What’s Ahead For Mortgage Rates This Week – June 20, 2016

Mortgage rates fell after Federal Reserve policymakers decided not to raise the Fed’s target federal funds rate. The Federal Open Market Committee cited ongoing concerns over global financial and economic developments and slow jobs growth as factors in its decision not to raise rates. Fed Chair Janet Yellen emphasized the committee’s decision-making process is not predetermined and said that ongoing review of current and developing news is significant to monetary policy decisions.

Last week’s economic news also included the NAHB Housing Market Index, the monthly inflation rate and retail sales along with weekly reports on mortgage rates and new jobless claims.

Home Builder Confidence Rises in June

According to the National Association of Home Builders Housing Market Index, Home builder confidence rose one point to a June reading of 60. May’s reading was 58 and analysts expected a reading of 59. June’s reading broke a four-month streak of unchanged readings. Sub-readings used to calculate the Housing Market Index were one point higher at 64 for current market conditions. Builders had higher confidence in market conditions for the next six months. June’s reading was five points higher at 70. June’s reading for buyer traffic remained below the benchmark of 50 at 47. The NAHB gauge of buyer traffic in new homes hasn’t hit 50 since the peak of the housing bubble.

National inflation as measured by the Consumer Price Index was lower in May at 0.20 percent as compared to April’s reading of 0.40 percent; analysts expected a reading of 0.30 percent. Core inflation held steady at 0.20 percent; the core reading excludes volatile food and energy sectors, but energy prices, fuel prices and food are major components of household budgets.

The Federal Reserve has set an annual inflation rate of 2.00 percent as a benchmark reading for its consideration or raising the federal funds rate. Readings have remained consistently lower in recent years, which contributed to the Fed’s decision not to raise interest rates.

Mortgage Rates Fall as Jobless Claims Rise

Freddie Mac reported lower average mortgage rates for fixed and adjustable mortgages last week. 30-year fixed rate mortgages dropped f six basis points to an average of 3.54 percent. Rates for a 15-year fixed rate mortgage averaged

2.81 percent, which was also six basis points lower. The average rate for a 5/1 adjustable rate mortgage was eight basis points lower at 2.740 percent. Lower mortgage rates are welcomed by first-time and moderate income homebuyers as home prices continue to rise.

New jobless claims rose to 277,000 as compared to an expected reading of 270,000 new claims and the prior week’s reading of 264,000 new claims. Analysts attributed the jump in new claims to seasonal influences including new claims filed by school workers eligible for benefits when classes aren’t in session.

What’s Ahead

Next week’s scheduled economic reports include reports on new and existing home sales along with weekly reports on mortgage rates and new jobless claims. A monthly reading of consumer sentiment will also be released.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

4608 N Desert Stream Way Litchfield Park, AZ 85340

$499,000

3 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6685491

Property Type Single Family Residence

Price Type --

Vacant, EASY SHOW. ON THE LAKE. This is a great location in a great location. One of the few lots that has lake view is what makes this property exclusive. 3rd bedroom can act as a den.

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15989 N 74th Lane Peoria, AZ 85382

$499,000

3 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6685842

Property Type Single Family Residence

Price Type --

Location...Northwest Corridor just min from Arrowhead Mall & 101. This Awesome home is now available located at Bella Brisa at 75th Ave and Bell Rd. The 3 bedrooms, 2.5 baths and bonus/flex room that offers the ability to work from home or workout room. Beautifully, finished kitchen with extended counter including gas range for the chef in you. The Primary room is oversized with beautiful bath and walk-in closet. The laundry room includes tall built-in custom cabinets. The backyard includes synthetic grass easy maintenaince. ome check out your new home! This community, located in North Peoria! Easy access to bike/running trails, hundreds of restaurants, shopping, ballpark, and entertainment. ALL just minutes away!

