What’s Ahead For Mortgage Rates This Week – June 6, 2016

What's Ahead For Mortgage Rates This Week - June 6, 2016Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.

Construction Spending Slips in April, Mortgage Rates Mixed

According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March’s reading of +1.50 percent and May’s expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn’t help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year construction spending was 4.50 percent higher.

Freddie Mac reported higher rates for fixed-rate mortgages while the average rate for a 5/1 adjustable rate mortgage was one basis point lower at 1.87 percent. Rates for a 30 year fixed rate mortgage averaged two basis points higher at 3.66 percent; rates for a 15-year fixed rate mortgages were three basis points higher at 2.92 percent. Average discount points were unchanged for all loan types at 0.50 percent.

Labor Reports Indicate Slowing Jobs Market And Economy

According to the Non-farm Payrolls report for May, U.S. jobs increased at their lowest rate in five years with 38,000 new private and public sector jobs added. Temporary hiring also hit its lowest reading in seven years, which was seen as a negative as temporary jobs often transition to permanent positions.

Analysts said that May’s extremely low reading for jobs created indicates that a revision is likely. This inconsistency was supported by the national unemployment rate of 4.70 percent, but the lower jobless rate was attributed to workers leaving the labor force.

ADP’s May reading for private sector jobs rose to 173,000 jobs against expectations of 165,000 jobs and April’s reading of 268,000. This reading was further evidence that the Non-farm Payrolls report was likely inaccurate.

Last week’s new jobless claims fell to a five-week low of 267,000 as compared to expectations of 279,000 new claims and the prior week’s reading of 268,000 new claims.

What’s Ahead This Week

Economic news scheduled for this week include a speech by Federal Reserve Chair Janet Yellen on Monday; this speech could foreshadow the Fed’s decision to raise or not raise the Fed’s target federal funds rate during its FOMC meeting later this month.

Readings on job openings and consumer sentiment will be released along with weekly reports on mortgage rates and new jobless claims.

7243 E Portland Street Scottsdale, AZ 85257

$549,900
4 Beds
2 Baths
2,076 SqFt
Status Active
MLS # 6775154
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT!!!! Fabulous home in New Papago Park community just steps to Scottsdale Sky Song! UPDATES include wood laminate flooring, 200amp electrical panel, dual pane windows & paint. Spacious home w/4 Bedrooms & 2 bathrooms. Enter into the FORMAL living room that peeks into the updated Kitchen w/pass through to kitchenette & dining room. Flex space ideal as a sunroom, office, or den. Primary ensuite has built-in linen closet, & exits onto enclosed porch w/backyard access. Primary bathroom has updated shower w/white tile surround. All bedrooms feature mirrored closet doors & ceiling fans. Guest bathroom has tub/shower combo.Enclosed porch has closed-in laundry room. Large backyard w/beautiful poured concrete patio. Opportunity to create your perfect dream backyard. Spacious shed with electricity) in backyard for extra storage. One acre Papago Rotary Park just a few streets away. Minutes to active Scottsdale Green Belt, Vista del Camino, El Dorado Park & Sky Song. Near popular SoSco hotspots DeFalco's, Fellow Osteria, & hidden gem Hai Noon. Tucked into the SkySong neighborhood of South Scottsdale, just minutes to Old Town, ASU, PHX Sky Harbor Airport, freeways, & so much more! Enjoy all the world famous amenities of South Scottsdale AND Tempe!

17810 W Straight Arrow Lane Surprise, AZ 85387

$549,900
3 Beds
3 Baths
2,379 SqFt
Status Active
MLS # 6776042
Property Type Single Family Residence
Price Type --
**ASSUMABLE 3.5% LOAN** Located in the dynamic 85387 zip, this home is perfect for RV lovers, featuring an oversized garage for vehicles and equipment. Enjoy an open layout with a large kitchen that boasts granite countertops, a breakfast bar, 42'' cabinets, a gas range, and a walk-in pantry. The private primary suite offers a walk-in closet and an ensuite with dual sinks and a spacious shower. The great room features a decorative wall and opens to the dining area with access to the backyard, equipped with artificial turf for easy maintenance. The home also includes a versatile room currently used as a den with garage access. Experience the burgeoning community of 85387, known for its tranquility and access to local amenities, combining modern living with natural charm

