What’s Ahead For Mortgage Rates This Week – July 25, 2016

Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

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6795 W Miner Trail Peoria, AZ 85383

$620,000

4 Beds

3 Baths

2,799 SqFt

Status Active

MLS # 6768885

Property Type Single Family Residence

Price Type --

THIS IS THE ONE you've been looking for! Located on an interior corner lot in the highly sought after tucked away Sonoran Mountain Ranch community, this meticulously maintained home offers offset tile & luxury vinyl flooring throughout the first floor while plush carpeting graces its 2nd level. Upon entering & overlooking your covered front porch, you will find the formal living/dining/flex room with decorative window casings. Be prepared to be wowed by the large stunning kitchen complete with Black Galaxy Granite Counters, staggered Cherry Cabinets adorned with Crown Molding & ample storage, SS Appliances including a double oven, large island with even more storage, R/O, recessed lighting & pantry too. There is a nicely sized eat-in kitchen area that is open to your roomy family room complete with a built-in large media niche , surround sound speakers & decorative window casings. Beyond the family area is a fantastic flex room with glass French Doors, perfect for that home office, playroom, hobby room or guest quarters/5th BR. Right next to it is a full bath too, great for guests! As you make your way up to the 2nd level you will notice the built-in work desk at the foyer, 4 generously sized bedrooms, laundry room complete w/cabinets, W/D to stay & 2nd bath. The 2nd bath has a dual sink vanity with plenty of storage as well. The owner's suite is large & tucked away from the other bedrooms. Its private en-suite is perfectly placed at the owner's suite & hosts 2 separate vanities each with its own sink & storage areas, separate tub/shower, private water closet and HUGE closet! BR 2 has a custom white shiplap wall & decorative window casing & BR 4 boasts a walk-in closet & decorative wood accent wall. Each bedroom has amazing mountain views too! Time to head out to your backyard oasis! Because your new home is located on an oversized pie-shaped elbow lot there is plenty of room for everyone! Its large, covered patio leads you to an extended paver patio sitting area, great for dining al fresco! On the east side of the home there is a beautiful refreshing fenced play pool with a new Wi-Fi pool pump while the west side of the home has lush grass & mature trees. Don't forget to check out the large, 3 car tandem garage which has 2 access doors leading you into the home complete with built-in cabinets, workbench & a service door to the yard. New (23') AC system with Digital thermostats & mobile phone app capability too! With perfect curb appeal an Elegant Stone Elevation, beautiful mountain views & located on a private interior lot, this home has it all! Call for your private showing today!

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5100 E Rancho Paloma Drive Unit 2043 Cave Creek, AZ 85331

$620,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6707699

Property Type Townhouse

Price Type --

This beautiful condominium, built in 2022, boasts a spacious and airy open floor plan, designed for modern living. This unit offers privacy with breathtaking mountain views and an attached 2 car garage. This beloved second home, has been lightly lived in, ensuring its great condition. Equipped with smart home technology, allowing you to manage your home remotely with ease. Control lighting, security, and other essential functions from anywhere, ensuring your home is always ready for your arrival. Enjoy ''The Good-Life'' in this wonderful pet-friendly community, with a fitness room, a heated pool and spa. The Office can be converted into a 3rd bedroom if needed. The furniture is negotiable and can be conveyed separately on bill of sale.

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3785 N 150th Lane Goodyear, AZ 85395

$620,000

2 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6714594

Property Type Single Family Residence

Price Type --

Gorgeous Home on a Golf Course Lot in the Active Adult Community of PebbleCreek with Resort Style Living. Highly upgraded split floor plan with 2 Bedrooms, 2 Baths plus a Den. Beautiful upgraded 42'' Kitchen Cabinets with Quartz/Leather finish Countertops, Island with Breakfast Bar, Built-in Wine Cooler, Sub Zero Fridge, Gas Stove La Cornue En France with Hood, overlooking Formal Dining Room. Elegant Family Room with Large windows and views with Mountains and Golf Course. Spacious Laundry Room with lots of Cabinets, laundry sink and Upgraded Washer/Dryer. Master Bedroom with walk-out to a Covered Patio. Remodeled Master Bathroom with oversized walk-in Shower, Double Sinks and Walk-in Closet. Peaceful, Covered Patio with Built-in BBQ and lots of room to Entertain. **Dream Home**

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18138 W Robin Lane Surprise, AZ 85387

