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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3836 W Antelope Way San Tan Valley, AZ 85144

$620,995

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6779216

Property Type Single Family Residence

Price Type --

Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

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15531 W Piccadilly Road Goodyear, AZ 85395

$620,900

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6778730

Property Type Single Family Residence

Price Type --

South facing beautiful golf course home with front courtyard entry. Enchating outdoor living area with outdoor pergola, outdoor kitchen, outdoor bar, Misting system, Personal size Shasta Pool and heater if you want. Great landscaping for your privacy. Owner Solar with new solar converter, and if you have a green thumb a potting station, new heating and air, water softener system located in garage that as extra space for golf cart plus a hand wash sink in garage, front and back yard water system in him RO water system under sink. Sunburst shutters in Bedrooms and custom home office with built in custom cabinetry, Bedrooms both have walk-in closets. Both bathrooms updated. This home impresses with its high ceilings custom designed ET wall with lighting and built-in surround sound system with amplifier with builtin speakers. Great room with gas fireplace, 60in TV and windows have Hunter Douglas custom window treatments. bump out windows in kitchen nook second bedroom, ceiling fans, Stunning granite counters and klithen is upgrades and has under cabinet lighting, Spacious Utility Room. Also garage has storage cabinets. carpet free home, fence backyard. Seller is providing a home warranty.

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Glendale AZ 85305

$620,000

4 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6725528

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Brand New Move In Ready Home on prem. lot in highly sought-after Stonehaven Community* This Adelaide floorplan is stunning 4 bed/3 bath/3 car garage single-story gem!! Home has open floor plan. Gourmet Chef's kitchen featuring upgraded 42'' cabinets, large kitchen island, quartz countertops, WI pantry, SS appliances. Owner's retreat is spacious w/dual sinks, walk in shower & large walk-in closet. Other bedrooms are spacious. Tile in all the high traffic areas. Private CASITA w/ ensuite bathroom & sitting room. Low maintenance ft & bkyard. Community features community pool, walking/biking paths, parks, playgrounds, etc. Great Location: minutes to Westgate Entertainment Center, Cardinals Stadium, & restaurants, etc.

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4380 E Prairie Lane Cottonwood, AZ 86326

$620,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6740171

Property Type Single Family Residence

Price Type --

This stunning, newly built property is perched atop a scenic hill, offering breathtaking mountain views from every angle. The modern design of the home seamlessly integrates with the natural landscape, featuring a split floor plan. Inside, the open-concept layout is highlighted by high ceilings, sleek finishes, and an abundance of natural light. The expansive outdoor patios provides the perfect spot for enjoying the serene surroundings and picturesque sunsets.

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2774 Airpark Drive Overgaard, AZ 85933

$620,000

3 Beds

2.5 Baths

1,664 SqFt

Status Active

MLS # 6751278

Property Type Single Family Residence

Price Type --

Pilots and aviation enthusiasts, a beautiful 3BR/2.5 BA Mogollon Airpark home. A 5 min walk to aircraft tie downs, lodge, BBQ, ramadas, pickleball, tennis, & basketball courts! Well cared for immaculate move in ready home, with most furniture included! Spectacular knotty pine vaulted ceilings, soaring stone gas fireplace, open concept living room with an impressive wall of windows. Massive wrap around deck with plenty of room for outdoor entertaining or relaxing. Large screened-in all season room adds more living space. Enjoy the heavily treed, private 0.83 acre partially fenced lot and the wild life that abound. Attached 2 car garage. We are an active social, EAA Chapter 1044 and aviation community, come join the fun!

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3039 E Nance Street Mesa, AZ 85213

$620,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6763881

Property Type Single Family Residence

Price Type --

Four bedrooms, with the 4th utilized as an office with built-in shelves, but no closet. Original owner of this well-maintained and upgraded home, which sits upon an interior north facing lot. Plantation shutters, skylights, fireplace, wood, tile and carpet flooring, kitchen island, granite kitchen countertops, vaulted ceilings, 2 X 6 construction, double glazed windows, large 3 car garage with workspace and cabinets. Elementary and Junior High School nearby. Front and backyard low maintenance. Tour this home. You'll not be disappointed. Oh, and no HOA in this beautiful community.

