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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23008 E Galveston Street Mesa, AZ 85212

$1,250,000

3 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6764340

Property Type Single Family Residence

Price Type --

*SELLERS WILL PAY 10K- BUYERS CLOSING COSTS/ RATE BUY DOWN* Nestled in Rancho Apache this non HOA home sits on over an acre of land, surrounded by nature and grandiose custom homes. Near fwy 24, Eastmark, and the famous sports complex. This location is unbeatable, very close to shopping, dining, and entertainment! This home features 13ft ceilings, custom floor to ceiling windows and glass doors throughout, which makes it spacious and open. A great kitchen with large waterfall island perfect for entertaining. 3ba and 3bd plus a flex room which can be used as a 4b/ office/ den, all bd have exterior access. The 3 car garage is overextended and spacious, also features RO and water softener. And a large workshop in the back. This home is ready to make your own!

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11790 E Bella Vista Drive Scottsdale, AZ 85259

$1,250,000

4 Beds

2 Baths

2,087 SqFt

Status Active

MLS # 6778837

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this beautifully remodeled home within the prestigious guard-gated community of Stonegate. Spacious design exudes elegance with natural light, from the refined living areas to the sleek modern kitchen with top-of-the-line built-ins and abundant cabinetry. A dramatic living space offers versatility, while the split bedroom layout ensures privacy for all. Well sized owner's suite features a large walk in closet, spa-like bathroom, perfect for relaxation and French Doors to the beautiful yard. Outside, the extended covered patio and sparkling pool create a stunning backdrop for entertaining. Enjoy community resort-style amenities: pool, spa, pickleball/tennis, trails, playground, and more—experience luxury living at its finest in Scottsdale!

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34428 N 68th Way Scottsdale, AZ 85266

$1,250,000

2 Beds

2.5 Baths

1,974 SqFt

Status Active

MLS # 6767039

Property Type Single Family Residence

Price Type --

Completely reimagined Crista floorplan with the finest luxurious materials and designer finishes. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding more storage. Residents of Terravita Country Club enjoy a lifestyle rich in amenities, including dining, a pool, tennis, pickleball, and a fitness center, all set against beautiful mountain-side views.The Terravita lifestyle offers a private 18 hole champion golf course, driving ranges, chip and putting practice areas. Homes come with a social membership to the First Class Country Club, complete with dining and banquet facilities, swimming, spa and tennis center, a state-of-the art health & fitness center, 6 pickle ball courts, social meeting pavilion, and miles of walking/jogging trails.

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6060 E Nugget Patch Trail Prescott, AZ 86303

$1,250,000

3 Beds

4 Baths

3,181 SqFt

Status Active

MLS # 6787168

Property Type Single Family Residence

Price Type --

Magnificent Mountain Setting having 7.2 Split-able Acres with Fabulous VIEWS of Granite Mountain, Thumb Butte, San Francisco Peaks, Bill Williams & City Lights of Prescott Valley!!! This Beautiful home built in 2016 has 3181 Sq Ft of Semi-Custom Construction featuring 3Bedrooms/3.5Bathrooms/3CarGarage + Den or (Possible 4th Bedroom), GREAT ROOM, Sunken Formal Living Room, Game Room/Rec Room with Bar & Pool Table, Vaulted/Beamed Ceiling, Ceiling Fans, Hardwood, 20'' Tile, & Carpet flooring, Peeled Pole Accents, Wood/Gas Fireplace with Stone Chimney face, & Upgraded Lighting. Kitchen is fabulous with Knotty Hickory Cabinetry, QUARTZ Countertops, Tile Back Splash, ISLAND/Island Sink, Breakfast Nook, Pantry, & Black Stainless-Steel Appliances (Inc. Fridge)... Huge Master on Second Floor, Dual Sinks, Jetted Garden Tub, Snail Shower, His & Her Closets, & has Private Deck. The 2 Bedrooms on Main Floor are Spacious & are both MINI MASTERS...one with Full Tub/Shower & the other with Walk-in Shower. Additional Features include Large Laundry Room w/Washer & Dryer conveying, large Fenced Back Yard with Gazebo & Artificial Grass to enjoy those Outstanding VIEWS. You must see this to get the full effect!!!!

