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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5145 N 87th Drive Glendale, AZ 85305

$556,000

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

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12004 W Parkway Lane Avondale, AZ 85323

$555,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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3842 E Fiesta Flower Lane San Tan Valley, AZ 85140

$555,988

4 Beds

3 Baths

2,741 SqFt

Status Active

MLS # 6700081

Property Type Single Family Residence

Price Type --

MLS#6700081 December Completion! The Revere plan at Combs Ranch-Landmark is a 4 bedroom, 2-story home designed to accommodate the ultimate living experience. With a main level guest room, gorgeous island kitchen, casual dining area and great room opening up to the outdoor living space this home is thoughtfully laid out at every turn. Upstairs, the luxe owner's suite has a large WIC, spa-like bath, and is separate from 2 bedrooms and loft. Design upgrades feature flooring cabinetry and stainless-steel appliances.

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4405 N 203rd Avenue Buckeye, AZ 85396

$555,784

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6786223

Property Type Single Family Residence

Price Type --

Nestled in the coveted Victory at Verrado Active Adult community, this stunning Clyde plan home blends farmhouse charm with modern elegance. Relax on the cozy front porch while soaking in breathtaking views of the White Tank Mountains and Roma Park. The chef's kitchen shines with a large island, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances. The great room, highlighted by a coffered ceiling, is perfect for entertaining. A serene home office offers space for hobbies or reading. The Primary Suite boasts a spa-like bath and spacious walk-in closet. Extras include pendant lighting, ceiling fans, blinds, and owned solar panels. ***Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20931 E Via Del Sol Street Queen Creek, AZ 85142

Open House

$555,541

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6754262

Property Type Single Family Residence

Price Type --

SELLER CONSESSION AVAILABLE ON THIS QUICK MOVE-IN NEW CONSTRUCTION HOME! Located Close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and is just steps to the 8-Mile Walking Trail. This Beautiful Home is located in the Cul-de-sac and has the upgrades your clients are looking for: All Appliances Including Stainless Refrigerator, White Washer & Dryer, Stainless Gas Cooktop with Double Wall Ovens, Beautiful Cabinetry w/Hardware, Plank Tile Flooring, Quartz Kitchen Countertops, Front yard landscaping and so much more! Backyard is large enough for a future pool. We are in Close-Out with a limited number of homes remaining. Don't Wait, Come See This Home Today!

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2469 W Sioux Lane Happy Jack, AZ 86024

$555,500

3 Beds

2 Baths

1,478 SqFt

Status Active

MLS # 6757412

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful residential property in the Starlight Pines HOA, where maintained roads ensure easy access year-round. Nestled in the scenic beauty of Rim Country, this 3-bedroom, 2-bathroom home is designed for comfort and convenience. As you enter, you'll be captivated by the beautiful tongue and groove ceilings that add a touch of rustic elegance to the living spaces. Each of the three bedrooms is thoughtfully designed with ample storage, ensuring that all your belongings have their place. The highlight of this property is the extra-large garage, measuring 30x32, with an additional 30x10 loft above, providing extensive storage or workspace options. Custom screen doors add a unique charm and functionality to the home, allowing fresh air to flow through while keeping insects at bay. Step outside onto the beautiful deck, the perfect spot to relax and enjoy the peaceful surroundings. Here, you can witness the majestic elk that frequently visit, offering a unique connection to nature. With its blend of rustic charm and modern amenities, this home in Starlight Pines HOA offers an ideal retreat for those seeking a tranquil lifestyle in the heart of Rim Country. Don't miss out on this opportunityrequest a time today and experience this wonderful property for yourself.

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16143 W Charlotte Drive Surprise, AZ 85387

$555,000

3 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6752054

Property Type Single Family Residence

Price Type --

his brand new Fulton home, known for its quality and stunning designs, is ready for move-in! Featuring over $75K in premium upgrades, this bright and spacious great room plan includes 3 bedrooms, a den, and 3 bathrooms. Enjoy 9' ceilings, a gourmet kitchen with upgraded cabinets, granite countertops, and a custom backsplash. The split floor plan includes a large primary bedroom with a luxurious spa super shower in the primary bath, and elegant wood-look tile flooring throughout. Additional features include 2'' white blinds, ceiling fans, fully landscaped front and backyards, and a 3-car tandem garage. Situated in front of the park with a paver entry. his Energy Star certified home with Indoor airPLUS certification is conveniently close to the community pool, picnic area, tot lots, basketball and pickleball courts, and more. See Document for all upgrades.

