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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

8855 W Northview Avenue Glendale, AZ 85305

$599,500

5 Beds

3 Baths

2,545 SqFt

Status Active

MLS # 6779939

Property Type Single Family Residence

Price Type --

This beautifully maintained home in the desirable Rovey Farm Estates is a true gem! With 5 spacious bedrooms, including a convenient downstairs bedroom, it offers plenty of room for the whole family. Featuring large Kitchen with granite countertops, a center island, and stainless steel appliances — perfect for the home chef! Open-concept living with a cozy family room, ideal for entertaining. Fresh interior paint and tile flooring throughout the entire first floor for a clean low-maintenance look. Expansive master suite with a private walk-out balcony, offering serene views of the greenbelt behind the home. Spacious, well-sized bedrooms ensuring comfort and privacy. Sparkling private pool, paved backyard, and plenty of space for lounging and dining, making it a perfect outdoor retreat! Minutes from Westgate District, where you can shop, dine and entertain!

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15551 N 179th Drive Surprise, AZ 85388

$599,500

5 Beds

3 Baths

3,300 SqFt

Status Active

MLS # 6784550

Property Type Single Family Residence

Price Type --

Welcome to your new spacious 3,300 sq. ft. Surprise Farms gem! This fantastic five-bedroom, three-bathroom home features a sparkling pool and three-car garage! The main floor showcases stylish vinyl plank flooring, while the kitchen shines with stainless steel appliances and brand-new granite countertops, ideal for hosting gatherings and/or family meals. With a light, bright and flexible layout this home is designed to adapt effortlessly to your lifestyle. The expansive primary suite offers a luxurious en suite, creating the ultimate relaxing retreat. Step outside to your private backyard oasis with a covered patio, lush grass lawn, and an inviting pool—perfect for warm days and serene evenings. Nestled on a large corner lot with no neighbor to the south, this home truly has it all! Great location close to community parks and fields with EZ access to the Loop 303!

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1110 E Phoenix Street Payson, AZ 85541

$599,500

4 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6711716

Property Type Single Family Residence

Price Type --

Beautiful one of a kind custom built 4 bedroom home in the highly desirable Rim View Heights Estates. Perfect for full time living or for a family getaway - there is plenty of room for everyone! It has a Great Room concept with vaulted ceilings, there is a family room as well as a formal living room. One bathroom has a walk in tub with jacuzzi jets. The home boasts 2 en-suite bedrooms with bathrooms. There is a large deck and patio to sit and enjoy the cool mountain evenings. Tall pine trees on the lot and wonderful views. Come see the brand new flooring throughout the entire house! The roof is only 5 years old. This is a lot of house for the money!

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21033 W Skinner Road Wittmann, AZ 85361

$599,500

3 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6726891

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Wittmann, AZ! This 2023 Grote new build is a testament to quality construction and thoughtful upgrades throughout. Step inside and be captivated by the elegance that surrounds you, from the beautiful granite countertops to the upgraded bathrooms and stunning tile work. The spacious and well-designed floor plan welcomes you, offering both comfort and style. Imagine entertaining guests in the heart of your home, the upgraded kitchen, where culinary creations come to life amidst the luxurious granite surfaces. Bathrooms have been meticulously designed, offering a blend of functionality and sophistication, perfect for your daily retreats. But the beauty of this home isn't confined to its interior. Outside, on your 1.3 acre, spacious lot, you'll witness beautiful views and room for growth. Paved road access ensures convenience and less wear on your vehicles. Zoned for horses and plenty of room for corrals and trailer parking. Property will be fully fenced with two large gates making it easy to pull trailers in and out. Don't miss the opportunity to make this exquisite new build in Wittman, AZ, your forever home.

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156 E Leverenz Avenue San Tan Valley, AZ 85140

$599,500

2 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6734411

Property Type Single Family Residence

Price Type --

This two-bedroom, two-bath home, plus DEN, offers everything you could want in a gated community. The community provides incredible amenities, including TWO resort clubs, pools, restaurants, golfing, and a variety of activities, athletics, and classes. The kitchen boasts ample space with granite countertops, perfect for cooking and entertaining. Adjacent to the kitchen, the utility room includes a washer and dryer, with additional space that can be used as a workroom or for extra storage. The garage also features built-in cabinets for even more storage options. The large, covered patio provides plenty of space to relax or barbecue while enjoying beautiful Arizona sunsets. Experience comfort and convenience in this wonderful home and the vibrant community. *One year warranty included.

