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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16214 W Questa Drive Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6708544

Property Type Single Family Residence

Price Type --

Welcome to Sonoma Coast at Esca;lante! New construction TO BE BUILT! This single level 2357 SF single level 3 BR with den, 2.5 BA home is for the garage guy! 5 1/2 tandem car garage on a larger 8,840 S.F. lot!!. This home can easily be expanded to 5 bedrooms 3 baths. Surrounded by all single level homes. Exciting included features include - 10' ceilings, 8' doors, granite tops in the kitchen, tank less water heater, front yard landscape package. Large kitchen Island with Prep Area. paver driveway, 2'' faux blinds on all windows, ceiling fans in all room,EV outlet in garage, Indoor air plus and Energy Star Qualified. This home is to be built! Floorplan under doc tab.

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11255 E Utah Avenue Mesa, AZ 85212

$599,900

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6712922

Property Type Single Family Residence

Price Type --

Don't miss this quick move-in home. Stunning 4 bedroom home with Den and 3.5 baths. Occupied less than 6 months, but not by choice. Includes appliances, window treatments, cabinet hardware, RO water. Gourmet kitchen includes quartz countertops, 42'' white shaker cabinets and stainless steel appliances with gas cooktop, hood, wall oven and built in microwave. Spa like master bath with separate tub and shower. Tile floors in all the main areas, carpet only in bedrooms. 10' Ceilings with 8' interior doors. 4 1/4' baseboards, paver drive, walkway, and patio. Energy star home for comfort and energy efficiency. Quick move-in and seller willing to offer concessions to assist with closing fees and or buy down rates with reasonable offer. Seller says bring all reasonable offers!

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18805 W Oregon Avenue Litchfield Park, AZ 85340

$599,900

6 Beds

4 Baths

3,159 SqFt

Status Active

MLS # 6730177

Property Type Single Family Residence

Price Type --

This home 6 bed/4 Bath home is a true gem, featuring advanced solar panels and storage banks for exceptional energy efficiency and substantial savings on utility bills. Enjoy a healthier, chemical-free swimming experience in the ozone pool. Check out the contemporary kitchen and open-plan living areas, perfect for modern living. The primary and guest bedrooms are conveniently located downstairs. Why buy a new build when everything is already done for you to enjoy right away! Seller offering concession for rate buy down too!

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4506 W Maggie Drive San Tan Valley, AZ 85144

$599,900

5 Beds

3.5 Baths

3,254 SqFt

Status Active

MLS # 6730680

Property Type Single Family Residence

Price Type --

You don't want to miss this rare NEXT-GEN home offering a total of 5 bedrooms & 3.5 baths with a newly updated and never lived in CASITA with a separate entrance, separate kitchen, laundry hook up, living area, bathroom and bedroom. 3253 sq ft with the main portion of the home offering separate living/dining, family rooms and upstairs loft. Granite countertops, gas range, stainless appliances, pantry and island with breakfast bar. Sliding doors lead out to the covered patio, HEATED POOL, pergola-covered decking, and additional paver patios, perfect for outdoor entertaining! Loft, bedrooms & laundry are upstairs. Home also features a new upstairs AC unit in 2021 and a new gas water heater in 2023.

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10511 E Portobello Avenue Mesa, AZ 85212

$599,900

3 Beds

2.5 Baths

2,584 SqFt

Status Active

MLS # 6733154

Property Type Single Family Residence

Price Type --

Amazing value with everything you want, 3 Car Garage, California Play Pool w/waterfall, N/S exposure, 3 BR's + a Den! 2-1/2 Baths, Split floor plan, Upgraded very nicely! Kitchen offers Granite Counters with large Breakfast Bar, Stainless Appliances, Raised panel light maple cabinets & tile floors & it's connected to Large Family Room. There's also a Living Room & separate Dining Room. The Master Suite is a wonderful size along with the updated Master Bath, offering separate tub & shower with nice tile surrounds including glass inserts, dual sinks & private water closet & large closet! Wow, the backyard offers a pebble tech play pool & Built in BBQ making it an entertainers dream with plenty of additional room for pets & kids to Romp . Also offers Double gate for easy access

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4638 W Hayward Avenue Glendale, AZ 85301

$599,900

5 Beds

3 Baths

2,483 SqFt

Status Active

MLS # 6735480

Property Type Single Family Residence

Price Type --

Stunning FIVE-bedroom remodeled home in Golden Palm Estates! Perfectly situated in almost half acre lot, this home boasts THREE fully remodeled bathrooms, white kitchen cabinetry, granite counters, stainless steel appliances, just painted interior, washer/dryer, gas fireplace, separate living & family room, updated tile flooring, fresh exterior paint, room for two RV gates, and a Sparkling POOL that is perfect for the Arizona summers and outdoor entertaining! At over 19,000 sq ft you will have plenty room for outdoor activities, gardening, or enjoying the fresh air. Don't miss out on this incredible opportunity to own a piece of Arizona paradise! Make your appointment today & make this house your dream home! This HOME QUALIFIES FOR A FIRST-TIME HOMEBUYER Grant and Down Payment Assistance!

