What’s Ahead For Mortgage Rates This Week – June 13, 2016

Last week’s economic news was highlighted by Fed Chair Janet Yellen’s speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.

Increases in the fed funds rate typically signal increases in consumer credit and home mortgage rates. Last week’s speech was seen as a precursor to the Federal Open Market Committee statement that will occur at the conclusion of next week’s FOMC meeting.

Chair Yellen is also scheduled to give a press conference after the FOMC statement next Wednesday.

Mortgage rates and new jobless claims also fell last week.

Fed Chair Speech: Fed Rate Increases Likely, but Subject to Economic Developments

Fed Chair Janet Yellen said that remarks would be “largely favorable” although economic developments were “mixed.” Chair Yellen cited economic progress toward the Fed’s dual goal of achieving maximum employment and price stability. Labor benchmarks included national unemployment below five percent, rising household income and indications of rising wages were cited as positive signs for economic expansion.

Slowing job growth and inflation staying below the Fed’s goal of 2.00 percent were cited as signs that the U.S. economic recovery is underway, but Chair Yellen also said signs of slower job creation along with uncertainties in global economic conditions and oil prices prevented short-term predictions about how the economy would perform.

Fed Chair Yellen also repeated her usual caution that Fed policy is not set in stone, but instead is subject to FOMC members’ ongoing review of economic developments and related readings.

Mortgage Rates, New Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was six basis points lower at 3.60 percent; the rate for a 15-year fixed-rate mortgage averaged 2.87 percent, which was five basis points lower than the previous week. The average rate for a 5/1 adjustable rate mortgage was six points lower at 2.82 percent. Discount points averaged 0.50 percent for all three loan types tracked by Freddie Mac.

New jobless claims were also lower at 264,000 new claims filed against expectations of 270,000 new claims and 268,000 new claims filed in the prior week.

What’s Ahead This Week

This week’s scheduled economic news includes the Fed’s post-meeting FOMC statement and press conference, reports on the consumer price index and core CPI, housing starts and the NAHB Housing Market Index. Reports on mortgage rates and new jobless claims will be released according to their weekly schedule.

Economic indicators such as price inflation, rising mortgage rates and housing data impact housing markets and consumers’ ability or willingness to buy homes.

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14581 W Corrine Drive Surprise, AZ 85379

$558,000

3 Beds

2.5 Baths

2,506 SqFt

Status Active Under Contract

MLS # 6723072

Property Type Single Family Residence

Price Type --

Look no further! This fabulous 3 bed, 2.5 bath residence now on the market is for you! Featuring a charming facade w/stone accents, easy-care landscape, a 2 car garage, paver driveway, and a welcoming front porch! Inside you will find spacious dining & living areas w/high ceilings, elegant wood-look tile flooring, soft carpet in all the right places, upgraded light fixtures, and neutral palette throughout. The fabulous eat-in kitchen is a chef's dream come true, comprised of white cabinetry w/crown moulding, a walk-in pantry, granite counters, high-end appliances such as dual wall ovens, and an island complete w/a breakfast bar. Enjoy a good night' sleep in the primary bedroom, boasting a walk-in closet, and a lavish ensuite w/dual sinks. Finally, the wonderful backyard includes a covered patio, extended seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now before it's gone!

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10149 E Tupelo Avenue Mesa, AZ 85212

$558,000

2 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6724621

Property Type Single Family Residence

Price Type --

MOVE IN READY home in the highly sought after 55+ community of Encore at Eastmark in the East Valley! This immaculately kept home sits on a large lot giving you ample space between neighbors and to enjoy the outdoors, whether it be to relax on the oversized patio complete with, hot tub, BBQ and wall mounted TV and plenty of room to entertain! Upgraded kitchen features granite countertops and stainless steel appliances and gorgeous wood look tile flooring in all the main living areas. Also features water softener, designer laundry, epoxy garage flooring, and many smart home features like ''Hyrawise'' irrigation system and ability to control thermostat & garage door from your phone make this home turn-key and give you the ability to lock and leave with ease. This home is a MUST SEE

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16732 W Whispering Wind Drive Surprise, AZ 85387

$557,990

4 Beds

3 Baths

2,473 SqFt

Status Active

MLS # 6767457

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' This stunning Avelino AllGen floor plan offers 4 bedrooms and 3 baths, featuring an upgraded island, a second kitchen, and a soft water plumbing loop. The kitchen showcases elegant granite countertops, a chef's kitchen design, tile backsplash, and upgraded flooring throughout.

