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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3966 W Antelope Way San Tan Valley, AZ 85144

$619,999

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6784816

Property Type Single Family Residence

Price Type --

BETTER THAN NEW with over $20k in upgrades added after closing! Rare opportunity for a modern design home in the sought after Toll Brothers community on the edge of San Tan Valley and Queen Creek! Close to shopping and dining with gorgeous mountain views!

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10516 S 48th Glen Laveen, AZ 85339

$619,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6728647

Property Type Single Family Residence

Price Type --

This Deacon home includes an attached insulated RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen, gas stove, quartz countertops, with a walk-in pantry that is flanked by a great room and a dining room with center-meet doors with covered patio access. You'll also appreciate an elegant primary suite with a private bathroom with deluxe shower #2 and ample walk-in closet space. A mudroom, a convenient laundry, and a flex room will complete the plan.

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21783 E Roundup Way Queen Creek, AZ 85142

$619,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6666441

Property Type Single Family Residence

Price Type --

Welcome to this stunning three-bedroom, 2.5-bathroom home that exudes elegance and functionality! Step inside to discover a teen room, study, and a three-car garage, providing ample space for all your needs. This home offers a desirable north-south exposure and a paver driveway, adding to its curb appeal. The kitchen is a chef's delight with 42-inch regal white kitchen uppers, quartz countertops, an oversize island, and upgraded stainless steel appliances including a professional gas range. The contemporary interior design features a 6 x 35 wood tile throughout, creating a seamless and stylish look. Unwind in the primary bath's tile walk-in shower or enjoy the convenience of a kitchen pantry for storage. The upgraded paint package in agreeable gray adds a touch of sophistication! Located conveniently near Highway 24, this home is also close to dining, entertainment, and shopping options, making it a prime location for a vibrant lifestyle. Don't miss out on the opportunity to own this gorgeous home, experience luxury living at its finest!

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4813 W Stargazer Place Laveen, AZ 85339

$619,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6700009

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed Gourmet kitchen with a walk-in pantry is flanked by a great room and a dining room with covered patio access. You'll also appreciate an elegant primary suite with a private bathroom and ample walk-in closet space. A mudroom, a convenient laundry and a flex room.

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4836 W Stargazer Place Laveen, AZ 85339

$619,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6679937

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and impressive gourmet kitchen with a walk-in pantry, center island, Stainless steel appliances. This home will be built with either a study and Guest suit option complete with separate living room, wet bar and separate laundry. There is also an additional bedroom and full bathroom, The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and oversized walk-in shower. A convenient laundry and covered back patio are also included. This home will also feature a 3-car garage and 10ft ceilings.

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10515 S 47th Lane Laveen, AZ 85339

$619,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6720382

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, boasting 10' ceilings throughout, adjacent to a roomy nook and an impressive gourmet kitchen with white shaker cabinets, quartz counters, satin nickel fixtures, with a walk-in pantry and center island. This home has stone tile throughout with carpeted bedrooms. The lavish primary suite offers a generous walk-in closet and a private bath with double sinks. A convenient laundry, covered patio, and separate study are also included.

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10512 S 48th Glen Laveen, AZ 85339

$619,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6728638

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to this charming Pomona home with 10' ceilings throughout. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive gourmet kitchen, 42'' white shaker cabinets, quartz countertops, gas stove, with a walk-in pantry and center island. This home will be built with a space to use for a study or formal dining room. The lavish primary suite offers a generous walk-in closet, a private bath with deluxe shower #2, and double sinks. A convenient laundry and covered patio are also included.

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21726 E Lords Way Queen Creek, AZ 85142

$619,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702133

Property Type Single Family Residence

Price Type --

Introducing this exquisite home featuring the interior Bermuda Linen collection features timeless 42'' white regal upper cabinetry in the kitchen perfectly complements the sleek blanco maple quartz kitchen countertops & island, making it a chef's dream. The kitchen is adorned with a subway tile backsplash, wood laminate flooring throughout the main living areas, tile in the baths. Enjoy the gourmet kitchen's built-in single oven and microwave, gas cooktop stove, and stove-pipe pyramid stainless steel vented hood. With 10-foot ceilings, this home feels open, airy, and full of natural light. The three bedrooms, 2.5 baths, study & 3-car split garage provides ample space for comfortable living. This move-in ready gem offers a north-south exposure, ideal for enjoying bright and sunny days! With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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21849 E Saddle Court Queen Creek, AZ 85142

$619,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730780

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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17225 W Calle Lejos -- Surprise, AZ 85387

$619,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6731947

Property Type Single Family Residence

Price Type --

Experience luxury in The Pomona, located on a prime corner lot with stunning mountain views. This home features a guest suite, a three-car garage, and a gourmet kitchen featuring Quartz countertops -end appliances. Enjoy 10-foot ceilings, a deluxe primary bathroom with a massive super shower, 3 car garage, paver driveway, RV Gate and 15-foot Center meet doors that open to an oversized 8,750 sq ft lot.

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21856 E Saddle Court Queen Creek, AZ 85142

$619,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730743

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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791 W Rock Needle Trail Apache Junction, AZ 85120

$619,990

3 Beds

2.5 Baths

2,473 SqFt

Status Active

MLS # 6730540

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This exquisite Parklane model, priced for a quick sale and set for August completion, offers 3 bedrooms, 2.5 baths, and a versatile den. The chef's kitchen with a 36'' gas cooktop, wall oven, and pearl white quartz countertops is perfect for entertaining. Additional features include a 2' garage extension, 3-car tandem garage, and a luxury shower with dual shower heads in the owner's bath.

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