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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14223 W White Rock Drive Sun City West, AZ 85375

$545,000

2 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6778909

Property Type Single Family Residence

Price Type --

GOLF COURSE LOT! Located on the 9th T-Box of Grandview Golf Course-STUNNING VIEWS! Darling brick courtyard greets you! Enter into huge, vaulted ceilings living/dining/great room, with NO POPCORN! Perfect floorplan is wide open with lots of windows for natural light ...and those VIEWS!! Fresh inside neutral paint T/O. Large eat in kitchen. Massive laundry room with utility sink. Could be extra storage/pantry or craft area. Master is nice sized w/huge walk-in closet. Double sinks in master bath. Opaque glass in double shower. Dual pane windows. Nicely done Az room. A/C done 2023 & new flooring 2024 Super pretty street in the heart of Sun City West! Tons of activities and entertainment. Close to medical, freeways, sports & fine food. HOME IS SOLD WITH ALL FURNISHINGS.

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19550 N Grayhawk Drive Unit 2055 Scottsdale, AZ 85255

$545,000

2 Beds

2 Baths

1,311 SqFt

Status Active

MLS # 6780489

Property Type Apartment

Price Type --

Situated within the guard gated Talon Retreat in Grayhawk, this recently updated 2-bedroom, 2-bathroom end unit condo offers an open great room floor plan with McDowell Mountain views from every window. The kitchen has stainless steel GE appliances, granite countertops, subway tile backsplash and wood flooring. The primary and guest bathrooms have also been thoughtfully upgraded, adding to the modern charm of this home. Step out onto one of two balconies and take in the morning sun and beautiful mountain views. An attached garage has direct access inside the unit offering convenience and comfort. Upgrades in the last 5 years include interior paint and countertops throughout, new kitchen appliances, new washer and dryer, new window coverings, new fireplace surround, new wood look tile floors in kitchen, laundry room and bathrooms, new carpet, new baseboards throughout, new plumbing fixtures and lighting fixtures, new water heater, Nest thermostat and NAC water conditioning system. Just steps away from this unit is Cachet's community pool, spa and clubhouse, which includes a fitness room. Enjoy access to Grayhawk's additional amenities including tennis courts, walking paths, Grayhawk Park, and two world class golf courses. The Grayhawk community is located in the heart of North Scottsdale within minutes of the 101 Freeway and endless shopping and dining destinations.

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3501 E Hartford Avenue Phoenix, AZ 85032

$545,000

3 Beds

2 Baths

2,003 SqFt

Status Active

MLS # 6785846

Property Type Single Family Residence

Price Type --

Discover your dream tiki paradise! This 3-bedroom, 2-bath home features a built-in BBQ, firepit, above-ground spa, and a detached bonus room with mini-split, perfect for guests or a private retreat. With two garages and an island-inspired backyard, it's ideal for entertaining or relaxing. Plus, it's a proven cash-flowing Airbnb property so you can live, invest, or both in this unique tropical oasis!

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3971 E Barbarita Avenue Gilbert, AZ 85234

$545,000

4 Beds

2.5 Baths

1,946 SqFt

Status Active

MLS # 6785213

Property Type Single Family Residence

Price Type --

Stunning El Dorado at the Highlands home just hit the market in Gilbert! This beautiful two story home features 4 bedrooms, 2.5 bathrooms and 1946 sq ft of living space. The first floor features a formal living and dining area with vaulted ceilings and bright windows. Large family room with built in office space that overlooks the kitchen. The kitchen comes with quartz countertops and a beautiful center island. New laminate flooring throughout entire house. All bedrooms are on the second floor. Entertain in style under the covered patio or by the outside firepit on brand new pavers. Large backyard also has a spacious storage shed. Located in a quiet neighborhood in the highly coveted Gilbert Unified District. Includes RO, Water Softner System, and All NEW Turf!!

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2 E Muriel Drive Phoenix, AZ 85022

$545,000

4 Beds

2 Baths

2,414 SqFt

Status Active

MLS # 6618222

Property Type Single Family Residence

Price Type --

Charming 4-Bedroom Brick Home with a Dream Backyard in Phoenix!** Welcome to this spacious and inviting 4-bedroom, 2-bathroom home located at 2 E Muriel Dr, Phoenix, AZ 85022. This beautiful brick property boasts over 2400 square feet of living space, perfect for a growing family or those who love to entertain. Step inside and discover a bright and open floor plan, ideal for modern living. A large living area with plenty of space for relaxing and gathering with loved ones. A well-equipped updated kitchen with ample counter space and cabinetry. Four bedrooms, offering privacy and comfort for everyone. Two bathrooms, providing convenience for residents and guests But the true star of the show is the backyard! This fully fenced outdoor space is perfect for creating your own desert oasis and entertaining friends and family. Take a dip in the sparkling pool, complete with a thrilling water slide for added fun. Afterward, fire up the outdoor grill and enjoy a delicious BBQ on the patio or deck. The exterior of the home is equally impressive, with a charming brick facade that adds to the property's curb appeal. The front yard features low-cost desert landscaping, saving you money on water bills and upkeep, while still offering a beautiful and low-maintenance aesthetic. Location, Location, Location! This fantastic home is minutes away from everything you need for an enjoyable Arizona lifestyle. Desert Ridge: Immerse yourself in the excitement of Desert Ridge, offering world-class shopping, dining, and entertainment options. Pointe Golf Club: Hone your golfing skills or enjoy scenic views at the nearby Pointe Golf Club. Schools and Colleges: The property is conveniently located near excellent schools and colleges, ensuring a quality education for all ages. Employment Hub: Enjoy the convenience of being close to employment opportunities at Fortune 500 companies. Scenic Beauty: Take in the breathtaking beauty of the surrounding desert landscape. Easy Access: This property boasts easy access to major freeways, including I-17, AZ Route 101, and AZ Route 51, allowing for effortless commutes throughout the Phoenix area. Don't miss your chance to own this move-in-ready gem! This property is priced to sell at $550,000, making it an incredible value.

