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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1258 W Plane Tree Avenue San Tan Valley, AZ 85140

New

$590,000

5 Beds

3 Baths

2,881 SqFt

Status Active

MLS # 6787613

Property Type Single Family Residence

Price Type --

Don't miss this 5 bedroom/3 bath home located in the sought after community of Ironwood Crossing. This home features a desirable open concept floor plan with tons of natural light and OWNED SOLAR PANELS!!!. The gourmet kitchen has an oversized island with seating, granite countertops, beautiful upgraded cabinetry, gas cooktop, and a walk in pantry. Large primary bedroom boasts a huge walk in closet, dual sinks and a separate tub and shower. All secondary bedrooms are spacious and have a walk-in closet. Guest bedroom has it's own wing with a bath that has a walk in shower. This home also has a separate den/office and a generous backyard with a covered patio. Community offers pools/spas, clubhouse, pickleball courts, splash pads, playgrounds, basketball & volleyball courts!

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16048 W Mercer Lane Surprise, AZ 85379

$590,000

5 Beds

3 Baths

3,451 SqFt

Status Active

MLS # 6715329

Property Type Single Family Residence

Price Type --

Check out the Great Curb Appeal at this Nice 5 bedroom, 3 bath, 3451 sq. ft., 3 car garage home in Greer Ranch South, Surprise, AZ. New carpeting and interior paint. Low maintenance front yard leads you to the front door. Vaulted ceilings and large rooms greet your entry to this home along with a spacious open eat-in kitchen granite counter tops, stainless steel appliances and ample cabinet space. Looking for a formal dining space? Found! Relax and hide in the Great Room downstairs or the spacious upstairs Media Room. Large Primary Suite with a large walk in closet, private bath with separate shower and tub. The backyard includes a covered patio and a pool to keep you cool. This could be your next ''New To You'' home.

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19233 W Coolidge Street Litchfield Park, AZ 85340

$590,000

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6715943

Property Type Single Family Residence

Price Type --

**Welcome to Your New Home!** This stunning 4-bedroom, 3-bathroom residence offers the perfect blend of luxury and functionality, featuring a full apartment casita with its own private entrance, ideal for guests, extended family or rental income. Highlights include: - **Spacious Main House:** Open floor plan with a bright and airy living space, modern kitchen, and elegant finishes throughout. - **Private Apartment Casita:** Self-contained unit with a living area, kitchen, bedroom, and bathroom, perfect for extended family or rental potential. - **3-Car Garage:** Ample space for vehicles, storage, and hobbies. - **Completed Backyard:** Beautifully landscaped for relaxation and entertainment. - **Installed Solar Panels:** Enjoy significant savings on your energy bills and contribute to a greener planet. Located close to top-rated schools, shopping, and recreational facilities, this home offers convenience and comfort in one package. Don't miss out on this rare find! Contact us today to schedule a viewing and make this exceptional property yours.

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9710 W Campana Drive Sun City, AZ 85351

$590,000

3 Beds

3 Baths

1,832 SqFt

Status Active

MLS # 6717251

Property Type Single Family Residence

Price Type --

Presenting a well maintained 3-bedroom residence complemented by an expansive Arizona Room, this property boasts refined additions and enhancements. Nestled in a Cul De Sac, The residence encompasses a total area of 1832 square feet plus An expansive addition completed in 2018 supplements the property with an additional 1169 square feet, offering versatile parking spaces. The property is thoughtfully outfitted with triple pane windows, ensuring superior insulation against both sound and heat. Noteworthy recent upgrades include a new AC unit installed in 2021, along with a water heater of the same year. The oven and stove top were replaced in 2019. Maintenance and improvements extend to the infrastructure, with sewer lines and clean outs updated during the 2017 addition. The exterior features a freshly painted back wall, benefiting from a five-year warranty, with two years remaining. . The roof was replaced in 2018, with insurance coverage through AAA. To accommodate discerning buyers, seller financing terms may be considered.

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706 E Washington Street Unit 128 Phoenix, AZ 85034

$590,000

2 Beds

2.5 Baths

1,880 SqFt

Status Active

MLS # 6732346

Property Type Townhouse

Price Type --

Welcome to urban living at its finest in this modern and stylish loft in the heart of downtown Phoenix. Within walking distance of event centers, fine dining, the lightrail, and so much more, this industrial-chic loft features an open floor plan with soaring ceilings, large luxury tile floors, and big windows that flood the space with natural light. The sleek kitchen boasts stainless steel appliances, granite countertops, and plenty of cabinet space for all your culinary needs. The spacious bedrooms offer a private retreat with 2 bathrooms. Enjoy the convenience of in-unit laundry and a designated parking space as well as a secure 1 car garage. Outside, this corner unit has its own private side yard perfect for pets. The third story patio offers views of Chase Field, Phoenix skyscrapers, and perfect for enjoying our spectacular Arizona sunsets.

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6703 N 12th Street Phoenix, AZ 85014

$590,000

5 Beds

3 Baths

2,673 SqFt

Status Active

MLS # 6729358

Property Type Single Family Residence

Price Type --

Discover this unique single-level home within the Madison Simis boundaries! Boasting 5 bedrooms and 3 bathrooms, this spacious residence features a remodeled master bedroom and bathroom, along with a beautifully renovated kitchen equipped with granite countertops and stainless steel appliances. Recent upgrades include exterior paint and a heat pump (2017). New exterior paint! The property offers two RV gates and sits on a generous corner lot, providing ample space for parking your toys. Conveniently located in Mid-Town, you'll have easy access to shopping, restaurants, and public transit. This versatile home is perfect for a potential assisted living facility, group home, or extended family living.

