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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1618 W Maplewood Street Chandler, AZ 85286

$580,000

3 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6760343

Property Type Single Family Residence

Price Type --

Location, Location, Location! Nestled in the prestigious Pecos Ranch in the heart of Chandler, near the Price Corridor and its high-tech companies, this expansive waterfront lot is perfectly situated right by a community park, offering stunning views and direct lake access—ideal for all your favorite water sports and leisure activities. This breathtaking single-level home has been recently remodeled, boasting luxury Vinyl flooring, freshly painted neutral walls, modern quartz kitchen countertops, and contemporary lighting fixtures throughout. French doors in the family room and large windows in the kitchen frame the serene lake views, creating a tranquil living environment. The master bedroom features an en-suite bathroom with direct access to the backyard, perfect for enjoying the peaceful outdoors. With proximity to major freeways like the 101, 202, 60, and I-10, this home offers unparalleled access to Chandler's best schools, top-rated hospitals, and main shopping destinations, including Costco and Chandler Fashion Center. Discover the ease of urban living in a suburban paradise.

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22456 E Via Del Verde -- Queen Creek, AZ 85142

$580,000

3 Beds

2 Baths

2,202 SqFt

Status Active

MLS # 6767389

Property Type Single Family Residence

Price Type --

Hidden gem with 2 dens (home office!) plus the 3 BR's, private pool, tons of garage storage, driveway extension, easy maintenance yard, & gourmet kitchen! The resort style pool has a Baja shelf to relax, travertine, & turf next to the oversized covered patio. Inside has beautiful modern tile, KitchenAid SS appliances, large pantry w/ custom door, 42'' staggered cabinets, & granite eat in island. The large primary has an ensuite with 2 sinks + walk-in shower. Guests will love the Jack-&-Jill bathroom with separate door to shower/tub for privacy. The huge laundry room w/ cabinets has plenty of room for 2nd frig or freezer. Epoxy garage w/ H20 Softener & cabinets is a dream! Exterior painted in 2020. You'll love the community w/ parks, trails, pool, splash pad, garden, volleyball, & more!

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951 N 165th Avenue Goodyear, AZ 85338

$580,000

4 Beds

3 Baths

3,106 SqFt

Status Active

MLS # 6766084

Property Type Single Family Residence

Price Type --

Welcome to this ideally located home, nestled next to expansive open space with no neighbors behind or to the side. Enjoy spacious living areas, including a kitchen and family room that offer stunning views of the backyard oasis. The oversized custom pool features a rock waterfall and slide, with ample space for lounging and entertaining. The outdoor area also boasts a built-in BBQ island, a covered patio, and wide side yards. Inside, there's a downstairs den with a full bathroom, while upstairs you'll find three bedrooms and a generously sized primary suite. The three-car garage comes complete with built-in cabinetry, and the home is equipped with OWNED SOLAR!

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3790 E Chickadee Road Gilbert, AZ 85297

$580,000

4 Beds

2.5 Baths

2,174 SqFt

Status Active

MLS # 6776177

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Contemporary Home - Move-in Ready! Discover this freshly updated home featuring modern upgrades and elegant finishes throughout. New interior and exterior painting sets the tone, while luxury vinyl flooring adds style and durability. Step into a fully remodeled kitchen showcasing a custom wood range hood, high backsplash, and a farmhouse undermount sink for a sophisticated touch. Enjoy a dedicated wine area and all-new stainless steel appliances. The open-concept layout is enhanced with recessed LED lighting and stylish new fixtures, creating a warm and inviting ambiance. Relax in the luxurious, fully remodeled bathrooms designed with contemporary finishes. Rest easy with new AC and furnace units, a new water heater, and a recently tuned-up roof, ensuring ensuring comfort and peace of mind. This home combines style and functionality, ready to welcome its next owner. Don't miss the opportunity to own this thoughtfully renovated gem!

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27386 W Osprey Drive Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

2,557 SqFt

Status Active Under Contract

MLS # 6739338

Property Type Single Family Residence

Price Type --

Why wait to build when you can make this stunning nearly new JOURNEY model yours today! This elegantly appointed 2,557 sqft, 2 beds, 2.5 bath, Den with French doors, Flex space, Great room, charming Courtyard & Golf cart garage home will not disappoint. The Kitchen is an entertainers delight with Granite countertops, sleek back splash, Gas cooktop with DOUBLE ovens, Soft close drawers, Pull out Shelves, Reverse Osmosis, magnificent Executive Island perfect for storing all of the small kitchen appliances and gathering loved ones or friends. Wooden shutters throughout & Media wall in the Great room. Owner's suite bathroom with its modern Tile Walk-in shower, Double sinks & Granite counters. Private walled lot, Extended Travertine Patio, Built-in gas BBQ & low maintenance Turf. See it today!

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17106 E La Pasada Drive Fountain Hills, AZ 85268

$580,000

4 Beds

2 Baths

1,522 SqFt

Status Active Under Contract

MLS # 6748601

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite 4-bdrm residence w/den is situated on a spacious lot in the highly sought-after Fountain Hills community. Every inch of this home has been thoughtfully remodeled to offer the perfect blend of modern luxury & timeless charm. Enjoy 4 generously sized bedrooms plus a versatile den, ideal for a hm office/additional living space. Experience contemporary living with high-end finishes, sleek fixtures, and a state-of-the-art kitchen. The large lot provides ample space for outdoor entertaining, gardening, or simply relaxing; endless possibilities! Nestled in a tranquil neighborhood w/ access to all the amenities that Fountain Hills has to offer, including seasonal art/wine festivals, Fountain park, dining and the iconic Fountain.

