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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43131 N 11th Avenue New River, AZ 85087

$589,500

3 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6769538

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This newly built 2024 single-level home offers modern design, energy efficiency, and tranquil desert living. Featuring 3 bedrooms and 2 bathrooms, the open layout includes a gourmet kitchen with granite countertops, a large island, and stainless steel appliances, flowing into a spacious living area with sliding doors to a large back porch. A high-end water filtration system filters out toxins, including arsenic, and provides soft water throughout the home. Custom sun screens on every window enhance energy efficiency year-round.

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3016 S George Drive Tempe, AZ 85282

$589,500

4 Beds

2 Baths

2,085 SqFt

Status Active

MLS # 6748526

Property Type Single Family Residence

Price Type --

Location! Location! Location! Near ASU, 101, 202 & 60. This 4-bedroom, 2-bath over 2,000 sq feet home features a 3-car garage extended for your storage needs and a welcoming front courtyard to enjoy. Inside, the opportunities are immense with multiple living areas options including a family room with fireplace and a bonus room. The open kitchen showcases ample white cabinetry, stainless steel appliances, and a large peninsula with a breakfast bar. The main bedroom includes a closet with mirrored doors and a private updated bathroom. The backyard completes this home with an open patio, natural grass for outdoor activities, and a refreshing pool. Newer windows, paint and roof make this home move in ready for you or as an investor. Don't delay it won't last long. NO HOA.

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1017 E Wesleyan Drive Tempe, AZ 85282

$589,500

4 Beds

2 Baths

2,052 SqFt

Status Active

MLS # 6766399

Property Type Single Family Residence

Price Type --

Great Tempe Location! Spacious 4BR 2BA + Separate Studio/Guest Quarters/Casita in Rear - Suggs Block Built - Updated Kitchen & Baths - Quartz Countertops - Plenty of Parking Available - Spacious Laundry Room - Close to ASU, Freeways, and More! - No HOA! - Many Options This House Has!

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40817 W Rio Grande Drive Maricopa, AZ 85138

$589,450

3 Beds

2.5 Baths

2,899 SqFt

Status Active

MLS # 6773582

Property Type Single Family Residence

Price Type --

GRAND HOME ON GORGEOUS WATER LOT w/negative edge pool. A rare find! All NEW cabinets, counters, sinks, faucets, floor tile, carpet, doors, baseboards, toilets, lighting, ceiling fans & interior paint throughout replaced Nov'23! 3 bed, 2.5 bath plus den that seller will consider converting to 4th bed, if requested. Enter through the formal living & dining room then pass through the butler pantry or other hall to the grand family room with 20+' ceilings & view of the pool & lake! The kitchen with all new SS appliances and dinette make this great room perfect for entertaining. XL primary bedroom has coffee bar w/sink & mini fridge. Ensuite has large soaking tub w/windows on 3 sides, separate tiled shower & separate vanities with sinks separated by entrance to XXL walk in closet. Down the hall are 2 large guest rooms and another full bath. Upstairs laundry with matching new cabinetry and sink make for easy laundry days! Walk out to your relaxing back yard with large covered patio, low maintenance landscaping, refreshing pool & breathtaking view of the lake. All brand new pool filtration equipment ensure low maintenance and efficiency. Whole house filtration and kitchen R/O add to the efficiency of this beautiful, like-new, move in ready home! Built by Hacienda, the 2X6 Builder. This home has it all, even a 3 car garage. Don't miss your opportunity to call this HOME.

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2585 S Reno Drive Humboldt, AZ 86329

$589,000

5 Beds

2.5 Baths

2,769 SqFt

Status Active

MLS # 6727919

Property Type Single Family Residence

Price Type --

We invite you to explore this one-of-a-kind custom home built from the ground up with quality. Sitting on 0.46 and having space for a garage, this home has space for additions. Once you walk through the front door, you will discover an open floor plan, vaulted ceilings, natural light cascading in, and beautiful views. You won't be able to keep your eyes off the large living room with a gas fireplace and the stunning kitchen with a long island. As you explore the home, notice the split floor plan and large laundry room. Step into the primary suite, and you will feel the spacious bedroom, walk-in closet, and primary bathroom. The primary bathroom has a significant step-in shower and space for a sauna. Don't forget to explore the backyard of a gas fire pit. Explore this home for yourself.

