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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16089 W Electra Lane Surprise, AZ 85387

$549,950

3 Beds

3 Baths

2,354 SqFt

Status Active

MLS # 6757844

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING CONCESSIONS W/ A SUCCESSFUL COE BEFORE 12/31/2024 ON this Luxuriously Upgraded Fulton home, built 2021. Spectacular spacious Open Floor Plan w/ 3 Bdrms + Den/Movie Rm(or convert to a 4th bed), & 3 Bths located on N/S facing Home Site. 4 Car garage w/ built in storage! Upgraded Kitchen Cabinets, Quartz Counters w/ Tile Back Splash & pendant lighting. Double oven, gas cook-top, stainless hood vent, walk-in Pantry, LVP Wood flooring. 96'' doors, Upgraded Accent walls, Coffered ceiling in Primary Bed, Big Spa Shower double heads in Primary Bthrm. Large Laundry w/ cabs + Lndry Sink. Beautiful fixtures throughout. Atrium like Slider leads to Xtnd Covered Patio w/custom 16K upgraded auto screens! 55K backyard includes pad 4 Ramada & one 4 spa. Water softener, Hot H2O on deman Escalante master planned community is nestled in the thriving Surprise area, conveniently located near new shopping centers, the Loop 303 freeway, and US 60. Embrace the Escalante lifestyle, complete with exceptional community amenities like an enormous neighborhood aquatic center, pickleball courts, bocce ball, frisbee golf, winding walking trails, thrilling zip lines for children, and vast open spaces.

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2429 E Alameda Drive Tempe, AZ 85282

$549,950

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6769559

Property Type Single Family Residence

Price Type --

Amazing remodel, this home is like new! Let's start with the new paint and landscaping that greets you. All new doors, windows, garage door, and air conditioning. You'll love the wood look tile floor, modern interior colors and oversized baseboard. Bathrooms are completely new and gorgeous. Then feast your eyes on the chef's kitchen that includes a pantry closet, new stainless appliances, sparkle quartz countertop along with modern pendant lighting. It has a split floorplan along with a large indoor laundry area and extended 2 car garage. Alley access is available with a large RV gate. The house comes with 6 security cameras already installed. It's situated in a quiet cul-de-sac with friendly neighbors. Owner/agent

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3021 N Randolph Road Phoenix, AZ 85014

$549,950

3 Beds

2 Baths

1,620 SqFt

Status Active Under Contract

MLS # 6679115

Property Type Single Family Residence

Price Type --

Motivated seller. Low maintenance yard front and back. All new electrical wiring, relocated electrical panel and 2 AC units. Tankless gas water heater. Modernized with addition of a permitted split master bedroom with bathroom and large closet. LED lighting throughout. Beat the heat with your own private pool. Many hospitals in the area could be a good STR or medium term rental to serve people needing that service. Great access to Highways and to downtown Phoenix. NO HOA

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28201 N Granite Avenue San Tan Valley, AZ 85143

$549,950

5 Beds

3 Baths

4,157 SqFt

Status Active

MLS # 6770166

Property Type Single Family Residence

Price Type --

This immaculate, highly updated 5BR, 3BA POOL home feels like a model and is move-in ready! This house is full of custom updates, including a kitchen with granite countertops, subway tile backsplash, updated cabinets, all newer appliances, and a huge pantry. All APPLIANCES INCLUDED! Downstairs features all tile flooring, while upstairs boasts beautiful wood plank floors. The fully renovated master bath is stunning! All bedrooms are spacious with walk-in closets, including a large downstairs bedroom and full bath. The backyard is an oasis with a sparkling pool, pavers, firepit, covered seating areas, and shade structures (included!). No neighbors behind or on one side for added privacy. The community offers a heated pool, spa, gym, and a nearby park! SO MANY DETAILS - YOU HAVE TO SEE IT!

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19806 W San Miguel Avenue Litchfield Park, AZ 85340

$549,913

4 Beds

2 Baths

1,862 SqFt

Status Active

MLS # 6730962

Property Type Single Family Residence

Price Type --

Wow! Better than new and available today with Amazing mountain views! This home is placed on a 70' wide lot and offers an RV gate for your toys. Resort backyard with heated spa under beautiful pergola, pavers and more. As you enter this highly upgraded single level with upgraded elevation of stone and gated front seating area, you will notice over sized 24X12 tile floors, large open kitchen with island open to the great room, walk in pantry, built in microwave and more. Large master bedroom has two walk in closets, separate shower and tub and double sinks. Don't forget to notice the flex teen space or office area. North South exposure and washer, dryer, refrigerator and spa convey with sale. To show is to sell!

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175 N Holly Road Globe, AZ 85501

$549,900

4 Beds

2.5 Baths

2,177 SqFt

Status Active

MLS # 6737307

Property Type Single Family Residence

Price Type --

This is a new home!! This spacious home is newly constructed home by one of Globe's premier builder. This home is a definite must see!! There are 4 large bedrooms and 2.5 bathrooms. The master bedroom is on the main level and has separate soaking tub and walk-in shower, a great walk-in closet and custom cabinetry. Also on the main level, you'll love the open concept with a great kitchen with plenty of counter space, soft close cabinets, and quartz countertops. The kitchen opens up into the dining room and living area that is perfect for entertaining. There is also a 1/2 bath downstairs. Upstairs you'll find 3 more bedrooms, all good sized, and another full bathroom.

