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

Last 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.

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2830 S Arroyo Court Chandler, AZ 85286

$549,000

4 Beds

2 Baths

1,833 SqFt

Status Active

MLS # 6740804

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Beautifully upgraded Clemente Ranch single-level home with bright and open floor plan. Large corner lot home located in a quiet cul-de-sac with 4 bedrooms and 2 bathrooms. No carpet! Hardwood floor in rooms! Brand new Quartz counter in kitchen and bathrooms. Newly finished cabinets. Updated lighting. Open spacious kitchen with separate formal and family room. Spacious backyard has an RV gate, extended driveway, covered patio, flagstone, and pebble tec pool, and ample space for your garden and perfect for entertaining. It's close to Intel, Chandler Mall, Wells Fargo, freeways, Ocotillo Village, etc. Perfect family-friendly neighborhood for your client! Walking distance from 2 children's parks: Chuparusa and Dobson Park!

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26556 W Cat Balue Drive Buckeye, AZ 85396

$549,000

2 Beds

2.5 Baths

2,556 SqFt

Status Active

MLS # 6745365

Property Type Single Family Residence

Price Type --

This 2-bed, 2.5-bath, 2-den Journey model is a wonderful way to complement the vibrant 55+ Sun City Festival lifestyle. The north-facing backyard offers a relaxing space with block wall fencing for privacy, refreshing waterfall feature, a pergola for extra shade and lush landscaping with artificial turf. Inside the upgrades include plantation shutters, remote shade on the patio door, gas fireplace, French doors on a den, surround sound audio, and a private guest suite with bath. The kitchen features Zinfandel-colored cabinets with rollout trays, SS refrigerator, a gas cooktop, large granite island, and large walk-in pantry. The Owner's bath includes a beautiful walk-in shower and dual vanities. The two-car garage is insulated and includes built-in cabinets and a separate golf cart garage.

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8728 E Pampa Avenue Mesa, AZ 85212

$549,000

4 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6749366

Property Type Single Family Residence

Price Type --

Welcome to your stunning home in East Mesa, perfectly situated in a prime location on a corner lot with convenient access to freeways, top-notch restaurants, excellent Gilbert schools, and a variety of shopping options. This home has a just be given a fresh coat of interior paint and new carpet. The Primary Bathroom has been completely remodeled from top to bottom and is absolutely gorgeous with walk in shower! This home has a great floor plan with large open kitchen, stainless steel appliances, and massive living/dining room. There is also a surveillance system with a monitor that conveys.

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2664 E Sherri Drive Gilbert, AZ 85296

$549,000

4 Beds

3 Baths

1,796 SqFt

Status Active

MLS # 6749540

Property Type Single Family Residence

Price Type --

Discover the allure of this immaculate 4 bed 3 bath two-story home now available in Greenfield Lakes! ! It has been fully remodeled with a pleasing color palette and is ready for you! You'll love the generous living room enhanced with soaring vaulted ceilings, recessed lighting, freshly painted walls throughout, expansive windows, and wood-style flooring. The gourmet eat-in kitchen features sleek new stainless appliances, recessed lighting, quartz counters, and white cabinetry. Guest baths have new vanities, mirrors and fixtures. Venture upstairs to find the grand main suite offering soft carpeting, dual walk-in closets and a pristine ensuite with dual sinks and a glass tile shower. New fixtures as well in the main suite. The tranquil backyard invites you to relax and have fun with a covered patio and a refreshing pool. New Pebble sheen finish and new pool equipment. The front of the home displays stone accents, a 2-car garage, and an extended driveway. Don't let this one get away! This gem is move-in ready

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1904 S Dexter -- Mesa, AZ 85209

$549,000

3 Beds

2 Baths

2,233 SqFt

Status Active

MLS # 6752553

Property Type Single Family Residence

Price Type --

NEW ROOF SEPT 2024! Amazing floor plan with great flow, 3 huge bedrooms plus over-sized den can easily convert and 2 full baths. Immense primary suite and all secondary bedrooms and den are much larger than the norm. No carpet in the home. Washer/Dryer &Refrigerator convey. Storage galore, neutral interior walls, and large lot with producing Citrus trees. Access to the Community Pool and Tennis Courts is exclusive to Sierra Ranch II residents. Home has been lightly updated and is priced to reflect. New Exterior Paint 2021, Patio Resealed 2021, Carrier R410a Refrigerant HVAC regularly maintained, Newer Water Heater and Soft Water System. Well Maintained Home in a highly desirable community with easy access to the 202 and US 60. Great schools and plenty of shopping just around the corner.

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2517 E Highland Street Mesa, AZ 85213

$549,000

3 Beds

2 Baths

1,872 SqFt

Status Active

MLS # 6756519

Property Type Single Family Residence

Price Type --

No HOA Neighborhood. Convenient Mesa Location. This home has been Updated/Upgraded. New ROOF. POOL! New Carpet in the bedrooms. Home Features 3 Bedrooms, 2 Bathrooms & a Den! Kitchen and bathrooms have been updated. Main Bath has a door leading out to the backyard. The large Eat In Kitchen has Granite Counter Tops and plenty of cabinets. Family Room right off the kitchen which leads out to the covered patio and POOL. Formal Living room. Separate Laundry Room. Backyard has an RV gate and pad to park toys. Two car garage. Seller is offering $5000 in concessions. Walking Distance to schools. Close to the 202, 60 and 101. Close to Sky Harbor, ASU, Golf, Hiking, Tempe Marketplace, Mesa Riverview, dining, shopping, Cubs spring training. Must See Today.

