What’s Ahead For Mortgage Rates This Week – August 8, 2016

Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.

Construction Spending Dips in June

According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May’s reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce Department said that construction spending on June rose to $1.13 trillion was 0.30 percent year-over-year and was 6.20 percent higher for the first six months of 2016 as compared to the same period in 2015; construction spending appears to be trending upward in spite of recent month-to-month declines.

Consumer spending rates in June met expected growth of 0.40 percent and matched May’s reading. Core consumer spending fell to 0.10 percent in June according to expectations, which were based on May’s reading of 0.20 percent.

Labor Reports Indicate Stronger Economy

Inflation remains lower than the Federal Reserve’s annual rate of 2.00 percent, but labor news released last week supports reports of strengthening economic conditions. ADP Payrolls, which covers private-sector job growth, reported 179,000 jobs added in July as compared to June’s reading of 176,000 jobs added.

Non-farm payrolls grew by 255,000 jobs as compared to expected growth of 185,000 jobs. Neither July’s reading nor did expectations of 185,000 jobs added meet June’s reading of 292,000 jobs added, but analysts and media reports touted private and public sector job growth as a strong indicator of economic recovery.

The national unemployment rate held steady at 4.90 percent against expectations of 4.80 percent and June’s reading of 4.90 percent. Analysts said that this reading was better than it appeared due to more people joining the work force in July.

Mortgage Rates Lower:Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac. 30-year fixed rates averaged 3.43 percent, which was five basis points lower than the previous week. Average rates for a 15-year fixed-rate mortgage fell by four basis points to an average of 2.74 percent. The average rate for a 5/1 adjustable rate mortgage fell five basis points to 2.73 percent.

New jobless claims rose to 269,000 against expectations of 263,000 new claims and the prior week’s reading of 266,000 new claims. There’s good news; new jobless claims remained below the key reading of 300,000 for the 74^th consecutive week.

What‘s Ahead

This week’s scheduled economic news includes releases on retail sales and consumer sentiment along with weekly reports on new jobless claims and mortgage rates.

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6926 N 177th Place Waddell, AZ 85355

$1,425,000

5 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6705971

Property Type Single Family Residence

Price Type --

Brand new home, full of custom finishes! NO HOA. Irrigated backyard. This incredible home features an open floor plan with every detail thoughtfully designed. 1 acre lot and includes a detached oversized RV Garage. You do not want to miss this!

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2639 E Jade Place Chandler, AZ 85286

New

$1,425,000

4 Beds

3.5 Baths

3,906 SqFt

Status Active

MLS # 6788688

Property Type Single Family Residence

Price Type --

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42221 N Caledonia Way Anthem, AZ 85086

$1,425,000

3 Beds

2.5 Baths

3,545 SqFt

Status Active

MLS # 6752002

Property Type Single Family Residence

Price Type --

Resort style Arizona living can be yours with 2014 Ultra Paz finished heated Grecian style pool and spa with multiple water features, gas woks, fireplace and fire pit, Cantera decking front and back, 2 exterior pergolas, stacked stone outdoor fireplace, BBQ island & front of home, courtyard Arabesque fountain, wrought iron Cantera entry door, 2022 Trane HVAC systems & ductwork & solar panels. Pleasing light & bright interior w/great room custom bar, patio french doors, stacked stone wall w/linear fireplace, custom master entry doors, master bath free standing tub, kitchen remodel, wine refrigerator, double ovens, family room stacked stone fireplace, crown molding, custom lighting, interior paint and 2024 carpet.

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15055 N Meander Mountain Way Prescott, AZ 86305

$1,425,000

3 Beds

2.5 Baths

3,604 SqFt

Status Active

MLS # 6751996

Property Type Single Family Residence

Price Type --

Custom home in Prescott's exclusive Gated Golf community, Talking Rock Ranch, offering the lowest price per square foot in the area. Nestled on a quiet cul-de-sac with an east-facing backyard to enjoy the morning sun in a serene, private, forest-like setting. Newly remodeled great room with DaVinci island fireplace and freshly painted interior. Bright, open spaces with American Walnut wood flooring, featuring a split floor plan that includes an office and a formal dining room. Large primary suite with Reclaimed Red & White Oak floors. A perfect blend of comfort and luxury awaits! Talking Rock is an exclusive golf community providing members unparalleled hospitality. Amenities include award-winning Jay Morrish designed Golf Course, Fitness Barn, Ranch House Restaurant and Bar, Coop's Coffee House, Members Lounge, Racquet sports Courts, Dog Park, Community Garden, over 14 miles of hiking and biking trails and so much more!

