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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1317 E Carson Drive Tempe, AZ 85282

$475,000

4 Beds

2 Baths

2,070 SqFt

Status Active

MLS # 6699356

Property Type Single Family Residence

Price Type --

Location, location, location! This 4 Bedroom 2 Bathroom charming home in Tempe is ready for you to make your own. Not only does it have great curb appeal, this popular split floor plan offers 3 bedrooms on one side and a spacious Primary Suite on the other. The centrally located kitchen can also be opened up for more entertaining space. The oversized laundry room is rare for a home built in this era and can be used for multiple purposes. The south facing backyard is peaceful and showcases multiple gardens. Located 15 minutes from the airport and positioned in between 3 major freeways, minutes from shopping and restaurants, this opportunity won't last long.

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2118 W Carson Road Phoenix, AZ 85041

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$475,000

3 Beds

2 Baths

2,181 SqFt

Status Active

MLS # 6701533

Property Type Single Family Residence

Price Type --

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10812 N Dogwood Road Florence, AZ 85132

$475,000

5 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6699971

Property Type Manufactured Home

Price Type --

Professional photos coming next week * A 4+ acre property with NO HOA and private well is hard to find but including 5 bedrooms & 3 baths makes it even more special * Tons of storage with workshop attached to carport + tack rm/storage + permitted out building that can be finished to be a casita or office * Full length covered patios front & back for some added charm * Sunscreens all around for cooler interior temps * Extended length attached 2 car carport * Fenced in pipe & top rail, double RV gate with auto opener * Design your landscape to make this your dream home * Plenty of room to build an arena, barn, stalls, turn-out area, RV garage or whatever your heart desires *

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3899 E Frances Lane Gilbert, AZ 85295

$475,000

3 Beds

2.5 Baths

1,767 SqFt

Status Active

MLS # 6700809

Property Type Single Family Residence

Price Type --

Welcome to the perfect home in Gilbert's highly sought-after neighborhood - Pecos Manor! From the moment you arrive, you will be captivated by the stunning paver driveway leading you to your new dream home on a corner lot! As you step inside, you will be greeted with a flood of natural light and a neutral color palette, fresh interior paint, and new carpet, creating a warm and inviting atmosphere. This 3 bedroom, 2.5 bathroom home has been meticulously maintained and updated, making it move-in ready for you and your family. The kitchen boasts an island, stainless steel appliances, granite countertops, and an abundance of cabinets- perfect for the aspiring chef in your family. Retreat to the spacious master suite, complete with a luxurious en-suite bathroom featuring double sinks, a separate tub and walk-in shower, and a large walk-in closet. The perfect oasis to relax and unwind after a long day. But the perks don't stop there! Step outside to your own private backyard retreat, complete with a covered patio and low maintenance gravel yard- making it the perfect space for entertaining guests and enjoying the beautiful Arizona weather. Conveniently located near everything you could want or need- including easy access to the 202, shopping, dining, entertainment, and more! This home truly has it all. Don't wait, make it yours today!

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2032 W Rancho Drive Phoenix, AZ 85015

$475,000

4 Beds

2 Baths

1,604 SqFt

Status Active

MLS # 6700849

Property Type Single Family Residence

Price Type --

MOVE-IN READY SOLIDLY BUILT CHARMER in Bethany Villas, a quiet, friendly, and walkable neighborhood in West Central Phoenix. Absolutely turn key, the owners went above and beyond the fully remodeled condition in which they bought it in 2022, and added even more upgrades! Features include all major systems updated, including newer electrical, plumbing, HVAC, roof, dual paned windows, flooring, exquisitely upgraded kitchens and baths, with newer appliances, including washer, dryer, and fridge (with newly installed water line), matte finish quartz countertop island with storage (including deep drawers), recessed canned lighting, newer plumbing and lighting fixtures t/o, newer water heater, lush and attractive front and rear landscaping (AZ Ash and Pistache shade trees, and ficus bushes), newer rear yard perimeter block wall fencing, RV gate with alley access, and newer cellular blind window coverings t/o. If you want to live in a true community with neighborhood gatherings, a community Facebook group (the Simpson neighborhood association), neighborhood newsletter, coordinated yearly garage sales, potluck, neighborhood happy hours, holiday events, luminaria lightings, and hot chocolate gatherings, in a house that is completely ready to move in, this is it!!

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248 E Sky Hi Drive Pinetop, AZ 85935

New

$475,000

2 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6701134

Property Type Single Family Residence

Price Type --

Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!

