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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25353 N 134th Drive Peoria, AZ 85383

$600,000

3 Beds

2.5 Baths

2,251 SqFt

Status Active

MLS # 6780800

Property Type Single Family Residence

Price Type --

Stunning 3-Bedroom Home with Upgrades Galore! This newer 3-bedroom, 2.5-bathroom residence boasts an array of builder and owner upgrades, making it a perfect blend of style and functionality. The heart of the home features a large kitchen island, ideal for entertaining, which seamlessly flows into a spacious family room. Enjoy cooking and gathering with family and friends in this bright and inviting space. Retreat to the primary bedroom, thoughtfully separated from the guest rooms for added privacy. It offers a generous walk-in closet and private access to the backyard—perfect for morning coffee or evening relaxation. Need extra space? The additional office or den area provides flexibility for work play area. Step outside to your backyard oasis, complete with a pavered seating area and a new synthetic turf play area, perfect for kids or pets. For pet owners, there's a gated, turfed pet area that provides natural shade and a safe space for your furry friends to play.

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10080 E Mountainview Lake Drive Unit 260 Scottsdale, AZ 85258

$600,000

2 Beds

2 Baths

1,298 SqFt

Status Active Under Contract

MLS # 6695830

Property Type Apartment

Price Type --

Introducing an unparalleled opportunity to own a prime lakefront corner unit with breathtaking views of Lake Serena in the prestigious Scottsdale Ranch community. Rarely available, this sunlit sanctuary offers an idyllic retreat with unparalleled vistas. Indulge in leisurely moments on the north-facing balcony, where you can savor refreshments against the backdrop of stunning mountain views framing the serene lake. The recently renovated kitchen boasts brand-new features and high-quality appliances, ensuring both style and functionality. Whether you seek a primary residence, a luxurious vacation getaway, or a lucrative investment, this property is a true gem. Enjoy access to the exclusive amenities of Scottsdale Bay Club, including two pools, two spas, a fitness center, and a tranquil pond. Additionally, residents can partake in the vibrant social scene and amenities of Scottsdale Ranch, further enhancing the lifestyle experience. Stay tuned for professional photos and additional information coming soon! Don't miss your chance to make this extraordinary property yours!

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6670 W Pine Cone Trail Pine, AZ 85544

$600,000

3 Beds

2 Baths

1,845 SqFt

Status Active Under Contract

MLS # 6722636

Property Type Single Family Residence

Price Type --

Gorgeous, newly built (2021) home on a half acre lot, nestled in the cool pines. This spacious home boasts an open floor plan with a large great room, kitchen, two bedrooms and bath downstairs while the primary bedroom and bathroom is upstairs with a private patio. Kitchen has top of the line appliances, granite countertops, beautiful backsplash, upgraded cabinets and a farmers sink. Wood tile planks throughout the home, no carpet. Beautiful sliding doors off the kitchen and great rooms offer amazing views of the lush forest. The home was constructed with James Hardie fiber-induced concrete siding which is fire resistant and has Milgard exterior windows and sliding doors. You won't want to miss seeing the amazing home.

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3611 N Tuscany -- Mesa, AZ 85207

$600,000

3 Beds

2.5 Baths

2,150 SqFt

Status Active Under Contract

MLS # 6779631

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom (plus loft), 2.5-bath residence in Rolling Hills at Las Sendas and EVERYTHING LAS SENDAS HAS TO OFFER! Welcoming living room with soaring vaulted ceilings, half-moon clerestory windows, plantation shutters, and a harmonious blend of soft carpet and tile flooring. Gather in the family room, offering sliding doors that lead to the backyard for seamless indoor-outdoor living. The gourmet kitchen comes with granite counters, custom wood cabinetry with crown moulding, a stone tile backsplash, recessed lighting, SS appliances, a handy pantry, and a peninsula with a breakfast bar. The main bedroom includes plush carpeting, balcony access, an ensuite with double sinks, and a walk-in closet. **1 newer ac in 23' and other 21' ..tankless water heater in 19 and water softener 23'. Enjoy a breath of fresh air on the charming balcony showcasing stunning mountain views. The backyard showcases a covered patio, pristine artificial turf, and a play area for outdoor fun. Make it yours!

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1364 W Escarpa Street Mesa, AZ 85201

$600,000

3 Beds

3 Baths

2,025 SqFt

Status Active

MLS # 6770017

Property Type Single Family Residence

Price Type --

Discover this exceptional 3-bedroom, 3-bathroom home on a nearly 1/2 acre hilltop lot at 1364 West Escarpa Street, Mesa, AZ. Enjoy breathtaking valley views, stunning sunsets, and Camelback Mountain in the distance, all with no backyard neighbors. The split floor plan features two primary suites, a family/living room with vaulted ceilings, and a dining room. The kitchen boasts espresso cabinets, granite countertops, a tile backsplash, stainless steel appliances, a breakfast nook, and a bar. Cozy up by the wood-burning fireplace or step outside to the extended covered patio. The triple-tiered backyard offers artificial turf, a fire pit, and a mini motocross/BMX track. With no HOA and proximity to ASU, Old Towne Scottsdale, and major freeways, this home is perfect for those seeking convenience and adventure.

