What’s Ahead For Mortgage Rates This Week – June 20, 2016

Mortgage rates fell after Federal Reserve policymakers decided not to raise the Fed’s target federal funds rate. The Federal Open Market Committee cited ongoing concerns over global financial and economic developments and slow jobs growth as factors in its decision not to raise rates. Fed Chair Janet Yellen emphasized the committee’s decision-making process is not predetermined and said that ongoing review of current and developing news is significant to monetary policy decisions.

Last week’s economic news also included the NAHB Housing Market Index, the monthly inflation rate and retail sales along with weekly reports on mortgage rates and new jobless claims.

Home Builder Confidence Rises in June

According to the National Association of Home Builders Housing Market Index, Home builder confidence rose one point to a June reading of 60. May’s reading was 58 and analysts expected a reading of 59. June’s reading broke a four-month streak of unchanged readings. Sub-readings used to calculate the Housing Market Index were one point higher at 64 for current market conditions. Builders had higher confidence in market conditions for the next six months. June’s reading was five points higher at 70. June’s reading for buyer traffic remained below the benchmark of 50 at 47. The NAHB gauge of buyer traffic in new homes hasn’t hit 50 since the peak of the housing bubble.

National inflation as measured by the Consumer Price Index was lower in May at 0.20 percent as compared to April’s reading of 0.40 percent; analysts expected a reading of 0.30 percent. Core inflation held steady at 0.20 percent; the core reading excludes volatile food and energy sectors, but energy prices, fuel prices and food are major components of household budgets.

The Federal Reserve has set an annual inflation rate of 2.00 percent as a benchmark reading for its consideration or raising the federal funds rate. Readings have remained consistently lower in recent years, which contributed to the Fed’s decision not to raise interest rates.

Mortgage Rates Fall as Jobless Claims Rise

Freddie Mac reported lower average mortgage rates for fixed and adjustable mortgages last week. 30-year fixed rate mortgages dropped f six basis points to an average of 3.54 percent. Rates for a 15-year fixed rate mortgage averaged

2.81 percent, which was also six basis points lower. The average rate for a 5/1 adjustable rate mortgage was eight basis points lower at 2.740 percent. Lower mortgage rates are welcomed by first-time and moderate income homebuyers as home prices continue to rise.

New jobless claims rose to 277,000 as compared to an expected reading of 270,000 new claims and the prior week’s reading of 264,000 new claims. Analysts attributed the jump in new claims to seasonal influences including new claims filed by school workers eligible for benefits when classes aren’t in session.

What’s Ahead

Next week’s scheduled economic reports include reports on new and existing home sales along with weekly reports on mortgage rates and new jobless claims. A monthly reading of consumer sentiment will also be released.

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28428 N 65th Lane Phoenix, AZ 85083

Open House

$638,000

5 Beds

3 Baths

3,184 SqFt

Status Active

MLS # 6780195

Property Type Single Family Residence

Price Type --

Come by and tour this weekend! Virtual tour available. Beautiful Maracay home located in Summit at Boulder Mountain North. This fabulous home features a 3 car wide garage plus a 4th tandem garage with full access door to the back yard. Downstairs guest bed/office and full bath on the main level. Walk in closets in generous secondary bedrooms. Extended covered patio. Kitchen boasts beautiful cherry cabinets, granite kitchen counter tops , SS steal appliances , double oven and gas cooktop with brushed nickel fixtures. Virtual tour available please request the link.

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5771 W Cinder Brook Way Florence, AZ 85132

$637,500

3 Beds

2.5 Baths

2,590 SqFt

Status Active

MLS # 6777576

Property Type Single Family Residence

Price Type --

JOURNEY TO RESORT STYLE LIVING w/ Private heated POOL & SPA!! Only the best w/ over $130k in builder upgrades featuring a Private Courtyard w/beautiful iron security gate & ornate glass door to designer tile entry & Plantation Shutters, Den w/ gorgeous French Doors, Chef Lux kitchen w/ Gas Cooktop & dbl ovens, Luxurious Black Stainless built-in appliances, u/c lighting, Pendant lighting over a spacious unpolished Granite Island, soft close staggered raised panel cabinets w/ Pots & Pans drawers, pull outs, tiled backsplash, spacious walk-in pantry & Butler's pantry. Owner's Suite features bowed window, stunning walk-in tile shower & Granitex vanities. 2 Guest Bedrooms w/ shared en-suite. Extended Patio w/ Pergola, Private Pool w/ Water Feature & Spa! Poston Butte Golf Course & Grille!!!

