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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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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21042 E Camina Buena Vista Queen Creek, AZ 85142

$632,482

4 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6760268

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus Builder/Lender Financing Incentive Available when financing with builder's preferred lender(s) of up to $25K towards closing costs or interest rate buydown. Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful home backs to common area with no homes directly behind and is also adjacent to the park/common area. Beautiful upgrades include Smoke cabinets, Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave, Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Plank Tile Flooring, & Window Blinds. Don't Wait, Come See This Home Today!

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5462 W Geronimo Street Chandler, AZ 85226

$632,000

4 Beds

2 Baths

2,248 SqFt

Status Active

MLS # 6775164

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-story home in a highly desirable Chandler neighborhood, previously a model home! This spacious 4-bedroom, 2-bath residence boasts a split floor plan, featuring a luxurious master suite with French doors opening to a large covered patio and backyard oasis, complete with a sparkling heated pool and spa, resurfaced in 2020. The master bath has been beautifully remodeled with a jetted jacuzzi tub and separate shower. Enjoy newer amenities, including a Trane AC, roof underlayment, appliances, and water heater. The 3rd car tandem garage has been converted to a versatile additional room, perfect for a den, office, or game room, w/ easy conversion back to a garage. Fresh exterior paint in 2022 adds to the home's curb appeal. Don't miss this exceptional opportunity.

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5704 W Larkspur Drive Glendale, AZ 85304

$632,000

5 Beds

3 Baths

4,052 SqFt

Status Active

MLS # 6712194

Property Type Single Family Residence

Price Type --

****HUGE PRICE IMPROVEMENT**** POOL INCLUDED*** Absolute charmer on a LARGE corner lot w/ a spacious 3-car garage! You will be impressed w/ the 5 bed, 3 bath 4052 sf home, harmonious interior offering gleaming wood-look floors, a designer color palette, plantation shutters, a convenient media niche, & a delightful fireplace. The impeccable kitchen boasts white cabinetry, mosaic backsplash, recessed lighting, large walk-in pantry, SS appliances, & a center island w/a breakfast bar. Double doors open to the oversized main suite, soft carpet throughout, private bathroom w/dual sinks, a large walk-in closet, & a generously sized sitting area adorned w/a two-way fireplace. The amazing backyard is perfect for entertaining guests, with a sparkling swimming pool, outdoor kitchen, covered pati & swaying palm trees, this is a gem you cant miss and i promise you wont be disappointed!

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21050 E Camina Buena Vista Queen Creek, AZ 85142

$631,608

3 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6760428

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus Builder/Lender Financing Incentive Available when financing with builder's preferred lender(s) of up to $25K towards closing costs or interest rate buydown. Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful home backs to common area with no homes directly behind and is also near the park/common area. Beautiful upgrades include Natural Maple Cabinets, Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave, Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Plank Tile Flooring, & Window Blinds. Don't Wait, Come See This Home Today!

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2121 W Sonoran Desert Drive Unit 45 Phoenix, AZ 85085

$630,995

2 Beds

2.5 Baths

1,854 SqFt

Status Active

MLS # 6728641

Property Type Townhouse

Price Type --

This beautifully crafted villa offers 1,854 square feet, 2 primary suites, and 2.5 baths. Tall windows in the great room allow for an abundance of natural light. Designer-appointed features throughout. Contemporary neutral paint colors throughout makes this home ready for you to add your personal touches. Explore everything this exceptional villa has to offer

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20431 W Lost Creek Drive Buckeye, AZ 85396

$630,000

3 Beds

2.5 Baths

2,856 SqFt

Status Active

MLS # 6774424

Property Type Single Family Residence

Price Type --

Charming Engle Alvarado home with private backyard. Welcome to your dream home! This meticulously maintained 3-bedroom, 2.5-bath residence perfectly blends mid-century charm with modern convenience. Upon entering, you'll find a bright and secluded office, ideal for remote work or study. The heart of the home features a spacious kitchen with a large center island, perfect for meal prep or casual gatherings. Sliding glass doors and multiple oversized windows make the space in this home light, bright and airy. Would you like multiple storage areas in your new home? This house has that! Coat closet, pantry, large laundry room and oversized linen closet. The single stall third car garage shares three interiors walls, offering additional storage space. Step outside to the interior courtyard, perfect for al fresco dining just off the kitchen. The expansive backyard features low-maintenance landscaping and offers a private oasis for hosting family and friends. This tidy home is a true gem and will not last long. Located in the Main St district of Verrado, with winding tree-lined streets where front porch parties happen organically and community celebrations just keep bringing people together. With over 26 miles of hiking and biking trails, there are plenty of opportunities for kids and adults of all ages to get out enjoy everything from a casual morning stroll to an ambitious summit hike. Verrado's walkable Main Street district means shops and restaurants are only minutes from your door. Five highly performing schools and more than 86 neighborhood parks are yet another part of what makes Verrado so special. However you decide to spend your days, you can rest assured you'll end each one with an unforgettable White Tank Mountain sunset.

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15743 W Sierra Street Surprise, AZ 85379

$630,000

5 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6701423

Property Type Single Family Residence

Price Type --

This impeccably upgraded home features freshly painted walls and new carpeting, enhancing its already charming appeal. From the stylish tile, cabinets, and granite countertops to the welcoming loft and game room, every detail exudes modern elegance. The master bedroom boasts luxury amenities, including a separate large tub and shower, double sinks, and not one, but two master closets. Additionally, there's a cozy den, perfect for relaxation or work. The expansive formal dining area adds to its allure. With its refreshed interiors and upgraded features, this home offers a perfect blend of comfort and sophistication for tenants to enjoy.

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