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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15775 E Us 60 Highway Gold Canyon, AZ 85118

$560,000

2 Beds

1 Bath

1,150 SqFt

Status Active

MLS # 6559727

Property Type Single Family Residence

Price Type --

Looking for horse property that is fenced with covered stalls and an arena already to go? This property has just that. There are 3 parcels being sold as one that equals just over 4 acres, includes access road. The home was built in 1954, it has 2 bedrooms and 1 bath. The back entrance has a covered patio area. There are several out-buildings on the property including a tack room, tool shop, outdoor bbq area, and trailer home. The property backs up to State Trust Land, saddle up your horses and ride for miles. There is a well on the property currently serving the property to the north, but the line has a separate shut off. Pinal County shows the address in Apache Junction - but the property is east of Gold Canyon on US 60. Buyer to verify all facts and information important to them.

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17470 E Hiding Horse Lane Dewey, AZ 86327

$560,000

3 Beds

2 Baths

1,311 SqFt

Status Active

MLS # 6624342

Property Type Single Family Residence

Price Type --

Privacy Parcel and a Very Well Built Brand New sitebuilt House on Over 2 Pristine Acres! Awesome Granite Kitchen! House is Stucco with the Color throughout. Acres of Room for Your Big Shop or RV Garage! Primary Bedroom Fits King Bed! Primary Bathroom has Dual Sink/luxury Vanity, Dual Medicine Cabinets, and Primary bathroom connects to the Walk in Closet. Primary Shower is Walk-In and Tiled Floor to Ceiling (Desirable Pebble Shower Floor) w/ Glass Shower Doors Shampoo Shelf and Window all wrapped in tile! House and Even the Entire Over Sized 2 Car Garage is Spray Foam(a high Insulation Factor/Superb R-Value) . Big Slider to the Massive Exterior Covered Concrete Porch Features a Designer Pine Ceiling. Area for BBQ and Outdoor Living with Great Temps here! State Land Near By! This is It!!!

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4833 W Dublin Court Chandler, AZ 85226

$560,000

4 Beds

2.5 Baths

1,860 SqFt

Status Active

MLS # 6763069

Property Type Single Family Residence

Price Type --

Fantastic location for this cozy 4 bedroom, 2.5 bath home in the heart of Chandler! The spacious formal living and dining greet you upon entry and the kitchen is conveniently open to the family room with the breakfast nook overlooking the sparking pool in the back yard. A cute powder room and the laundry room complete the downstairs living. Upstairs you will find a nicely appointed primary suite at the back of the home complete with a luxurious primary bath, including separate vanities, potty closet and generously sized walk in closet. Three more bedrooms and a wonderful secondary bathroom with a tub/shower combo round out this thoughtfully designed abode ! Come see your next home today!

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3240 W Black Oak Loop Show Low, AZ 85901

$560,000

3 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6677802

Property Type Townhouse

Price Type --

Move in ready, lock and leave golf villa in Torreon now on the market. This villa provides 3 bedrooms, 2 bathrooms, detached 1 car garage and views of the tremendous tall pines that surround the villa for privacy. Upon walking in you'll love the simplicity of the décor and the cozy feel in the atmosphere. Open/split floor plan offers a spacious and private space for friends and family to enjoy. The covered deck and patio add the perfect areas for relaxing and taking in the fresh mountain air. This one of a kind villa needs to be on your list as it won't last long.

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42930 N Voyage Trail Phoenix, AZ 85086

$560,000

3 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6770874

Property Type Single Family Residence

Price Type --

Nestled on a scenic hillside lot in Northern Anthem with over 80K in upgrades! Completely remodeled and absolutely beautiful.*NEW luxury vinyl plank flooring throughout. *Remodeled kitchen features new black leathered granite slab countertop with buffet extension, brand new SS appliances, deep pot and pan drawers, soft-close cabinets, and barn door pantry * NEW remodeled primary bathroom with gorgeous glass shower, rain showerhead, built-in linen cabinet, fogless lighted mirror, and custom vanity with quartz countertops *Original third bedroom has been converted into a personal gym with new rubber mat flooring and cardio room. ALL brand new gym equipment conveys with the property. Gym could easily be converted back into a third bedroom. (SEE MORE...) *New turf with iron and wood ramada lit with built-in string lighting. *NEW Interior paint throughout entire home. *Leased solar system for low electric bills. New washer and dryer included! This home is clean, well kept, and ready to move right in! This Melody floorplan is only 0.2 mi. from the Daisy Mountain Trailhead with gorgeous mountain views of Gavilan Peak. The property is near the Anthem Community Center and Pool, paved and desert walking trails, the Anthem dog park, and A+ schools. Home ownership in Anthem Parkside includes an abundance of resident amenities including access to indoor and outdoor basketball courts, heated lap pool, community waterpark, splash pad, sand volleyball courts, pickleball and tennis courts, indoor and outdoor workout centers, rock climbing wall, and fitness classes!

