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

2820 N 212th Drive Buckeye, AZ 85396

$546,690

3 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6741520

Property Type Single Family Residence

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Ready for November move in!

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3131 N Central Avenue Unit 5021 Phoenix, AZ 85012

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$546,600

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6608702

Property Type Apartment

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*Construction Completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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26349 S 231st Way Queen Creek, AZ 85142

$546,268

4 Beds

3 Baths

2,379 SqFt

Status Active

MLS # 6780156

Property Type Single Family Residence

Price Type --

Don't miss your chance on this Quick Move in Single Story home with a COMPLETED backyard landscape. Anticipated move in for December 2024. This community offers an abundance of amenities including pickleball courts, resort-caliber outdoor pool with plenty of seating and lounging areas, fitness center with multi-use activity room, open air pavilion with fireplace and grilling stations, event and game lawns, shaded play parks, half-court basketball and two dog parks.

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15667 W Mercer Lane Surprise, AZ 85379

$546,053

3 Beds

2 Baths

2,305 SqFt

Status Active

MLS # 6760294

Property Type Single Family Residence

Price Type --

BRAND NEW HOME COMPLETED IN NOVEMBER! Wonderful 3-bedroom home with a flex room & an amazing gourmet kitchen / great room and a 3-car garage! Exceptional island allows for wonderful entertaining. This home has beautiful gourmet slate cabinets, upgraded quartz counters, custom backsplash in the kitchen & stainless-steel appliances. As you enter you have a beautiful foyer that opens up to a flex room. Kitchen & great room are very large & open with a large, covered patio accessed by a 12' slider! Owners' suite has dual vanities, walk in tiled shower, and lots of storage! PHOTOS ARE OF A MODEL HOME OF THE SAME PLAN. SEE PRODUCT SELECTIONS. NOVEMBER COMPLETION.

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1061 N Bison Golf Court Show Low, AZ 85901

$546,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6786177

Property Type Single Family Residence

Price Type --

With Amazing colorful views from this extraordinary 3 BR home in prestigious Bison Golf Court on .24 acre, this great find has a spectacular overview of the fairway with green grass and brightly colored trees in the fall and warmer months-watch the golfers or BE ONE all while living in this comfortable elegant home with granite counters, vaulted tongue and groove ceilings and upgraded appliances(just to mention a few).2 car garage with plenty of space for your car and a golf cart if desired, this place is the golfer's dream! This secure, gated and friendly community will provide years of enjoyment and great memories for any age group-all within the Show Low school district. Come make your future mountain memories a reality and experience life lived in the marvelous White Mountains! The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live your dream in this beautiful home on the fairway!

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2849 E Detroit Street Chandler, AZ 85225

Open House

$546,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6708678

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully maintained property with its fresh, neutral color paint scheme. The gourmet kitchen, complete with a walk-in pantry and stylish accent backsplash, offers ample workspace and with a convenient island for meal prep and casual dining. The primary bedroom suite features a spacious walk-in closet and a primary bathroom with double sinks for added convenience. Step outside to the covered patio and enjoy scenic views in the privacy of your fenced-in backyard. This striking dwelling harmoniously blends comfort, aesthetics, and functionality. Welcome to your next chapter - where the good life begins!

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11519 S 50th Avenue Laveen, AZ 85339

$545,995

3 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6730422

Property Type Single Family Residence

Price Type --

Must see in the heart of Laveen! Explore this exciting Elderberry home that has stunning mountain viewsto enjoy. Included features: a welcoming covered porch; a quiet study; a spacious great room; an open dining area, an impressive kitchen offering 42'' cabinets, quartz countertops, a center island and a walk-in pantry; a convenient laundry on first floor; an elegant primary suite showcasing an expansive walk-in closet and a private bath with double sink on first floor, a covered patio and a 2-car garage with a service door. Your dream home awaits!

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18637 E Panchito Drive Gold Canyon, AZ 85118

$545,995

4 Beds

3.5 Baths

2,110 SqFt

Status Active

MLS # 6782844

Property Type Single Family Residence

Price Type --

Welcome to the Zinc Plan in Entrada Del Oro II, Gold Canyon! This spacious 2-story, RV- home has 4 bedrooms and 3.5 baths, with the master suite and laundry conveniently located on the main floor. Designed for comfort and functionality, this home is perfect for those seeking extra space and easy access to outdoor adventures near the Superstition Mountains.

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2641 E Abe Truckle Avenue San Tan Valley, AZ 85140

$545,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6774581

Property Type Single Family Residence

Price Type --

''Introducing the stunning Jade floorplan, which offers 2,623 square feet of living space. This Farmhouse elevation home features our Harmony Collection and includes 4 bedrooms, 3.5 baths, a formal dining area, and a spacious 3-car garage. Inside, you'll find a thoughtfully designed layout with 3 front bedrooms, 2 of which share a bathroom, a conveniently located laundry room, and elegant wood plank-style tile flooring throughout the common areas. Upgrades include a soft water rough-in, 42-inch white upper kitchen cabinets, quartz countertops with a backsplash, 2-inch blinds, and essential appliances such as a washer, dryer, and refrigerator. The owner's suite boasts an en-suite bathroom and a generously sized walk-in closet. Entertain effortlessly in the open-concept kitchen, dining area, and great room, highlighted by a 4-panel sliding glass door that leads to a welcoming covered patio. Wales Ranch also offers parks, a beautiful lake, and walking paths with stunning views.

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17826 W Sanna Street Waddell, AZ 85355

$545,990

5 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6779667

Property Type Single Family Residence

Price Type --

PREMIUM CUL-DE-SAC AND CORNER! ***PICTURES MAY VARY FROM ACTUAL HOME** This Gorgeous NEW home is move in ready! Primary bedroom on the 1st floor 2,915 square feet, 5 bedrooms, 3.5 bathrooms, HUGE LOFT and a 2- car garage! This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, quartz counter tops, new, energy efficient stainless steel appliance package, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping.

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17616 W Mission Lane Waddell, AZ 85355

Open House

$545,990

5 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6779665

Property Type Single Family Residence

Price Type --

ONLY 1 NEIGHBOR! ***PICTURES MAY VARY FROM ACTUAL HOME** This Gorgeous NEW home is move in ready! Primary bedroom on the 1st floor 2,915 square feet, 5 bedrooms, 3.5 bathrooms, HUGE LOFT and a 2- car garage! This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, quartz counter tops, new, energy efficient stainless steel appliance package, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping.

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15843 S 177th Avenue Goodyear, AZ 85338

$545,900

3 Beds

2.5 Baths

2,326 SqFt

Status Active

MLS # 6614463

Property Type Single Family Residence

Price Type --

exquisite single-level home completed in 2023, offering you the unique chance to own a barely-lived-in property in a highly coveted community. This short sale gem delivers a blend of sophistication and convenience designed with active adult living in mind. Whether you're seeking a peaceful retreat or an entertainer's dream, this home has it all. Key Features You'll Love: Spacious & Functional Layout: Boasting 3 bedrooms plus a versatile den, this home provides the perfect mix of privacy and room for guests, hobbies, or your ideal workspace. Modern Elegance: Built just last year, experience the latest in design and style, from high-quality finishes to an open-concept flow that enhances comfort and functionality. 3-Car Tandem Garage: Enjoy the convenience of ample parking and storage options, with space for your vehicles and all your recreational gear. Prime Community Living: Nestled in an active adult community brimming with amenities and social opportunities, this home combines serene living with endless options for entertainment and leisure. Don't miss out on this blend of new construction quality and vibrant community lifestyle.

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