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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16002 W Jenan Drive Surprise, AZ 85379

$589,000

4 Beds

2.5 Baths

2,484 SqFt

Status Active

MLS # 6780813

Property Type Single Family Residence

Price Type --

Easy to Show this Beautiful move in ready home located in Greer Ranch subdivision. This 4 bedroom 2 1/2 bath split floor plan with great room is perfect for entertaining guests. Granite counter-tops and beautiful staggered cabinets with large walk in pantry and separate coffee bar area make this kitchen a cook's dream. Gorgeous Master Bedroom and bath. Large laundry room/ pantry with door to the side yard. Raised flower bed along the entire backyard block wall and large grass area along with extended covered patio make for a gorgeous outdoor haven and play area. RV gate with 10' side yard is ready for your creative touch. 3 car garage includes a deep sink. New Paint Inside and Out, Stainless Appliances 1 year old, Luxury Vinyl Plank Floors throughout , New Upgraded Carpet in Bedroom

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21539 S 215th Place Queen Creek, AZ 85142

$589,000

4 Beds

3.5 Baths

3,245 SqFt

Status Active

MLS # 6668740

Property Type Single Family Residence

Price Type --

NEW Exterior Paint!!! Welcome to this stunning 4 bedroom, 3.5 bath model home nestled in the heart of Queen Creek. Showcasing the builder's finest work, this 3,245 sqft house offers spacious, luxurious living, combined with refined style. Unique to this home is a versatile finished basement - a rare find in the community, perfect for any lifestyle needs. Watch Video Link!

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8744 E Via De La Luna -- Scottsdale, AZ 85258

$589,000

3 Beds

3 Baths

1,675 SqFt

Status Active

MLS # 6673641

Property Type Single Family Residence

Price Type --

Rare 3/3 in desirable McCormick Ranch on a quiet dead-end street. Easy access to schools, shopping, Talking Stick Entertainment District, Dbacks spring training, etc. New dual-speed AC unit with 10-year warranty assures you stay cool affordably! Lovely community pool lets you cool down and not deal with the headaches of maintenance. Please email all offers for quickest response. Supra shackle is now up for easy access! Agents show at your leisure - lockbox installed, no need to schedule.

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9122 W Circle Drive Strawberry, AZ 85544

$589,000

3 Beds

2 Baths

2,027 SqFt

Status Active

MLS # 6703166

Property Type Single Family Residence

Price Type --

Feel the peacefulness of Country Living and bring your horses - 2 horse coved corral is included. Nestled on a secluded 0.40 acre lot, this private home boasts a spacious 2027 sq ft of living space. As you step inside, you are welcomed with a generous great room adorned with cathedral ceilings and a warming gas fireplace, offering a cozy ambiance for gathering or quiet evenings in. The allure of outdoor living is evident with covered back deck overlooking a sprawling yard, providing a perfect setting for outdoor dining, sitting around the fire pit or simply soaking up nature's beauty. Upstairs is a sizable primary bedroom which provides a tranquil sanctuary, vehicle an open loft area offers versatility for various lifestyle needs. This is horse property with two stalls. The 2-car garage has a full attic making for ample storage. NEW HVAC SYSTEM heat and A/C

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35737 N Loemann Drive San Tan Valley, AZ 85143

$589,000

4 Beds

3.5 Baths

3,219 SqFt

Status Active

MLS # 6714599

Property Type Single Family Residence

Price Type --

Welcome to 35737 N Loemann Dr., a stunning home nestled in the highly desirable area of San Tan Valley. This gorgeous property boasts 4 bedrooms, 3.5 baths, and an expansive 3,219 sqft of living space on an 8,265 sqft lot that backs onto the serene Empire Park. As you step inside, you are greeted by a spacious open floorplan that perfectly balances luxury and functionality. The gourmet kitchen is a chef's dream, featuring a large island/breakfast bar, walk-in pantry, granite countertops, stainless steel appliances, reverse osmosis system, and a water softener. The main floor houses a large primary suite complete with a spacious ensuite and a walk-in closet, providing a perfect retreat. Upstairs, you'll find a second suite and all bedrooms come with their own walk-in closets, ensuring ample storage space for everyone. A huge loft and a media room add to the home's versatility, making it ideal for both relaxation and entertainment. The great room opens to an expansive backyard with a view fence overlooking Empire Park, a covered patio, and plenty of space for a custom pool, perfect for entertaining family and friends. Additional features include a 3-car tandem garage and an RV gate for extra storage. Pride of ownership is evident throughout this meticulously maintained home. Don't miss the opportunity to make 35737 N Loemann Dr. your new address in San Tan Valley, AZ.

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2947 E Rose Lane Phoenix, AZ 85016

$589,000

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6722709

Property Type Townhouse

Price Type --

Views, views, views!! Come see this remodeled Biltmore condo overlooking the magnificent Biltmore golf course. This home features an updated kitchen with stainless steel appliances, completely remodeled bathrooms, new flooring throughout, a good-sized living room and dining room with fireplace, a Split Master, and incredible views of the golf course and mountain from every window and patio. The AC unit was replaced in 2021. One car garage, lush landscaping, Amazing gated community with multiple pools and tennis courts. Within walking distance to all of the Biltmore amenities, world-class hotels and golf courses, shopping, restaurants, entertainment, theaters, library, access to major freeways, 15 minutes to Sky Harbor, and more.

