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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116 N 3rd Street Tombstone, AZ 85638

$559,000

3 Beds

3 Baths

1,404 SqFt

Status Active

MLS # 6746565

Property Type Single Family Residence

Price Type --

INVESTORS WELCOME!! THIS HOME HAS 3 - 1 BEDROOM UNITS FULLY FURNISHED FOR SHORT OR LONG TERM RENTAL OR PERSONAL LIVING PURPOSES. VERY COMFORTABLE RANCH STYLE HOME IN ''THE TOWN TOO TOUGH TO DIE''! QUIET STREET, WALK 3 BLOCKS TO ALL THE FUN IN ALLEN STREET! COVERED RV PARKING IS AN ADDITIONAL BONUS OR INCOME PRODUCING BENEFIT! OFF STREET PARKING AVAILABLE FOR GUESTS. WATCH THE BIRDS & ANIMAL PARADE JUST A STONE'S THROW FROM THE GORGEOUS GAZEBO WITH ''FIRE PIT/GRILL'' IN THE BACK YARD. LOWER LIVING SPACE COMES WITH ACCESS TO A MINE AND POSSIBLE GHOST.

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43154 N Outer Banks Drive Anthem, AZ 85086

$559,000

4 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6753584

Property Type Single Family Residence

Price Type --

Discover this stunning Tuscan-style home, featuring 3 bedrooms plus a den and breathtaking mountain views. Designed with elegance and comfort in mind, this residence offers a formal living room and dining room, perfect for entertaining, while the spacious great-room provides a welcoming space for everyday family living. The home showcases luxurious travertine flooring throughout, complemented by granite countertops and a travertine and marble backsplash in the kitchen, creating a seamless blend of style and sophistication. You'll love the location of this home as it is close to dining, shopping and entertainment not to mention the community pools, parks and clubhouse that are waiting just for you.

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3834 E Cavalry Court Gilbert, AZ 85297

$559,000

5 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6769305

Property Type Single Family Residence

Price Type --

UPDATED TO FIVE BEDROOMS AND THREE BATHROOMS, GREAT POWER RANCH COMMUNITY, HOME SITS ON A PRIVATE CUL DE SAC, FIRST FLOOR HAS A BEDROOM, FULL BATHROOM, FAMILY ROOM AND SPACIOUS KITCHEN WITH ALL APPLIANCES AND CENTER ISLAND, MASTER SUITE HAS A PRIVATE BATH WITH SEPARATE TUB/SHOWER, DUAL SINKS, AND A WALKIN CLOSET, BACKYARD HAS COVERED PATIO AND A LARGE GRASSY AREA, GARAGE AND LAUNDRY ROOM HAVE CABINETS, COMMUNITY POOLS, CLUBHOUSE, POND AMD MANY PARKS AND WALKING PATHS, TWO NEW A/Cs IN 2021 AND A NEWER WATER HEATER, NICELY LANDSCAPED FRONT YARD AND PRIVACY IN BACKYARD,

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12467 W Gambit Trail Peoria, AZ 85383

$559,000

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6774761

Property Type Single Family Residence

Price Type --

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15147 W Double Tree Way Surprise, AZ 85374

$559,000

2 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6780561

Property Type Single Family Residence

Price Type --

Luxurious expanded Coronado with Magnificent Kitchen and Dining Room. 3 CAR GARAGE!! Lavish Upgraded Baths. Large Front Courtyard. Lots of Privacy at SE Back with Spacious Covered Patio and Decorative Knee Walls. Kitchen with Custom Cabinets, Granite, SS Appliances, Gas Range, Island, Pantry, Bar, Skylight. 20'' tile on the diagonal flow T/O most of the home. Wonderful Primary Suite with wood floors, sitting area with a bay window. Luxurious bathrooms feature custom vanities & updated showers. Bedrooms, kitchen, office have window shutters. Beautiful Expensive Custom Draperies and Cornice Boards in Living, Dining Areas. Create a New Chapter in Your Life in this Great Home on a Great Lot in a Great Location!