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1 W Fairmont Drive Tempe, AZ 85282

$545,000

5 Beds

3 Baths

2,122 SqFt

Status Active Under Contract

MLS # 6780903

Property Type Single Family Residence

Price Type --

Nestled in the heart of Tempe, just off Mill Avenue, stands a charming 4- bedroom home boasting both convenience and versatility. This inviting residence offers spacious living areas ideal for families or savvy investors seeking rental income. The highlight? An attached 5th bedroom with a separate entrance and bath, perfect for guests, tenants, or a home office. With its prime location and flexible layout, this property promises endless possibilities, whether as a cherished primary home or a lucrative investment opportunity.

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40541 N Territory Trail Anthem, AZ 85086

$545,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active Under Contract

MLS # 6784783

Property Type Single Family Residence

Price Type --

Discover the charm of this beautifully updated 4-bedroom, 2.5-bath home in Anthem Parkside! The layout features a welcoming front living/dining room, an open family room adjoining the kitchen, and an upstairs loft and bonus room, all within 2140 SqFt. The kitchen boasts light cabinetry, quartz countertops, a subway tile backsplash, stainless steel appliances, a pantry, and a breakfast bar for casual dining. Sliding glass doors from the family room open to a covered patio and a splendid backyard with no rear neighbors, a private pebble tec pool, an additional paver patio with a firepit, and low-maintenance artificial turf for kids and pets. All bedrooms are upstairs. The primary bedroom offers a double door entry, a walk-in closet, and an en-suite bathroom with a dual-sink granite vanity, vanity, framed mirrors, extra storage cabinets, and a tiled shower with bench seating. The upstairs bonus room includes doors and can be converted into a 5th bedroom if desired. Additional features include cabinets in the laundry room, updated windows, A/C, flooring, interior/exterior paint, and a 2-car garage. The community provides exceptional amenities for the whole family, such as a community center, resort and lap pools, catch-and-release fishing lakes, sports courts including roller hockey, a skate park, and pickleball; miles of walking/biking trails, and much more!.

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1606 N Panorama Way Cochise, AZ 85606

$545,000

3 Beds

2 Baths

1,741 SqFt

Status Active

MLS # 6783019

Property Type Single Family Residence

Price Type --

Hidden Gem! Quaint Santa Fe-style home with OWNED solar. featuring 3 bedrooms and 2 bathrooms, this residence offers a spacious great room with a wood-burning Beehive fireplace. Primary ensuite has a zero clearance walk in shower. Hall bathroom is a tub shower combo. Enjoy covered porches in both the front and back of the home. The property boasts beautiful native plants, views of the Cochise Stronghold Mt Range from every angle. The oversized 2-car garage doubles as a workshop & is complete with 2 separate offices. In addition, at the back of the property there is a Shooting Range. Come on out and see this amazing property!

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1233 E Campus Drive Tempe, AZ 85282

New

$545,000

5 Beds

2 Baths

2,088 SqFt

Status Active

MLS # 6789251

Property Type Single Family Residence

Price Type --

5-bedroom home with sparkling pool! This North/South facing gem displays a 2-car garage, no-fuss front yard, and a courtyard. You'll surely LOVE the large living & dining room that promotes greater traffic flow, making it excellent for entertaining. Wood-look flooring, a fresh soft palette, ceiling fans, and dual pane windows are worth mentioning. The kitchen offers stainless steel appliances, abundant cabinetry, granite counters, a peninsula with a breakfast bar, and a breakfast nook. Serene primary bedroom features a private bathroom for added comfort. Bright Arizona room is the right spot for gatherings without worrying about the weather. Generous-sized backyard has an open patio, fenced pool, and RV gate. This turn-key abode is waiting just for you!

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10507 E Obispo Avenue Mesa, AZ 85212

$545,000

5 Beds

2.5 Baths

2,250 SqFt

Status Active

MLS # 6768448

Property Type Single Family Residence

Price Type --

Lovely and spacious 2-story home in east Mesa! This home has been renovated beautifully and has brand new flooring throughout, new quartz kitchen countertops, freshly painted interior and exterior, and more. The backyard is very spacious and would be a dream for a buyer!

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1137 N Gibson Street Gilbert, AZ 85234

$545,000

4 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6751088

Property Type Single Family Residence

Price Type --

Enjoy the beautifully remodeled kitchen, flooring, bathrooms, painting, new hot water heater and so much more. This home has the perfect floor plan for a family. The backyard is huge and has a sparkling beautiful pool. There is a an RV gate and an extra driveway on the side. No HOA. The home is on a corner lot and a very short walking distance to a gorgeous park with playground. The location is within a few minutes from fantastic shopping and restaurants. You will not be disappointed.

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9506 E Monterey Avenue Mesa, AZ 85209

$545,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6696251

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautiful home with a neutral color paint scheme, fresh interior paints, and new flooring throughout. The property's charm extends to the kitchen with its practical island, all stainless steel appliances for a sleek modern look. Retreat to the comfort of the primary bedroom boasting a generous walk-in closet, an bathroom designed to provide a spa-like atmosphere with double sinks, as well as a separate tub and shower. When the indoor charm is not enough, step out to the fenced-in backyard, ready for all-season enjoyment featuring a private in-ground pool and a patio perfect for relaxation. The low maintenance landscaping adds an extra charm keeping the property's exterior looking fresh and appealing with minimal eff

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