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

8014 E Plata -- Mesa, AZ 85212

$619,900

4 Beds

2 Baths

2,532 SqFt

Status Active

MLS # 6732961

Property Type Single Family Residence

Price Type --

Single story home on a corner lot that offers a split floor plan, with large open kitchen which features stunning soft glide cabinets, top of the line stainless appliances with built-in oven and microwave, large island, pendent lighting. The spacious master suite overlooks the backyard with a walk-­in closet that is truly larger than most bedrooms. RV Gate. Solar swimming pool panel owned. Located across the street from the park & walking trails & just minutes from the 60 & 202 fr-ways and San Tan Village.

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3019 E Marilyn Road Phoenix, AZ 85032

$619,900

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6733523

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after neighborhood of Cimarron Ridge, this wonderful entertainment home offers the perfect blend of comfort and luxury. Enjoy the serene ambiance of a quiet cul-de-sac, complemented by a spacious yard. The property features a stunning Pebble Tec pool and spa, ideal for relaxation and entertaining. Don't miss the opportunity to own this gem in a prime central location!

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19700 N 76th Street Unit 2028 Scottsdale, AZ 85255

$619,900

2 Beds

2 Baths

1,843 SqFt

Status Active

MLS # 6759796

Property Type Apartment

Price Type --

Immaculate open & bright South facing condo in the highly desirable gated Village at Grayhawk community. Upgraded features include travertine flooring, plantation shutters & more make this beautiful 2 bedroom+ den, 2 car garage residence stand out from the rest. Warm & inviting kitchen features breakfast bar, granite countertops, maple cabinetry, black stainless LG appliances, gas range & recessed lighting opens to dining/great room. Relax in large great room w/gas fireplace, built-in media & display niches. Spacious master retreat w/room for desk/workout equipment, dual sinks, separate shower & garden tub. Enjoy 3 beautiful heated pools & spas and 2 workout facilities. Convenient access to Loop 101 freeway, hiking and walking trails, world class golf, shopping and dining.

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18117 W Tecoma Road Goodyear, AZ 85338

$619,900

2 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6781120

Property Type Single Family Residence

Price Type --

Energy-efficient SOLAR property in the master-planned community of Estrella! Sweet curb appeal, desert landscaping & Inside, a rotunda foyer leads you toward the semi-open den & great room, providing endless entertainment. Pre-wired surround sound, durable tile flooring, custom paint, & gorgeous light fixtures. The kitchen showcases a center island w/breakfast bar, a pantry, staggered cabinets, mosaic backsplash, SS appliances, & granite counters. Split main retreat features backyard access & an ensuite boasting a separate tub/shower, dual sink, & walk-in closet w/stacked laundry area. Both bedrooms have soft carpets! Entertainer's backyard offers built-in BBQ, fireplace, covered patio, putting green, pool & spa combo, & view fence. Plus, solar panels! This home is the one! MTN Views! - DEN / LAKERS billiards Room Can be easily transitioned to 3rd bdrm.

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2734 W Montgomery Drive Chandler, AZ 85224

$619,900

4 Beds

2 Baths

2,009 SqFt

Status Active Under Contract

MLS # 6756991

Property Type Single Family Residence

Price Type --

Come and see this freshly remodeled stunning home in Chandler. This 4 bed 2 bath 2 Car Garage home is move in ready!! Located just off the 101 and Warner you are just minutes away from the Chandler Mall with all the shopping and great restaurants. Home is located in the A rated Chandler School District. As you pull up to this stunning gem you will notice the freshly painted exterior and low maintenance front yard. Though the front door your welcomed by brand new luxury vinyl plank flooring in the main living areas and plush patterned carpet in the bedrooms. The soaring ceilings continue around the corner off the front room and into your brand new stunning kitchen. This fully remodeled kitchen boasts new white shaker cabinets, white quartz countertops, brand new stainless steel appliances and upgraded lighting. Just off the kitchen is the massive pantry / laundry room with custom shelves, mud room bench, white cabinets and butcher block top. Split floor plan has the Master suite off of the front room and it is GORGEOUS. Vaulted ceilings, dual vanity sink, large walk in closet and brand new custom tiled shower. Brand new windows and window coverings throughout the home. New water heater. New ceiling fans, door hardware, light and plumbing fixtures give this home a modern feel. Out back there is plenty of room to entertain with a freshly laid rolled sod yard with paver border, new sprinkler system and a large gazebo with fire pit that conveys. Don't miss out on this gem. Come and see it today!!

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18607 W Oregon Avenue Litchfield Park, AZ 85340

$619,900

4 Beds

2.5 Baths

2,691 SqFt

Status Active

MLS # 6762312

Property Type Single Family Residence

Price Type --

****SELLER OFFERING $15,000 SELLER CONCESSION, WITH ACCEPTED OFFER***** This impressive single-level home in Litchfield Park boasts 2,691 square feet of living space on an expansive 11,051 square foot lot. Featuring a split floor plan with four oversized bedrooms, each with large walk-in closets, and 2.5 bathrooms. The home is designed for both comfort and functionality with vaulted ceilings and custom window treatments. The massive primary suite includes a remodeled bathroom with a stand-alone tub and a spacious walk-in closet. The 3-car tandem garage has vaulted ceilings for extra storage, plus added electrical outlets perfect for welders and power tools. An oversized RV gate provides paved RV parking with a power connection, ideal for boats, RVs, and UTVs. The remodeled gourmet kitchen is equipped with granite countertops and a large walk-in pantry. The backyard offers an extended patio, mature landscaping and a large storage shed. With close access to the 303 and I-10 freeways, this meticulously maintained home combines convenience with exceptional features for everyday living. Check this one out today!