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20712 W Medlock Drive Buckeye, AZ 85396

$555,000

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6770305

Property Type Single Family Residence

Price Type --

Beautiful David Weekley contemporary home in the only GATED community in Victory, Mountainside. This unique Pathfinder floorplan showcases this open-concept floorplan and this particular elevation has 12' ceiling in the great room, emphasized by more windows! You'll love the gorgeous & functional kitchen featuring a huge island, granite counters, plenty of cabinets. Stunning First Impressions entry door, neutral tile THROUGHOUT, immaculate condition. Generous master bedroom with spa-like ensuite bath & walk-in closet. Guest bedroom and separate den with French Doors and guest bath at front of house. This location in Mountainside is ideal - one side neighbor, facing green space & adjacent to guest parking. Mountainside has private pool & social area for residents. A great place to live!

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1205 W Indian School Road Phoenix, AZ 85013

$555,000

3 Beds

1 Bath

1,143 SqFt

Status Active

MLS # 6770320

Property Type Single Family Residence

Price Type --

Welcome to Melrose! Completely remodeled by owner, this centrally located gem in Melrose district is walking distance to some of the top restaurants in Phoenix. Everything in this home has been meticulously thought out and upgraded by current owner. Beautiful tile through the entire home, large kitchen island and upgraded appliances including tankless water heater. Gated parking for multiple vehicles and rear rv gate for alley entry. Plenty of room in back yard for detached garage or ADU to be built. Bathroom has been completely re-done and boasts beautiful tile shower/tub and contemporary look. Covered back patio for entertaining and self watering landscaping. Owner will provide detailed list of upgrades. Great starter home or potential airbnb!

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2308 E Loyola Drive Tempe, AZ 85282

$555,000

3 Beds

2 Baths

1,631 SqFt

Status Active

MLS # 6781434

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 3-bedroom, 2-bathroom split floor plan home featuring a versatile office/den, wood and tile flooring, and a 2-car garage. Entertain effortlessly with a dedicated coffee/bar area complete with a mini fridge, wine rack, and wine fridge. The kitchen boasts a gas stove and recent updates include a new AC unit, newer water heater, and recently replaced main sewer/water line. Outdoors you can relax on the patio with a mount waiting for your TV and a charming planter area. Enjoy a private pool with a safety fence, and a shed for extra storage. Close proximity to ASU, shopping, and restaurants with quick access to the 101, it makes getting around so easy. Come take a look, this home has it all!

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1 E Lexington Avenue Unit 410 Phoenix, AZ 85012

$555,000

2 Beds

2 Baths

1,169 SqFt

Status Active

MLS # 6783887

Property Type Apartment

Price Type --

Low Down Payment Seller Financing! Premier mid-town urban living! This corner unit enjoys spectacular panoramic views of the mountains and city center. Spacious floorplan boasts a well equipped kitchen with stainless steel appliances, sleek soft close cabinetry, Quartz counters, stylish back splash & convenient pantry. Espresso plank wood floors with neutral tile in kitchen & baths, and plush carpet in the bedrooms. Beautifully appointed primary suite w/shower, soaking tub, dual sinks and a large walk-in closet. Split bedrooms for convenience. Washer/Dryer in the unit. Shades for privacy throughout. 2 covered parking spaces plus storage. Desirable community with gym & pool, several common spaces and rec room. Ideal location near light rail, Downtown, Midtown and Uptown businesses, activities, restaurants, cultural events, public transportation just outside your door. Available with Seller carry financing ONLY. 10% down 6.5% rate on 30 year amortization with 5 year balloon payment Credit qualified within verifiable adequate income and 650+ credit score

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1859 N Morris -- Mesa, AZ 85201

$555,000

4 Beds

2 Baths

2,627 SqFt

Status Active

MLS # 6783437

Property Type Single Family Residence

Price Type --

Welcome to your new home! This exceptional home has two large, professionally built additions and recent, high-quality updates throughout. The upgraded kitchen includes top-of-the-line appliances, like a steam/convection oven, white shaker cabinets, and granite countertops. The backyard is an entertainer's dream, featuring artificial turf surrounding a propane-heated pool, an outdoor shower, 4-6 person hot tub, and ample seating areas. The primary suite offers a spacious walk-in shower with a dedicated drying area, double granite-topped sinks, a separate toilet, and a bidet. Both bathrooms include additional bidet upgrades. Elegant imported Italian tile throughout the home complements its modern style. Situated on a large, 1/4-acre+ cul-de-sac corner lot, this property features an RV gate, 30-amp breaker for RVs or equipment, gravel covering on the north side, and an outdoor two-hole putting green. Perfect for relaxing, entertaining, or accommodating an RV lifestyle!

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