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3714 E Vaughn Avenue Gilbert, AZ 85234

$599,900

4 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6738932

Property Type Single Family Residence

Price Type --

Escape to your own retreat in Gilbert, Arizona, where a backyard haven offers a blend of luxury and tranquility. The split ranch floor plan offers an ideal layout for privacy and open living, perfect for families and entertaining. The kitchen features high-end stainless steel appliances, granite countertops, and a central island, seamlessly connecting to the spacious living and dining areas. The master suite is a private retreat with a walk-in closet and an ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower. Three additional bedrooms share a well-appointed bathroom. Step outside to enjoy the backyard oasis, complete with a sparkling pool, heated spa, and a view fence overlooking a peaceful wash. The property also includes an RV gate, providing convenient storage.

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2905 E Norcroft Street Mesa, AZ 85213

$599,900

4 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6757675

Property Type Single Family Residence

Price Type --

This beautifully maintained home in north Mesa sits on a .25 acre lot with no HOA! As you enter, you will love the updated flooring and open feel. Straight ahead is a large living room with modern fixtures and views of the backyard. To the left, is the eat-in kitchen and the family room. To the right, the owner's suite and 3 additional bedrooms. All cooled with a 2024 5 ton HVAC system! In the backyard, a nice sized pool surrounded by a carefully manicured landscaping. Plus the yard is big enough to park an RV! Located near some of the best schools in Mesa and an easy commute to Sky Harbor and Phoenix. The best part the community is located along the low traffic of Lindsay Rd, promising a quiet refuge. Plus, enjoy low traffic in front of the home as it is not a thru street.

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31642 N 169th Avenue Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6755049

Property Type Single Family Residence

Price Type --

Welcome to 31642 N 169th Ave, a beautifully maintained 3-bedroom, 2.5-bathroom home nestled on a spacious 1.13-acre lot. This 2,050 square foot residence offers a perfect blend of rural tranquility and modern convenience. Step inside to find a bright and open floor plan, featuring a large living area, a well-appointed kitchen with ample counter space, and a cozy dining area perfect for family gatherings. The primary suite is a true retreat with an ensuite bathroom, while the two additional bedrooms offer plenty of space for guests or an added home office. Outside, the expansive lot provides endless opportunities for outdoor living, whether you dream of creating a garden oasis, adding a pool, or simply enjoying the Arizona sunsets from your patio. The The property also offers ample room for parking RVs, boats, or other recreational vehicles. Located just minutes from local attractions like Willow Winery, where you can enjoy tastings and scenic vineyard views, and a short drive to shopping, dining, and entertainment options in Surprise, this home is perfectly situated for those seeking a peaceful lifestyle without sacrificing convenience. Don't miss the opportunity to make this charming property your own!

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1645 W Willetta Street Phoenix, AZ 85007

$599,900

3 Beds

2.5 Baths

1,550 SqFt

Status Active

MLS # 6747093

Property Type Single Family Residence

Price Type --

Nestled in the heart of the Phoenix Historic District, this enchanting 3-bedroom, 2.5-bathroom home combines timeless charm with modern elegance in a picturesque setting. From the inviting front porch to the remodeled interior, every detail exudes warmth and sophistication. Step inside to discover an airy and bright living space enhanced by a cozy fireplace and seamless flow from the kitchen and dining area into the great room. The primary bedroom, a serene retreat, features a walk-in closet and private access to a tranquil backyard. With ample storage and community perks including proximity to public transportation, this home offers a perfect blend of historic allure and contemporary comfort.

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18934 N 96th Lane Peoria, AZ 85382

$599,900

2 Beds

2.5 Baths

2,056 SqFt

Status Active

MLS # 6765093

Property Type Single Family Residence

Price Type --

This beautiful entrance into Westbrook Village, Lakeview Estates is sure to impress. Green grass, trees, ponds & fountains abound. Be one of the few single family homeowners who have this coveted view from their backyard! Relax and enjoy the oversized back patio and everything Westbrook Village has to offer. 2 golf courses, restaurants, rec centers and pools. Pickleball, Tennis, etc. Over 80+clubs offer something for everyone. This home has been updated or upgraded inside and out, including a new water heater w/circulating hot water, new RO and Soft Water Systems and a new roof! Over $100,000 in upgrades. See Document Tab for upgrades and improvements, too many to mention here. Professionally cleaned, just bring your toothbrush. Located near the 101, shopping, restaurants, & P83.

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41432 N Bent Creek Way Phoenix, AZ 85086

$599,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6750950

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled gem in the Anthem Golf and Country Club. Step inside to an open, airy layout with high ceilings and abundant natural light. The spacious living area shines with fresh, contemporary finishes and elegant touches throughout. The kitchen is a standout, featuring an expanded quartz countertop with a bar perfect for quick meals, along with extra cabinetry beneath the island and a large pantry for added convenience. Champagne-toned fixtures and cabinet knobs give the space a touch of modern luxury. Retreat to the master suite, a private haven with a spa-like en-suite bathroom. Enjoy a serene wood-finish vanity, sleek white quartz tiles, a soaking tub for relaxation, and a walk-in shower with modern fixtures. Dual vanities with wood-finish cabinets and a generous walk-in closet offer both style and storage. Located in the desirable Anthem Golf and Country Club community, this home offers access to the nearby Ironwood Golf Course and restaurant, along with top-rated schools, parks, and a wide range of recreational amenities. This friendly neighborhood has activities for all ages. Don't miss the chance to own this stunning home in Anthem's exclusive gated community. Come see for yourself the perfect blend of luxury and comfort!

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