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2438 W Clearview Trail Phoenix, AZ 85086

$580,000

3 Beds

2 Baths

2,338 SqFt

Status Active

MLS # 6762744

Property Type Single Family Residence

Price Type --

**SELLER HAS 4.99% CONVENTIONAL LOAN THAT IS ASSUMABLE** Home, sweet home! This 3-bedroom, 2-bath residence features a 2-car garage and eye-catching stone accents. Discover a spacious living/dining room with 10' ceilings, a soothing palette, classic plantation shutters, sunscreens, recessed lighting, and a blend of wood-look and tile flooring. The kitchen comes with abundant wood cabinetry with crown moulding, stainless steel appliances, a handy pantry, and a two-tier peninsula with a breakfast bar for casual dining. You'll also find a versatile bonus room perfect for an office, lounge, or play area. The cozy main bedroom is complete with soft carpeting, an ensuite with dual sinks, and a convenient walk-in closet. The enchanting backyard includes a covered patio, pristine artificial turf, and a sparkling pool, built by Presidential Pools, for cooling down on hot days. Make this yours! Whole home water filtration system installed in 2021

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19063 N 265th Avenue Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

1,864 SqFt

Status Active

MLS # 6707112

Property Type Single Family Residence

Price Type --

ASSUMABLE 3% FHA MORTGAGE WITH $285,000 DOWNPAYMENT, or fund a second! Get a pool, owned solar, golf and mountain views at a great price. This highly upgraded Sanctuary model with approximately 1,864 sf. has two suites, a half-bath, and a den. The home has a 2-ft. rear extension and 2-ft. extended garage which is air-conditioned. Upgraded Taupe cabinets, dark granite counters and a stainless-steel gas cooktop create contrast and brighten up the living space. An electric fireplace with a framed and tiled mantle, and accent wall paint, complements the hardwood floors in the gathering room. From the pool you can enjoy a view of the White Tank Mountains & the green at the 9th hole on the Mountain Course at Sun City Festival, Arizona's premier 55+ community.

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20903 S 185th Way Queen Creek, AZ 85142

$580,000

3 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6770353

Property Type Single Family Residence

Price Type --

This incredible home is MOVE IN READY!! Comes complete with refrigerator, hot tub, and large shed!! You're going to love living in this open concept home with 10 ft ceilings and large windows with a backyard perfect for lounging, entertaining or relaxing in the hot tub! RV Gate with extra concrete drive for parking, and additional storage space behind the gate! Air conditioned garage space with epoxy floors and loads of cabinets is perfect for parking or working on projects! With kitchen and bathroom updates, and new flooring this home is in excellent condition and you're going to love living here! Located on the Gilbert/Queen Creek border you're just minutes from QC Marketplace and San Tan Village shopping, dining & entertainment options! Don't let this one get away!

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10080 E Mountain View Lake Drive Unit 327 Scottsdale, AZ 85258

$579,999

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6749762

Property Type Apartment

Price Type --

Welcome to this Scottsdale Bay Club penthouse condo, recently renovated in 2024 with elegant quartz countertops, soft-close cabinets, sleek tile showers, and luxury vinyl flooring. This end unit offers privacy with no neighbors above and serene pool views from a private balcony. Enjoy direct access to the community pool, clubhouse, and gym. The gated community features a spa, fitness center, recreation room, Koi pond, and boat docks. Located next to Scottsdale Ranch Park, amenities include lighted tennis, racquetball, and sand volleyball courts, plus more. Close to Mercado Shopping Center and the 101 freeway.

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9016 W Tony Court Peoria, AZ 85382

$579,999

4 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6779455

Property Type Single Family Residence

Price Type --

HUGE REDUCTION 40,000... NO HOA NONE.!!!!! .BRING YOUR BOATS AND TRAILERS YOU CAN PARK THEM HERE AT YOUR NEW HOUSE. RV GATE WIDE ENOUGH FOR A PONTOON.THERES A PLAY POOL , HALF BASKETBALL COURT AND A HALF LEMON/ORANGE TREE OUT BACK .INSIDE THE PLACE IS SPOTLESS NEW PAINT,THAT TIES THE GENTLY USED CARPET AND TAUPE AND BROWN TILE TOGETHER DOWNSTAIRS .THERES NEW HARDWARE THROUGH OUT. LIVE IN IT WHILE YOU MAKE THOSE LITTLE TWEEKS .THERES A LIVING ROOM ,DINING COMBO AND GREAT BIG FAMILY ROOM WITH A FIREPLACE .SNUGGLE UP WAITING FOR SANTA .QUARTER BATH DOWNSTAIRS AS WELL. ALL 4 HUGE BEDROOMS AND DEN CAN BE FOUND UPSTAIRS THERE ARE LARGE WALK IN CLOSETS IN THE BEDROOMS.LARGE LINEN,SEPERATE MASTER TUB AND SHOWER. 2YR OLD AC UNITS (2). LOTS OF GARAGE STORAGE..CLEAN CARPETS DOWN.ALLOWANCE UPSTAI

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3028 E Friess Drive Phoenix, AZ 85032

$579,995

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6755440

Property Type Single Family Residence

Price Type --

-HOA- GREAT LOCATION. This home is located in a highly desirable neighborhood that offers numerous amenities for its residents. 3 bedrooms 2 &1/2 baths and a loft that opens to a balcony with views of a spacious yard and pebble tec pool. The North/South exposure provides ample natural light, and the home boasts a large family room with a fireplace, separate living and dining areas, and a kitchen with big windows and NEW appliances! The balcony has recently been updated with a new coating. The backyard is perfect for play, with a grass area, covered patio, and a beautiful pebble tec pool. Conveniently located near the 51 and 101 freeways, this home has NO HOA and is a short walk from the highly acclaimed Great Hearts Public Charter School K-12.

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