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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25353 N 134th Drive Peoria, AZ 85383

$600,000

3 Beds

2.5 Baths

2,251 SqFt

Status Active

MLS # 6780800

Property Type Single Family Residence

Price Type --

Stunning 3-Bedroom Home with Upgrades Galore! This newer 3-bedroom, 2.5-bathroom residence boasts an array of builder and owner upgrades, making it a perfect blend of style and functionality. The heart of the home features a large kitchen island, ideal for entertaining, which seamlessly flows into a spacious family room. Enjoy cooking and gathering with family and friends in this bright and inviting space. Retreat to the primary bedroom, thoughtfully separated from the guest rooms for added privacy. It offers a generous walk-in closet and private access to the backyard—perfect for morning coffee or evening relaxation. Need extra space? The additional office or den area provides flexibility for work play area. Step outside to your backyard oasis, complete with a pavered seating area and a new synthetic turf play area, perfect for kids or pets. For pet owners, there's a gated, turfed pet area that provides natural shade and a safe space for your furry friends to play.

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10080 E Mountainview Lake Drive Unit 260 Scottsdale, AZ 85258

$600,000

2 Beds

2 Baths

1,298 SqFt

Status Active Under Contract

MLS # 6695830

Property Type Apartment

Price Type --

Introducing an unparalleled opportunity to own a prime lakefront corner unit with breathtaking views of Lake Serena in the prestigious Scottsdale Ranch community. Rarely available, this sunlit sanctuary offers an idyllic retreat with unparalleled vistas. Indulge in leisurely moments on the north-facing balcony, where you can savor refreshments against the backdrop of stunning mountain views framing the serene lake. The recently renovated kitchen boasts brand-new features and high-quality appliances, ensuring both style and functionality. Whether you seek a primary residence, a luxurious vacation getaway, or a lucrative investment, this property is a true gem. Enjoy access to the exclusive amenities of Scottsdale Bay Club, including two pools, two spas, a fitness center, and a tranquil pond. Additionally, residents can partake in the vibrant social scene and amenities of Scottsdale Ranch, further enhancing the lifestyle experience. Stay tuned for professional photos and additional information coming soon! Don't miss your chance to make this extraordinary property yours!

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6670 W Pine Cone Trail Pine, AZ 85544

$600,000

3 Beds

2 Baths

1,845 SqFt

Status Active Under Contract

MLS # 6722636

Property Type Single Family Residence

Price Type --

Gorgeous, newly built (2021) home on a half acre lot, nestled in the cool pines. This spacious home boasts an open floor plan with a large great room, kitchen, two bedrooms and bath downstairs while the primary bedroom and bathroom is upstairs with a private patio. Kitchen has top of the line appliances, granite countertops, beautiful backsplash, upgraded cabinets and a farmers sink. Wood tile planks throughout the home, no carpet. Beautiful sliding doors off the kitchen and great rooms offer amazing views of the lush forest. The home was constructed with James Hardie fiber-induced concrete siding which is fire resistant and has Milgard exterior windows and sliding doors. You won't want to miss seeing the amazing home.

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3611 N Tuscany -- Mesa, AZ 85207

$600,000

3 Beds

2.5 Baths

2,150 SqFt

Status Active Under Contract

MLS # 6779631

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom (plus loft), 2.5-bath residence in Rolling Hills at Las Sendas and EVERYTHING LAS SENDAS HAS TO OFFER! Welcoming living room with soaring vaulted ceilings, half-moon clerestory windows, plantation shutters, and a harmonious blend of soft carpet and tile flooring. Gather in the family room, offering sliding doors that lead to the backyard for seamless indoor-outdoor living. The gourmet kitchen comes with granite counters, custom wood cabinetry with crown moulding, a stone tile backsplash, recessed lighting, SS appliances, a handy pantry, and a peninsula with a breakfast bar. The main bedroom includes plush carpeting, balcony access, an ensuite with double sinks, and a walk-in closet. **1 newer ac in 23' and other 21' ..tankless water heater in 19 and water softener 23'. Enjoy a breath of fresh air on the charming balcony showcasing stunning mountain views. The backyard showcases a covered patio, pristine artificial turf, and a play area for outdoor fun. Make it yours!

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1364 W Escarpa Street Mesa, AZ 85201

$600,000

3 Beds

3 Baths

2,025 SqFt

Status Active

MLS # 6770017

Property Type Single Family Residence

Price Type --

Discover this exceptional 3-bedroom, 3-bathroom home on a nearly 1/2 acre hilltop lot at 1364 West Escarpa Street, Mesa, AZ. Enjoy breathtaking valley views, stunning sunsets, and Camelback Mountain in the distance, all with no backyard neighbors. The split floor plan features two primary suites, a family/living room with vaulted ceilings, and a dining room. The kitchen boasts espresso cabinets, granite countertops, a tile backsplash, stainless steel appliances, a breakfast nook, and a bar. Cozy up by the wood-burning fireplace or step outside to the extended covered patio. The triple-tiered backyard offers artificial turf, a fire pit, and a mini motocross/BMX track. With no HOA and proximity to ASU, Old Towne Scottsdale, and major freeways, this home is perfect for those seeking convenience and adventure.

