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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

5831 W Pine Cove Prescott, AZ 86305

$585,000

3 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6772452

Property Type Single Family Residence

Price Type --

Welcome to this 3-bedroom, 2-bath home tucked away on a serene, pine-covered .93 acre lot in Highland Pines. Offering 2,057 sq. ft. of living space, this mountain retreat features a great room with soaring ceilings, rustic wood accents, and a cozy wood-burning stove. The dining room's wall of windows provides breathtaking views of the surrounding pines. Step outside onto the deck to take in the panoramic scenery. Additional amenities include a one-car garage, asphalt driveway, brick paver paths, and a fenced dog run. This home is truly a peaceful getaway in the Pines with modern comforts!

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1354 W Nido Avenue Mesa, AZ 85202

$585,000

4 Beds

2.5 Baths

2,616 SqFt

Status Active

MLS # 6769367

Property Type Single Family Residence

Price Type --

Welcome to your dream home in sought after community of Dobson Ranch!! This beautifully designed 4-bedroom residence offers a perfect blend of comfort and style, ideal for those seeking spacious living with community amenities. As you step inside, you'll be greeted by an inviting open floor plan that seamlessly connects the living, dining, and kitchen areas, creating a warm atmosphere for gatherings and entertaining. This home provides trending designs with remodeled bathrooms, remodeled kitchen, and new LVP flooring throughout the home. Dobson Ranch is a sought after Southeast Valley community boasting 1 of the best municipal golf clubs in the City and this home Just doors away from the Dobson Community La Casita rec Center. HVAC 2023, Roof 2010.

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2544 W Knowles Avenue Mesa, AZ 85202

$585,000

3 Beds

2.5 Baths

2,106 SqFt

Status Active

MLS # 6771836

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Dobson Ranch! This beautifully updated residence is ready for its new owners & features an impressive backyard oasis, complete with a lush ficus hedge, low maintenance turf, and a delicious orange tree. Step inside to discover a versatile den that serves as the perfect flex space—ideal for a craft room, office, media room, utility area, or guest room. The heart of the home is the stunning kitchen, completely remodeled in 2018 to create an open floor plan that doubled its size. Enjoy modern conveniences, including motion-detected under-cabinet lighting that illuminates your space as you descend the stairs. Recent upgrades include a complete ductwork overhaul in 2024, ensuring optimal airflow throughout the home. Nestled on an oversized lot in a peaceful half cul-de-sac, this property features RV gates on both sides, leading to two large concrete pads-perfect for storage, parking, or additional outdoor activities. The driveway also accommodates a third slab, complemented by a charming paver walkway. The extended-length garage provides direct access to the side yard. Dive into relaxation with the large diving pool, and enjoy evenings on the covered patio overlooking the north-facing yard, where you can gather around the firepit. Pool equipment is discreetly stored in the side yard for your convenience. Experience the vibrant Dobson Ranch community, complete with miles of scenic walking paths along the lake and golf course; 3 community pools, and engaging events throughout the year. Enjoy tennis & pickleball courts, a splash pad, and a rec room available for private rental. Explore a variety of clubs for hobbies ranging from dance and writing to hiking and cards-there's something for everyone! For more information, visit Dobson Ranch HOA for community publications like the Ranchers' Roundup. Golf enthusiasts will appreciate the recent upgrades at Dobson Ranch Golf Course, including a cutting-edge Inrange ball tracking driving range, on-course food ordering, a 9-hole putt-putt course which is free for kids, a restaurant and bar, and numerous leagues and clinics.

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2095 W Harbour Drive Chandler, AZ 85248