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2201 N Iowa Street Chandler, AZ 85225

Open House

$637,400

4 Beds

3 Baths

2,408 SqFt

Status Active

MLS # 6775852

Property Type Single Family Residence

Price Type --

Brand New Home Alert! Welcome to Arbor Square, where luxury and convenience meet in the heart of Downtown Chandler. Nestled within walking distance to the vibrant Downtown Chandler Entertainment District, our community provides the perfect balance of urban living and peaceful escape. Each home at Arbor Square boasts top-of-the-line amenities, designed with your comfort and convenience in mind. From elegant quartz countertops to luxury vinyl plank flooring, every detail has been carefully selected to provide you with a high-end yet modern living experience. Our homes also feature pre-wiring for EV chargers, making it easy for you to stay connected and eco-friendly. Our community is designed to give you all the perks of luxurious living without the hassle of upkeep. Experience the best of urban living in a peaceful and modern setting at Arbor Square. Come find your perfect home today! *HOA Fees are an estimate today, the builder has a conditional public report. Photos are of the builder's model of a similar floor plan, actual home is under construction. Contact listing the agent for additional incentives. Agents Must accompany their clients upon their first visit.

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7933 E Queensborough Avenue Mesa, AZ 85212

$637,370

4 Beds

3 Baths

2,358 SqFt

Status Active

MLS # 6783391

Property Type Single Family Residence

Price Type --

MLS#6783391 February 2025 Completion! The Paisley is a thoughtfully designed 2-story floorplan offering 2,358 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a loft, and a 2-car garage. Perfect for hosting guests, the main level features a private bedroom and an open-concept great room, dining area, and kitchen that flow seamlessly into the outdoor living space, ideal for entertaining or relaxing. Upstairs, the versatile loft can be transformed into a playroom, home office, or secondary living area. The primary suite includes a walk-in closet and dual sinks for added convenience. We're confident you'll love calling the Paisley home! Structural options include: gourmet kitchen, soft water loop, pavers on porch and driveway.

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4304 Stage Stop Way Wickenburg, AZ 85390

$637,000

2 Beds

2 Baths

1,969 SqFt

Status Active

MLS # 6742345

Property Type Single Family Residence

Price Type --

Discover the epitome of modern elegance in this nearly new Cypress model in Wickenburg Ranch. Meticulously updated with luxurious features, this home boasts fresh flooring in bedrooms and closets, a sleek gourmet kitchen with a large island, and a stunning sliding glass wall that opens to an expansive outdoor patio and backyard retreat. Enjoy outdoor living at its finest with a BBQ island and cozy firepit, all while backing to a serene wash for added privacy. With PAID SOLAR and a 3 CAR GARAGE, this home combines roominess and sustainability seamlessly.

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6411 S River Drive Unit 10 Tempe, AZ 85283

$636,477

2 Beds

2.5 Baths

2,589 SqFt

Status Active

MLS # 6759930

Property Type Townhouse

Price Type --

Remodeled 2 bed 3 bath townhome in the Cottonwoods Community of 68 homes. This home has an open floor plan, lots of light, high ceilings, & lots of space for entertaining. Both bedrooms have en-suites & walk-in closets. New LVP flooring in traffic areas, new carpet in bedrooms and loft & new baseboards. Interior hardwood doors, new canned lighting, new interior & exterior paint. The kitchen has lots of counter space, hardwood cabinet doors & stainless appliances. There is a fireplace, bed 2 has a walkout patio, loft has an exterior Juliet balcony, & lots of storage. The backyard is large and updated, including new exterior wall paint & gate. Close to freeway, shopping & short drive to airport.

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16978 W Canterbury Drive Surprise, AZ 85388

$636,461

3 Beds

3.5 Baths

2,870 SqFt

Status Active

MLS # 6728478

Property Type Single Family Residence

Price Type --

MLS #6728478 February 2025 Completion! Discover The Shire, a single-story floor plan in Paradisi Venture II. This home offers 2,870 sq. ft. with 3 bedrooms, 3.5 bathrooms, a 3-car split garage, and a study. Each bedroom has its own en suite bathroom, providing separate spaces for kids and guests. The open layout of the gathering room, kitchen, and dining room forms the heart of the home, perfect for hosting gatherings or family game nights. Create lasting memories, whether it's a cookout with friends or quality time with family. The owner's suite includes a spacious walk-in closet, split vanities, and a generous shower. Structural options include: interior door at laundry, gas line for future outdoor kitchen, garage service door, and chef's kitchen.