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16116 W Alameda Road Surprise, AZ 85387

$620,000

3 Beds

3 Baths

2,290 SqFt

Status Active

MLS # 6768724

Property Type Single Family Residence

Price Type --

This Lovely Home features 3 Bedrooms, 3 Baths, 2 Bonus Rooms, Gourmet Kitchen with Sparkling Blue POOL nestled against an Open Area. This Nearly New Home boasts Artistic Custom Wall Features, Soft Eyebrow Arches, Gentle Color Palette, Wood Plank Vinyl Flooring, Full Wall Double Glass Sliding Doors, Upgraded Fans and Lighting, Travertine Decking and Artificial Turf. A Generous Entry leads to the Open Concept Living area complete with a multi use Bonus Room with Quartz Ledges. Gourmet Kitchen boasts 5 Burner Gas Cooktop, Stainless Steel Appliances, Wall Ovens, Tile Backsplash, Large Walk In Pantry, Island, Quartz Counters, Granite Sink, RO system, Pale Grey Cabinetry and under Cabinet Lighting. Primary Ensuite includes a Spa Shower, Double Sinks and Walk In Closet. Near Shopping and the 303

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18788 E Blue Sky Drive Rio Verde, AZ 85263

$620,000

2 Beds

2 Baths

1,380 SqFt

Status Active

MLS # 6769353

Property Type Single Family Residence

Price Type --

Great Lock & Leave - move in ready, with access to the luxury amenities of the prestigious Tonto Verde Community! As you step into the home, you are greeted by an abundance of natural light that floods through the open floor plan. The strategically designed layout accentuates the seamless flow between living spaces, providing an ideal setting for both relaxation & entertaining. The modern kitchen features quartz countertops that perfectly complement the cabinetry. Beautiful tile flooring graces the entire home, adding a touch of elegance & easy maintenance. The master suite boasts a spacious layout & an enormous shower. Yard is fully fenced w/privacy wall. Mountain Views! Easy access to walking path which lead to Tonto Verde Community.

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27448 W Yukon Drive Buckeye, AZ 85396

$620,000

2 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6771924

Property Type Single Family Residence

Price Type --

SOLAR-POWERED JOURNEY MODEL WITH OPEN SPACE BEHIND AND DRESSED TO THE NINES. This 2 Bed/2.5 Bath home is almost 2600 square feet with wood-look tile throughout. Guest bedroom is ensuite plus a Den offering privacy for visitors. Windows are covered with Plantation Shutters yet there's lots of light due to the 5 Solar Tubes. There's 2 in the Great Room, and 1 each in the Laundry, Primary closet and Primary Bath. Speaking of Solar, this home has a huge, owned, 35-panel system which has eliminated APS bills. The garage has storage galore with added cabinetry. Also in the garage the newer, updated and larger Tankless Water Heater. Behind the fenced rear yard is a wash offering privacy from the neighbors. See the pictures, 3D tour and documents tab for more on the many upgrades.

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18737 N Celosia Lane Surprise, AZ 85387

$620,000

3 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6773515

Property Type Single Family Residence

Price Type --

Wonderful Stonecrest with golf course views from the large patio, breathtaking fairway and distant mountain views. A patio fountain is a plus on the back patio. ***NEW ROOF SEPT 2024*** HVAC system recently updated. 2.5 extended garage, with room for golf cart and 2 cars. Gourmet kitchen, with wall oven and cooktop, surrounded by beautiful granite counters and cherry cabinets. Don't pass by this beautiful Cimarron home.

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4808 N 24th Street Unit 1125 Phoenix, AZ 85016

$620,000

2 Beds

2 Baths

1,361 SqFt

Status Active

MLS # 6773318

Property Type Apartment

Price Type --

VIEWS, VIEWS, VIEWS! Floor to ceiling dual pane windows boast expansive city light and mountain views. Come see this charming 11th floor condo w a spacious 2 bedroom 2 bathroom 1361sq/ft floor plan. All this in the luxurious Optima Biltmore. Condo has been tastefully remodeled with engineered hardwood floors, designer modern pantry w slider glass floor to ceiling doors, new paint, ceiling fans & lighting. . Optima's known for it's amenities including Gym, sauna, community room, concierge, rooftop zero edge pool,spa, BBQ, . Why drive when you can live in the heart of Biltmore & walk to dining galore, shopping, movies, spas & more!

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5839 W Charter Oak Road Glendale, AZ 85304

$620,000

4 Beds

2.5 Baths

3,054 SqFt

Status Active

MLS # 6778827

Property Type Single Family Residence

Price Type --

Welcome to this stunning home located in the desirable Mission Groves Subdivision. Nestled on a spacious lot, offering an inviting oasis completed with sparkling salt water POOL. Boasting 4 bedrooms and 2.5 bathrooms, this residence is designed for comfort and style. You'll have a nicely renovated interior with stainless steel appliances, granite countertops, laminate flooring, and fresh paint throughout to create a modern and inviting atmosphere providing the perfect space for entertaining family and friends. The spacious back yard allows for additional outdoor possibilities, whether it's gardening, outdoor gatherings, or simply enjoying the open space. The 3-car garage provides ample parking and storage.

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