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.

1497 S Dove Street Gilbert, AZ 85233

$544,900
3 Beds
2 Baths
1,640 SqFt
Status Active
MLS # 6746926
Property Type Single Family Residence
Price Type --
Welcome to this tradtional floorplan with separate living, dining & family rooms, or you might use as a flex room...currently a game room, but use for another sitting area or space for the teens or kids! Gorgeous newer plank flooring in all the right places & new carpet in the bedrooms! Kitchen is amazing with new 42'' cabinets, large pantry cabinet plus soft close doors/drawers granite counters & stainless appliances! Baths have been updated with new vanities, comfort height commodes, mirrors & lighting! New HVAC with extended warranty! The oversized play pool has been recently refinished with new pebble sheen & cool deck..the yard is one of the best & has no neighbor behind along with all single levels homes! Awesome covered patio with room for everything... 3+ car wide driveway! You can move it, set up the TV & have nothing to do but enjoy your new home! Secondary bedroom has large queen sized bed with large furniture. Seller raised 2 children here and has loved this home! Close to everything,,,2 miles to downtown Gilbert (including night life)and the Hale Theater, Level One arcade(barcade), comedy club, and Saturday Farmers Market and 2 miles the other direction to shopping of every kind, plus lots of restaurants and the 202SanTan Freeway! Can you say location location location!

2116 E Colgate Drive Tempe, AZ 85283

$544,900
3 Beds
2 Baths
1,792 SqFt
Status Active
MLS # 6761298
Property Type Single Family Residence
Price Type --
Lovely home in the sought after Knoell Tempe community! Spacious 3 bedroom, 2 bathroom home with open floor plan. Enter into the large formal living room great for entertaining, then step into the nice kitchen with all appliances included ,plenty of cabinets space and breakfast nook with formal dining space. Large family room, great room style has view of sparkling pool. Spacious bedrooms make this home feel bigger. Master suite with dual sinks and walk in shower. The 2 car garage was converted to a massive laundry/utility room perfect for additional storage. The exterior was newly painted. Backyard has a HUGE covered patio updated with vinyl railing and cover to enjoy the outdoors and chill in the pool. This home has lots to offer, come and see!

1741 S Clearview Avenue Unit 5 Mesa, AZ 85209

$544,900
3 Beds
2.5 Baths
2,097 SqFt
Status Active
MLS # 6780827
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom, 2.5 bath home, situated on an oversized lot w/no neighbors behind! Featuring a loft, 2.5 car garage w/built-in cabinets, central vacuum system & a water softener! The open living room & adjoining dining area, w/vaulted ceilings & large windows, allow for an abundance of natural light. U-shaped kitchen is equipped w/SS appliances, tons of cabinet & counter space, pantry & a dining nook. Upstairs, a large loft offers an ideal flex space. Spacious master w/ensuite bathroom, has a rustic, spa-like feel w/a separate tub/shower, dual sinks & walk-in closet. Step out into your own private oasis boasting an expansive backyard w/lush landscaping & lots of grass! Extended covered patio w/built-in BBQ/kitchen & a gated pool! The ultimate, outdoor entertainment area!

21182 W Sunrise Lane Buckeye, AZ 85396

$544,900
4 Beds
3.5 Baths
2,591 SqFt
Status Active Under Contract
MLS # 6674091
Property Type Townhouse
Price Type --
*Golden opportunity* ENJOY Verrado's desirable Main St District & MTN views with 2 HOMEs in 1! Yes, your own separate casita! The main home's spacious great room welcomes you with high ceilings, abundant natural light, a soothing palette, blinds & durable tile flooring. The formal dining area is perfect for festive meals. The kitchen comes with ample wood cabinetry with crown molding, SS appliances, recessed lighting, a pantry, & an island with a breakfast bar. Upstairs, you'll find a loft ideal for an office or extra living space. The main bedroom is complete with plush carpeting, a walk-in closet, & an ensuite with dual sinks. The casita with a separate entrance, mini-kitchen, & private bathroom, is perfect for visitors, office or as a rental opportunity. The backyard features a covered patio, low-maintenance artificial turf and your own fruit trees. Just a block from Verrado's Main Street square, pools, & golf course. Make it yours today!