$620,000

5 Beds

3 Baths

3,021 SqFt

Status Active

MLS # 6656137

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this captivating two-story pool home offers plenty of space for relaxation and entertainment. With 5 bedrooms and 3 bathrooms, there's an abundance of space for both personal retreats and gatherings. This residence is not only designed for luxury living but also for practicality. The NextGen suite, with its private entrance, refrigerator, and bathroom offers flexibility for guests, in-laws, or the opportunity for rental income. A bonus den downstairs provides a versatile space for a home office, playroom, or guest room. Upstairs, a massive loft creates the perfect canvas for a home theater, game room, or additional living space tailored to your lifestyle and the convenience of an upstairs laundry room adds to the overall functionality of the home... The kitchen is adorned with stainless steel appliances and centered around a generous island. Whether you're hosting a dinner party or enjoying a quiet family meal, this kitchen is equipped to meet your needs. The property features extra space for side parking behind an RV Gate that includes a 50 AMP RV plug, but what truly sets this property apart is its unparalleled privacy, backing up to a serene wash that ensures peace and seclusion. Step outside onto your massive patio (or deck if you are on the second floor) where a pebble-finished pool finished with travertine deck and a putting green awaits, providing both entertainment and relaxation in your own backyard. Motivated sellers open to all offers.

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4236 N 27th Street Unit 36 Phoenix, AZ 85016

$620,000

3 Beds

4 Baths

1,816 SqFt

Status Active

MLS # 6709304

Property Type Townhouse

Price Type --

Welcome to Biltmore Living Townhomes, where luxury meets convenience in a beautiful gated community. This stunning townhome features 3 bedrooms plus a den, spread across three spacious levels. On the first floor, you'll find a versatile den perfect for a home office, a convenient powder room, and a spacious laundry room. The second floor boasts a stunning kitchen with light finishes, granite countertops, stainless steel appliances, and a large pantry. The open and inviting dining area and family room are perfect for entertaining, with an additional half bathroom off the dining room. The third floor features the primary bedroom with a private balcony (one of three balconies in the home), a gorgeous bathroom with double sinks, fine finishes, a large shower, and an oversized walk-in closet. This home also includes a large 2-car garage with plenty of storage, a rare find in this desirable area. The community offers amenities such as a relaxing swimming pool, spa, and BBQ area, all within a fully gated, friendly environment. Located in a prime spot, you're just minutes away from the Biltmore area, offering the best restaurants and shopping in the valley, with easy access to the 51, I-10, 202, Paradise Valley, and Scottsdale. Experience the best of Biltmore Living. Schedule a tour today and make this dream townhome your reality!

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3386 W Hemingway Lane Phoenix, AZ 85086

$620,000

5 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6725354

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Anthem! This stunning 5-bedroom, 3-bath beauty is not just a house; it's where your best life begins. From the charming front porch to the spacious 2-car garage and RV gate, this place has it all. Step inside to find gorgeous Spanish tile, elegant plantation shutters that make you feel right at home. Natural light floods the cozy living room and the great room, which seamlessly opens to the backyard through sliding glass doors. Now, let's talk kitchen: walk-in pantry, stainless steel appliances, and granite countertops that practically scream, ''Cook here!'' Plus, there's a breakfast bar for casual bites or quick chats. Upstairs, you'll find a versatile loft or a bonus room that could be a study, playroom, or whatever your heart desires. The main retreat is a peaceful escape, featuring double doors, an ensuite with dual sinks, and a walk-in closet that would make any fashionista swoon. But the real star? Your backyard oasis, complete with a covered patio, built-in BBQ, outdoor fireplace, and a sparkling pool with a rock waterfall - perfect for entertaining or just unwinding after a long day. And let's not forget about those solar panels keeping your energy bills in check! Living in Anthem means endless amenities: gyms, sports courts, water parks, and community events that keep the fun rolling year-round. This home is stylish, spacious, and ready for you to soak up the Arizona sunshine. Are you ready to make it yours?

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1506 N Diane Street Mesa, AZ 85203

$620,000

3 Beds

2 Baths

3,028 SqFt

Status Active

MLS # 6712863

Property Type Single Family Residence

Price Type --

BASEMENT HOME, WITH A POOL, GREAT LOCATION!! Welcome to this uniquely beautiful home offering granite countertops in the kitchen, newer flooring throughout, vaulted ceilings, and new microwave/oven/dishwasher in the kitchen. The spacious basement includes a wet bar and is perfect for entertaining friends and family with movie nights, or all out game time with billiards, ping pong, or poker night. Dive into the refreshing pool, and enjoy basking in the sun in your private oasis while sipping your favorite drink. Bathrooms boast new quartz countertops, and the large laundry room comes with a sink. The primary bedroom offers a spacious walk-in closet and a luxurious bathroom with dual sinks, a separate tub, and shower. This home is a must-see!