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26085 W Siesta Lane Buckeye, AZ 85396

$589,000

3 Beds

2 Baths

2,376 SqFt

Status Active

MLS # 6768129

Property Type Single Family Residence

Price Type --

You'll love this highly-upgraded extended SERENITY on a huge 1/3 acre homesite in amenity-filled Sun City Festival! Home warranty being offered! This popular floor plan offers 3 bedrooms + den/office with French doors & 2 baths in 2376 SqFt. The great room features a custom media wall with shelving and electric fireplace, in-ceiling surround sound speakers, and large picture windows letting in tons of natural light and backyard views. The gourmet kitchen features an abundance of white cabinetry with under-cabinet lighting, Quartz countertops, tile backsplash, upgraded stainless Kitchen Aid appliances including a 5-burner gas cooktop & wall ovens, large walk-in pantry, and an island with breakfast bar & pendant lighting. The dining area has a tray ceiling and sliding doors leading out to the extended paver patio that a ceiling fan, is wired for surround sound, and has a gas stub for your BBQ; and a large backyard with easy-care desert landscaping and tranquil water feature. The primary bedroom also has a tray ceiling and an en-suite bath offering an oversized tiled no-threshold shower with bench seating and rain shower head, a dual sink vanity, and large walk-in closet. Other features include plank tile flooring throughout, black-out shades in bedrooms, upgraded electrical package, rain gutters, an oversized 2 car fully-insulated garage with 4-foot extension and epoxy floors, separate fully-insulated golf cart garage, kool-deck driveway, and leased solar providing utility savings. Sun City Festival includes two recreation centers featuring resort-style pools and spas, fitness centers, group fitness studios, outdoor patios, and an indoor walking track. Tee off at the 27-hole golf course managed by Troon Golf® or create a masterpiece in the woodshop and crafts studio. You can also play pickleball, bocce and tennis.

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6860 N Bridle Path Prescott, AZ 86305

$589,000

4 Beds

3 Baths

2,188 SqFt

Status Active

MLS # 6734725

Property Type Single Family Residence

Price Type --

Welcome to this spacious 4-bedroom, 3-bathroom home located in the desirable Williamson Valley area of Prescott, AZ. With 2,188 square feet of living space, this property offers a fantastic opportunity to create your dream home with a little TLC. The living room is bright and inviting, featuring a cozy wood-burning stove and large windows that fill the space with natural light. The kitchen, while in need of some updates, provides ample space and potential for customization to suit your needs. The bedrooms are well-sized, with the primary suite featuring an en-suite bathroom for added convenience. The family room offers a comfortable space for relaxation and entertainment, complete with French doors leading to the backyard. Situated on a large lot, this property offers plenty of room for outdoor activities and entertaining. Located in a peaceful neighborhood with stunning views of the surrounding landscape, this home is perfect for those looking to invest in a property with great potential. Don't miss out on this chance to make this house your own and enjoy all that the Williamson Valley community has to offer!

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4593 W Bush Bean Way San Tan Valley, AZ 85144

$589,000

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6766477

Property Type Single Family Residence

Price Type --

IT'S ALL READY! Energy efficient 4 bedroom/2.5 bathroom split floorplan has it all! Built in 2021 - lightly lived in (seasonal) with a HEATED pool, 3 car tandem garage & only minutes from Mesa Gateway airport + restaurants, shopping & entertainment! Kitchen boasts a huge granite island, lots of white cabinetry, stainless appliances with gas stove, large walk-in pantry with beverage fridge, neutral backsplash & view to all living areas including patio & pool. Spacious primary bedroom suite with separate shower/bath & large walk in closet. Garage has extra storage. Whole house water system. Please view the prictures & the list of home features for the whole story. Like new without the wait or extra expense!

