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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4504 Besant Way Wickenburg, AZ 85390

$475,000

2 Beds

2.5 Baths

1,720 SqFt

Status Active

MLS # 6628007

Property Type Single Family Residence

Price Type --

Enjoy the Privacy of 2 Primary Suites. Live the good life with a owned Solar System that will have you enjoying APS energy credits throughout the year. Nestled in the Pinto Neighborhood this home features HOA managed landscape & private cul-da-sac location. Your motorized patio shades will provide privacy screening while enjoying the gorgeous sunset colors every night. Upgraded flooring, cabinets, light fixtures throughout with an AMAZING number of cabinet pull outs designed into your kitchen. Home includes custom window covers with additional screening at 12ft sliding wall of glass. Garage includes ample custom cabinet storage, work space & owned RO system.

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4010 W Campo Bello Drive Glendale, AZ 85308

$475,000

4 Beds

2 Baths

2,069 SqFt

Status Active

MLS # 6641786

Property Type Single Family Residence

Price Type --

NO HOA!! This 4 Bedroom, all electric home in the Desert Pines neighborhood is in a well maintained neighborhood and offers a perfect canvas for any modern amenities you may want to add to its classic charm. Priced below other available comps in the zip code to provide some instant equity to buyer. You will have plenty of space with a separate Living Room, Family Room with fireplace, Formal Dining Room, a large eat-in Kitchen, a gated diving pool and a spacious side yard suitable for trailer or extra parking. 2 car garage with shelving & a large bonus storage area. This home brings together the options for both the desire for relaxation and entertaining. Step outside to your refreshing pool with its large deck space, creating an ideal area for your outdoor gatherings & summer BBQs. More The back yard is a blank slate for the new pwner to make uniquely their own. A new roof and new hot water heater were installed in 2023. Newer dishwasher - rarely used. Rev Osmosis system installed. Rebuilt pool pump. This home is one of the few in the neighborhood with both an AC and an evaporative cooler to help reduce cooling costs. Two very large trees in the front yard and a huge Orchid tree in the back yard shade the home from the summer heat. Ceiling fans throughout.

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24454 N 173rd Lane Surprise, AZ 85387

$475,000

2 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6645241

Property Type Single Family Residence

Price Type --

Experience the epitome of comfort and style in this exquisite 2-bedroom, 2-bathroom former model home, spanning 1,492 square feet in a gated retirement community. As you step inside, the home welcomes you with its elegant tile flooring, extending throughout the living spaces, while plush carpeting in the bedrooms adds a touch of warmth and comfort. The home's thoughtful design includes a convenient laundry area connected to the primary bedroom's spacious closet, ensuring ease and efficiency. Two car garage with AC. Step outside to the backyard patio with fresh epoxy floor, built in overhead misters for the summers and be captivated by serene lake views, offering a tranquil backdrop for relaxation or entertaining. The community doesn't fall short on amenities, boasting a resort-style pool, pickleball, bocce ball, a mini putt course, and a fitness/recreation centers. The home's eco-friendly approach is highlighted by a tankless water heater, providing endless hot water while conserving energy. This home is more than just a residence; it's a gateway to a life of luxury and leisure, perfectly suited for those seeking a peaceful yet active retirement.

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7748 W Stony Quail Way Florence, AZ 85132

$475,000

2 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6646242

Property Type Single Family Residence

Price Type --

You will love this popular Preserve model completed in 2021. Beautiful 2-bed, 2-bath home w/a den is highly upgraded & impeccably maintained. Kitchen features quartz counters, staggered cabinets w/lighting, SS appliances, gas stove, wall microwave & oven. Laminate wood floors flow through the open living areas. Garage has epoxy, sink, built-in wall cabinets + large storage room w/cabinets. Step outside to your private patio, featuring an outdoor fireplace for cozy evenings. Patio has remote shades that transforms into an Arizona room, letting you enjoy the outdoors year-round. Complete w/a SPA & pergola, this outdoor oasis is perfect for relaxation & entertainment. Don't miss the opportunity to make this house your home. Come see everything is outstanding 55+ resort community has to offer Both master & laundry room have been extended. Lights and garage door can open remotely.

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4727 E Euclid Avenue Phoenix, AZ 85044

$475,000

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6650274

Property Type Single Family Residence

Price Type --

Ask your agent about rent to own options with this home. Charming Patio Home in The Pointe South Mountain Nestled in a peaceful cul-de-sac with breathtaking mountain views, this attractively priced patio home in the sought-after ''Resort Style Community'' of The Pointe South Mountain awaits you. Experience the perfect blend of comfort and convenience in this 3 bedroom, 2 bath residence. The family room, adorned with a distinctive bee hive fireplace, flows seamlessly into a cozy living room and dining area. The home features a speakeasy, den and a spacious 2-car garage, all set against the stunning backdrop of South Mountain Preserve and the lush Arizona Grand Golf Course. Just around the corner from the Pima Canyon Trailhead. It's your personal resort oasis. Embrace an active lifestyle with community pools/spas, and endless hiking/biking trails right at your doorstep. Golf enthusiasts will love the proximity to the golf course. This unique neighborhood is just minutes from Sky Harbor Airport, major freeways, and a plethora of shopping centers. Downtown Phoenix, ASU, and much more are easily accessible. Don't miss this opportunity for a serene lifestyle in a prime location. Easy to show - your new home awaits!

