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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25617 N Quail Haven Drive Rio Verde, AZ 85263

$670,000

3 Beds

3 Baths

2,819 SqFt

Status Active

MLS # 6803830

Property Type Single Family Residence

Price Type --

Nestled into a quiet street within the Rio Verde active adult Golf Course Community, this Alexander Homes Territorial is sure to become your favorite oasis in Arizona! Just over 2800 square feet with 3 bedrooms! Oversized primary suite with tiled walk in shower Beautiful partial mountain views from the Primary Suite and private back patio area. Being sold partially furnished. Bring your toothbrush! Private neighborhood access to nearby McDowell Mountain Park, for hiking and biking. Community lap pool, Pickleball courts and new 2700 sq/ft workout facility. End the days activities with a delicious chef prepared meal at the clubhouse or woodfired pizza at the Pub. Golf Membership information upon request.

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11291 E Jenan Drive Scottsdale, AZ 85259

$670,000

3 Beds

2 Baths

1,566 SqFt

Status Active Under Contract

MLS # 6782108

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous and TOTALLY remodeled home situated on a dreamy low-maintenance lot with a pool! Soaring ceilings and an open floor plan are just the beginning. A true chef's kitchen features high-end stainless steel appliances and luxurious quartz countertops, white shaker cabinetry and a new kitchen island! This stylish home has it all... including cozy brick, natural wood-burning fireplace, wood-plank tile flooring, an energy-efficient Air Conditioner (2023) a NEW roof (2023)! The resort-quality primary suite boasts an opulent 16' tall custom marble & subway tile shower. It also flaunts new vanities, water conserving plumbing fixtures and a separate entry to luxurious backyard. Totally-remodeled and ready to delight the pickiest of buyers. Prime N/S exposure. Great location!

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11631 N 112th Street Scottsdale, AZ 85259

$670,000

3 Beds

2 Baths

1,566 SqFt

Status Active Under Contract

MLS # 6739721

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous and TOTALLY remodeled home situated on an oversized cul-de-sac lot! Soaring ceilings and an open floor plan are just the beginning. A true chef's kitchen features high-end Bosch appliances including an induction cooktop & warming drawer! The large kitchen offers luxurious quartz countertops, 42'' cabinetry, a breakfast bar plus an island! This stylish home has it all... including two stacked-stone fireplaces and a brand NEW energy-efficient Air Conditioner! The resort-quality primary suite boasts a romantic fireplace plus an opulent 16' tall custom marble shower. Totally-remodeled and ready to delight the pickiest of buyers. Situated at the back of a cul-de-sac on one of the largest lots around! Prime N/S exposure. Great location!

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2146 E Whitton Avenue Phoenix, AZ 85016

$670,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6798050

Property Type Single Family Residence

Price Type --

This home qualifies for a 2-1 buy down. Your Dream Home Awaits! This adorable 3-bedroom, 2-bathroom home with a 2-car garage sits on a huge corner lot and features no HOA — a true rarity! Enjoy your own private pool and an updated, move-in-ready interior that's perfect for modern living. Inside, the gourmet kitchen boasts granite countertops, stainless steel appliances, a stylish travertine backsplash, and a spacious kitchen island, making it perfect for cooking and entertaining. The oversized family room is cozy yet open, with wood beams, a beautiful stone fireplace, and large windows that offer stunning views of the backyard.Step outside to your own oasis: stone pavers, a grassy play area, a fenced pool,

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1860 W Buckhorn Trail Phoenix, AZ 85085

$670,000

3 Beds

2.5 Baths

2,180 SqFt

Status Active

MLS # 6749064

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly desirable Fireside at Norterra community in North Phoenix! This stunning residence features soaring ceilings in the main living area, 3 bedrooms, 2.5 baths, a versatile den/office/playroom,& a spacious loft. Recent updates include a new AC unit (Dec 2023), fresh paint including garage, & new carpet & tile throughout The luxurious primary suite includes dual walk-in closets & a spa-like bathroom w/dual sinks & a walk-in shower. The well-appointed kitchen boasts espresso cabinets, granite countertops, a large island, a gas stove, & a walk-in pantry. Enjoy North/South exposure w/ expansive land behind for added privacy ..Outside, artificial turf & pavers finish the backyard, & the home was painted 2 years ago. The large laundry room comes w/ a tub sink, & the washer, dryer, & refrigerator are included. The community offers a heated play pool, splash pool, fitness center, basketball & tennis courts, & nearby hiking trails in the Sonoran Preserve. Don't miss out on this ultimate blend of comfort and convenience!

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12053 N 157th Avenue Surprise, AZ 85379

$670,000

5 Beds

3 Baths

3,435 SqFt

Status Active

MLS # 6812090

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded 5-bedroom home, nestled on a spacious lot with meticulously designed landscaping. Step outside to your own private oasis featuring a sparkling pool, perfect for relaxation or entertaining guests. Inside, you'll be greeted by stunning upgraded flooring throughout, along with a chef-inspired kitchen and luxurious bathrooms that make this home truly stand out. The converted garage offers additional living space, complete with air conditioning, a versatile room for use as a home office or guest suite, and a dedicated workout area. With ample space both indoors and outdoors, this home is designed for comfort, functionality, and style. Don't miss the opportunity to make this dream home yours ASSUMABLE VA LOAN around 3.625

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2925 W Ridge Road Chino Valley, AZ 86323

