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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1350 E Gail Court Gilbert, AZ 85296

$629,000

4 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6775994

Property Type Single Family Residence

Price Type --

Move-in ready with countless upgrades including new AC, windows and can lighting! This modern single-family home boasts an open floor plan perfect for gatherings. The chef's kitchen showcases quartz countertops, shaker cabinets, and new appliances that brings both charm and modern appeal. Upstairs, a split floor plan separates the spacious secondary rooms from the primary suite. All bathrooms are upgraded with quartz countertops and chic laminate flooring. The backyard is an entertainer's dream, complete with a gazebo strung with lights, turf, and river rock. Every detail has been updated within two years! This home is ready to meet all your needs. Don't miss this opportunity to experience a truly exceptional property — it's a must-see!

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10011 E Lakeview Circle Mesa, AZ 85209

$629,000

3 Beds

2.5 Baths

2,960 SqFt

Status Active

MLS # 6785316

Property Type Single Family Residence

Price Type --

GREAT COMMUNITY VILLAGES OF EASTRIDGE! Original owner has pride in ownership of this one. Well maintained, move in ready home with a flex floor plan, cul-de-sac corner lot 4 bedrooms, upper loft, & lower-level den/office, guest suite alongside the master. Sparkling play pool & large yard, a 3-car extended garage, double RV gate. The open kitchen with an island bar, walk-in pantry flow into the family room for easy entertainment, with wood laminate floors on the lower level. Dual A/C units 2 years old. The interior has been freshly painted, & the exterior was recently painted as well. Other features include a large covered patio, backyard fire pit, 2 storage sheds, garage cabinetry with a workbench & storage shelving. Basketball sports court, parks, playgrounds, & quick access to freeways

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1371 N Alison Way Chandler, AZ 85226

$629,000

3 Beds

3 Baths

2,037 SqFt

Status Active Under Contract

MLS # 6754121

Property Type Single Family Residence

Price Type --

* CHANDLER STUNNER * PREMIUM CORNER LOT * FORMER MODEL * ACROSS FROM COMMUNITY POOL * LIKE LIVING IN A RESORT * LOFT-STYLE HOME * QUARTZ COUNTERS * STAINLESS APPLIANCES * UPGRADED CABINETS * OVERSIZED SLIDER * WRAPAROUND BALCONY * UPGRADED RAILINGS * LOFT WITH VIEWS * MASTER SHOWER WITH TILE SURROUNDS * CASITA WITH HALF BATH * VIEWS OF SOUTH MOUNTAIN * GET IT BEFORE ITS GONE! *

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8215 W Gardenia Avenue Glendale, AZ 85303

$629,000

4 Beds

2 Baths

2,643 SqFt

Status Active Under Contract

MLS # 6761936

Property Type Single Family Residence

Price Type --

Welcome to the home that checks every box! This stunning residence offers a spacious split floor plan with 3 bedrooms, a versatile den, and a large bonus room—ideal for work, play, or relaxation. You'll have plenty of parking for all your vehicles and toys, RV Parking plus a generous 3-car garage for additional storage. Inside, the open layout connects the gourmet kitchen, with premium appliances and ample counter space, to the sunlit great room and living room. Step outside to your own resort-style oasis featuring a private pool, patio, and beautifully landscaped yard—perfect for entertaining or unwinding. With owned solar, enjoy energy savings year-round!

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14104 W Cottontail Lane Surprise, AZ 85387

$629,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active Under Contract

MLS # 6779366

Property Type Single Family Residence

Price Type --

Come explore this beautiful 3 bed 2 1/2 bath cul de sac home with a massive 17, 082 sq. foot lot to build your dream yard. This home has over $100k in upgrades including iron front door, large sliding glass doors in great room, extended covered patio, quartz contertops in kitchen and bathrooms, custom backsplash in kitchen, reverse osmosis water filtration for drinking water, gas line for outdoor kitchen, upgraded kitchen cabinets, additional cabinets throughout home, GE gourmet gas cooktop, additional electrical outlets added inside and outside the home, under cabinet lighting in kitchen, surround sound, free standing tub in primary bathroom and custom tile shower with rainshower head, additional insulation in ceiling, garage and plumbing walls, custom tile, new carpet and paint.

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3582 N 160th Avenue Goodyear, AZ 85395

$629,000

2 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6781415

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION!! Sits on a very unique lot located in the highly sought after Tuscany side of Pebble Creek. This lovely and well cared for home sits on a very unique lot. Featuring 2 bedrooms plus a den, fresh interior 2 tone paint, UPDATED KITCHEN AND BATHS, granite counters throughout, custom plantation shutters, newly installed soft water system, 3 car garage with epoxy floor and built in cabinets, golf course views from the back AND front with neighbors on only one side!! PLUS, BRING US AN ACCEPTABLE OFFER AND WE'LL THROW IN THE GOLF CART, recently serviced with all new batteries!! MOTIVATED SELLERS BRING US AN OFFER!

