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

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.

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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.

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2575 E Brooks Street Gilbert, AZ 85296

$542,000

3 Beds

2 Baths

1,323 SqFt

Status Active

MLS # 6758938

Property Type Single Family Residence

Price Type --

This charming home, situated on the 11th tee box of the Greenfield Lakes Golf Course, is a must-see! Boasting an open floor plan with 3 spacious bedrooms & 2 bathrooms. Located in the heart of Gilbert, it offers proximity to top-rated schools, parks, & is just minutes from San Tan Mall, 202 freeway, dining, shopping, & more. The master bedroom includes a private exit to the beautifully landscaped backyard, complete with a covered patio, sparkling swimming pool, and serene golf course views perfect for relaxing or entertaining. The kitchen provides ample cabinet space, granite countertops, & stainless steel appliances. Both bathrooms have been beautifully updated. Whether you're a first-time buyer or an investor seeking a great rental opportunity. 6 stage water system with alkaline water

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22491 E Munoz Street Queen Creek, AZ 85142

Open House

New

$542,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6789170

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This 3-bedroom, 2-bathroom residence boasts many upgrades, including but limited to: third car parking, new artificial turf in the front & back yard, tankless water heater, garage door opener with camera and a water softener. The spacious layout includes a formal dining room, perfect for hosting gatherings. The heart of the home is the large open kitchen, with granite countertops and a large island. Indulge in the ultimate entertainment experience with built-in living room surround sound. The master bedroom offers a peaceful retreat - to include an auto sensor dehumidifier in the master shower. Outside, enjoy lazy afternoons on the travertine patio and newly installed wood burning fire pit - surrounded by automatic lighting.

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5015 W Walatowa Street Laveen, AZ 85339

$541,512

4 Beds

3 Baths

2,609 SqFt

Status Active

MLS # 6766518

Property Type Single Family Residence

Price Type --

Discover an incredible New Home community, with stunning floor plans! This 2,609 sq ft new build features 4 bedrooms, a downstairs Guest suite, with a full bath & upstairs loft. Enjoy wood plank flooring throughout the main level, except for the Guest suite and bedrooms. The kitchen is a chef's delight with a Granite Island, upgraded cabinets, and gourmet stainless steel appliances, all opening to a spacious great room and dining area. Entertain effortlessly with an 8' slider leading to a large backyard on an oversized lot. Nestled near Carver & South Mountain, enjoy hiking, biking, trails, and soak in breathtaking views. Currently under construction & ready Fall 2024, the seller offers interest rate and closing cost assistance. **PHOTOS ARE OF A MODEL HOME** HOME COMPLETED IN DECEMBER

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17620 W Blue Sky Drive Surprise, AZ 85387

$540,995

3 Beds

2 Baths

1,826 SqFt

Status Active

MLS # 6765302

Property Type Single Family Residence

Price Type --

Discover this stunning brand-new home on a premium end lot with spectacular mountain views. Featuring a 2-car garage plus a 45' RV garage, it offers ample storage and convenience. Inside, enjoy upgraded cabinets, sleek quartz countertops, and stylish wood-look tile flooring. This home combines luxury and functionality, perfect for modern living.

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15453 W Cottontail Lane Surprise, AZ 85387

Open House

$540,990

5 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6780865

Property Type Single Family Residence

Price Type --

Quick CLOSE! This beautiful amazing 4 bedroom with a study + 3-bathroom single story is the perfect home, upgraded convenient electrical package, prewired for pendant light over the island, gorgeous tile flooring, Burlap Cabs, Quartz Slab, stainless steel appliances, gas range and dryer gas hookup, window coverings oversized sliding door, Smart Home and Energy Star Certified, garage door opener included just to mention a few, come see!

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4937 W Hunter Trail San Tan Valley, AZ 85144

$540,690

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6780951

Property Type Single Family Residence

Price Type --

Brand new and now INCLUDING washer/dryer and refrigerator! This home boasts 5 bedrooms and 3 baths, walk-in closets, ensuring that there's room for everyone. The island serves as a workspace or a social hub to gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. White shaker style cabinets and quartz counter tops with a generous amount of tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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199 E Taylor Lane Cochise, AZ 85606

$540,000

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6738745

Property Type Single Family Residence

Price Type --

A beautiful 2052' 4-bdrm, 2-bath home with 331' screen enclosed back porch, attached 2-car garage, a 813' detached 1-car garage with its own 1/2 bath & work area. There is a fenced-in horse coral & shelter area too all on 40 acres of land with fantastic 360-degree mountain views. This home is great for entertaining with formal living room & dining room in the front which has large windows to let all that natural light come in and a family room that has a propane fireplace that is open to the kitchen & breakfast nook in back with doors leading out to the enclosed screen porch. The Primary has plenty of room & French doors to the screened in porch. Wait to you see the sunset from there. Nice primary bathroom with double sinks, soaking tub, stand-up shower & walk-in closet. This house has a split bedroom floorplan with the guest bathroom also having a door to the screened in porch. The porch leads to a block enclosed nice sized backyard. This property has so much to offer, and it is close enough to commute to Tucson and major highways.

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15 County Road N6194 -- St Johns, AZ 85936

$540,000

3 Beds

2 Baths

3,440 SqFt

Status Active

MLS # 6734164

Property Type Single Family Residence

Price Type --

Outstanding off grid property. 3440 sq ft, 3BD/3BA home on 40.5 fenced ac. For those wanting the freedom & security of living sustainably. Very private w/great views to north/west/east...hill on south side blocking southern view, providing weather/wind break. Fantastic 4 bay garage under home, enter/exit from all 4 directions (room for many vehicles) & includes bathroom w/shower, storage, & office/workout space. Lg master suite w/nursery/office space, wonderful leaded glass windows/doors creating rainbows inside & leading out to the 2500 sq ft, covered, wrap around entire home deck, great bathroom w/claw tub & separate walk in shower. In addition to the room off the master, there is a den/office, formal dinning room, as well as a kitchen dinning area. Pump house includes a 4 cylinder.... Isuzu diesel generator which powers well (into the Coconino Aquifer, well info under docs), home & solar sytsem when needed. Approx 4 ac around home fenced w/chain link. The fantastic deck, w/wonderful views, is pressure treated. T-111 siding, 5000 gal water holding tank, 1500 gal septic tank, 500 & 250 gal owned propane tanks, RO system in kitchen, 13 ceiling fans & 8.5' x 11 pantry/food storage room. 8 x 20 steel storage container. Large fenced garden area with it's own gravity feed water holding tank. Tractor is negotiable. 11 mi to downtown St Johns, & approx 55 mi to Show Low. Road off hwy is 4.1 mi to property, good road. Property borders BLM land

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19304 W Valle Vista Way Litchfield Park, AZ 85340

$540,000

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6753420

Property Type Single Family Residence

Price Type --

Come check out this beautiful home built in 2024!!! This home offers a spacious floor plan with 4 bedrooms, 3 bath, full size dining area and living room to meet all your family needs. The large 3-car garage provides ample storage and parking space. Easy access to backyard with an RV gate. Don't miss out on this fantastic opportunity to own a gorgeous home in a vibrant community.

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517 W Coral Gables Drive Phoenix, AZ 85023

$540,000

3 Beds

2 Baths

1,822 SqFt

Status Active

MLS # 6778447

Property Type Single Family Residence

Price Type --

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