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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14638 W Raindance Road Surprise, AZ 85374

$475,000

4 Beds

3.5 Baths

1,986 SqFt

Status Active

MLS # 6640401

Property Type Single Family Residence

Price Type --

Beautiful & spacious 3-bdrm, 2.5-ba main home with a 296 sq ft Casita with bath.Located in the guarded, popular Sun Village 55+ Community. A variety of amenities such as an 18-hole par 3 golf course, restaurant, community pool, and a lake.The interior of the home boasts neutral decor, tile floors, & vaulted ceilings.The gourmet kitchen includes tiled countertops, an island, and an eat-in kitchen w/ backyard views that adjoin the eating area & family room. The primary suite features backyard access, a private bath w/ dual sinks, a skylight, a W/I shower and W/I closet. The 2nd bdrm has direct bath access. The home has been recently painted both inside & out, & includes a 5-ton AC unit, private formal dining & living room. Casita's are difficult to find! Great Value & Centrally Located.

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9455 E Raintree Drive Scottsdale, AZ 85260

$475,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6671237

Property Type Apartment

Price Type --

HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.

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354 W Coolidge Avenue Coolidge, AZ 85128

$475,000

4 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6675103

Property Type Single Family Residence

Price Type --

NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.

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1843 E Anchor Drive Gilbert, AZ 85234

$475,000

3 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6681758

Property Type Single Family Residence

Price Type --

Location! Location! Location! This very well taken care of one-owner home in the desirable Val Vista Lakes community boasts 3 bdrms, 2 bathrooms, plus a family room and a bonus room that can be used as an office, den, or pool table room! The open floor plan has a spacious kitchen with eating area plus a peninsula for barstool seating and a huge walk-in pantry! The mstr bdrm includes his and hers separate closets, dual vanities in the bathroom and a private toilet area, along with french doors out to the backyard! One guest bdrm also has a walk-in closet. The 2-car garage includes tons of storage cabinets. The backyard has a large grass play area and a large side yard to store all your toys! The extra-long driveway is also a huge plus. The amenities at Val Vista Lakes include 4 spacious... sports parks, meandering bicycle paths, and a luxurious clubhouse. The clubhouse features an eight-court championship tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. A great place to call home!

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8551 W Monona Lane Peoria, AZ 85382

Open House

$475,000

3 Beds

2 Baths

1,527 SqFt

Status Active

MLS # 6695519

Property Type Single Family Residence

Price Type --

Welcome to the perfect haven of comfort and style! Begin your exploration in the spacious kitchen sporting a tastefully done, attractive accent backsplash complemented by all stainless steel appliances for your culinary adventures. To make your cooking experience even more convenient, a kitchen island is added to provide ample preparation space and continuity in the kitchen layout. The home's fresh interior paint with a neutral color scheme lends an inviting ambiance, enhancing the overall aesthetic appeal while providing the perfect canvas for your furniture and decor. Feast your eyes on this charming property, where each detail reflects thoughtful planning aimed at catering to homeowners who appreciate a blend of style, elegance, and efficiency. This exquisite property is your home!

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6030 W Riviera Drive Glendale, AZ 85304

$474,999

4 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6693144

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 2-bathroom home. Offering 2,120 sq ft, the charming exterior has great curb appeal. While the interior features a spacious formal living and dining area, and a family room with a cozy fireplace. The kitchen showcases white cabinetry, granite countertops, subway tile back splash, stainless steel appliances, and a kitchen island. Master suite has a beautiful view overlooking the pool and master bath has dual sinks and a lovely custom tile walk-in shower. Home has shutters, tile plank flooring in all the right places and new carpet in bedrooms. Additional bathroom has been updated throughout and offers a subway tile shower. The large backyard offers a pool and ample space for outdoor activities. Located is a highly sought location. Must see this beauty.

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9814 N 50th Drive Glendale, AZ 85302

$474,999

5 Beds

2 Baths

2,378 SqFt

Status Active

MLS # 6676449

Property Type Single Family Residence

Price Type --

MASSIVE PRICE IMPROVEMENT!! Almost 2400 square feet of living space. One large bedroom above the garage is perfect for a private rental, next to the laundry and off the right of the kitchen. The rest of the home is ideal for a growing family, with a large open kitchen and dining room. Front entry opens to an open large living room, with a den, perfectly outfitted for a large home office. Three additional bedrooms on the north side of the home. The backyard has pavers to compliment the fantastic pool and peaceful backyard. This will not last. Be in your home before the heat hits to relax in your new pool! The seller has already completed a FULL inspection. Call me for details on how to get your FREE appraisal and $1000 guaranteed close!!!

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40386 W Michaels Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6682259

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 deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!

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20276 W Montecito Avenue Litchfield Park, AZ 85340

$474,995

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6686921

Property Type Single Family Residence

Price Type --

Explore this Dynamic Emerald home ready for quick move in on homesite boasting driveway pavers and front yard landscaping. Included features are an inviting covered entry, quiet study, large living room well appointed kitchen with 42'' cabinets, quartz counter tops, stainless steel appliances, roomy pantry and center Island. Enjoy the elegant dining room and spacious great room, a lavish primary suite showcasing a generous walk-in closet. The private bath has cultured marble counter tops and convenient laundry and covered patio and 2 car garage. This home also has an In-Law suite with its own entrance, plumbing for a stackable washer-n-dryer, is pre-plumbed for sink and has a power outlet for a refrigerator. The suite has its own living room, bedroom and private bathroom.

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27967 N 177th Drive Surprise, AZ 85387

$474,995

5 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6679830

Property Type Single Family Residence

Price Type --

The inviting ranch-style Sapphire floor plan welcomes guests with a covered entry. Off the foyer, you'll find two bedrooms, both with walk-in closets. The extended entry leads to an open layout with a kitchen with a center island, a dining area, and a great room with a center-meet door leading to the covered patio. The owner's suite is adjacent, and showcases dual walk-in closets and an attached bath. A fourth bedroom and a second bath are a few steps away, as well as a fifth bedroom. Explore this exceptional Sapphire home, ready for quick move-in by year end on a homesite boasting driveway pavers and front yard landscaping. Included features such as an inviting covered entry; a bathroom in lieu of two closets; a well-appointed kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; 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 3-car garage. This home also features 9 ft ceilings, 8'6'' paneled interior doors, additional windows, ceiling fan prewiring and stone tile flooring in select areas. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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21673 N Daniel Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,721 SqFt

Status Active

MLS # 6633355

Property Type Single Family Residence

Price Type --

Explore this exciting Tourmaline home! Highlights: a primary suite with a walk-in closet and attached bath, three inviting secondary bedrooms, a convenient laundry, a generous great room and dining area, a loft and a well-appointed kitchen with a center island and a built-in pantry. You'll also appreciate designer-curated details, such as quartz countertops in the kitchen and bathrooms, tile flooring, two-tone paint, a tile surround in the primary bath, a concrete paver driveway and walkway, and more!

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18570 W Honeysuckle Drive Surprise, AZ 85387

$474,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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