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5012 E Blanche Drive Scottsdale, AZ 85254

$1,425,000

4 Beds

3.5 Baths

3,437 SqFt

Status Active

MLS # 6755414

Property Type Single Family Residence

Price Type --

This beautifully updated two-story residence is a true gem, offering a perfect blend of modern comfort and versatile living spaces. Step inside to find the renovated interior with brand-new windows that fill each room with natural light. The new kitchen is a chef's delight, with new appliances, sleek cabinetry and stunning countertops - perfect for entertaining or everyday meals. The exterior is equally impressive with an oasis backyard complete with a sparkling pool. Whether you're lounging by the water or hosting a BBQ, this private retreat is your personal paradise.The garage has been transformed into a stylish work/home salon, ideal for those looking for a professional space without leaving home. Alternatively, it can be used as an additional downstairs bedroom.

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15255 N Double Adobe Road Prescott, AZ 86305

$1,425,000

3 Beds

3 Baths

2,717 SqFt

Status Active

MLS # 6772842

Property Type Single Family Residence

Price Type --

This stunning contemporary ranch is nestled on 1-acre along the 8th green of Prescott's Premiere golf and fitness community Talking Rock Ranch. The light-filled home features 14-foot ceilings in the main living area, a spacious kitchen with high-end European appliances, a custom bar, and cozy stone fireplace. Wide sliding doors lead to a covered patio and outdoor kitchen complete with pizza oven and privacy. Perfect for entertaining. The split master suite overlooks the golf course and boasts dual walk-in closets, a soaking tub, and a large shower. The ensuite guest room and third bedroom, served by a full bath, provide ample accommodations. A versatile bonus room is ideal for an office, craft room, or gym. The 3-car garage offers generous storage, space for large trucks, and golf cart. The lot provides plenty of space to add a Casita or RV garage, this property combines luxury and practicality in a prime location. Talking Rock is a 24-hour security gated luxury home community with a Troon golf course and exceptional amenities. You have everything you would want or need here, from golf, to pickle ball, tennis, dining, fantastic dog park, hiking and community gardens. The Morgan Room is a private restaurant and bar with a varied menu. The restaurant also features The 1800, a wood fired pizza patio with comfy chairs and firepits to enjoy any season.

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13401 N 78th Street Scottsdale, AZ 85260

$1,425,000

3 Beds

2 Baths

1,924 SqFt

Status Active Under Contract

MLS # 6780173

Property Type Single Family Residence

Price Type --

Incredible development opportunity in the hottest market in Scottsdale right now, 85260! Create your dream project for 2025 on nearly a full acre lot! A builders dream with a wide & deep footprint to create your own masterpiece! Enjoy an A+ location just minutes from Kierland Commons, Scottsdale Quarter, and the private Scottsdale Airpark. Whether you're envisioning a modern estate or a high-end investment property, this lot provides the perfect canvas. Don't miss this rare chance to build in one of Scottsdale's hottest markets. This is the opportunity you've been waiting for, come see today!

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9588 E Preserve Way Scottsdale, AZ 85262

$1,425,000

4 Beds

4.5 Baths

3,214 SqFt

Status Active

MLS # 6773110

Property Type Single Family Residence

Price Type --

Located on the Legend Trail Golf Course, this exceptional home boasts breathtaking mountain views and approximately $100K worth of recent improvements. The large open kitchen features granite countertops, a spacious island, and an eat-in area with direct access to the covered patio, heated pool/spa, & BBQ pit, perfect for entertaining and relaxation. The great room offers a cozy gas fireplace, built-in niche, and double sliding doors that lead to the beautifully upgraded backyard. The master suite includes direct access to the pool and spa, providing a private retreat. All bedrooms are ensuite, with one offering separate courtyard access and views of Pinnacle Peak and the surrounding desert. Located in the prestigious Legend Trails, recognized as one of the Top 100 Facilities by Golf Magazine and Best Places to Play by Golf Digest, this home is ideal for those seeking luxury and tranquility in an unparalleled golf community.

