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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21667 S 225th Way Queen Creek, AZ 85142

$554,900

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6748269

Property Type Single Family Residence

Price Type --

Motivated sellers here!!!!Sellers just replaced majority carpeting for tile!!!! This stunning 3-bedroom home with an office, separate tech center, and teen room features seller-owned solar installed in October 2021 for over $40k. Say goodbye to high summer electric bills without the hassle of a lease. Step inside to discover the modern elegance of wood plank tile flooring in the main living areas and baths, creating a warm and inviting ambiance throughout. The kitchen boasts stainless steel appliances, granite countertops, and ample storage space. The master suite is a very spacious and. complete with a luxurious ensuite bathroom featuring dual sinks, a soaking tub , and a separate shower. Two additional bedrooms offer plenty of space, while the office and tech center provide ideal spaces for remote work or study. Outside, the beautifully landscaped backyard is a tranquil retreat, featuring synthetic grass for easy maintenance and a covered patio for outdoor dining and relaxation. Why wait to build when you can move right into this almost new home? Don't miss out on this opportunity to own a home that is not only beautiful but also environmentally friendly and cost-effective. Come check this out today and make this energy-efficient oasis your own!

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7031 W Morrow Drive Glendale, AZ 85308

$554,900

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6759901

Property Type Single Family Residence

Price Type --

This 3-bedroom home with a blue pool in Arrowhead Ranch exudes charm and comfort! A grassy front yard, 2-car garage, brick veneer, and code entry box in the front door are just the beginning. Discover an open layout with all-new double-pane windows and doors, vaulted ceilings, sunny bay windows, and a two-way fireplace. The kitchen offers stainless steel appliances, plenty of honey oak cabinets, granite counters, and tile backsplash. The main bedroom features backyard access, a fireplace, and a lavish bathroom with a jetted tub, glass enclosure shower, dual sinks, and a walk-in closet. In the backyard, you'll find a swimming pool with a heater and chiller, green grass, two covered patios, and a pool house with a/c. Plus, the roof is only 3 years old! You won't be disappointed!

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6516 W Tonto Drive Glendale, AZ 85308

Open House

$554,900

4 Beds

2 Baths

1,865 SqFt

Status Active

MLS # 6724766

Property Type Single Family Residence

Price Type --

Want a 4.25% - 4.99% interest rate and AFFORD this home? Seller to contribute to a 2-1 RATE BUY-DOWN! Only 5 mins from the new Phoenix Children's Hospital and 101 Fwy. This cute 4 bed/ 2 bath home has fresh interior neutral paint and new carpeting in all rooms, features vaulted ceilings, ample amount of cabinets for storage with tons of natural light with many windows! Island seating & an eat-in kitchen area for the open concept families like. Enjoy cozy evenings by the gas fireplace in the family room with natural plank wood flooring. Step outside to an extended covered patio overlooking a beautifully mature, tranquil landscaped backyard or the large front patio area. 2.5 car extended garage includes cabinets on both sides for plenty of organization. Walking distance to Dos Lagos Park. 2nd bathroom seller is offering a remodeling credit to convert the shower/tub if new buyer would like.

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21279 E Alyssa Road Queen Creek, AZ 85142

$554,500

4 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6742196

Property Type Single Family Residence

Price Type --

Now is your chance to have an amazing house at a GREAT price in Queen Creek, named the #1 BEST small city in AZ (by azcentral)! This 2240sf 4-bedroom home at the end of a quiet cul-de-sac offers TONS of upgrades, including a new AC w/ a 10yr warranty & maintenance plan, a water softener, reverse osmosis system, a lg walk-in master shower w/ 2 showerheads & much more. The lg open living area flows into a beautiful eat-in kitchen w/ SS appliances & formal dining. The inviting lush backyard oasis has a lg covered patio offering a misting system for those hot AZ days. Find your happy place amongst multiple trees & greenery, a flourishing garden, a cozy fire-pit, outdoor lighting, as well as an RV gate. The extended garage has a finished floor w/ extra storage, a MyQ camera/remote & MUCH MORE!

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10223 E Ulysses Avenue Mesa, AZ 85212

$554,379

3 Beds

2.5 Baths

1,994 SqFt

Status Active

MLS # 6769962

Property Type Single Family Residence

Price Type --

Welcome to this GORGEOUS 2024 home in the highly sought-after Medley at Avalon Crossing! Over $83k in UPGRADES! This FANTASTIC home combines modern elegance + thoughtful living spaces! GOURMET kitchen features quartz countertops + Whirlpool stainless appliance suite! The great room is perfect for entertaining, while the upstairs loft offers additional living space. Private primary suite w/ensuite bath! Balcony! Situated in a BEAUTIFUL community, residents can take advantage of wonderful amenities including a heated pool, playgrounds, bocce ball courts, and scenic walking paths lined with trees. Perfectly designed for modern living, this home offers luxury, comfort, and community all in one! WELCOME HOME!

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225 E Mclellan Road Mesa, AZ 85201

$554,000

3 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6746273

Property Type Single Family Residence

Price Type --

Do not miss this charming 3-bedroom 2 bath upgraded home. This is one of the best lots in the sub-division. Wonderful corner lot with greenbelt across the street. Your entry leads to a spacious great room with 10-foot ceilings and windows looking out to your resort style backyard. The kitchen has been highly upgraded with beautiful cabinets, massive island and quartz counters. Enjoy a breakfast room as well as a large breakfast bar. Your master suite has a walk-in shower, dble vanity, water closet and a large walk-in closet. Both secondary bedrooms are good sized and share a bathroom. Large backyard with a sparkling Pebble Tech pool and lots of privacy from this corner lot. Whole house filtration system and solar. Custom Wood Blinds Throughout.