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2211 E Camelback Road Unit 506 Phoenix, AZ 85016

$1,250,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6768074

Property Type Apartment

Price Type --

UNOBSTUCTED Mountain VIEWS! Immaculate, updated condo. 2 bed/2 bath - Wood floors throughout. Murphy bed and desk in guest bedroom. Open floor plan with views from every room. Fully updated kitchen. Washer/dryer included. Lots of storage throughout. Fully equipped gym, Roof top heated swimming pool/jacuzzi and 2 BB pits. Surround sound music throuoghout common areas. HOA fee includes everything except electriity. Fully equipped state of the art gym. Building business office with 2 terminals and high speed internet/fax/copier etc. Club room with huge. TV/Fireplace/Piano/Library. Available for immediate occupancy. Beautifully updated! Also available for lease.

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7734 E Adele Court Scottsdale, AZ 85255

$1,250,000

6 Beds

3.5 Baths

3,281 SqFt

Status Active

MLS # 6767959

Property Type Single Family Residence

Price Type --

Nestled in the coveted North Scottsdale 85255 zip code! Entering be captivated by soaring ceilings & upgraded flooring. This unique layout offers 2 master suites one upstairs & the other on the main level providing ultimate comfort & privacy. while an additional main level bedroom offers extra space for guests. The gourmet kitchen offers premium Viking appliances, double oven & island perfect for culinary creations & entertaining. The large great room invites relaxation, Upstairs, you'll find 4 additional bedrooms. The second master suite serves as a personal retreat! Step outside to a beautiful yard with a sparkling pool & backing to a natural area for added privacy. Conveniently located to upscale shopping, fine dining, world-class golf & vibrant entertainment epitomizing luxury living.

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4721 W Banff Lane Glendale, AZ 85306

$1,250,000

4 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6768569

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated horse property featuring 8 spacious stalls, perfect for equestrian enthusiasts! The kitchen has been fully remodeled with stunning quartz countertops, sleek new cabinets, and modern appliances including oven, stovetop, refrigerator, stove vent, and dishwasher. All 3 full bathrooms have also been upgraded with quartz countertops, new sink cabinets, stylish glass showers, and new toilets. Additional updates include brand-new doors and windows with shutters, a new Pentair motor and filter system for the swimming pool, repaired stable area poles with new lighting, fresh countertops in the laundry room, steel gates leading to the backyard, and new pole lights for added illumination. This property is a perfect blend of luxury and functionality, ready for you

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930 W Maryland Avenue Phoenix, AZ 85013

$1,250,000

3 Beds

3 Baths

2,922 SqFt

Status Active

MLS # 6771148

Property Type Single Family Residence

Price Type --

Your dream corner lot home is finally here! This 3-bedroom gem boasts fantastic curb appeal with a 3-car garage, a circular driveway with a canopy, and an immaculate lawn. Fall in love with the delightful open floor plan with soaring ceilings, recessed lighting, a soothing palette, and 24x48 Italian tile flooring. The gourmet kitchen comes with quartz counters, modern flat-panel cabinetry, pendant lighting, a stylish tile backsplash, stainless steel appliances, a handy pantry, and a large center island with a breakfast bar for casual dining. The primary bedroom features a romantic fireplace, direct backyard access, a lavish ensuite with double sinks, and a spacious walk-in closet. Outdoors, the enchanting backyard showcases a covered patio and a refreshing pool. Make this gem yours!

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3007 E Calaveros Drive Phoenix, AZ 85028

$1,250,000

4 Beds

3 Baths

2,576 SqFt

Status Active

MLS # 6774557

Property Type Single Family Residence

Price Type --

Highly sought after Heritage Heights remodel. Enter the home through custom Wrought Iron Double Entry Door with double operable insulation glass and step on tile that looks like real wood. This oversized lot in a cul-de-sac w/ a north/south exposure has fab mountain views and is walking distance to the trails at the Phoenix Mountain Preserve & Piestewa Peak.. The gorgeous kitchen features updated quartz countertops w/ glass back splash, top of the line stainless steel Samsung appliances w/ a gas stove and pantry. Bathrooms with double sinks and granite countertops, huge primary room with a generous walk in closet sports a shower with 2 heads and a warming heater and a separate soaking tub. Cozy fireplace in the family room, formal dining and a separate great room. (see more) Newer low-e dual paned windows. Community has a pool (heated part of the year), tennis, pickle ball, game room in the rentable clubhouse. The Memorial Day Parade and other fun activities make for one of the most cherished neighborhoods in the Valley (see under documents). Back yard has a large covered patio with tongue and groove ceiling, a built in firepit, fabulous BBQ with seating, large side yard with garden and another large side yard with view, shed and an RV gate for storing items such as boats and toys. Safe stays as it is part of the home. Good size 2 car garage with epoxy flooring on this elevated lot. Easy access to the SR-51, restaurants, shopping and more. Fabulous mountain views!!

