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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19162 S 212th Place Queen Creek, AZ 85142

$578,299

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6778906

Property Type Single Family Residence

Price Type --

Stunning, brand-new home in the Acclaim at Jorde Farms community! This beautifully designed single-family home features an open floor plan, seamlessly connecting a spacious great room, dining area, and a modern kitchen with granite countertops and a central island. With 5 bedrooms, 3 bathrooms, and a versatile loft, this home offers plenty of space for every lifestyle. Enjoy the charm of a neighborhood setting with planned walking trails, scenic parks, and a future community pool—a natural gathering place for residents. Conveniently close to golf courses, dining, and shopping. WELCOME HOME!

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21033 E Camina Buena Vista Queen Creek, AZ 85142

$578,065

4 Beds

3 Baths

1,994 SqFt

Status Active

MLS # 6771915

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY to own this beautiful inventory home located in desirable Hastings Farms. BELOW MARKET RATES AVAILABLE for Fixed Rate or Rate Buydown for qualified buyers when financing with Builder's preferred Lender(s). Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking trail. This Beautiful home is located across from the park. Beautiful designer finishes including Gas Cooktop, Double Wall Ovens, 42' Upper Cabinets, Quartz Kitchen Countertop, Tiled Backsplash, Plank Tile Flooring & Window Blinds. Don't Wait, Come See This Home Today.

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18176 W Paradise Lane Surprise, AZ 85388

$578,000

4 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6760419

Property Type Single Family Residence

Price Type --

Welcome Home! This Meticulously maintained 4 bedroom, 2 bath home backs to a quiet greenbelt with walking trails giving you privacy while enjoying swimming in the custom pool that features a waterfall or relaxing on the covered patio. Enjoy cooking in the gourmet kitchen which includes cherry cabinets, granite countertops, double oven and all new SS appliances. Cozy up next to the gas fireplace in the great room that features 10' tall ceilings and plantation blinds throughout the house. The large primary bedroom features sliding door access to the patio and pool area, an ensuite bathroom, walk in closet with built-ins. Enjoy the oversized three car garage with built-in cabinets and a large laundry room. New AC/Heater/Water Heater. This home shows like brand new, you wont be disappointed.

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618 E Cleveland Court San Tan Valley, AZ 85140

$578,000

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6748218

Property Type Single Family Residence

Price Type --

Beautiful house in the desired area of San Tan Valley/Queen Creek area. HUGE home with 5 bedrooms, 4 full baths, open-floor plan, big loft, large bedroom and full bathroom downstairs, oversized walk-in closet, 3-car garage, large RV gate with enough area for all your toys and storage and a huge backyard to relax. Just minutes away from HWY 60 and Hwy 24 for easy access to your job and the city. This community featuring lots of walking and biking paths, parks and volleyball court, entertainment and much, much more.

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16364 W Avenida Del Sol -- Surprise, AZ 85387

$577,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6724796

Property Type Single Family Residence

Price Type --

Thoughtfully designed 4-bedroom home with 3 baths and 10-foot ceilings. Deluxe master bath with walk-in shower, Gourmet kitchen includes 42-inch upgraded cabinets, and a center-meet slider at kitchen nook, paver driveway, walkway to entrance, laundry sink pre-plumb and an impressive tray ceiling entrance.

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1400 E Orchid Lane Gilbert, AZ 85296

$577,900

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6751890

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the highly sought-after golf course subdivision. As you step inside, you will be greeted with warm and inviting neutral colors and new flooring/carpet throughout. The spacious family room with a cozy fireplace is the perfect spot to unwind after a long day. Designed with your comfort in mind, this meticulously maintained home offers 4 generous sized bedrooms and a den, providing plenty of space for everyone in the family. Prepare to be amazed by the completely remodeled chef's kitchen featuring brand new cabinets and stunning quartz countertops. With ample cabinet and counter space this kitchen is ideal for hosting dinner parties or simply cooking up a homemade meal. This home has been recently upgraded with new exterior and interior paint, as well as a new vanity in the lower-level bathroom. And for the icing on the cake, a brand new A/C unit has been installed, ensuring comfortable living all year round. But that's not all, as you step outside, you'll find a large and private backyard with a covered patio, perfect for summer barbecues and gatherings with friends and family. Don't miss the opportunity to make this house your new home and experience the perfect combination of comfort, convenience, and style. Trust us, you won't want to leave!