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1945 E Behrend Drive Phoenix, AZ 85024

$599,500

3 Beds

2 Baths

1,960 SqFt

Status Active Under Contract

MLS # 6760080

Property Type Single Family Residence

Price Type --

Charming Fmly hm with Bonus Flex Rm! Ft security screen door! Open floorplan! Beautiful Tile floors, vaulted ceilings & arched doorway. Bright Kitchen has refinished cabinets, breakfast bar & secondary pantry storage-great for kitchen appliances! Mstr Bdrm has vaulted ceilings and plant decorator shelf. Private exit with security screen door leads to cozy patio & Inviting Salt Water Pebbletech Pool. Formal Dining Area has new Sliding Glass Doors leading to E facing 30-ft covd patio with Pull Down Sun Screens & Grill Pad. Great for Entertaining! Incredible ''Flex Room'' has vaulted ceiling, closet and private exit. Could easily convert to Income generating Guest Quarters, Mother In Law Suite or Game Rm. SOLAR! Side yd has Plum, Pomegranate & Kumquat trees! 5-Ton A/C installed in 2021. WO

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15418 W Big Sky Drive Surprise, AZ 85374

$599,500

2 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6760536

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of The Grand! Discover the Mission model home, displaying a desert front yard and a 2-car garage. The immaculate interior features a spacious living/dining room, pre-wired surround sound, plantation shutters, tile flooring, a media niche, and a cozy fireplace. The kitchen is fully equipped with a gas cooktop, a wall oven, recessed lighting, solid surface counters, rich wood cabinetry, an island with a breakfast bar, and a dining area with a bay window. Don't miss the sizable den with built-in cabinets & Murphy bed. and a desk! Primary retreat has plush carpeting, a pristine ensuite, a walk-in closet, and outdoor access. Enjoy delightful BBQs in the peaceful backyard, showcasing a covered patio, seating area, and built-in BBQ. This gem will impress!! Indoor gas fireplace Ceiling fans in all rooms Dimmable lighting switches, Tile throughout main house, berber carpet in bedrooms and office Cesarstone counters and cabinets with pull-out shelving throughout Gourmet kitchen with updated stainless-steel appliances Upgraded sink with a no-touch faucet Kitchen island with shelving Breakfast bar Extended dining area with bay windows Soft water system R/o system Washer and dryer with gas or electric option Lots of storage/pullouts in laundry rm along with cesarstone countertop Utility sink in the laundry room Two car garage with coated flooring Storage cabinets and work bench in garage Updated water heater Hot water recirculation system Updated trane air conditioning units (2019) Office/bedroom custom office desk with a murphy bed Extended master bedroom with bay windows Upgraded closet shelving in master Extended second bedroom with bay windows Custom closet shelving in second bedroom Plantation shutters throughout Custom front walkway with flagstone and lighting Back patio has two ceiling fans Built in custom natural gas bbq, patio lighting, and bench seating area with lighting accents, finished with flagstone Exterior of home painted in 2020 Front and back drip system with a timer Transferrable termite treatment (expires in 2027) Community golf courses, fitness center, and many other amenities

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8104 E Petra Avenue Mesa, AZ 85212

$599,490

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6781580

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen Cabinets and quartz countertops. Super luxury 8 x 36 tile flooring. A public report is available on the Arizona Department of Real Estate website.

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20305 W Turney Avenue Buckeye, AZ 85396

New

$599,343

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6788262

Property Type Single Family Residence

Price Type --

This beautifully designed Copeland plan features our signature Loft-inspired 'Looks' collection, offering a cohesive and sophisticated interior design. The great room boasts a 12' multi-slider leading to a spacious covered patio, perfect for indoor/outdoor living. The kitchen shines with a large island, pendant lighting, quartz countertops, subway tile backsplash, and GE Profile stainless steel appliances, including a wall oven. Retreat to the exquisite primary suite with double walk-in closets and a resort-style bath featuring a no-step shower with a rain shower head and double vanity. Wood-look tile flooring, ceiling fans, blinds, and Solar are all included. Don't miss your chance to make this gem yours! ***Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply

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286 E Citrus Hollow Way Queen Creek, AZ 85140

$599,132

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6644003

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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7450 E Continental Mountain Estates Drive Unit 1 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723737

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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7450 E Continental Mountain Estates Drive Unit 2 Cave Creek, AZ 85331

$599,000

4 Beds

4.5 Baths

6,252 SqFt

Status Active

MLS # 6723860

Property Type Single Family Residence

Price Type --

New co-ownership opportunity: Own 1/8 of this turnkey home, professionally managed by Pacaso. Soak up desert views in this gated mountaintop retreat with a wrap-around balcony & walls of glass. Sleek, contemporary architecture creates seamless indoor-outdoor living, starting in the spacious great room. The gourmet kitchen has stainless steel appliances & a quartz waterfall island. The dining table & executive bar make entertaining easy, as does the cooled whiskey and wine room. The primary suite features a fireplace, wine fridge & doors to the patio. The en suite bathroom has a soaking tub, tiled shower, dual sinks & a makeup vanity. An office & game room opens to the infinity pool & patio. The home, which includes an elevator, comes fully furnished & professionally decorated.

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