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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18812 N 94th Avenue Peoria, AZ 85382

$469,000

2 Beds

2 Baths

1,483 SqFt

Status Active

MLS # 6684237

Property Type Townhouse

Price Type --

Fully Remodeled Westbrook Village Gem! 15K CAPITAL RESERVE ASSESSMENT WILL BE PAID BY SELLER FOR BUYER!!! This stunning property has undergone a complete transformation, boasting meticulous attention to detail and high-quality finishes throughout. Fairway Ridge is situated in the coveted Westbrook Village community, this home offers both elegance and functionality. With spacious living areas, a gourmet kitchen, luxurious bathrooms, and impeccable landscaping, this residence is the perfect blend of style and comfort. Don't miss your chance to call this meticulously remodeled home yours!

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10459 E Natal Avenue Mesa, AZ 85209

$469,000

3 Beds

2.5 Baths

1,730 SqFt

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MLS # 6683132

Property Type Single Family Residence

Price Type --

Prepare to be impressed by this well-maintained home in Mulberry Community! The lovely façade provides a low-care front yard, stone accents, and a cozy front porch. You'll love the large great room graced with wood-look flooring, bountiful natural light, and sliding glass doors leading to the back patio. The kitchen features cabinets with crown moulding, recessed lighting, stainless steel appliances, and granite counters. Continue upstairs to find the carpeted primary bedroom offering an ensuite with dual sinks, a make-up desk, and a walk-in closet. The private backyard with artificial turf, an attached pergola, and pavers is perfect for alfresco dining, entertaining, or merely unwinding after a long day. Don't let this opportunity slip by!

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4275 Ponderosa Trail Wickenburg, AZ 85390

$469,000

2 Beds

2 Baths

1,866 SqFt

Status Active

MLS # 6687915

Property Type Single Family Residence

Price Type --

Experience comfort and style in this unique two bed, 2 bath treasure in Wickenburg Ranch! Step inside to discover a well-appointed interior with ample space for both relaxation and productivity. Featuring a spacious office/den that can easily transform into a third guest room for visitors or family! A large 2 car garage is equipped with wall to wall storage cabinets, and there is another spacious golf cart garage as well! Outside, the fully fenced backyard is an oasis, perfect for outdoor gatherings, pets, gardening, or simply enjoying the sunshine and magnificent star filled nights. Nestled in the desirable Wickenburg Ranch community, a beautiful and vibrant community awaits you

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11832 S Magic Stone Drive Phoenix, AZ 85044

$469,000

2 Beds

2 Baths

1,789 SqFt

Status Active

MLS # 6688359

Property Type Single Family Residence

Price Type --

Golf Course Lot AND mountain views....This Ahwatukee gem is in a 55+ community. This turnkey home is being sold ''as-is'' its fully FURNISHED at no monetary cost if buyer wishes. It has has been updated with New roof, AC unit, Flooring, and Kitchen. The brick fireplace in the eat in Kitchen brings a cozy feeling while looking at the Mountain Views and Golf course. Relax at happy hour time on the enclosed outdoor patio. With Ahwatukee Rec Center you will have swimming, pickelball, workout facility, and activities to keep you busy. Come enjoy living in an active community!

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2802 E Dahlia Drive Phoenix, AZ 85032

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$469,000

3 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6688385

Property Type Single Family Residence

Price Type --

Welcome to your charming oasis in the heart of Phoenix Arizona! This delightful single-story home offers comfort and convenience in every corner. Situated on a generous north-south facing lot, with an RV gate and no HOA, this property provides ample space for all your outdoor activities and storage needs. Step inside to discover a thoughtfully updated interior, featuring three cozy bedrooms and two bathrooms. The bathrooms have been tastefully renovated, showcasing modern showers and fixtures, adding a touch of contemporary style to the home. Entertain effortlessly in the spacious living area, flooded with natural light and offering a warm and inviting atmosphere for gatherings with family and friends. The kitchen is a chef's delight, boasting stainless stee appliances, plenty of cabinet space, and sleek countertops, making meal preparation a breeze. Outside, soak in the stunning mountain views from the privacy of your backyard, perfect for enjoying morning coffee or hosting summer barbecues. With a brand new roof backed by a 10-year warranty and a newer HVAC unit, this home offers both peace of mind and energy efficiency. Parking is a breeze with the attached two-car garage, providing secure storage for your vehicles and belongings. Don't miss out on the opportunity to call this lovely house your home. Schedule your showing today and start living the relaxed Arizona lifestyle you've been dreaming of!

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13256 N 38th Place Phoenix, AZ 85032

$468,999

3 Beds

2 Baths

1,240 SqFt

Status Active

MLS # 6643265

Property Type Single Family Residence

Price Type --

Welcome to this breathtakingly remodeled home, a true gem that blends modern luxury with unparalleled convenience. Situated just a mile east of SR 51, this home offers swift access to major roads and urban amenities. A short stroll down the street leads to the lush expanses of Indian Bend Park, providing a perfect setting for outdoor recreation and relaxation. Perfect for New Beginnings. This home isn't just a residence; it's a lifestyle choice. Whether you're looking for a peaceful family haven or a vibrant social hub, this property caters to all. It is the perfect way to start your new year in style.

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18755 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6695197

Property Type Single Family Residence

Price Type --

Entrada del Oro in the Superstition Mountains: A serene desert escape with breathtaking, rugged beauty. Perfect for sunrise and sunset admirers.

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40258 W Michaels Drive Maricopa, AZ 85138

$468,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6695514

Property Type Single Family Residence

Price Type --

You'll find plenty to love about the Raleigh plan! The center of the home boasts a large gourmet kitchen with a convenient center island and walk-in pantry, which flows into an open-concept dining room and great room. The owner's suite is adjacent, with a private bath and a walk-in closet. There are three additional bedrooms and a bath off the great room and off the entry is a private study. Outside, enjoy your corner lot and large covered patio!

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18740 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

1,930 SqFt

Status Active

MLS # 6679862

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 3BR/2.5BA home! The back yard offers picture perfect views of Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!

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19551 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688597

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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19542 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688608

Property Type Single Family Residence

Price Type --

Explore this dynamic Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; a well-appointed kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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24075 W Pecan Road Buckeye, AZ 85326

$468,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6680414

Property Type Single Family Residence

Price Type --

Just over 3000 sq ft, this floorplan has It all. 4 bedrooms, 3.5 baths, a den downstairs, a half bath downstairs, a loft upstairs, and a 3-car tandem garage! This home offers so much space and a beautiful open concept. The outside has a Craftsman style exterior with included desert landscape. You walk into an open space with wood look plank tile throughout. There is a separate carpeted den area to be utilized as needed. The open concept living, kitchen, and dining area downstairs is great for entertaining. The gorgeous 4 panel sliding glass door that leads you to your outdoor covered patio provides an indoor/outdoor living space with a large backyard area. This home features our Minimalist design package that includes Crisp Stria quartz kitchen counter tops, with Fairview Stone Gray cabinets, Arctic White stacked kitchen backsplash, an undermount single bowl kitchen sink, matte black finish plumbing fixtures, stainless-steel appliances, and much more. Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home, making your move-in process seamless. Upstairs has a spacious loft for additional living space, along with 4 bedrooms, 3 full baths, and laundry. Not only is the laundry room perfectly located for a growing family, right now we're including matching washer & dryer in this move-in ready home. The primary room has a large walk-in closet, double sinks, a large walk-in shower, and an additional linen closet for extra storage. The 3 additional bedrooms all have spacious walk-in closets as well. Great location close to dining, freeways, dog park and entertainment.

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