What’s Ahead For Mortgage Rates This Week – June 13, 2016

Last week’s economic news was highlighted by Fed Chair Janet Yellen’s speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.

Increases in the fed funds rate typically signal increases in consumer credit and home mortgage rates. Last week’s speech was seen as a precursor to the Federal Open Market Committee statement that will occur at the conclusion of next week’s FOMC meeting.

Chair Yellen is also scheduled to give a press conference after the FOMC statement next Wednesday.

Mortgage rates and new jobless claims also fell last week.

Fed Chair Speech: Fed Rate Increases Likely, but Subject to Economic Developments

Fed Chair Janet Yellen said that remarks would be “largely favorable” although economic developments were “mixed.” Chair Yellen cited economic progress toward the Fed’s dual goal of achieving maximum employment and price stability. Labor benchmarks included national unemployment below five percent, rising household income and indications of rising wages were cited as positive signs for economic expansion.

Slowing job growth and inflation staying below the Fed’s goal of 2.00 percent were cited as signs that the U.S. economic recovery is underway, but Chair Yellen also said signs of slower job creation along with uncertainties in global economic conditions and oil prices prevented short-term predictions about how the economy would perform.

Fed Chair Yellen also repeated her usual caution that Fed policy is not set in stone, but instead is subject to FOMC members’ ongoing review of economic developments and related readings.

Mortgage Rates, New Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was six basis points lower at 3.60 percent; the rate for a 15-year fixed-rate mortgage averaged 2.87 percent, which was five basis points lower than the previous week. The average rate for a 5/1 adjustable rate mortgage was six points lower at 2.82 percent. Discount points averaged 0.50 percent for all three loan types tracked by Freddie Mac.

New jobless claims were also lower at 264,000 new claims filed against expectations of 270,000 new claims and 268,000 new claims filed in the prior week.

What’s Ahead This Week

This week’s scheduled economic news includes the Fed’s post-meeting FOMC statement and press conference, reports on the consumer price index and core CPI, housing starts and the NAHB Housing Market Index. Reports on mortgage rates and new jobless claims will be released according to their weekly schedule.

Economic indicators such as price inflation, rising mortgage rates and housing data impact housing markets and consumers’ ability or willingness to buy homes.

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16254 W Tuscany Way Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6664856

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated single level golf course home in the highly desirable community of Sun City Grand. As you enter the home you are greeted with a wall of windows framing the beautiful golf course views, an open floor plan with fresh neutral colors and rich travertine style tile. The over sized master bedroom boasts bay windows, a huge walk in closet and recently remodeled bathroom with granite countertops and walk in shower. Venture down the hallway to the chef's kitchen with Island, granite countertops, stainless steel appliances that all look out to the warm and inviting family room with stacked stone gas fireplace. Whether you would like the privacy of your quaint front patio or the wide open views on your back patio of the 17th tee box of the Desert Springs Golf Course, this home provides you the canvas to enjoy the amazing outdoor living that Arizona has to offer! Welcome to your next Home Sweet Home!

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3864 E Fruitvale Avenue Gilbert, AZ 85297

$500,000

3 Beds

2 Baths

1,692 SqFt

Status Active

MLS # 6666977

Property Type Single Family Residence

Price Type --

This lovely single story home features 3 bedrooms and 2 full baths with an additional den (including a closet!) that could easily be converted into a 4th bedroom. The home is located in the quiet community of Coronado Ranch with beautiful tree-lined streets, affordable HOA fees, and close proximity to Gilbert Regional Park. Coronado Ranch is a ''buy and hold'' community and homes like this don't come up on the market often especially at this price. With the right offer, the seller will also include the washer, dryer, and refrigerator. Come see this gem for yourself!

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7606 S Lone Pine Place Gold Canyon, AZ 85118

$500,000

3 Beds

2.5 Baths

1,776 SqFt

Status Active

MLS # 6668598

Property Type Single Family Residence

Price Type --

Beautiful 3 Bedroom, 2.5 Bath Home in PERALTA Canyon**This well cared for home shows like a model home backing up to the desert & no home in front of you. As you enter in thru the custom iron security door, the home has 9' ceilings and a beautiful entry to display your art. Open Kitchen & Great Room w/ multi-sliding door to ENJOY the AZ Weather & Sunsets. Kitchen has white Shaker cabinets, quartz counter tops, gas range, stainless steel appliances & pantry. Primary Bedroom has walk in closet & beautiful En-suite w/ dual sinks, large shower & separate toilet room. Home also features crown molding, plank tile floors t/o, soft water system, tankless hot water, 3 car garage, expoxy garage floors, extended patio, view fencing, gas stub for BBQ grill plus much more! Hurry before this home is go

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17398 W Superior Avenue Goodyear, AZ 85338

$500,000

4 Beds

2.5 Baths

2,525 SqFt

Status Active

MLS # 6669321

Property Type Single Family Residence

Price Type --

Gorgeous single-story home with a pool, view fence, 3-car tandem garage and solar! This floor plan creates an open living concept, with a large living room tying into a gourmet eat-in kitchen with double wall ovens, granite countertops, a farmhouse sink and gas stove. The primary bedroom features an en-suite bathroom with a large soaking tub, separate shower and dual sinks. There are also 3 additional bedrooms, a den, full bathroom with tub/shower, as well as a half bath for the main living area, or your guests. Close proximity to shopping, dining, schools, freeway access and more!