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15163 W Cameron Drive Surprise, AZ 85379

$619,900

5 Beds

3 Baths

3,684 SqFt

Status Active

MLS # 6775454

Property Type Single Family Residence

Price Type --

Welcome home! Recently renovated and turn-key! 5 spacious bedrooms, 3 bathrooms and a bonus loft + 3-car garage. New luxury vinyl flooring and tile floors throughout, formal living /dining room, kitchen with island, walk-in pantry, granite counters, stainless steel appliances, open to breakfast nook and family room overlooking covered patio, grassy backyard and pool w/ shark inlay. Upstairs to spacious loft for a 2nd family room! Primary suite w/sitting area, separate shower/tub and extra large closet and sleek renovated bathrooms. Added features include modern light fixtures and ceiling fans, surround sound, garage with attached cabinets and epoxy flooring. Enjoy community features of parks, greenbelts, playgrounds, sport court and sand volleyball court.

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12129 N Finch Drive Fountain Hills, AZ 85268

Open House

New

$619,900

2 Beds

2 Baths

1,417 SqFt

Status Active

MLS # 6788922

Property Type Single Family Residence

Price Type --

Location, Location, Location! Premium tranquil & private lot backs to unique gorgeous natural common area. Spacious backyard & covered patio to enjoy outdoor living. Just steps to Community heated POOL & SPA. Quick walk to the World famous Fountain, Park & all that Town Center offers. Great Room offers vaulted ceiling & corner wood burning fireplace. Large Kitchen showcases Granite counters, tile backsplash, newer appliances, lower cabinets with pullouts and Eat-In area with lots of natural light. Bathrooms have been updated with walk-in tiled showers. Additional improvements include: New Roof 2022; New tile plank flooring & carpet (2022); New window treatment (2022); New fans & light fixtures; New interior paint; Garage epoxy flooring (2022). Act quick on this amazing move-in ready home

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14219 W Artemisa Avenue Surprise, AZ 85387

$619,500

4 Beds

2.5 Baths

3,462 SqFt

Status Active

MLS # 6643180

Property Type Single Family Residence

Price Type --

Seller may contribute $5,000 towards the buyer's closing cost. ***WHY-WAIT-TO BUILD*** This two-story home is a stunning property that offers a spacious and well-designed layout. With four bedrooms and 2 1/2 baths, this home provides ample space for a growing family or for those who enjoy having extra room. The Gormet eat-in Kitchen is a true design of a chef's delight, upgraded gas cooking range, beautiful quartz countertops, ample amount of 42-inch upgraded cabinetry and stainless-steel appliances. Plantation shutters throughout the first floor. Downstairs offers a large den/office or can be a playroom. The master bedroom is conveniently located downstairs, offering privacy and convenience. The master bathroom features upgraded cabinetry, separate garden tub, dual sinks, large walk-in shower, adding a touch of luxury to the space. The first floor of this stunning home features wood-like extensive flooring adding a touch of warmth and elegance to the space. Upstairs, you will find an enormous loft area that can be used as a playroom, another office, or entertainment area. Additional bedrooms upstairs plenty of space for family members or guests. This home is north-south, ensuring that you can enjoy the best of both worlds when it comes to natural light and temperature control. Additionally, this home has been barely lived in and resembles a spec home, meaning it is in pristine condition and ready for its new owners to move in and make it their own. You will also have the best of both worlds located remarkably close to all the shopping in north Peoria as well as Surprise, minutes away from the best of both growing areas and schools.

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2864 Timberline Road Pinetop, AZ 85935

$619,500

4 Beds

3 Baths

2,333 SqFt

Status Active

MLS # 6751546

Property Type Townhouse

Price Type --

The Pinetop Country Club area is renowned for its serene landscapes and charming properties, and it seems you've found a gem with this detached townhouse. With four bedrooms, three bathrooms, and a bonus room that can serve as a fifth bedroom or study, plus a loft, it offers ample space and versatility. The list of upgrades is impressive, including a premium lot, advanced A/C system with extra insulation, and a host of new installations like a water heater and washer dryer. The addition of a soft start on the A/C unit is a smart move to extend its lifespan. It's clear that meticulous care has been taken to maintain and enhance the property, from the practical servicing of all systems to the aesthetic addition of new trees and a railing on the back patio. ...READ MORE... The fact that it's sold fully furnished makes it an even more attractive turnkey solution for mountain living. The HOA's coverage of exterior maintenance, landscaping, and snow removal adds to the worry-free experience. This condo truly stands out as one of the nicest in the subdivision. If you're looking for a retreat that combines luxury with the tranquility of mountain life, this property seems to tick all the boxes.

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2445 W Rowel Road Phoenix, AZ 85085

$619,380

3 Beds

2.5 Baths

1,964 SqFt

Status Active

MLS # 6785167

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Elevated A package of upgrades including 42'' flagstone cabinets, quartz countertop, custom backsplash, large island, GE Profile stainless steel appliances and gas range and 6x36 tile flooring. HOA includes Union Park Amenities, front yard landscaping. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.

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22794 E Stacey Road Queen Creek, AZ 85142

$619,040

4 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6739105

Property Type Single Family Residence

Price Type --

Incredible Fall Move In Ready Home at the highly desired community of Harvest in Queen Creek. This beautiful plan offers 2753 sq ft, 4 bedrooms, loft, 3 full baths, and study on a large North back home site. Enjoy entertaining in your gourmet kitchen, with stunning pecan cabinets to the 10 ft ceiling, quartz countertops and quartz backsplash. Unwind in your owners retreat with the upgraded super shower offering tile to the ceiling. 2x6 constrution and new home warranty; SEE YOU SOON

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