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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19000 N 96th Avenue Peoria, AZ 85382

$485,000

3 Beds

2 Baths

1,996 SqFt

Status Active

MLS # 6693919

Property Type Single Family Residence

Price Type --

3 BEDROOMS/2 BATH BEAUTIFULLY UPGRADED HOME! Located in the heart of Westbrook Village in the coveted Lakeview Estates subdivision, next to the rec center and golf club! Property is on a prime oversize corner lot, low maintenance landscaping, NEW ROOF 2018, UPGRADED wood like tiles throughout - 2022, Kitchen remodel 2023, UPGRADED Owner's shower - 2019, Security Screen - 2021, Security Screens added to all windows throughout - 2018, NEW PAVER courtyard - 2020, Popcorn ceiling removed - 2017. Enclosed AZ room great for an office or hobby room! Come see this lovely home today! Close to shopping, dining, and freeways!

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9551 E Redfield Road Scottsdale, AZ 85260

$485,000

2 Beds

2.5 Baths

1,111 SqFt

Status Active

MLS # 6694887

Property Type Townhouse

Price Type --

One of the few townhomes in Redfield Park with a view of the McDowell Mountains from both levels inside as well as the deck. Quiet end unit with brand new AC & Furnace in 2022, new light fixtures, and a seamless flow with kitchen cabinets matching the wood floors and wood shades. This 2 bdrm, 2.5 bath condo with upstairs laundry room, has a tandem garage space for two cars inside, as well as extra storage space both in the garage, and master bedroom. Great location in Scottsdale nearby ALL you'd want to do: dining, shopping, golfing, hiking, and biking on a trail that goes all the way to Tempe. Public tennis courts are just two blocks away at a community park. Brand new Gated Entry makes it a breeze to enter the well taken care of property that is close to everything.

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10619 S 54th Drive Laveen, AZ 85339

$485,000

4 Beds

2 Baths

1,951 SqFt

Status Active

MLS # 6695357

Property Type Single Family Residence

Price Type --

An enchanting home nestled on one of the most premium lots in the neighborhood, boasting stunning mountain views, awaits its new owners! Built just two years ago, this 4-bedroom, 2-bathroom house features an open-concept living space flooded with natural light and functionality. The kitchen offers elegant, upgraded finishes, a walk-in pantry, a water filter/reverse osmosis system, and a large kitchen island with quartz countertops. Enjoy even more of the breathtaking mountain views from the charming living room or step out into your $10,000 upgraded backyard with a covered patio, offering a private and serene Arizona experience. This location is perfect for any family or individual looking to invest in the up-and-coming city of Laveen, where developments are on the rise!

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1209 N Gila Drive Payson, AZ 85541

$485,000

3 Beds

2 Baths

1,582 SqFt

Status Active

MLS # 6695451

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Payson North! This stunning property offers the perfect blend of comfort, functionality, and outdoor charm. Nestled on a double lot, this site-built home boasts 3 bedrooms and 2 bathrooms spread across 1,582 square feet of living space. Pull into the 2-car garage or utilize the convenient RV parking for all your vehicles and toys. Need extra storage? No problem - there's a spacious storage shed included. Step inside to discover a cozy sunroom and a living room adorned with large windows and a pellet fireplace, creating a warm and inviting atmosphere. The kitchen is a chef's delight, featuring ample counter space, a breakfast bar, and sleek granite countertops. Retreat to the master suite, complete with a full bathroom, while one of the guest bedrooms boasts a walk-in closet for added convenience. Outside, the backyard oasis awaits with a covered patio and mature trees, providing a secluded retreat for relaxation. But the outdoor charm doesn't end there - the expansive front yard is adorned with tall pines, a covered porch, perfect for soaking in the breathtaking Payson mornings. This home has been fully remodeled and landscaped, boasting new flooring throughout and a fully fenced yard for privacy and security. Don't miss out on this incredible opportunity to own your slice of paradise in Payson North!

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4909 S Turbine -- Mesa, AZ 85212

$485,000

3 Beds

2.5 Baths

1,898 SqFt

Status Active

MLS # 6697692

Property Type Single Family Residence

Price Type --

Your dream of living in Eastmark for under $500k is finally coming to reality! This 3 bed, 2.5 bath 2-story has several upgrades that your neighbors do not; including a pass-through gate for the side yard and deeper set back for more front yard beauty! You even get to enjoy your morning coffee on the front patio with views of the mountain! Don't wait on this one-it will not last long!!

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12583 W Midway Avenue Glendale, AZ 85307

New

$485,000

3 Beds

3 Baths

2,419 SqFt

Status Active

MLS # 6698715

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning two-story residence boasts 3 bedrooms and 3 bathrooms, perfect for comfortable living. The open-concept first floor invites you into a spacious living room, seamlessly flowing into a dining area that also offers convenient office space, ideal for today's flexible lifestyle needs. Located just 4 miles away from the iconic State Farm Stadium, shopping plaza, and the vibrant Westgate Entertainment Center, this home not only offers comfort and style but also easy access to entertainment, shopping, and dining options. Don't miss out on the opportunity to make this beautiful home yours!