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36131 N Desert Tea Drive Queen Creek, AZ 85140

$554,000

3 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6758359

Property Type Townhouse

Price Type --

With over $140K in upgrades, this ''Lock and Leave'' home is situated in Encanterra Country Club.. The low-maintenance landscaping is fully handled, allowing you to relax outdoors by the gas firepit and enjoy the soothing sounds of the fountain. The home is light and bright w the primary suite and bedroom 2 downstairs. Custom California Closets and tons of storage space. The second floor offers a separate TV room/loft spacious office, and a third bedroom with a full bathroom. The garage is equipped with a workbench, and features a tankless water heater with a recirculation pump for instant hot water. The backyard is fully fenced and this home is steps away from both clubhouses. Book your tour today and start living the Encanterra life in 2024!

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15016 W Monterey Way Goodyear, AZ 85395

$554,000

2 Beds

2 Baths

2,104 SqFt

Status Active

MLS # 6765917

Property Type Single Family Residence

Price Type --

THIS IS THE ONE! Light & bright Milano model on quiet N/S facing lot w/oversized golf cart garage & expanded covered patio -- perfect for all your entertaining needs. Primary Bedroom, Family Room, Guest Bedroom & Main Garage have ALL been EXTENDED 4-ft at build! Home is move-in ready w/refreshed white cabinetry, complete interior/ exterior painted (2024), & full new roof (2024). Additional updates include new carpet in bedrooms (2024), new light fixtures (2024), & new stainless appliances (2024). Home also features split bed floor plan for guest privacy, vaulted ceilings, intimate front courtyard, separate office/den, formal dining/living room or flex space & large laundry room w/view window. Add this one to your MUST SEE list & start enjoying the incredible PebbleCreek lifestyle today!

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5522 N 193rd Avenue Litchfield Park, AZ 85340

$553,954

4 Beds

3 Baths

2,751 SqFt

Status Active

MLS # 6753532

Property Type Single Family Residence

Price Type --

BRAND NEW COMPLETED HOME! SELLER IS OFFERING BELOW MARKET FINANCING! Beautiful open floor plan with 4 bedrooms, 3 baths, Flex Room & 2 car garage on an oversized lot. Ceilings are 10' and all interior Doors are 8'! Beautiful Kitchen with Staggered slate cabinets, Stainless Steel appliances w gas, Wood plank tile throughout the home except for the bedrooms. Beautiful Quartz counter tops in the kitchen, walk in tiled Shower in Master with separate his and her vanities. Guest rooms are large, and one has a walk-in closet. Wonderful flex room for that home office or den.

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2102 W Kuralt Drive Anthem, AZ 85086

$553,900

5 Beds

3 Baths

2,143 SqFt

Status Active Under Contract

MLS # 6740759

Property Type Single Family Residence

Price Type --

Fabulous single story home with separate entrance Casita (for multi-generational living, or spectacular office) in a lovely, quiet neighborhood! You'll love the gorgeous curb appeal with a gated courtyard. Light, bright open floor plan. Inside find 18'' ceramic tile floors, new carpet in bedrooms, plantation shutters and neutral color designer paint. Kitchen is open to family room with huge kitchen island, corian countertops, upgraded maple cabinets, huge pantry, stainless steel appliances. Primary features en-suite bathroom with remodeled custom walk-in shower, walk-in closet, designer window coverings and easy access door to patio. NEW A/C, sunscreens, & new Water Heater! Solar lease only $79.65 per month! WHAT A DEAL! Lease started 9/2012. Exterior boasts extended paver patio, low maintenance synthetic grass, plumbed gas pipe, and lush mature landscaping. Finished garage features extended cabinets for storage, sink, water softener and R/O. Close to Diamond Canyon Elementary, grassy parks, play parks and splash pad! Anthem Parkside Amenities include 16-acre park with catch-release lake, Pickleball, gym, skatepark, baseball, softball, tennis, over 37 pocket parks, hiking/biking trails, soccer fields, bocce ball, and so much more!

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44163 W Palo Abeto Drive Maricopa, AZ 85138

$553,711

4 Beds

3.5 Baths

4,512 SqFt

Status Active

MLS # 6773810

Property Type Single Family Residence

Price Type --

Step into this exceptional home in the Palo Brea subdivision. The beautiful kitchen dazzles with expansive granite countertops, sleek cabinets, a walk-in pantry, and stainless steel appliances. The primary master suite boasts two walk-in closets, a soaking tub, walk-in shower, dual sinks, and a private toilet room. A second guest master includes a full bath, linen closet, and walk-in closet. Upstairs, a flexible fifth bedroom is perfect for a theater or sewing room, accompanied by a game room with billiards and darts. Two additional bedroom share a Jack & Jill bath, each with walk-in closets. Downstairs features a dining room, den, family and living rooms, a half bath, and a well-appointed kitchen, perfect for entertaining.

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34390 N Cherrystone Drive San Tan Valley, AZ 85144

Open House

$553,705

4 Beds

3 Baths

2,489 SqFt

Status Active

MLS # 6749505

Property Type Single Family Residence

Price Type --

Beautiful new build, 4 bedrooms plus flex/den, 3 full bathrooms, European kitchen layout, stainless steel appliances, gas cooktop, 8' Interior doors, Owner's bath Oasis. 12' Multislide at great room.

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