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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

14137 W Evans Drive Surprise, AZ 85379

$487,500

5 Beds

3.5 Baths

2,714 SqFt

Status Active

MLS # 6684281

Property Type Single Family Residence

Price Type --

Situated in a family-friendly neighborhood, you'll love the sense of community and convenience that surrounds you. From nearby parks to attractions like Uptown Alley and Surprise Stadium. Downstairs, discover a bedroom, a spacious family room, living room, and a well-appointed kitchen - ideal for gatherings and quality family time. Upstairs, 4 more bedrooms and a loft offer plenty of space for everyone to spread out and relax. But the real highlight of this home? The backyard oasis! With an extended patio providing ample space for outdoor dining and lounging, and a sparkling pool just in time for summer.

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14578 W Valentine Street Surprise, AZ 85379

$487,434

4 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6696771

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING INTEREST RATE AND CLOSING COST ASSISTANCE. Wonderful open plan with all the right upgrades. 4 Bedrooms, 2.5 baths with tile throughout the home except for the bedrooms and upstairs. stainless steel gourmet appliances, painted shaker cabinets, Quartz countertops. This home is very open and bright. Home is under construction and ready early summer. Come make it yours today. Photos are of the model. All of the Marley Park wonderful amenities at your fingertips. Community clubhouse, gym, amazing pool, fire pits and game areas. Marley is all about lifestyle!

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20100 W Exeter Boulevard Buckeye, AZ 85396

$487,247

3 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6672134

Property Type Single Family Residence

Price Type --

The ranch-style Augusta offers thoughtfully designed living space. The foyer leads to an open floor plan with a Gourmet Kitchen, a great room, and dining room and center meet doors to a covered patio. You'll find a spacious owner's suite next to the dining room, showcasing a walk-in closet and an attached deluxe bathroom. This plan offers two bedrooms and a bath. Home is complete with a two car garage with extra storage space

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5252 W Pontiac Drive Glendale, AZ 85308

$487,000

3 Beds

2 Baths

1,467 SqFt

Status Active

MLS # 6698463

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought-after Arrowhead Lakes community! This 3-bed, 2-bath home with a sparkling pool is a must-see. Fresh paint and brand new carpet throughout. Pool replastered April 2024. As you step inside, you'll be greeted by an inviting living space adorned with a charming fireplace, creating a cozy atmosphere for gatherings with family and friends. The kitchen offers stainless steel appliances. The spacious master suite, featuring a private en-suite bathroom and a large closet, offering a peaceful haven to unwind after a long day. Two additional bedrooms provide comfortable accommodations for family members or guests, each with plenty of natural light and closet space. Relax in the low-maintenance backyard oasis. Located in the highly sought-after Arrowhead Lakes community, this home offers access to a wealth of amenities, including scenic walking trails, parks, and nearby shopping and dining options. With easy access to major highways, commuting to downtown Glendale or Phoenix is a breeze. Come take a look before it's gone!

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9728 W Riverside Avenue Tolleson, AZ 85353

$487,000

5 Beds

2.5 Baths

2,685 SqFt

Status Active

MLS # 6703010

Property Type Single Family Residence

Price Type --

Welcome to this stunning large corner lot 5 bedroom, 2.5 bathroom home, offering a perfect blend of comfort and space. As you step inside, you will find a formal living, and open ceiling dining room, an attractive stoned fireplace. Enjoy your time in the stunning kitchen w/granite counters, tile backsplash, island w/breakfast bar, wood cabinetry w/crown trim, walk-in pantry, & high-end appliances. Retreat to the privacy of the upstairs main bedroom w/dual sinks, tub, shower, & walk-in closet. Don't forget the loft, den, & office for additional living space, 3 car garage, & RV gate! Enjoy the backyard that offers a covered/extended paver patio, large trees, & built-in BBQ, perfect to enjoy family & guests.

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6288 Harvest Moon Avenue Prescott, AZ 86305

$487,000

2 Beds

2 Baths

1,709 SqFt

Status Active

MLS # 6650884

Property Type Single Family Residence

Price Type --

Enjoy this delightful home in desirable Saddlewood Subdivision! Built in 2021, this move-in ready, 2 bedroom + OFFICE, Montana-Craftsman floorplan, offers modern elegance and alluring features that are perfect for comfortable living. Step inside this single-level home and you are greeted with natural light creating a warm and inviting atmosphere. The large kitchen is a dream with beautiful granite countertops, undermount sink, and nutmeg stained maple cabinetry. While the open layout seamlessly connects to the living area. Upgraded features include split view plantation shutters, center stack vertical shade on slider, floor outlet in living, re-circulating hot water, and Prestige security door and safety film on adjacent window. The nice sized primary bedroom includes dual sinks, glass shower, extra linen storage and large walk-in closet. This split floorplan offers a second bedroom and hall bath for your guests and efficient workable office space. Watch the sunsets in your private backyard oasis that has no homes behind and enjoy the covered paver patio & artificial turf. Located close to the future community amenities of The Headquarters at Deep Well Ranch featuring Play Area, Zip Line, Bocce Ball, Food Truck Ramada, Pickle Ball & Live Events. Furthermore, it is just a short drive to Embry Riddle OR downtown Prescott where you can explore a variety of dining, shopping, and entertainment. Don't miss out on the opportunity to make this beautiful home yours!