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5100 E Rancho Paloma Drive Unit 2085 Cave Creek, AZ 85331

$600,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6739610

Property Type Townhouse

Price Type --

Luxurious almost new townhome in a gated community where you can kick back and relax in a stylish space. Furniture available on a separate bill of sale. All cabinets have handles installed. Ceiling fans in all rooms. Kitchen has reverse osmosis drinking water. Laundry has an added shelf. Walk in shower in primary. Fiber gigabit internet so working from home and online streaming is easy and enjoyable. Tesla universal EV charger wall mounted in garage. Great mountain views. Large balcony. Home is pet and smoke free. Community pool, spa, gym, barbecue and lots more. This community is about 5 minutes from Sprouts, Walmart and Frys stores. Cave Creek Recreational are is 10 minutes away and perfect for hiking, biking and horseback riding. Home has friendly neighbors.

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15223 S 17th Drive Phoenix, AZ 85045

$600,000

3 Beds

2 Baths

2,008 SqFt

Status Active

MLS # 6774110

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in Ahwatukee Foothills! Enjoy breathtaking views of South Mountain Preserve Park in this stunning residence, featuring brand new carpet and fresh paint as of November 2024. The bright, open floor plan connects the kitchen to the family room with a convenient breakfast bar for casual dining and entertaining. With generously sized bedrooms, the third bedroom doubles as a versatile office space. Vaulted ceilings in the formal living and dining areas create a spacious atmosphere. Recent updates include a new roof and HVAC system, ensuring peace of mind. Plus, benefit from direct access to hiking and biking trails! Located minutes from A+ rated Kyrene schools, Desert Vista High School, parks, and quick freeway access. Don't miss this great home!

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6312 W Villa Linda Drive Glendale, AZ 85310

Open House

$600,000

4 Beds

2.5 Baths

2,516 SqFt

Status Active

MLS # 6784492

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous move-in ready home with recent updates and breathtaking mountain views! This spacious 4 bedroom, 2.5 baths includes a convenient downstairs bedroom ideal for guests or multigenerational living. The master suite is a true retreat featuring an attached office or den with its own closet. A private balcony for enjoying the mountain views and ample space to unwind. An upstairs loft and open vaulted ceilings add to the home's airy feel, while north/south exposures offer scenic views from nearly every room. Enter your dream kitchen beautifully designed with white cabinets and quartz countertops. The island offers plenty of space for meal prep or family gatherings. There's a separate dining room as well as a breakfast nook to enjoy your morning coffee. Tile and LVP flooring throughout the downstairs area is ideal for kids and pets for easy cleaning. The extended garage provides plenty of storage space with custom cabinets perfect for your tools while offering space for parking your vehicles or recreational toys. Private cul-de-sac for you tranquility. Hiking trails and Life Time Fitness nearby for your active lifestyle. Don't miss this opportunity to make this your new home where comfort and style come together in a prime location!

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27181 W Potter Drive Buckeye, AZ 85396

Open House

$600,000

3 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6778768

Property Type Single Family Residence

Price Type --

Your Dream Awaits on a Premium Golf Course Lot with Private Casita! Enter through a tranquil front courtyard to discover a thoughtfully designed split floor plan. The spacious main living area is perfect for gatherings, with plenty of room for dining and entertaining. A gourmet kitchen shines with a large center island, granite countertops, tile backsplash, and natural gas cooking. The owner's suite offers a bay window with scenic views, a luxurious bath with double sinks and separate tub/shower, and a roomy walk-in closet. Guests enjoy privacy with a separate guest room, den, and bath, plus a private Casita that doubles as a retreat, office, or hobby space. Enjoy the stunning sunset views over the golf course and White Tank Mountains as you sit on the back covered patio. A rare find!

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28643 N 46th Way Cave Creek, AZ 85331

Open House

$600,000

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6781933

Property Type Single Family Residence

Price Type --

***FREE 1% RATE BUYDOWN FOR THE FIRST 12MONTHS** A message from our sellers'' For the past decade, this home has been more than just a structure—it's been a place where cherished memories were created, inside and out. Situated in a friendly neighborhood where connections go beyond the typical wave across the street, you'll find a true sense of community here'' Discover the charm of this single-story home in the highly sought-after Cave Creek! Inside, you'll find custom wood-paneled walls that add warmth and character, paired with an updated kitchen featuring sleek quartz counters and a custom-built breakfast bench perfect for morning coffee. Fresh carpet in the bedrooms makes every space feel inviting and comfortable. Step outside to your private oasis, complete with a sparkling fenced pool, low-maintenance artificial grass, and mature landscaping that creates the perfect backdrop for relaxation or entertaining. Nestled in a coveted location with tons of ''must-see'' features, this home combines style, comfort, and the Cave Creek lifestyle you've been dreaming of.

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846 E Tyson Court Gilbert, AZ 85295

Open House

$600,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6717024

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this lovely home, where you'll find comfort at every turn. As you enter, notice the new flooring and modern paint. The kitchen stands out with its sleek backsplash and stainless steel appliances. The primary bedroom features a large walk-in closet for all your storage needs. The primary bathroom boasts a luxurious double sink setup. Outside, enjoy the covered patio and fenced backyard for added security and privacy. A fresh paint job completes this beautiful home. Don't miss out on making it yours!

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1291 W Derringer Way Chandler, AZ 85286

Open House

$600,000

4 Beds

2.5 Baths

2,286 SqFt

Status Active

MLS # 6720936

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this comfortable and serene home. Upon entry, you'll notice freshly painted interiors in neutral colors that create a spacious feel throughout. The kitchen features stainless steel appliances ideal for your culinary needs. The primary bedroom includes a large walk-in closet for all your clothes and an ensuite bathroom with double sinks, a separate tub, and shower for relaxation. Outside, a covered patio leads to a private in-ground pool, perfect for leisure. The fenced backyard offers privacy and peace of mind. Recent updates, like new flooring in parts of the home, add to its sophistication. Experience lifestyle and comfort in this unique property.

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