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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15652 N 52nd Street Scottsdale, AZ 85254

$670,000

3 Beds

2 Baths

1,524 SqFt

Status Active

MLS # 6819796

Property Type Single Family Residence

Price Type --

SINGLE level 3 bed, 2 bath property * NO HOA * Tile throughout * Newer cabinets and countertops in kitchen * HUGE lot/yard

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2442 E Winged Foot Drive Chandler, AZ 85249

$670,000

4 Beds

2.5 Baths

2,884 SqFt

Status Active Under Contract

MLS # 6805506

Property Type Single Family Residence

Price Type --

Incredible home in Cooper Commons 4-Bed + Den, 2.5 Baths. Very open floor plan includes formal living and dining rooms, large family room and spacious kitchen. Engineered hardwood flooring in all the right places. The eat-in kitchen has tile counters/backsplash, an island w/breakfast bar, SS appliances, walk-in pantry, & ample cabinets. The main level also features powder room & spacious den/office. Large loft greets you at the top of the stairs. Double door entry to primary boasts walk-in closet, & access to a private balcony. En suite upgraded w/dual sinks & spa like shower w/rain shower head. Exit from kitchen french doors to entertainer's backyard. Tiled covered patio, turf & paver seating area surrounds sparkling heated pool/spa. Well appointed space to enjoy & host many gatherings. Home is complete with 2 laundry rooms, one on main floor and another on 2nd floor just off loft area. Cooper Commons offers many parks, walking and biking to enjoy year round. Prime location in Chandler, close to schools, parks, shopping and restaurants. Home has been well maintained and always show ready.

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3202 N 197th Avenue Buckeye, AZ 85396

$670,000

4 Beds

3 Baths

2,596 SqFt

Status Active

MLS # 6823649

Property Type Single Family Residence

Price Type --

Discover the versatility in this stunning Next Gen home! Designed for multi-generational living, rental or private hobby or office space! The private guest suite features its own separate entrance, 1 car garage, full kitchen, living space, bathroom & washer & dryer. Offering endless possibilities of uses for this functional space! Sitting on an oversized corner lot across the street from a serene community park.The backyard is a true retreat with pool, covered patio & low maintenance landscaping. The higher back wall ensures added privacy. Enjoy serene park views from both the enclosed front courtyard and the elegant custom glass security door. The main home boasts a spacious great room, an open-concept kitchen with a large granite island, and gorgeous cabinetry. Stainless Steel Gas Range & Refrigerator are included! This kitchen is a ideal for cooking and entertaining! The slider off kitchen nook and double slider in great room bring in amazing light to the space! The primary bedroom is spacious and also has a door leading to back patio for easy access to pool or enjoy a cup of coffee in morning! The primary bathroom has double sinks, large shower and spacious walk in closet. Front guest bedroom can also be used as den/office. Both the 2 car garage and 1 car garage attached to guest suite have storage cabinets for plenty of added storage space!

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14042 N 44th Street Phoenix, AZ 85032

New

$670,000

4 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6832501

Property Type Single Family Residence

Price Type --

Experience the perfect blend of style, space, and convenience in this 4-bedroom gem. With major upgrades like a newer roof and A/C, you can move in worry-free and focus on what truly matters. Just minutes from PV Reimagined, Costco, and more, this highly desirable location offers unbeatable access to everything, all with no HOA! Step inside and feel instantly at home with fresh, modern updates and a bright, open layout that invites connection. The kitchen boasts sleek granite countertops, stainless steel appliances, and a breakfast bar that makes mornings effortless. Wake up in the serene primary suite and step directly into your backyard oasis—where a sprawling yard, fenced-in pool, and covered patio set the stage for both relaxing and entertaining. Don't miss out on this opportunity!

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15244 W Alexandria Way Surprise, AZ 85379

$670,000

4 Beds

3.5 Baths

3,413 SqFt

Status Active

MLS # 6809905

Property Type Single Family Residence

Price Type --

Wow, an exceptional 4-bed, 3-car garage home in Marley Park Community! This two-story gem highlights a beautifully maintained front yard w/stone accents on the façade. The interior showcases tall ceilings, a neutral palette, & wood/tile flooring. Discover an expansive layout seamlessly connecting the kitchen, family room, & dining area, creating a smooth traffic flow. The gourmet kitchen boasts SS appliances, classic wood cabinetry, granite counters, a mosaic backsplash, & an island w/breakfast bar. The grand primary suite includes a bathroom w/soaking tub & walk-in closet. Don't miss the versatile den! The backyard is an entertainer's paradise, featuring covered patio, built-in BBQ, blue pool, relaxing spa, & Ramada. Outdoor TV's and Patio Furniture stay! This home is sure to sell quickl

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10719 E Simone Avenue Mesa, AZ 85212