37736 N Bridlewood Lane San Tan Valley, AZ 85140

$549,900
5 Beds
3 Baths
1,960 SqFt
Status Active
MLS # 6775469
Property Type Single Family Residence
Price Type --
New Build in Combs Ranch on the last HUGE LOT is now available! This new home that has never been lived in and features an open floor-plan, amazing kitchen with Shaker Style cabinets, Stainless Steel Appliances with gas range and Quartz counter-tops with decorative tile back-splash, this new build has 5 bedrooms and 3 Full bathrooms, primary bedroom is large and the primary bathroom has dual sinks with 2 linen closets with large walk-in shower and a HUGE walk-in closet, new tile flooring, new paint, new carpet, new LED lighting throughout and much much more. The lot is HUGE with endless options for a pool, grass area, sitting area and more. Location is ideal with shopping, restaurants and the LG manufacturing plant only 2 miles away! This one will sell fast!

6353 S Adobe Drive Chandler, AZ 85249

$549,900
3 Beds
2 Baths
2,054 SqFt
Status Active Under Contract
MLS # 6777869
Property Type Single Family Residence
Price Type --
Meticulously cared for 3 bedroom 2 bath home on a spacious corner lot! Formal dining area/den, exceptionally large great room with skylights and spacious kitchen with upgraded cabinets, corian countertops, oversized island, pantry, R/O system, and large eat-in-dining area with breakfast bar. Generous sized primary suite with updated shower, separate tub, private toilet room, dual vanity and a huge walk-in closet with built-ins. Oversized garage with built-in cabinets. BEAUTIFUL low maintenance backyard complete with a Pebbletec pool, covered patio, and small grassy area. HVAC unit replaced in 2022. Priced to sell!!

6236 Barn Owl Avenue Prescott, AZ 86305

$549,900
3 Beds
2 Baths
1,697 SqFt
Status Active Under Contract
MLS # 6733061
Property Type Single Family Residence
Price Type --
This stunning home is turnkey ready... with the entire existing complement of furniture, appliances and furnishings (interior and patio) going to the buyer. The home has outstanding curb appeal, features an OPEN floor plan, Upgraded baths, a Wow kitchen, and a Wow back yard! It is a meticulously maintained & beautifully upgraded home, arguably surpassing new construction in every way! The Montana floor plan's open, spacious, split-bedroom design is perfect for modern living. The kitchen features granite & quartz counters, stainless steel appliance package, & upgraded cabinetry. The backyard is a retreat featuring a stunning floral garden, view of Granite Mountain and backs to a beautiful park. Great location: 3 min to Antelope Hills Golf, and 7 min to Willow Creek Beneful Dream Dog Park. The master suite is a retreat with a custom barn-door that separates the master bedroom from the luxurious spa-like master bath... which includes dual raised-height vanities with quartz counters, stylish tile-inset walk-in shower, and a walk-in closet. The home features vaulted ceilings, beautiful lighting throughout and plantation shutters on all windows. The home has wood plank tile floors throughout, with the exception of the bathrooms which both feature Santa Barbara tile floors. Additional features include added storage in the hallway leading to the guest wing, custom upper cabinets in the laundry room, along with a washer and dryer, and an extra deep utility sink. The backyard has been completely customized with an extended paver patio, remote controlled extendable awning, artificial turf, and a beautiful floral garden-scape featuring Desert Willow, Crape Myrtle, Orange Trumpet, Rose of Sharon, Buddleia, Butterfly, Honeysuckle, Lavender and more - stunning! This home is situated on a prime homesite, backing to a coveted common area park for added privacy and a view of Granite Mountain. This stunning home has outstanding curb appeal, with custom stack stone accents on the facade, an elegant paver walkway leading to the front door, and beautiful mature foliage. An enclosed porch with a security screen door welcomes you into this inviting home. The garage has been updated with epoxy flooring, an 8' insulated overhead door, a WiFi-enabled opener, and added extensive custom storage cabinets.

