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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7817 W Bloomfield Road Peoria, AZ 85381

$485,000

3 Beds

2.5 Baths

2,312 SqFt

Status Active

MLS # 6694212

Property Type Single Family Residence

Price Type --

Welcome home! This beautiful two-story home has just been freshly painted and boasts 3 bedrooms, 2.5 bathrooms, and no HOA fees. The spacious layout includes vaulted ceilings, a cozy wood-burning fireplace, and a kitchen with a breakfast bar and eat-in dining room. The generous primary bedroom suite is located downstairs and features a spacious walk-in closet and a large bathroom with a walk-in shower and tub. The Master Bedroom also includes sliding door backyard access to a covered patio that overlooks the beautiful pool. Upstairs, there's a loft with two more bedrooms and an additional bathroom. The backyard oasis is perfect for relaxation and outdoor gatherings with a covered patio overlooking the pool. The front and backyards are nicely landscaped, and a 2-car garage with cabinets This home is located in a neighborhood with no HOA fees and is conveniently close to Peoria Sports Complex, P83, and the Westgate Entertainment District. It's also within walking distance to parks, grocery stores, and highly rated Oasis Elementary and Centennial High. Don't miss out on this amazing opportunity!

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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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36845 N Moyle Street San Tan Valley, AZ 85140

$485,000

5 Beds

3 Baths

2,535 SqFt

Status Active

MLS # 6695146

Property Type Single Family Residence

Price Type --

*RATE BUYDOWN ALERT* Seller will pay for a 2/1 rate buy down! Best deal in the Southest valley for a 5 bedroom, 3 bath single story with a 3 car garage. This near new bailey model is ideal for extended family with many seperate living spaces. The 12 ft wall of glass is a welcome focal feature, tinted for privacy and shade. Great open concept white kitchen with staggered cabinets and black granite. This very versitile open floorplan offers multiple wings of the house. Great next-gen flexibility! All 5 bedrooms have walk in closets. Ideal location in this gated community close to the community center and pool yet very private with only 4 houses on the street.

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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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29856 N 119th Lane Peoria, AZ 85383

$485,000

3 Beds

2 Baths

1,633 SqFt

Status Active

MLS # 6699869

Property Type Single Family Residence

Price Type --

Welcome to this charming 3 bedroom, 2 full bath home boasting a blend of elegant comfort and modern convenience. Step onto the wood-look title flooring that exudes warmth and sophistication, complemented by plush carpeting for added coziness. The heart of the home is the kitchen adorned with granite countertops, perfect for culinary adventures. Plus, enjoy the luxury of an owned water softener, ensuring every drop is refreshingly pure. Don't miss the opportunity to make this your home!

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2725 W Bisbee Way Phoenix, AZ 85086

$485,000

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6700354

Property Type Single Family Residence

Price Type --

Check out this beautifully remodeled home nuzzled in the highly desirable Anthem community with a lush backyard, extending views, and a builder-grade (and HOA-approved) children's playhouse! All new clean white cabinets, honed quartz countertops, matte black faucets, darling light fixtures, detailed feature walls, and fresh paint throughout. This property has been loved, cared for (maybe a little spoiled), and well-maintained by its owners since the day it was built. The kitchen is to die for and offers full functionality with a large peninsula and all new appliances while overlooking the dining area and living room. The Charm floorplan features an open-concept living space, a split floor plan, and a large primary suite comfortably fitting a king-sized bed. The primary bathroom accent flo or tile and updated tile shower with a rain shower head give the space a unique and luxurious experience. You are within walking distance of the Anthem Dog Park, stunning desert trails, and a pocket park, with a 2-minute drive to shopping and the freeway while still being nestled in a quiet residential neighborhood. This property is excited for its next family to begin their new chapter in life together! Come see 2527 W Bisbee Way - you won't want to miss out on this one!

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2854 S Marble Street Gilbert, AZ 85295

$485,000

3 Beds

3 Baths

1,724 SqFt

Status Active

MLS # 6701126

Property Type Townhouse

Price Type --

Remodeled Townhome AND Prime location in Spectrum at Val Vista!! Situation on a corner lot across from the elementary school, AND across the street from the community pool. This updated kitchen with freshly painted cabinets, new quartz countertops and full subway tile backsplash, is bright and airy. The downstairs den and full bath are perfect for guests. Upstairs are 3 bedrooms with 2 full baths, including the Primary Suite. Flooring is plank tile and real wood which adds warmth to the newly painted interior. Entertain in your backyard under the covered patio, or under the stars w/ beautiful landscape, pavers and plenty of space for a BBQ. San Tan Mall, Sprouts grocery, and a plethora of restaurants & shopping are within minutes of your new home. Don't let this opportunity pass you by!

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12333 W Sheridan Street Avondale, AZ 85392

$485,000

3 Beds

2 Baths

2,099 SqFt

Status Active

MLS # 6701345

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This STUNNING property boasts an array of features that are sure to please. Step inside and experience the FRESHLY PAINTED interior in a GORGEOUS gray, SPACIOUS living room with BAY WINDOWS, an large great room that opens up to the UPDATED KITCHEN with CRISP white cabinets and trendy countertops. Need extra space? You're in luck! The den located at the front of the home is perfect for a home office or hobby room. The primary bedroom boasts a LARGE walk-in closet and sizable bathroom, complete with a garden tub and REMODELED SHOWER. The single car garage has been transformed into the ultimate exercise zone or workshop complete with central AC, making it perfect for any project or workout routine. Step outside and discover a BACKYARD OASIS filled with FRUIT TREES including pink calamondin and grapefruit, providing both beauty and delicious treats. Dip into luxury with a resurfaced SPARKLING POOL that has received a $1000 acid wash, perfect for entertaining or unwinding in style. Additional home perks include new landscape rock, freshly cleaned grout, NO CARPET, new window coverings, NEW FLOORING in dining room, ensuring that every corner of this home sparkles with beauty and charm. Don't miss your chance to make this your own piece of paradise!

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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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