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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10705 E Champagne Drive Sun Lakes, AZ 85248

$475,000

2 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6684434

Property Type Single Family Residence

Price Type --

This beautiful home is located close to the Clubhouse, community pool and lake. Newer HVAC unit, plantation shutters and some updated flooring.

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7827 N Sunset Ridge Prescott Valley, AZ 86315

Open House

$475,000

3 Beds

2 Baths

1,547 SqFt

Status Active

MLS # 6685046

Property Type Single Family Residence

Price Type --

Turn-key, open concept, split-plan in the much sought-after Viewpoint subdivision. NEW roof (2021), NEW LVP waterpoof flooring (2021) throughout (carpet only in 2 of 3 bedrooms); freshly painted neutral interior and exterior paint (2022); all new window treatments. Open island kitchen with ample cabinets and pantry, double sided cabinet island and extra wide dining space. Spacious fenced low maintenance back yard with rear covered patio. Energy saving Gas heat; gas hot water heater; gas range/oven; and gas fireplace. Vaulted ceilings and spacious master suite with walk in closet. Lightly lived in, meticulously maintained home with low HOA fees.

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5231 E Red Bird Lane San Tan Valley, AZ 85140

$475,000

4 Beds

2.5 Baths

2,135 SqFt

Status Active

MLS # 6685418

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled just moments away from the vibrant heart of San Tan Valley. This exquisite custom residence radiates sophistication and meticulous craftsmanship, evident from the moment you set eyes on its captivating curb appeal. The front yard, ensconced within a charming fence and gated entry, sets the tone for the luxury that awaits within. Step inside to discover a modern oasis adorned with tasteful accents and premium finishes. The interior exudes elegance with its contemporary and neutral palette, complemented by sleek ceramic tile flooring that seamlessly flows throughout the home. As you enter the living room, your gaze is drawn upward to the enchanting tray ceiling, equipped with pre-wired surround sound, perfect for immersive entertainment experience The heart of the home, the spacious kitchen, beckons with its seamless integration into the living space. Custom kitchen cabinets, adorned with white quartz countertops, provide both functionality and style, while state-of-the-art Samsung appliances, including a refrigerator, dishwasher, microwave, washer, and dryer, elevate the culinary experience. Plantation shutters adorn every window, adding a touch of elegance and privacy to each space. Elevated ceilings grace the main living areas, soaring to 10 feet, enhancing the feeling of openness and grandeur. Retreat to the master en suite, where relaxation awaits in the luxurious soaking tub, surrounded by pristine white quartz countertops and custom mirrors. Outside, the delights continue with an RV gate and ample space for recreational vehicles and toys, ensuring endless outdoor adventures. A sprawling covered patio, adorned with cooling fans, invites al fresco dining and leisurely gatherings, while a meticulously crafted pavered area awaits your grill for memorable barbecue nights under the stars. With attention to detail evident at every turn, this stunning home offers a lifestyle of unparalleled luxury and comfort. Don't miss the opportunity to make this exquisite sanctuary your own.

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11035 E Topaz Avenue Mesa, AZ 85212

$475,000

3 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6686143

Property Type Single Family Residence

Price Type --

Amazing 3 bed 2 bath, open-floor plan, Bella Via home on an oversized lot in east Mesa! Besides the ideal location with north/south exposure, this home features 10' ceilings combined with a split, open floor plan, making it live and feel like a much bigger space! Kitchen is well appointed with gas range, island sink, and matching stainless. The split floor plan offers a huge central living space with maximum privacy. Plus, this home has Owned solar! No payments.. electricity bills under $10. Don't forget the oversized epoxy-floor garage with space for a third vehicle! Tons of storage. And a nice little orange tree in the backyard! This home has what you need in the $500k price range. Come see it! Welcome home!

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30817 W Bellview Street Buckeye, AZ 85396

$475,000

3 Beds

2 Baths

2,171 SqFt

Status Active

MLS # 6686245

Property Type Manufactured Home

Price Type --

This 3-bedroom, 2-bathroom home offers the perfect blend of rustic charm and modern convenience. GreatRoom flows seamlessly into the kitchen, epitomizing the sought-after farmhouse vibe. The heart of the home, a spacious kitchen, features ample counter space and storage, ideal for those who love to cook and entertain. Primary Suite & Guest Bedrooms include walk in closets and provide comfort and tranquility. The game room is located next to the Guest Bedrooms. Outdoors, enjoy a covered deck that invites early morning moments or relaxing evenings by the fire pit. The property boasts an ext'd 2-car garage with add'll carport, perfect for keeping your vehicles and equipment sheltered. Two on-site containers keep your belongings organized. Property is fully fenced.

