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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2497 Leisure World -- Mesa, AZ 85206

$475,000

3 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6679370

Property Type Single Family Residence

Price Type --

Welcome Home to this popular Laguna floorplan,very well maintained, split 3 bedroom, 2 bath home in the highly sought after adult community of Leisure World. Master suite has a large walk-in shower, separate water closet, and double sinks. Kitchen has beautiful cabinetry(2011) with pull out drawers, granite countertops, under cabinet lighting and lots of windows for natural light. Two large guest bedrooms and bath for those visiting or an office space. Laminate wood flooring updated in 2018, HVAC 2016. Enjoy your outdoor living from three separate patios. Wave hello to neighbors from the front, south facing patio, enjoy some quiet time, a book, or dinner on the shaded North patio or more sunshine on the west side. (Click More) Leisure World offers on-site medical, massage, personal training, premier 36-hole golf course, tennis complex, pickleball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room and so much more! Convenient to the US 60 and Red Mountain freeways, close to the Mesa Gateway Airport, Sky Harbor, and Costco! If shopping & dining out is your thing...Superstition Springs & San Tan Mall are a short drive away.

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36262 N Murray Grey Drive San Tan Valley, AZ 85143

$475,000

4 Beds

2.5 Baths

2,301 SqFt

Status Active

MLS # 6692139

Property Type Single Family Residence

Price Type --

Welcome to your versatile new home, where thoughtful design meets individualized comfort. The master bedroom offers sanctuary and storage, while the loft provides space for strategizing, entertaining, relaxing, and focusing. The kitchen boasts upgraded features and a central island for both socializing and organization. Throughout, elegant tile flooring creates cohesion. Outside, enjoy the extended covered patio and front porch for relaxation. Practical amenities include prewired TVs and ceiling fans, along with gas options for convenience. And don't forget the stunning mountain views! Welcome home to your perfect retreat.

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13002 W Seville Drive Sun City West, AZ 85375

New

$475,000

2 Beds

2 Baths

1,506 SqFt

Status Active

MLS # 6696860

Property Type Single Family Residence

Price Type --

Nestled in the charming community of Sun City West, this exquisite home offers a blend of elegance and comfort for the discerning homeowner. Boasting multiple patios, each offering a unique perspective of the surrounding landscape, residents can enjoy outdoor living at its finest. The centerpiece of the property is the gorgeous pool, inviting residents to unwind and soak up the Arizona sun in style. Entertaining is a breeze with the built-in BBQ, perfect for hosting gatherings and creating lasting memories with family and friends. The bonus room provides additional space for a home office, media room, or hobby area, catering to the diverse needs of modern living. The property is thoughtfully designed with a complete fence surrounding the perimeter, ensuring privacy and security for peace of mind. Experience the best of Sun City West living in this exceptional property, where luxury meets convenience in a picturesque setting.

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613 W Park Avenue Chandler, AZ 85225

New

$475,000

3 Beds

2 Baths

1,728 SqFt

Status Active

MLS # 6693730

Property Type Single Family Residence

Price Type --

Spacious haven without the constraints of an HOA! This charming 3-bedroom, 2-bathroom home boasts a sprawling living space of 1,728 square feet, enhanced by a den and family room. Inside is a formal living and dining rooms. The kitchen offers a separate eating area, perfect for casual meals or morning coffee. Outside, the covered back patio provides a serene retreat overlooking the low-maintenance yard. With block fencing ensuring privacy and security, this home offers the perfect blend of comfort, convenience, and freedom. Welcome home to a lifestyle of relaxed living and endless possibilities.

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6145 E Sierra Morena Street Mesa, AZ 85215

New

$475,000

3 Beds

2 Baths

1,595 SqFt

Status Active

MLS # 6695979

Property Type Single Family Residence

Price Type --

Nestled within a serene community, this inviting 3-bed, 2-bath residence exudes tranquility and comfort. The home boasts airy interiors illuminated by vaulted ceilings and abundant natural light, enhanced by wood flooring and tasteful two-tone paint. The kitchen offers ample storage with a pantry. Whether enjoying meals in the formal dining area or the cozy eat-in kitchen, every moment is savored in this versatile space. Outside, residents indulge in a plethora of community amenities including biking/walking paths, a clubhouse, tennis courts, and a refreshing pool and spa, all enveloped by the lush backdrop of a nearby golf course. This residence harmoniously blends modern living with a tranquil lifestyle!

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1263 E Century Avenue Gilbert, AZ 85296

New

$475,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6694167

Property Type Single Family Residence

Price Type --

Popular 3 bedroom Continental Home split floor plan, move-in ready, located in north-central Gilbert, close to dining, shopping, schools, and freeway. Newly installed carpet, faucets, ceiling fans, granite kitchen countertops, bathroom countertops, and lighting fixtures. Freshly painted inside and new heat pump/AC. Brand new never-been-used dishwasher, range/stove, built-in microwave, all stainless. Beautiful backyard mature landscaping with grass and covered patio.

