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

Whats Ahead For Mortgage Rates This Week January 18 2016Mortgage 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.

1873 E Mcnair Drive Tempe, AZ 85283

$625,000
4 Beds
2.5 Baths
2,138 SqFt
Status Active
MLS # 6663148
Property Type Single Family Residence
Price Type --
Amazing location in Tempe! Welcome home by Oasis Anozira lake subdivision, with community walking path around the nearby lake. This home features 4 bed. , 2.5 baths, Family room opens to the kitchen w/ island & dining area , Formal Living Room & Dining Room w/ Vaulted Ceiling , From Master Bed. you can exit to the beautiful, huge balcony & enjoy the outdoors. The Master bath features double sinks, separate shower, bath tub, toilet room & walking closet. Garage includes built in cabinets, front entrance with tile & lash landscaping, the extended back patio has newer ceiling, neutral tile, the walkway along the house. Enjoy the beautiful landscaped yard with large grassy area. House has new A/C (installed Jan. 2024) and great location, close to major freeway, shopping, dining..

17750 W Pershing Street Surprise, AZ 85388

$625,000
3 Beds
2 Baths
2,526 SqFt
Status Active
MLS # 6696333
Property Type Single Family Residence
Price Type --
Gorgeous Single Level 3 bedroom plus an Office/Den or 4th Bedroom One full bathroom and one full deluxe bathroom. Kitchen plus Nook Lot Size: Almost 1/4 acre. ''Huge back yard'' Extra driveway added with 2 RV Gates. Open floor Plan. Lrg Family Room. Formal Living & Dining Room. Lrg Laundry Room. Large private pool (10k Gal) and Hot tub. Cobble stone driveway & 2nd RV gate added. 5+ Parking Spaces, plus Security/Motion lighting added,(Front and Back). Minutes to golfing, Walmart and more. Easy access to 303 hwy. New Recreation Center coming in 2025, three mins away.

28312 N 213th Drive Wittmann, AZ 85361

$625,000
4 Beds
2.5 Baths
2,142 SqFt
Status Active
MLS # 6721829
Property Type Single Family Residence
Price Type --
10K SELLER CONCESSIONS with a full price offer and coe by 12/20/2024. Gated Enclave situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.

10921 W Harrison Street Avondale, AZ 85323

$625,000
5 Beds
3 Baths
3,137 SqFt
Status Active
MLS # 6725891
Property Type Single Family Residence
Price Type --
Beautiful,Spacious Home in immaculate condition w/ FIVE bedrooms, 3 bath, & a loft, offers comfort, style & convenience. Modern kitchen boasts granite countertops, stainless steel appliances, generous cabinet space & a pantry. Luxurious Master suite offers picturesque mountain views, an en-suite bathroom featuring dual sinks & a huge walk-in closet. Step out to a private backyard w/ a covered patio & low-maintenance turf yard perfect for entertaining. Offers 1st floor bedroom & bath & conveniently located near I-10, Loop 101, shopping, & golf courses. Community has amenities such as a basketball court, sand volleyball court, playgrounds & barbecue areas. Home has first floor guest bedroom and 4 more upstairs with high pile carpet, 2nd floor laundry room & lots of storage throughout.

28332 N 213th Drive Wittmann, AZ 85361

$625,000
4 Beds
2.5 Baths
2,142 SqFt
Status Active
MLS # 6725717
Property Type Single Family Residence
Price Type --
$10K seller concessions with a full price offer and coe by 12/20/24. GATED ENCLAVE. This home is north. the 3rd on the left side. Situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space, culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.