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21259 W Yale Street Buckeye, AZ 85396

$500,000

3 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6672791

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Priced reduced below comps! This meticulously maintained home has an expansive great room with wood-look tile flooring in the main areas. Natural light floods in through sliding glass doors, blending the indoor with the outdoor living. The kitchen displays recessed & pendant lighting, white cabinetry with crown molding, SS appliances, a walk-in pantry, granite counters, and a prep island with a breakfast bar. All large bedrooms have plush carpets! Primary retreat includes an ensuite with dual sinks, make-up desk, and a walk-in closet. #2 Bedroom is enormous!! PLUS! A unique feature of this property is the open den, offering boundless possibilities! Spacious backyard has a covered patio for unwinding. Mountain views, close to school, park, walking trails, and pool!

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3809 W Misty Willow Lane Glendale, AZ 85310

$500,000

3 Beds

2.5 Baths

1,818 SqFt

Status Active

MLS # 6683177

Property Type Single Family Residence

Price Type --

Location, location, come expecting and be amazed! Starting with gorgeous curb appeal, lush grass, curbing, and mature landscaping. Upon entering the living room, you'll be in awe with the huge, vaulted ceilings, new carpet, custom paint, wood shutters & updated lighting. To the open kitchen, you'll see new cabinets, granite counter tops, granite sink, plus updated black stainless appliances. You'll love the inviting family room with a built-in fireplace and a custom glass slider to view the enormous backyard & extended covered patio set up for entertaining. The oversized owner's suite has vaulted ceilings, a walk-in closet, dual sinks, & remodeled shower. This home has a full 3 car garage, loads of storage space, new roof underlayment 2022, with solar purchase assumable, Come & see today!

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3761 E Thornton Avenue Gilbert, AZ 85297

$500,000

4 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6688799

Property Type Single Family Residence

Price Type --

Rare opportunity to own in Coronado Ranch. Located in 85297 near Gilbert Regional Park, this 4 bed 2 bath 1647 sqft home has vaulted ceiling and spacious back yard, great for gardening and entertaining. Neighborhood is family friendly, has two parks, and a splash pad. Built in 2001 this home has only had 2 owners. Grocery, gas, pharmacy, and other shopping all within 1-2 miles. In 2023 Higley Unified School District rated ''A'' by AZ Dept of Education. Owner/agent listing Home is being sold AS-IS.

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606 S Fountaine Street Flagstaff, AZ 86001

$500,000

2 Beds

1 Bath

1,150 SqFt

Status Active

MLS # 6688896

Property Type Single Family Residence

Price Type --

This charming fixer-upper with endless potential, sold ''AS IS'' for your creative vision to flourish right next to Northern Arizona University. This come has a comfortable living space that would be ideal for students or professionals. Don't miss out on this great opportunity.

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1920 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2 Baths

1,931 SqFt

Status Active

MLS # 6691390

Property Type Single Family Residence

Price Type --

Elegant, Modern & Energy Efficient. 2021 New, 1 Level, 3 Bed, 2 Bath, 2 Car Garage home with over $50K in builder upgrades! Located a mile north of i10, in the 'The Vistas' a exclusive, gated community of Palm Valley, in the A+ Agua Fria School District of Millennium High & Great Hearts, this open-floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Room with 2 large sliding glass doors theres an abundance of bright, cheery natural light! Relax & unwind in your private backyard under the cover patio or have fun enjoying your beatiful community pool & grilling area, which this home butts up to! (Yes, this home has one of the best lot locations in The Vistas!). A tankless hot water heater and water softener are included with this must see home.

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1914 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6691426

Property Type Townhouse

Price Type --

Elegant, Modern, Energy-Efficient, 2021 New, 1 Level, 3 Bed, 3 Bath (2.5), 2 Car Garage home with over $50K in builder upgrades! Located 1 mile N. of i10, in 'The Vistas' a exclusive gated community of Palm Valley'. Top Rated Schools, Great Hearts Charter & Millennium High, shopping, dining, and golf. This open floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Rooms with 3 Lr sliding glass doors theres an abundance of bright, cheery natural light! Relax in your private backyard under the cover patio or have fun in your beatiful community pool & grilling area, which this home butts up to! Yes, this home does has one of the best lot locations in The Vistas! Tankless hot water heater & water softener are included in this must see home!

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1924 E Monte Vista Road Phoenix, AZ 85006

$500,000

2 Beds

2 Baths

1,089 SqFt

Status Active

MLS # 6693409

Property Type Single Family Residence

Price Type --

In 1935, amidst the dust storms and Great Depression, one resilient home emerged from the arid landscapes of the American Southwest: the Adobe Home. Step into the timeless allure of Southwest living with this captivating Adobe Home, a masterpiece of rustic elegance nestled in the heart of Downtown Phoenix. Built in 1935, this meticulously maintained residence seamlessly blends historic charm with modern comfort. The thoughtfully designed floor plan encompasses 2 bedrooms and 2 bathrooms, providing ample space for relaxation and entertaining. The kitchen, adorned with hand-painted cabinets and equipped with modern appliances. Perfect for culinary adventures inspired by the flavors of the Southwest. Don't miss your chance to own a piece of history in this iconic Adobe Home.

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3444 E Lance Lane Phoenix, AZ 85018

$500,000

3 Beds

3 Baths

1,651 SqFt

Status Active

MLS # 6666041

Property Type Townhouse

Price Type --

Qualifies for LOW INTEREST RATE OPTION! Designer swaggy townhome has the feel of luxury and comfort w/ soaring 20-foot ceilings and impressive art walls. Highly profitable Airbnb for investors! 3 bedroom, 3 bathroom home features updated floors, light fixtures, and a modern kitchen and layout great for a first time buyer and family as well. The 2-car garage provides ample storage space, and the rooftop deck offers breathtaking 360-degree views of Camelback Mountain, Piestewa Peak, South Mountain, and downtown. Residents have access to the community pool and spa, and the low HOA fee includes internet. The property is close to shopping and entertainment, including Biltmore Fashion Park and just a short drive to Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale.

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