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4972 N 206th Lane Buckeye, AZ 85396

$549,000

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6761487

Property Type Single Family Residence

Price Type --

Gorgeous home at Victory at Verrado showcases great curb appeal, a tandem garage with paver driveway, and mature front yard. Inside, you'll find a dining room & a large open living room with multi-sliding glass doors that seamlessly connect the home. The single-level home features an open floor plan with a neutral palette. Cooks kitchen features gray subway tile backsplash, ample white cabinets, granite counter, and SS appliances. The owner's suite hosts an ensuite with a granite dual vanity & a walk-in closet. The bonus room works as an office or an extra bedroom. Enjoy year-round resort-style living watching the sunset while dining under the covered patio. Or gather around the gas firepit and take in the mountain views.

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2171 S Portland Avenue Gilbert, AZ 85295

$549,000

5 Beds

2 Baths

2,146 SqFt

Status Active

MLS # 6761929

Property Type Single Family Residence

Price Type --

Discover your dream home with the ideal combination of space, convenience, and community! This stunning single-story gem, perfectly situated on a corner lot, offers both privacy and prime location. With quick highway access, your daily commute or weekend adventures are a breeze. You'll love being just steps away from a beautiful park and the refreshing community pool—ideal for family gatherings or a peaceful escape. Featuring 5 generously sized bedrooms, there's room for everyone to spread out and enjoy. Plus, the roof is less than a year old, providing long-term peace of mind. Located in a highly desirable neighborhood, this home has everything you're looking for. Make it yours today! 🏡✨

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334 W Aspen Avenue Gilbert, AZ 85233

$549,000

3 Beds

3 Baths

2,817 SqFt

Status Active

MLS # 6762031

Property Type Single Family Residence

Price Type --

Embrace the full experience of the Southwest with this gorgeous custom home in Gilbert. Located on a convenient cul-de-sac, it is within walking distance of the trendy downtown Gilbert area. You'll love being in this non-HOA neighborhood. The Spanish Mediterranean style begins in the front yard with the adobe half walls, and the curved tile path leads to the charming blue door. The foyer is flooded with natural light from the skylight above, and the first view is out the tall glass windows to the pool beyond. Colorful Saltillo and blue tiles are throughout the entire home, with the exception of two carpeted bedrooms. Vaulted ceilings, tall windows and arches add loads of character to this house. A window seat is in the Great Room, and is flanked by built in lighted

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2791 S Sailors Way Gilbert, AZ 85295

$549,000

4 Beds

2.5 Baths

2,314 SqFt

Status Active Under Contract

MLS # 6762368

Property Type Single Family Residence

Price Type --

This gorgeous upgraded home has 4bd, 2.5bath's and offers an amazing split floorplan with the master suite, guest bath, laundry, living and dinning rooms on the lower level. Upstairs is 3 bedrooms and 1 bath plus large loft/game room area. The renovations include upgraded bathrooms, kitchen, ceramic plank tile floor, carpet, fixtures throughout, window coverings, sunscreens, interior / exterior paint, garage storage, epoxy flooring, AC units and whole house water filtration system. The backyard has an extended paver deck leading to a firepit and grass area. The home is in a great location no neighbors on 3 sides, next to a green belt and close to the community center with park, playground, tennis/pickleball and basketball courts . Close to San Tan village for dinning and entertainment. The sellers are related to the listing agent.

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36855 S Rincon Road Wickenburg, AZ 85390

$549,000

2 Beds

1.5 Baths

1,740 SqFt

Status Active Under Contract

MLS # 6762676

Property Type Single Family Residence

Price Type --

Don't miss the chance to own this exceptional home nestled at the top of the canyon, offering breathtaking views and unparalleled seclusion adjacent to BLM land. Designed to harmonize with the surrounding desert landscape, this unique Earth Home sitting on 8 acres is partially covered by earth keeping it cool during those hot summer days. Bring the horses along too. There is ample flat space for a small barn and pens with RV hookups close by. This home is perfect for those who appreciate nature and desire a serene lifestyle. With a little TLC, you can transform this gem into your dream getaway. Act fast—properties like this don't last long!

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6229 E Pinchot Avenue Scottsdale, AZ 85251

$549,000

2 Beds

2 Baths

1,658 SqFt

Status Active Under Contract

MLS # 6767757

Property Type Townhouse

Price Type --

Discover this rare 2-bedroom, 2-bath mid-century townhome in Scottsdale's iconic Golden Keys community! Ideally situated near the pool and clubhouse designed by Ralph Haver, this gem welcomes you with a bright entry and a cozy living area featuring classic tongue-and-groove ceilings—perfect for entertaining. The second bedroom boasts a built-in office, bookshelves, and twin hideaway beds for guests or workspace. Enjoy the updated dining area and kitchen, along with well-maintained plumbing and mechanics. Step outside to your private backyard oasis, showcasing spacious covered patio space, flagstone-like flooring, Tuff Turf, and a soothing water feature. This home offers the perfect blend of seclusion and central convenience—don't let this opportunity slip away! The updated dining area and kitchen are complemented by well-maintained plumbing and mechanics, ensuring a move-in ready experience. Step outside to a private backyard oasis that embodies Arizona Living, featuring a spacious covered patio, flagstone-like flooring, Tuff Turf, and a tranquil water feature. This home offers an exceptional balance of seclusion and central accessibility. Seize this opportunity today!

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