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8245 E Quintuplet Avenue Mesa, AZ 85212

$577,828

4 Beds

3.5 Baths

3,752 SqFt

Status Active

MLS # 6784443

Property Type Single Family Residence

Price Type --

MLS#6784443 January 2025 Completion! The Imperial floor plan at Hawes Crossing seamlessly combines functionality and style, thoughtfully designed with modern touches to suit your lifestyle. Step through the inviting front porch into a welcoming foyer, where you'll find a powder room and access to the 2-car garage. From here, ascend to the second floor or move into the heart of the home—an open-concept great room, dining area, and kitchen, all connected to a covered outdoor living space ideal for relaxing or entertaining. Upstairs, the home features a luxurious primary suite with a spa-like bath and spacious walk-in closet, three additional bedrooms (two with walk-in closets), a shared bathroom, and an en suite bathroom. This level also boasts a versatile loft and a conveniently located laundry room, making the Imperial both practical and luxuriousyour perfect at-home retreat. Structural options include: gourmet kitchen, paver driveway and walkway.

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21355 E Sparrow Drive Queen Creek, AZ 85142

$577,511

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6753927

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Ascent at Jorde Farms, featuring numerous upgrades! Inside, you'll find a gourmet kitchen with designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room is ideal for entertaining. The private primary bedroom has spacious walk-in closet. This house also boasts upgraded paint and flooring, among $75K of other options and upgrades.

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2030 E Duke Drive Tempe, AZ 85283

$577,500

3 Beds

2 Baths

1,652 SqFt

Status Active

MLS # 6736889

Property Type Single Family Residence

Price Type --

This TEMPE Home is in a GREAT LOCATION, Plus NO HOA! It's a Turnkey home! EVERYTHING has been Remodeled with Modern Up-grades! 3 Bedrooms, 2 beautiful modern primary Bath and Guest bath. Large Gathering Room and Huge kitchen! Your buyer will love the Chef's kitchen, Granite Counter's, Double Oven, and Lot's of kitchen storage. No carpet and new windows have custom blinds and shades! 2 Car Garage with garage and a side Service Door. No maintenance Front and a Huge backyard with a Covered Patio! Close to the 101 and 60 freeways. New Roof, Plumbing, HVAC, Electrical,Windows, Doors all done in 2022.

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43227 W Caven Drive Maricopa, AZ 85138

$577,000

5 Beds

3 Baths

3,955 SqFt

Status Active

MLS # 6758139

Property Type Single Family Residence

Price Type --

Must see this GORGEOUS HACIENDA home located in Pecan Groves, Maricopa's most desirable community! This multi-level floorpan with 5 Beds & 3 Baths + LOFT is accented by soaring ceiling & Travertine Tile! Create an incredible life with this 3,901 Sq ft nestled in the GREAT- The Villages of Rancho El Dorado. CHECK OUT THE SPECTACULAR VIEW of the LAKE and the GREAT AMENITIES as YOU enter the subdivision ! You'll love the beautiful Grand Front Porch! Bright open floor plan w/ separate living room & dining room, Lovely KITCHEN w/ Stunning Granite Counter Tops, S/S Appliances w/ Double Oven, Gas Stove & Dishwasher, S/S French door Refrigerator & Microwave Oven.

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2352 W Willow Breeze Road Chino Valley, AZ 86323

$577,000

3 Beds

2 Baths

1,512 SqFt

Status Active

MLS # 6728432

Property Type Single Family Residence

Price Type --

This gorgeous home sits on 3.45 acres of fully fenced property offering breathtaking views from your whole property. The large circular driveway offers more than enough room for parking and guests. The interior of the home is elegantly done, with modern finishes including tile throughout, quartz countertops and a butcher block island. Both bathrooms are well finished with tile and upgraded vanities. The large patio is a perfect place for entertaining or just enjoying the amazing views. The property also features is a large detached shop as well as being equipped for horses and other livestock with stables, tack shed and separately fenced portions of the property. Brand new roof!

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3536 N Snead Drive Goodyear, AZ 85395

$577,000

3 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6748270

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home + casita w/ full bath surrounded by a private backyard oasis featuring multiple entertaining areas, covered patio & gorgeous water feature. Charming courtyard entrance with pavers. Elegant Great Rm with vaulted ceilings & French doors to patio, game table or dining area & entertainment area with media cabinet. Rich wood cabinets, granite counters, stylish tile backsplash, SS appliances incl gas stove (new in 2012), portable prep-bar, walk in pantry & breakfast bar. The primary suite offers a cozy sitting area, patio access, bathroom with dual sinks, shower & walk-in closet. Addtl guest bdrm, full bath, home office/den. Travertine tile throughout home. Re-imagined laundry/craft room with extra storage. GORGEOUS HOME!

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