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368 S 172nd Drive Goodyear, AZ 85338

$629,000

5 Beds

4 Baths

4,019 SqFt

Status Active

MLS # 6754016

Property Type Single Family Residence

Price Type --

Discover plenty of space and comfort in this stunning 5-bedroom, 4-bathroom Canyon Trails home. It features a gourmet kitchen with stainless steel appliances and center island, perfect for any cook. Enjoy privacy in the attached guest casita with its own living room and entrance. PRE-PAID Solar panels offer eco-friendly living and lowered electric bills for years to come. The backyard is an oasis with a private pool, huge extended covered patio, and BBQ area, all overlooking the community green belt with no neighbors behind. Plus, enjoy community amenities like a recreation room, parks, and community pool.

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1145 N 293rd Avenue Buckeye, AZ 85396

$629,000

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6758593

Property Type Single Family Residence

Price Type --

Discover the ultimate in custom home, unencumbered by HOA fees or regulations. This stunning new build ranch-style residence boasts 2,067 square feet of living space on a serene 1.2-acre lot. The sophisticated open-concept living area features stylish paneled walls, vaulted ceilings, and an abundance of natural light and recessed illumination. A sleek white kitchen, complemented by a spacious island, provides an ideal setting for culinary pursuits. The serene master suite offers a tranquil retreat, complete with a spacious en-suite bathroom and ample closet space. Three additional bedrooms provide versatility for family, guests, or a home office. The expansive, backyard, boasts block fencing valued at over $60,000, and dual RV gates, perfect for accommodating large vehicles or horses.

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6735 N 10th Street Phoenix, AZ 85014

$629,000

3 Beds

2 Baths

1,703 SqFt

Status Active

MLS # 6763810

Property Type Single Family Residence

Price Type --

Vintage meets contemporary in this delightful home in the heart of north central Phoenix. Remodeled in 2019 to add new A/C, electrical panel, and all new kitchen, complete with stainless steel appliances and soft close modern cabinetry. Tons of additional upgrades added over the last 3 years, including new epoxy sewer lining, lighting/fans, roman shades, paint, baseboards, contemporary black door hardware, storage shed, block fence, side gate & front door. Abundant natural light throughout the home through efficient dual-pane windows. Huge great room with vaulted ceilings and built in fireplace. Dreamy primary suite has 2 closets including a spacious luxury walk-in. Mature fruit trees grace the private, quiet back yard, with the perfect patio for entertaining. Top rated schools.

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535 S Barnwood Trail Munds Park, AZ 86017

$629,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6764043

Property Type Single Family Residence

Price Type --

Your private, dream home on large lot in the cool pines of Munds Park awaits your arrival! Rather year-round or seasonal, this spacious 3bed, 2 bath home has a/c, wood burning fireplace, 10x16 shed, carport, metal roof, upgraded flooring, bathrooms, ceiling fans, lighting, etc. Kitchen has plenty of cabinet and counter space, as well as an island. Enjoy relaxing on the large custom deck that was newly added on, with NO neighbor to the north! The yard is fenced in and perfect for your pets. No HOA. Come and be a part of this special, desirable Munds Park community! You will be walking distance to the well-known Pinewood Country Club, close to the national forest, lake, hiking/ biking trails, tennis and pickleball courts, park, restaurants, convenient store, and more. Munds Park is only 17 miles South of Flagstaff and a 2-hour drive from Phoenix to escape the heat. Come see your new home in our neck of the woods!

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2078 E Donner Drive Tempe, AZ 85282

$629,000

4 Beds

2 Baths

2,005 SqFt

Status Active

MLS # 6779043

Property Type Single Family Residence

Price Type --

Beautiful Corner Lot Home in the Heart of Tempe with Private Pool! No HOA! Welcome to this stunning 4-bedroom, 2-bathroom home, perfectly situated on a spacious corner lot in the heart of Tempe. With its beautiful open floor plan and a large private pool, this home is an entertainer's dream. Inside, you'll find a modern kitchen with an inviting living area, and an enclosed laundry room for added convenience. Brand NEW AC and Brand New roof (2024). Enjoy the added benefit of no HOA! Located just minutes from ASU, major freeways, and an array of restaurants and shopping, this home offers the perfect blend of comfort and convenience. BOOK a tour today.

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4318 E Smokehouse Trail Cave Creek, AZ 85331

$629,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6721909

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this charming property that combines modern amenities with elegant charm. Recently updated with fresh interior paint and new flooring in parts, the neutral color scheme creates a calming atmosphere for all who enter. The kitchen is a cook's delight, featuring an inviting island and stainless steel appliances. Relax or entertain on the covered patio or enjoy privacy in the fenced backyard. This sought-after addition provides ample space for daily routines. From indoor comfort to outdoor luxuries, this property blends modern comfort with classic charm. If you seek a meticulously maintained home with exceptional attention to detail, don't miss the chance to make this beautifully updated property yours. It's the perfect plac

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