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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2405 E Alameda Drive Tempe, AZ 85282

$550,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6763280

Property Type Single Family Residence

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This attractive home offers 3 bedrooms, 2 bathrooms, a 2-car garage, and NO HOA! The seller has made significant updates, including removing a wall to transform the sunken living room into an open floor plan with a fireplace. The kitchen features modern grey cabinets, exquisite granite countertops, a black stone backsplash, black stainless-steel refrigerator and gas stove. The secondary bathroom has been renovated with a new tiled shower and a vanity topped with granite and a glass sink. The house has an expansive covered patio stretching from the side to the back, alongside a sizeable storage shed. The spacious diving pool has been renovated with Pebble Tec and outfitted with a new variable-speed pump, along with additional blocks added to the fence for enhanced privacy. Further upgrades consist of an AC unit that is only three years old, an attic fully insulated with blown-in material for greater energy efficiency, and a garage floor coated with epoxy. The front yard is landscaped with xeriscaping for low maintenance. The pool table is included if the Buyer wishes. Conveniently located near restaurants, shopping, and freeways.

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2362 N Kachina Lane Chino Valley, AZ 86323

$550,000

3 Beds

2 Baths

1,687 SqFt

Status Active

MLS # 6764850

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bath home situated on a spacious 1.5-acre lot in beautiful Chino Valley! Imagine unwinding on the large front porch, taking in breathtaking sunsets, or enjoying your morning coffee on the expansive back deck while watching the sunrise over stunning views that stretch as far as the eye can see. The home's prime location offers a scenic view of the Mignus Mountains & tree farm. Inside, you'll find a newly updated kitchen and bathrooms, adding modern comfort and style. The living room is bright and inviting with vaulted ceilings, a cozy fireplace, and abundant natural light. Two of the guest bedrooms feature unique storage lofts, perfect for added space and character. Brand new roof updated in 2023. Just 30 minutes from Prescott and close to Watson Lake, you can easily enjoy kayaking, fishing, and hiking the beautiful granite mountains. With ample room for animals, toys, or simply enjoying the mild four seasons, this property offers a blend of space, comfort, and rural charm. Don't miss out on this exceptional opportunity!

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6504 W Behrend Drive Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6765381

Property Type Single Family Residence

Price Type --

Move in Ready! Spacious 4-bedroom, 2-bath home in desirable Arrowhead Subdivision. Features an open concept kitchen to great room, fresh interior paint, and a prime location in Glendale with easy access to the Loop 101. Ideal for comfortable living!

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1100 W 9th Street Tempe, AZ 85281

$550,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6766519

Property Type Single Family Residence

Price Type --

You'll love this spacious 3-bedroom, 2-bath home with a rare two-car garage, located in the heart of Tempe! It features modern updates throughout, including a beautifully upgraded kitchen with ceiling-height cabinetry, Quartz countertops, and stainless steel appliances. The primary suite offers a bonus space perfect for a home office or an extra room, plus a large Arizona room ideal for a second living area or game room. The home boasts energy-efficient windows, a brand new 2024 HVAC system, and stylish tile flooring in the main living areas. The large backyard includes a covered patio with elegant tile, a ceiling fan, and a refreshing diving pool to cool off in the Arizona heat. Whether you're looking for a primary residence or an investment property, this home is truly move-in ready! Just minutes from ASU, Whole Foods, Trader Joe's, and downtown Tempe's many amenities. Don't miss out on this one!

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