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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4627 N 11th Street Phoenix, AZ 85014

$475,000

3 Beds

2 Baths

1,100 SqFt

Status Active

MLS # 6698442

Property Type Single Family Residence

Price Type --

AMAZING OPPORTUNITY to own this home with a guest house!!! Front house: 3 bedrooms/ 2 baths! Guest house: 1 bedroom/1bath! Super convenient location in Central Phoenix and highly desirable school districts. Recent updates: new roof, both units fully painted, carpets and blinds, and in 2023. Front home water heater replaced in 2023. Also in 2023, all gas lines to appliances in the front house repaired. Kitchen sink new pipe and fittings. Installed clean outs in yard. New Day & Night 4 ton 14 seer AC on front house Jan 2024 through Viking heating & air 10 yr parts warranty & 2 yr labor. New toilet in guesthouse. THIS ONE WILL GO FAST!

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20603 N Stonegate Drive Sun City West, AZ 85375

New

$475,000

2 Beds

2.5 Baths

1,868 SqFt

Status Active

MLS # 6707012

Property Type Single Family Residence

Price Type --

TWO SPLIT PRIMARY SUITES in this extended Francisco floor plan w/2-1/2 bathrooms. IDEALLY located on a NORTH/SOUTH CORNER LOT backing to the ECHO MESA GOLF COURSE putting green - no worry about flying golf balls here! SPACIOUS home has RENEWAL by ANDERSEN WINDOWS/patio SLIDER, VAULTED CEILINGS overhead & LARGE PORCELAIN TILE underfoot. Ample cabinetry in the SPACIOUS galley kitchen w/GRANITE countertops, smoothtop stove, m/w, pantry & EXPANSIVE BREAKFAST BAR. Entertain in the living & dining rooms which can be multi-use. Abundant storage w/a WALK-IN CLOSET in EACH bedroom & BUILT-IN CABINETS in the garage & laundry room w/SINK. REMODELED BATHROOMS & PLANTATION SHUTTERS. Original owners spared no expense in maintenance over the years. Enjoy your active adult lifestyle - you deserve it!

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2118 W Carson Road Phoenix, AZ 85041

$475,000

3 Beds

2 Baths

2,181 SqFt

Status Active

MLS # 6701533

Property Type Single Family Residence

Price Type --

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19217 W Culver Street Buckeye, AZ 85326

$475,000

3 Beds

3 Baths

1,300 SqFt

Status Active

MLS # 6702009

Property Type Single Family Residence

Price Type --

HORSE PROPERTY WITH HORSE CORRALS IN PLACE ALREADY. RIGHT OFF 1-10 AND JACKRABBIT TRAIL WITH A NICE LITTLE GUEST HOME WITH ITS OWN BATHROOM, KITCHEN AND PORCH. ALL DETAILS TO BE VERIFIED BY BUYER. **There is no record of the well, seller has never used it** Buyer to do due diligence.

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248 E Sky Hi Drive Pinetop, AZ 85935

$475,000

2 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6701134

Property Type Single Family Residence

Price Type --

Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!

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7261 E Melrose Street Mesa, AZ 85207

$475,000

3 Beds

2.5 Baths

1,605 SqFt

Status Active

MLS # 6702763

Property Type Single Family Residence

Price Type --

Move In Ready and Model Sharp! Welcome to this beautifully maintained & updated home. You are greeted by a lovely entry way & sitting room. Walk through to the open kitchen/family room set up. The updated kitchen features solid surface counters, large island, white cabinetry, stylish gold hardware, stainless appliances & walk in pantry. The bright space offers eat in kitchen w/access to the extended covered patio, grassy area and low maintenance landscape. The upper level offers 3 bedrooms including a calming primary suite with spacious closet & garden tub/shower. Other features include: plank vinyl flooring, neutral paint, recessed lighting, 2 car garage and much more. Located in Award Wining Las Sendas, close to schools, freeways, Salt River, hiking trails & restaurants, A MUST SEE!!

