What’s Ahead For Mortgage Rates This Week – June 27, 2016

Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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22602 N 80th Place Scottsdale, AZ 85255

$1,500,000

4 Beds

3 Baths

3,086 SqFt

Status Active

MLS # 6758896

Property Type Single Family Residence

Price Type --

Nestled in the private and gated community of Pinnacle Peak Estates II, this stunning home offers breathtaking mountain views right out the front of the home. At just over 3,000 square feet, this home is perfectly sized and the one-acre lot offers space to expand along with privacy. The back of the house showcases a wall of glass, with four sliding doors and windows that invite abundant indirect sunlight throughout the day. This unique feature also provides a panoramic view of the sparkling pool, visible from most rooms, creating a seamless connection between indoor and outdoor spaces. As you step inside, the high ceilings and Italian travertine floors immediately catch your attention, lending the home an expansive yet inviting feel. The split floor plan offers privacy, with the primary suite and bath and home office with a full bath (fourth bedroom) on one side, and two additional bedrooms with a shared bath on the other. The primary suite bath is a retreat, featuring dual vanities, a jetted soaking tub, a separate shower, and a walk-in closet. The kitchen has stainless steel appliances, walk-in pantry, center island with storage, a coffee/display niche, all overlooking the light filled family room with centerpiece fireplace. Outdoor living is just as enticing, with a large covered patio that stretches the length of the home, complete with a mechanical sunshade for added comfort. The heated pool, surrounded by ample decking, is perfect for lounging or dining. For added convenience, the home includes a three-car garage and a large laundry room with a sink and cabinetry. The leased solar panels enhance energy efficiency, while the Southwest styling welcomes guests with charm. With quick access to the 101 and Phoenix Airport, and so close to Kierland, Scottsdale Quarter, Fashion Square, and Desert Ridge, and more, literally minutes away, from the most desirable shopping areas in Arizona. This home combines luxury, convenience, and privacy in a sought-after location.

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19711 W Georgia Avenue Litchfield Park, AZ 85340

$1,500,000

4 Beds

2.5 Baths

3,051 SqFt

Status Active

MLS # 6756040

Property Type Single Family Residence

Price Type --

NEW 2 BEDROOM GUEST HOUSE beautifully accents this 4 BED 2.5 BATH CUSTOM home on nearly an acre with room for RV & TRAILER PARKING, PLUS 5 CAR GARAGE SPACES. ASSUMABLE VA. This property offers a wide range of possibilities: use the Guest House for multi-generational living, office space, studio space, rental income, entertaining space, pool house or simply for guests. This custom space offers beautiful finishes and upgrades. Both homes feature 10 ft ceilings. The main house offers an open, split floor plan with add'l den/office. Sparkling pool with a waterfall feature, built-in spa & large Baja step, plus an in-pool table. The grand gazebo offers added shade, along with the oversized covered patio. There is room for a lift in the 12' high guest house garage. You've got to see this!

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43 E 14th Street Tempe, AZ 85281

$1,500,000

4 Beds

4 Baths

3,410 SqFt

Status Active

MLS # 6758777

Property Type Single Family Residence

Price Type --

One of the most desired locations in all of Tempe!! Mid-century stunner in coveted University Park. Walk to ASU campus! 4 bedrooms plus and office and 4 full bathrooms Grand luxury mid-century resort style heated pool. Designer landscaping, newly added over-sized 2.5 car garage (Man Cave) with separate AC / vaulted ceiling, epoxy, full bath, tankless hot water heater NEW AC, large outdoor stainless steel sink. Originally renovated in the 1960's by renowned architect and Frank Lloyd Wright enthusiast, Bennie Gonzalez. Homes like this rarely hit the market, what an opportunity to own a piece of history in the heart of Tempe.

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11150 S Jefferson Street Mayer, AZ 86333

$1,500,000

4 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6764808

Property Type Single Family Residence

Price Type --

Welcome to your dream ranch! This sprawling 98-acre property features a spacious 2,926 sq. ft. home with 4 bedrooms, 2.5 baths, and stunning panoramic views. The updated kitchen boasts brand-new cabinets and countertops, perfect for entertaining. The master suite includes an updated bathroom and access to a private deck with breathtaking views. Relax in the hot tub or cozy up by the wood stove on cool evenings. The large unfinished basement offers ample storage, and the 3-car garage provides plenty of room for vehicles or a workshop. The entire property is fully fenced, ideal for ranching, farming, or recreational activities. Enjoy the best of both worlds with the peace and privacy of rural living, just 40 minutes from Prescott and an hour from Phoenix. This unique property is a rare find

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4684 E Coachwhip Road Cave Creek, AZ 85331

