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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668 N Miller Street Mesa, AZ 85203

$550,000

5 Beds

3 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6700260

Property Type Single Family Residence

Price Type --

Don't let looks deceive you this house is HUGE, 3065 square feet. Priced at the value of a three bedroom but has the space to be used as 4/5 bedroom. Has two seperate living areas which makes for awesome two family residence. IT's a steal at only $550,000 Granite counters in bathrooms and kitchens. tile in all the wet areas and brand new carpet. Turn key ready to move in!

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3610 E Sumner Place Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,152 SqFt

Status Active

MLS # 6754467

Property Type Single Family Residence

Price Type --

Gated community 30 minutes south of Sedona, Arizona. Brand New, Never Lived in home with community pool and clubhouse, tennis courts, walking trails, work out facility. Beaver Creek Preserve community features modern luxury with rustic charm, blending in with the natural landscape around. This home is ready for your RV and toys, featuring a 2 car garage plus a 52' in length and 14' width RV Garage, Awesome kitchen, large island, granite countertops, walk-in pantry in your new kitchen, 3 bedrooms plus a den, and a gorgeous primary bathroom. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas.

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2008 E Stacey Road Gilbert, AZ 85298

$550,000

3 Beds

3 Baths

1,959 SqFt

Status Active

MLS # 6728969

Property Type Single Family Residence

Price Type --

Discover your beautiful home in this exclusive community! This stunning 3-bedroom plus den residence features breathtaking mountain views, three upgraded bathrooms, and a spacious three-car tandem garage. Inside, enjoy an open-concept living area, a connected kitchen with newer appliances and butlers walk-in pantry, and a versatile den perfect for an office, playroom, or can be made into a 4th bedroom. Primary suite at back of the home for privacy has expanded walk in shower and closet. Step outside to a beautifully landscaped yard and expansive paver patio, ideal for entertaining. Community amenities include parks and walking trails, fostering a vibrant atmosphere.... Special Incentive for the right buyer!!

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1010 W Olson Trail Huachuca City, AZ 85616

$550,000

4 Beds

5 Baths

4,323 SqFt

Status Active Under Contract

MLS # 6671963

Property Type Single Family Residence

Price Type --

Custom Site Built Home with gorgeous mountain views all around. Complete with 9 acres. 4,300 sq/feet, 4 bedrooms, 5 bathrooms,Spacious Kitchen, Game/Media Room,Workshop,Full RV hookups,she- shed and a separate yard shed for all your lawn tools. Easy drive to Tucson, Close to the Sonoita Wineries, Tombstone, Bisbee, and Sierra Vista, this could be the place for you!

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27036 W Sequoia Drive Buckeye, AZ 85396

$550,000

2 Beds

2 Baths

1,998 SqFt

Status Active Under Contract

MLS # 6774218

Property Type Single Family Residence

Price Type --

NEWLY REMODELED PRESERVE with OWNED SOLAR and WALLED LOT and FURNISHED! You'll fall in love the moment you walk through the door. This home features new wood-grain tile & carpet throughout, fresh interior paint & baseboards. Enjoy a custom-built media wall, new light fixtures, custom drapery & plantation shutters. The living room has a center slider door that enhances the space. The master bath boasts a floor-to-ceiling tile shower. In the kitchen, you'll find S/S appliances, a new microwave, quartz countertops, backsplash & under-counter lighting. The newly remodeled backyard offers beautiful landscaping and turf, an extended travertine patio with a BBQ & Blackstone. Epoxy, storage, sink & workbench in the garage. THIS HOME IS A GEM!

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10923 W Escuda Drive Sun City, AZ 85373

$550,000

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6733296

Property Type Single Family Residence

Price Type --

Wow, Look Honey, they just dropped the price on this Beautiful Lakefront Home in Ventana Lakes 55+ Community. It has everything you want, 3 bedrooms, 2 bathrooms, an Office, 3 car garage, 2 living spaces and an open concept home. Assumable Solar loan of Purchased system with Seller contributing $20,000 toward the loan balance at close of escrow. You will enjoy the morning sunrises as well as the evening sunsets from your lakefront backyard. Ventana Lakes is one of Peoria's premier 55+ communities. The community features 9 lakes, some with waterfalls, and great catch and release fishing. 4 community pools and spas, recreation and fitness rooms, billiards, fine arts, crafts and quilting rooms, handball, pickleball and tennis courts. Bingo games and more.