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20761 W Hillcrest Boulevard Buckeye, AZ 85396

$549,900

2 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6752894

Property Type Single Family Residence

Price Type --

This FANTASTIC home, backing to a naturally landscaped common area and walking path, in Victory at Verrado is full of UPGRADES! BEAUTIFUL wood look tile flooring + 2023 carpet in bedrooms! CUSTOM up/down window shades + solid wood doors throughout! GOURMET kitchen w/stainless appliances, gas cooktop, wall ovens, granite counters, subway tile backsplash, island w/breakfast bar + pantry! Great room w/surround sound! Primary bedroom w/ensuite bath + large tiled walk-in shower w/bench! Separate office/den w/French doors! Step outside to your backyard OASIS w/extended covered patio w/privacy shade + trellis patio w/travertine pavers and GORGEOUS views! This is an EXTRAORDINARY LUXURY community w/breathtaking mountain views w/miles of hiking/biking trails! Amenities: pools, golf, spa, Main Street shopping/restaurants, clubs/activities + MORE! WELCOME HOME!

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41758 W Cribbage Road Maricopa, AZ 85138

$549,900

3 Beds

2.5 Baths

2,485 SqFt

Status Active

MLS # 6756759

Property Type Single Family Residence

Price Type --

Gorgeous, fully furnished home on the greenbelt in the Award Winning Active Adult Community of Province! This modern, great room floor plan with three full bedrooms plus den and two and a half baths is move in ready! Multi-sliding glass door out to your extended travertine patio with wonderful space for entertaining with a completely fenced yard and hot tub! 10' ceilings throughout with walk in closets in every bedroom. The kitchen is spectacular with white cabinetry, granite countertops, stainless steel appliances with double ovens, gas cooktop and tons of cabinets for storage. The owner's suite has a bay window and a magnificent bathroom with a huge walk in shower and his and her vanities. The laundry room also has lots of built in cabinetry for more storage. Welcome Home!

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2865 Coral Brooke Court Sierra Vista, AZ 85650

$549,900

2 Beds

3 Baths

2,540 SqFt

Status Active

MLS # 6767350

Property Type Single Family Residence

Price Type --

ANOTHER WINTERHAVEN CUSTOM HOME...Wonderful exterior elevations, landscape, and soothing interior...this home boasts peaceful living!!! Cul-de-sac property with golf course access!!! Grandeous Entry/Foyer...Formal DR on one side, Formal LR on the other (or use for whatever you want)...Great Room w/gas log FP off Kitchen featuring SS, Gorgeous Granite, 5-burner GAS Cooktop, Breakfast Bar and Eat-In Area...Enjoy the fabulous, huge AZ room, outside Pergola covered patio, ample yard, stunning mature plantings, and impeccable Mountain Views!!! 2 Master Suites on either side of home, plus additional DEN/office w/French Doors...Huge Laundry Room w/new W/D, utility sink, outside access, and full 3/4 Bath just across...2 AC units, and pride of ownership shows!!! Come see this stunning home!!!

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42201 W Rummy Road Maricopa, AZ 85138

$549,900

3 Beds

2 Baths

2,045 SqFt

Status Active

MLS # 6763092

Property Type Single Family Residence

Price Type --

Immaculate Waterfront Home, Fully Furnished in the Award Winning Active Adult Community of Province. Pride of ownership is eminent upon entry of this gorgeous home. Luxurious cherry bordeaux cabinets throughout with 14' ceilings at the great room and a spectacular backyard with an extended paver patio with pergola, putting green and a walk way down to the lake perfect for enjoying those gorgeous Arizona sunsets. Brand new HVAC system just installed this year including a 10 year warranty. The kitchen has rich granite countertops, black appliances with a newer stainless steel fridge and a gas range. Split floor plan with a spacious owner's suite including a bay window in the bedroom and his and her vanities in the bathroom with a nice size shower and walk in closet. Extended 4' garage extension with built in cabinets and a workbench. Additional features in this beautiful home include: a whole house water filtration system with soft water and RO system, upgraded lighting and plumbing fixtures throughout, ceiling fans and window coverings. Front paver courtyard provides another wonderful outdoor living space. The home also includes spray foam insulation and dual pane Low E windows. The home is also fully furnished including all accessories, dishes, pots and pans, linens and miscellaneous garage items. Bring your clothes and a toothbrush and Start Living the GOOD LIFE!

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2532 E Aster Drive Phoenix, AZ 85032

$549,900

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6764797

Property Type Single Family Residence

Price Type --

Amazing opportunity to own this 3-bedroom, 2-bathroom home in a quiet cul-de-sac! Features a brand NEW 3.5-ton Trane AC unit with all new ductwork, installed in July. Located near restaurants, shopping, and the Phoenix Mountain Preserve. The living room offers wood like tile flooring, large windows, and a calming color palette. The spacious Arizona room opens to the backyard, ideal for entertaining. The kitchen includes shaker cabinets, quartz countertops, tile backsplash, and an island with a breakfast bar. The primary bedroom features plush carpet with dual closets. Primary bath includes dual sinks and large walk in shower. The oversized backyard offers a pool, RV gate, parking, and a storage shed. Don't miss out!

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1703 S Wallrade Lane Gilbert, AZ 85295

$549,900

4 Beds

2.5 Baths

2,147 SqFt

Status Active

MLS # 6775264

Property Type Single Family Residence

Price Type --

Ok, these descriptions are rarely looked at, I get it, they go on forever. The bottom line is this house is incredible, ALL NEW CARPET & INTERIOR PAINT THROUGHOUT, Spacious Great Room, Large Open kitchen, Huge Kitchen Island/Bar with granite and stainless appliance Package, including the refrigerator, Beautiful, low maintenance backyard with covered patio and turf, The Primary Suite has everything you're looking for, plenty of room for a sitting area and all your furniture, primary bath boasts a double vanity, a walk-in closet, I swear could be used as a 5th bedroom, All of this is a great location and newer home, Living near San Tan Mall, Epicenter and easy access to the 202 is perfect for working from home or the office, this is a winner guys.

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