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14388 W Kiowa Trail Surprise, AZ 85374

$475,000

3 Beds

3 Baths

1,583 SqFt

Status Active

MLS # 6703604

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the Guard-Gated, 55+ Community of Sun Village! Situated in the heart of Surprise, AZ, this stunning GOLF COURSE HOME features 2 bedrooms and 2 baths, plus a detached CASITA with its own full bath and walk-in closet. Imagine cooking in your newly remodeled kitchen with sleek granite countertops and beautiful stainless steel GE Profile appliances or relaxing in the spacious living room with all new SunScape windows offering breathtaking views of the golf course. The home also boasts a new HVAC and newer roof, ensuring comfort and peace of mind. Plus, you'll love the convenience of being located just a short distance from the community center where you can enjoy an impressive array of amenities. Don't miss out on this amazing opportunity to live in Sun Village! HOME FEATURE LIST: -Guard - Gated Community -Spectacular Golf course views -Replaced Patio Roof April 2024 -Roof underlayment replaced aprox 2015 -New Double Stage Trane Heat Pump installed April 2024. -New Sunscape double sliding and double hung windows 2017 -Detached Guest house (Casita) with full bath and walk-in closet -Epoxy Garage flooring -Extended Width Garage with attached garage cabinets -Outside Garage Remote Entry Device -Double door main entry -Paver driveway and private courtyard nestled between the house and Casita. -Granite Countertops -Soft close cabinets & Drawers -Pull out drawers in cabinets -Touchless kitchen faucet -New outlets & GFCIs -Installed several USB outlets throughout home -Updated lighting fixtures / fans -Bosch ultra quiet dishwasher with silverware rack on top. -GE Profile Appliances -Flattop Range/Convection Oven -New fridge in 2022 with bottom freezer drawer -Heated Bidet seats at Master and Second bathroom -Cultured marble window sills, sinks and counters. -Up/down sliding blinds -Plantation shutters. -Potassium Water Softener -Exterior Paint 2023 -Interior Paint 2017 -Tile floors throughout main home -Back patio outdoor 110 outlets and at back fence -Palm trees and cactus landscaping

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1782 E Whitehall Drive Williams, AZ 86046

$475,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6705301

Property Type Single Family Residence

Price Type --

Welcome to your slice of rural paradise! Nestled on a lush 1-acre lot, this charming property boasts a meticulously landscaped yard perfect for outdoor living. Step inside to discover a thoughtfully designed split floor plan, offering privacy and comfort for all. Entertain effortlessly on the spacious deck, or cozy up by the wood-burning stove in the generously sized living room. The large kitchen is a chef's dream, and the oversized garage provides ample space for storage or hobbies. And with the added advantage of solar panels, you'll enjoy reduced electricity bills and a smaller carbon footprint. Don't miss your chance to experience the best of countryside living with modern conveniences and sustainable energy!

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16068 W Culver Street Goodyear, AZ 85338

$475,000

4 Beds

2.5 Baths

2,232 SqFt

Status Active

MLS # 6704044

Property Type Single Family Residence

Price Type --

Beautiful 4-bedroom, 2.5-bathroom home in Canyon Trails. A remodeled kitchen boasting stainless steel appliances. The living room provides an inviting space enhanced by neutral paint tones and laminate flooring throughout. Upstairs you will find a spacious loft area. The primary suite features a double-door entry, walk-in closet, and an ensuite bathroom complete with dual sinks, a soaking tub, and a separate standing shower. Conveniently located, this home provides easy access to schools, parks, entertainment venues, restaurants, grocery stores, and retail shops. Close to the Goodyear Ballpark, the spring training facility for the Cincinnati Reds/ Cleveland Guardians. With quick access to I-10 and Loop 303, as well as the Goodyear Civic and Recreational Center.

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226 E Redwood Lane Phoenix, AZ 85048

New

$475,000

3 Beds

2.5 Baths

1,683 SqFt

Status Active

MLS # 6707505

Property Type Single Family Residence

Price Type --

Don't miss out on this meticulously maintained 3 bedroom, 2.5 bathroom home in the Foothills of Ahwatukee! This property has soaring ceilings and an abundance of natural light! Open kitchen with stainless steel appliances (2020) and mountain views can't be beat! Open concept with tile in all the right places. Upstairs you will find three bedrooms and an additional loft providing a great flexible space for office, entertainment or play room! Out back you can enjoy the privacy of your own patio without any neighbors behind. The desert views are amazing in this quiet gated community that provides close proximity to hiking, biking, freeway access, and shops! It's truly a great opportunity! --All appliances convey including RO and water softener!

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2030 E Michigan Avenue Phoenix, AZ 85022

$475,000

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6705321

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder great Incentives to financing/ Interest Rate Buydown! ! 3 bedrooms, all ensuite baths, plus powder. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded w/ standard features, beyond everyone else! Hurry and select finishes! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz countertops, stainless steel appliances, including refrigerator! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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2030 E Michigan Avenue Phoenix, AZ 85022

$475,000

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6705329

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder great Incentives to financing/ Interest Rate Buydown! ! 3 bedrooms, all ensuite baths, plus powder. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded w/ standard features, beyond everyone else! Hurry and select finishes! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz countertops, stainless steel appliances, including refrigerator! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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