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2120 N 125th Avenue Avondale, AZ 85392

$499,000

5 Beds

3.5 Baths

3,751 SqFt

Status Active

MLS # 6687869

Property Type Single Family Residence

Price Type --

This charming single family home located at 2120 N 125th Ave in Avondale, AZ was built in 1996. With a spacious finished area of 3,751 sq.ft. spread across two stories, this home features 2 full bathrooms, 1 half bathroom, and ample living space. The property sits on a generous lot size of 9,791 sq.ft., providing plenty of outdoor space for relaxation and entertaining. Don't miss the opportunity to own this wellmaintained and inviting home in a desirable neighborhood. This house features solar panels (please call for additional information). Seller will pay $5,000 for buyer's closing cost.

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4818 W Ellis Street Laveen, AZ 85339

$499,000

4 Beds

3 Baths

2,606 SqFt

Status Active

MLS # 6688126

Property Type Single Family Residence

Price Type --

HUGE DROP IN PRICE FOR QUICK SALE!!! MOVE IN READY. See this beautiful 2 story Laveen Home in a great neighborhood! It features 4 Bedrooms, 3 Bathrooms, Living Room, Family Room, Dining Area, Open Island Kitchen and granite countertops! Low Maintenance Front and a large grassy backyard - a great playground! A detached guest house (or office or shop. This is a super home for a large family AND for entertaining!

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159 Park Street Wickenburg, AZ 85390

$499,000

3 Beds

3 Baths

2,894 SqFt

Status Active

MLS # 6691196

Property Type Single Family Residence

Price Type --

TASTEFULLY REMODELED! Modern comfort meets convenience in this charming home nestled on a large corner lot. Providing 3 beds, 3 baths, lush front yard, & carport parking spaces. Highly upgraded interior boasts fresh neutral paint, ceiling fans, recessed lighting, and wood-look flooring w/plush carpet in bedrooms. The spacious living & dining room features a fireplace & picture windows for tons of natural light! The spotless kitchen boasts SS appliances, quartz counters, recessed lighting, a breakfast bar, & ample shaker cabinetry. Main bedroom has a walk-in closet & an ensuite w/dual sink. Versatile den is great for an office. Moving outdoors, tranquility awaits in the backyard! A covered patio, built-in BBQ, mature trees, storage shed, & a fenced area complete the picture. Move-in ready!

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5020 S Citrus Lane Gilbert, AZ 85298

$499,000

2 Beds

2 Baths

1,471 SqFt

Status Active

MLS # 6692727

Property Type Single Family Residence

Price Type --

Welcome to this impeccably maintained, low-maintenance home in Trilogy at Power Ranch. All major systems in the home replaced within 5 years; including the roof, HVAC, and paint. This large premium lot home offers the luxury of no rear neighbors for added privacy and no interior steps for easy access. Enjoy Trilogy's vibrant lifestyle with amenities such as golf, swimming, bocce, tennis, pickleball, fitness center, restaurant, and much more. Guard-gated for security during the day. Perfect for a lock-and-leave lifestyle, whether for seasonal visitors or full-time residents. Experience resort-style living at its finest in this vibrant community.

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2505 E Commonwealth Circle Chandler, AZ 85225

Open House

$499,000

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6688392

Property Type Single Family Residence

Price Type --

Become the proud owner of this cozy 3-bedroom, 2-bathroom residence with a perfect blend of comfort and style! The living room features a soothing palette and attractive wood-look flooring. Gather loved ones in the family room for intimate moments. The kitchen comes with tile counters, abundant white cabinetry, recessed lighting, a peninsula with a breakfast bar, and a convenient serving window to the patio. The main bedroom is complete with soft carpeting, sliding doors to the backyard, a walk-in closet, and a private bathroom. Outside, the backyard is an oasis, boasting a covered patio, a fragrant citrus tree, and a refreshing pool for enjoying sunny days. This value won't disappoint!

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5608 W Pontiac Drive Glendale, AZ 85308

Open House

$499,000

3 Beds

2 Baths

1,610 SqFt

Status Active

MLS # 6686350

Property Type Single Family Residence

Price Type --

Desirable single level home with Pool in Arrowhead Ranch. Conveniently located near Arrowhead Mall, Restaurants & Entertainment, with easy access to 101. Open concept floorpan, with fireplace in great room. HAVC new 2021. Save on APS bills with Solar! Great Schools. Extended Flagstone patio outside next to sparkling pool and Spa. Incredible potential and Priced to sell !!

