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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17552 W Running Deer Trail Surprise, AZ 85387

$514,995

3 Beds

2 Baths

1,690 SqFt

Status Active

MLS # 6700534

Property Type Single Family Residence

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Explore this dynamic Bronze home, ready for August move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an open dining area; a well-appointed kitchen offering quartz countertops, stainless-steel appliances, 42'' cabinets, a walk-in pantry and a center island; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a relaxing covered patio; an RV garage and a 2-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms.

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10 W Del Rio Drive Tempe, AZ 85282

$514,995

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6726410

Property Type Single Family Residence

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Adorable 3 bedroom, 2 bath home located near ASU, the 60 freeway. This meticulously maintained property has had the same owner since 1990. New roof was installed this year in April 2024. A spacious living room welcomes guests upon entry. The large great room with cozy fireplace is a perfect space for relaxing or entertaining. The upgraded kitchen has a built in oven and stovetop . You will enjoy mature desert landscaping in front and the back with a cozy north facing patio or covered gazebo to enjoy the Arizona sunsets.

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4811 W Karl Street San Tan Valley, AZ 85144

$514,990

4 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6751689

Property Type Single Family Residence

Price Type --

INCLUDING washer/dryer, refrigerator and blinds! This plan is a knockout featuring a 2 1/2 tandem garage for extra storage or workshop. This thoughtfully designed home features 4 bedrooms and 2.5 bathrooms, offering a welcoming haven for both residents and guests alike. The sprawling island takes center stage surrounded by white cabinets, quartz counter tops and generous amount of tile throughout, not only serving as a practical workspace but also as a social hub where family and friends can gather in this great room setup. Enjoy the San Tan Mountain views while entertaining in your backyard. 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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5537 W Paseo Way Laveen, AZ 85339

$514,990

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6748021

Property Type Single Family Residence

Price Type --

''Discover the Ruby floor plan, an exquisite single-level home that perfectly combines modern design with functional elegance. Spanning 2,178 square feet, this inviting residence offers a spacious and well-thought-out layout, featuring three generously sized bedrooms and two and a half beautifully appointed bathrooms. The Ruby's design is highlighted by a stunning modern desert exterior that seamlessly integrates with its surroundings. A striking 4-panel sliding glass door in the Great Room creates a seamless transition to the outdoors, ideal for both entertaining guests and enjoying serene moments. The heart of this home is the stylish kitchen, equipped with Stone Gray cabinets and Quartz countertops, complemented by a chic 3x12 tile backsplash. The kitchen also includes a GE stainless steel side-by-side refrigerator, making meal preparation both practical and delightful. Elegant 6x24 wood-look plank ceramic tiles flow throughout the home, adding a touch of warmth and sophistication. In addition to the main living areas, the Ruby features a versatile bonus den space, perfect for an office, playroom, or additional living area. A large walk-in pantry provides ample storage, while the GE electric washer and gas dryer offer modern convenience in the dedicated laundry area. The home's thoughtful design extends to its exterior, with pavers at the driveway enhancing its curb appeal. Satin nickel cabinet hardware adds a refined touch to the home's interior details. Situated on a north/south facing homesite, the Ruby benefits from optimal natural light and energy efficiency. Experience the Ruby floor plan, where contemporary style meets practical living, creating a harmonious environment perfect for modern lifestyles.

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