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.

533 W Missouri Avenue Phoenix, AZ 85013

$543,000
3 Beds
1 Bath
1,200 SqFt
Status Active
MLS # 6762433
Property Type Single Family Residence
Price Type --
Looking for a property to add to your portfolio - this property has the location, historic tax district breaks, low yard water costs, AND has active income generating lease in place from Jan 15th, 2025-Jan 30th, 2026. This location is a gem! Property is located in the Medlock Historic District, get the benefits of the discounted property taxes while also being close to Central & Camelback shopping - AJ's fine foods, Windsor, Postino's, Federal Pizza, Churn, soon to be ''The Henry'', and just steps away from Hatch, and the corner cafe on 7th & Missouri. Sleep soundly at night, this property has been updated with integrity. Not only has this seller permitted the replacement of structural beams - framing walls - all sewer and pressurized water lines - wiring and electrical panel,... ...but seller also worked closely with an architect, structural engineer, and hired a licensed, bonded, and insured contractor to complete the work and produce an updated historical home that a buyer can sleep soundly about owning. The updates performed on this property do not stop there. The exterior was smooth stuccoed, dual pane vinyl windows installed, A/C unit and duct work replaced (''Trane'' AC unit), water heater is also new and tankless, roof was entirely replaced, R-38 insulation rating blew-in in the attic. Not only is this property highly energy.. efficient, but its owner will benefit in property tax savings. Property is located in the Medlock Historic District and also has flood irrigation rights grandfathered to the land - making watering your lawn and keeping your grass green affordable (approximately $150 a year). Kitchen has a quality update as well, with new solid wood shaker cabinets, S.S. appliances, beautiful granite counters with a breakfast bar seating overhang, and large single-basin sink with an over-the-sink window. All light multi shade wood-like floors - installed properly and ran throughout the entire property with updated baseboards to finish it off. Hall linen storage cabinet and a fully updated bathroom with floor to ceiling stone walk-in shower, new granite topped vanity and toilet. Interior washer and dryer convey - with direct entry to the carport. Carport also has a key-code locking gate for direct entry to the backyard. Back door exits to the slabbed patio and overlooks the large lush and green grassed backyard. Generously sized storage shed. Property is prime for a guest house or accessory dwelling OR even a pool. The quality of this update speaks for itself and really shines in person. Floor layout is sensible for size and flows nicely. Location is convenient to great local eateries and one of the best dry cleaners in town

36145 N Desert Tea Drive Queen Creek, AZ 85140

$543,000
3 Beds
3 Baths
2,186 SqFt
Status Active
MLS # 6783609
Property Type Townhouse
Price Type --
Welcome to your dream resort home in the highly sought-after Encanterra community! This spacious 3-bedroom, 3-bathroom home also offers a a versatile den and an expansive loft, providing ample living space for relaxation and entertainment. The thoughtfully designed layout includes a convenient upstairs storage unit, perfect for all your organizational needs. The heart of the home is the upgraded kitchen, featuring granite countertops, premium stainless steel appliances, and elegant white cabinetry that exudes modern charm and sophistication. Ideal for both everyday living and entertaining guests, this kitchen is a true chef's delight. Situated just steps away from the main clubhouse, La Casa as well as Algarve, the 18 and over pool. Start living the Encanterra dream today!

3131 N Central Avenue Unit 5013 Phoenix, AZ 85012

$543,000
2 Beds
2 Baths
1,125 SqFt
Status Active
MLS # 6612521
Property Type Apartment
Price Type --
*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.

10149 E Tupelo Avenue Mesa, AZ 85212

$543,000
2 Beds
2 Baths
1,763 SqFt
Status Active
MLS # 6724621
Property Type Single Family Residence
Price Type --
MOVE IN READY home in the highly sought after 55+ community of Encore at Eastmark in the East Valley! This immaculately kept home sits on a large lot giving you ample space between neighbors and to enjoy the outdoors, whether it be to relax on the oversized patio complete with, hot tub, BBQ and wall mounted TV and plenty of room to entertain! Upgraded kitchen features granite countertops and stainless steel appliances and gorgeous wood look tile flooring in all the main living areas. Also features water softener, designer laundry, epoxy garage flooring, and many smart home features like ''Hyrawise'' irrigation system and ability to control thermostat & garage door from your phone make this home turn-key and give you the ability to lock and leave with ease. This home is a MUST SEE