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3864 E Fruitvale Avenue Gilbert, AZ 85297

$487,000

3 Beds

2 Baths

1,692 SqFt

Status Active

MLS # 6666977

Property Type Single Family Residence

Price Type --

This lovely single story home features 3 bedrooms and 2 full baths with an additional den (including a closet!) that could easily be converted into a 4th bedroom. The home is located in the quiet community of Coronado Ranch with beautiful tree-lined streets, affordable HOA fees, and close proximity to Gilbert Regional Park. Coronado Ranch is a ''buy and hold'' community and homes like this don't come up on the market often especially at this price. SELER IS OFFERING A $10,000 CREDIT to assist buyers with closing costs or rate buy down and will also include the washer, dryer, and refrigerator in the sale. Come see this gem for yourself!

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131 W Ivanhoe Street Gilbert, AZ 85233

$487,000

3 Beds

2 Baths

1,226 SqFt

Status Active

MLS # 6688775

Property Type Single Family Residence

Price Type --

Get ready to have your socks knocked off and your heart stolen by this amazing home in Gilbert! Not only does it have 3 bedrooms and 2 bathrooms, but it's been spruced up like the most fabulous prom date you could ask for. The A/C has been fixed, the place has been scrubbed harder than a pig at a spa, and the yard is so well-manicured it puts Marie Kondo's zen garden to shame. Inside, it's like walking into the pages of an interior design magazine with hardwood floors, granite countertops, and the fanciest stainless steel appliances this side of Beverly Hills. And let's not forget about the backyard - it's basically a vacation resort with a pristine pool, perfect for sipping poolside cocktails and showing off your best cannonball. And the cherry on top? This community has more activities than a summer camp - biking/walking path, park, playground, volleyball court, picnic areas, and basketball court. Say goodbye to boredom and hello to your dream home in Gilbert. Come on, schedule a showing before someone else snatches it up!

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17979 W Avenida Del Sol -- Surprise, AZ 85387

$486,995

4 Beds

3 Baths

2,611 SqFt

Status Active

MLS # 6694724

Property Type Single Family Residence

Price Type --

Experience the allure of this impeccable floorplan, ready for immediate occupancy! Revel in the impressive layout featuring four bedrooms, a loft, three baths, a private study, and blinds throughout. Boasting energy efficiency and Smart Home capabilities, this home stands out with its numerous upgrades. Admire the great curb appeal and spacious yard, perfect for entertaining. Inside, appreciate the elegance of two-tone paint and 9' ceilings. The stunning Flagstone cabinets and Quartz countertops in the expansive kitchen add to the appeal, along with wood-look tile flooring, an island, and a walk-in pantry.

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11466 W Arron Drive Youngtown, AZ 85363

$486,900

4 Beds

2.5 Baths

2,165 SqFt

Status Active

MLS # 6675509

Property Type Single Family Residence

Price Type --

Come home to the beautiful, two-story Snowflake, featuring an open-concept layout with four bedrooms and two-and-a-half bathrooms. This home showcases a spacious master suite complete with a large walk-in closet, an upstairs loft area, laundry room, 3 additional bedrooms and a second full bath with a dual shower and bathtub. This new home includes upgrades such as energy-efficient kitchen appliances, a fully-fenced backyard, covered back patio, with ceiling fan, front yard landscaping and an attached two-car garage. The living space opens up to the kitchen with a center island, making it perfect for entertaining friends and family. This home is located in a family friendly neighborhood with safety in mind. This home is located on a premium oversized lot.

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2505 E Commonwealth Circle Chandler, AZ 85225

$486,525

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6688392

Property Type Single Family Residence

Price Type --

Become the proud owner of this cozy 3-bedroom, 2-bathroom residence with a perfect blend of comfort and style! The living room features a soothing palette and attractive wood-look flooring. Gather loved ones in the family room for intimate moments. The kitchen comes with tile counters, abundant white cabinetry, recessed lighting, a peninsula with a breakfast bar, and a convenient serving window to the patio. The main bedroom is complete with soft carpeting, sliding doors to the backyard, a walk-in closet, and a private bathroom. Outside, the backyard is an oasis, boasting a covered patio, a fragrant citrus tree, and a refreshing pool for enjoying sunny days. This value won't disappoint!

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4805 S 28th Street Phoenix, AZ 85040

New

$486,000

4 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6706521

Property Type Single Family Residence

Price Type --

Nestled in a sought-after location, this newly constructed home offers four bedrooms, two bathrooms, and modern finishes throughout. Currently tenant occupied, this property presents an immediate income stream for investors. With no HOA fees, the investment potential is further enhanced. Inside, discover a spacious kitchen with elegant flooring, complemented by a generously sized backyard. Don't miss this turnkey opportunity to secure rental income in a prime location. The lease terms end on Feb 25, 2025.

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