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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10827 W Grant Street Avondale, AZ 85323

$477,995

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6694003

Property Type Single Family Residence

Price Type --

Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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4632 N 178th Lane Goodyear, AZ 85395

$477,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6701122

Property Type Single Family Residence

Price Type --

EXCLUSIVE opportunity to be one of the first to move in to Abel Ranch. This premium gated community at Camelback and the 303 is in the perfect location to enjoy peaceful living while being close to amenities. Price increases with every phase ensure you walk into equity opportunity with this lovely home. Lot is tucked in the side of the community with mountain views from your backyard. It's close to community walking trails and be within view of the large park. Onyx Plan features generously sized open concept. Package for Lot 8 includes 42'' Espresso Cabinets, Naturally Appointed Quartz Countertops, Textured Subway tile backsplash, gourmet appliances, premium lighting and wood-look tile everywhere you want it w/plush carpet where you need it. Contact listing agent to learn about incentives

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2030 E Michigan Avenue Phoenix, AZ 85022

$477,500

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6694641

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL VIEW! 3 bedrooms, all ensuite, plus powder room. 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 with standard features, beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz or Granite countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors, carpet. Approximately 5 month move-in. Hurry and select additional upgrades! 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

$477,500

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6694652

Property Type Single Family Residence

Price Type --

NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL VIEW! 3 bedrooms, all ensuite, plus powder room. 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 with standard features, beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz or Granite countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors, carpet. Approximately 5 month move-in. Hurry and select additional upgrades! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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21499 N Elba Road Maricopa, AZ 85138

$477,332

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6682246

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and a deluxe shower. A private study with French doors, two bedrooms, a full bathroom, and a powder room round out the interior of the residence. A 3-car tandem garage and covered patio are also included!

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25315 W Bowker Street Buckeye, AZ 85326

$477,210

4 Beds

3.5 Baths

2,712 SqFt

Status Active

MLS # 6694685

Property Type Single Family Residence

Price Type --

BEAUTIFUL home ready in Sep/Oct! This home has ALL the space you need!! Need a 4th bedroom with own full bath and walk-in closet downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Large closets! This home has electrical upgrades, soft water loop, and it's a Smart Home! Gorgeous interior with lots of off white/light gray 18''x18'' tile. Stone gray cabinets with hardware, 4''x12'' backsplash and quartz countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage with service door, Smart door opener and keyless entry. Great curb appeal. This home is EVERYTHING!!!

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2648 E Marcos Drive Casa Grande, AZ 85194

$477,000

2 Beds

2.5 Baths

1,911 SqFt

Status Active

MLS # 6681551

Property Type Single Family Residence

Price Type --

Indulge in the allure of the desert from your private oasis by the pool, with views of the scenic golf course. Inside, admire the custom tile, rock wall, plantation shutters, and abundant natural light. This home boasts 2 beds, 2.5 baths, a den, & an ext garage. Enjoy culinary experiences in the exquisite kitchen, featuring granite countertops, island, pendant lighting, RO, SS appliances, & staggered cabinetry w/pullouts. Unwind in the luxurious primary owner's suite, boasting a lavish en-suite with dual sink vanity, marble counters, a walk-in shower, & closet. A 2nd master suite offers its own private bath. Outside, enjoy resort-style living with a fenced yard, extended paver patio, and a 4-foot deep saltwater play pool complete with a rock waterfall and spa lounge area.

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2882 N 155th Drive Goodyear, AZ 85395

$477,000

2 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6684854

Property Type Single Family Residence

Price Type --

Beautiful Augusta model features a renovated kitchen with granite counters and upgraded appliances. Hardwood floors and tile floors throughout, no carpet to clean! Great room boasts media wall with a cozy built-in fireplace. Aluma wood awning covers this huge patio overlooking the golf course. The picturesque views of the golf course and mountains can be enjoyed from all main living areas. Additional upgrades include a built-in BBQ, sunscreens, plantation shutters, security front entrance door and stone exterior. Both bathrooms renovated with the latest design trends. This move-in ready home is the perfect winter get-a-way that you've been looking for!