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11967 W Vernon Avenue Avondale, AZ 85392

$559,000

5 Beds

3 Baths

2,979 SqFt

Status Active

MLS # 6781455

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS 5 bedroom, 2.75 bath with a separate den/office nestled in a quiet neighborhood conveniently located close to I-10, shopping, and the 101! A soaring ceiling, open floor plan, and an inviting color palette greet you as you step inside to the combination dining/living room. The spacious kitchen is perfect for entertaining and features granite countertops, an island, new stainless-steel appliances, farmhouse sink, and plenty of counter space. The space opens to a family room for easy conversation and gatherings. You will also find a bedroom, a full bathroom, and a separate den/office on the main level. The kid friendly, low maintenance backyard is a sanctuary for bird lovers. With its view of the Estrella Mountains, this yard provides a great venue for those gatherings. The home borders an open green space allowing for peaceful evenings on the back patio. With its sparkling pebble tech pool, turf, landscape, storage shed, pergola and concrete side yards, this beauty won't last long! Updates/new in 2023 - paint interior and exterior, carpet, plantation shutters, French doors leading to outside patio, additional insulation in attic, mini split heat pump in garage, garage door opener, ducts cleaned, and pool pump!!

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2575 N Tamarisk Street Chandler, AZ 85224

$559,000

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6783649

Property Type Single Family Residence

Price Type --

Welcome to 2575 N Tamarisk—a charming 3-bedroom, 2-bathroom single level home designed for both comfort and convenience! This home has been lovingly owned by one family! This property features two spacious living rooms; one with a wood-burning fireplace, perfect for entertaining or relaxing with family. The kitchen features granite countertops, a convenient breakfast bar, and plenty of cabinet space for all your storage needs. The primary bedroom is a true retreat with direct access to the backyard, offering a seamless indoor-outdoor flow. Step outside to find a sparkling pool, covered patio, and a low-maintenance backyard, perfect for enjoying Arizona's sunny weather year-round. Don't miss this opportunity for a home that combines style, space, and outdoor living! Located with easy access to the 101 and US-60 freeways, Mesa Community College, shopping centers, and beautiful parks.

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1620 W Carol Avenue Mesa, AZ 85202

$559,000

4 Beds

3 Baths

2,051 SqFt

Status Active

MLS # 6785676

Property Type Single Family Residence

Price Type --

A must see home in the heart of Mesa. Step inside this beautifully remodeled home with all new flooring, brand new kitchen cabinets/countertop +appliances, and entertainment area (complete with a stunning fireplace). Bedrooms and bathrooms are fully redone with new vanities, and a gorgeous walk in shower+free standing tub in the primary bathroom. Two of the bedrooms boast en suite bathrooms! New turf in the front and back gives this home a beautiful finish!

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22420 N 20th Place Phoenix, AZ 85024

$559,000

3 Beds

2.5 Baths

1,557 SqFt

Status Active Under Contract

MLS # 6778503

Property Type Single Family Residence

Price Type --

Welcome to this stunning, remodeled 3-bedroom + loft, 2.5-bathroom home in the highly sought-after area of North Phoenix, within walking distance to award-winning PV schools! This move-in-ready home showcases pride of ownership with recent upgrades and thoughtful design throughout. The chef's kitchen features white cabinets, granite countertops, stainless steel appliances, and an undermount sink, perfect for cooking and entertaining. Inside, enjoy a spacious floor plan with vaulted ceilings, new waterproof vinyl flooring, fresh interior paint, and upgraded baseboards. The loft has been enhanced with custom built-ins, providing a versatile space for an office, playroom, or relaxation area. Other recent updates include new ceiling fans, blinds, and an updated primary shower for a modern touch. Storage is plentiful with added space in the garage. The resort-style backyard is perfect for entertaining, featuring a sparkling pool, pavered areas, synthetic grass, and an irrigation system, offering low maintenance and year-round enjoyment. With easy access to freeways, shopping, and local amenities, this home combines comfort, convenience, and style in an unbeatable location. Don't miss out on this incredible North Phoenix gem!

