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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10817 W Palm Lane Avondale, AZ 85392

$565,000

4 Beds

3 Baths

2,569 SqFt

Status Active Under Contract

MLS # 6762995

Property Type Single Family Residence

Price Type --

This waterfront beauty on the Lake at Crystal Gardens has been meticulously maintained and tastefully remodeled! Enjoy your morning coffee from the large balcony off the spacious owner's suite, gorgeous lake and mountain views! This home is move-in ready with updated plank flooring throughout, updated kitchen with island, high end appliances and counters, updated bathrooms! High end fixtures and ceiling fans throughout. Great floor plan with soaring ceilings, formal living and dining room, family room, eat in kitchen, loft and a bedroom and full bath downstairs! Great location close to freeway, Cardinals Stadium, Westgate, Top Golf, shopping and restaurants and the new Mattel Adventure Park! Backyard has gate with direct access to lake, trails, and fishing Venture out onto the balcony and enjoy serene lake views. The backyard features a covered patio, pristine natural turf, and a refreshing pool for cooling down on hot summer days. What are you waiting for? Make this gem yours now!

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10535 W Country Club Trail Peoria, AZ 85383

$565,000

4 Beds

2.5 Baths

2,660 SqFt

Status Active Under Contract

MLS # 6777448

Property Type Single Family Residence

Price Type --

Over a 1/4-acre lot with endless potential! No HOA! Brand-new 50-year metal roof and new windows for peace of mind. RV gate, RV parking, RV hookups, and EV charger—ready for any adventure! The low-maintenance yard with lush artificial turf stays green year-round without wasting water, complemented by fresh exterior paint. Inside, an open floor plan with natural light and tile flooring welcomes you. The kitchen shines with stainless appliances, white cabinetry, walk-in pantry, mosaic backsplash, and solid surface counters. The main bedroom includes a private ensuite and walk-in closet, while the loft is perfect as a home office or relaxation space. Out back, enjoy a covered patio, gazebo, spa, and detached workshop with power and AC for any hobby! Plus, Zoned for Liberty High School.

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4043 W Saguaro Park Lane Glendale, AZ 85310

$565,000

4 Beds

3 Baths

2,723 SqFt

Status Active

MLS # 6779833

Property Type Single Family Residence

Price Type --

Conveniently located off Happy Valley and I-17, this stunning Tri-level home features 4 LARGE BEDROOMS AND 3 FULL BATHS, with one bedroom and bath conveniently located downstairs. The primary bedroom offers 2 large closets for plenty of storage. Enjoy extra space with 2 large living areas downstairs and an open concept kitchen with an island, perfect for entertaining. Step outside into a well maintained back yard and relax in the private hot tub. With a low HOA, this home offers both style and affordability.

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108 W Hackamore Avenue Gilbert, AZ 85233

New

$565,000

3 Beds

2 Baths

1,230 SqFt

Status Active

MLS # 6786990

Property Type Single Family Residence

Price Type --

Fully REMODELED ! NO HOA -You have to see it to believe the detail in this house. 3/2 An amazing property in the PERFECT LOCATION (Warner /Gilbert Road area) Huge yard and RV gate rear entry and workshop/RV Pad . NEW appliances, Bathrooms, Flooring/whole house, Cabinets and granite countertops. Added in 2020 AC, Roof (see upgrade list). 2024 New paint exterior and interior. Warm wood shutters on outside, new recessed can lights, fixtures whole house. New flowers and plants in front yard along with winter grass. 2 car garage with epoxy floors. Washer and Dryer can convey-not new. Welcome home to a fabulous home in the wonderful city of GILBERT -approximately 4-5 blocks walk to all the downtown restaurants and events ! Hackamore Avenue is off Gilbert Road across from the Historic Farmho

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10624 E Nido Avenue Mesa, AZ 85209

New

$565,000

3 Beds

2.5 Baths

2,031 SqFt

Status Active

MLS # 6787188

Property Type Single Family Residence

Price Type --

Known for quality, Blandford Homes built this lovely and well cared for home in the coveted community of Mulberry. Great curb appeal thanks to a craftsman exterior design with stonework, beams, and a paver driveway and spacious porch. Low maintenance front yard with turf and gravel. You will be greeted by a welcoming entryway and will immediately notice the 10-foot ceilings which provide for a luxurious feel. Desirable floorplan with 2 bedrooms towards the front of the home and the primary suite at the back of the home, giving you the privacy you desire. This floorplan does not come up for sale too often! Brick-laid tile in the kitchen/bathrooms/hallways and brand new carpet in the living area and bedrooms. The kitchen features elegant staggered espresso colored cabinetry with a subway tile backsplash, gas stove, high-end KitchenAid stainless steel appliances, large island with pendent lighting, walk-in pantry, and granite countertops with plenty of space for all of your favorite cooking appliances. Good-sized primary suite and primary bath with a dual sink vanity, separate shower and tub, and a large walk-in closet. 3-car tandem garage which means plenty of space for storage, and a water softener too! The home has been freshly painted from top to bottom with one of the most popular neutral colors from Dunn Edwards. Spacious covered back patio with pavers extending to a separate lounge area. Ample backyard space with just the right amount of vegetation including a grapefruit and fig tree. Jacuzzi and gazebo are included in the sale! Community amenities include 2 pools, multiple parks, fitness center, clubhouse, tennis/pickleball courts, basketball court, and a dog park. Tons of shopping and dining options nearby, including a Fry's grocery store less than a half mile away and a Walmart within 1.5 miles. Come take a look today to see what this home and the Mulberry community has to offer, and you will fall in love!