$585,000

3 Beds

2 Baths

1,755 SqFt

Status Active

MLS # 6770630

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in the highly sought after Harbour Club in the Ocotillo Lakes community, this stunning property offers a perfect blend of luxury and comfort. You will love all the MANY upgrades that include: a BRAND NEW HVAC installed in 2023, fully remodeled bathrooms, saltwater pool, new energy efficient windows in the bedrooms, new sliding glass door and many more (see full list below!)! As you step inside, you'll be greeted by an expansive open floorplan with vaulted ceilings and lots of natural light. The kitchen is a chef's delight, featuring granite countertops, stainless steel appliances, and a spacious area perfect for entertaining. The master suite is a true retreat, complete with a spa-like bathroom featuring a jetted tub, dual vanities and a walk-in closet. Additional bedrooms are generously sized, providing ample room for family or guests. Step outside to your private oasis where a sparkling pool and lush landscaping await. The covered patio is perfect for alfresco dining and enjoying Arizona's beautiful weather year-round. Located in the heart of Chandler, this home is just minutes away from top-rated schools, shopping, dining, and entertainment. Nearby attractions include Ocotillo Golf Club, Chandler Fashion Center, and a variety of eateries such as the Living Room Wine Cafe & Lounge and CHoP Chandler. Don't miss an opportunity to make this exquisite property your forever home. **LIST OF UPGRADES BRAND NEW! HVAC system installed in 2023 Freshly painted Landscaped front and backyard Brand new fans and lighting throughout Front door electric code entry and new door handles Electric fireplace installed in living room New sliding glass door to backyard in 2018 Replaced windows in bedrooms with energy efficient windows in 2019 Stainless steel kitchen appliances (fridge, microwave, dishwasher, and stove) 2018 Replaced all cabinet handles New disposal system (Oct. 2024) Hall/Guest Bathroom had complete remodel in 2020 with a Walk-in shower, new flooring, new vanity, fixtures, mirror, and new lighting, Added energy efficient exterior door to patio from master bedroom in 2019 Complete remodel of master bathroom in 2020 which included a new jetted tub, tiled shower, replaced shower glass, new vanity, fixtures, mirrors, lighting, and new chandelier. New side entry door installed in the garage New garage door opener Kinetico soft water system installed in 2018 Garage Storage shelves built Landscaped/added plants around pool in backyard Stone fire pit added Replaced wood on side gate Sprinkler system installed and maintained New stack stone added to patio (in 2023) and grill area (in 2018) Cool decking around pool replaced in 2018 Upgraded to a salt water pool in 2022 New LED pool light 2019 Updated code-approved water returns in pool 2018

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3609 E Ludlow Drive Phoenix, AZ 85032

$585,000

3 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6773988

Property Type Single Family Residence

Price Type --

*Location* Location* Right off the 51 freeway and Thunderbird Rd., this home will not disappoint! Fully remodeled down to the drywall finish this home has endless new features such as low maintenance landscape with new synthetic grass, new flooring throughout, full bathroom remodel, complete kitchen remodel, low energy LED lighting throughout, double pane windows, and new appliances!! Don't hesitate, don't delay, seller is ready to sell!

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10952 W Tropicana Circle Sun City, AZ 85351

$585,000

3 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6776995

Property Type Single Family Residence

Price Type --

Golf course lot! Completely renovated and move-in ready. Open floor plan with formal dining room, spacious kitchen open to great room, 3 bedrooms plus den, 3 baths, 2 car garage. Highly upgraded with plank tile flooring t/o, carpet in bedrooms, custom cabinets, Quartz counter tops, Stainless steel appliances including fridge, and wine fridge, breakfast bar, pendent lights, tile back splash. New light and plumbing fixtures, new interior and exterior paint, dual pane windows. Master suite offers his and hers walk-in closets, double sinks. Inside laundry, oversized utility room with golf cart parking, epoxy garage flooring, new garage door, new gas water heater, roof 2008, HVAC 2012. Home warranty!

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5434 W Parsons Road Phoenix, AZ 85083

$585,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6779298

Property Type Single Family Residence

Price Type --

PRICE REDUCED! Entertain friends or sit and read in the front room with its soaring ceilings. The great room is the natural setting for watching tv or hanging out. The kitchen is stunning with a tile backsplash, granite countertops, staggered cupboards, large walk-in pantry, SS appliances, gas stove, and a breakfast bar. There is new carpet throughout that complements the tile. Notice the closets everywhere! Just past the kitchen is a full bathroom and 4th bedroom/office, a perfect guest suite or work area. Dining area. Epoxied garage floor. Upstairs find 3 bedrooms and a loft area perfect for a play area, tv area, or work space. The huge primary bedroom with 2 walkin closets is separated from bedroom 2 &3 by the loft and upstairs laundry. Artificial turf & pavers in yard. Great location

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9731 E Torino Avenue Mesa, AZ 85212

