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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2206 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6772917

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #14, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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2182 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776808

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #15, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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31220 N 156th Street Scottsdale, AZ 85262

$625,000

3 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6552656

Property Type Single Family Residence

Price Type --

Property on WELL water! No need to worry about paying increased hauled water rates like other homes in the area. Permits in hand and ready to construct! Move-in in as little as 6-7 months and wake up every morning to breathtaking panoramic Mountain Views!!! All new homes around. Your BRAND NEW energy efficient three bedroom home on ONE ACRE has plenty of room to live the lifestyle you have always dreamed of. Buy NOW and select all your interiors from the builders included options or go custom. No HOA! This exclusive area is growing fast. Be one of the first to take pride in ownership in it! Reach out today to schedule a private walk of the property and meet the builder. Lots of upgrades included in the price! This beautiful new construction wont last long. Renderings are representation of elevation. Some options displayed in plan are available at an additional cost.

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7647 W Nosean Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6717910

Property Type Single Family Residence

Price Type --

MLS# 6717910 Ready Now! The Iris is a single-story home offering 1,982 sq. ft. of living space with 3 bedrooms, 2 bathrooms, a 2-car garage, and a versatile flex room. As the only single-story floor plan at Aloravita South Discovery, this home is designed to impress. The foyer leads to a hallway with secondary bedrooms and a full bathroom. Moving further into the home, you'll find the open kitchen, casual dining area, great room, and flex room. Enjoy Arizona's beautiful weather from your private covered patio. The primary suite features a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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6083 E Knolls Way Cave Creek, AZ 85331

Open House

$625,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6783479

Property Type Townhouse

Price Type --

Incredible opportunity to own a home in The Knolls with amazing sunsets! Spacious great-room floor-plan is designed with entertaining in mind. Beautifully updated kitchen boasts new stainless steel appliances, granite countertops, a large island, pantry, RO system, under-cabinet lighting, & gas stove. Expansive split master suite includes a cozy nook with updated master bath and walk-in closet with custom built-ins add luxury and convenience. Secondary bedroom also features an en-suite bath. Step outside to relax in the hot tub while enjoying STUNNING Black Mountain and sunset views. Fenced backyard includes a fireplace and hot tub, ideal for chilly winter evenings. Recent updates include a new water heater (2023), Hot Tub (2020) resurfaced roof (2022), interior paint, window shades, security door, garbage disposal (2024) . The garage offers built-in cabinets and epoxy floors. Just steps away from the heated community pool and spa, and within walking distance to historic Cave Creek's dining and entertainment options!

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4402 W Goldmine Mountain Drive San Tan Valley, AZ 85144

$625,000

4 Beds

3.5 Baths

3,007 SqFt

Status Active

MLS # 6760727

Property Type Single Family Residence

Price Type --

This stunning 4 bedroom home with a den & a loft is nestled in the scenic beauty of San Tan Valley. This well maintained property offers breathtaking mountain views from both the front & backyard, adding to its serene atmosphere. The open floor plan with 9' ceilings allow for comfortable living, whether you're hosting friends or spending time with family. The kitchen is beautiful & features an island, granite countertops, pull outs & a ton of storage. Upstairs you'll find all 4 bedrooms, the loft, 3 full bathrooms & the laundry room. The owner's suite has gorgeous views of the backyard & mountains as well as a separate shower & tub, dual vanities & a large walk in closet. When you step outside into the backyard, you'll discover a deep pool perfect for cooling off in the Arizona heat. Enjoy movie nights under the stars in the pebble tech pool with a built in pull down projector screen. The pool also features a Baja step, a water feature, colorful LED lighting & it's extra deep. The covered patio & pergola is the ideal space for entertaining & outdoor dining. You'll love the beautiful backyard landscaping which includes a tangelo tree. Both the front & back have a yard watering system that can be controlled from your phone & there's also solar lighting. The backyard is absolutely spectacular! Pride of ownership is evident from the moment you walk in the front door. Within the past year a new AC unit, water softener & RO system were all installed. All appliances are also included with the sale. Located in a quiet & friendly neighborhood, this home is in the popular 85144 zip code on the Queen Creek/San Tan Valley border & it's just 15 minutes from Queen Creek Marketplace. The community of San Tan Heights features a ton of amenities such as a community center with a heated pool with lap lanes, a fitness center, a play area as well as several parks & playgrounds, & multiple volleyball & basketball courts. San Tan Heights is close proximity to San Tan Mountain Preserve for hiking & backpacking & minutes away from Golf Club at Johnson Ranch. You'll have easy access to shopping, dining, & entertainment while enjoying the tranquility of this lovely community. This home is the perfect blend of convenience, space, & charm & it's ready for you to call home!

