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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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$565,000

4 Beds

4 Baths

1,853 SqFt

Status Active

MLS # 6693190

Property Type Townhouse

Price Type --

Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

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9854 W Ross Avenue Peoria, AZ 85382

$565,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6678518

Property Type Single Family Residence

Price Type --

Welcome Home! This 4-bed, 2-bath home sits on a huge 15,284 Sq. Ft. lot! The home offers vaulted ceilings, a freshly painted interior, tile and laminate flooring throughout. Be greeted upon entry to a gracious amount of living space. The owner's suite boasts a walk-in closet and private bathroom offering dual sinks with a separate shower and tub. The eat-in kitchen features granite countertops, a breakfast bar, stainless steel appliances and plenty of natural lighting. Make your way out back to an above ground hot tub and a SPARKLING PEBBLE FINISH POOL entirely resurfaced in 2022. Relax comfortably under the paved and extended covered patio. Here you will be conveniently located just minutes from Peoria's most popular shopping, dining and entertainment spot

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11995 E Pivot Peak -- Gold Canyon, AZ 85118

$565,000

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6699719

Property Type Single Family Residence

Price Type --

3 car tandem garage w/ 8' door & lots of storage! 3 bed 2.5 bath energy efficient house in Master-planned community of Peralta in Gold Canyon. Immaculate w/ countless upgrades! Chef's kitchen features gas cooktop, maple cabinets w/ double roll-out shelves & soft-close drawers, granite counters, pendant lights & walk-in pantry. Every bedroom has walk-in closets w/ extra shelves. Upgrades include: 36'' vanities, fixtures, ceiling fans, tile throughout, extra storage area, dedicated laundry room, extended covered patio & more! Low maintenance yard w/ storage shed. Community parks, pickleball & basketball courts, covered picnic area w/ grill, corn hole, horseshoes, fire pits under twinkle lights, walking trails, children's play area. Peralta Trails Elementary School is in the community.

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36038 N Puente Alto Avenue San Tan Valley, AZ 85140

$565,000

2 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6717592

Property Type Single Family Residence

Price Type --

Stunning home that will deliver perfection to any buyer. Home is upscale and the sellers did many upgrades after moving into the property including glass and iron front door, upgraded springs on garage door, upgraded all appliances in property. landscaping is immaculate with fencing around property, travertine tile on patio and front entryway, electric screen enclosure on patio installed, cabinets painted, ventilation system installed. Back porch fireplace is perfect. Quiet location with privacy has a greenbelt in the back of home. Mountain views are amazing. Home is amazing please get this one while it is available.

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22663 E Rosa Road Queen Creek, AZ 85142

$565,000

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6722640

Property Type Single Family Residence

Price Type --

Charming home nestled in the lovely Spur Cross Community located on a corner lot next to a small green belt area. Don't miss this opportunity to have a home within a home! Gen Suite with separate exterior entrance, living area, kitchenette, bedroom and full bath. Home has additional 3 bedrooms, Great room, Kitchen Island, 42in upper Cabinets, Shutters throughout. Back yard includes covered patio, pavers and turf! Clean and move in ready!

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1723 E Windsong Drive Phoenix, AZ 85048

$565,000

4 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6736870

Property Type Single Family Residence

Price Type --

This two story 4-bed, 2.5-bath home is located in the Ahwatukee Foothills. The prime location offers an idyllic backdrop for relaxation and leisure. The fresh interior, high ceilings, ample windows create an airy and bright feel. Enjoy the comfort of the backyard with the built-in pool. Noteworthy enhancements done in 2024 include new roof, water heater, stove, showers and vanities in both bathrooms, pool resurfacing, carpet, quartz countertops, interior paint, blinds, fixtures, and landscaping. Situated within the esteemed Kyrene School District, renowned for its exceptional educational opportunities, and in close proximity to The Foothills Golf Club, this property offers access to top-tier amenities and recreation, catering to a lifestyle of sophistication and convenience.

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1631 N Lynch -- Mesa, AZ 85207

$565,000

3 Beds

2 Baths

1,753 SqFt

Status Active

MLS # 6740039

Property Type Single Family Residence

Price Type --

Tucked away in the serene community of Montecita at Mountain Bridge, this residence is charming throughout. With three spacious bedrooms and two well-appointed baths, the split floorplan gives everyone the space they need - all located on a premium lot with no neighbors behind. The private pool with water feature calls to you from the backyard oasis for the perfect cool-off - any day, any time. Community amenities galore, and less than 20 minutes' drive to Valley airports, Saguaro Lake, Canyon Lake & the Salt River as well as hiking trails and mountains everywhere you look. You'll find so many amazing opportunities for enjoying life in the Valley of the Sun here.