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6962 W Glenn Drive Glendale, AZ 85303

$475,000

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6695811

Property Type Single Family Residence

Price Type --

Clean, well maintained 3 bedroom, 2.5 bath w extra large loft and family room, sitting on a corner lot. Extra wide stairway leading to second floor w safety gate at top. Bedrooms & Laundry all upstairs. Grab-bars in all bathrooms. Beautiful kitchen, extended granite counters & white cabinets w pull out organizers, corner pantry, upgraded appliances, Lg. breakfast island open to living space makes home great for entertaining. Double-gate to backyard that has well established shade trees, extended patio for relaxing, 220 volt hookup installed, and plenty of room for a pool. Storage cabinets in garage, Solar sunscreens on every window. House pre-wired ethernet, wired surround sound in family room and loft as well as home security system & med sized dog door. Ready to be your new family home

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7790 W Emerson Drive Kirkland, AZ 86332

$475,000

3 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6668827

Property Type Single Family Residence

Price Type --

This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!

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326 S River Road Payson, AZ 85541

$475,000

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6579027

Property Type Single Family Residence

Price Type --

Two homes on a peaceful 1.57 acres with mountain views near the Tonto Creek. The primary home is a lovely 3 bedroom, 2 bath home featuring a beautiful yard with inviting gazebo, a huge 28X32 garage/workshop, 2 carports, and multiple sheds. The property has a private well, valuable irrigation rights and horses are allowed with lots of room for gardening and fruit trees. The 2nd home is a 2 bedroom, 1 bath, 1152 square feet mobile home. Use as a guest house, multi-family property or income producing rental with a separate driveway, septic, electrical and privacy.

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15270 W Taylor Street Goodyear, AZ 85338

$475,000

5 Beds

2.5 Baths

2,030 SqFt

Status Active

MLS # 6621249

Property Type Single Family Residence

Price Type --

THIS 5 BEROOM, 2.5 BATH TOTALLY REMODELED HOME IS WAITING FOR THE PERFECT FAMILY TO ENJOY. FROM THE MINUTE YOU WALK INTO THE LIVING SPACE WITH ALL NEW FLOORING THROUGHOUT THE HOME, OPEN KITCHEN, DINNING AND FAMILY AREA TO THE STUNNING STAIRCASE WITH BANISTER. ALL NEW KITCHEN, BATHROOMS, FIXTURES; ADDED PLUMBING, COMPLETE PAINT, NEW SUN SCREENS TO THE GREEN TURF BACKYARD FOR YOUR FAMILY TO ENJOY. THIS IS A HOME OF PURE DETAIL IN DESIGN. CUL DE SAC LOT!!!!

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13641 W Pyracantha Drive Sun City West, AZ 85375

$475,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6627458

Property Type Single Family Residence

Price Type --

*Pre-Listing Inspection Completed!* This spacious home was just remodeled into a beautiful, bright and open work of art right in the heart of Sun City West, a renowned 55+ community. You're immediately greeted with a great room with separate access to the back yard or Arizona room. It flows into the open concept kitchen, with a 6-person island hosting a brand new electric range. You have plenty of cabinet space throughout the home. Enjoy the tranquility of your private Arizona room and the sunsets in your fully fenced backyard. Feeling social? Buzz out your front door and make a U-Turn to the official RH Johnson Recreation Center equipped with a Pool, Pickelball Courts, Tennis Courts, Dog Parks, and a Members-Only Library (shh!). Location, Location, Location! This spacious home was just remodeled into a beautiful, bright and open work of art right in the heart of Sun City West, a renowned 55+ community. You're immediately greeted with a great room providing access to either the back yard or Arizona room. Flowing into the open concept kitchen with ALL new appliances, you will find a 6-person island hosting a brand new electric range and hood. You have plenty of cabinet space, brand new Luxury Vinyl Plank flooring, brand new paint, LED lighting, blinds, and skylights throughout the home. Your master bath boasts a modern, spacious shower, water conscious toilet and walk-in closet in ADDITION to the sliding door access to the Arizona Room. Your second master suite is on the North side of this split floor plan equipped with a large closet and matches the theme of the other bath. Guest bedroom is off the kitchen and very spacious. 2-car standard garage has built-in cabinets on both sides with pedestrian access door to the side yard. Feeling social? Buzz out your front door and make a U-Turn to the official RH Johnson Recreation Center equipped with a Pool, Billiards, Bowling Alley, Pickelball Courts, Tennis Courts, Dog Parks, and a Members-Only Library (shh!). Brand new water heater installed by seller. (not installed by seller: new age tin/asphalt roof, roof AC unit)

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2276 Lindbergh Road Overgaard, AZ 85933

$475,000

2 Beds

3 Baths

1,511 SqFt

Status Active

MLS # 6626364

Property Type Single Family Residence

Price Type --

A great find in Mogollon Airpark! Whether you are looking for your summer cabin or your full time home, look no further. This 3 bedroom, 1.75 bath has over 1500 square feet providing plenty of room for friends and family. The open kitchen is great for entertaining, and he split bedrooms provide privacy for everyone. Relax on the large, wrap-around deck, or stargaze by the firepit. During the cool months you can cozy up in front of the woodstove. Located just a few hours from the valley, you will be surrounded by tall pines, a variety of wildlife, and the peacefulness of the small, mountain town. The fenced in yard is full of tall pines and has watering system to keep the landscape looking great. Paved roads, completely fenced, and an HOA keep this subdivision looking great. Furnished

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