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15035 S 178th Drive Goodyear, AZ 85338

$560,000

3 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6731532

Property Type Single Family Residence

Price Type --

Welcome to your stunning new 3-bedroom, 2-bathroom home in the sought-after Estrella Mountain at Vidrio by Landsea. This High Performance Home offers breathtaking mountain views and a chef's kitchen with endless counter space, walk-in pantry, 42'' Dusk shaker cabinets, hexagon backsplash, stainless steel appliances, and white quartz countertops. With 9ft ceilings and plenty of windows, the home is filled with natural light, creating a bright and airy atmosphere. Modern design touches and the latest in-home technology ensure a stylish and efficient living experience. Don't miss out - this gem won't be on the market for long!

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8345 E Oak Street Scottsdale, AZ 85257

$560,000

3 Beds

2 Baths

1,305 SqFt

Status Active

MLS # 6751765

Property Type Single Family Residence

Price Type --

Come check out this lovely remodeled home in Old Town Scottsdale! Cosmetic and functional updates throughout with a beautiful real grass backyard! Updates include a new roof in 2022, upgraded electrical system, new water main, new drainage system, fresh interior and exterior paint, new flooring throughout, renovated bathrooms, dual-pane windows and doors, updated paneled wall. Added Bonus you can jump on the Scottsdale Trolley right across the street! It's free to ride and will take you to numerous set locations. From Dr.s Appts, to school, into town and more! Come see what this beautiful home has to offer!!

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33376 N Jamie Lane San Tan Valley, AZ 85144

$560,000

5 Beds

3 Baths

3,251 SqFt

Status Active

MLS # 6766205

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5-bedroom, 3-bathroom, 2-story home in a vibrant community offering breathtaking mountain views! With 3,251 sq. ft. of expansive living space, this home features a den, loft, and plenty of room for everyone. The airy and bright interior boasts tall ceilings, neutral paint, and huge low-e dual-pane windows that flood the space with natural light. The upstairs primary suite includes a full bathroom. The kitchen features granite countertops, a walk-in pantry, a kitchen island, formal dining space, and a breakfast bar. Step outside to the covered patio, is perfect for unwinding as you overlook the sparkling saltwater heated pool, grassy backyard and stunning mountain scenery. The community offers fantastic amenities, including a playground, clubhouse, pool, and more

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22459 E Calle De Flores -- Queen Creek, AZ 85142

$560,000

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6761841

Property Type Single Family Residence

Price Type --

Perfectly situated in the highly sought after family friendly community of Meridian in Queen Creek, you'll find this stunning 4 bedroom, 2 bath home which boasts luxurious upgrades and amenities. This home features an open layout, perfect for entertaining, with high ceilings and plenty of natural light streaming in from the three sliding glass doors leading in the beautiful backyard with your own pool, citrus trees, & view fence, with no neighbors directly behind! Inside, enjoy the gourmet kitchen with stainless steel appliances, granite countertops, walk in pantry and convenient island/breakfast bar. The primary suite features upgraded bathroom with a walk in shower and a comfortable soaking tub. The remaining bedrooms are spacious and inviting with a shared bathroom

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1516 E Dublin Street Gilbert, AZ 85295

$560,000

3 Beds

3.5 Baths

2,152 SqFt

Status Active

MLS # 6766388

Property Type Single Family Residence

Price Type --

Enjoy Arizona's heavenly weather and fun entertainment in this gorgeous move-in ready home! After being welcomed in by the lovely paved & turfed yard, this immaculate home has a spacious feel with light color tones. This newer 2020 build consists of all 3 bedrooms with their own ensuite restrooms and walk-in closets!!! Tons of storage space throughout, a convenient half bath downstairs and upstairs laundry. Just minutes away from the freeway, downtown Gilbert, and San Tan Village...This gorgeous and peaceful community comes with a heated pool for your enjoyment. What a dream! Even all the furnishings available on a separate bill of sale!

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7832 E Osage Avenue Mesa, AZ 85212

$560,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6782211

Property Type Single Family Residence

Price Type --

This spacious family home features four large bedrooms and two bathrooms within 2,313 square feet, including a front living room and a separate family room that opens to the kitchen. The eat-in kitchen boasts ample oak cabinetry, granite countertops, stainless steel appliances, a tile backsplash, a center island, and a sizable walk-in pantry. Sliding doors open to the covered patio and expansive backyard, which includes a private pool and the privacy of no neighbors behind. The generous primary bedroom offers a double door entry, a private backyard exit, and an en-suite bathroom with a dual sink vanity and a shower. Additional highlights include tile and laminate floors, vaulted ceilings, water softening and reverse osmosis systems, and a two-car garage with cabinets.

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2114 S El Marino -- Mesa, AZ 85202

$560,000

3 Beds

2 Baths

1,822 SqFt

Status Active

MLS # 6769790

Property Type Single Family Residence

Price Type --

Remodeled home in prime location! New luxury vinyl flooring and baseboards, new carpet*Gormet kitchen with new stainless appliances, quartz countertops, modern wood shelving, recessed lighting, white shaker cabs, pendant lighting, large island with breakfast bar and extra storage, built in microwave all open to a dining/living room perfect for entertaining*Oversized master bedroom w/private exit to backyard, oversized closet*New bathroom vanities in both bathrooms*Cozy wood burning fireplace*Picture windows throughout bringing in natural sunlight*Freshly painted inside and out*New landscaping*Peaceful atrium with private access from the bedrooms and entrance*New fans/fixtures/interior doors*

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