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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20051 W Pasadena Avenue Litchfield Park, AZ 85340

$634,500

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6776214

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home on over an acre of land! Enjoy mountain views from your front patio and a new AC unit replaced this year! This home features 3 bedrooms, 2 bathrooms, updates throughout, and an open great room layout. You will love this stunning kitchen with granite countertops, stainless steel appliances, and a kitchen island with a breakfast bar. The soft neutral tones and elegant wood-look flooring throughout the home create a clean, cohesive aesthetic .The primary suite is spacious with an ensuite featuring dual sinks, a soaking corner tub, a separate shower, and a huge walk-in closet! The remaining 2 bedrooms have walk-in closets and ceiling fans. The laundry room has added upper cabinets for additional storage! The private backyard is fenced and offers an extensive covered patio with extensions. Enjoy easy care landscape with artificial grass. Beyond the back gate you will find a huge yard with plenty of room for horses and a 24X35 Insulated metal workshop/garage generator attached! Additional features include lifetime sunscreen film applied, insulated garage, gutters, Security doors on both patio doors, and pull-out shelves in kitchen. Do not miss out on this home!

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5101 E Terry Drive Scottsdale, AZ 85254

$634,000

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6713504

Property Type Single Family Residence

Price Type --

BRAND NEW ROOF on this immaculate home on a corner lot conveniently located near the community pool, tennis courts and Greenbelt in highly desirable Paradise Manor. This charming home offers a private courtyard, vaulted ceiling in the light open living room with fireplace, 3 bedrooms, 2 baths and kitchen with NEW Dishwasher, SS appliances and granite countertops. Primary bedroom with large walk-in closet opens to the private covered back patio and main suite bathroom has separate shower and tub and double sink vanity with granite countertops. In addition, this superior Scottsdale location is just a few minutes drive to Kierland Commons/Scottsdale Quarter, Paradise Valley Mall, and numerous restaurants and shopping. Great opportunity to make this home with NEW water heater your own.

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1436 E Rosemonte Drive Phoenix, AZ 85024

$634,000

3 Beds

2.5 Baths

1,955 SqFt

Status Active

MLS # 6750566

Property Type Single Family Residence

Price Type --

Beautifully renovated residence in North Phoenix, with the option of an ASSUMABLE LOAN with 4.25% interest rate. Just moments away from the Loop 101, I-17 & 51 freeways, and the vibrant shopping and dining hubs at Desert Ridge & High Street! Thoughtfully designed 3-bedroom, 2.5-bathroom home featuring soaring vaulted ceilings, wood plank porcelain tile flooring, a stunning custom-tiled two-sided fireplace, and two distinct living areas! The recently revamped kitchen showcases elegant white shaker cabinets, gray quartz countertops, stainless steel appliances, subway tile backsplash, and ambient under-cabinet lighting. A few of the many recent upgrades are: all new upstairs carpet, master shower and tile renovation, 4 bathrooms faucet installation, new built-in Microwave, and new heat pump and air handler. The generously sized master suite is a haven, featuring a dual sink vanity, an expansive custom-tiled shower, white & grey veined quartz countertops, and exquisite designer accents. Embrace the scenic mountain views and sunsets from the primary suite balcony! Outdoors, discover a spacious covered patio complemented by a sparkling pebble tec swimming pool and synthetic grass, creating a delightful retreat. Noteworthy features include designer lighting, remote-controlled ceiling fans, Porter Barn Wood accents, a two-tone interior paint scheme, berber carpeting, wood beam ceilings, French doors, skylights, and custom cabinetry & shelving in the laundry room and garage, among an array of other features that make this home truly unique. Don't miss the chance to experience this exceptional property!

