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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3030 E Broadway Avenue Apache Junction, AZ 85119

New

$474,900

2 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6698727

Property Type Manufactured Home

Price Type --

Almost 38,000 sf lot with majestic mountain views with NO HOA!!! 2 Bedroom, 2 Bathroom Affixed Mfg home with 30'x40' detached RV garage, owned solar, new mini split AC's, painted stucco exterior and newly remodeled inside bathrooms. Relax on your 10'x30' backyard covered patio and enjoy stunning sunrise and sunsets in your private above ground Jacuzzi or hang out at the fire pit. Open kitchen with 42'' cabinets, island with bar top, newer stainless steel appliances and refrigerator. This property has a circular drive, views of the Superstition Mountains, 10 x 20 bonus storage room recently stuccoed. Incredible 30 x 40 ft. oversized Garage, car hobbyist work shop Man Cave with loft storage, and room for your toys. This Horse Property is located 1/4 mile from miles of Horse trails, just bring your corrals! Located close to the U.S. 60, Hiking, Biking, Horse trails. Amazing corner lot property with NO HOA!

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18766 W Farmer Road Buckeye, AZ 85326

New

$474,900

4 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6701897

Property Type Single Family Residence

Price Type --

Welcome home! Highly desired Egret floorplan. This 4 bedroom/2 Bath home is completely upgraded with granite counter tops, huge walk-in pantry, 20X20'' tile floors, upgraded front elevation with full front porch and full yard landscaping both front and back of the house. $35,000 owned solar system produces consistent negative electric bills. Over $40,000 in landscaping and exterior upgrades. House also contains SMART House Upgrades and Energy Star appliances. This is a MUST see with the Seller offering $5,000 in concessions.

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1701 W Clarendon Avenue Phoenix, AZ 85015

$474,900

2 Beds

1 Bath

860 SqFt

Status Active

MLS # 6619696

Property Type Single Family Residence

Price Type --

**Gorgeous 2-bed, 1-bath Encanto Bungalow nestled in Phoenix's vibrant heart: An Exceptional Short-Term Rental Income Gem with a Ready-to-Build ADU Expansion Opportunity. **the potential addition of the ADU will offer an extra 560 sq. ft. of rentable space, maximizing your rental opportunity. Once the ADU comes to fruition, envision a sprawling 4-bed, 3-bath sanctuary that could be rented to up to 3 separate tenants, in the heart of the city. The property provides parking for up to 6 vehicles, and its exterior is adorned with an expansive, furnished patio, capturing the essence of Arizona's refined outdoor lifestyle. Stepping inside, you'll be greeted by a luminous living area, segueing into a gourmet kitchen complete with a modern coffee station and top-tier appliances. In-unit washer and dryer enhance the convenience factor. The lush outdoor area, equipped with a BBQ setup, beckons for gatherings and tranquil moments alike. Beyond its aesthetic appeal, this bungalow stands as a promising and strategic investment prospect for the experienced owner.

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8312 E Orange Blossom Lane Scottsdale, AZ 85250

$474,900

3 Beds

3 Baths

1,752 SqFt

Status Active

MLS # 6493243

Property Type Townhouse

Price Type --

COME FALL IN LOVE. NEW CARPETING 6/26/23. WONDERFUL OPPORTUNITY TO OWN A SPACIOUS 3 BEDROOM TOWNHOUSE NEAR DOWNTOWN SCOTTSDALE. PERFECT LOCATION WITH GUEST PARKING ON THE STREET IN FRONT OF YOUR NEW HOME. SUPER FLOOR PLAN WITH LIVING ROOM, FAMILY ROOM AND KITCHEN OVERLOOKING REAR PATIO. ENJOY THE EASY CARE WOODEN FLOORS. TAKE ADVANTAGE OF THE PRIVATE INTERIOR LAUNDRY. SUPER LARGE MASTER BEDROOM WITH WALK-IN CLOSET UPSTAIRS WITH TWO ADDITIONAL BEDROOMS AND GUEST BATHROOM. TOTAL OF 2.5 BATHS. SHADED REAR PATIO AND ASSIGNED PARKING DIRECTLY BEHIND YOUR NEW HOME FOR 2 VEHICLES. CHATEAU DE VIE 3 IS CLOSE TO SCOTTSDALE'S FAMOUS INDIAN BEND WASH SYSTEM OF PARKS AND RECREATION FACILITIES AND AWARD WINNING SCOTTSDALE COMMUNITY COLLEGE. IT'S A GREAT NEIGHBORHOOD AND HOME. BATHROOM COUNT 1+3/4+1/2.