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27524 N Montana Drive Rio Verde, AZ 85263

Open House

$550,000

2 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6751350

Property Type Townhouse

Price Type --

Beautiful turnkey townhome in the gated community of Tonto Verde. Located in a quiet cul-de-sac, backing to the beautiful driving range and a short walk to the clubhouse and its amenities. Great room style living with fireplace and walls of windows taking in the backyard views and gorgeous sunsets. Split floor plan with 2 large bedrooms and 2 full baths. Primary bedroom with access to the spacious patio and primary bath with dual vanities, tub, walk in shower and walk in closet. Kitchen with center island and cooktop, breakfast counter and dining that is open to the lush landscaping with floor to ceiling windows. New Interior paint 2024, New roof in 2022, New HVAC in 2020, New Hot water heater in 2022 and New Washer/Dryer in 2020. Oversized 2.5 car garage with golf cart access

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5089 S Louie Lamour Drive Gold Canyon, AZ 85118

Open House

$550,000

3 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6777908

Property Type Single Family Residence

Price Type --

WOW! Fabulous, FULLY FURNISHED, Turn-Key 3 Bedroom UPDATED HOME with DEN & HEATED POOL plus DOUBLE MOUNTAIN VIEWS of Superstition & Dinosaur Mountains! ***You'll LOVE the HIGH-END UPDATES throughout including....FULL KITCHEN REMODEL with GORGEOUS GRANITE & Cabinets, Plantation Shutters, Complete Updates of BOTH BATHROOMS with Travertine Showers and Granite & more! *** You'll also appreciate and enjoy the QUIET & PRIVATE BACKYARD OASIS with 11,000 Gallon Pool (2012) plus... HVAC (2017), Exterior Paint (2022), PVC Irrigation (2022), Water Softener (2021), Water Heater (2021), Tile Flooring through-out (ZERO CARPET) & More - Must See! *** GOLD CANYON EAST is ... Gold Canyon East is a popular community of 647 homes located in the foothills of the Superstition Mountains. In addition to panoramic mountain views, residents enjoy walking and hiking paths through-out the community and championship golf courses, dining, spa services and more at the Gold Canyon Golf Resort next door!

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11991 N 69th Avenue Peoria, AZ 85345

Open House

$550,000

4 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6781152

Property Type Single Family Residence

Price Type --

Discover a stunning blend of modern elegance and Arizona charm in this fully remodeled 4-bedroom, 3-bathroom home, spanning 2,323 square feet. Every detail of this renovation has been carefully curated for style, comfort, and functionality, creating a warm yet sophisticated atmosphere. The heart of the home unfolds seamlessly as the living room transitions into a private backyard sanctuary through beautiful bifold doors. These doors bring the outdoors in, offering panoramic views of Arizona's endless skies and direct access to a sparkling pool—ideal for relaxation or entertaining. This backyard oasis provides ample space for lounging, al fresco dining, and savoring the tranquility of the Arizona desert.

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11674 W Parkway Lane Avondale, AZ 85323

Open House

$550,000

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6784222

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 2 bathroom single level home featuring a climate controlled 4 car garage with a roll up door pass through to the backyard! Garage also has polyaspartic epoxy flooring, built in workbench, and custom storage shelves. Explore inside to an open layout showcasing wood like tile flooring, plantation shutters, and a custom electric fireplace feature. A remarkable gourmet kitchen with all the upgrades including wood shaker cabinets, quartz countertops, stainless steel appliances including a gas stove, and a large walk-in pantry. Unwind in the master suite featuring a shiplap accent wall, private bathroom with dual vanities, extra storage cabinets, large walk-in shower and a huge walk-in closet. Enjoy the outdoors in your low maintenance backyard with paver walkways, artificial turf, and an insulated covered patio.Other features include whole house water softener/RO filtration system, tankless water heater, and spray foam insulation. Pre-plumbed to add a sink in the garage, gas line for a bbq in the backyard as well as an outlet for a jacuzzi/hot tub. Lets make this your dream home! (Amazing 2.875% assumable loan also available for Veterans only)

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13202 W Beechwood Drive Sun City West, AZ 85375

Open House

$550,000

3 Beds

2 Baths

2,525 SqFt

Status Active

MLS # 6693377

Property Type Single Family Residence

Price Type --

Beautiful, fully remodeled brick front home on a corner lot in the 55+ community, Sun City West. Gorgeous new flooring throughout this thought out, open floor plan. The kitchen has new white cabinets with a large island for entertaining. The living area has a wet bar with a built-in refrigerator. All 3 BRs have walk-in closets and large enough for King beds with space to spare. The entry has a privacy gate to keep out solicitors and it opens to an impressively large patio. The back yard has another large patio with flourishing citrus trees. There are many extras throughout including plantation shutters, weather shield roller shades for when you travel, extra long garage, plush landscaping, and more. The furnishings are included in so all you have to do is pack your bags and move in!

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9254 E Milagro Avenue Mesa, AZ 85209

Open House

$550,000

4 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6780804

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this beautifully remodeled home with extensive landscaping ideally situated on an oversized lot. Citrus trees and privacy hedges create a beautiful and quiet oasis. The home features newer wood-look tile and carpeting throughout. The modern kitchen features sleek white cabinets with stylish hardware, granite countertops, and stainless steel appliances, making it a chef's dream. Enjoy the spacious owner's bath, complete with a separate shower and tub for your relaxation. The expansive covered patio is perfect for entertaining, featuring a beautiful Pebble-Tec pool, recently remodeled with tile and travertine that promises endless summer fun. The yard offers plenty of space for outdoor activities, with a gate for your convenience.... Located within the vibrant community of Augusta Ranch, you'll have easy access to the golf course and an elementary school right within the subdivision. Don't miss the chance to own this exceptional property that combines elegance with outdoor living at its finest!

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