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5100 E Rancho Paloma Drive Unit 2085 Cave Creek, AZ 85331

$600,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6739610

Property Type Townhouse

Price Type --

Luxurious almost new townhome in a gated community where you can kick back and relax in a stylish space. Furniture available on a separate bill of sale. All cabinets have handles installed. Ceiling fans in all rooms. Kitchen has reverse osmosis drinking water. Laundry has an added shelf. Walk in shower in primary. Fiber gigabit internet so working from home and online streaming is easy and enjoyable. Tesla universal EV charger wall mounted in garage. Great mountain views. Large balcony. Home is pet and smoke free. Community pool, spa, gym, barbecue and lots more. This community is about 5 minutes from Sprouts, Walmart and Frys stores. Cave Creek Recreational are is 10 minutes away and perfect for hiking, biking and horseback riding. Home has friendly neighbors.

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15223 S 17th Drive Phoenix, AZ 85045

$600,000

3 Beds

2 Baths

2,008 SqFt

Status Active

MLS # 6774110

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in Ahwatukee Foothills! Enjoy breathtaking views of South Mountain Preserve Park in this stunning residence, featuring brand new carpet and fresh paint as of November 2024. The bright, open floor plan connects the kitchen to the family room with a convenient breakfast bar for casual dining and entertaining. With generously sized bedrooms, the third bedroom doubles as a versatile office space. Vaulted ceilings in the formal living and dining areas create a spacious atmosphere. Recent updates include a new roof and HVAC system, ensuring peace of mind. Plus, benefit from direct access to hiking and biking trails! Located minutes from A+ rated Kyrene schools, Desert Vista High School, parks, and quick freeway access. Don't miss this great home!

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6312 W Villa Linda Drive Glendale, AZ 85310

Open House

$600,000

4 Beds

2.5 Baths

2,516 SqFt

Status Active

MLS # 6784492

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous move-in ready home with recent updates and breathtaking mountain views! This spacious 4 bedroom, 2.5 baths includes a convenient downstairs bedroom ideal for guests or multigenerational living. The master suite is a true retreat featuring an attached office or den with its own closet. A private balcony for enjoying the mountain views and ample space to unwind. An upstairs loft and open vaulted ceilings add to the home's airy feel, while north/south exposures offer scenic views from nearly every room. Enter your dream kitchen beautifully designed with white cabinets and quartz countertops. The island offers plenty of space for meal prep or family gatherings. There's a separate dining room as well as a breakfast nook to enjoy your morning coffee. Tile and LVP flooring throughout the downstairs area is ideal for kids and pets for easy cleaning. The extended garage provides plenty of storage space with custom cabinets perfect for your tools while offering space for parking your vehicles or recreational toys. Private cul-de-sac for you tranquility. Hiking trails and Life Time Fitness nearby for your active lifestyle. Don't miss this opportunity to make this your new home where comfort and style come together in a prime location!

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27181 W Potter Drive Buckeye, AZ 85396

Open House

$600,000

3 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6778768

Property Type Single Family Residence

Price Type --

Your Dream Awaits on a Premium Golf Course Lot with Private Casita! Enter through a tranquil front courtyard to discover a thoughtfully designed split floor plan. The spacious main living area is perfect for gatherings, with plenty of room for dining and entertaining. A gourmet kitchen shines with a large center island, granite countertops, tile backsplash, and natural gas cooking. The owner's suite offers a bay window with scenic views, a luxurious bath with double sinks and separate tub/shower, and a roomy walk-in closet. Guests enjoy privacy with a separate guest room, den, and bath, plus a private Casita that doubles as a retreat, office, or hobby space. Enjoy the stunning sunset views over the golf course and White Tank Mountains as you sit on the back covered patio. A rare find!

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28643 N 46th Way Cave Creek, AZ 85331

Open House

$600,000

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6781933

Property Type Single Family Residence

Price Type --

***FREE 1% RATE BUYDOWN FOR THE FIRST 12MONTHS** A message from our sellers'' For the past decade, this home has been more than just a structure—it's been a place where cherished memories were created, inside and out. Situated in a friendly neighborhood where connections go beyond the typical wave across the street, you'll find a true sense of community here'' Discover the charm of this single-story home in the highly sought-after Cave Creek! Inside, you'll find custom wood-paneled walls that add warmth and character, paired with an updated kitchen featuring sleek quartz counters and a custom-built breakfast bench perfect for morning coffee. Fresh carpet in the bedrooms makes every space feel inviting and comfortable. Step outside to your private oasis, complete with a sparkling fenced pool, low-maintenance artificial grass, and mature landscaping that creates the perfect backdrop for relaxation or entertaining. Nestled in a coveted location with tons of ''must-see'' features, this home combines style, comfort, and the Cave Creek lifestyle you've been dreaming of.

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846 E Tyson Court Gilbert, AZ 85295

Open House

$600,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6717024

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this lovely home, where you'll find comfort at every turn. As you enter, notice the new flooring and modern paint. The kitchen stands out with its sleek backsplash and stainless steel appliances. The primary bedroom features a large walk-in closet for all your storage needs. The primary bathroom boasts a luxurious double sink setup. Outside, enjoy the covered patio and fenced backyard for added security and privacy. A fresh paint job completes this beautiful home. Don't miss out on making it yours!

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1291 W Derringer Way Chandler, AZ 85286

Open House

$600,000

4 Beds

2.5 Baths

2,286 SqFt

Status Active

MLS # 6720936

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this comfortable and serene home. Upon entry, you'll notice freshly painted interiors in neutral colors that create a spacious feel throughout. The kitchen features stainless steel appliances ideal for your culinary needs. The primary bedroom includes a large walk-in closet for all your clothes and an ensuite bathroom with double sinks, a separate tub, and shower for relaxation. Outside, a covered patio leads to a private in-ground pool, perfect for leisure. The fenced backyard offers privacy and peace of mind. Recent updates, like new flooring in parts of the home, add to its sophistication. Experience lifestyle and comfort in this unique property.

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