4284 E Erie Street Gilbert, AZ 85295

$625,000
4 Beds
4.5 Baths
3,168 SqFt
Status Active
MLS # 6732241
Property Type Single Family Residence
Price Type --
Gorgeous Mediterranean Style 3,168 Sq Ft Home. Built in 2017 in an Upscale Gilbert Community. Low Maintenance Lot Features Artificial Turf, Rock Landscape, & Pavers. The First Floor Features Spacious Open Living Space for a Game Room/Den with a Half Bath, Patio Access, and 2-Car Garage with Included Water Softener. The Mid-Level 2nd Floor Features Very Large Open Floor Plan with Spacious Living Room, Huge Gourmet Kitchen, Breakfast Bar, Dining Area with Double Patio Doors Opening to Large Balcony. The Mid-Level also has a Bedroom, Full Hall Bath & Laundry Room. The Top-Level 3rd Floor Features the Owner's Suite with Large Primary Bedroom, Spa Inspired Bathroom & Walk-In Closet. Top-Level Also has 2 Junior Suites with Private Bathrooms. Enjoy the Community Pool, Park & Basketball Court. Shop & Dine at Cooley Station, Verde and Upscale Santan Village.

10842 N 9th Place Phoenix, AZ 85020

$625,000
3 Beds
3 Baths
2,171 SqFt
Status Active
MLS # 6736524
Property Type Townhouse
Price Type --
Welcome to your dream home! This sophisticated 3-bedroom, 3-bath residence is surrounded by lush vegetation and stunning mountain views. Inside, you'll find custom cabinetry, granite countertops, stainless steel appliances, and an eat-in dining area. Enjoy high vaulted ceilings, clerestory windows, and brand new tile flooring. The primary bedroom is downstairs, featuring an ensuite with a new walk-in tile shower and walk-in closet. The upstairs loft is a versatile flex space with an ensuite and private balcony. The tranquil backyard/patio, with no neighbors behind, offers serene outdoor living with multiple seating areas. A short walk takes you to one of four community pools and clubhouse. This home is in the renowned Paradise Valley Schools district. Don't miss this exquisite property!

4116 E Wagoner Road Phoenix, AZ 85032

$625,000
5 Beds
2 Baths
2,240 SqFt
Status Active
MLS # 6741473
Property Type Single Family Residence
Price Type --
Fantastic opportunity on this beautiful property! Recently appraised twice, first at $660,000 and second at $650,000. Discover this beautifully remodeled home, where modern elegance meets unparalleled functionality. This property features 5 spacious bedrooms and 2 spa-like bathrooms, offering a blend of style and comfort. The brand-new kitchen shines with quartz countertops and the latest appliances, complemented by a generous laundry room for added convenience. Wooden floors throughout and meticulous tile work in the bathrooms and laundry area accentuate the home's appeal. New windows, interior doors, and elegant pavers in the front, back, and pool areas elevate the property's aesthetic and utility. Unique to this home is an entertainment area with a bar near the pool, designed for memorable parties and gatherings. The expansive backyard serves as a private retreat for relaxation or entertainment,

6502 N Central Avenue Phoenix, AZ 85012

$625,000
3 Beds
2 Baths
1,880 SqFt
Status Active
MLS # 6740787
Property Type Apartment
Price Type --
Welcome to the PENTHOUSE of the iconic OLYMPUS on the Murphy Bridle Path in the ''North Central'' neighborhood of Phoenix. Built in 1964, this mid-century beauty boasts incredibly spacious rooms, large windows & two patios with mountain and downtown views! The primary suite features a walk-in closet and spacious bath with double sinks, incredible original tile and vanity and mountain views!The second bedroom features double w/in closets and...mountain views!The third bedroom/den has a door to one of the patio/balconies. The great room is...well, great with ...yes, mountain views! The balcony/decks have hundreds of square feet of space to enjoy our Sept-June weather! Secure covered parking for 2 cars is included along with additional storage.Walk to some of Phoenix's finest eateries too!