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36158 N Red River Court San Tan Valley, AZ 85143

$485,000

3 Beds

2.5 Baths

2,314 SqFt

Status Active

MLS # 6705924

Property Type Single Family Residence

Price Type --

Well Loved & Move in Ready Home! Oversized Corner, CuldeSac Lot next to Green Space. Flexible Room Near Entry could be Formal Sitting, Office or any Purpose. Kitchen w/breakfast bar opens to Dining & Family Room, Overlooking Pool & Patio for Great Flow & Entertaining! Giant 10ft long Walk in Pantry! Whirlpool SS fridge Incl. Gorgeous, Light Colored LVP Flooring in Traffic Areas. Large Owner's suite boasts 2 Walk In Closets & Dual Vanities. Spacious Upper Level Laundry Room w/Whirlpool Wash/Dry incl. Vaulted Loft is over 29ft long!! Imagine the Possibilities! Fenced, Heated & Sparkling Pool! Play Structure & Artificial Turf too! Recent Exterior Paint. Neighborhood Amenities Include Walking Paths/Trails, Parks, Tot Lots, Sport Courts & Social Events Calendar. Don't Miss This One!!

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1107 E 9th Place Mesa, AZ 85203

$485,000

3 Beds

2 Baths

1,852 SqFt

Status Active

MLS # 6703300

Property Type Single Family Residence

Price Type --

RARE NORTH MESA BEAUTY you don't want to miss!! BURSTING WITH CHARM, this 3 bdrm, 2 bath, 2 car garage is the perfect mix of old and new! Ideally located close to Hohokam Park, Down Town Mesa, & 202 Freeway, your access to a vibrant lifestyle is just minutes away. Design enthusiasts will love the custom double front doors, luxury vinyl flooring, wood burning fireplace, wains coating, and French doors! Freshly painted interior & custom shutters throughout. Kitchen boasts white cabinets, stainless steel appliances, tile backsplash, quartz counters & built-in desk! Oversized laundry room w/ access to extra storage room! Private backyard is lush, featuring mature shade trees and a relaxing sun porch. Low water bills w/ Irrigated lot! NO HOA & N/S Exposure! THIS WON'T LAST LONG!!

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12288 W Domino Drive Peoria, AZ 85383

$485,000

3 Beds

3 Baths

2,459 SqFt

Status Active

MLS # 6703674

Property Type Single Family Residence

Price Type --

Your next home is this beautiful 3 bed / 3 bath popular floorplan in Vistancia. Large Kitchen featuring a beautiful Island, walk-in pantry, gas stove and much more. Full Bath & Den on 1st level. Upper level features a large Loft, two secondary bedrooms, upstairs laundry, Master Suite & large closet. Low Maintenance Living at its finest! Community amenities are endless with parks, pools, water slides, splash pad, club house, gym, hiking and biking and off road trails! Separate Community Pool/Spa exclusive for Acacia Grove/Primrose Estates residents. Easy to show and ready to make your next home.

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14413 W Dahlia Drive Surprise, AZ 85379

New

$485,000

3 Beds

2.5 Baths

1,929 SqFt

Status Active

MLS # 6707010

Property Type Single Family Residence

Price Type --

Good news and bad news. Good news is you found your dream home! Bad news is it won't last long. In the highly sought after community of Marley Park with over 18 neighborhood parks, splash pads, pools and club house, this like-new home is what you've been waiting for. You will be in awe of the condition of this 3 bedroom with a den, single story home with upgraded tile, modern light fixtures and plantation shutters. The open kitchen is an entertainer's delight with stainless steel appliances, pullout drawers in the cabinets, quartz countertops and updated subway tile backsplash. And wait until you walk out the extended patio doors to your backyard oasis. No detail was missed with the new sparkling pool, extended artificial turf, covered patio and travertine pavers. Don't miss it!

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7784 N 58th Lane Glendale, AZ 85301

$485,000

5 Beds

3 Baths

2,271 SqFt

Status Active

MLS # 6704714

Property Type Single Family Residence

Price Type --

Nestled on a tranquil corner lot adjacent to a verdant common area, this charming two-story residence exudes warmth and comfort. Boasting five bedrooms and three baths, including a convenient downstairs bedroom and full bath, it offers ample space for relaxation and entertainment. The inviting kitchen features a breakfast bar, adorned with elegant granite countertops, perfect for culinary delights. A beautiful chandelier graces the dining area, enhancing the ambiance for memorable gatherings. Upstairs, a cozy loft complements the two baths and four bedrooms, providing a retreat-like atmosphere. Outside, a covered patio beckons for leisurely moments, while the two-car garage and RV gate offer practicality and convenience. Conveniently situated near Glendale Community College, es

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3819 E Hampton Avenue Mesa, AZ 85206

$485,000

5 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6704571

Property Type Single Family Residence

Price Type --

This is an upgraded 5 Bedroom, 2 Bathroom, ranch-style Mesa home featuring a covered back patio overlooking the private, fenced pool and synthetic grass play area! Inside, you'll find both a family and living room, with the family room connecting to the kitchen. Dine at the breakfast bar or adjacent dining area! Step into the Master bathroom to see a walk-in, surround-tile shower. This home has OWNED SOLAR for massive savings. Other perks include an indoor laundry room and nearby parks (one with dog park area), plus Eastern Canal Trail for walking, running, and biking. Enjoy close proximity to many shopping and dining options, supermarkets, golfing, and the Usery Mountain Recreation Area!

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