What’s Ahead For Mortgage Rates This Week – July 11, 2016

Last week’s economic news included minutes from the most recent meeting of the Fed’s Federal Open Market Committee (FOMC) along with several reports on private and public sector employment and the national unemployment rate. Weekly reports on mortgage rates and new jobless claims were also released.

FOMC Minutes: Committee Closely Monitoring Economic Developments

The minutes of June’s FOMC meeting indicate that Fed policymakers continue to be cautious based on low inflation and close review of domestic and global economic developments. Committee members acknowledged improvements in the housing market, but also noted that annual inflation remains below the Fed’s two percent goal. Low inflation and wage growth presented obstacles to would-be home buyers who continued to face rapidly rising home prices and low inventories of available homes. FOMC members voted not to increase the current target federal funds rate of 0.25 to 0.50 percent.

FOMC’s June meeting occurred before Great Britain’s decision to leave the EU, which created volatility in financial markets and caused mortgage rates to drop.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported an across-the-board drop in average mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by seven basis points to 3.41 percent and the rate for a 15-year fixed rate mortgage averaged 2.74 percent. Rates for a 5/1 adjustable rate averaged 2.68 percent. Discount points were unchanged at 0.50, 0.40 and 0.50 percent respectively.

New jobless claims were decreased to a three-month low of 254,000 as compared to expectations of 265,000 new claims and the prior week’s reading of 270,000 new claims. New jobless claims were higher after the end of the school year, when some school workers became eligible for benefits when schools closed for summer break.

Job Creation Jumps After May Lull

Non-farm payrolls expanded significantly in June after May’s sharp drop. 287,000 jobs were created in June as compared to expectations of 173,000 new jobs and May’s dismal reading of 11,000 new jobs. The non-farm payrolls report includes readings for public and private sector jobs. June’s ADP payrolls report measures private-sector jobs; June’s reading surpassed May’s reading of 168,000 jobs with 172,000 new jobs.

In related news, the Commerce Department reported that national unemployment increased from May’s reading of 4.80 to 4.90 percent. Analysts said that this uptick may not be bad news, but instead indicated an expanding workforce. Unemployment readings are based on the number of workers seeking work and don’t include workers who have left the workforce.

What’s Ahead

This week’s scheduled economic releases include the Consumer Price Index, Core CPI, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

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19162 S 212th Place Queen Creek, AZ 85142

$578,299

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6778906

Property Type Single Family Residence

Price Type --

Stunning, brand-new home in the Acclaim at Jorde Farms community! This beautifully designed single-family home features an open floor plan, seamlessly connecting a spacious great room, dining area, and a modern kitchen with granite countertops and a central island. With 5 bedrooms, 3 bathrooms, and a versatile loft, this home offers plenty of space for every lifestyle. Enjoy the charm of a neighborhood setting with planned walking trails, scenic parks, and a future community pool—a natural gathering place for residents. Conveniently close to golf courses, dining, and shopping. WELCOME HOME!

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21033 E Camina Buena Vista Queen Creek, AZ 85142

$578,065

4 Beds

3 Baths

1,994 SqFt

Status Active

MLS # 6771915

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY to own this beautiful inventory home located in desirable Hastings Farms. BELOW MARKET RATES AVAILABLE for Fixed Rate or Rate Buydown for qualified buyers when financing with Builder's preferred Lender(s). Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking trail. This Beautiful home is located across from the park. Beautiful designer finishes including Gas Cooktop, Double Wall Ovens, 42' Upper Cabinets, Quartz Kitchen Countertop, Tiled Backsplash, Plank Tile Flooring & Window Blinds. Don't Wait, Come See This Home Today.

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18176 W Paradise Lane Surprise, AZ 85388

$578,000

4 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6760419

Property Type Single Family Residence

Price Type --

Welcome Home! This Meticulously maintained 4 bedroom, 2 bath home backs to a quiet greenbelt with walking trails giving you privacy while enjoying swimming in the custom pool that features a waterfall or relaxing on the covered patio. Enjoy cooking in the gourmet kitchen which includes cherry cabinets, granite countertops, double oven and all new SS appliances. Cozy up next to the gas fireplace in the great room that features 10' tall ceilings and plantation blinds throughout the house. The large primary bedroom features sliding door access to the patio and pool area, an ensuite bathroom, walk in closet with built-ins. Enjoy the oversized three car garage with built-in cabinets and a large laundry room. New AC/Heater/Water Heater. This home shows like brand new, you wont be disappointed.

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618 E Cleveland Court San Tan Valley, AZ 85140

$578,000

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6748218

Property Type Single Family Residence

Price Type --

Beautiful house in the desired area of San Tan Valley/Queen Creek area. HUGE home with 5 bedrooms, 4 full baths, open-floor plan, big loft, large bedroom and full bathroom downstairs, oversized walk-in closet, 3-car garage, large RV gate with enough area for all your toys and storage and a huge backyard to relax. Just minutes away from HWY 60 and Hwy 24 for easy access to your job and the city. This community featuring lots of walking and biking paths, parks and volleyball court, entertainment and much, much more.

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16364 W Avenida Del Sol -- Surprise, AZ 85387

$577,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6724796

Property Type Single Family Residence

Price Type --

Thoughtfully designed 4-bedroom home with 3 baths and 10-foot ceilings. Deluxe master bath with walk-in shower, Gourmet kitchen includes 42-inch upgraded cabinets, and a center-meet slider at kitchen nook, paver driveway, walkway to entrance, laundry sink pre-plumb and an impressive tray ceiling entrance.

