status Active

MLS # 6677525

Property Type Single Family Residence

Price Type --

Enjoy owning this adorable residence situated in Sun City Festival Community! Fall in love with the well-maintained interior featuring wood-look tile flooring, plush carpets, designer paint, a welcoming living room, and an open den ideal for work or play. Desirable great room with entertainment niches promotes an inviting atmosphere. Open-concept kitchen is a chef's dream, complete with recessed & pendant lighting, a walk-in pantry, staggered white cabinets with crown moulding, stainless steel appliances, quartz counters, and a prep island with a breakfast bar. Relaxation awaits in the main bedroom, offering an ensuite with dual sinks and a walk-in closet. Grab your favorite cool drink and unwind under the covered patio in the backyard. Seize the opportunity while it's still available!

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734 E Doral Avenue Gilbert, AZ 85297

$489,999

3 Beds

3 Baths

1,712 SqFt

Status Active

MLS # 6703591

Property Type Townhouse

Price Type --

An absolutely AMAZING LIGHTLY LIVED IN home**Looks brand new**one of the most popular models AND one of the RARE ones that has 3 FULL bathrooms**This one is close to the pool and visitor parking**Large open plan with lovely cabinets, quartz countertops, tiled backsplash, GAS stove, LVP flooring throught except for bedrooms** Bedrooms split, secondary bedroom has ensuite BATH, along with 3rd bed and bath. Primary bedroom easily fits a king size bed and has ample closet space* Lots of natural light, nice sized balcony along with a 2 car garage, tankless hot water heater**Large storage area under staircase**HOA FEE INCLUDES all EXTERIOR MAINTENANCE, WATER, SEWER, GAS, TRASH, ROOF.. YOU ONLY PAY INTERNET AND ELECTRIC**ACCESS to all Layton Lakes amenities, tennis, volleyball, splash pad PLUS the walking paths throughout the communiy**Mosaic has it's own fenced pool, spa, greenbelt, play area, etc. Home is all on ONE level, private garage entry leads you up the stairs to your living enjoyment! **Living area is all on ONE level**Freezer in laundry stays**

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