What’s Ahead For Mortgage Rates This Week – August 1, 2016

Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.

According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.

New and Pending Home Sales Increase

Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.

Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.

Fixed Mortgage Rates Rise

Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.

What‘s Ahead

This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.

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2204 E Kelly Drive Gilbert, AZ 85298

$624,990

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6759517

Property Type Single Family Residence

Price Type --

Nestled in the gated community of Belrose, this stunning Gilbert home offers the ideal blend of style & comfort. Wood-look tile flooring with plush carpeting in all the right places, recessed lighting, & modern fixtures & design elements throughout. The bright, open kitchen boasts white cabinets, sleek stainless steel appliances, quartz countertops, RO System, & a walk-in pantry. The spacious primary bedroom features an ensuite with walk-in shower & dual vanity. Enjoy AZ living in your backyard with a covered patio, pavers, & a dog run. Also included, a convenient doggy door, a 2-car garage with extra storage & water softener/whole house filtration system. Situated in an incredible central location, this home provides easy access to highways, top-rated schools, shopping, dining, & more!

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12643 W Roanoke Avenue Avondale, AZ 85392

$624,970

3 Beds

2.5 Baths

2,494 SqFt

Status Active

MLS # 6783118

Property Type Single Family Residence

Price Type --

Welcome to Rancho Santa Fe! This 3-bedroom, 2.5-bath residence features a 2-car garage, an RV gate, and a low-maintenance yard. You're greeted by a cozy living room with a soothing palette, plantation shutters, recessed lighting, and tile flooring. The family room has an inviting fireplace and double French doors leading to the backyard. The delightful eat-in kitchen comes with granite counters, crisp white cabinetry with crown moulding, a stone tile backsplash, SS appliances, a handy pantry, and an island with a breakfast bar. The bright main bedroom boasts vaulted ceilings, plush carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Venture out onto the balcony, which offers serene views of the surroundings. The enchanting resort-style backyard showcases a covered patio, a lovely gazebo, a built-in BBQ, an outdoor fireplace, a putting green for golf enthusiasts, and a relaxing spa and pool combo. Make this gem yours now!

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8532 W Rancho Drive Glendale, AZ 85305

$624,950

5 Beds

3 Baths

2,871 SqFt

Status Active

MLS # 6734484

Property Type Single Family Residence

Price Type --

GORGEOUS 5BDRM/3BATH HOME IN MINT CONDITION W/UPGRADES GALORE!! SOARING CEILINGS & EXTENSIVE USE OF PLANK FLOORING GREET YOU AS YOU ENTER THIS OPEN & SPACIOUS FLOORPLAN! BEAUTIFUL GOURMET KITCHEN W/42' CABINETRY & QUARTZ CNTRTOPS W/LRG WATERFALL ISLAND/BRKFAST BAR - UPGRADED SS APPL, DBL OVEN, HOODED STOVE & PENDANT LIGHTING - LRG MSTR SUITE W/GLASS WALK-IN TILED SHOWER - FIBER OPTIC INTERNET - PAVERED DRIVE & WALK-WAY, COVERED PATIO + HOME CLOSE TO THE NEW MATTEL ADVENTURE PARK, CARDINALS STADIUM, SHOPPING, RESTAURANTS, ENTERTAINMENT & MORE!! A MUST SEE!!

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16213 N 9th Place Phoenix, AZ 85022

Open House

$624,950

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6745175

Property Type Single Family Residence

Price Type --

BLACK FRIDAY BLOW OUT PROMOTION!! Submit the Black Friday Coupon in the documents tab with your offer to receive $7,500 off the listed price!! All written offers must be submitted with the coupon by 11:59 pm on Sunday, December 1st to receive this promotion. NO EXCEPTIONS! BUYER COULD NOT PERFORM-BACK ON MARKET!!! Brand new roof!! Welcome to this beautifully remodeled 3-bedroom, 2-bathroom ranch-style home at 16213 N 9th Place! Located in a peaceful cul-de-sac, this 1,910 sq. ft. home features an open concept living space with a split floor plan, luxury vinyl plank wood-look floors, a custom kitchen with a large island, coffee bar, and white cabinets that complement sleek silver appliances. The dual shower primary bathroom with elegant double sinks add a touch of luxury. Outside, enjoy the covered patio, oversized backyard, RV parking, and desert landscaping. The community offers a private park, playground, and green belt, and it's just minutes from Lookout Mountain with easy access to the I-17 and 51 freeways. This home has it all!

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31006 W 213th Lane Wittmann, AZ 85361

$624,900

3 Beds

2.5 Baths

2,100 SqFt

Status Active

MLS # 6727483

Property Type Single Family Residence

Price Type --

60 DAYS & DONE - You don't want to miss this turnkey single-level home offering a 3-car Tandum and a Full RV Garage! Get an up-close look to discover a captivating open floor design filled with bountiful natural light, high ceilings, lovely flooring, soothing palette, recessed lighting, a cozy fireplace, and sliding glass doors to the patio. Prepare gourmet meals in the impeccable kitchen boasting shaker cabinetry with crown molding, beautiful counters, a convenient pantry, and a large island w/a breakfast bar. Owner's suite is a true retreat, providing a private bathroom and a sizable walk-in closet. The secondary bedroom enjoys a walk-in closet too. Sit back & relax under the covered patio while drinking your favorite drink! Contract now and put your personal touch on your new home

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9023 S Dean Road Buckeye, AZ 85326

$624,900

4 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6762884

Property Type Single Family Residence

Price Type --

This Stunning, Custom 4BD/2BA plus office/den Home features 2,148 sq ft of Gorgeous, living space situated on a Huge lot! Enjoy the breakfast bar, ample, custom cabinetry w/lots of counter space in this Amazing, chef's kitchen, w/custom stone backsplash & under-mount cabinet lighting. Luxurious LED fixtures enhance the home's ambiance, while the Luxury, Spa-like bathroom features custom tile, a rain shower head, & water jets! Eco-friendly w/paid-off solar panels! & a sediment filtration system! this home is stylish & sustainable. The wood-like, tile flooring throughout and with no HOA, you have freedom & flexibility. Spacious 3-car, side-entry garage & dedicated, fenced-in dog run, complete this perfect modern oasis in the desert! You have to see this one to believe it!