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691 N Bay Drive Gilbert, AZ 85233

$565,000

3 Beds

3.5 Baths

2,242 SqFt

Status Active

MLS # 6756218

Property Type Single Family Residence

Price Type --

Step into this beautiful two-story home nestled in a prime, peaceful subdivision. The open-concept floor plan flows effortlessly, showcasing a stunning upgraded kitchen with sleek black stainless steel appliances, quartz countertops, and an island, ample cabinetry, and a chic subway tile backsplash. The community offers a pool, playground, and scenic walking paths, with convenient access to downtown Gilbert, shopping, dining, and more. This home is a rare find

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3353 N Snead Drive Goodyear, AZ 85395

$565,000

2 Beds

2 Baths

1,914 SqFt

Status Active

MLS # 6773415

Property Type Single Family Residence

Price Type --

This immaculate home features a coveted spacious Golf Course lot, with a sonoran desert style landscape, Situated in a micro-neighborhood in Eagles Nest that shows pride of ownership. Newly remodeled kitchen, laundry room, bathrooms, New Windows, and roll-out shelves, Beautiful natural light flows inside throughout the home. Classic white cabinetry and quartz counters create a crisp modern style. The facade exterior features Stone trim and stamped concrete driveway. Enjoy a restful ambiance for backyard entertaining complete with built-in BBQ, covered and extended patio spaces and open views of Golf Course and Mountains. Don't miss seeing this exquisite home with all its creature comforts. Select furniture is available via separate Bill of Sale. Ring Doorbell does not con

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7346 S Debra Drive Gilbert, AZ 85298

$565,000

4 Beds

2 Baths

1,759 SqFt

Status Active

MLS # 6780815

Property Type Single Family Residence

Price Type --

Welcome to your new home in the beautiful Adora Trails community in Gilbert, AZ! This charming single-level residence sits on a spacious 10,000+ sq ft lot, offering plenty of room for outdoor activities and relaxation. Inside, you'll find 4 cozy bedrooms and 2 modern bathrooms. The kitchen features quartz countertops, stainless steel appliances, and sleek cabinets, making meal prep a breeze. The warm Pergo flooring, 4.5 inch baseboards and vaulted ceilings create a welcoming atmosphere throughout the home, and the split floor plan ensures privacy for the master suite. Living in Adora Trails means you'll enjoy a wonderful community atmosphere with access to walking trails, a gym, and a clubhouse. Spend your weekends lounging by the heated pool or exploring the nearby San Tan Mountains. This home is perfect for those looking for comfort and convenience in a friendly neighborhood. Don't miss out on this great opportunity!

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14196 W Gray Fox Trail Surprise, AZ 85387

$565,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active

MLS # 6780943

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained home in the sought-after community Rancho Mercado! Situated on a premium corner lot. The spacious interior features a large living room w/ separate dining area, perfect for entertaining. The chef's kitchen boasts stylish gray cabinetry, granite countertops, modern backsplash, gas cooktop, & walk-in pantry. A convenient laundry room w/ cabinetry & an added sink enhances functionality. Step outside to a private, landscaped yard complete with pavers, lush plants, & artificial turf. The built-in grill and stone fireplace provide an ideal space for outdoor gatherings. Additional highlights include a 3-car garage for ample storage & parking, plus the benefit of living in a close-knit community that offers parks, walking paths, basketball/volleyball courts.

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5100 E Rancho Paloma Drive Unit 2077 Cave Creek, AZ 85331

$565,000

2 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6673934

Property Type Apartment

Price Type --

MOTIVATED SELLER -OPEN TO RATE BUYDOWN! Experience the ease of condo living! This like new property is perfect for a primary or second home. A perfect pied-a-terre if you travel to the city for business frequently. Expansive, open layout provides multiple design opportunities. Kitchen with island, Tiled-to-the-Ceiling backsplash, LG Refrigerator that pops out those perfect round ice spheres and a spacious patio make entertaining delightful. Bedrooms are split for privacy, with the guest room enjoying an en-suite bath. The primary bedroom carries off a king bed, large nightstands & still has room for seating. The primary bath has a light, bright ambience with upgraded LED Lighting. Walk in Shower, dual sinks, and extra storage - nd just beyond is the walk-in closet of your dreams. Punctuated with encaustic tile in the laundry and entry, with custom window coverings throughout, this stylish home needs nothing. Schonbek modern crystal pendant lighting, Modern Forms kwall sconce and ceiling fans are all in place. Enjoy the mountain views from the living and dining room, sunsets and sunrises from the patio, overlooking the central common grounds and pool. Patio is oriented for maximum shade. This location is quiet, away from traffic noise. it's a short walk to enjoy the spa, pool or workout facility. Just steps to your private, 2 car garage. What are you waiting for? The Mirror in Guest Bath doesn't convey, but like styles can be found online. Washer and Dryer negotiable. Listing Agent is a friend of Seller. Also available as rental under MLS 6720915

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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$565,000

4 Beds

4 Baths

1,853 SqFt

Status Active

MLS # 6693190

Property Type Townhouse

Price Type --

Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

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9854 W Ross Avenue Peoria, AZ 85382

$565,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6678518

Property Type Single Family Residence

Price Type --

Welcome Home! This 4-bed, 2-bath home sits on a huge 15,284 Sq. Ft. lot! The home offers vaulted ceilings, a freshly painted interior, tile and laminate flooring throughout. Be greeted upon entry to a gracious amount of living space. The owner's suite boasts a walk-in closet and private bathroom offering dual sinks with a separate shower and tub. The eat-in kitchen features granite countertops, a breakfast bar, stainless steel appliances and plenty of natural lighting. Make your way out back to an above ground hot tub and a SPARKLING PEBBLE FINISH POOL entirely resurfaced in 2022. Relax comfortably under the paved and extended covered patio. Here you will be conveniently located just minutes from Peoria's most popular shopping, dining and entertainment spot

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