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2004 N Lake Breeze Road Lakeside, AZ 85929

Open House

$499,000

2 Beds

2 Baths

1,170 SqFt

Status Active

MLS # 6694622

Property Type Single Family Residence

Price Type --

Beautifully FURNISHED by LAKES! True pride of ownership shines in this gorgeous 2 bed, 2 bath home, located in the gated community Creekside. This open concept house features a stunning accent TV wall, a floor to ceiling stone fireplace, and vaulted ceilings. The kitchen has a large island, upgraded cabinetry with lighting underneath & on the floor, and a fabulous backsplash that goes up to the ceiling! The large master bedroom has a custom-made wall with an electric fireplace and inset TV, along w/ a walk-in closet and ensuite bathroom. All bathrooms are upgraded to coordinate with the kitchen. The back deck is a dream w/ a privacy screen on the side, perfect for enjoying the cool mountain air - just a few steps away, you can also enjoy your lovely private hot tub!! This home is exquisitely furnished - a designer's dream! Everything is done to perfection. It's ready for you to move in. The kitchen it truly amazing with a gas cook top. All appliances are Frigid Air Professional Series. The counter space is great with a large center island with bar stools. There is a pantry too. Lovely designer touches throughout from lighting, fixtures and other finishes. The guest bedroom has a custom-made queen over queen bunk bed that is suitable for adults. Walk in laundry with extra storage. Behind the water closet in the primary bedroom is a large linen closet. The master/primary shower has floor to ceiling tile with accent river rocks. There is also a double sink vanity. Rainbow lake is just around the corner to boating, kayaking, canoeing or fishing. Creekside - gated community is centrally located, close to everything. The home has a 2 car garage for toys and storage! Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

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7647 E Montecito Avenue Scottsdale, AZ 85251

Open House

New

$499,000

3 Beds

2.5 Baths

1,656 SqFt

Status Active

MLS # 6697074

Property Type Townhouse

Price Type --

HUGE OLD TOWN SCOTTSDALE opportunity! 3 Bedroom spacious Townhome! 2 Covered Parking Spots, Back Yard, Shed, Community Pool and Playground, Walking to Old Town and all the benefits of one of Scottsdale's most desirable areas!

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8337 E Portobello Avenue Mesa, AZ 85212

Open House

New

$499,000

4 Beds

2 Baths

1,520 SqFt

Status Active

MLS # 6696915

Property Type Single Family Residence

Price Type --

Welcome home to this incredible property located in Boulder Creek community in Mesa, Arizona. This home sits on a corner lot & features a gorgeous backyard complete with a pool, above ground hot tub, turf & a covered patio. This space is perfect for entertaining. Inside the home you'll discover vaulted ceilings, freshly painted walls, tile & laminate wood flooring. The owner's suite was recently updated & features a large walk in shower with a bench, dual vanities with granite countertops, a walk in closet & a light up, defog mirror. The kitchen has newer appliances, granite countertops & a motion sensor faucet. There's more fun details in the kitchen like the oven light that turns on when you knock on the oven door & the dishwasher that plays music after it's done. This home has so much to offer including a great location! It is near the 202 & 60 freeways giving you quick access to everything Mesa & Queen Creek offers. It's also just minutes from the scenic Usery Mountain Regional Park. If you've been waiting for the perfect home to hit the market, wait no longer!

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4469 S 119th Drive Avondale, AZ 85323

Open House

$499,000

5 Beds

3 Baths

2,311 SqFt

Status Active

MLS # 6677928

Property Type Single Family Residence

Price Type --

FANTASTIC PRICE! Looking for a new place to call home? You've found it here at the popular Alamar! This beautiful residence offers excellent curb appeal with a manicured landscape and a 3-car garage. Be captivated by the large & open floor plan with clean lines that promote a modern feel! Wood-plank tile flooring, recessed lighting, carpeted bedrooms, and oversized sliding glass doors are features worth mentioning. The white kitchen features 42'' shaker cabinets, tile backslash, quartz countertops, stainless steel appliances and a big island with breakfast bar. The primary bedroom has an immaculate ensuite with double vanity and a spacious walk-in closet. With room for a pool, the backyard provides endless potential to get creative & make it your own.

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