$670,000

4 Beds

2.5 Baths

2,237 SqFt

Status Active

MLS # 6824603

Property Type Single Family Residence

Price Type --

Experience the Eastmark lifestyle, where luxury meets community. This award-winning neighborhood offers incredible amenities, including a resort-style pool, over 75 parks, a vibrant community center, a coffee shop, a local restaurant, and a calendar full of events and activities. This beautifully upgraded home showcases impeccable design and attention to detail. A wall of glass sliders fills the space with natural light, seamlessly blending indoor and outdoor living. Wood-like tile flooring, a modern neutral palette, and designer fixtures enhance the home's sophisticated charm. The gourmet kitchen is a chef's dream, featuring top-tier appliances, double ovens, upgraded cabinetry, stunning countertops, and an exquisite brick backsplash that extends into the dining space. A large walk-in pantry provides ample storage and prep space. The primary suite is a tranquil retreat with spa-like amenities, including dual vanities, a walk-in shower, a freestanding soaking tub, and a spacious walk-in closet. Secondary bedrooms are generously sized, complemented by a well-appointed bathroom with dual sinks. Step outside to a private backyard oasis, perfect for relaxing or entertaining. The custom outdoor kitchen bar sits beneath a stylish gazebo with a ceiling fan, offering the perfect spot to enjoy Arizona's breathtaking sunsets. Low-maintenance artificial grass adds to the charm, with plenty of space to add a pool if desired. A three-car tandem garage with built-in cabinetry provides ample storage. This exceptional home offers a rare opportunity to enjoy luxury, comfort, and the best of Eastmark living.

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9109 S 220th Drive Buckeye, AZ 85326

$670,000

4 Beds

2 Baths

2,282 SqFt

Status Active

MLS # 6803685

Property Type Single Family Residence

Price Type --

Beautiful custom home situated on 1 irrigated acre lot. The home boast w/pride of ownership offering 3 bedrooms with Den/office which can be your 4th bedroom. For that chef of the family the kitchen offers granite counter tops, stainless steel appliances and loads of counter space, a kitchen Island with a formal dining area. Back yard has half white vinal and half block fencing for pasturing your animals. Check out the 3-car garage for your toys, RV parking and gate for your enjoyment. The seller has created a welcoming backyard to entertain family and friends, he has truly enjoyed living here it is now time for him to move on, and he is excited to share it with you.

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5373 W Dublin Court Chandler, AZ 85226

$670,000

4 Beds

2 Baths

1,831 SqFt

Status Active Under Contract

MLS # 6814938

Property Type Single Family Residence

Price Type --

This must-see Chandler home is located in a peaceful cul-de-sac backing onto a large landscaped common area, offering park-like privacy with no neighbors behind. The updated kitchen is a standout, featuring stainless steel appliances, a spacious island, and custom cabinetry for plenty of storage. The tranquil primary suite offers custom cabinetry, a library ladder, custom-built sliding door to the walk-in closet, and a beautifully designed bath with a tiled walk-in shower. Additional updates include tile and hardwood floors, expanded lighting inside and out, and large patio and courtyard for outdoor entertaining. The spacious garage has built-in cabinets for additional storage. With its stunning updates and great location, this well-maintained home is move-in ready!

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18256 W Carol Avenue Waddell, AZ 85355

$670,000

4 Beds

4 Baths

3,507 SqFt

Status Active

MLS # 6817535

Property Type Single Family Residence

Price Type --

Stunning 4-bed, 4-bath, two-story Tuscan-style home with OWNED SOLAR. The welcoming interior offers 3,507 sqft of thoughtfully designed living space. From the soaring high ceilings and graceful archways to the spiral staircase, neutral tile, and custom interior paint, every detail exudes sophistication. The kitchen features granite countertops, an expansive island, custom cabinetry, a breakfast bar, and a formal dining. room. A family room, bonus room, and private mother in law or guest quarters adds versatility. Step outside to a breathtaking a zen-inspired retreat with a serene courtyard and backyard pool/spa, pergola-shaded BBQ area, and covered patio, perfect for relaxation or entertaining. Enjoy the beautiful surroundings from the 2 master balconies in this exquisite, upgraded home.

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5745 N 13th Street Phoenix, AZ 85014

$670,000

4 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6773346

Property Type Single Family Residence

Price Type --

This charming and cozy retreat is nestled in a vibrant neighborhood, walking distance to wonderful coffee shops, boutiques and restaurants. This home lives larger than expected with two spacious living rooms and an open kitchen. The expansive backyard is a serene oasis, perfect for a morning cup of coffee or a gathering with friends. AC Unit replaces in 2022 - Large Free standing shed included.

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5816 E Acoma Drive Scottsdale, AZ 85254

$670,000

3 Beds

2 Baths

1,506 SqFt

Status Active

MLS # 6765100

Property Type Single Family Residence

Price Type --

Motivated Sellers! Welcome to your dream home in the ''magic'' zip code of 85254 with NO HOA. This fabulous Scottsdale oasis features 3 bedrooms, 2 bathrooms and has been recently remodeled with upgrades galore! The open floor plan showcases updated cabinets and granite countertops in the kitchen and bathrooms, newer A/C within the last 5 years, new windows, new led lights, new smoke detector and thermostat. Plus, the home has fresh interior paint and no popcorn ceilings. The attached 2-car garage has ample space for your vehicles and storage. The backyard features a covered patio and RV gate. Prime location close to Kierland Commons, the up and coming Paradise Valley Mall and much more!

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6007 W Charlotte Drive Glendale, AZ 85310

$670,000

5 Beds

3 Baths

2,925 SqFt

Status Active

MLS # 6781883

Property Type Single Family Residence

Price Type --

Located in a beautiful gated community with large grass areas and parks, this home provides a large floor plan with tall vaulted ceiling and updates throughout. All rooms, but one, are located on the 2nd floor. The bedroom downstairs has a full bathroom down the hall. Home backyard has a private spa, pool, and turf grass.

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