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

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

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

17063 W Butler Avenue Waddell, AZ 85355

$468,777

3 Beds

3 Baths

2,162 SqFt

Status Active

MLS # 6695624

Property Type Single Family Residence

Price Type --

Open-concept living is the name and Antelope is the place. Step inside this 2,162 sq. ft. two-story, 3 bedroom, 3 bath home that includes a downstairs study with double doors and a spacious upstairs loft area, perfect for all your entertaining needs. A beautiful Kitchen with quartz counter-top and 42 Inch Benton stone gray cabinets put the finishing touches on this home. Our High-Performance Homes come standard with home automation technology, a REME HALO Air Purification system and they are designed with you in mind, to stay healthier & more comfortable in your new home.

View Property

1082 W Morelos Street Chandler, AZ 85224

$468,500

3 Beds

2 Baths

1,326 SqFt

Status Active

MLS # 6695158

Property Type Single Family Residence

Price Type --

Welcome to this peaceful charming 3 beds, 2 baths, 2-car garage single-level home. 220 power outlet for electric car charging is available in the garage. A semi-open layout with vaulted ceilings with a neutral palette. New carpet and tile flooring throughout. The kitchen boasts SS appliances with new granite kitchen & bath countertops. Cozy dining area with a bay window! The main bedroom has outdoor access and an ensuite with dual granite sinks, a separate tub/shower, & a walk-in closet. One other bedroom, w/double-door entry, can be used as an office. Home is plumbed for soft water and reverse osmosis in the kitchen. Check out the tranquil backyard with a covered patio, lush green lawn, mature tree landscape and a new irrigation system.

View Property

Yuma Prooving Guard AZ 85365

$468,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6660419

Property Type Manufactured Home

Price Type --

ARMLS Brand Team's Test Listing - DO NOT EDIT

View Property

43307 W Askew Drive Maricopa, AZ 85138

$468,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6679513

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home with a spacious 3-car garage,and pool.This home features tile floors,plantation shutters,and a cozy living room.The spacious great room is perfect for relaxing and entertaining with lots of kitchen storage,SS appliances,skylights,tile backsplash,granite counters,pantry,and a center island & extended breakfast bar.Primary bedroom has direct backyard access and a private bathroom with dual sinks,shower,tub and a walk-in closet.Backyard is an entertainer's dream featuring a covered patio,built-in BBQ,artificial turf,and sparking pool.This home has new HVAC system,hot water heater,water softener,pool pump & salt cell,resurfaced pool & cool decking to name a few (check docs for full list).A perfect blend of comfort & luxury. Come and make it yours today!

View Property

325 W Gina Marie Boulevard Paulden, AZ 86334

$468,000

2 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6680004

Property Type Single Family Residence

Price Type --

Wow you won't want to miss out on this completely remodeled home on 5 acres. New appliances. Open floor plan with a country flare. Barn doors open floor plan. Large master bedroom and master bath. Detached shop with a bar. Dog run, horse stalls and shelter. Private well with whole house filtration system. Completely fenced with lots of frost-free water spickets. All usable land. Amaizing views! Rv hook ups. Hot water heater, stove and dryer are set up for electric or propane services.

View Property

2937 W Anderson Drive Phoenix, AZ 85053

$468,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6682918

Property Type Single Family Residence

Price Type --

Highly upgraded 3-bed, 2-bath home! New RV gates on both sides of property w/concrete driveway & 2-car garage w/epoxy floor, new cabinetry, & new door/motor. Brand new synthetic turf w/pathways & elegant fountain is the cherry on top! New roof & fresh in/out paint. Discover new windows, tile flooring throughout, new chandeliers, upgraded recessed lighting, new custom plantation shutters, & new doors. The comfortable living room offers a surround sound system for convenience! The remodeled eat-in kitchen has new shaker cabinets, granite counters/backsplash, SS appliances, new sink, island w/breakfast bar, & new handles. The main bedroom features a private bathroom & walk-in closet. Both bathrooms are upgraded! The paver backyard boasts covered patio, storage shed, & boulder pond. Stop by!

View Property

12535 W Marguerite Avenue Avondale, AZ 85323

Open House

$467,656

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. 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.