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920 E Mitchell Drive Unit 102 Phoenix, AZ 85014

$625,000

3 Beds

2.5 Baths

2,212 SqFt

Status Active

MLS # 6784888

Property Type Townhouse

Price Type --

Welcome Home to Mitchell Lofts! Discover unparalleled luxury in this breathtaking 3-bedroom, 2.5-bathroom townhouse, ideally located in one of Phoenix's most sought-after neighborhoods. Spanning an impressive 2,200 sq ft, this sophisticated residence offers an open-concept design that seamlessly blends style and functionality. As you step inside, you'll be captivated by the soaring vaulted ceilings in the expansive living room, creating a grand and airy atmosphere. The gourmet kitchen is a chef's dream, featuring pristine granite countertops, sleek stainless steel appliances, a wine fridge, and custom cabinetry. The seamless flow between the kitchen and living areas makes it perfect for both intimate gatherings and entertaining guests. ((CONTINUED)) The master suite is a serene retreat, offering a spacious layout with a luxurious ensuite bathroom. Indulge in the spa-like experience with dual vanities, a walk-in shower, and a freestanding soaking tub. Every detail has been carefully crafted to create a sanctuary for relaxation. The lower level is just as impressive, with two additional bedrooms, a full bath, and a spacious family room - perfect for privacy or hosting. Beautiful ceramic tile flows throughout the main floor, while luxury vinyl plank flooring graces the lower level. For those who love outdoor living, a spiral staircase leads to a stunning rooftop deck, where you can enjoy panoramic views of the city skyline and beyond. Additional features include a two-car garage, storefront-style windows with custom coverings, and tasteful design elements throughout, making this townhouse the epitome of modern luxury.

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10818 E Obispo Avenue Mesa, AZ 85212

$625,000

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6776503

Property Type Single Family Residence

Price Type --

A gorgeous, well maintained 3 bedroom plus a den, 2 1/2 bath home that is move-in ready! Delightful curb appeal with easy to maintain desert landscaping, a 2 car garage, and a huge front patio to enjoy the sunset. The kitchen has staggered cabinets with crown molding, granite countertops, matching appliances and a breakfast bar. The large living room and adjacent dining area is spacious for entertaining. The master includes a walk in closet, snail shower, double sinks and a separate toilet room. Private backyard with an oversized covered patio to enjoy the Arizona winter evenings! SSV offers endless amenities for you to enjoy year round. Three 9 hole golf courses. Easy access to valley freeways.

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1060 S Redberry Drive Show Low, AZ 85901

$625,000

3 Beds

2.5 Baths

1,791 SqFt

Status Active

MLS # 6691403

Property Type Single Family Residence

Price Type --

3 bed, 2.5 bath, living room, fire place, dining area, kitchen, LG appliances, kraftmaid cabinets, laundry with sink, solid wood oak/tile floor, 2 car garage, front porch, back patio, single level on a slab, metal roof, gutters

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6621 S Calle De La Cereza -- Hereford, AZ 85615

$625,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6784667

Property Type Single Family Residence

Price Type --

WWWWWHOA........Hold your horses!!!!! This is it!!! Remodeled Ranch house with metal roof on almost 5 acres with a Private Well, Pool with solar, Shop with electric, THE BEST 12 stall barn I have seen in Sierra Vista with pastures that include auto/waterers-high quality fencing that is cross fenced with turnouts, the value of this barn is out of this world and includes a wash rack too! Property includes an over built huge chicken coop, garden areas with fruit trees the most amazing views of the Huachuca Mountain and the Mule Mountains, and so much more!! Ask me or your realtor for Seller's 'Feature Sheet' this document will tell you ALL the extras to detail this one-of-a-kind property has to offer. There is not enough space here to list all!! That is how wonderful this property is!!

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1622 E Cortez Street Phoenix, AZ 85020

$625,000

3 Beds

1 Bath

2,050 SqFt

Status Active

MLS # 6721387

Property Type Single Family Residence

Price Type --

Unique horse property in the heart of town on almost a full acre parcel. So large it feels like you have no neighbors and can enjoy the tranquility and a perfect location, minutes away from everything you need! Survey is available for lot split. Upstairs has 2 bedrooms (converted to 3) and 1 full bath with lots of upgrades and impressive woodwork, spacious upgraded eat in kitchen and large bedroom. In addition there is a basement with a separate entrance and two additional rooms. This is a rare find. Don't miss it. Buyer is responsible for verifying all material facts.

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22769 E Orion Way Queen Creek, AZ 85142

$625,000

4 Beds

3 Baths

2,635 SqFt

Status Active

MLS # 6727430

Property Type Single Family Residence

Price Type --

Wait for the Builder? No need with this upgraded ready to go beauty! 4 bedroom 3 bath home with tandem 3 car garage, finished backyard with artificial turf and great landscape. Home is highly upgraded and move in ready now! 12x8 sliding glass door that leads out to the extended covered patio. Pavers at drive, walk and entry, garage service door and an 8' garage door. Stainless steel gas appliance package with a 30'' cooktop/canopy hood. Tahoe Cherry slate cabinets through out with 42'' upper kitchen cabinets with 4-1/4'' crown. AZT Della Terra Quartz ''Linen-Off white'' quartz countertops. Upgrade floor includes Aura Cream 20x20 tile and Neutral color carpet. White Matte 4x12 ceramic tile at the shower/tub surrounds in owner's bath. Water softener and gas stub finish off the perfect home.

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