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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16873 W Fetlock Trail Surprise, AZ 85387

$582,997

5 Beds

3 Baths

3,241 SqFt

Status Active

MLS # 6766532

Property Type Single Family Residence

Price Type --

On the hunt for a new home? Here's a gorgeous and completed home in the heart of Sunrise. Don't wait for the builder - move in ready now! Very spacious Wrightson plan. This home is gorgeous and perfect for buyers looking for a highly upgraded kitchen and a large lot with 900 sq ft of gorgeous pavers waiting for you to entertain. Buyers spared no expense with the upgrades in the home - Soft closing drawers, smart ceiling fans, faux wood blinds, oversized pantry, coffee station option added, smart home technology, stone front elevation, double sized patio, double glass sliding doors, just to name a few. Assumable FHA current loan if buyer can meet the loan qualifications required to assume. This floorplan is no longer available, and home is almost new - don't miss out!

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20625 S 228th Place Queen Creek, AZ 85142

$582,990

4 Beds

3 Baths

2,234 SqFt

Status Active

MLS # 6764438

Property Type Single Family Residence

Price Type --

''The Sunflower floorplan is ideal for modern living, featuring an expansive kitchen with a large island, pantry, and generous dining and Greatroom areas, perfect for entertaining guests or enjoying quality family time. Step into this stunning quick move-in home, offering a thoughtfully designed 2234 sqft layout with 4 bedrooms, a guest retreat, 3 full bathrooms and 2.5 car garage. The home radiates elegance with finishes from the Coastal Collection, showcasing 6 x 36 Vicinity Natural plank tile floors in the main living areas, plush carpeting in the bedrooms, and stylish 42'''' Fairview White shaker cabinets adorned with polished Chrome hardware. The kitchen is truly a showstopper, featuring Della Terra Quartz - Crisp Stria countertops and Marazi Zellige Cielo 4x4 Brick Patterned tile backsplash, creating a seamless blend of luxury and functionality. Additional highlights include 8' doors throughout, adding to its refined appeal. The spacious Greatroom is accented by a 4-panel sliding glass door that seamlessly transitions to the covered patio and backyard, making it perfect for embracing indoor-outdoor living. This home is fully equipped with stainless steel appliances, including a gas range, microwave, dishwasher, and soft water loop. This Sunflower plan combines thoughtful design with elegant details, creating an inviting and meticulously finished space that is ready to welcome you home. This home is located across the park and is on a larger homesite.

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3216 S Piedra Avenue Mesa, AZ 85212

$582,990

5 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6786471

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen cabinets and quartz countertops. Super luxury 7 x 22 plank tile flooring. A public report is available on the Arizona Department of Real Estate website.

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16699 W Saguaro Park Lane Surprise, AZ 85387

$582,990

4 Beds

3 Baths

2,545 SqFt

Status Active

MLS # 6770961

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. The Gardengate floorplan offers 4 bedrooms, 3 baths, a garage extension, and 8' interior doors. Notable features include built-in appliances, granite kitchen countertops, a gas stub in the kitchen, a backyard perfect for BBQs, and a gas dryer connection in the laundry.

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3752 E Terrel Street San Tan Valley, AZ 85140

$582,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6776075

Property Type Single Family Residence

Price Type --

Popular Trillium plan features a full guest suite with own private entrance. This home is situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more. A public report is available on the Arizona Department of Real Estate website.

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17727 W Carol Avenue Waddell, AZ 85355

Open House

$582,990

4 Beds

3.5 Baths

3,222 SqFt

Status Active

MLS # 6772984

Property Type Single Family Residence

Price Type --

This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 3,222 square feet, 4 bedrooms, 3.5 bathrooms, loft, media room, a 3 car tandem garage on a North/south corner lot! This home features 36'' burlap shaker cabinetry, 18x18 tile, a large kitchen island, quartz counter tops, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

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4477 N 200th Lane Buckeye, AZ 85396

$582,856

3 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6776603

Property Type Single Family Residence

Price Type --

KITCHEN: Painted Gray Cabinetry and tile backsplash, Gas GE Profile 36'' stainless steel Cooktop with wall oven, Quartz Countertops, Extended Island, Box-in for 36'' refrigerator. FLOORING: 6X36 Wood look and upgraded carpet & pad. INCLUDED OPTIONS: Spanish exterior, Bonus Room, Super Laundry Room and Pre-plumb for soft water loop. Stain Nickle door hardware with 6 panel Rockport doors.

