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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16766 W Yucatan Drive Surprise, AZ 85388

$539,990

4 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6754869

Property Type Single Family Residence

Price Type --

MLS# 6754869 January Completion! Introducing the Hudson, a spacious single-story floor plan featuring 2,352 square feet of well-designed living space. With 4 bedrooms, 3 bathrooms, a 2-car garage, and a study, this home offers both comfort and versatility. As the largest of our single-story homes, it makes a lasting impression. Step into the inviting foyer, which leads to a hallway lined with 3 bedrooms and a study, where double doors can be added to create a peaceful home office. Continue through to the expansive open-concept kitchen, dining, and gathering room, ideal for seamless entertaining. Enjoy the beautiful Arizona weather from your own private outdoor living space. Structural options include: marble super shower at owner's bath, gas line for future outdoor kitchen, gas line for future outdoor kitchen, 8' interior doors, and paver front porch.

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7914 N 80th Avenue Glendale, AZ 85303

$539,990

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6761645

Property Type Single Family Residence

Price Type --

Welcome to Ambra conveniently located in desirable Glendale, minutes to shops, restaurants, entertainment and the 101 Hwy! This Orinoco plan home is beautifully designed with our curated Loft inspired interior selections. The kitchen features 42'' white cabinets with brushed nickel hardware, quartz countertops, and convenient breakfast bar. The great room is perfect for relaxing or entertaining. The split floorplan makes the primary suite a quiet retreat away from the secondary bedrooms. Beautiful faux wood tile flooring and cozy carpet in bedrooms complete this move-in ready home! ^^^Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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4655 N 177th Drive Goodyear, AZ 85395

$539,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6771725

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! The showstopper single-level Bailey floorplan boasts a charming front porch, 5 bedrooms each with a spacious walk-in closet and a 3-car garage! This home offers white cabinets with quartz countertops in the kitchen, grey tile flooring and carpet in bedrooms. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and more!!!! Residents enjoy amenities right at their doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you enjoy more savings!

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1478 W J Waltz Way Apache Junction, AZ 85120

$539,990

4 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6773334

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created. A public report is available on the Arizona Department of Real Estate website.

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14314 W Alameda Road Surprise, AZ 85387

$539,990

3 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6783956

Property Type Single Family Residence

Price Type --

MLS#6783956 March Completion! Set in the scenic enclave of Rancho Mercado in Almeria, the Plan 45RM2 residence embodies modern sophistication and refined living. This carefully designed single-level home features three spacious bedrooms, a versatile flex room or office, 2.5 beautifully appointed bathrooms, and an expansive 3-car tandem garage. At the heart of the home lies an open-concept living area that seamlessly integrates the great room, dining area, and gourmet island kitchen, combining functionality with a touch of elegance. Structural options include: paver front porch, flex in lieu of bedroom 2, 8' interior doors, and soft water loop.

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10919 N 81st Avenue Peoria, AZ 85345

New

$539,990

4 Beds

3 Baths

1,993 SqFt

Status Active

MLS # 6787777

Property Type Single Family Residence

Price Type --

BRAND NEW BUILT!! With no HOA.This home features a Large Open floor plan with 9ft ceilings, with Large Living Room and Dinning area. Kitchen with White Cabinetry and Granite Counter top and stainless Steel appliances. Tile throughout the high traffic areas of the house and new carpet in bedrooms. The house layout provides an open space feeling from the moment you enter the front door. All bedrooms are very good size and bathrooms are upgraded with tile. Rv gate on side of the house . Back yard is ready for your dream back yard to be build. The best of all is that you are moving into a NEW HOUSE WITH NO HOA!

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245 S 165th Avenue Goodyear, AZ 85338

$539,990

4 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6692716

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Amethyst with 4 bedrooms, 3 full baths and large laundry room. Multi slide door off the great room perfect for entertaining. Cooks dream kitchen includes a stainless steel gas appliance package with a 30'' cooktop, wall oven, glass canopy hood. Pull out trash drawer with two bins. Single bowl white undermount sink. Tahoe Maple slate (Gray) cabinets with AZT Della Terra quartz Linen countertops in kitchen and owner's bath. Upgrade flooring includes EMS Riverside Firenza 20x20 tile in all areas of the home except bedrooms& closets. Kitchen back splash had 1 x 3 Mosaic Herringbone tiles. Dual sink at bath 2. Interior two tone paint in Moth Gray. 8' tall garage door and garage service door. Please verify all information with onsite agent. Thank you!