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632 N 72nd Place Scottsdale, AZ 85257

$620,000

4 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6727478

Property Type Single Family Residence

Price Type --

Fresh paint, new flooring, new kitchen features waterfall counter top, new restrooms. Homes has been remodeled and is ready for its new owner. Dual pane windows through the home. Shopping retail, entertainment, and restaurants very close.

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886 S Pleasant Drive Chandler, AZ 85225

$620,000

4 Beds

2.5 Baths

2,137 SqFt

Status Active

MLS # 6743825

Property Type Single Family Residence

Price Type --

Welcome to your dream home in beautiful Chandler, Arizona! This stunning 4-bedroom, 2.5-bathroom residence offers the perfect blend of comfort and elegance. Step inside and be greeted by an inviting floor plan with abundant natural light creating a warm and welcoming atmosphere. The luxurious master suite is a serene retreat, complete with a generous walk-in closet and a spa-like en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Three additional well-sized bedrooms provide plenty of space for family, guests, or a home office. Step outside to your private oasis—a beautifully landscaped backyard with a sparkling pool that promises endless hours of relaxation and fun. Whether you're hosting summer barbecues, enjoying a quiet evening under the stars... or simply taking a refreshing dip, this backyard is perfect for both entertaining and unwinding. Additional features of this exceptional home include a 3-car garage, solar panels, new AC units and proximity to top-rated schools, parks, and shopping. Don't miss this opportunity to own a slice of paradise in Chandler. Schedule your showing today and experience the perfect combination of luxury and comfort!

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3649 E Cody Avenue Gilbert, AZ 85234

$620,000

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6753565

Property Type Single Family Residence

Price Type --

Your beautifully REMODELED 4 bedroom home w/ a POOL in Carol Rae Ranch is now for sale! Inside you will find spacious dining & living areas, luxury vinyl flooring, graceful archways, and neutral palette throughout. The fabulous kitchen is comprised of ample cabinetry w/ample counter space, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. Double doors open up to the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks. This home also features a water softener! Finally, the lovely backyard includes a covered patio and a fenced pool perfect for the warm summer days! THIS IS HOME, make it your first stop!

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7300 E Earll Drive Unit 1012 Scottsdale, AZ 85251

$620,000

2 Beds

2.5 Baths

1,625 SqFt

Status Active

MLS # 6769038

Property Type Apartment

Price Type --

Look no further! This beautiful 2-bedroom unit is ready for you to move in and enjoy! Check out the harmonious open floor plan, enhanced with hardwood flooring, large windows, and a perfectly matched neutral palette throughout. Spotless kitchen boasts plenty of white cabinetry, recessed lighting, subway tile backsplash, stainless steel appliances, a prep island with a breakfast bar, and sleek quartz counters. Rest and rejuvenation await in the romantic primary bedroom, complete with direct outdoor access, an ensuite with dual sinks, and a walk-in closet. Don't miss the stacked washer & dryer! Unwind under the covered patio while sipping your favorite beverage. PLUS! Wonderful community amenities include clubhouse, sparkling pool, spa, fitness center, and many more. Indulge in a luxurious lifestyle Scottsdale has to offer! Walking distance to a highly desired Old Town Scottsdale with fine dining and shopping. This unit is perfect for minimal maintenance and peace of mind! Furniture can be available for purchase for fully turn key ready. This condo was previously a model unit from builder, featuring the best upgrades offered. You'll feel as if you are on vacation everyday while living here!

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1540 W Lawrence Lane Phoenix, AZ 85021

$620,000

4 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6769284

Property Type Single Family Residence

Price Type --

This lovely 4 bed, 2 bath well-loved home in the highly sought after Royal Palm neighborhood is ready for you to make it your own. Open kitchen overlooks lush green backyard. Bonus room with separate exterior access could be used as an Office/Den/Family Room. Large Primary bedroom with direct access to backyard & patio. Oversized lot with long patio, wrap around yard, play house & a fenced garden area too. Plenty of room to add on extra livable space or put in a pool. 2 car garage with built in cabinets and a large attached shop/storage room is perfect for all of your projects. With some fresh paint and new flooring, this home will shine! This family friendly neighborhood is close to Royal Palm Park, restaurants, grocery stores & bike paths. It is in district for Sunnyslope High School. This home is being sold AS IS.

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