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17472 W Elaine Drive Goodyear, AZ 85338

$475,000

4 Beds

3 Baths

2,999 SqFt

Status Active

MLS # 6652448

Property Type Single Family Residence

Price Type --

$5,000 credit to Buyer for desired upgrades! Welcome to your new home. This 2-story residence is elegant & functional offering a comfortable & spacious lifestyle. This home is thoughtfully designed to provide convenience and style. The 1st floor has 1 bedrm and a full bathrm, catering to guests or multigenerational living. The 2nd floor features a master bedrm, two bedrms, a den & loft, allowing each family member to have their own space. Enjoy a large dining rm & family rm, perfect for entertaining guests or cozy nights by the fireplace. Chefs will benefit from a spacious kitchen with ample storage space. A generously sized backyard with a covered patio, offering a perfect spot for outdoor gatherings and relaxation. This home will warmly greet you & your guests!

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11963 W Levi Drive Avondale, AZ 85323

$475,000

4 Beds

3 Baths

2,025 SqFt

Status Active

MLS # 6654559

Property Type Single Family Residence

Price Type --

NEARLY NEW AND NO WAIT!! This one was perfectly designed and hardly lived in. The 4 bedroom beauty has 3 splits in this floor plan. Privacy was held in the highest regard while designing this home with a bathroom in each wing. The main living space is open and made for entertaining. A large kitchen island provides seating and leaves a nice open floor plan. The colors of the walls, floors and cabinets boast stylish, contemporary colors. A subway tile backsplash is the perfect finish for this fabulous kitchen. The owner's suite is separate from other bedrooms with ample space for your decor. The yard is quaint with a spacious covered patio. The back yard is a blank canvas and ready for your landscaping creativity.

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1495 N Casa Grande Avenue Casa Grande, AZ 85122

$475,000

5 Beds

3 Baths

3,100 SqFt

Status Active

MLS # 6655657

Property Type Single Family Residence

Price Type --

RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!

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3401 N 70th Avenue Phoenix, AZ 85033

$475,000

4 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6655663

Property Type Single Family Residence

Price Type --

This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!

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30596 W Mitchell Drive Buckeye, AZ 85396

$475,000

4 Beds

3 Baths

2,684 SqFt

Status Active

MLS # 6658563

Property Type Single Family Residence

Price Type --

NOW OFFERING $5K IN SELLER CONCESSIONS AND OWNED SOLAR!!! Immerse yourself in the serenity of this well-maintained home in the Sonoran Desert. This captivating single-story retreat is nestled within the close-knit Tartesso community. The highly sought after Onyx floor plan boasts 4 bedrooms, 3 bathrooms, and a study perfect for an office. Upgrades to the home include: wood plank porcelain tiles, stainless steel appliances, and OWNED water softener. The oversized, tranquil, and professionally designed backyard is an entertainer's delight. Enjoy the majestic White Tank Mountains with its hiking trails and breathtaking vistas. Just minutes from the I-10, you can explore the vibrant Phoenix metropolitan area at your leisure.

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19832 N 95th Avenue Peoria, AZ 85382

$475,000

2 Beds

2.5 Baths

2,147 SqFt

Status Active

MLS # 6658696

Property Type Single Family Residence

Price Type --

Welcome to the vibrant Westbrook Village lifestyle where you can enjoy all the amenities offered within the community! This home sits on an oversized corner-lot, where you can enjoy the tranquil backyard with a golf course view & orange trees. Enjoy sitting outside with an extended covered patio & plenty of seating areas. Inside, discover vaulted ceilings, archways, plantation shutters & a mix of tile & carpet flooring. Entertain in the spacious living and dining areas or unwind in the cozy family room with a fireplace & wet bar. The bright kitchen offers built-in appliances, a breakfast bar & an eating area overlooking the backyard. Retreat to the main bedroom featuring patio access, dual sinks, a large walk-in shower & a walk-in closet. This house is ready to be made into your home!

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4747 W Sunnyside Avenue Glendale, AZ 85304

$475,000

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6659231

Property Type Single Family Residence

Price Type --

The search is finally over! Welcome to this lovely single level residence nestled in Glendale. Discover an inviting interior showcasing gleaming wood floors, designer color palette and a charming fireplace ideal for relaxing during cozy nights at home. The well-appointed kitchen boasts wood cabinetry, sleek granite counters, stylish mosaic backsplash, double wall oven and built-in appliances. All bedrooms feature private outdoor patio access. Bathrooms have been updated and are absolute masterpieces featuring granite counters, travertine and tile! Spend relaxing afternoons along with your loved ones in the quaint yard, offering mature lush landscaping, open patios, detailed granite concrete work and beautiful citrus trees! This is one you don't want to miss!

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