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4126 E Camden Avenue San Tan Valley, AZ 85140

$477,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6650702

Property Type Single Family Residence

Price Type --

Affordable! 3 Car Garage & Pool! Slice of paradise in Castlegate , Queen Creek/San Tan Valley! This beautiful 3 bedroom + den/flex or 4th bed, 1,940 sq ft residence & backyard oasis defines comfort and style. Your 3-car garage features two roll-up doors, a side door for yard access to where the double side gate opens to RV parking, a toy owner's dream! Step inside to the heart of the home to see 3 living spaces kitchen/great room, living/dining, & de/flex/4th bedroom. You'll love it all, from the beautiful tree shaded grand front patio, the stylish archways & light bright windows to the private backyard oasis with mature landscaping. Primary suite offers the indulgence of a soaking tub next to a separate shower, walk-in closet, double sinks, W/C & 2 garden views. See it & fall in love! Two additional bedrooms ensure ample space for family or guests. Relax in your own backyard sanctuary, where a sparkling pool awaits your enjoyment. The extra-tall privacy wall ensures tranquility, and when you're in the mood for outdoor entertaining, the stylish outdoor bar & BBQ area is your go-to spot for creating unforgettable memories. And the allure extends beyond the main living space - a pull-down ladder reveals an accessible attic providing a perfect storage solution. Plus a free-standing 'pool shack', finished inside, currently a 'she-shed' could be an arts and crafts workshop or more storage & it's equipped with a window-mounted A/C for comfort. To sweeten the deal, the seller is open to carryback financing with 50% down, making this dream home even more attainable. Conveniently located near shopping, dining & schools, this residence is a rare gem! Don't miss this extraordinary opportunity to call this stunning home yours, complete with a 3-car garage, a toy friendly double side gate, and a refreshing, private, garden party retreat.

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4002 N 113th Avenue Avondale, AZ 85392

$477,000

3 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6665765

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Avondale, AZ! This stunning 3 bed, 2 bath home boasts luxury and comfort at every turn. The expansive travertine patio leads you to a sparkling pool, perfect for entertaining or unwinding after a long day. Inside, you'll find a marble fireplace that adds elegance and warmth to the space. Upgraded light fixtures illuminate the open concept layout, showcasing the beautiful tile flooring throughout. The gourmet kitchen boasts top-of-the-line appliances and ample counter space for all your cooking needs. With 1798 sq ft of living space, this home offers comfort and style at every turn. Don't miss out on the opportunity to make this your forever home in Avondale!

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5069 N Atwood Court Prescott Valley, AZ 86314

$476,694

2 Beds

2 Baths

1,307 SqFt

Status Active

MLS # 6694713

Property Type Single Family Residence

Price Type --

A beautiful Capstone Home in the most sought after community in Prescott Valley ''Jasper'' This home is MOVE-IN-READY. This home features 2 bedrooms, 2 baths, and a tandem 3 car garage. White shaker cabinets, quartz countertops, luxury vinyl plank flooring and 12'' by 24'' tile in the bathrooms and primary shower. A great room fireplace with tile surround makes this open floor plan comfortable and cozy. Come see this home today!

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22608 W Mohawk Lane Surprise, AZ 85387

$476,375

4 Beds

3 Baths

2,511 SqFt

Status Active

MLS # 6696912

Property Type Single Family Residence

Price Type --

Introducing the latest addition to Surprise, is Frontera in Mesquite Mountain Ranch. Available now is this new detached single-level home, situated on a corner next to a park, this charming one-story residence features four bedrooms, two and a half bathrooms, and a two-car garage. Boasting front yard landscaping, granite countertops, a generously sized kitchen island with a single bowl sink, tile flooring, stainless steel appliances, and a gas range, this home is designed for modern living. It also comes equipped with a smart home package, a gas tankless hot water heater, and Deako smart light switches for added convenience. Residents of Frontera, will have access to an array of community amenities, including hiking and biking trails, pickleball and basketball courts and play areas.

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