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43605 W Elizabeth Avenue Maricopa, AZ 85138

$474,900

4 Beds

2.5 Baths

3,736 SqFt

Status Active

MLS # 6605630

Property Type Single Family Residence

Price Type --

***AMAZING HOME! AMAZING PRICE!*** Welcome to your new home in the desirable Senita Community! This gorgeous 2-story property offers a desert landscape, a mature shade tree, & a 3-car garage. Discover a welcoming living/dining room & a well-sized family room. Tall ceilings, wood-plank & stylish tile flooring, ceiling fans, & a warm palette are some features worth mentioning. The kitchen is fully equipped w/granite counters, a captivating backsplash, recessed lighting, a pantry, wood cabinetry, a breakfast nook, & an island w/a breakfast bar. Double doors open to the carpeted den/office. And there's a first floor half bathroom. Venture upstairs to find a spacious loft w/a custom dry bar that is excellent for entertaining. You'll find an oversized main retreat showcasing a sitting area, a full bathroom w/dual sinks, & a walk-in closet. Three additional well sized bedrooms upstairs, all with walk in closets and another full bath. The vast backyard provides a covered patio, a built-in BBQ, pavers, a lush landscape, & a refreshing pool ready to enjoy! Don't miss out! Upgrades include: AC and Air Handler 2023, Wood look tile 2021, Granite Countertop 2022, Energy saving sunscreens throughout the home 2022!

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1714 E Diamond Avenue Mesa, AZ 85204

$474,900

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6606094

Property Type Single Family Residence

Price Type --

Good Friday Price Reduction! Look no further! This fantastic 3 bed/2 bath home, just minutes from Downtown Gilbert and the Mesa Light Rail, is a gem. It boasts a charming curb appeal, circular driveway, and a welcoming porch. As you step inside, natural light fills the space, creating a warm and inviting atmosphere. The home features a spacious bonus room with a brick fireplace, perfect for cozy winter nights by the fire or entertaining with a projector. This property falls within the Community Lending geographical area and qualifies for lower rate mortgage financing due to the Community Reinvestment Act. Special Conventional interest rates for this program are below market and can save the borrower hundreds per month. (Not a land trust) The owner's suite offers a peaceful retreat with a walk-in closet and French doors leading to the yard. The secondary bedrooms are well-sized and conveniently separated from the owner' suite. Now, let's talk about the backyard, a true entertainer's paradise! It includes a large diving pool with a built-in table, a lush grass lawn, a spacious shed, a misting system, an extended back porch, (2) 250-amp outlets, an RV gate, and alley access. Several key updates have been made, including a new pool pump in 2020, a water purifier in 2018, a new AC in 2017, a roof replacement in 2014, a water heater in 2020, new grass and sprinklers in 2021, updated carpet in 2020, and fresh interior paint in 2021. This home is move-in ready and has everything you need to enjoy comfortable living and entertaining.

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7438 E Hum Road Carefree, AZ 85377

$474,900

2 Beds

2.5 Baths

1,916 SqFt

Status Active

MLS # 6632985

Property Type Townhouse

Price Type --

REDUCED. Seller Motivated! Out of state move. Spacious townhome in the heart of Carefree. Enjoy all the amenities, sport court, bocce, basketball and pickleball. Community fire pit, heated pool and spa! Plus walking distance to Carefree Sundial. This home boasts a living room with a kiva fireplace, wet bar, vaulted ceilings with a custom ceiling fan. All new stainless appliances, New flooring. New WD on bedroom floor! 2 Large bedroom suites have exterior doors to the covered patio. Loads of storage, loft in the oversized 2 car garage which leads to a walk in, stand up attic, AND direct entry to kitchen. 55+ community, small percent under 55 allowed. Nest programmable thermostat, sensors on each floor. Small, friendly community for year round/winter enjoyment. Meticulously maintained! Optimal living, refresh cabinets and countertops to your taste and this home will be your perfect retreat.

