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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18157 W Las Palmaritas Drive Waddell, AZ 85355

$539,900

3 Beds

2 Baths

2,144 SqFt

Status Active Under Contract

MLS # 6741143

Property Type Single Family Residence

Price Type --

VA ASSUMABLE LOAN! 2.75% interest rate! PREPAID Solar Lease! GORGEOUS MOUNTAIN VIEWS! Welcome to your dream home in Waddell! This stunning and meticulously maintained property boasts a PREMIUM LOT with breathtaking, unobstructed VIEWS of the majestic White Tank Mountains. The lush green GRASS and PERGOLA with outdoor BBQ area make for the perfect oasis in your backyard. Get ready to host the ultimate get-togethers with family & friends! The home itself is move-in ready and features a desirable split floor plan with 3 bedrooms / 2 baths, providing the utmost PRIVACY and comfort for you & your loved ones. The 3 car EXTENDED GARAGE offers ample storage space for all your toys and hobbies. And with BRAND NEW APPLIANCES and FLOORING, you can simply unpack and start enjoying your new HOME! But that's not all - this home also comes with a PAID OFF SOLAR lease, saving you money on your energy bills! Imagine spending quiet evenings gazing at the FULL NIGHT SKY from your backyard with no obstructions. Simply magical! YARD WAS COMPLETELY REDONE IN 2022-2023 AT A COST OF $21,000 Located near the White Tank Regional Park, you'll have access to a wide variety of outdoor activities such as hiking, camping, and more. And with easy access to the 303, you can enjoy a quick commute to work while still enjoying the peaceful small town feel of Waddell. Don't miss out on the opportunity to call this amazing property your own.

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12432 N 142nd Court Surprise, AZ 85379

$539,900

4 Beds

3 Baths

3,300 SqFt

Status Active

MLS # 6741692

Property Type Single Family Residence

Price Type --

Gorgeous inside & out! Home features an IDEAL FLOORPLAN with formal living & dining areas, as well as a spacious separate family room, LARGE BEDROOM/DEN & 3/4 BATH DOWNSTAIRS, plus high ceilings, neutral paint & beautiful tile in all the right places. Open, exquisite kitchen & dining areas boasting GORGEOUS GRANITE counter-tops, GAS STOVE, & 2 BREAKFAST BARS. The den/guest room is separated from the family room by beautiful barn doors, & the custom granite throughout is spectacular. Upstairs boasts a LOFT, two nice sized bedrooms, & a huge primary retreat & bath. Plus, you will love the AMAZING BACK YARD, complete with a large covered patio, gazebo, & grass. All this and it is the last house on a CUL-DE-SAC with a HUGE LOT! Hurry, don't miss out on this incredible opportunity!

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357 W Canyon Street Apache Junction, AZ 85120

$539,900

3 Beds

2 Baths

1,899 SqFt

Status Active

MLS # 6744802

Property Type Manufactured Home

Price Type --

This beautiful home surrounded by amazing Mountain Views and City Lights all from your very own porch. The 1.25 acres allows for the big garage/workshop big enough for the RV, toys and hobbies. Many upgrades in the inside of the home starting with the open spacious gourmet Kitchen with lots of counter space. Large Farm sink with beautiful cabinets and stainless-steel appliances. Open floor plan with tile laminate flooring through-out, a formal dining area, large bedrooms with walk-in closets. The Master bathroom has double sinks and a huge shower.

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26618 S New Town Drive Sun Lakes, AZ 85248

$539,900

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6745036

Property Type Single Family Residence

Price Type --

What a beautiful dream home! This 3-bed, 2-bath residence nestled in the adult Community of Sun Lakes is the one! Enter through the double doors to discover an updated spacious open floor plan that promotes a modern feel. Wood-look tile flooring, fresh neutral palette, updated light fixtures, ceiling fans add to the house's charm. Upscale kitchen includes plenty of crisp white cabinetry, stainless steel appliances, quartz counters, and an island with a breakfast bar. Check out the large main retreat, boasting plush carpet, direct outdoor access, two well-sized closets, and a pristine ensuite with a step-in shower. Secondary bedrooms provide plantation shutters. Finally, the generous-sized backyard has a covered patio perfect for entertaining! Move-in ready! What are you waiting for?

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16916 E Alamosa Avenue Fountain Hills, AZ 85268

$539,900

3 Beds

2 Baths

1,548 SqFt

Status Active

MLS # 6748638

Property Type Single Family Residence

Price Type --

Charming single level house in quiet neighborhood. No HOA, spacious lot. Vaulted ceilings, newer vinyl windows throughout, updated baths, large indoor laundry with utility sink. All tile floors, no carpet! Desert landscaping front and back. Close to schools, shopping and parks.

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11543 E Quade Avenue Mesa, AZ 85212

$539,900

4 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6748907

Property Type Single Family Residence

Price Type --

Beautiful home with OVERSIZED lot! Mountain VIEWS! Expansive backyard features an extended patio, fenced pebble-tec, pool w/waterfall feature, plenty of grass, additional concrete slab SPORT COURT*French doors open to a den*LARGE loft*New carpet and new paint throughout*Kitchen is a chef's delight, featuring granite counters, SS appliances, a walk-in pantry, and a breakfast bar*Spacious master bedroom, dual sinks, separate tub/shower, and two HUGE walk-in closets*The garage includes attached cabinets for extra storage*North/South exposure*Located close to schools, shopping, restaurants, golf, airport, parks, AZ Athletic Grounds, ASU Polytechnic Campus, and easy access to Highway 202, 60, 24 freeways!