$1,500,000

4 Beds

3 Baths

3,156 SqFt

Status Active

MLS # 6772406

Property Type Single Family Residence

Price Type --

Spectacular and breath taking Mountain Views. Prestigious area of custom homes in Cave Creek, AZ built with post tension slab! Split floor plan with separate living and family rooms, amazing kitchen with newly installed cooktop, double ovens , microwave, refrigerator and a huge pantry. The formal dining area is home to their gorgeous piano right now. The laundry room has lots of built in storage cabinets with a laundry sink as well. Washer and Dryer included. The Master Suite is huge with a separate tub, large shower, two sinks and a great walk in closet. Tiled baths, carpet in the bedrooms. Separate powder room just off the entry for your guests. Bedroom 2 just off the entry is being used as a home office, with Bedrooms 3 and 4 just down the hall. The 3 car garage is extended length and ready for your cars and/or trucks with room to spare. Yes, there is an RV Gate and room for your toys. Sellers just had epoxy done on the garage floors this week. Professionally landscaped front and back with a gorgeous salt water pool, exterior lighting, built in waterfall with its own misting system right in the rocks. The large covered patio is ready for entertaining family and friends or just sit back and enjoy the incredible sunsets yourself. This is truly a perfect oasis that will mesmerize and delight you. Best of all, no HOA so bring your toys. Come see it today and make it yours!

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541 S Dunivin Lane Dewey, AZ 86327

$1,500,000

4 Beds

3 Baths

1,826 SqFt

Status Active

MLS # 6766145

Property Type Single Family Residence

Price Type --

Welcome to your dream horse property! Nestled on 8 acres of pristine land, this fully functioning equestrian estate offers the perfect blend of country charm and modern amenities. The charming home boasts two spacious master bedrooms, ideal for hosting guests or providing extra comfort for family members. Step outside and immerse yourself in the horse lover's paradise. The property features multiple horse stalls, pens, and ample grazing areas, making it a haven for your equine companions. Whether you're a seasoned rider or just starting out, the roping arena is perfect for practicing your skills or hosting events. With scenic views, plenty of space for expansion, and everything you need to live the ultimate country lifestyle, this property is truly a rare find!

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2317 W Dobbins Road Phoenix, AZ 85041

$1,500,000

3 Beds

2.5 Baths

2,675 SqFt

Status Active

MLS # 6778180

Property Type Single Family Residence

Price Type --

Enter this private oasis via security gate, with no view of the property from the street. Industrial design with exposed rafters, concrete flooring throughout, concrete countertops. Two red brick wood fireplaces with concrete face and steel trim. Pella Reserve Contemporary Windows with black wood trim. 12ft multi-slide patio door in living room and 9ft multi-slide in main suite. Saltwater heated diving pool with mountain views. Free standing yoga studio with infrared panels. Garden paradise with mature trees, fruit orchard, and rose garden. Options for pond and greenhouse.

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9933 N Copper Ridge Trail Fountain Hills, AZ 85268

$1,500,000

3 Beds

3 Baths

3,791 SqFt

Status Active

MLS # 6784369

Property Type Single Family Residence

Price Type --

Welcome to your ideal entry into the prestigious Firerock Golf Community! Competitively priced at $1,500,000, this beautifully maintained Santa Fe-style home is a rare find, offering the perfect blend of luxury, privacy, and potential. Spanning 3,791 sq. ft. of thoughtfully designed living space, this single-level residence features 3 spacious bedrooms, 3 full baths, and classic southwestern charm, enhanced by four cozy fireplaces throughout. Nestled on a quiet cul-de-sac within walking distance to the clubhouse and driving range, this home offers convenience and community access. The two-car garage, along with a dedicated golf cart garage, provides ample parking and storage, while a designated space for a future dumbwaiter offers added convenience. Outdoors, the professionally landscaped yard includes underground plumbing for a potential pool off the main patio, which also boasts an outdoor kitchen, dining & seating area. A secluded private patio off the master suite has underground plumbing for a future spa. An additional outdoor space near the family room offers a versatile area for pets or a garden oasis. The home's original owners have invested over $150,000 in upgrades, making it move-in ready while leaving room for you to add your personal touch. Don't miss this exceptional opportunity to enter Firerock in style!

