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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4919 W Hunter Trail San Tan Valley, AZ 85144

$562,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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4354 Ponderosa Trail Wickenburg, AZ 85390

$562,486

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770324

Property Type Single Family Residence

Price Type --

Introducing the Dream floor plan, a stunning 1,648 sq ft home with 2 beds & 2 baths, expertly designed by Shea's in-house interior design team. This home features a GE built-in induction appliance package, including a dishwasher, wall oven, microwave, & oven hood. Oil-rubbed bronze accents add elegance throughout. The primary bath boasts a heavy glass shower enclosure, quartz countertops, & under-mount sinks in both baths. Enjoy custom mosaic tile work, upgraded full overlay cabinets, generous cabinet pullouts, & quartz countertops in the kitchen. Additional features include a 15 ft sliding glass wall, extended covered patio, upgraded electrical, $20k in tile flooring, 4 ft garage extension, & custom landscaping front & back. Discover current incentives at Shea sales office.

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2827 N 212th Drive Buckeye, AZ 85396

$562,073

4 Beds

4 Baths

2,514 SqFt

Status Active

MLS # 6741507

Property Type Single Family Residence

Price Type --

Welcome to your TO BE BUILT: 4-Bed, 4-Bath Mountain-View dream home nestled against the stunning White Tank Mountains, offering unparalleled privacy and breathtaking views. This East/West oriented gem boasts grand 10' ceilings and elegant 8' doors throughout, creating a sense of luxury and space. The chef-inspired kitchen is a culinary delight, featuring a gas cooktop, wall oven micro combo, large pantry, premium countertops, and 42-inch upper cabinets. Perfect for entertaining, the home seamlessly blends indoor and outdoor living with multiple sliding glass doors leading to a spacious patio. The expansive owner's suite is a retreat of its own, complete with a big closet and a huge walk-in super shower with a rainhead. Located just minutes from the Sienna Hills Swim park/gym/clubhouse!

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1922 E Yale Street Phoenix, AZ 85006

$562,000

3 Beds

2 Baths

1,231 SqFt

Status Active

MLS # 6772421

Property Type Single Family Residence

Price Type --

This fully renovated 1925 classic home blends charm with modern luxury. Featuring stunning luxury laminate floors and brand-new windows, the open floor plan is enhanced by beautiful wood beams and elegant crown molding. The custom bathroom showcases period-specific tile choices, while the kitchen boasts white shaker cabinets, quartz countertops, a striking blue tile backsplash, a pot filler above the gas range, and a farmhouse sink. Stainless steel appliances complete the space. Plus, enjoy peace of mind with a new roof and serviced A/C—all part of a permitted remodel!

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1473 W Saddle Run Apache Junction, AZ 85120

$561,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750810

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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3131 N Central Avenue Unit 6021 Phoenix, AZ 85012

$561,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568555

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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7931 E Quartet Avenue Mesa, AZ 85212

$561,674

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6714316

Property Type Single Family Residence

Price Type --

MLS#6714316 Ready Now!! The Edmonton at Hawes Crossing Discovery is a beautiful 1-story floor plan that comes standard with 1,832 sq. ft., 4 bedrooms, 2 bathrooms, 2-car garage, and 2 dining areas. The foyer takes you directly to the dining and kitchen area, which provides ample space for cooking all your favorite meals. Enjoy an open casual dining and great room area with direct access to the outdoor living area, which makes for great entertaining space. The spacious primary suite has a private bathroom with double sinks and a walk-in closet. Welcome home! Structural options include: 8' interior doors. Design upgrades include: tile throughout whole home, paver driveway, tankless water heater, soft water loop, window treatments on all window, 2 faux wood blinds.

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8320 E Paloma Avenue Mesa, AZ 85207

$560,990

4 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6781572

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen cabinets and quartz countertops. Super luxury 7 x 22 plank tile flooring. A public report is available on the Arizona Department of Real Estate website.

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25224 N 159th Drive Surprise, AZ 85387

Open House

$560,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6733494

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME - Congratulations on finding this wonderful quick close home with such awesome upgrades, the quartz countertops and upgraded backsplash will add a touch of elegance to your kitchen but also provide durability, the oversized glass door in the great room will bring in natural light! Gas connections for your range, BBQ, and dryer provides more efficient dryer, and cooking and grilling, so with a combination of modern electrical features and carefully chosen window coverings, you can enjoy a sophisticated and energy-efficient living space right from the moment you move in. A tankless water heater is a great choice for your home as it provides hot water on demand eliminating the need for a storage tank the home is Energy Star Certified to save you money and Smart home modern!

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5030 W Hunter Trail San Tan Valley, AZ 85144

$560,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776913

Property Type Single Family Residence

Price Type --

Brand new energy efficient home! This plan is where perfect blend of functionality and elegance comes to life. This stunning home boasts 5 bedrooms and 3 baths, ensuring room for everyone! A standout features of the Avery is a private bath in one of the bedrooms that could be used for an in-law. The heart of the home is the kitchen, where the island takes center stage, as a practical social hub where family and friends can gather. The kitchen boasts White shaker style cabinets, granite counter tops and a generous amount of tile that overlooks the great room, creating an inviting atmosphere. Each of our spray foam insulated homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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12308 W Parkway Lane Avondale, AZ 85323

$560,378

3 Beds

2.5 Baths

2,238 SqFt

Status Active

MLS # 6782961

Property Type Single Family Residence

Price Type --

Enjoy oversized living spaces and abundant energy efficient windows in this 3-bedroom 2.5-bathroom home that boasts 10 foot ceilings, 8 foot interior doors and a 3 car garage. Designer finishes throughout make this home as beautiful as it is functional. The gourmet kitchen features an oversized island, upgraded countertops and cabinets and GE stainless steel appliances. You will love the finishes throughout the home including designer selected tile flooring, upgraded carpet and pad in all bedrooms and gorgeous backsplash in the kitchen and Owner's Bath. Find time for yourself in your huge Owner's Retreat with a large bathroom featuring a Super Shower with tile surrounds and oversized walk in closet. This home also boasts a large covered patio and oversized backyard; 2X6 CONSTRUCTION

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13342 N 173rd Lane Surprise, AZ 85388

$560,000

4 Beds

2.5 Baths

2,774 SqFt

Status Active

MLS # 6783711

Property Type Single Family Residence

Price Type --

Fabulous home in the growing Aria Ranch at Surprise! This two-story residence is in like-new condition, showcasing a great curb appeal with a desert landscape & a 3 car tandem garage. The functional interior boasts soft paint, wood-look tile flooring, a den, a formal dining room, and a living room open to the kitchen for easy entertaining. This open layout is made bright & airy by tall ceilings that promote a sleek design & a modern feel! The immaculate white kitchen features shaker cabinetry with crown moulding, herringbone subway tile backsplash, quartz counters, SS appliances, gas cooktop, and an island with breakfast bar. You'll also find a walk-in pantry & a mud room. Plush carpet throughout the second floor. The loft is perfect for a secondary family room, come see it today!!! The large owner's suite hosts a pristine ensuite with an oversized dual vanity, a tiled shower, and a bountiful walk-in closet. The expansive backyard offers a covered patio & endless potential to be customized. Close to shopping, major roads, and easy access to Loop 303. Hurry to see, this beauty will sell fast!

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