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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5414 W Desert Cove Avenue Glendale, AZ 85304

$469,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6680434

Property Type Single Family Residence

Price Type --

Beautiful remodeled home in a great neighborhood! Home comes with an Open floor plan with a spacious kitchen with all new cabinets. Stunning remodeled master bathroom with beautiful vanities and large walk in shower. New Carpet in the bedrooms and new Luxury vinyl throughout high traffic areas of the house. Upgraded fixtures along with Delta Faucets throughout! Large, beautiful backyard with a pool and new grass area. Property comes with a two car garage and a new roof. Must see home!

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18812 N 94th Avenue Peoria, AZ 85382

$469,000

2 Beds

2 Baths

1,483 SqFt

Status Active

MLS # 6684237

Property Type Townhouse

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Fully Remodeled Westbrook Village Gem! 15K CAPITAL RESERVE ASSESSMENT WILL BE PAID BY SELLER FOR BUYER!!! This stunning property has undergone a complete transformation, boasting meticulous attention to detail and high-quality finishes throughout. Fairway Ridge is situated in the coveted Westbrook Village community, this home offers both elegance and functionality. With spacious living areas, a gourmet kitchen, luxurious bathrooms, and impeccable landscaping, this residence is the perfect blend of style and comfort. Don't miss your chance to call this meticulously remodeled home yours!

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10459 E Natal Avenue Mesa, AZ 85209

$469,000

3 Beds

2.5 Baths

1,730 SqFt

Status Active

MLS # 6683132

Property Type Single Family Residence

Price Type --

Prepare to be impressed by this well-maintained home in Mulberry Community! The lovely façade provides a low-care front yard, stone accents, and a cozy front porch. You'll love the large great room graced with wood-look flooring, bountiful natural light, and sliding glass doors leading to the back patio. The kitchen features cabinets with crown moulding, recessed lighting, stainless steel appliances, and granite counters. Continue upstairs to find the carpeted primary bedroom offering an ensuite with dual sinks, a make-up desk, and a walk-in closet. The private backyard with artificial turf, an attached pergola, and pavers is perfect for alfresco dining, entertaining, or merely unwinding after a long day. Don't let this opportunity slip by!

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4275 Ponderosa Trail Wickenburg, AZ 85390

$469,000

2 Beds

2 Baths

1,866 SqFt

Status Active

MLS # 6687915

Property Type Single Family Residence

Price Type --

Experience comfort and style in this unique two bed, 2 bath treasure in Wickenburg Ranch! Step inside to discover a well-appointed interior with ample space for both relaxation and productivity. Featuring a spacious office/den that can easily transform into a third guest room for visitors or family! A large 2 car garage is equipped with wall to wall storage cabinets, and there is another spacious golf cart garage as well! Outside, the fully fenced backyard is an oasis, perfect for outdoor gatherings, pets, gardening, or simply enjoying the sunshine and magnificent star filled nights. Nestled in the desirable Wickenburg Ranch community, a beautiful and vibrant community awaits you

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11832 S Magic Stone Drive Phoenix, AZ 85044

$469,000

2 Beds

2 Baths

1,789 SqFt

Status Active

MLS # 6688359

Property Type Single Family Residence

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Golf Course Lot AND mountain views....This Ahwatukee gem is in a 55+ community. This turnkey home is being sold ''as-is'' its fully FURNISHED at no monetary cost if buyer wishes. It has has been updated with New roof, AC unit, Flooring, and Kitchen. The brick fireplace in the eat in Kitchen brings a cozy feeling while looking at the Mountain Views and Golf course. Relax at happy hour time on the enclosed outdoor patio. With Ahwatukee Rec Center you will have swimming, pickelball, workout facility, and activities to keep you busy. Come enjoy living in an active community!

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2802 E Dahlia Drive Phoenix, AZ 85032

Open House

New

$469,000

3 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6688385

Property Type Single Family Residence

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Welcome to your charming oasis in the heart of Phoenix Arizona! This delightful single-story home offers comfort and convenience in every corner. Situated on a generous north-south facing lot, with an RV gate and no HOA, this property provides ample space for all your outdoor activities and storage needs. Step inside to discover a thoughtfully updated interior, featuring three cozy bedrooms and two bathrooms. The bathrooms have been tastefully renovated, showcasing modern showers and fixtures, adding a touch of contemporary style to the home. Entertain effortlessly in the spacious living area, flooded with natural light and offering a warm and inviting atmosphere for gatherings with family and friends. The kitchen is a chef's delight, boasting stainless stee appliances, plenty of cabinet space, and sleek countertops, making meal preparation a breeze. Outside, soak in the stunning mountain views from the privacy of your backyard, perfect for enjoying morning coffee or hosting summer barbecues. With a brand new roof backed by a 10-year warranty and a newer HVAC unit, this home offers both peace of mind and energy efficiency. Parking is a breeze with the attached two-car garage, providing secure storage for your vehicles and belongings. Don't miss out on the opportunity to call this lovely house your home. Schedule your showing today and start living the relaxed Arizona lifestyle you've been dreaming of!

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13256 N 38th Place Phoenix, AZ 85032

$468,999

3 Beds

2 Baths

1,240 SqFt

Status Active

MLS # 6643265

Property Type Single Family Residence

Price Type --

Welcome to this breathtakingly remodeled home, a true gem that blends modern luxury with unparalleled convenience. Situated just a mile east of SR 51, this home offers swift access to major roads and urban amenities. A short stroll down the street leads to the lush expanses of Indian Bend Park, providing a perfect setting for outdoor recreation and relaxation. Perfect for New Beginnings. This home isn't just a residence; it's a lifestyle choice. Whether you're looking for a peaceful family haven or a vibrant social hub, this property caters to all. It is the perfect way to start your new year in style.

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18755 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6695197

Property Type Single Family Residence

Price Type --

Entrada del Oro in the Superstition Mountains: A serene desert escape with breathtaking, rugged beauty. Perfect for sunrise and sunset admirers.

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40258 W Michaels Drive Maricopa, AZ 85138

New

$468,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6695514

Property Type Single Family Residence

Price Type --

You'll find plenty to love about the Raleigh plan! The center of the home boasts a large gourmet kitchen with a convenient center island and walk-in pantry, which flows into an open-concept dining room and great room. The owner's suite is adjacent, with a private bath and a walk-in closet. There are three additional bedrooms and a bath off the great room and off the entry is a private study. Outside, enjoy your corner lot and large covered patio!

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18740 E Elizar Drive Gold Canyon, AZ 85118

$468,995

3 Beds

2.5 Baths

1,930 SqFt

Status Active

MLS # 6679862

Property Type Single Family Residence

Price Type --

Entrada Del Oro..... Entrance to Gold! Charming 3BR/2.5BA home! The back yard offers picture perfect views of Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful Laminate flooring throughout with carpet in the bedrooms, kitchen comes with GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, make this home yours today!

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19551 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688597

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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19542 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688608

Property Type Single Family Residence

Price Type --

Explore this dynamic Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; a well-appointed kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

View Property