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7788 E Main Street Unit 1003 Scottsdale, AZ 85251

$1,250,000

3 Beds

3.5 Baths

2,115 SqFt

Status Active

MLS # 6772687

Property Type Townhouse

Price Type --

BUILDER financing available. Up to $10,000 in closing costs. Will consider lease to own. This resort style community features 21 units, each with its own spacious two car garage and rooftop balcony. The elegant contemporary exterior architecture, and careful attention to detail & design, make Seneca Luxury Condos an inviting community atmosphere. Your new conveniently located home in Old Town Scottsdale awaits! As you walk up to your home in Seneca, you experience a luxury private gated vestibule leading you through the cobblestone paver patio to a custom modern glass and iron front door for each unit. Entering the home, you will immediately take in the sophisticated and livable design! The interiors combine luxury with urban contemporary. Elevators are an option for these beautiful townhomes. From the premium selected base package including solid core hardwood flooring, the executive Thermofoil kitchen cabinets, natural Quartz counters, beautiful European fixtures, for the chef or the entertainer, this kitchen will be difficult to say no. Each unit has 3 ample sized bedrooms and 3 baths with complete attention to detail such as touchscreen, backlit , LED mirrors, intricate stone design in showers and baths, walk in closets and full patio or balcony offering outdoor privacy in every room. Through the custom contemporary open stairways featuring hand cut stairs and railings, you will access the remote-operated skylight with stairs leading to your exclusive roof-top outdoor deck space with composite wood plank flooring. The impressive 500 sq ft rooftops come plumbed for gas and water allowing future owners the opportunity to get a complete outdoor kitchen, perfect for enjoying Arizona's beautiful sunsets and year-long warm weather. Come visit today and take advantage of year end pricing and incentives.

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7788 E Main Street Unit 1002 Scottsdale, AZ 85251

$1,250,000

3 Beds

3.5 Baths

2,115 SqFt

Status Active

MLS # 6772692

Property Type Townhouse

Price Type --

BUILDER financing available. Up to $10,000 in closing costs. Will consider lease to own. This resort style community features 21 units, each with its own spacious two car garage and rooftop balcony. The elegant contemporary exterior architecture, and careful attention to detail & design, make Seneca Luxury Condos an inviting community atmosphere. Your new conveniently located home in Old Town Scottsdale awaits! As you walk up to your home in Seneca, you experience a luxury private gated vestibule leading you through the cobblestone paver patio to a custom modern glass and iron front door for each unit. Entering the home, you will immediately take in the sophisticated and livable design! The interiors combine luxury with urban contemporary. Elevators are an option for these beautiful townhomes. From the premium selected base package including solid core hardwood flooring, the executive Thermofoil kitchen cabinets, natural Quartz counters, beautiful European fixtures, for the chef or the entertainer, this kitchen will be difficult to say no. Each unit has 3 ample sized bedrooms and 3 baths with complete attention to detail such as touchscreen, backlit , LED mirrors, intricate stone design in showers and baths, walk in closets and full patio or balcony offering outdoor privacy in every room. Through the custom contemporary open stairways featuring hand cut stairs and railings, you will access the remote-operated skylight with stairs leading to your exclusive roof-top outdoor deck space with composite wood plank flooring. The impressive 500 sq ft rooftops come plumbed for gas and water allowing future owners the opportunity to get a complete outdoor kitchen, perfect for enjoying Arizona's beautiful sunsets and year-long warm weather. Come visit today and take advantage of year end pricing and incentives.

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26715 N 168th Street Rio Verde, AZ 85263

$1,250,000

4 Beds

3 Baths

2,594 SqFt

Status Active

MLS # 6774784

Property Type Single Family Residence

Price Type --

Welcome to Whispering Canyon - a breathtaking 3.5-acre desert retreat in Rio Verde Foothills! This luxurious 3-bedroom, 3-bath property, complete with a charming guest casita, is perfect for a family compound or serene getaway. The main home features an open layout w/ high ceilings, abundant natural light, and elegant finishes. The gourmet kitchen boasts premium appliances and a spacious island, ideal for entertaining. The master suite offers a spa-inspired bath, walk-in shower, and ample closet space. Outdoors, enjoy stunning views, a covered patio, & pristine desert landscaping. Whispering Canyon is equipped with a 5,050-gallon water tank by Dynamite Water & permanent water service approved by EPCOR, ensuring reliable access. Embrace the ultimate desert lifestyle in comfort & style.

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