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1839 W Utopia Road Phoenix, AZ 85027

New

$475,000

3 Beds

1 Bath

1,161 SqFt

Status Active

MLS # 6701569

Property Type Single Family Residence

Price Type --

Welcome home! This delightful 3-bedroom residence features a practical RV gate and a low-maintenance yard. The living room has a neutral palette and contemporary wood-look flooring. The eat-in kitchen comes with quartz counters, white shaker cabinets, stainless steel appliances, a stylish tile backsplash, and sliding doors that open to the backyard for seamless indoor-outdoor living. Each cozy, well-sized bedroom offers plush carpeting and ample closet space. Enjoy breathtaking sunsets in the enchanting backyard, which offers an open patio, artificial turf, and a sparkling pool for cooling down on hot summer days. This value won't disappoint! *Sellers are willing to assist with 5k credit toward buyers closing costs

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695 S Kellis Road Wickenburg, AZ 85390

$475,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6692819

Property Type Single Family Residence

Price Type --

Nestled in the heart of Wickenburg, this great location that combines convenience with tranquility. Charming courtyard entry welcomes you as you enter this lovely home with a spacious split floor plan, providing privacy and versatility for its occupants. As you step inside, you're greeted by tile floors that guide you through the inviting living spaces. Entertain or unwind on the covered patio, overlooking the fenced backyard , offering both security and ample space for outdoor activities. A two-car tandem garage ensures parking convenience while providing additional storage option For those with hobbies or storage needs, an extra storage shed stands ready to accommodate. The property's charm is further enhanced by a beautiful fountain as you pull into the driveway, Plus mo

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3335 E San Angelo Avenue Gilbert, AZ 85234

$475,000

3 Beds

2 Baths

1,358 SqFt

Status Active

MLS # 6699755

Property Type Single Family Residence

Price Type --

Rare gem with a pool! This Charming 3 bedroom, 2 bath house comes with all the upgrades! Vaulted ceilings, SS appliances, Granite countertops and private backyard patio to enjoy your new pool! It is the ideal location in the neighbor with close access to community amenities, shopping, hospital and freeway. All the furniture is available for sale. Move right in and Welcome home!

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915 N Wedgewood Drive Mesa, AZ 85203

$475,000

5 Beds

2 Baths

1,487 SqFt

Status Active

MLS # 6700652

Property Type Single Family Residence

Price Type --

Padsplit opportunity! Beautifully re-modeled 5 bedroom 3 bathroom multi-generational home with freshly painted with updated carpet & LVP in the common areas, lovely white cabinets with quartz countertops in the kitchen & new appliances. This home can host a large/extended family/tenants! This home features an RV gate & parking in the back. The bathrooms have been re-done with stylish vanities & updated light fixtures & brand new showers. Easy to maintain gravel front & backyard will make upkeep a breeze. Walking path and park are directly behind the home. Grab this home now before its gone!

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326 S River Road Payson, AZ 85541

$475,000

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6579027

Property Type Single Family Residence

Price Type --

Two homes on a peaceful 1.57 acres with mountain views near the Tonto Creek. The primary home is a lovely 3 bedroom, 2 bath home featuring a beautiful yard with inviting gazebo, a huge 28X32 garage/workshop, 2 carports, and multiple sheds. The property has a private well, valuable irrigation rights and horses are allowed with lots of room for gardening and fruit trees. The 2nd home is a 2 bedroom, 1 bath, 1152 square feet mobile home. Use as a guest house, multi-family property or income producing rental with a separate driveway, septic, electrical and privacy.

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4525 N 66th Street Scottsdale, AZ 85251

$475,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6620593

Property Type Townhouse

Price Type --

Welcome to your new home in a prime Scottsdale location. This three-bed, two-bath townhouse has BRAND NEW LVP flooring throughout, is light and bright, and offers a great floorplan. With 1,962 square feet and an open-concept layout, you have ample space to relax and entertain. The property boasts a larger lot in the community, ensuring privacy & tranquility with the added luxury of no neighbors behind. This gated community offers exclusive amenities, including three community pools, a clubhouse, a workout facility, and a tennis court. Take advantage of the Arizona sunshine & cool off in one of the sparkling pools, or challenge friends & family to a friendly game of tennis. Located within walking distance to Old Town Scottsdale, you'll have access to some of the best dining, shopping, and entertainment the city has to offer. Fashion Square Mall is also just a short stroll away, providing endless shopping opportunities. If you enjoy the outdoors and hiking, Camelback Mountain is just minutes away! With short-term rentals allowed, this property offers the potential for a lucrative investment opportunity. Whether you're looking for a stunning primary residence or a profitable rental property, this townhouse is the perfect choice. Don't miss out on this incredible opportunity - schedule a viewing today and make this beautiful townhouse your new home or investment property!

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