$670,000

2 Beds

1 Bath

1,826 SqFt

Status Active

MLS # 6792685

Property Type Single Family Residence

Price Type --

Rustic elegance and breathtaking views in this one-of-a-kind retreat. Perfect for multi-generational living or a peaceful getaway. This sprawling property offers a 1,826 sq. ft. log home and two charming guest houses totaling 608 sq. ft. Thoughtfully designed with beamed ceilings, tongue-and-groove wood finishes, and luxury vinyl flooring; custom antique lighting, and cozy gas flame stove, this home captures the essence of cozy comfort. The kitchen includes a farmhouse kitchen sink with knotty hickory cabinets, butcher block counters, a vintage gas stove, and modern white appliances. Custom touches in the bathrooms include antique vanities and a clawfoot tub. Enjoy 5.98 splitable private acres with a Trex wraparound porch, 4-car garage/barn, horse facilities, a chicken coop. This home also has a new roof. Please see the attached documents for more information.

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11901 N 189th Lane Surprise, AZ 85388

$670,000

4 Beds

3 Baths

2,646 SqFt

Status Active

MLS # 6807435

Property Type Single Family Residence

Price Type --

Seller will contribute 1% to buyers closing cost or buy down! You'll LOVE this beautiful NEXT GEN home! 4 beds, 2 baths, a 3-car garage, & a delightful landscape. The impressive kitchen boasts built-in appliances, a walk-in pantry, granite counters, and an island w/breakfast bar. Split bedroom floor plan for added privacy! The main bedroom has an ensuite with all the must-haves. Designed with versatility in mind, this Next Gen home is ideal for those who value both shared & private spaces! The standout feature is an attached guest suite that offers its own kitchenette, cozy living room, spacious bedroom, bathroom, and private entrance - perfect for multigenerational living or hosting guests. Check out the large backyard w/covered patio & pet friendly artificial turf.

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728 W Thunderbird Road Phoenix, AZ 85023

$670,000

3 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6767036

Property Type Single Family Residence

Price Type --

Experience the perfect blend of luxury and tranquility in this stunning 3-bedroom, 2-bathroom home backing up to a scenic golf course. Wake up to breathtaking views, enjoy vaulted ceilings that add spaciousness and light, and relax in a beautiful home with fresh paint inside and out. The brand-new roof ensures peace of mind for years to come. Whether you're a golfer or just love beautiful surroundings, this home offers the perfect escape. Don't miss the opportunity to own this slice of paradise. Hurry and make it yours! Seller will give $10,000 credit towards appliances or closing cost!!!!!

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16814 E Palm Beach Drive Queen Creek, AZ 85142

Open House

$670,000

4 Beds

3 Baths

2,313 SqFt

Status Active

MLS # 6729133

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this elegant property featuring a neutral color scheme and a cozy fireplace, RV gate, a three car garage and no HOA. Bring your toys! The kitchen is a chef's dream, with a center island, and stainless steel appliances. Travertine tile in the right places. The primary bedroom includes a walk-in closet and an en-suite bathroom with double sinks, a separate tub, and a shower. Enjoy the outdoors on the covered patio, dip in the private in-ground pool, or relax in the fenced backyard. The home has fresh interior paint and partial flooring replacement, adding to its charm. This property is a perfect blend of comfort and style.

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5116 W Top Hand Trail Laveen, AZ 85339

$669,999

4 Beds

3 Baths

2,394 SqFt

Status Active

MLS # 6762265

Property Type Single Family Residence

Price Type --

New Construction without the wait and with all of the upgrades! This newly constructed Taylor Morrison home in Laveen boasts an impressive 5-car RV garage and is packed with modern amenities. As you arrive, a beautifully pavered driveway sets the tone for the luxurious design. Inside, you'll find 4 spacious bedrooms and 3 well-appointed bathrooms, with a thoughtfully designed floor plan that includes a great room and a private dining area. The gourmet kitchen is a chef's dream, featuring an oversized granite center island with a breakfast bar, perfect for casual dining or entertaining. 42 in upper cabinetry and soft close cabinetry, under cabinet lighting and a GE Cafe gas range. The great room seamlessly flows through a multi slide glass door to a private extended patio and backyard, ideal for gatherings. Guests will appreciate the secondary bedroom with its own ensuite bathroom for added privacy. The split primary bedroom offers a serene retreat with a spa-like ensuite complete with a walk-in shower, dual granite-topped sinks, and a generous walk-in closet with a separate exit to the backyard. This home is the perfect blend of comfort and sophistication and offers generous spacing between neighboring properties providing added privacy and tranquility. Enjoy easy access to the 202 freeway making trips to the West Valley, East Valley or downtown effortless. All while being surrounded by serene mountain views that provide a peaceful retreat from city life.

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1237 N Kenneth Place Chandler, AZ 85226

$669,999

4 Beds

2 Baths

2,090 SqFt

Status Active Under Contract

MLS # 6828345

Property Type Single Family Residence

Price Type --

WOW! Come check out this fully remodeled single story that boasts 2090 sqft 4 bed, Den, Dining room,2 bath, 2 car garage and Covered patio. The kitchen comes with stainless-steel appliances, quartz countertops and brand-new white & walnut shaker cabinets. Brand new vinyl wood flooring & upgraded carpet throughout the home. Brand new windows! Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, and custom vanities. Large backyard to enjoy all the activities and covered patio. Located in a lovely neighborhood of Chandler close to shopping, parks, schools, freeways and dining.

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