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22245 E Via De Palmas -- Queen Creek, AZ 85142

$1,500,000

7 Beds

4 Baths

4,286 SqFt

Status Active

MLS # 6784197

Property Type Single Family Residence

Price Type --

Country Living on a county island in the Heart of Queen Creek, AZ. Well designed 2''x6'' constructed 7 bed, 4 bath home on 1.50 acres boasting 4 car attached garage and a massive (40' x60') 2,400sf detached insulated garage. Upon arrival you will notice the sought after classic farmhouse style with woodgrain metal siding, stone veneer, and metal roofing. The circular driveway will lead you past the recently installed artificial grass and the front covered porch to the rustic solid wood plank front door. As you enter, the Great Room's high vaulted ceiling with aspen tongue and groove panels, hardwood oak flooring and the custom iron baluster will invite you in. Kitchen features hickory cabinets, large island, stainless appliances and breakfast nook with a bay window view... Split floorpan having two master suites (one on each level) plus an additional two bedrooms downstairs and three upstairs provides plenty of room for family, guests and/or a home office. Additional house features include oversized loft/media room, upstairs study, laundry room with multiple storage areas, Milgard windows, powered window shades, water softener, 400 amp electrical panel, 220V outlet in attached garage, garage racks/storage and a convenient pull through garage door to backyard. Outback the full length patio, large grass area and professional in-ground basketball hoop create the perfect setting to relax and/or entertain. Additional exterior feature include fully fenced backyard, RV gate, front water fountain and mature landscaping. Area features include biking/walking paths, parks, shopping, dining and entertainment.

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5604 S 225th Avenue Buckeye, AZ 85326

$1,500,000

4 Beds

3.5 Baths

3,417 SqFt

Status Active

MLS # 6777965

Property Type Single Family Residence

Price Type --

Wow, exceptional 4-bedroom property in Roosevelt Citrus at Buckeye! This Ranch-style beauty sits on a massive 3.1-acre lot, offering tons of space for livestock & endless potential to get creative. Fully fenced-in, 4-car garage, fun basketball slab, and a low-care desert landscape are features that can't be left unsaid. The interior boasts clean lines that favor a western & functional design completed with plantation shutters, wood-look plank tile flooring, recessed lighting, and a soft grey palette. The formal living room has a dry bar, making it easy to entertain. The large family room boasts an exposed beam ceiling, pre-wired surround sound, and wide sliding glass doors connecting your home inside & out. The bright dining room is attached to the kitchen for ease in serving wonderful

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3076 E La Costa Drive Gilbert, AZ 85298

$1,500,000

3 Beds

3.5 Baths

4,247 SqFt

Status Active

MLS # 6779264

Property Type Single Family Residence

Price Type --

Discover luxury living in Acacia Estates, South Gilbert's premier gated community, this exquisite single-story home built by T.W. Lewis. Spanning 4,247 sq. ft., this residence exudes warmth & sophistication. Step inside to a spacious layout featuring 3 bedrooms, 3.5 baths, an office & separate guest casita offering privacy & comfort for visitors. The living and dining areas showcase rich wood flooring, while opulent travertine flooring in a herringbone pattern adorns the rest of the home. The gorgeous kitchen is a masterpiece crafted for those who love to entertain. Retreat to the grand master suite and spa-like bathroom for ultimate relaxation. Additional features include a 4-car garage, owned solar system- resort-like backyard w/pool - See the document section for more upgrades

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10338 E San Salvador Drive Scottsdale, AZ 85258

$1,500,000

5 Beds

3.5 Baths

3,107 SqFt

Status Active

MLS # 6779285

Property Type Single Family Residence

Price Type --

Sometimes it just feels like Home! Fully Remodeled in Scottsdale Ranch, this 5 Bed 3.5 Bath Cul-De-Sac property checks all the right boxes! (Dual Master Suites) The Primary Master is on the 1st floor and has a brand new shower & claw-foot tub enclosure with a garden view. Plus direct outdoor access to a large private hot tub oasis. The entire 2nd floor has been made into an additional private Master Suite/Guest Retreat/Bonusroom with it's own AC unit. There is brand new soft carpet, exposed wood beams and a full ensuite w/dual sinks, private toilet and a walk-in closet! The living spaces all have huge vaulted ceilings and the familyroom has a convenient wet bar & sink. Plus, both the family and living rooms have large wood burning fireplaces that will keep you warm & cozy when cold calls. The Elegant Wood-Look flooring is a Stone Plastic Composite (SPC) and completely waterproof! The brand new kitchen is equipped w/everything an aspiring chef needs, new Bosch appliances, white cabinetry w/quartz counters, generous storage, plenty of counter space, a walk-in pantry, tile backsplash, a center island and a peninsula complete with a breakfast bar. Lastly, the fantastic backyard boasts all new turf, a large covered patio, extended paver seating area with a built-in grill with a sink and a sparkling blue pebble tec diving pool with a waterslide! This home is perfectly designed and welcoming for entertaining and having those memorable family gatherings all year long!

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