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2055 W Edgemont Avenue Phoenix, AZ 85009

$624,900

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6764540

Property Type Single Family Residence

Price Type --

Exquisitely updated 3 bedroom 2 bathroom private gated backyard and garage access corner lot. beautiful timeless finishes and well maintained property., no maintenance backyard with artificial turn and putting green

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936 N Roadrunner Road Apache Junction, AZ 85119

$624,900

3 Beds

2 Baths

1,592 SqFt

Status Active Under Contract

MLS # 6778347

Property Type Single Family Residence

Price Type --

Discover this beautifully updated and meticulously maintained home on a spacious 1.25-acre lot, featuring breathtaking views of the Superstition Mountains! As you enter, you'll be welcomed by soaring wood-beamed ceilings, creating a grand sense of space. The bright Great Room, complete with a cozy wood-burning fireplace, seamlessly flows into an open-concept kitchen - perfect for gatherings and relaxation. The kitchen is a showstopper with stunning quartz countertops, designer cabinetry, and sleek stainless steel appliances. Unwind on the serene covered patio, designed for ultimate comfort and enjoyment. Additional upgrades include smart shades, a smart thermostat, a CCTV security system, and a separate mini-split heating and cooling unit for the back room. Ideal for RV enthusiasts, the property also features a large covered parking structure. This home is truly a rare find!

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12810 S 209th Lane Buckeye, AZ 85326

$624,900

4 Beds

2 Baths

1,983 SqFt

Status Active Under Contract

MLS # 6778549

Property Type Single Family Residence

Price Type --

Very well kept 2017 home on 1 ac of ready to bring the horses & toys fenced property with no HOA! Interior updates include large rooms, tile flooring, kitchen bay window, granite counters & island, R/O & water softener, ceiling fans, newer blinds & carpet in bedrooms, surround sound wiring in LR & Patio. Exterior security doors, extended back covered patio & fenced newer play pool with travertine & water feature. Back grass area with timed sprinklers, large 3 car garage with cabinets & parking slabs. Even a horse arena & open-air shade structure with 5 covered horse pens & room for hay, 3 RV gates, trailer parking & 50 amp RV plug. Back area includes large top-rail pipe fencing. Riding trails are less than 1/2 mile away, don't miss this great home!

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16814 S 37th Way Phoenix, AZ 85048

$624,900

3 Beds

2.5 Baths

2,458 SqFt

Status Active Under Contract

MLS # 6777415

Property Type Single Family Residence

Price Type --

Come check out this beautiful Spanish style home, with a southwestern flare lies in the desirable LAKEWOOD area of Ahwatukee. Near highly rated schools, as well as dining/shopping and freeway close makes this a winner before you even step inside! Once inside you'll notice so many great features like high and vaulted ceilings, a rare wood burning fireplace, fireplace in spacious primary bedroom, enclosed sun room addition (permitted), tons of storage and so much more. Fun fact...this was one of the original model homes, which is why it has such a large lot! Speaking of lot, the inviting backyard has a sparkling pool, mature trees, turf and the perfect environment for entertaining. Come tour this unique beauty today!

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6750 W Via Montoya Drive Glendale, AZ 85310

$624,900

4 Beds

2.5 Baths

2,539 SqFt

Status Active

MLS # 6756139

Property Type Single Family Residence

Price Type --

Spacious 4-bedroom, 2.5-bath home with over 2,500 sqft of living space! This inviting property boasts a generous floor plan featuring tile and wood flooring in high-traffic areas. The chef's kitchen is a culinary enthusiast's dream, offering abundant cabinet space, a large island with pendant lighting, high ceilings, stainless steel appliances, and large pantry int laundry room. The primary bedroom provides ample room with an en suite featuring dual sinks, a separate stand-in shower, and a walk-in closet. Vaulted ceilings and a great room add to the home's open, airy feel. Step outside to a covered patio, ample backyard space with cozy seating areas, and an outdoor fireplace perfect for entertaining. Plus, enjoy the convenience of a 3-car garage. Don't miss out on this gem!

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2099 S Mountain View Road Apache Junction, AZ 85119

$624,900

3 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6787145

Property Type Single Family Residence

Price Type --

Views Views Views! This home sits at the base of the Superstition Mountains and has unobstructed views. Amazing home on over an acre. Vaulted ceilings in the main living room. Chefs kitchen with a custom built hood over the range. Master bedroom has mountain views from the windows. Updated bathrooms with new cabinets, flooring and fixtures. Master bedroom has a private exit out to the backyard to the spa. The possibilities are endless with this vast open space, providing room for all your toys, boats, trucks, and RVs. Conveniently located a mile from the freeway! Come see this one of a kind property.

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