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20440 N 95th Place Scottsdale, AZ 85255

$1,425,000

3 Beds

2 Baths

2,091 SqFt

Status Active

MLS # 6781999

Property Type Single Family Residence

Price Type --

Magnificently Remodeled Home with Striking Style & Luxury at Desirable DC Ranch*Gated Community Adjacent to Park & Walking Trails to DC Ranch Market Street & Community Center*Recent Upgrades include, Cabinets, Carrier 17 Seer AC Units, Custom Front Door, Plumbing Fixtures, Flooring, Toilets, Sinks, Window Covering, Plus! Island Kitchen with Thermador/Sub-Zero Appliances, Gas cooktop, Wall Oven, Stainless Hood, Quartz Counters, Glass Tile Backsplash & a Stylish Custom Bar with Wine Fridge*All Open to Sizable Family Room with 3D Stacked Stone TV Wall & a Linear Fireplace*Elegant Living-Dining Room (All Half-Wall & Columns were removed)*Spacious Master Retreat with Nicely Appointed Bath Includes, Custom Cabinet, Quartz Vanities, Shower/Tub, Tile Floors & Walking Closet*Great Backyard feature Synthetic Grass, Newer Irrigation System & Backing to Natural Open Space! Move-in Ready! All Furnishings are Available by Separate Bill of Sale!

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9430 N 25th Street Phoenix, AZ 85028

$1,425,000

3 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6693253

Property Type Single Family Residence

Price Type --

Welcome to your oasis in the gated community of Dreamy Draw Estates, nestled North of the Phoenix Mountain Preserve. This completely renovated home offers the perfect blend of design, luxury, comfort, and convenience. Step into single floor living where the open floor plan seamlessly connects the two living spaces with dinning and kitchen areas creating the perfect atmosphere for entertaining. The kitchen features new appliances, vaulted ceiling, oversized island and unique natural stone countertops. The wood burning fireplace is accompanied with a wet bar, wine refrigerator, and sleek granite counter tops. Situated moments from endless hiking, biking, and horseback riding trails. Easy access to state route 51 and minutes away from Downtown Phoenix, Paradise Vally and North Scottsdale.

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3314 E Azalea Drive Gilbert, AZ 85298

$1,425,000

6 Beds

4.5 Baths

4,554 SqFt

Status Active

MLS # 6699370

Property Type Single Family Residence

Price Type --

5.99% Available on this Home! Entertainers Dream Home meets Luxury Family Home w/5 Bedrooms Plus a Casita, 4.5 Bathrooms and a 3 Car Garage that is Located on a PREMIUM Oversized Lot in Gilbert. THE BRIDGES Community is a Highly Desirable Neighborhood in Gilbert. Over $250,000 has been spent on the home for the Heated Pool/Spa, Landscaping, Pavers, Enclosed AZ Room, Owned Solar (19 KWS). The Premium Location is just a short walk from the New Gilbert Regional Park. The Downstairs features a Master Retreat with His & Her closets, Dual Sinks, Soaking Tub & walk-in shower. A Detached Casita is perfect for NextGen Families, Home Theater, Bonus Game Room, Office, Gym, or Guests visiting for the Holidays. The Backyard is perfectly set up for Entertaining, Large Family Gatherings, Kids Playground

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20063 N 83rd Place Scottsdale, AZ 85255

$1,425,000

3 Beds

2.5 Baths

2,704 SqFt

Status Active

MLS # 6740838

Property Type Single Family Residence

Price Type --

Step into this exquisite single-story home nestled on a coveted corner lot overlooking the lush Golf Course in the exclusive guard-gated Talon Retreat community at Grayhawk. This TW Lewis home offers stunning sunrises, tranquil desert views and vibrant golf course activity. This refined residence offers an open floor plan with soaring 12' ceilings, gas fireplace with natural stone surround, a gourmet kitchen with elegant Shaker cabinets, sleek quartz counters with timeless Calacatta Gold marble herringbone tile backsplash. The serene primary suite provides a tranquil escape with a cozy sitting area and private access to a secluded patio. Relax in the backyard sanctuary complete with heated pebble tech pool, gas fire pit and sweeping mountain vistas. Situated in a peaceful and impeccably manicured neighborhood and a short leisurely stroll to a vibrant shopping district and exceptional dining.

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