What’s Ahead For Mortgage Rates This Week – July 11, 2016

Last week’s economic news included minutes from the most recent meeting of the Fed’s Federal Open Market Committee (FOMC) along with several reports on private and public sector employment and the national unemployment rate. Weekly reports on mortgage rates and new jobless claims were also released.

FOMC Minutes: Committee Closely Monitoring Economic Developments

The minutes of June’s FOMC meeting indicate that Fed policymakers continue to be cautious based on low inflation and close review of domestic and global economic developments. Committee members acknowledged improvements in the housing market, but also noted that annual inflation remains below the Fed’s two percent goal. Low inflation and wage growth presented obstacles to would-be home buyers who continued to face rapidly rising home prices and low inventories of available homes. FOMC members voted not to increase the current target federal funds rate of 0.25 to 0.50 percent.

FOMC’s June meeting occurred before Great Britain’s decision to leave the EU, which created volatility in financial markets and caused mortgage rates to drop.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported an across-the-board drop in average mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by seven basis points to 3.41 percent and the rate for a 15-year fixed rate mortgage averaged 2.74 percent. Rates for a 5/1 adjustable rate averaged 2.68 percent. Discount points were unchanged at 0.50, 0.40 and 0.50 percent respectively.

New jobless claims were decreased to a three-month low of 254,000 as compared to expectations of 265,000 new claims and the prior week’s reading of 270,000 new claims. New jobless claims were higher after the end of the school year, when some school workers became eligible for benefits when schools closed for summer break.

Job Creation Jumps After May Lull

Non-farm payrolls expanded significantly in June after May’s sharp drop. 287,000 jobs were created in June as compared to expectations of 173,000 new jobs and May’s dismal reading of 11,000 new jobs. The non-farm payrolls report includes readings for public and private sector jobs. June’s ADP payrolls report measures private-sector jobs; June’s reading surpassed May’s reading of 168,000 jobs with 172,000 new jobs.

In related news, the Commerce Department reported that national unemployment increased from May’s reading of 4.80 to 4.90 percent. Analysts said that this uptick may not be bad news, but instead indicated an expanding workforce. Unemployment readings are based on the number of workers seeking work and don’t include workers who have left the workforce.

What’s Ahead

This week’s scheduled economic releases include the Consumer Price Index, Core CPI, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

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17222 N Palo Verde Drive Sun City, AZ 85373

$459,000

2 Beds

2 Baths

1,967 SqFt

Status Active

MLS # 6674343

Property Type Single Family Residence

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Completely REMODELED. BEAUTIFUL HOME INSIDE & OUT. GREAT ROOM CONCEPT. Sought after 55+ community. Newer ROOF & HVAC. NEW LOW E WINDOWS, DOORS, STUCCO/ROCK VENEER. WALLS & POPCORN CEILINGS REMOVED, CEILINGS RAISED new DRYWALL TEXTURE, VINYL PLANK FLOORING, CARPET & 4' BASEBOARDS. 2 tone paint inside & out, TILED showers, new tub, QUARTZ vanities! DOUBLE SINKS in PRIMARY. New Can lighting & electrical outlets. Nice Light fixtures. LARGE BEDROOMS w/Big CLOSETS! NEW SS APPLIANCES, QUARTZ COUNTERTOPS, CABINETS, TILE BACKSPLASH, faucets, sink, garbage disposal. New Hardware. TILED BACK PATIO. Garage Cabinets. NEW EPOXY FLOOR. Citrus trees. INSIDE LAUNDRY/NEW W&D. NEW ALARM. Flex room. New In ground TRASH RECEPTACLE. Near REC CENTERS, restaurants, shopping. Near 101. EXCEPTIONAL QUALITY! Sun City offers many amenities & low taxes! 7 Rec Centers with swimming pools, lap pools, walking pools, Hot tubs and every activity, work shop, & craft you can think of! Bowling! Pickleball! Shuffle Board! Pool Tables! Darts! Tennis! Ground Bowling! Mini Golf! Lake Activities! 9 Public Golf Courses & Reduced prices with Rec Card. And much more! Close to shopping, restaurants & entertainment! Close to Spring Training Base Ball Fields. Close to Arrowhead Mall, Lake Pleasant and all of it's growing amenities & restaurants nearby! Close to Grand Ave & 101 access! The list goes on & on! Call your Realtor today for more info!!! AGE RESTRICTED RETIREMENT COMMUNITY. ONE PERSON MUST BE 55 YEARS OLD AND NO ONE UNDER 19 YEARS OLD. ANYONE UNDER 19 CAN VISIT - SCHOA RESTRICTIONS APPLY.

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30520 W Clarendon Avenue Buckeye, AZ 85396

$459,000

5 Beds

3 Baths

2,658 SqFt

Status Active

MLS # 6687483

Property Type Single Family Residence

Price Type --

Welcome to your canvas! This beautiful move-in ready, spacious home, is ready for your personal touch. As you pull up to the home you will be grateful for the 3 car garage and RV gate perfect for storing your cars, toys and holiday decor, as well as having your own ''she shed''. As you walk inside you will not be disappointed with the open living space and gourmet kitchen that will meet your needs and more! This desirable floor plan is great for a multi generational home or someone looking for all the space, with 5 bedrooms and 3 full bathrooms. And the backyard is ready for you to turn it into your outside oasis! OH! And did I mention it has OWNED solar?! Don't miss it!

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16210 N 159th Avenue Surprise, AZ 85374

$459,000

4 Beds

2.5 Baths

1,949 SqFt

Status Active

MLS # 6653700

Property Type Single Family Residence

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Beautiful 4 bedroom, 2.5 bathroom, move in ready home on an oversized lot! Fresh paint, tile in all the right places. The large kitchen is a cooks dream with granite countertops and stainless steel appliances! RV gate.

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815 S 75th Street Mesa, AZ 85208

$459,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6665347

Property Type Single Family Residence

Price Type --

Upon arrival, you'll be greeted by a welcoming entry, leading you into a predominantly tiled interior exuding warmth and character. The kitchen seamlessly integrates with the living area, boasting a lengthy breakfast bar ideal for casual dining and entertaining guests.3 generously sized bedrooms, the primary has a spacious walk-in closet and backyard access. The expansive floor plan offers a substantial family room. The backyard is very private with an extended patio, storage, and plenty of room for a pool. Easy access to freeways and lots of shopping/dining options. The garage has built-in cabinets and a golf cart/toy area

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