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10804 W Cottontail Lane Peoria, AZ 85383

$475,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6687334

Property Type Single Family Residence

Price Type --

Welcome home in the desirable Tierra Del Rio subdivision! This charming 3 bed, 2 bath residence boasts a den and a bonus room off the master bedroom, perfect for a home office or gym. Enjoy gatherings in the spacious eat-in kitchen with granite countertops, island and family room. Step outside to your private backyard featuring a covered patio, a built-in BBQ synthetic grass and cozy fire pit. With a 2-car garage and proximity to shopping, schools, TSMC factory, and freeway access, this home offers both functionality and convenience. Don't miss the chance to make this your forever home!

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18455 N 167th Lane Surprise, AZ 85374

$475,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6687490

Property Type Single Family Residence

Price Type --

Welcome to your amazing 3 bedroom (plus a den) / 2 bath home in the very desirable Bell West Ranch subdivision in Surprise. Wonderful open floorpan features a great room perfect for entertaining. Nicely remodeled with vinyl wood plank flooring throughout. Kitchen is designed with white quartz countertops, white painted cabinets, and stainless appliances. Modern style ceiling fans and lighting fixtures are updated throughout the home. The 3 car garage provides ample storage. Very large backyard with RV gate and RV parking. With convenient access to shopping, dining, and entertainment, this home offers the ideal combination of comfort and convenience.

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546 S 199th Drive Buckeye, AZ 85326

$475,000

4 Beds

3 Baths

2,151 SqFt

Status Active

MLS # 6687707

Property Type Single Family Residence

Price Type --

Fall in LOVE with this charming home in Blue Horizons! Offering 4 beds, 3 baths, 3-car tandem garage, & a well-manicured landscape. Discover an inviting interior that features a designer palette & wood-look tile flooring t/out. Ideal for those who love to entertain, this gem's open layout ensures seamless & enjoyable gatherings! The kitchen boasts SS appliances, granite counters, a pantry, subway tile backsplash, recessed & pendant lighting, dark wood cabinetry, and an island w/breakfast bar. Main bedroom has a tray ceiling, a walk-in closet, and an ensuite with dual sinks & a separate tub/shower. Versatile den can be an office or reading nook! There is also a storage room for added convenience. Outback, you have a covered patio, Gazebo, well-laid pavers, & artificial turf. Move-in ready!

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1920 E Bell Road Phoenix, AZ 85022

$475,000

4 Beds

3.5 Baths

2,124 SqFt

Status Active

MLS # 6688378

Property Type Townhouse

Price Type --

SELLER IS OFFERING UP TO $10,000 CASH CREDIT AT CLOSING FOR BUYER TO USE FOR ANY PURPOSE. Elevate your lifestyle in this remarkable corner condominium, the largest in Parkside, boasting extra windows that flood the space with natural light and offer picturesque views of the sparkling pool. With two primary bedrooms—one conveniently located on the ground floor and another on the top floor—this residence offers unparalleled flexibility and privacy. Step into the expansive open floorplan, designed with seamless flow for effortless entertaining. Slide open the two glass doors and invite the refreshing breeze indoors as you prepare meals all while engaging guest in the living and dining room. Exclusive living reaches new heights in this gated community, where every amenity has been thoughtfull or watch your children play in the playground. Discover the epitome of Arizona living with easy access to dining, entertainment, and recreation options, all within reach of this coveted address. Embrace a lifestyle of luxury and convenience at Parksidewhere every day feels like a retreat.

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2209 E Marconi Avenue Phoenix, AZ 85022

$475,000

3 Beds

2 Baths

1,538 SqFt

Status Active

MLS # 6690980

Property Type Single Family Residence

Price Type --

Showings start at 3pm

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3324 E Luna Drive San Tan Valley, AZ 85143

$475,000

4 Beds

3 Baths

2,343 SqFt

Status Active

MLS # 6691341

Property Type Single Family Residence

Price Type --

BRAND NEW, NEW CONSTRUCTION HOME! NEVER LIVED IN. AVAILABLE NOW! This is your opportunity to get into Meritage Homes just completed Phase I of Bella Vista Farms. The owners closed on this new built home in June of last year but life plans changed and they never moved in. Their loss is your gain! This upgraded home is the Meritage Lark floor plan with the ''Lush'' interior package. With a spacious great room, upgraded kitchen,4 bedrooms PLUS a teen room, everyone has their own personal space when they need it plus the ability to come together and enjoy each others company as well. Sitting on a view lot, you have no neighbors behind you and the view fencing gives great views of the planned landscaped wash behind the home as well as the Superstition Mountains. And did I mention there is no wait or build time? This home is move in ready and can close as quickly as you need.

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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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