30410 N 229th Avenue Wittmann, AZ 85361

$543,000
4 Beds
2 Baths
2,070 SqFt
Status Active
MLS # 6767573
Property Type Single Family Residence
Price Type --
Nestled on just over an acre, this custom-built home is ready for all your hobbies—bring your horses, boats, and outdoor toys! With a 3-car garage and an inviting open floor plan, the home features vaulted ceilings and recessed lighting throughout. The kitchen is a chef's delight with stainless steel appliances, granite countertops, a stylish tile backsplash, and an under-mount sink, complemented by upgraded cabinets throughout the entire home. Stunning mountain views can be enjoyed from almost every window. The main suite boasts vaulted ceilings, dual sinks, a separate tub and shower, and a spacious walk-in closet. In addition to the master, there are three large bedrooms in a split floor plan.

1346 E Briarwood Terrace Phoenix, AZ 85048

$543,000
3 Beds
2 Baths
1,650 SqFt
Status Active
MLS # 6775538
Property Type Single Family Residence
Price Type --
Explore this newly renovated beautiful 3-bedroom, 2-bathroom home located in the gated Augusta golf course community. The home features impressive vaulted ceilings, triple paned windows, stylish wood-look flooring, plantation shutters, and fresh paint with accent walls creating a refined atmosphere. The new modern kitchen boasts quartz countertop , a tiled backsplash and flooring, soft closing white cabinetry, and a central island. The bright master suite includes a newly renovated luxurious en suite bathroom with dual sinks ,a large glass-framed shower and sliding door straight to the pool. Outside, you'll find an outdoor entertaining space with a covered patio and a shimmering pool—an ideal spot to relax and soak up the Arizona sun. This home is eligible for FHA solar and wind tech Received $2500 in closing cost and approximately $8000 tax credit when you add Solar to your mortgage. See document tab for Solar proposal and inquire or more details.

18697 E Panchito Drive Gold Canyon, AZ 85118

$542,995
3 Beds
2 Baths
1,910 SqFt
Status Active
MLS # 6737879
Property Type Single Family Residence
Price Type --
Welcome to the Copper floor plan that is ready for a quick move-in! Included features: a covered entry; a spacious flex room; a well-appointed kitchen offering a center island, a generous walk-in pantry, and an adjacent dining room; an inviting great room; a thoughtfully designed primary suite showcasing a roomy walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; a cheerful covered patio; and an attached RV garage.

18672 E Panchito Drive Gold Canyon, AZ 85118

$542,995
3 Beds
2 Baths
1,910 SqFt
Status Active
MLS # 6737920
Property Type Single Family Residence
Price Type --
The Copper Plan is ready for quick move-in! This home features an attached RV garage, perfect for adventurers. Included features: a covered entry; a spacious flex room; a well-appointed kitchen offering a center island, a generous walk-in pantry, and an adjacent dining room; an inviting great room; a thoughtfully designed primary suite showcasing a roomy walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; and a cheerful covered patio. Discover the charm of Gold Canyon.

5326 W Manzanita Drive Glendale, AZ 85302

$542,995
4 Beds
3 Baths
2,077 SqFt
Status Active
MLS # 6762127
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'' eclipse 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 deluxe 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, coach lights, 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, R/O pre-plumb, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

18746 E Panchito Drive Gold Canyon, AZ 85118

$542,995
4 Beds
2.5 Baths
2,110 SqFt
Status Active
MLS # 6782917
Property Type Single Family Residence
Price Type --
Welcome to the Zinc Plan in Entrada Del Oro II, Gold Canyon! This spacious 2-story, RV-friendly home offers 4 bedrooms and 2,5 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.

18610 E Panchito Drive Gold Canyon, AZ 85118

$542,995
4 Beds
3.5 Baths
2,110 SqFt
Status Active
MLS # 6781751
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 is 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. Corner Lot

16732 W Whispering Wind Drive Surprise, AZ 85387

$542,990
4 Beds
3 Baths
2,473 SqFt
Status Active
MLS # 6767457
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' This stunning Avelino AllGen floor plan offers 4 bedrooms and 3 baths, featuring an upgraded island, a second kitchen, and a soft water plumbing loop. The kitchen showcases elegant granite countertops, a chef's kitchen design, tile backsplash, and upgraded flooring throughout.