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25520 S 227th Street Queen Creek, AZ 85142

$539,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6754239

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Crimson with 4 bedrooms and a 2.5 baths and 3 car tandem garage. 12'x8' sliding glass door that leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven, hood. Barnett Maple Slate (Gray) cabinets with 42'' kitchen uppers and pullout trash drawer. AZT Della Terra Quartz Linen countertops in kitchen and on the enhanced island. Stainless steel undermount single bowl sink. Upgrade flooring includes Wood laminate EV Wood Vennice Kaki Oak in all areas of the home except beds/closets. Garage service door, 8' tall garage door opener with two remotes, dual sinks at bath 2 and so much more. Please verify all information with onsite agent . Thank you!

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15992 N Gil Balcome Street Surprise, AZ 85374

$539,990

5 Beds

2 Baths

1,955 SqFt

Status Active

MLS # 6724780

Property Type Single Family Residence

Price Type --

35K PRICE REDUCTION!! Stunning Fully Remodeled 5-Bedroom Home w/ Luxurious Features This remodeled, move-in-ready home boasts 5 bedrooms & 2 baths on an oversized lot backing to a serene Greenbelt. The gourmet kitchen features custom cabinetry, chef's kitchen appliance package, pot filler, large granite sink, quartz countertops and an oversized island. Wood tile flooring t/o, 10 ft ceilings, upgraded paint, 5 1/2 in baseboards, new doors, and dual-pane windows provide style and efficiency. Luxury baths with dual sinks and floor to ceiling tile. Master Suite features a custom master closet. Laundry room with new GE washer/dryer and cabinetry storage. Outdoors, enjoy a landscaped yard, Pebble Tech Pool, 12x43 covered patio, 12ft RV Gate and 5 car driveway. Move in ready & waiting for you!

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16479 W Silver Creek Drive Surprise, AZ 85374

$539,950

2 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6777147

Property Type Single Family Residence

Price Type --

Be the proud owner of this charming property located in The Grand Lake Subdivision! This large Corner lot welcomes you with a manicured desert landscape & a 2-car garage. High ceilings, wood-look flooring plantation shutter, & an open floor plan await you inside. The spacious great room enjoys large windows, sliding doors to the backyard & a charming fireplace. The kitchen features plenty of wood cabinets, built-in stainless steel appliances, granite counters, & a breakfast bar. The convenient open den provides the ideal space for a media room. Double doors open to the serene main bedroom, boasting bay windows & an ensuite w/dual sinks, a sit-down shower, & a large walk-in closet. Owned Solar is another bonus of this gorgeous home! The lovely back patio enjoys a built-in BBQ, paver seating area, & lots of space for hosting gatherings. Do not miss the many sports courts, sprawling walking green belts, gorgeous lake views, & many facilities like the music hall & recreational center that this Community has to offer. This value won't disappoint!

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1533 E Kramer Street Mesa, AZ 85203

$539,950

4 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6784460

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, fully remodeled home in one of the best parts of Mesa! This home features a 2 car garage, extended driveway and an RV gate - the property also does not have an HOA! Inside you will find 4 bedrooms and 2 full bathrooms. The backyard has a bocce ball court, putting green and a space for you to park your toys behind the rv gate. The backyard features mature trees and an extended patio for the ultimate outdoor experience. You will find that this backyard is very peaceful and quiet. Capitalize on this opportunity to own a great home in a wonderful neighborhood! Ask about how you can purchase the home fully furnished!

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16525 E Avenue Of The Fountain Avenue Unit 201 Fountain Hills, AZ 85268

$539,900

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6679498

Property Type Apartment

Price Type --

This former model in Town Center Crossings is a spacious and well-appointed single-level unit with no upstairs neighbors, offering privacy and convenience. With 3 bedrooms, 2 bathrooms, and an additional office/den space, there is plenty of room for both living and working. The 1-car garage with direct entry access, complete with built-in cabinets, provides ample parking and storage space. The property is ideal for those seeking a comfortable and functional living space in a desirable lock and leave location.

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