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5839 E Jensen Street Mesa, AZ 85205

$557,900

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6766663

Property Type Single Family Residence

Price Type --

This Charming three-bedroom home with a three-car garage and bonus room that can be used as a media room, exercise or playroom. This home is nestled in the golf course community of Alta Mesa. Upon entering the home, you will be greeted , by light bright walls and vaulted ceilings. Coupled with a two-way fireplace that leads to a spacious and cozy family room. The heart of the home is the kitchen. A haven for a culinary enthusiast. Large granite island counters for eating and entertaining. The backyard epitomizes comfort relaxation. Three mature fruit trees synthetic grass, gravel a privacy wall and so much more . Brand new AC unit just installed in September 2024

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3131 N Central Avenue Unit 6013 Phoenix, AZ 85012

$557,768

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6606900

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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12465 W Claremont Street Litchfield Park, AZ 85340

$557,500

3 Beds

2 Baths

1,826 SqFt

Status Active

MLS # 6754322

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This immaculate single-story residence, in a gated community, offers 3 spacious bedrooms, 2 upgraded bathrooms, 2 car garage with an attached RV garage—ideal for storing all your toys. Situated on a premium corner lot with just one neighbor, privacy and space abound. Step inside to discover a gourmet kitchen complete with matching upgraded appliances, a gas range, and a massive walk-in pantry, making it a haven for any home chef. The open-concept layout seamlessly connects living, dining, and kitchen areas, perfect for entertaining or relaxing in style. The backyard features a large gazebo, real grass and plenty of additional space to customize your own desert oaisis! Enjoy the best of Arizona living with easy access to the Cardinals Stadium and all the exciting amenities of Westgate, just 10 minutes away! This home truly stands out with its luxurious post-builder upgrades, perfect for the discerning buyer.

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4919 W Hunter Trail San Tan Valley, AZ 85144

New

$557,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. 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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2846 E Devon Court Gilbert, AZ 85296

$557,000

3 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6775718

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom residence nestled in Rancho Corona! Perfectly designed for entertaining, this home features a spacious great room equipped with pre-wired surround sound, custom solid interior doors, and beautiful backyard living space. The open-concept kitchen offers plenty of cabinets accentuated with crown moulding, stainless steel appliances, mosaic tile backsplash, recessed lighting, a center island with a breakfast bar, and granite counters. Sizable primary bedroom boasts an ensuite with walk-in shower, dual sinks, and walk-in closet for ample storage. Continue to the large backyard to find a covered patio, pergola, new turf, refreshing pool and heated spa. This gem won't disappoint!

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1043 E Sahuaro Drive Phoenix, AZ 85020

$557,000

3 Beds

2 Baths

1,765 SqFt

Status Active

MLS # 6698284

Property Type Single Family Residence

Price Type --

Discover your dream home nestled in the serene Pointe Tapatio Community. This charming 3-bedroom, 2-bathroom residence offers a perfect blend of comfort and style, featuring a cozy fireplace, modern stainless steel appliances, and a spacious 2-car garage. Situated on a peaceful cul-de-sac, the property boasts a lush grass back yard and an inviting backyard patio, ideal for relaxation or entertaining. Residents enjoy access to a community pool, enhancing the allure of this delightful home. With proximity to top-rated schools, recreational spots like North Mountain Park, and shopping at Hatcher Village Shopping Center, this location is unbeatable. Embrace the opportunity to create lasting memories in a home designed for a lifestyle of convenience and leisure.

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5818 W Moody Trail Laveen, AZ 85339

$556,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active Under Contract

MLS # 6766943

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. GE Stainless steel appliances. White shaker cabinets. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. The community includes Park,basketball court and dog park. Conveniently located near the new I-10 freeway, schools, shopping and dining.

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20701 W Minnezona Avenue Buckeye, AZ 85396

$556,900

2 Beds

2.5 Baths

1,872 SqFt

Status Active

MLS # 6750121

Property Type Single Family Residence

Price Type --

Welcome home to your 1,872 SF spacious retreat nestled on a generous 9,000 SF lot within the tree-lined streets of Victory; this home is perfect for embracing an active lifestyle tailored for those 55+. This charming home features stunning mountain views throughout that you can enjoy. Relax from the comfort of your spacious front porch, ideal to enjoy your peaceful neighborhood or socializing. Step inside to discover hardwood floors, complemented by upgraded carpet in the main living area as well as the bedrooms and loft. The heart of the home, the kitchen, boasts upgraded cabinetry and countertops, along with stainless steel appliances that make cooking a pleasure. You'll appreciate the ample storage space with the extended cabinetry. The home is bathed in natural light, creating a warm and inviting atmosphere that enhances the spacious and airy feel. The primary suite is complete with a large walk-in closet and generous sized bathroom. Down the hall you will find the additional bedroom and bathroom perfect for guests. An upstairs loft provides additional flexible space, perfect for a home office, craft room, or cozy retreat. The backyard, with its stunning mountain views, has mature landscaping that includes fruit trees and drought resistant plants. This home is thoughtfully designed to accommodate both comfort and functionality, making it the perfect choice for enjoying a vibrant and active lifestyle.

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2429 E Alameda Drive Tempe, AZ 85282

$555,950

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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