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6233 W Mescal Street Glendale, AZ 85304

$582,500

5 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6760532

Property Type Single Family Residence

Price Type --

The search is finally over! This delightful residence boasts a 3-car garage and a well-kept front yard. Fall in love with the inviting open layout highlighting vaulted ceilings, a soothing palette, skylights that bathe the space in natural light, and attractive wood-look flooring. You'll also find a cozy family room downstairs, including a warm fireplace for relaxing evenings! The kitchen has granite counters, abundant white shaker cabinets, a stylish tile backsplash, recessed lighting, stainless steel appliances, a handy pantry, and an island with a breakfast bar for casual dining. The main bedroom offers an ensuite with dual sinks and a walk-in closet. The backyard features a covered patio, a firepit with seating areas, and a refreshing pool for endless summer fun. Make this gem yours!

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15963 W Montana De Oro Drive Surprise, AZ 85387

$582,436

3 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6721719

Property Type Single Family Residence

Price Type --

New home ready for immediate occupancy! This single level 2229 SF single level 3 BR, plus den 3. BA home is located on a north south facing home site. Surrounded by single level homes, no 2 stories. Exciting included features include upgraded cabinets, upgraded Quartz tops, tile Kitchen backsplash, plank tile on the floors, 10' ceilings, 8' interior doors, 3 car garage, gourmet kitchen, garage service door, tank less water heater, landscape credit, and so much more. Neighborhood also includes, tree lined streets, Certified Energy Star and Indoor Air Plus for more energy savings.

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6073 W Caribe Lane Glendale, AZ 85306

$582,000

4 Beds

2.5 Baths

1,996 SqFt

Status Active

MLS # 6713341

Property Type Single Family Residence

Price Type --

Gorgeous family home with 4 bedrooms and 2.5 bathrooms, no HOA, pool, and an RV gate. Currently used a short term rental and can be purchased fully furnished. Home has open layout and was completely remodeled in 2022.. Great location in Glendale family neighborhood.

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4198 N Spyglass Drive Florence, AZ 85132

$582,000

2 Beds

2 Baths

1,989 SqFt

Status Active

MLS # 6701840

Property Type Single Family Residence

Price Type --

Come and see this beautifully upgraded home with Stunning views on the 1st fairway of the Poston Butte Golf course in Sun City Anthem. This home has SOLAR for low energy bills Enjoy two large bedrooms, two baths and a large den complete with French doors. Hunter Douglas window treatments and ceiling fans in all rooms. Enjoy a gorgeous chefs kitchen with gas range, upgraded cabinets and granite countertops. The master bath has an oversized walk-in shower with stunning custom tile, beautiful tile flooring in all main living spaces with upgraded carpet in bedrooms. A gorgeous outdoor travertine patio gives you a spectacular golf course view, complete with lovely desert inspired landscaping, garden lighting and motorized sunshades! Enjoy the beautiful view and AZ weather all year round. There is a Golf Cart garage, complete with storage area, shelving and wall slat hanging storage system with upgraded additional LED lighting. There is also a whole house RO system and water softener, and tankless gas hot water heater. This home has a freshly painted exterior as well! Located in a wonderful community with numerous amenities, there will never be a lack of activities to participate in! Golf, Pickle Ball, tennis, biking, fitness center, pools and spas, bocce ball, clubhouse and restaurant are all just steps away! Come for a visit and stay for a lifetime! See you soon!

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12015 W Parkway Lane Avondale, AZ 85323

$581,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6742829

Property Type Single Family Residence

Price Type --

Discover this ranch-style Townsend home, ready for quick move-in! Included features: a covered front porch; a relaxing great room with center-meet patio doors; a gourmet kitchen boasting 42'' cabinets, quartz countertops, stainless-steel appliances, a generous center island and a walk-in pantry; a charming nook; a luxurious primary suite showcasing additional windows, a spacious walk-in closet and a private bath with double sinks; three secondary bedrooms, including on with an attached bath; a shared hall bath; a beautiful study; a central laundry and an inviting covered patio. This home also offers dramatic 10' ceilings, wood laminate and 9 x 35 stone tile flooring, cultured marble bath countertops, ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the driveway and walkway. Tour today!

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