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4624 E Superstition Boulevard Apache Junction, AZ 85119

$589,000

3 Beds

2 Baths

1,484 SqFt

Status Active

MLS # 6727460

Property Type Single Family Residence

Price Type --

Up to 20K in interest rate buy down and closing costs in Seller concessions on a full price offer. This horse property offers luxury and country living with no HOA. Key features include full slab Quartzite countertops, book-matched backsplash, soft-closing white shaker cabinets, GE slate appliance package, slate range hood, gas cooktop, Walt Disney collection lights, antique copper sinks and hardware, vaulted ceilings, abundant natural light, open floor plan, all-new flooring, new windows, storage shed, private water, and septic system. Enjoy mesmerizing views of the Superstition Mountains. Some tour this amazing home.

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5254 Starlight Drive Happy Jack, AZ 86024

$589,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6747257

Property Type Single Family Residence

Price Type --

Escape to your own serene retreat with this stunning 3-bedroom, 2-bathroom cabin nestled in the heart of the forest. Situated on almost an acre of lush, wooded land, this home offers the perfect blend of rustic charm and modern comfort. Perfect for family or guests, each room offers warmth and comfort with beautiful wooden accents. Enjoy updated amenities while maintaining the cabin's rustic appeal. Open floor plan with large windows that bring the beauty of the outdoors inside. Whether you're looking for a weekend getaway or a full-time residence, this cabin offers the perfect setting to unwind and connect with nature. Don't miss out on this rare opportunity to own a piece of paradise!

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2320 E La Jolla Drive Tempe, AZ 85282

$589,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6747506

Property Type Single Family Residence

Price Type --

Recently remodeled home in Tempe conveniently located near AZ-101, AZ-202, and US 60 and just minutes away from Tempe Marketplace, ASU, and Sloan Park. This home is beautiful inside and out and features so many modern touches and attention to detail. The kitchen boasts shiny Carrera quartz countertops, stainless steel appliances, shaker cabinets, subway tile backsplash and a large kitchen peninsula perfect for seating multiple people. The decor in both bathrooms blends well with the rest of the home and the guest bathroom also features a Carrera quartz countertop. Additional updates include luxury vinyl plank flooring, new carpet in all bedrooms, fresh paint inside and outside, epoxy in the garage, new custom tall shower door, new tub, and new dual flush toilets. You can also find new light fixtures throughout the home and post lights in the front yard that are dusk to dawn aluminum solar lamps. The backyard has plenty of space to gather around the sparkly blue pool and underneath the large, covered patio. There is also an RV gate and RV parking area located on the west side of the home that is closed off from the rest of the backyard, a perfect spot to park your RV or any other type of vehicle or ATV.

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32508 N 133rd Drive Peoria, AZ 85383

$589,000

4 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6749403

Property Type Single Family Residence

Price Type --

**WINNER of the Peoria/Vistancia BEST Home on TOUR!!!*** Experience the allure of this beautiful home in Vistancia Village! Offering 4 beds + den, 3 baths, desert landscape, and a 2-car garage w/paver driveway. Home exudes refined style with layered crown molding, neutral paint, tons of natural light, & wood-look tile floors w/carpet in bedrooms. Enjoy the seamless design of an open layout paired with surround sound, making entertaining a bliss! The gourmet kitchen boasts SS appliances, a walk-in pantry, quartz counters, white shaker cabinetry, mosaic tile backsplash, and an island w/breakfast bar. The den provides versatility! Main bedroom has a barn door that opens to the ensuite with dual sinks & a walk-in closet. Outback, you have artificial turf and a travertine-covered patio w/ceiling fan! You'll surely love the mountain views! Just WOW!!

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1250 W Sand Dune Drive Gilbert, AZ 85233

$589,000

4 Beds

2.5 Baths

2,036 SqFt

Status Active

MLS # 6755373

Property Type Single Family Residence

Price Type --

Discover this fully updated, cul-de-sac home surrounded by 3 lakes in the highly coveted Islands community in Gilbert AZ. Located alongside the green belt with views of the lakes, this 4 bedroom, 2 1/2 bath home has been completely updated with custom wood shutters, bamboo wood flooring & new HVAC units. Discover the chef's kitchen equipped with double ovens, custom cabinetry, granite countertops & travertine flooring. The great room features custom wood shutters, a cozy fireplace & strikingly vaulted ceilings which lead into the downstairs primary bedroom, which offers a private entrance to the backyard, dual vanities, separate shower/tub & walk in closet. Enjoy entertaining in your North/South exposure backyard, perfect for hosting friends & family. Community center pool & spa. Must see

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2901 N Miller Road Scottsdale, AZ 85251

$589,000

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6762164

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath home on large lot close to schools and all that Old Town Scottsdale has to offer, including Restaurants, Galleries, Museums, Live Entertainment, and Scottsdale Stadium. Spring Training home of the San Francisco Giants and much more. A great location to live and great Air BnB potential RV gates in both front and backyard. Circular Drive in front for easy access, Dual Pane Windows Granite Countertops, Soft Close Cabinet Drawers and Stainless Steel Appliances in kitchen. Beautifully landscaped backyard with lots of space for entertaining. This home is a must see!

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