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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5338 W Manzanita Drive Glendale, AZ 85302

$547,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6762098

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' white shaker cabinets with satin nickel hardware, quartz countertops, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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5323 W Manzanita Drive Glendale, AZ 85302

$547,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6764770

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' white shaker cabinets with matte black hardware, quartz countertops, 2x8 backsplash, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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5347 W Manzanita Drive Glendale, AZ 85302

$547,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6765259

Property Type Single Family Residence

Price Type --

Explore the exciting Alexandrite home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a kitchen layout offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; a spacious great room; a beautiful primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers ceiling fan prewiring in select rooms.

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18950 W Stella Avenue Waddell, AZ 85355

$547,990

3 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6745702

Property Type Single Family Residence

Price Type --

The beautiful Irwin floorplan has a 3-car tandem garage, 3 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home is ready now!

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2429 E Alameda Drive Tempe, AZ 85282

$547,950

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6769559

Property Type Single Family Residence

Price Type --

Amazing remodel, this home is like new! Let's start with the new paint and landscaping that greets you. All new doors, windows, garage door, and air conditioning. You'll love the wood look tile floor, modern interior colors and oversized baseboard. Bathrooms are completely new and gorgeous. Then feast your eyes on the chef's kitchen that includes a pantry closet, new stainless appliances, sparkle quartz countertop along with modern pendant lighting. It has a split floorplan along with a large indoor laundry area and extended 2 car garage. Alley access is available with a large RV gate. The house comes with 6 security cameras already installed. It's situated in a quiet cul-de-sac with friendly neighbors. Owner/agent

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2526 W Florentine Road Phoenix, AZ 85086

$547,900

4 Beds

3 Baths

2,187 SqFt

Status Active

MLS # 6768048

Property Type Single Family Residence

Price Type --

Impeccably maintained and thoughtfully designed, discover this North Phoenix gem in Tramonto—a sanctuary of elegance and comfort. Highlights include travertine flooring, custom shutters, and a cozy fireplace. Notable feature: FULL BEDROOM AND BATH DOWNSTAIRS for convenience. Enjoy the open kitchen with quartz countertops and cherry cabinets. Retreat to the primary bedroom sanctuary with a balcony and ensuite. Step outside to a charming backyard oasis with citrus trees. Additional features: 2-car garage, epoxy flooring, and pre-wired surround sound. Community amenities: pool, spa, sports courts, walking/biking paths. Prime location near Route 17, Lake Pleasant, shopping, and dining!

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10927 E Cholla Road Mesa, AZ 85207

$547,500

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6724415

Property Type Single Family Residence

Price Type --

NEWLY UPDATED KITCHEN! Spread out & unwind in this expansive 3-BR home, the largest model in the community! The property boasts a friendly community with no HOA, giving freedom to personalize your space. The large primary bedroom suite provides a tranquil retreat and a bonus room addition perfect for a home office, nursery, or relaxation space. A large hall closet offers ample storage for all your belongings- never run out of space! Additionally, the abundance of crawl space storage throughout the home & multiple storage sheds provide ample room for all your treasures. Step outside and create lasting memories in your private backyard oasis. Elegant French doors with a retractable screen seamlessly connect your living space to the patio, creating a perfect indoor/outdoor flow. Enjoy al fresco dining under the covered patio, complete with charming pavers. A convenient dog door in the kitchen leads directly to a dedicated dog run, perfect for your furry friend. Upgraded panel doors throughout the home add a touch of sophistication, while the new front door sconces provide a warm welcome. 17 windows bathe the home in natural light, creating a bright and cheerful atmosphere. This home truly has it all! Don't miss your chance to own this exceptional property. Schedule your showing today and envision yourself living in this beautiful oasis!

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2533 E Vista Bonita Drive Phoenix, AZ 85024

$547,500

3 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6752128

Property Type Single Family Residence

Price Type --

Great Family home in perfect central location with ease of access to the whole valley. This 3 bedroom, 2 bath home is well cared for and has very nice upgrades done to the kitchen and bathrooms. Home has an RO water system, water softener, industrial shelving in garage and custom automated window coverings. Vaulted ceilings create a spacious environment for your living room and master bedroom. Beautiful flooring throughout with tile and new wood floors. New AC in 2017. New floors in 2021. Natural grass backyard with paver walkways and mature trees creates a nice relaxing area to enjoy. 3 miles to Desert Ridge Marketplace. 2 miles to Costco. Come take a look at this gem before it is gone!