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10260 E White Feather Lane Unit 2039 Scottsdale, AZ 85262

New

$559,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6786921

Property Type Apartment

Price Type --

Resort Style Living! Stunning, Pristine & Move in Ready! Highly upgraded condo featuring Bosch appliances, quartz countertops, white shaker cabinets & plank tile wood flooring! Beautiful floor to ceiling custom stack stone fireplace w/ distressed wood mantle! Designer shower surrounds! Custom Shiplap wall in dining area! Gourmet Kitchen w/ gas cooking and new tile herringbone backsplash & under cabinet lighting! Like new & lightly lived in! Enjoy covered Patio w/ Mountain, City & Natural Desert Views. Prestigious Ridge at Troon North Community features a Heated Pool & SPA & Fitness Center! Minutes to more world class golf, shopping & entertainment! Conveniently located close to hiking & biking trails. Walking distance to Troon North Golf Club. Welcome Home!

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20629 N Danielle Avenue Maricopa, AZ 85138

New

$559,000

3 Beds

2 Baths

2,595 SqFt

Status Active

MLS # 6787610

Property Type Single Family Residence

Price Type --

Welcome home! This beautiful 3 bed, 2 bath residence in Homestead North is the one for you! Charming curb appeal, a no-fuss front yard, a 2 car garage w/built-in cabinets, and an electric RV gate are just the beginning. Discover a spacious great room w/high ceilings, elegant wood-look flooring, and warm palette throughout. Hone your cooking skills in this gorgeous kitchen, comprised of wood cabinetry w/crown molding, a pantry, granite counters, tile backsplash, stainless steel appliances, and an island complete w/a breakfast bar. The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks & designer touches. Double doors open up to a cozy den, ideal for an office! New 16 seer heat pump perfectly sized for your energy efficient warmth and cooling. Upgrades galore!! Lastly, the resort-like backyard includes a covered patio, extended seating area, a lovely gazebo w/a built-in BBQ, artificial turf, and a separate guest house w/an additional garage space! Fully paved RV parking with electric gate. What are you waiting for? Act NOW!

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13326 W Montansoro Lane Peoria, AZ 85383

$559,000

2 Beds

2 Baths

1,760 SqFt

Status Active Under Contract

MLS # 6753497

Property Type Single Family Residence

Price Type --

SPECTACULAR N/S home on a PREMIUM lot with a NATURAL DESERT/MOUNTAIN SETTING - walking distance to the MITA CLUB! This GORGEOUS like new - open concept - 2022 built Vibrant shows like a MODEL & furniture can be purchased on a separate Bill of Sale making it the perfect winter retreat or full-time home! PAVER driveway/walkway & STONE ACCENTS greet you as you enter this PRISTINE home! STUNNING tile flooring in all the right areas & upgraded carpet in the bedrooms. The BEAUTIFUL kitchen features a large breakfast island, pendant lighting, roll-outs/trash-recycle & soft close drawers, LED under cabinet lighting, GRANITE slab, large pantry, gas stove, SS appliances & dining area. Great room w/2 large windows overlook the natural desert. Den/office has a BUILT-IN cabinet for additional storage. Both baths have CUSTOM tile showers w/decorative listelles - framed mirrors in the spacious owner's suite w/dual sinks & large walk-in closet. Enjoy your FENCED backyard DESERT OASIS - EXTENDED COVERED paver patio, synthetic grass, lighting & natural stone fountain. What an AMAZING opportunity to make this your HOME!! Upgrades: split-tilt plantation shutters, drapery panels, two tone paint t/o, laundry sink w/upper & lower cabinets w/stone c-tops, larger baseboards t/o, lighting, ceiling fans, deeper garage for toys/storage, water softener, reverse osmosis & trash enclosure on side of home.

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