9622 S 51st Street Phoenix, AZ 85044

$544,900
3 Beds
2 Baths
1,788 SqFt
Status Active Under Contract
MLS # 6740192
Property Type Single Family Residence
Price Type --
Welcome to your oasis in Ahwatukee—a slice of the Arizona Grand Resort right at home! Located in the vibrant Ahwatukee Foothills, this luxurious and comfortable residence offers the ultimate Arizona lifestyle. Step into an open-concept living space filled with natural light, featuring modern and Spanish finishes. The gourmet kitchen boasts sleek granite countertops, high end Bosh appliances, Induction Range, and ample cabinetry—a chef's delight. The spacious living room, with its cozy fireplace, is perfect for entertaining or relaxing. The primary suite is a true retreat, with a newly remodeled ensuite bathroom featuring a spa-like shower, soaking tub, dual vanities, and a walk-in closet. Additional bedrooms are generously sized, providing ample space for family or guests. Meticulously situated on the Arizona Grande Golf Course Hole #9, the backyard oasis offers golf course views - highlighting lush landscaping, and a covered patioperfect for Arizona's sunny days and starry nights. Located in a friendly and private community, this home is just minutes from four community pools, spas, the Arizona Grand Resort, and is located near the base of prestigious South Mountain Preserve. The area features over 100 miles of trails designed for hiking, mountain biking, and horseback riding.Also hosting top-rated schools, beautiful parks, and popular spots like The Melting Pot, RA Sushi Bar Restaurant, Costco, Starbucks, and Safeway. Shopping and travel are a breeze with abundant shopping options within a 3-mile radius, Phoenix Sky Harbor Airport just 15 minutes away, and easy access to I-10 for seamless commutes to downtown Phoenix and beyond. Don't miss the chance to make this exquisite home your own. Experience the best of Phoenix living!

7402 W Trails Drive Glendale, AZ 85308

$544,900
4 Beds
2 Baths
2,036 SqFt
Status Active Under Contract
MLS # 6756628
Property Type Single Family Residence
Price Type --
NEW A/C - This beautiful home in the highly sought-after Sierra Verde at Arrowhead Ranch offers a perfect blend of comfort and convenience. Situated adjacent to a large greenbelt with picturesque walking paths and playgrounds, this location is ideal for enjoying the outdoors. Across the way is one of the top A-Rated schools in the district, adding to the home's appeal for families. Inside, the home features a spacious kitchen and great room, complete with abundant cabinetry and a sizable double-door pantry. The kitchen island is perfect for both baking and entertaining. With 3 generous bedrooms and a large office that can easily serve as a fourth bedroom, the home provides ample space for all your needs. The backyard offers plenty of shade to enjoy all year. BBQ is plumbed to gas line. There is also an RV Gate and large side yard. Oh, storage you ask? Yes, plenty of cabinets in the garage. This is truly a special neighborhood.The sellers love this neighborhood so much, they bought another home in it!

6034 E Hillview Street Mesa, AZ 85205

$544,900 - 3Br/2Ba -  for Sale in Golden West 2, Mesa
Open House
$544,900
3 Beds
2 Baths
1,896 SqFt
Status Active
MLS # 6763869
Property Type Single Family Residence
Price Type --
This beautifully unique 3 bd/2 bath home has brand new energy efficient windows, including the huge arcadia doors leading to a spacious extended patio, brand new carpet and blinds in the South bedrooms, new water heater which is connected to electric water heaters, which in turn consumes less power! Two top of the line new Trane AC units, a value of over $10,000 savings to any home of this era! Step down into the open floor plan with a gorgeous stone wood burning fireplace. The kitchen has a huge walk in pantry with a new stove and dishwasher. No need to buy a refrigerator, Sellers are leaving it!! Beautiful plantation living room shutters. Upgraded extended 3 car garage bonus, which was designed by the Seller as a workshop. The 3rd car garage was permitted by the City of Mesa! Step out into your serene oasis, which includes an extended covered patio and secluded swimming pool area, and a spacious play area. The large lot is an upgraded N/S facing cul-de-sac lot. Close to the 202 and the 60 freeway.

4302 N 80th Lane Phoenix, AZ 85033

$544,888
4 Beds
2 Baths
1,747 SqFt
Status Active
MLS # 6785775
Property Type Single Family Residence
Price Type --

2138 E Yale Drive Tempe, AZ 85283

$544,500
3 Beds
2 Baths
1,572 SqFt
Status Active
MLS # 6767486
Property Type Single Family Residence
Price Type --
NEW PRICE! Beautifully updated home located in the heart of Tempe offers a perfect balance of modern comfort and classic Arizona appeal. The open-concept living area is bright and inviting, creating a seamless flow between the living room, dining space, and kitchen. The kitchen is a standout with its stylish granite countertops, stainless steel appliances, and ample cabinetry, making it both functional and ideal for entertaining. The primary features en-suite bathroom and generous closet space. The additional bedrooms are spacious and versatile, perfect for family, guests, or a home office. Outside, the backyard with pool and putting green is designed for easy maintenance and the perfect setting for relaxing or hosting outdoor gatherings. New dual pane windows t/out. Appliances convey.