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16052 W Custer Lane Surprise, AZ 85379

$547,500

6 Beds

3 Baths

2,958 SqFt

Status Active

MLS # 6781502

Property Type Single Family Residence

Price Type --

*Seller is offering closing cost assistance with a full price offer!* Ideal family home nestled in a highly sought after Surprise, AZ community. This hard-to-find 6-bed, 3-bath gem is situated on a corner lot with a 3-car garage, charming curb appeal, & north/south exposure. Professionally landscaped front & backyard featuring a sparkling pool, hot tub with overflow water feature, turf backyard for low maintenance, 2 covered patios complete with misters & sunshades, & real grass in front yard. Pool pump is brand new and exterior was painted in 2021! The interior showcases an impressive great room with tall ceilings, a grand stairway, & tons of natural light. Off the great room is a dining area with glass slider to the back patio, perfect for entertaining. Beautiful kitchen with cherry cab inets, granite countertops, center island, new stainless-steel appliances, & opens to an eat-in kitchen & additional living space.ces, & opens to an eat-in kitchen & additional living space. The first-floor features tile throughout, plantation shutters, & a convenient downstairs bedroom with full bathroom, ideal for guests or a home office. Large laundry room with ample storage. Your master suite offers plenty of space to relax and unwind, his & her's sinks, separate tub/shower, & spacious walk-in closet. Additional 4 bedrooms upstairs & full bathroom. Enjoy reduced energy bill thanks to the home's solar system. Recent updates include an owned security system, new garage door spring, new pool pump, new water heater, updated interior lighting downstairs, & regularly maintained AC. The community amenities include parks, playgrounds, & basketball courts. Costco, shopping, dining, & entertainment are just minutes away at the Prasada shopping center. The location cannot be beat!

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7962 W Frier Drive Glendale, AZ 85303

$547,125

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6749466

Property Type Single Family Residence

Price Type --

This New single level 5-bedroom home is conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the 101 Hwy! Our Orinoco plan is expertly designed with Moden Loft inspired 'LOOKS' interior selections including White 42' cabinets, quartz countertops, brushed nickel cabinet hardware, beautiful, upgraded grey wood look 6X24 tile in the living areas and cozy carpet in bedrooms. This home includes GE appliances with a French door refrigerator, front load washer/dryer, and window blinds too making it truly Move-in Ready!!! Est. completion Winter 2024! ^^Short/long term interest rate buydowns available when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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9622 W Whispering Wind Drive Peoria, AZ 85383

$547,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6751479

Property Type Single Family Residence

Price Type --

This Lovingly Cared for 3 Bedroom, 2 Bath, 4' Extended 2 Car Garage Home shows like New! Entry with Tray Ceiling, Gleaming Tile Flooring and Crisp Light Color Palette. Open Concept Kitchen boasts Upgraded White Cabinets, Upgraded Granite Counters, Stainless Steel Appliances, Gas Range, Generous Island and Pantry. Beautiful Tile Flooring in all the Living Areas. Upgraded Window Coverings, Carpeting. Primary Bedroom includes a Large Bay Area Extension. Primary Bath comprises of Upgraded Granite Counters, Dual Sinks, Large Walk In Shower, Soaking Tub and Sizable Walk In Closet. Central Vacuum System, Soft Water System, Cabinets and Sink in Laundry. Built In Natural Gas BBQ, Paver Patio and Artificial Turf round out the backyard. Near Shopping, Movies, BASIS Charter School and Lake Pleasant!

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13320 W Paso Trail Peoria, AZ 85383

$547,000

4 Beds

2 Baths

1,803 SqFt

Status Active Under Contract

MLS # 6747286

Property Type Single Family Residence

Price Type --

This fabulous 4 bed, 2 bath residence is the one for you! A charming facade w/stone accents, low maintenance landscape, and a 3 car garage w/paver driveway are just the beginning. FREE 1 year home warranty. Osmosis system and water softener. Inside you find a spacious open floor plan w/elegant wood-look flooring, recessed lighting, and trending palette throughout. Hone your cooking skills in the gorgeous kitchen, comprised of wood cabinetry w/crown molding, a pantry, quartz counters, stainless steel appliances, and an island complete w/a breakfast bar. The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks & a sliding barn door. Finally, the fantastic backyard includes a covered patio, artificial turf, and a refreshing salt water pool that is self cleaning.

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