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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1325 Tanglewood Road Prescott, AZ 86303

$550,000

4 Beds

3 Baths

2,139 SqFt

Status Active Under Contract

MLS # 6775016

Property Type Single Family Residence

Price Type --

Set amidst the Ponderosa Pines in the highly desirable Haisley Homestead neighborhood, this tastefully updated single-level home is the perfect Prescott retreat. Featuring two ensuite bedrooms, this home has been beautifully upgraded throughout. Enjoy new luxury vinyl plank flooring in the main living areas, and freshly carpeted bedrooms for added comfort. The countertops have been replaced with a stylish mix of Corian and quartz, paired with fresh two-tone paint, five new solar tubes, modern light fixtures, and kitchen upgrades. The HVAC system was replaced five years ago, and a new roof was installed within the last couple of years, ensuring peace of mind for the new owners. The potential for dual master suites makes this an ideal getaway for families looking to escape the valley heat. The home boasts a large driveway with extra parking, in addition to the two-car garage with built-in storage shelves. Haisley Homestead is located just a mile from Prescott's new Bean Peaks Mountain Bike Park at White Spar Campground, offering nearby access to hiking trails in the Prescott National Forest, including the picturesque Goldwater Lake trail. The backyard features a covered patio, perfect for transforming into your own private escape with additional landscaping. A single-level home with four bedrooms, a two-car garage, and all the amenities of southwest Prescott at this price point is a rare find. Plus, enjoy a reasonably priced HOA that includes access to a swimming pool, tennis, and pickleball courts. Located within 5 minutes of Prescott's downtown courthouse square, this wonderfully maintained home is ready for you to make it your own!

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4107 S 109th Avenue Tolleson, AZ 85353

$550,000

4 Beds

3 Baths

2,649 SqFt

Status Active Under Contract

MLS # 6767165

Property Type Single Family Residence

Price Type --

Must see large single story, Next Gen home! Versatile floor plan has four bedrooms and three bathrooms. Three car garage. Attached casita for varies uses, this home is only a year old, beautiful home inside and out with many modern amenities. This home is conveniently located near schools, stores, shopping, gas stations, restaurants, highways and much more. Open concept floor plan with oversized master suite and split bedrooms for individual privacy.

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2478 N Earle Drive Flagstaff, AZ 86004

$550,000

3 Beds

2.5 Baths

1,762 SqFt

Status Active Under Contract

MLS # 6772135

Property Type Townhouse

Price Type --

Welcome to this perfectly placed townhome in the peaceful, tree lined neighborhood of Elk Run. This property has been well manicured from the small details inside to the pristine landscaping outside. Enjoy updated kitchen and bathrooms with granite countertops. Fresh exterior paint - including the decks! NEW ROOF! New furnace in 2020. With the beautiful weather Flagstaff offers, you will be pleased with the TWO private decks. 3-bedrooms with a versatile loft, great for additional family room or office space. Open concept family room on main level. Snow removal covered by the HOA making winter time a breeze! Bear Paw, the pools, pickleball, tennis, and gym are all part of the country club amenities included in your very inexpensive annual HOA Dues. Nearby Trails and Oakmont restaurant.

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1290 E Bobcat Drive Munds Park, AZ 86017

$550,000

3 Beds

2 Baths

1,485 SqFt

Status Active Under Contract

MLS # 6770846

Property Type Single Family Residence

Price Type --

Nestled in the gorgeous Munds Park, this 3 bedroom 2 bath A-frame home has stunning wood vaulted and beamed ceilings. A loft that overlooks the great room with beautiful stone fireplace. Watch the weather and wildlife through the floor to ceiling windows from the coziness of your home. Primary bedroom and bathroom are upstairs creating a more private spot. The large deck is the perfect spot for an outdoor living space and great gatherings. With the trails, just minutes away, you'll want to bring all your outdoor toys. 2 storage sheds are perfect for store some of those toys. Don't miss out on this one, this is the home away from home you've been waiting on!