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2528 W Coyote Creek Drive Phoenix, AZ 85086

$634,000

4 Beds

2.5 Baths

2,803 SqFt

Status Active

MLS # 6770980

Property Type Single Family Residence

Price Type --

This expansive home is nestled on a premium lot backing onto a wash, boasting mountain vistas and featuring 4 sizable bedrooms and 2.5 baths across more than 2800 Square Feet, which includes a separate casita! The layout encompasses two living spaces on the ground floor with plank tile floors and a neutral color scheme throughout. The kitchen is equipped with granite countertops, stainless steel appliances, including a double oven range, cabinets with pull-out shelves, a two-door pantry, an island with extra storage, and recessed lighting. All bedrooms are located upstairs. The primary bedroom includes a sitting area and an attached bathroom with a dual sink vanity, separate tub and shower, linen closet and a walk-in closet. Additionally, two secondary bedrooms come with walk-in closets. The private backyard is a haven with a covered patio featuring a ceiling fan, a heated pool and spa, ample flagstone-style decking, a firepit, low-maintenance desert landscaping, and fencing that provides views of the desert and mountains. The separate casita, complete with a wall-mounted AC unit, is perfect for use as a pool house, office, or gym. Other highlights are the recently updated A/C units, a laundry room on the main level, a guest powder room, and a two-car garage. Anthem Parkside presents exceptional amenities for the whole family, including over 30 parks and a community center with a gym, indoor basketball/volleyball courts, a 10-court pickleball complex, and an outdoor water park.

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3476 E Pinto Drive Gilbert, AZ 85296

$634,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6764649

Property Type Single Family Residence

Price Type --

Discover your oasis in Lakeview Trails at Morrison Ranch! This like-new, meticulously maintained home, built in 2019, features 3 spacious bedrooms, 2 luxurious baths, a versatile den and an additional bonus space. Upgraded throughout, the home boasts beautiful wood plank tile flooring that enhances its modern charm. The heart of the home is a large, open kitchen with a massive island, perfect for gatherings and culinary adventures. Step outside to your backyard paradise, complete with low-maintenance artificial grass, a built-in BBQ, and a cozy fire table for memorable evenings. With built-in permanent LED holiday lighting, your home shines year-round. Enjoy serene lake views, multiple playgrounds for the kiddos, and walking paths throughout this welcoming community with friendly neighbors. This gem won't last long-come see it today!!

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17040 W Echo Lane Waddell, AZ 85355

$633,999

4 Beds

3 Baths

2,529 SqFt

Status Active

MLS # 6769239

Property Type Single Family Residence

Price Type --

Ask about seller contribution for 2/1 interest rate buy down!! Don't miss this beautifully upgraded home featuring a full 3 bed/2 bath residence and an attached guest space w/ full kitchen, full size washer and dryer, separate bedroom and full bath... and sparkling pool to top it all off! This floor plan is perfect for multigenerational living, visiting family or friends or it can offer a great opportunity for rental income! This home is so light and bright and features an open floor plan with lots of windows and tastefully upgraded tile floors in all the right places. Both kitchens have beautiful quartz counters tops, 42'' cabinets, tile backsplash, stainless steel appliances and added open shelving. Bathrooms have quartz counter tops and showers with floor to ceiling tile. Outdoor spaces are low maintenance with paved decking, river rock and astroturf. The backyard is perfect for entertaining with a large covered patio and refreshing pool. The lighted pool and patio area create a serene evening oasis ideal for Arizona living. Northern Crossing is a gated community with walking paths and green parks for larger gatherings. All of this in a convenient location near grocery shopping, restaurants, and a hop skip and a jump away from the 303 for an easy commute.

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848 W Flatiron Trail Apache Junction, AZ 85120

$633,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750683

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by October. Conveniently located near community parks, grocery stores, and dining options.

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4931 W Weeping Willow Way Laveen, AZ 85339

$633,935

5 Beds

4 Baths

3,475 SqFt

Status Active

MLS # 6772638

Property Type Single Family Residence

Price Type --

This amazing 5 Bedroom, 4 bath home with a 3-car garage home is on a large lot with a large, covered patio and plenty room for a wonderful pool and more. It has a highly sought-after full bedroom & bath downstairs, with 4 bedrooms, 3 baths & a loft upstairs & a 3 car garage. Wonderful Kitchen has a beautiful large island with Quartz countertops and a custom backsplash, walk in pantry & butler's pantry, This open kitchen is perfect for entertaining. All bedrooms are spacious and have walk in closets and connected with a wonderful upstairs loft. Master suite has his & her closets, separate tub & shower along with separate vanities. This beautiful home is under construction and will be ready in December. SELLER IS OFFERING CLOSING COST OR RATE BUY DOWN ASSISTANCE.