24714 N 174th Lane Surprise, AZ 85387

$549,900
3 Beds
3 Baths
2,187 SqFt
Status Active Under Contract
MLS # 6745889
Property Type Single Family Residence
Price Type --
Great Price! Great Value! Great Amenities! Welcome to the next chapter of your life! This impressive home offers more than just a place to live—it's your gateway to the lifestyle you've been dreaming of. From the moment you step inside, you'll feel a harmonious blend of peace & comfort. The gourmet kitchen, featuring gleaming granite countertops & stainless steel appliances, is a culinary enthusiast's dream, perfect for hosting gatherings. The open floor plan leads to a spacious primary suite, complete with upgrades, abundant storage, & a roomy walk-in closet. You will find 2 additional bedrooms, one guest suite boasts its own private entrance & patio - there is one more bedroom & den all offering additional opportunities to create spaces tailored to your personal preferences. The low maintenance landscaping and window treatments are already donesaving you time and money. Picture evenings in your private, manicured backyard complete with artificial turf, enjoying the warmth of the gas fire pit or unwinding under the covered patio. Whether relaxing or entertaining, this outdoor space is ideal for year-round enjoyment. Make sure to check out the garage with its epoxy floor - it feels like an extension of the home. Whether you're looking for a full-time residence or the perfect winter retreat, this homeand the communityoffer a lifestyle filled with luxury and connection. Scenic walking trails, a resort-style pool and spa, a state-of-the-art fitness center, and pickle ball courts are just a few of the amenities that encourage active living and lasting friendships. Come view the home today - you will be glad you did. See document section for all the additional items this home offers. Contact Bill Miller for information on how you can bid on this home.

14213 N 34th Way Phoenix, AZ 85032

$549,900
3 Beds
2 Baths
1,695 SqFt
Status Active Under Contract
MLS # 6759900
Property Type Single Family Residence
Price Type --
Beautiful 3 bed, 2 bath home in a great Phoenix location! Its charm starts with a desert front yard, RV gate w/epoxy slab, and a 2-car garage w/cabinets. Enter to find a large great room, tons of natural light, vaulted ceilings that add to the airy feel, and wood-look flooring w/soft carpet in all the right places. The kitchen boasts SS appliances, granite counters, recessed lighting, & self close wood cabinetry. The large bonus room offers flexibility in use as an oversized pantry or mud room. A Spacious Hall bath is easy access for guests. The Master has a private bathroom for added comfort! If entertaining is on your mind, the large backyard awaits! A covered patio, artificial turf, grassy area, & a refreshing pool, promises year-round enjoyment! Oversized shed in the back as well! Close to Paradise Valley Mall, Desert Ridge, easy freeway access, Ending with a quiet neighborhood and a great school district to top off this great property. This Gem wont last! Remodeled/Redone in 2022: Rough electrical, Plumbing, roof, HVAC, ductwork, drywall, paint/stucco, Kitchen, Bathrooms, Added Spray Foam Insulation, Retracting motorized front blinds. epoxy RV parking area, Extra storage in shed and garage cabinets, artificial grass sitting area, Redone cool deck and pool resurface. Soft Water loop and reverse osmosis, even an attic pull down entry in the garage. See agent for more details! Even an Oversized lot for the area! Come and see!

1342 W Bartlett Way Chandler, AZ 85248

$549,900
3 Beds
2 Baths
1,807 SqFt
Status Active Under Contract
MLS # 6775193
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated 3-bedroom, 2-bath single-story home in the highly sought-after Ocotillo Lakes community of Chandler. This spacious 1,800 square foot home boasts a fresh, modern feel with new interior paint, brand-new carpet, and stainless steel appliances. The kitchen and bathrooms are highlighted by elegant granite countertops, adding both style and functionality. The vaulted ceiling in the main living area enhances the open, airy feel, while new ceiling fans and light fixtures throughout provide added comfort and ambiance. Step outside to a large covered patio, which spans the width of the home and offers private access from the primary bedroom—a perfect space for outdoor relaxation or entertaining. Additional features include a cozy fireplace, central vacuum system, water softener, and a 2-car garage. Situated in a prime location within Ocotillo Lakes, this home offers a balance of modern upgrades and community charm, making it the ideal place to call home. Don't miss out on this move-in-ready gem!