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20941 E Via Del Sol Street Queen Creek, AZ 85142

$636,237

4 Beds

3 Baths

2,537 SqFt

Status Active

MLS # 6736382

Property Type Single Family Residence

Price Type --

WOW - PRICE REDUCED $7,500. IN ADDITION, SELLER CONSESSION AVAILABLE TOWARDS CLOSING COSTS OR RATE BUYDOWN with Rates as Low as 3.875% on this Quick Move-In Home When Financing Thru Builders Preferred Lender(s). Beautiful Cul-de-sac Home Located close to Queen Creek Market Place Shopping, Dining & Entertainment with Community Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and Just Steps to the 8-Mile Walking Trail. All Appliances Including Stainless Refrigerator, Stainless Gas Cooktop, Dbl Wall Ovens, Microwave, Dishwasher, White Washer/Dryer. Too Many Beautiful Upgrades to List Here. Primary & Two Secondary Bedrooms Upstairs. One Secondary Bedroom and Full Bath Downstairs. Don't Wait, Come See This Home Today

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14655 N Kings Way Fountain Hills, AZ 85268

$636,000

2 Beds

2 Baths

1,267 SqFt

Status Active

MLS # 6784020

Property Type Single Family Residence

Price Type --

BACK ON MARKET: Don't miss this cute 2 bedroom, 2 bath detached home plus bonus room in the Courtside Villas community. Features include vaulted ceilings, sliding doors to large covered back patio, private pool with water feature. Backyard is super private as it backs to a wash area. Kitchen features granite counters, SS Fridge & Stove and is open to the dining & living room. The Living room also has wood burning fireplace. Bonus room is currently being used as an office/den but could be used as a game room or Formal dining. You have options! Inside laundry room, attached garage with direct access. Home sits in the back of the community so super quiet. Perfect for lock & leave or full time residence.

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23176 W Skinner Road Wittmann, AZ 85361

$635,000

4 Beds

2 Baths

2,242 SqFt

Status Active

MLS # 6731535

Property Type Single Family Residence

Price Type --

Highly upgraded 4 bedroom 2 bath 3 car garage on an Acre lot! NO HOA! Located at the end of a nice road, with tons of room to ride your horses dirt bikes ect... This Beautiful home comes with Quartz counter tops, large center island, tile backsplash, built-in microwave, stainless steel hood, 8' doors and 4'' baseboards, designer tile and upgraded lighting. Split floor plan, 2 walk-in closets in Master.. Located in a very nice area just minutes from Surprise and Wickenburg.

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7639 W Nosean Road Peoria, AZ 85383

$635,000

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6741345

Property Type Single Family Residence

Price Type --

MLS#6741345 Ready Now! The Iris is a 1-story home with 1,982 sq. ft., featuring 3 bedrooms, 2 bathrooms, a 2-car garage, and a flex room. As the only single-story floor plan at Aloravita South Discovery, it stands out for its thoughtful design. The foyer leads to a hallway with secondary bedrooms and a full bathroom. The open kitchen, casual dining area, great room, and flex room create a welcoming living space. The private covered patio is perfect for enjoying Arizona weather. The primary suite offers a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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16528 W Isleta Court Surprise, AZ 85387

$635,000

2 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6677181

Property Type Single Family Residence

Price Type --

Welcome to this 2300 sq/ft furnished, Mission model home located in Sun City Grand (The Grand) a 45+ Active Adult Resort Style Community. Open site-lines are evident upon entering into the great room w/gas fireplace and picture windows. A Large Updated Kitchen with 2 Breakfast /Entertaining Bars with An Expanded Island & Granite Counter tops, S/S Appliances, Roll-out shelves, Large Pantry & plenty of Cupboard storage. Large Dining Space with Bay Window Overlooking the Pool. A Nice sized Office/Den with Built-in Double Desks w/large window situated between the Primary Suite & the Private Guest Suite. Master bath has a large shower, Double Sinks & Large Walk-in closet. The Party begins upon entering the Outdoor Covered Patio w/ Pebbletec pool & Baja Deck, Gas Grill, & Patio Seating that create an Entertainer's Delight! Home also boasts a Large Laundry room w/ storage; Powder Bath; a Second Dining area; Ceiling Fans throughout; Central Vacuum; Soft Water. The Leased Solar Panels (non-escalating transferable lease), HVAC (2 units) replaced in 2017, Hot Water Tank replaced in 2020, installation of Patio Misters in 2020, and the 2-Car Garage plus Golf Cart Garage!! Low cost nonescalating solar is $106.30 per month. The Grand is home to 4 championship Golf Courses, 2 Rec Centers, 5 pools, spas, 2 Large Exercise Rooms, Indoor Walking Track, Auditorium, the New Maple & Rye Restaurant, Banking, CVS Pharmacy, along with activities, trips, clubs and much more. Home is Vacant and Easy to Show. Don't Miss This on Your Tour!

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