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42916 N 43rd Drive New River, AZ 85087

$474,900

4 Beds

2 Baths

1,790 SqFt

Status Active

MLS # 6652020

Property Type Single Family Residence

Price Type --

Welcome to your beautiful home in the highly popular Anthem West community. Home features a very elegant kitchen with matching black appliances with a built-in microwave, large island with high-top breakfast bar, gas cooking stove, a pantry, and stainless-steel refrigerator. Home also features a split primary suite with a beautiful bay window, a full primary bath with dual vanities, a separate tub and shower, a private toilet room, a spacious walk-in closet, and large garden style soaking tub. Additional features include plantations shutters, NEW CARPET, a built-in BBQ out back with and an extended patio with pavers, and much more.

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6056 E Helios Drive Florence, AZ 85132

$474,900

5 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6660709

Property Type Single Family Residence

Price Type --

ATTENTION! THIS HOME HAS AN ASSUMABLE LOAN AT A FIXED RATE OF 3.25% WITH A MONTHLY PAYMENT OF $1,893.62. CALL FOR DETAILS!! Beautiful newer home with Pool located in the highly desirable Magic Ranch community. Prime lot with North, South Exposure and a sparkling pool in back! Featuring many upgrades such as 9' ceilings, Shaw Ceramic Tile Floors, Granite countertops in the kitchen. Whirlpool Stainless steel appliances and white cabinetry. Spacious walk-in closet in owner's suite! The backyard features a generous covered patio, extended pavered patio, beautiful pool and pergola to protect you from the sun. Minutes from hiking trails and scenic mountain views! Neighborhood Park, greenbelts, playgrounds and covered picnic tables. Located near Queen Creek, highly rated schools, shopping, dining and aquatic center.

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3669 E Ironhorse Road Gilbert, AZ 85297

$474,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6664792

Property Type Single Family Residence

Price Type --

This adorable turn-key residence in Power Ranch is the one for you! Inside, the HUGE living room with sliding glass doors leading to the back patio sets the tone for a cozy living experience. Fresh paint, neutral palette, tile flooring, newly replaced plush carpets, and lovely archways are beautiful attributes. The eat-in kitchen comes with cabinets with crown moulding, stainless steel appliances, and a convenient pantry. Check out the large primary bedroom featuring a private bathroom with a shower & tub combination and a walk-in closet. The secondary bedrooms include well-sized closets. In the spacious backyard, you'll find a covered patio and a mature tree that provides refreshing shade!

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1647 E Grand Ridge Road Queen Creek, AZ 85140

$474,900

2 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6673612

Property Type Single Family Residence

Price Type --

This Monaco plan is ready for you! Start enjoying Encanterra in 2024! The home is situated on a premium homesite with no neighbors behind, tons of privacy and mature trees. Cozy up by the backyard fireplace and enjoy your morning coffee or glass of wine at night. The front courtyard is ideal for entertaining or waving to the neighbors as they walk by. The den makes a perfect home office but also offers a built in Murphy bed for extra guest space. Upgraded tile is throughout the main living areas and the home offers a ton of natural light that creates a beautiful flow. This home is as short walk to the main clubhouse and Encanterra offers tons of amenities at your fingertips. Start living the Good Life at Encanterra today!

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1350 S Greenfield Road Mesa, AZ 85206

$474,900

4 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6677598

Property Type Townhouse

Price Type --

Become the proud owner of this lovely 4-bed, 2.5-bath townhome in Tesoro at Greenfield! Discover an inviting great room with high ceilings, a neutral palette, blinds for privacy, and durable tile flooring. The kitchen boasts polished granite counters, abundant white cabinetry with crown moulding, sleek built-in appliances, a mosaic tile backsplash, a pantry, and a two-tier peninsula with a breakfast bar for casual dining. Relax after a long day in the main bedroom, offering direct backyard access, a private bathroom, and a walk-in closet. The serene backyard is complete with a covered patio, stylish pavers, and low-maintenance artificial turf. Don't let this opportunity pass you by!

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