41309 N Belfair Way Anthem, AZ 85086

$544,450
3 Beds
2 Baths
2,039 SqFt
Status Active
MLS # 6673215
Property Type Single Family Residence
Price Type --
NEW ROOF NEW AC -- 3.5% ASSUMABLE MORTGAGE AVAILABLE UPON APPROVAL .Welcome to your oasis in Anthem Country Club, nestled in the picturesque community, this charming residence at 41309 N Belfair Way offers an exceptional blend of comfort, style, and convenience. With 2 bedrooms, 2 bathrooms, 1 office and spanning 2039 square feet, New Roof in 2023 and New AC unit in 2015 are just a couple of the many updates in the home. As you approach the property, you're greeted by its captivating curb appeal. A meticulously manicured front yard invites you into a world of tranquility and serenity. Step inside, and you'll be enchanted by the seamless fusion of contemporary design and timeless elegance. The heart of the home is the spacious living area, where natural light floods through large windows,creating a warm The open-concept layout, adding a touch of sophistication to the space. Whether you're unwinding after a long day or entertaining guests, this versatile area effortlessly adapts to your lifestyle needs. The gourmet kitchen is a culinary masterpiece, equipped with top-of-the-line stainless steel appliances, sleek granite countertops, and ample cabinet space. From morning brunches to gourmet dinners, cooking here is a delight for any aspiring chef. Retreat to the luxurious master suite, where relaxation awaits. Featuring plush carpeting, a walk-in closet, and an ensuite bathroom complete with a spa-like soaking tub, this private sanctuary is your personal haven from the stresses of everyday life. The additional bedroom offers comfort and versatility, perfect for accommodating guests or setting up a home office. A second full bathroom ensures convenience and privacy for everyone. Step outside to your own private paradise. The expansive backyard beckons with lush landscaping, a covered patio, and plenty of space for outdoor entertaining. Host summer barbecues, enjoy al fresco dining under the stars, or simply soak in the Arizona sunshine in your own private retreat. Located in the prestigious community of Anthem Country Club, this home offers unparalleled amenities and conveniences. Enjoy access to world-class recreational facilities, including sparkling pools, tennis courts, and scenic walking trails. With shopping, dining, and entertainment options just minutes away, everything you need is right at your fingertips. Don't miss this rare opportunity to make this Anthem gem your own. Whether you're starting a new chapter or looking for the perfect place to call home, 41309 N Belfair Way offers the ultimate blend of luxury, comfort, and style. View this gorgeous home today and experience the epitome of Arizona Country Club Living!

17726 W Eva Street Waddell, AZ 85355

$544,340
5 Beds
3.5 Baths
2,915 SqFt
Status Active
MLS # 6772921
Property Type Single Family Residence
Price Type --
This Gorgeous NEW home has so much to offer! 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. ***Photos may vary from actual home***

7876 N Siesta Sunset Lane Prescott Valley, AZ 86315

$544,000
3 Beds
2 Baths
1,836 SqFt
Status Active
MLS # 6755355
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home in the Pronghorn Ranch community, perfectly situated on a large .33-acre knuckle cut cul-de-sac lot. Enjoy the peace of mind that comes with a brand-new roof and the efficiency and style of new Anderson sliders and windows throughout the home. Natural light floods the space, enhanced by skylights and 10' high ceilings, creating a bright and airy atmosphere. The open-concept design and split floor plan provide both functionality and style, making this home perfect for modern living. The kitchen is a cook's delight, featuring cabinets with convenient pullout drawers, ideal for easy organization. Relax in the living area with the built-in surround sound, or step outside to the back patio to take in the breathtaking sunsets. Mature landscaping and trees add to the charm of this property, while plantation shutters offer timeless elegance. Located just a stone's throw from the park, this home is in a prime location for both convenience and tranquility. And...the appeal doesn't stop at the property line! Living in this amazing community means access to a heated year-round pool and spa, seasonal pool and spa, multi-court for tennis, pickle-ball and basketball, putting green, community barbecue grills, 24/7 fitness center, and a multipurpose fitness room for yoga and dance classes. Plus, the fun never ends with all-year-round concert and event celebrations. Don't miss the chance to make this light and bright home in a vibrant community yours!