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

2515 W Minton Street Phoenix, AZ 85041

$599,900

4 Beds

3 Baths

2,795 SqFt

Status Active

MLS # 6755439

Property Type Single Family Residence

Price Type --

Up to $10 GRANT OF PNC BANK. Please check if your client qualifies. A fantastic single-level home with four beds and three full baths awaits you! Offering attractive curb appeal, a three-car garage & RV gate/parking. The double-door entrance leads to a charming interior with a w/carpeted living & dining room, luxurious light fixtures, beautiful pillars, archways throughout, & neutral palette. Well-maintained kitchen is equipped w/SS appliances, double refrigerators, cabinetry w/crown molding, granite counters, mosaic backsplash, walk-in pantry, & a center island w/breakfast bar. The main bedroom has a double-door entry and a spotless bathroom w/dual sinks, a separate tub, & walk-in closet. Host fun barbecues in this spacious backyard with a w/covered patio, pavers, & storage shed.

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25398 S 227th Street Queen Creek, AZ 85142

$599,900

5 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6762278

Property Type Single Family Residence

Price Type --

This beautifully maintained home features a versatile layout with a second master bedroom downstairs alongside another bedroom, perfect for guests or extended family. Upstairs, there are three additional bedrooms, a cozy den, and a generously sized master suite. The homes centerpiece is a stunning oversized kitchen, seamlessly opening to the living area, ideal for entertaining and everyday living. Every inch of this home has been meticulously cared for, ensuring it is in pristine condition, ready for move-in, and perfect for both relaxation and hosting.

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5249 E Hobart Street Mesa, AZ 85205

$599,900

4 Beds

2.5 Baths

2,397 SqFt

Status Active

MLS # 6758446

Property Type Single Family Residence

Price Type --

**1% Free Rate buydown for the 1st 12 months with preferred lender Craig Cusick, ** This beautiful 4-bedroom, 2.5-bathroom home offers 2,397 sq ft of spacious living. The impressive kitchen is perfect for any chef, featuring ample cabinets and generous counter space. Enjoy cozy evenings in the living room with a fireplace, ideal for entertaining. The primary bathroom offers a relaxing retreat with dual sinks, a walk-in closet, and a separate tub and shower. Step outside to your sparkling pool, the perfect spot to host your next gathering. Same floor plan just sold in September for $620,000. This is a great value. DO NOT miss out—make this stunning home yours today!

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8129 W Ross Avenue Peoria, AZ 85382

$599,900

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6759468

Property Type Single Family Residence

Price Type --

This amazing fully upgraded home in the heart of Fletcher heights has one of the largest pie shaped private lots in the subdivision. This one offers brand new LVP flooring throughout the entire first level, upgraded stainless steel appliances in kitchen, new quartz countertops, built in custom fireplace in great room, upgraded light fixtures throughout, custom master shower/tub, upgraded bathrooms throughout, and so much more. 4 bedrooms and loft upstairs, large great room floor plan downstairs, and RV Gate with huge slab behind the gate. Take one look at the photos and get your buyers in the car. This home on this lot will go fast!

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1252 E Brentrup Drive Tempe, AZ 85283

$599,900

3 Beds

2 Baths

1,875 SqFt

Status Active

MLS # 6772127

Property Type Single Family Residence

Price Type --

Convenient Tempe location with abundant upgrades throughout. Quartz countertops, refinished cabinetry, remodeled bathroom, laundry and hallways. New flooring in entry, great room, baths, laundry and hallways. New roof (replaced in 2021). New micro-pebble pool surface (2020) and new filter. Pergola covered patio with mist system and electric fireplace in great room. American standard 4-ton heat pump (2019). Insulated front door, French door with dual pane glass, Milgard dual pane windows, owned 6.3KW Photovoltaic solar system. Large lot with private backyard oasis to enjoy!

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9243 E Sector Drive Mesa, AZ 85212

$599,900

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6774300

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME! Ready for Quick Move-In. 3 BR + study / 2.5 BA. Kitchen with island and ''Landen Maple'' Burlap cabinetry, white quartz countertops & white-grey herringbone kitchen backsplash with under cabinet lighting. Upgraded tile flooring in all living areas with upgraded carpet in bedrooms, hallways & closets! Dual vanity sinks in both full bathrooms. LED lighting and upgraded light fixtures throughout, smart switches, two-tone paint. This home also features a landscaped backyard with paver patio & washer, dryer, fridge & window treatments included!