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4946 W Weeping Willow Way Laveen, AZ 85339

$633,892

3 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6763282

Property Type Single Family Residence

Price Type --

NEW HOME WITH AN RV GARAGE ON AN OVERSIZED LOT. This new home has 3 bedrooms + a den. Gourmet Kitchen has a wonderful island that opens to the large great room. Kitchen has Staggered,' upgraded painted cabinets, quartz countertops & stainless-steel appliances with double ovens, gas cooktop and designer hood. The den is perfect for that home office, work out room or kids play area. Home has beautiful wood plank tile throughout except the bedrooms. Master suite is split from the other secondary rooms. Don't miss the amazing over 40' RV Garage along with the 2-car garage. Perfect for all your toys. This community is surrounded with mountain views. This lot is 10' deeper than the standard lots and 5' wider. Come make this one yours. Completion date early 2025.

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1901 E Woodsman Place Chandler, AZ 85286

$633,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6750755

Property Type Single Family Residence

Price Type --

Welcome to this charming and spacious 4-bedroom, 2-bathroom home, thoughtfully designed to offer both privacy and comfort. From the moment you step inside, you'll appreciate the inviting atmosphere and well-planned layout. The split floor plan ensures everyone has their own space to unwind, while the cozy office/den provides a quiet retreat for work or study. A standout feature is the eat-in kitchen, perfect for meals or gatherings, connecting to the living area. Outside, discover a private oasis with a covered patio and a refreshing pool. A new A/C unit installed in September 2024 ensures year-round comfort. The home also offers a handicap sink and a roll-in shower for added accessibility. Spacious 3-car garage.

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10029 E Lakeview Circle Mesa, AZ 85209

$633,000

6 Beds

3 Baths

3,435 SqFt

Status Active

MLS # 6774588

Property Type Single Family Residence

Price Type --

Wonderful move-in ready home in The Villages of Eastridge. Upon entering you will notice the well-designed floorplan featuring a separate living area, elegant dining room, spacious family room, and large eat-in kitchen. One bedroom and full bath are conveniently located on the first floor, while the second level has an additional 5 bedrooms and a versatile loft. Huge 6th bedroom offers endless possibilities - a game room, bonus living space, theater room, etc. Large primary bedroom has a vaulted ceiling, and the primary bathroom features a separate tub and shower with dual raised vanities. Recent updates include exterior paint, interior paint, new carpet, washer/dryer and dishwasher. Solar has been paid off so you can enjoy significant savings on your electric bills for years to come. The backyard has a great pool with a waterfall and the patio is wired for outdoor speakers - ideal for entertaining. The community contains many parks and playgrounds, basketball court and picnic areas. Easy access to Loop 202& 60 freeways. Great neighbors!

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22437 E Cattle Drive Queen Creek, AZ 85142

$632,999

4 Beds

3 Baths

2,096 SqFt

Status Active

MLS # 6701362

Property Type Single Family Residence

Price Type --

THIS HOME IS UNDER CONSTRUCTION. POPULAR GREAT ROOM-4 BEDROOM , 3 BATH, INCLUDES WINDOW COVERINGS , CEILING FANS, PAVER DRIVEWAY AND WALKWAY, GAS TANKLESS WATER HEATER, ETC.! BUYER TO SELECT CABINETS, FLOORING, COUNTERS, SINKS ETC.. ALL THIS IN THE NEW PREMIER MASTER PLAN COMMUNITY IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING, CANOEING, AQUATIC CENTER WITH LAP WITH LAP AND SPORT POOL, SPLASH PAD, BOCCE BALL, PICKLE BALL. BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE...KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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