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1723 W Mercury Way Chandler, AZ 85224

$539,900

4 Beds

2.5 Baths

2,018 SqFt

Status Active

MLS # 6750702

Property Type Single Family Residence

Price Type --

Welcome to Rialto Hills! Walking /Biking Distance to Historic Downtown Chandler Restaurants/Entertainment! Talk About Low Energy Bills, The Solar System is OWNED!! Transfers With Sale, NO LEASE! Freshly Painted Interior 2024 & Updated Kitchen Plantation Shutters & Crown Molding Are Icing On The Cake! LOW LOW HOA Fees! Great Location, Great Home! Nestled on Interior Lot w/ the Ultimate AZ Orientation of South Facing Backyard! This 4 Bedroom/2.5 Bath Home. Splash Down in Your Swimming Pool, Outdoor Kitchen, Large Covered Patio & Updated Trane HVAC! Spacious Kitchen Opening to Great Room w/ Fireplace! Located Close to Award Winning Schools, Downtown Chandler Entertainment District, Price Corridor, Freeways, & Sky Harbor Airport!

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7813 E Dallas Street Mesa, AZ 85207

$539,900

4 Beds

2 Baths

1,932 SqFt

Status Active

MLS # 6751946

Property Type Single Family Residence

Price Type --

Welcome to your next home. This home features separate living and family rooms, open kitchen with breakfast bar, newer appliances, gas range, slide out drawers and breakfast nook. Vaulted ceilings though out, large master suite w/walk-in closet and walk-in shower. 3 car garage with all new openers, cabinets and new water heater. Beautiful recently resurfaced pebble tech pool with all new equipment. RV gate, lots of parking space, excellently landscaped front yard, Great schools, parks, shopping, commuting and NO HOA! In walking distance of Red Mtn Generational Center and Red Mtn Park!

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9630 E Barley Road Florence, AZ 85132

$539,900

5 Beds

3 Baths

3,280 SqFt

Status Active

MLS # 6755071

Property Type Single Family Residence

Price Type --

Large, 2-story family home with 5 bedrooms and 3 bathrooms...bedroom on main floor with full bath. Corner lot with large backyard...POOL with extended covered patio. This home has newly installed flooring on the main floor, new hot water heater, dual AC's, fans, granite, butler pantry and more. The backyard can be your private oasis in the desert! Outdoor grille, hot tub hook up and lots of room to play.

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6132 W Oraibi Drive Glendale, AZ 85308

$539,900

4 Beds

2 Baths

1,758 SqFt

Status Active Under Contract

MLS # 6755449

Property Type Single Family Residence

Price Type --

You are going to really like this 4 bed, 2 bath, pool home..Entertainment is here; hardscape front patio sitting area to the large backyard with pool and gathering areas..cookin with gas in the freshly painted kitchen, full R-60 insulation efficiency...this option is special and very well maintained..it is a must see, we've only got the one. Located right in the center of everything but tucked away in the highly desirable Highland Point community; near all the fun in greater Arrowhead, (short couple blocks from) Midwestern University, nightlife, shopping, restaurants, schools, golf, dog parks & playgrounds...Easy access to the 101 and a short commute to TSMC, this home is ideal for those who want to stay connected to everything and have a hassle-free lock-and-leave lifestyle. Welcome home

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17881 W Verdin Road Goodyear, AZ 85338

$539,900

3 Beds

2 Baths

1,961 SqFt

Status Active Under Contract

MLS # 6757323

Property Type Single Family Residence

Price Type --

UPGRADED HOME THAT IS SITUATED ON A PREMIUM VIEW LOT WITH TRIPLE GARAGE, A DEN AND A LARGE POOL. Upgrades include a feature wall in the Living Room, custom fireplace, NEWER APPLIANCES, upgraded cabinetry/hardware, gorgeous tile, granite counters, HEATED POOL WITH BUILT-IN SEATING/TABLE, BAJA STEP and IN-GROUND CLEANING SYSTEM, custom Pergola, mature landscaping and much more. An abundance of windows brighten the home as well as having pleasant views. This beautiful home BACKS AND SIDES ON TO A WASH WITH VIEWS of Bougainvillea Park and the playground across the street. Enjoy the privacy this homesite offers as well as gorgeous sunsets. This desirable location is next to the park and CLOSE TO THE PRESIDIO RESIDENTS CLUB. This spacious (always family-owned) home can close quickly if desired.

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14014 N Palo Verde Drive Maricopa, AZ 85138

$539,900

3 Beds

2 Baths

1,801 SqFt

Status Active

MLS # 6764271

Property Type Manufactured Home

Price Type --

HORSE PROPERTY with a SHOP! This is a great manufactured home on 3 +- acres in Maricopa, AZ. With a custom barn set up for two horses and room for many more; turnouts and an arena ready to be finished. The shop boasts over 1500 sq ft of space for all your hobbies and work from home needs. Boasts city water with reasonable rates and located just off the county maintained road. Saddleback Farms is a great community with plenty of space for kids and horses to feel right at home. Only minutes from the new Desert Sunrise High School. Home has been will maintained with a new A/C, water heater, skirting, interior paint all in 2023 and new faucets, blinds and primary toilet in 2024.

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