12964 W Plum Road Peoria, AZ 85383

$549,900 - 2Br/2Ba -  for Sale in Trilogy At Vistancia Parcel C22, Peoria
Open House
$549,900
2 Beds
2 Baths
1,682 SqFt
Status Active
MLS # 6786957
Property Type Single Family Residence
Price Type --
Fantastic Location! 3 block walking distance to Kiva. Popular MONTIS floor plan. Unusual oversized lot with privacy and very lush vegitation and trees. Beautiful back paver patio and charming large front courtyard. Eat-in kitchen with sliders to courtyard. New stainless appliances, and roll out cabinets. Bathrooms include new tile, plumbing fixtures, lighting, and sliding shower doors. Plantation shutters throughout, charming fireplace, luxury new plank flooring in den. 2car garage with 4 ft. extension. 2 car garage with 4-foot extension. This home is in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities. Move-in ready!

1545 E Megan Street Gilbert, AZ 85295

$549,900 - 3Br/4Ba -  for Sale in Andalucia Villas Amd, Gilbert
Open House
$549,900
3 Beds
3.5 Baths
1,965 SqFt
Status Active
MLS # 6779336
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the highly sought-after Andalucia Villas Community in Gilbert! This stunning residence, built in 2022, boasts a prime location with only one neighboring home for added privacy. Offering 3 spacious bedrooms, each with its own private bathroom, this home's outstanding design features will exceed your expectations. The upgraded kitchen package includes gorgeous white shaker cabinets, quartz countertops, and stainless steel appliances. The open great room floor plan features a 20' multi-slide door that leads to a beautiful paver patio and private courtyard. Additional upgrades include extended tile throughout the first floor, an upgraded master shower, and elegant two-tone paint. Perfectly situated in a lively neighborhood, residents can enjoy access to a community pool, lush green spaces, and a playground for the little ones. The home's ideal location puts you just minutes away from popular destinations such as San Tan Village Mall, Dana Park, and Cosmo Dog Park, offering the best in shopping, dining, and leisure activities. For golf enthusiasts, the renowned Western Skies Golf Course is conveniently located just across the street. Don't miss the opportunity to make this beautiful home yours today!

1027 S Nancy Lane Gilbert, AZ 85296

$549,900 - 3Br/3Ba -  for Sale in Cooley Station North, Gilbert
Open House
$549,900
3 Beds
3 Baths
2,292 SqFt
Status Active
MLS # 6781531
Property Type Single Family Residence
Price Type --
MODEL PERFECT HOME FEATURES OPTIONAL 4TH BEDROOM AND FULL BATHROOM DOWNSTAIRS! This FULTON HOME is The Best Floorplan in the Neighborhood and features 9-Foot Ceilings on 1st & 2nd Floor with 8-Foot Tall Doors Throughout. There are Amazing Features & Upgrades Throughout! The Spacious Open Floorplan is Perfect for Family & Entertaining! The Gourmet Kitchen includes Gas Range, 48-inch Tall Timberlake Espresso Cabinets, Granite Countertops, Huge Kitchen Island, All Premium Appliances, and Huge Walk-in Pantry! Large Family Room features 4-Panel Sliding Door that look out to Big Backyard w/Professionally Designed Landscaping and Built-in Stainless Steel BBQ. Upstairs features a Huge Loft that can be 2nd Family Room. You are absolutely going to Love the Features & Upgrades of this Luxury Home!

12170 S 184th Avenue Goodyear, AZ 85338

$549,900 - 3Br/3Ba -  for Sale in Estrella Parcel 5.3, Goodyear
Open House
New
$549,900
3 Beds
2.5 Baths
2,092 SqFt
Status Active
MLS # 6787132
Property Type Single Family Residence
Price Type --
The search is finally over! This stunning 3-bedroom, 2.5-bath residence features a 3-car garage equipped with a 220 EV outlet and a welcoming patio. You'll be delighted by the great room with high ceilings, a soothing palette, tile flooring, and sliding doors that lead to the backyard for seamless indoor-outdoor living. The impeccable kitchen comes with granite counters, staggered cabinetry with crown moulding, pendant/recessed lighting, a subway tile backsplash, SS appliances, RO system, a walk-in pantry, and an island with a breakfast bar. Have a good night's sleep in the main bedroom, showcasing an ensuite with double sinks and a walk-in closet. Enjoy enchanting sunsets in the backyard, complete with a covered patio, stylish pavers, pristine artificial turf, a warm fire pit, and breathtaking mountain views. Make this home yours!