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16917 W Sheridan Street Goodyear, AZ 85395

$589,000

2 Beds

2.5 Baths

1,723 SqFt

Status Active

MLS # 6767295

Property Type Townhouse

Price Type --

This highly upgraded Napa-villa is everything you've been dreaming of! It's designed for easy, lock & leave living, with all the features you could want. The chef's kitchen is a highlight, with quartz countertops, upgraded 42-inch cabinets with convenient lower drawers, stainless steel appliances, wall ovens, a gas cooktop. Tile flooring runs throughout the home, making it both beautiful & easy to care for. The home has tons of extra upgrades: stylish coffered ceilings with 2-tone paint, upgraded windows, 8-foot interior doors, a master closet system, a curbless shower in the master bath, plantation shutters, electric interior & exterior shades. The laundry room comes with extra cabinets & a handy utility sink. Outside, the driveway & entry walkway have a durable Kool deck coating. A stylish front security door welcomes guests. The south-facing courtyard patio is perfect for relaxing or entertaining with paver flooring, a peaceful fountain, and even a TV for outdoor enjoyment. The LifeSource water filtration system is an upgrade that you will love. The roof is even equipped with a pigeon-proof system. This home has everything you need and more!

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2105 N Normal Avenue Tempe, AZ 85288

$589,000

3 Beds

2 Baths

1,287 SqFt

Status Active

MLS # 6768517

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated three bed, two bath home located in desired Papago Manor! As you enter, you are greeted by a spacious and inviting living area filled with natural light, perfect for both relaxation and entertaining. The modern kitchen boasts custom white cabinetry, marble countertops, stainless steel appliances, and stylish gold hardware. Each of the three bedrooms offers comfortable space and generous closet storage, and updated bathrooms feature contemporary fixtures and finishes. Step outside to discover a serene backyard oasis, ideal for outdoor gatherings or quiet evenings under the stars. Conveniently located near shopping, dining, and easy access to major highways, this home combines modern comforts with a prime location. You don't want to miss this!

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1175 Green Top Drive Happy Jack, AZ 86024

$589,000

3 Beds

2 Baths

1,503 SqFt

Status Active

MLS # 6774795

Property Type Single Family Residence

Price Type --

Nestled on over an acre of picturesque, lightly wooded horse property, this charming 3-bedroom, 2-bath home offers a perfect blend of rural tranquility and modern comfort. Ideal for equestrian enthusiasts or those seeking serene country living, the expansive land provides ample space for horses, gardening, or outdoor activities. Inside, enjoy a spacious, inviting layout with a cozy living area, well-appointed kitchen, and comfortable bedrooms. With plenty of natural beauty surrounding you, this property is a peaceful retreat ready to be your forever home.

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9623 E Rocky Lake Drive Sun Lakes, AZ 85248

$589,000

2 Beds

2 Baths

1,774 SqFt

Status Active

MLS # 6778848

Property Type Townhouse

Price Type --

Remodeled from top to bottom in exquisite detail is this one-of-a-kind contemporary villa in the highly desired Oakwood community. Over $100k in upgrades include a re-designed open floor plan, high-quality modern white cabinets in kitchen, bathrooms and laundry room. Kitchen includes quartz counters, stainless steel appliances, gas range, built in cabinet ice maker and pull out shelving. Master suite includes marble shower with Euro glass door, raised vanity with quartz counters and a large walk-in closet. Porcelain tile wood grain flooring, vaulted ceilings in main rooms, plantation shutters and lots of added high-end lights thru-out the home. Garage includes built-in cabinets and sink. Great patio space over looks a wide green belt. HOA takes care of exterior and common areas.

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