$585,000

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6766264

Property Type Single Family Residence

Price Type --

Gorgeous single level home in the highly sought after Cadence at Gateway community. This upgraded 3 bed + flex room, and 2 bath home has a great open floor plan; ideal for both living and entertaining. Step inside the front door to a flex room, perfect as an office or additional living space, and two additional bedrooms. The flex room has a beautiful barn door and a board and batten wall. Head over to the spacious and open concept living space featuring: the kitchen, dining space, and main living room. The gourmet kitchen has an extended island with quartz counters and pendant lighting with enough seating for at least five people. Stainless steel appliances, soft close cabinets, and pullout shelves in the pantry. The kitchen opens up to the main living room with a custom built entertainment center and extended patio sliding doors. The dining space area is fit for a 6-8 person table. Step outside and relax in the backyard under the covered patio or next to the built in fire pit, custom garden boxes, or built in BBQ station. The primary room easily fits a king sized bed, two night stands, and dresser. It features a large walk in closet and ensuite bathroom. Patio pavers surround the perimeter of the home. Tandem 3-car garage with overhead storage and water softeners. Home is situated with no rear neighbors giving the ultimate feel of privacy. Cadence at Gateway is known for their incredible amenities: community center, game room, grills, resort-style pools and hot tub, tennis/basketball/bocce ball courts, indoor workout center, walking paths, multiple playgrounds, and more. Fantastic location! Minutes from the 24 and close to everyday conveniences such as: restaurants, QT, Target, Safeway, and more.

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2704 E Fairmount Avenue Phoenix, AZ 85016

$585,000

4 Beds

2 Baths

1,580 SqFt

Status Active

MLS # 6731098

Property Type Single Family Residence

Price Type --

Beautifully upgraded 4-bedroom home in the sought-after Biltmore/Arcadia Lite area! This move-in ready home features a new roof, HVAC, water heater, and stylish Vinyl Lux flooring. The remodeled kitchen and wet bar are perfect for entertaining, with farm doors adding charm. The large lot with no HOA includes a backyard with alley access and a detached garage, ideal for a workshop or potential ADU for rental income or extra space. Minutes from top dining and shopping, this home offers modern living and endless possibilities.

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514 E Orion Street Tempe, AZ 85283

$585,000

3 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6767891

Property Type Single Family Residence

Price Type --

Brand New Full remodel! 3-bedroom, 2-bath home in the desirable Tempe area with a private pool! This property features a brand new kitchen with a huge kitchen island that will keep everyone in together, perfect for casual dining or entertaining guests. All of the ceilings have been raised with new flush mount LED ceiling lights, Brand new doors and hardware, Brand New Windows, Brand New bathrooms with New vanities! The additional extension of the back of the house with a corner made of glass keeps you cool while enjoying full view of those in the pool! The outdoor space boasts beautifully updated low water landscaping, providing a serene setting for relaxation by the pool. Keep your cars out of the heat with the two car garage. It also has a very large laundry/craft room. Don't miss out

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4906 S Bannock Avenue Sierra Vista, AZ 85650

$585,000

5 Beds

4 Baths

3,946 SqFt

Status Active Under Contract

MLS # 6705022

Property Type Single Family Residence

Price Type --

This is it! Come home from a long day to this incredible property with million dollar mountain views and breathtaking sunsets! Far enough out of town to enjoy peace but with easy access to downtown Sierra Vista. Two of the bedrooms are easily used as a separate studio with its own kitchenette and entrance if desired. The peaceful koi pond features several large koi. The backyard patio comes with the inground pool we all crave during hot summer BBQ. Enjoy bird watching, hiking, views of the famous Carr Canyon waterfall & the nighttime sky! Bonus detached workshop! Whether it's peace, creativity or practicality you crave, this house has it all, it is so unique that you'll really have to come see the character and comfort that it offers! Welcome home.

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1246 E Laguna Drive Tempe, AZ 85282

$585,000

4 Beds

2 Baths

1,865 SqFt

Status Active Under Contract

MLS # 6724419

Property Type Single Family Residence

Price Type --

Classic ranch home nestled in the heart of Tempe is perfect for anyone seeking a stylish and convenient living space and would make a great location for ASU students. Key Features: •Completely Remodeled: This home has been meticulously renovated from top to bottom, featuring brand new plumbing, wiring, and state-of-the-art finishes. •High-End Finishes: Enjoy the elegance of premium materials and fixtures throughout, including gourmet kitchen appliances, sleek countertops, and designer bathrooms. •Spacious Living: With four generously sized bedrooms, there's plenty of room for family, guests, or a home office. •Prime Location: Situated in a desirable Tempe neighborhood, this home is just a short walk away from a lovely park, perfect for outdoor activities and relaxation.

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