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9908 S 43rd Avenue Laveen, AZ 85339

$550,000

3 Beds

2 Baths

2,220 SqFt

Status Active Under Contract

MLS # 6774848

Property Type Single Family Residence

Price Type --

Wonderful 3-bedroom home + DEN w/eye-catching porch! The 3-car garage, extended driveway, & RV gate/parking provide plenty of parking space. A welcoming iron gate opens to the ample courtyard. Inside, you'll find fresh paint, surround sound speakers, a gas fireplace, tile flooring, & a luminous great room that merges all areas for easy entertainment. Gourmet kitchen has SS appliances, a walk-in pantry, granite counters, an island w/breakfast bar, & wood cabinets. Discover a main retreat featuring French doors to the backyard & a newly remodeled bathroom w/two vanities & a soaking tub. The sizable den w/own entry from the courtyard can be easily used as the 4th bedroom, office, yoga studio, etc. Out the back, you'll see an extended covered patio, refreshing pool, & firepit area. Must see!

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7005 E Russell Street Mesa, AZ 85207

$550,000

3 Beds

2 Baths

1,756 SqFt

Status Active Under Contract

MLS # 6774932

Property Type Single Family Residence

Price Type --

**Beautifully Upgraded Single-Level Home in Las Sendas!** Welcome to this freshly updated 3-bedroom, 2-bathroom home in the desirable Las Sendas community. Recent upgrades include new paint throughout, elegant laminate floors, and stylish light fixtures in every room. The kitchen features brand-new quartz countertops, a new microwave, and an island, making it perfect for casual dining and entertaining. It opens up to a cozy family room with a gas fireplace, ideal for relaxing evenings. The flexible front room can serve as an office, formal dining, or creative space. The master suite includes a walk-in closet, dual sinks, a soaking tub, and a walk-in shower. Two additional bedrooms share a full bath. Enjoy the convenience of an inside laundry room and a 2-car garage. Step outside to a newly landscaped private backyard, perfect for outdoor gatherings. Located close to the community's pools, spas, splash pad, tennis and pickleball courts, and the top-rated elementary school. Las Sendas offers a gated golf course lifestyle with parks, sport courts, and activities for all ages. Easy access to hiking, biking, shopping, and the 202 freeway makes this an ideal location!

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5559 E Gable Avenue Mesa, AZ 85206

$550,000

3 Beds

2 Baths

1,848 SqFt

Status Active Under Contract

MLS # 6771547

Property Type Single Family Residence

Price Type --

This beautiful, one-owner, Fulton home in Stonegate is waiting for you! You will fall in love with the amazing custom kitchen features a massive dual fuel GE Monogram stove, new Stainless refrigerator, stunning wood cabinetry, and stainless steel appliances, which overlooks the living room with a custom tiled gas fireplace, built-in cabinetry, and large windows offer a view of the electric heated pool with fountains. The spacious primary bedroom boasts custom wooden shutters and a vaulted ceiling. The primary bathroom welcomes you with heated tile floors, a custom tiled shower, and a freestanding soaking tub. The resort-like backyard features a gorgeous tile deck, citrus trees and heated pool. Come see all the incredible features of this must-see home!

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4591 E Sundance Avenue Gilbert, AZ 85297

$550,000

4 Beds

2.5 Baths

2,120 SqFt

Status Active Under Contract

MLS # 6772931

Property Type Single Family Residence

Price Type --

Are you looking for a home in Power Ranch on a larger lot with some open space behind it? This beautiful home backs to a community park and has a large backyard with mature trees, new artificial turf lawn and new patio pavers. Power Ranch has long been one of the most desirable communities in Gilbert because of the abundance of community features such as community center, parks, lakes, sport courts and more. New plush carpet was just installed upstairs in all bedrooms and hallway. Lots of recent updates such as stove, dishwasher and all new garage door opener. A living and dining room with vaulted ceiling welcomes you upon entry while the large family room, kitchen and sunny breakfast nook are in back. This one won't last long because of its PRIME location backing to a park.