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1400 E Orchid Lane Gilbert, AZ 85296

$577,900

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6751890

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the highly sought-after golf course subdivision. As you step inside, you will be greeted with warm and inviting neutral colors and new flooring/carpet throughout. The spacious family room with a cozy fireplace is the perfect spot to unwind after a long day. Designed with your comfort in mind, this meticulously maintained home offers 4 generous sized bedrooms and a den, providing plenty of space for everyone in the family. Prepare to be amazed by the completely remodeled chef's kitchen featuring brand new cabinets and stunning quartz countertops. With ample cabinet and counter space this kitchen is ideal for hosting dinner parties or simply cooking up a homemade meal. This home has been recently upgraded with new exterior and interior paint, as well as a new vanity in the lower-level bathroom. And for the icing on the cake, a brand new A/C unit has been installed, ensuring comfortable living all year round. But that's not all, as you step outside, you'll find a large and private backyard with a covered patio, perfect for summer barbecues and gatherings with friends and family. Don't miss the opportunity to make this house your new home and experience the perfect combination of comfort, convenience, and style. Trust us, you won't want to leave!

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8245 E Quintuplet Avenue Mesa, AZ 85212

$577,828

4 Beds

3.5 Baths

3,752 SqFt

Status Active

MLS # 6784443

Property Type Single Family Residence

Price Type --

MLS#6784443 January 2025 Completion! The Imperial floor plan at Hawes Crossing seamlessly combines functionality and style, thoughtfully designed with modern touches to suit your lifestyle. Step through the inviting front porch into a welcoming foyer, where you'll find a powder room and access to the 2-car garage. From here, ascend to the second floor or move into the heart of the home—an open-concept great room, dining area, and kitchen, all connected to a covered outdoor living space ideal for relaxing or entertaining. Upstairs, the home features a luxurious primary suite with a spa-like bath and spacious walk-in closet, three additional bedrooms (two with walk-in closets), a shared bathroom, and an en suite bathroom. This level also boasts a versatile loft and a conveniently located laundry room, making the Imperial both practical and luxuriousyour perfect at-home retreat. Structural options include: gourmet kitchen, paver driveway and walkway.

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21355 E Sparrow Drive Queen Creek, AZ 85142

$577,511

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6753927

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Ascent at Jorde Farms, featuring numerous upgrades! Inside, you'll find a gourmet kitchen with designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room is ideal for entertaining. The private primary bedroom has spacious walk-in closet. This house also boasts upgraded paint and flooring, among $75K of other options and upgrades.

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2030 E Duke Drive Tempe, AZ 85283

$577,500

3 Beds

2 Baths

1,652 SqFt

Status Active

MLS # 6736889

Property Type Single Family Residence

Price Type --

This TEMPE Home is in a GREAT LOCATION, Plus NO HOA! It's a Turnkey home! EVERYTHING has been Remodeled with Modern Up-grades! 3 Bedrooms, 2 beautiful modern primary Bath and Guest bath. Large Gathering Room and Huge kitchen! Your buyer will love the Chef's kitchen, Granite Counter's, Double Oven, and Lot's of kitchen storage. No carpet and new windows have custom blinds and shades! 2 Car Garage with garage and a side Service Door. No maintenance Front and a Huge backyard with a Covered Patio! Close to the 101 and 60 freeways. New Roof, Plumbing, HVAC, Electrical,Windows, Doors all done in 2022.

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43227 W Caven Drive Maricopa, AZ 85138

$577,000

5 Beds

3 Baths

3,955 SqFt

Status Active

MLS # 6758139

Property Type Single Family Residence

Price Type --

Must see this GORGEOUS HACIENDA home located in Pecan Groves, Maricopa's most desirable community! This multi-level floorpan with 5 Beds & 3 Baths + LOFT is accented by soaring ceiling & Travertine Tile! Create an incredible life with this 3,901 Sq ft nestled in the GREAT- The Villages of Rancho El Dorado. CHECK OUT THE SPECTACULAR VIEW of the LAKE and the GREAT AMENITIES as YOU enter the subdivision ! You'll love the beautiful Grand Front Porch! Bright open floor plan w/ separate living room & dining room, Lovely KITCHEN w/ Stunning Granite Counter Tops, S/S Appliances w/ Double Oven, Gas Stove & Dishwasher, S/S French door Refrigerator & Microwave Oven.

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2352 W Willow Breeze Road Chino Valley, AZ 86323

$577,000

3 Beds

2 Baths

1,512 SqFt

Status Active

MLS # 6728432

Property Type Single Family Residence

Price Type --

This gorgeous home sits on 3.45 acres of fully fenced property offering breathtaking views from your whole property. The large circular driveway offers more than enough room for parking and guests. The interior of the home is elegantly done, with modern finishes including tile throughout, quartz countertops and a butcher block island. Both bathrooms are well finished with tile and upgraded vanities. The large patio is a perfect place for entertaining or just enjoying the amazing views. The property also features is a large detached shop as well as being equipped for horses and other livestock with stables, tack shed and separately fenced portions of the property. Brand new roof!

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3536 N Snead Drive Goodyear, AZ 85395

$577,000

3 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6748270

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home + casita w/ full bath surrounded by a private backyard oasis featuring multiple entertaining areas, covered patio & gorgeous water feature. Charming courtyard entrance with pavers. Elegant Great Rm with vaulted ceilings & French doors to patio, game table or dining area & entertainment area with media cabinet. Rich wood cabinets, granite counters, stylish tile backsplash, SS appliances incl gas stove (new in 2012), portable prep-bar, walk in pantry & breakfast bar. The primary suite offers a cozy sitting area, patio access, bathroom with dual sinks, shower & walk-in closet. Addtl guest bdrm, full bath, home office/den. Travertine tile throughout home. Re-imagined laundry/craft room with extra storage. GORGEOUS HOME!

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