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16656 S 13th Street Phoenix, AZ 85048

$599,900

3 Beds

2.5 Baths

2,040 SqFt

Status Active

MLS # 6780667

Property Type Single Family Residence

Price Type --

Beautiful Foothills home on an oversized, cul-de-sac, end lot with numerous upgrades. Nice back/side yards with lots of green landscaping and a large swimming pool. Multiple upgrades including newer kitchen with granite counters and stainless steel appliances (2016), laminate flooring upstairs (2016), hardwood staircase (2016), resurfaced pebble-tech pool with new filtration system (2021), new guest bath (2022), hot water heater (2022) and the master closet organizer (2023). High grade tile bathrooms with tub in master bath. Nice big loft is a great space for an office or bonus room. Move in ready!

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10733 W Swayback Pass Peoria, AZ 85383

$599,900

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6785066

Property Type Single Family Residence

Price Type --

This deal is a steal! Price includes 20k for rate buy down and closing cost, and is still priced below comps. The floorplan is 50 ft wide, nicely upgraded, and features 3 beds, plus a den, 3 full baths, and a 3 car garge, located on a large premium lot. The back yard is finished with pavers, turf, and a large covered patio. The setbacks are large for privacy, and there is a double gate on the east side. Bring your offer today.

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10847 E Forge Circle Mesa, AZ 85208

$599,900

4 Beds

2.5 Baths

3,092 SqFt

Status Active

MLS # 6784548

Property Type Single Family Residence

Price Type --

Do not miss this one in a kind home!! It features 4 spacious bedrooms, 2.5 bathrooms with a large RV gate. The master bedroom is downstairs and has its own staircase leading upstairs to a private loft that overlooks the pool. The main staircase leads to upstairs to 3 oversized bedrooms, full bathroom and a massive loft. The main floor features an upgraded kitchen with granite, a backsplash, stainless appliances and a huge pantry with coffee station and extra storage. It is an open concept with a breakfast nook looking to the pool and a formal dining that can be used as office or another living space. The backyard is an oasis with beautiful pool, outdoor kitchen, fire pit and large ramada.

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907 E Rose Lane Phoenix, AZ 85014

$599,900

3 Beds

3 Baths

1,553 SqFt

Status Active

MLS # 6784429

Property Type Single Family Residence

Price Type --

Welcome to this charming, custom-remodeled home, in the heart of North Central. Completely transformed in 2016, this residence has impeccable upgrades, making it move-in ready. Step inside to beautiful flooring throughout, featuring a mix of carpet and wood tile. The home is bathed in natural light, thanks to the dual-paned windows. The heart of the home, the kitchen, is a chef's dream with stainless steel appliances, granite countertops, new lighting, and custom Shaker-style cabinets. It opens to a spacious family room, complete with a cozy fireplace and dual doors leading to the expansive backyard. The primary suite features a large walk-in closet, a recently updated three-quarter bath, and an additional secondary closet for extra storage. The large backyard is perfect for entertaining, with plenty of grassy space, a fire pit, and a 10x8 standalone storage unit. Parking is a breeze with a two-car carport and additional slab parking for up to four cars. Located with easy access to top Valley schools, popular restaurants, and shopping, this home offers the perfect balance of convenience and charm. Don't miss your chance to live in a neighborhood that everyone loves to call home.

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24686 N 175th Avenue Surprise, AZ 85387

$599,900

3 Beds

3 Baths

2,192 SqFt

Status Active

MLS # 6785461

Property Type Single Family Residence

Price Type --

Welcome to this 2022 platinum upgrade package (36k) Lennar built home situated on private lot due to drainage easement. You choose this home over a current Lennar build to capitalize on 150k of updates for almost the exact same cost as current models with-out. Professionally transformed basic ''builder grade'' lot into a magazine worthy masterpiece boasting a custom pool with sunbathing shelf, stunning travertine tile, waterfall feature, premium added lighting in both pool & landscaping, raised gas fire pit with pergola, outdoor kitchen/bar with built-in grill (never used), motorized sun shades, ceiling fan and built-in outdoor speakers & tv! (128k) Interior updates: 7 ceiling fans, pendant & cabinet lighting, epoxied garage floor, added built-ins, water softener and whole home audio 12k

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1018 W Park Avenue Gilbert, AZ 85233

$599,900

4 Beds

3 Baths

2,118 SqFt

Status Active

MLS # 6786887

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert's most sought-after community! This stunning, competitively priced 4-bedroom, 3-bathroom home offers peace of mind with a new AC, roof, and water heater, plus an owned water softener system. Perfectly situated on the largest corner lot in the neighborhood, the backyard is a paradise designed for making memories. Imagine summer days by the sparkling pool, evenings hosting friends under the stars, and plenty of space for kids and pets to play. The RV gate provides ample room for your toys and extra storage. Inside, you'll find spacious living areas and a thoughtful layout, ideal for raising your family and entertaining guests. Move in and start creating a lifetime of memories!

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