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11 E Irene Street Pearce, AZ 85625

$565,000

3 Beds

2 Baths

2,384 SqFt

Status Active

MLS # 6743046

Property Type Single Family Residence

Price Type --

Approaching this beautiful, well maintained, Santa Fe style home sitting on 2.4 acres with fabulous views of the Dragoon Mountains, the first thing you will see are 18 pistachio tree. Entering the home you see a large great room from which you can walk out onto the covered patio with views of the Chiricahua Mountains. The large kitchen comes with granite countertops and an abundance of cabinet space. Step down into the main dining room featuring gorgeous Texas mesquite hardwood floors. The large main bedroom has an attached bath with walk in shower. This horse property includes a 48'x36' barn with 4 stalls, bathroom w/ shower and an additional 48'x12' of covered hay storage. The horse pasture is surrounded by electric fencing. Add to this a greenhouse with irrigation of sprinklers.

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16806 W Halifax Street Surprise, AZ 85374

$565,000

4 Beds

3.5 Baths

2,825 SqFt

Status Active

MLS # 6745049

Property Type Single Family Residence

Price Type --

Easily could be called a Next Gen-Home because it has 2 Very Lg Split ensuite Bedrooms. 4 Bedroom 3.5 Bathroom Single Level 2825 sq ft Home. Gourmet 21'X13' Chef's Kitchen w-built in Double Ovens & Microwave, Corian Counters, Lg Kitchen Island, Additional Cabinets+Pantry. Spacious Great Room with Lg Windows Inviting the out doors inside. Formal Dining Rm & Eat-In-Kitchen Nook. Home has a Solar System+with loan assumtion. Duct Work Reworked. Newer Sun Screens provide for Hi-Efficiency Ratings. The Entertaining Lg Back Yd has an Extra Lg Patio. Oversized Lot with RV gates. Home is on a Corner Lot in a Cul-de-Sac. Beautiful Grassy Basket Ball Park at the end of the Cul-de-s

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8844 E Charter Oak Drive Scottsdale, AZ 85260

$565,000

2 Beds

2 Baths

1,557 SqFt

Status Active

MLS # 6749595

Property Type Single Family Residence

Price Type --

The search for your new home ends here! Located in the highly sought after Pima Vista neighborhood of Scottsdale is a 2 bedroom + separate office, 2 bath, 1,557 sqft home that is priced to sell, ready for you to make it your own. The Kitchen has stainless steel appliances, living room features a charming wood burning fireplace, primary suite has a jacuzzi tub, and backyard has a covered patio with tall oleander bushes, making is feel more private. Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Don't hesitate. Put in an offer TODAY!

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7710 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$565,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6755867

Property Type Townhouse

Price Type --

* Highly Desired unit in The Courts at Gainey Ranch; Exclusive Guard-gated Community in Heart of Scottsdale * Sunset & Mountain Views from Great Room Picture Window & Balconies; Open Layout is Light & Bright Featuring Updated Kitchen, Baths, Lighting/Fans, Custom Shades, Security/Screen Doors, Trex-style Deck off Great Room, Fireplace, Large Laundry Room with Full Sized Washer/Dryer, Private Garage with Storage, Private Balconies * Amenities include Tennis, Pickleball, Renovated Estate Club w/ State of the art Fitness Center, Rec/Entertainment, Indoor/Outdoor Bar, Olympic-sized Heated Pool & Spa; Tree-lined Paths & Park, Additional Private Courts Community Heated Pool & Spa steps away * 24/7 Security, Perfect for your Lock & Leave Lifestyle * HOA covers almost everything * Don't miss it!

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310 W Pacifico Circle Litchfield Park, AZ 85340

$565,000

4 Beds

2 Baths

1,874 SqFt

Status Active

MLS # 6752715

Property Type Single Family Residence

Price Type --

Located in the heart of Old Town Litchfield Park just a short walk from The Wigwam Resort and the new Litchfield Square which is estimated to be completed in December 2024. This charming block home is in a quiet cul-de-sac with all the desirable features such as, No HOA, RV gate, private diving pool refinished in 2023, built in BBQ and a huge covered patio on a large lot. Hardwood flooring in the living areas is original to the home and it has a brand new A/C. Pitched roof redone July 2024 and flat roof redone July 2023. Patio completely redone also 2024.

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