View Property

9430 W Minnezona Avenue Phoenix, AZ 85037

Open House

$467,500

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6683540

Property Type Single Family Residence

Price Type --

Charming 3-bedroom home with a spacious great room and stunning mountain views, with the added privacy of no neighbors in front of the home. Nestled within a gated community offering park amenities, children's playgrounds, and scenic walking trails, this residence is designed for both comfort and convenience. Just outside the gated community you will find Westgate Entertainment District, which includes shopping, dining, sports and music. Want to stay inside? No problem, the chef's kitchen is a culinary delight, featuring stainless steel appliances, a gas stove, subway tile backsplash, white quartz countertops, and ample cabinetry with sleek handles, centered around a large island perfect for entertaining. Enjoy the seamless flow of large tile flooring throughout the living spaces. With a split floorplan and open layout, including a large slider leading to the back yard. This home offers versatility and elegance, enhanced by modern amenities such as a soft water loop, tankless water heater, and contemporary square sinks in the bathrooms with marble countertops and white cabinets. Additional highlights include a low-maintenance backyard with pavers, a covered patio for outdoor relaxation along with a very low-maintenance backyard. This home also features can lights throughout, a Ring doorbell for added security, and fresh interior paint for a polished finish. Experience the epitome of modern living in this meticulously crafted residence, where every detail is thoughtfully designed to elevate your lifestyle and create a sanctuary you'll be proud to call home.

View Property

4966 N 205th Glen Buckeye, AZ 85396

$467,499

2 Beds

2.5 Baths

1,681 SqFt

Status Active

MLS # 6682555

Property Type Single Family Residence

Price Type --

Welcome to genuine small-town charm in the heart of esteemed Victory at Verrado! This charming home boasts 2 large master-sized bedrooms w/ spacious walk-in closets, 2.5 baths & 3-car garage spanning 1,681 sf. on a generous 5,170 sf lot! Enjoy upgraded wood-look porcelain floors, plush carpets, 9' ceilings, open floor plan, recessed lighting & an abundance of natural light & high-quality finishes. Expansive & inviting living room welcomes you in & flows effortlessly into the eat-in kitchen featuring a large island w/ seating, plenty of storage, s/s appliances, large walk-in pantry & dining area opens to double wide sliding patio doors leading to the paved covered patio. Master retreat is complete w/ a resort-style bathroom w/ dual sinks, extra-large shower & walk-in closet. Welcome Home! lead to the outdoor patio, offering scenic views and a perfect spot for relaxation or entertainment. The spacious master suite is a true retreat, complete with a resort-style full bathroom, dual sinks, an extra-large shower, and a walk-in closet. The guest suite also offers comfort and convenience with its own well-appointed bathroom and private toilet room. Additional highlights include a complete laundry room with counter space, sink, and cabinets, ensuring functionality meets style. This home is perfectly situated near restaurants, shopping destinations, easy freeway access, and a variety of other amenities, making it an ideal place to call home.

View Property

17410 W Fulton Street Goodyear, AZ 85338

New

$467,120

3 Beds

2.5 Baths

1,939 SqFt

Status Active

MLS # 6696778

Property Type Single Family Residence

Price Type --

Welcome to El Cidro, where luxury living meets vibrant outdoor spaces. Our home features a spacious three-car garage, ideal for storage and convenience. Inside, discover a deluxe gourmet kitchen and a laundry room with ample storage. Offering spacious backyards and a wonderful community park with picnic tables, a basketball court, and two playgrounds. Gather with neighbors for picnics, games, and leisurely strolls along scenic pathways. Experience the perfect blend of modern comforts and natural beauty in our welcoming community. Welcome home.

View Property

792 E Cowboy Cove Trail San Tan Valley, AZ 85143

$467,000

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6660207

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom, 2.5-bathroom energy-efficient residence nestled in the charming Johnson Ranch. As you step inside, a grand formal living room welcomes you with neutral paint, 2-inch blinds, and luxurious vinyl plank flooring. The family room seamlessly connects to the kitchen, creating an ideal space for entertaining. The gourmet kitchen is a highlight, featuring stainless steel appliances with wall ovens, granite counters, glass backsplash, a pantry, recessed lighting, ample white cabinets, and a two-tier island with a breakfast bar. Upstairs, all bedrooms and a generously-sized loft await. The main bedroom, accessible through double doors, boasts an ensuite with dual sinks and a walk-in closet. Enjoy the expansive backyard with a blend of artificial and natural gras

View Property

6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

View Property