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5255 N Peach Lane Pine, AZ 85544

$550,000

2 Beds

2 Baths

1,426 SqFt

Status Active Under Contract

MLS # 6781018

Property Type Single Family Residence

Price Type --

Tucked away among the whispering pines, this charming cabin invites you into its warm embrace with a delightful covered patio. Every corner of this beautifully reimagined retreat exudes comfort, from the inviting indoor spaces to the serene outdoor living areas. You'll find hickory floors sweeping gracefully throughout, while the living room captivates with its elegant stack-stone fireplace, cozy window seat, and soaring vaulted tongue-and-groove ceiling. The kitchen beckons with granite counters and a handy pantry for all your culinary needs. Venture upstairs to discover a snug loft, perfect for leisurely afternoons or perhaps an additional sleeping nook. The main level houses a quaint bedroom and bath, while the upper level offers a second bedroom and bath for added privacy. Have delightful gatherings or simply unwind on the spacious, wrap-around Trex deck, enveloped in nature. A chain-link fenced yard ensures a safe haven for kids and pets to play, while a garden area, fruit trees, two storage sheds, a dog run, and RV hook-ups cater to your every need. The oversized two-car garage not only accommodates your vehicles but also features a workbench, laundry hook-ups, and a convenient half-bath. With central heating and AC, this cozy haven promises year-round comfort and tranquility.

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12610 N 45th Drive Glendale, AZ 85304

$550,000

5 Beds

2 Baths

2,697 SqFt

Status Active Under Contract

MLS # 6785080

Property Type Single Family Residence

Price Type --

Welcome to your dream home, where modern upgrades meet timeless comfort. Boasting 5 bedrooms, a versatile den, and 2 bathrooms, this property offers the space and functionality you've been searching for. Step inside to discover a thoughtfully designed layout, perfect for families or hosting guests. Recent upgrades enhance the charm and convenience of the interior, creating a move-in-ready haven. Outside, the resort-style backyard steals the show. Dive into relaxation in the updated pool, surrounded by a stunning travertine pool deck that exudes elegance and durability. The low-maintenance synthetic grass ensures you spend more time enjoying the yard and less time working on it. Gather under the gorgeous gazebo, complete with an outdoor kitchen. New roof 2022 + a plethora of more updates are listed in the documents tab.

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3869 S Dew Drop Lane Gilbert, AZ 85297

New

$550,000

4 Beds

2.5 Baths

2,163 SqFt

Status Active

MLS # 6785765

Property Type Single Family Residence

Price Type --

Welcome to Highly Updated in Power Ranch! - You Will Fall in Love with this 4BR 2.5BA + Loft - All Newer: Flooring, Kitchen, Baths, Quartz Countertops, Interior Paint, Stainless Steel Appliances, Water Softener, Water Heater, R/O System - The Master Bedroom is Downstairs - Great Gilbert Schools - The Community Includes: Fishing Lakes, Community Pools, Parks Throughout, Basketball Courts, Playgrounds, Trails, Clubhouse, & MUCH MORE!! Power Ranch is One of THE Premiere Neighborhoods in Gilbert/ East Valley! See This Beauty Soon!!

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17302 E Oro Grande Drive Fountain Hills, AZ 85268

$550,000

3 Beds

2 Baths

1,493 SqFt

Status Active

MLS # 6750848

Property Type Single Family Residence

Price Type --

A beautiful, well-kept home in a highly sought after areas of Fountain Hills. The inside has been very nicely updated. Enjoy the family area with beautiful flooring and a fireplace. The master bathroom has been redone to be handicap friendly. Enjoy spectacular mountain views from your kitchen window, the master bdrm and the patio/Arizona room. You can even see four peaks from the huge backyard. The landscaping is done. The back is on a partial watering system. There are native Desert Willows that thrive even in drought and cold and Meyer Lemon Trees. There is no HOA. There is an RV gate and lots of room out back for an RV, boat or whatever you like. The home is in a highly rated school district with plenty of shopping nearby. You won't be disappoint

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