6518 W Bent Tree Drive Phoenix, AZ 85083

$625,000
4 Beds
3 Baths
3,152 SqFt
Status Active
MLS # 6743569
Property Type Single Family Residence
Price Type --
Picture-perfect sunsets from your new home! This large 4 bed/3 bath plus loft is located in a quiet neighborhood w/picturesque views. Lovely curb appeal w/stone accents & front porch. Spacious living areas excellent for hosting & entertaining guests. Upgrades include new interior paint, a gas fireplace, new lighting throughout, & a new water heater. The gourmet kitchen is equipped with an electric cooktop, a wall oven, granite counters, rich wood cabinetry, & an island w/a breakfast bar. Main suite upstairs has a full ensuite, a walk-in closet, & a private balcony w/mountain views. Don't miss the spacious 3-car garage! The vast backyard provides a covered patio & a firepit. Hiking trails right down the street. Backyard ready for your dream pool design! See rendering photos for inspiration

15999 W Montana De Oro Drive Surprise, AZ 85387

$625,000
4 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6747387
Property Type Single Family Residence
Price Type --
Gorgeous Home in Escalante For Sale that's better than new! The home has over $100,000 in upgrades all the way throughout, starting with the exterior that has charming curb appeal, front yard landscaping with lighting and irrigation, extra wide driveway pavers for additional parking, and additional pavers to the gate and beyond perfect for RV's, boats, toys, you name it! The interior has been completely upgraded as well, featuring soaring 10ft ceilings, 8ft doors, and a split floor plan that feels airy and bright! Notice the neutral wood look tile flooring and paint that go with any color! The kitchen is a chef's kitchen with massive island, 4-inch granite countertops, Upgraded GE Café Stainless Steel Appliances, custom drawers throughout, under cabinet lighting, and more! For gas cooking enthusiasts, it's stubbed and ready, too! The kitchen opens to the spacious family room, perfect for family time or entertaining, and features the 16 foot atrium sliding doors, giving that indoor-outdoor feel! The master bedroom is large, and boasts a resort style ensuite with raised countertops, double sinks, and a super-shower with two shower heads and granite bench, plus a massive walk-in closet! The additional bedrooms are spacious as well, and the secondary bathrooms have been equally upgraded. If that's not all, you'll love the flex space that could make for a perfect office, workout room, or craft space, the 3 car tandem garage with epoxy flooring, tankless water heater, spacious laundry room with stainless steel sink, and all the upgraded lighting and fans throughout! The backyard is your blank canvas, with plenty of space for a pool. Builder incentives are nice, but this house has it all, plus builder warranties, and with no build time! Escalante is a vibrant and family-friendly neighborhood renowned for its exceptional amenities and outdoor lifestyle. Nestled within this community are charming tree-lined streets that provide a serene backdrop to everyday living. Residents enjoy easy access to scenic hiking trails that invite exploration and adventure right at their doorstep. The neighborhood boasts a state-of-the-art aquatic center, perfect for relaxation and recreation. With eight select parks featuring ramadas, basketball courts, pickleball courts, and bocce ball courts, there's no shortage of recreational options. For disc golf enthusiasts, an 18-hole course offers a fun challenge, while a thrilling zip line provides endless enjoyment for kids. Escalante seamlessly blends active living with relaxation, making it an ideal place to call home. Welcome home!

20750 N 87th Street Unit 2120 Scottsdale, AZ 85255

$625,000
2 Beds
2 Baths
1,356 SqFt
Status Active
MLS # 6745602
Property Type Townhouse
Price Type --
Scottsdale Living at its finest in coveted Grayhawk! Recently updated with new luxury plank vinyl flooring, new interior paint, refreshed kitchen cabinetry & new stainless steel appliances, this perfectly appointed townhome in gated Encore at Grayhawk offers mountain views & a perfect location just steps from amenities, shopping & dining. From the ground floor foyer and immaculate 2-car garage w/ new epoxy floor, spacious second level living awaits. Natural light washes this end unit's open floor plan featuring living & dining area with cozy gas fireplace along with nicely appointed kitchen and casual dining bar. The primary retreat presents a stunning McDowell Mountain backdrop from its French Doors & balcony, and opens to a nicely appointed bath with separate tub & walk-in shower plus large walk-in closet. There is also a second guest room with adjoining bath to the hall. Stacked laundry area will accommodate full size units. Relax on the balcony facing common area and enjoy our Arizona sunsets, or go to the fantastic resident clubhouse for a workout and a swim. Welcome Home!