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1144 Christopher Creek Loop Payson, AZ 85541

$590,000

2 Beds

2 Baths

1,392 SqFt

Status Active

MLS # 6742443

Property Type Single Family Residence

Price Type --

Beat summer heat with a mountain retreat, or perhaps have a white Christmas! TWO HOMES on over TWO ACRES of tall pines (303-10-107A and 107B) & national forest on 2 sides! Versatile property, & a rare opportunity for a four-season get-away or as a rental property. Classic mountain cabin + guest cottage are located right on the loop in Christopher Creek, less than 2 mi on the adjacent forest road up to the spring-fed headwaters! It's a gorgeous area for hiking, picnicking, & fishing (seasonal bi-weekly stocking w/trout,etc). Unique main home has a master bedroom with an amazing view from the balcony, as well as an add'l loft area. Open style floorplan, with oak floors & large windows on three sides for plenty of natural light; there's a woodstove to cozy up to on cool evenings. CLICK: Custom bath features stone and glass brick walls & loads of storage; separate laundry room. Kitchen has an island with granite countertops, & the large decks (over 700 s.f.) in front & back offer the perfect setting for relaxation, entertaining, and watching the wildlife that meander through. Darling studio-style cottage provides additional space for overflow, guests, or tenants, complete with its own kitchenette and a bath with shower. This property is on a shared well, with this listing owning two of the three shares; further, the neighbor who owns a third share has drilled his own and has never hooked into this well. It's a rare opportunity to enjoy a secluded but conveniently located piece of paradise, right in the middle of the most beautiful forest in Arizona, with unparalleled opportunities for hiking, camping, fishing, stargazing, and more. Treat yourself to a beautiful drive, and come check it out! Seller and listing agents are related.

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20630 W Grandview Drive Buckeye, AZ 85396

$590,000

4 Beds

3 Baths

2,600 SqFt

Status Active

MLS # 6741192

Property Type Single Family Residence

Price Type --

***$10,000.00 seller concessions for upgrades, carpet, etc***This stunning corner lot home is located directly across the street from a beautiful children's park and features a spacious open concept living area with a sizeable kitchen-perfect for entertaining. The primary bedroom includes a walk-in closet and en-suite bathroom with dual sinks, a soaking tub, and separate shower. The backyard is an empty slate that can be customized to your liking and the large front porch is ideal for relaxing and enjoying the neighborhood, complete with a porch swing for added charm. The two car garage offers plenty of storage space for all of your toys. Enjoy the small town feel of Verrado with its tree-lined streets, community events and friendly neighbors.

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504 N 297th Lane Buckeye, AZ 85396

$590,000

4 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6746288

Property Type Single Family Residence

Price Type --

New Build Dream Home! Completion date early December 2024. Large 4-bedroom, 2-bathroom, 2-car garage on a 1-acre corner lot. Open Floor plan with large great room and eat in kitchen. Custom shaker cabinets with soft close drawer and doors. Spacious master suite with double sinks, quartz counter tops, walk in closet, private entrance to the covered patio.

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2640 S Southwind Drive Gilbert, AZ 85295

$590,000

4 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6747537

Property Type Single Family Residence

Price Type --

***MOTIVATED SELLER!!!*** A beautifully maintained gem in the heart of Gilbert, AZ. This charming 4-bedroom, 2.5 bath home offers a perfect blend of comfort and style, nestled in a serene and family-friendly neighborhood. Freshly painted inside and out, the home is just waiting for you to move in! Check out the HUGE master bathroom with an oversized shower boasting 2 showerheads. Multiple living spaces and 4 bedrooms will give your family plenty of space to spread out! And don't forget the pool! With a fountain to keep it cool on these hot summer days! Added bonus... No neighbors behind you and only one directly next to you. Additional highlights of this home include a convenient 2-car garage, a dedicated laundry room, and easy access to nearby parks, shopping, and top-rated schools.

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15428 S 24th Street Phoenix, AZ 85048

$590,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6757496

Property Type Single Family Residence

Price Type --

Beautifully REMODELED home on HUGE corner lot in Ahwatukee. Gorgeous backyard with mountain views. 3 bedrooms, 2 baths plus Den/4th bedroom. Located in the popular Mountain Park Ranch community. This home boasts all new cabinets and granite countertops throughout, new flooring, new window screens, and professionally landscaped backyard with gazebo. Home comes with a ''NEW FULL ROOF'' that is only 4 years old and ''NEW Carrier A/C'' unit installed just 2 years ago! Also included are ALL APPLIANCES including both refrigerators. Inside garage are custom built in cabinets for plenty of storage and a separate side entrance.

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1314 E Bluefield Avenue Phoenix, AZ 85022

$590,000

4 Beds

2.5 Baths

2,014 SqFt

Status Active

MLS # 6764348

Property Type Single Family Residence

Price Type --

Move in before the Holidays! Looking for a 4 bedroom home with a pool in North Phoenix? Welcome home to this very private home on a corner lot with mountain views. The inviting curb appeal brings you into the living room where you can entertain year round. Watch the kids play in the family room while cooking up a meal in your remodeled kitchen which has an island for bar seating and stainless steel appliances. Upstairs is a spacious master suite and 3 good sized bedrooms. Outside--YES. Enjoy a drink on the covered patio. Watch your favorite pooch run around in the grass....AND enjoy a dip in the relaxing pool all while getting a view of the mountain that is next door 🙂 All this in North Phoenix in an ideal location on a private street.

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