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

18157 W Navajo Street Goodyear, AZ 85338

$471,990

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6604053

Property Type Single Family Residence

Price Type --

This single-story home features an open concept floor plan that includes 9-ft. ceilings and a large great room. You'll also find Emser® tile flooring throughout the great room, dining space and kitchen, and Shaw® carpeting in the bedrooms. The expansive kitchen offers 42-in. upper cabinets, granite countertops, a center island and Whirlpool appliances. The private primary suite at the back of the home includes an oversized closet, and the primary bath boasts a separate tub and shower, a dual-sink vanity, and a door at the water closet. This home also includes a 40-gal gas water heater.

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12126 W Luxton Lane Avondale, AZ 85323

Open House

$471,990

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6625862

Property Type Single Family Residence

Price Type --

Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.

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2311 W Claremont Street Phoenix, AZ 85015

$471,900

5 Beds

4 Baths

2,081 SqFt

Status Active

MLS # 6621326

Property Type Single Family Residence

Price Type --

Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***

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17428 W Fulton Street Goodyear, AZ 85338

$471,488

4 Beds

3 Baths

2,257 SqFt

Status Active

MLS # 6700486

Property Type Single Family Residence

Price Type --

Discover our dynamic community with a move-in ready home featuring 4 bedrooms, 3 baths, and a 3-car tandem garage. Inside, enjoy a teen room/loft, cabinets in the laundry, and quartz kitchen counters. Outside, engage in fun with sand volleyball, basketball courts, and two playgrounds for all ages. Welcome to your new home and vibrant community!

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12535 W Marguerite Avenue Avondale, AZ 85323

Open House

$471,156

4 Beds

2 Baths

2,207 SqFt

Status Active

MLS # 6677110

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Move in ready Lantana design at Highland Ridge by Brookfield. 6000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the 3-car garage leads you into the drop zone. 48,000 in upgrades. 5.99% Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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6337 W Valencia Drive Laveen, AZ 85339

$471,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active

MLS # 6700691

Property Type Single Family Residence

Price Type --

This stunning two-story home offers the perfect blend of elegance and functionality. With 4 bedrooms and 3 bathrooms, there's ample space for comfortable living. As you step inside, you're greeted by a bright and spacious interior, featuring tasteful finishes and modern amenities throughout. The open-concept layout seamlessly connects the living, dining, and kitchen areas, making it ideal for both relaxing and entertaining. One of the standout features of this home is its solar panels, providing energy efficiency and cost savings. Say goodbye to high utility bills and hello to sustainable living! Step outside into the beautiful backyard oasis, complete with lush turf and plenty of space for outdoor enjoyment. Whether you're hosting gatherings with friends and family or simply unwinding after a long day, this backyard retreat is sure to impress. Conveniently located in a desirable neighborhood, this home offers easy access to amenities, schools, parks, and more. Don't miss your chance to own this truly exceptional property.

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8449 W Rockwood Drive Peoria, AZ 85382

$470,999

2 Beds

2 Baths

2,203 SqFt

Status Active

MLS # 6636533

Property Type Single Family Residence

Price Type --

Price Reduction ,Spacious home in wonderful ''Westbrook Village'' Adult community 20% 40 years to 55 years, 80% 55 years plus, no children under 19 years of age. Located in the newer Phase 2, close to The Vistas Recreation Center. Large bedrooms, huge master bath with tub & shower. Newer A/C. Solar $139. per month. Looking for lots of room, this home has a large Arizona Room, could be heated & cooled for a work out room or area for pets or ?? Come see your dream home today !!

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17798 W Running Deer Trail Surprise, AZ 85387

$470,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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24067 N 147th Drive Surprise, AZ 85387

New

$470,980

4 Beds

2 Baths

1,949 SqFt

Status Active

MLS # 6703252

Property Type Single Family Residence

Price Type --

Up to 3% of closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6703252 Discover modern living at Los Cielos at Rancho Mercado with our 40-1 floorplan—a single-story sanctuary featuring 4 bedrooms and 2 baths. The open design seamlessly connects the dining room, kitchen, and great room. Enjoy the kitchen's tiled backsplash, recycle center, and soft close cabinets. Three front bedrooms and 2 bathrooms offer privacy, while the rear primary bedroom boasts a walk-in closet, spa-like shower, and dual vanities—blending luxury with functionality. Welcome to a life of comfort and elegance at Los Cielos!

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5211 W Beryl Avenue Glendale, AZ 85302

$470,900

4 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6650123

Property Type Single Family Residence

Price Type --

Amazing Remodeled Pool and Home completely remodeled four bedrooms, two baths, two car garage, RV gate. Family room with Fireplace goes out to nice covered patio and large Yard. New Windows, New Cabinets, New Appliances, All New flooring. Remodeled bathrooms. Fresh paint inside and out. You will love this home.

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39104 N Dusty Drive San Tan Valley, AZ 85140

New

$470,700

6 Beds

3 Baths

2,857 SqFt

Status Active

MLS # 6702974

Property Type Single Family Residence

Price Type --

This meticulously maintained 6-bed, 3-bath home exudes pride of ownership! Step onto the charming porch for morning coffee. Inside, modernity meets care with updated flooring, appliances, fixtures, and window dressings. The warm living room features tasteful carpet and tile, leading to a spacious great room merging family space with an open-concept kitchen, boasting white cabinetry, granite countertops, and a large pantry. Upstairs, a versatile loft complements the main suite with a private bathroom and walk-in closet. With a downstairs bedroom and bathroom, hosting guests is easy. Outside, the backyard with a covered patio opens onto green space for al fresco dining. Welcome home to comfort, style, and modern living!

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651 S Del Rancho Circle Mesa, AZ 85208

$470,504

3 Beds

2.5 Baths

1,784 SqFt

Status Active

MLS # 6444583

Property Type Single Family Residence

Price Type --

$15,500 in Builder Incentives (must use Preferred Lender) for Buyer to use on this NOW COMPLETED Inventory home! This floorplan features 3 bedrooms and 2.5 baths. Beautiful gray shaker style cabinets, granite counters and 12X24 tile throughout the entire first floor! Diamond Court, built by Newmark Homes, is an 18 home community nestled in a prime location in Mesa. Close to new shopping/restaurants!

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