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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9351 W Deanna Drive Peoria, AZ 85382

$549,900

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6756025

Property Type Single Family Residence

Price Type --

Amazing Home within Dove Valley Ranch Community! The Home Offers 4 Bedrooms, 2.5 Baths and Sparkling Pool! Close to Schools, Shopping and Freeway! Seller is offering a 2% concession towards Buyer(s) closing costs or loan fees. Seller just completed remodeling this home.

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2902 N Cheri Lynn Court Chandler, AZ 85225

$549,900

3 Beds

2 Baths

2,003 SqFt

Status Active

MLS # 6765391

Property Type Single Family Residence

Price Type --

Welcome Home! This amazing house has it all, with 3 spacious bedrooms and 2 completely remodeled luxurious bathrooms. No HOA!! Brand new plumbing throughout this entire home and a new roof with transferable warranty. Every room has new wood grained, high end luxury Vinyl for a cohesive look. Newer Dual Paned Windows and Anderson sliding doors. It literally has been touched top to bottom with new finishes and modern decor. This oversized backyard boasts a pool, pergola, new sprinklered grassy area, a large RV gate and custom 2nd gate. The County square footage does not account for the enclosed heated and cooled former Arizona Room. (Approx. 291 sq ft).

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7243 E Portland Street Scottsdale, AZ 85257

$549,900

4 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6775154

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT!!!! Fabulous home in New Papago Park community just steps to Scottsdale Sky Song! UPDATES include wood laminate flooring, 200amp electrical panel, dual pane windows & paint. Spacious home w/4 Bedrooms & 2 bathrooms. Enter into the FORMAL living room that peeks into the updated Kitchen w/pass through to kitchenette & dining room. Flex space ideal as a sunroom, office, or den. Primary ensuite has built-in linen closet, & exits onto enclosed porch w/backyard access. Primary bathroom has updated shower w/white tile surround. All bedrooms feature mirrored closet doors & ceiling fans. Guest bathroom has tub/shower combo.Enclosed porch has closed-in laundry room. Large backyard w/beautiful poured concrete patio. Opportunity to create your perfect dream backyard. Spacious shed with electricity) in backyard for extra storage. One acre Papago Rotary Park just a few streets away. Minutes to active Scottsdale Green Belt, Vista del Camino, El Dorado Park & Sky Song. Near popular SoSco hotspots DeFalco's, Fellow Osteria, & hidden gem Hai Noon. Tucked into the SkySong neighborhood of South Scottsdale, just minutes to Old Town, ASU, PHX Sky Harbor Airport, freeways, & so much more! Enjoy all the world famous amenities of South Scottsdale AND Tempe!

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247 E Las Puertas Lane San Tan Valley, AZ 85140

$549,900

2 Beds

2.5 Baths

1,677 SqFt

Status Active

MLS # 6772024

Property Type Townhouse

Price Type --

Welcome home to Encanterra Country Club and this fully upgraded Valletta Model with all the finest touches. This SMART HOME is loaded with convenient amenities. Upgraded Chef's Kitchen with Quartz Countertop and built in WiFi Appliances and cupboards / Vinyl Plank Flooring / Upgraded bathrooms with Quartz Countertops and Tile showers / Extended back Patio w/ Pergola / Built in Alexa that controls lights, custom fans and TV / Hard wired electric window shades / Multi-slide door in Great Room / Garage w/ EV outlet, custom shelves, water conditioner and epoxy floor / THIS HOME HAS MORE FEATURES AND UPGRADES THAN ANY HOME IN THE AREA, I can't even list them all! / 2 Clubhouses, 4 pools, Championship Golf, Tennis, Pickle Ball, Restaurant, and so much more. Come enjoy the ''Good Life''! This home also offers a maintenance free landscaping in the front maintained by the HOA...plus there are many clubs and community activities to enjoy time with family and friends. Concerts, pool parties, Forth of July Fireworks, Wine and Whiskey Tastings, movies at the pool, Taco Tuesdays, golf cart parades...and so much more. There are clubs and events for every lifestyle. We can't wait for you to join us in all the fun!

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1342 W Bartlett Way Chandler, AZ 85248

$549,900

3 Beds

2 Baths

1,807 SqFt

Status Active

MLS # 6775193

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 3-bedroom, 2-bath single-story home in the highly sought-after Ocotillo Lakes community of Chandler. This spacious 1,800 square foot home boasts a fresh, modern feel with new interior paint, brand-new carpet, and stainless steel appliances. The kitchen and bathrooms are highlighted by elegant granite countertops, adding both style and functionality. The vaulted ceiling in the main living area enhances the open, airy feel, while new ceiling fans and light fixtures throughout provide added comfort and ambiance. Step outside to a large covered patio, which spans the width of the home and offers private access from the primary bedroom—a perfect space for outdoor relaxation or entertaining. Additional features include a cozy fireplace, central vacuum system, water softener, and a 2-car garage. Situated in a prime location within Ocotillo Lakes, this home offers a balance of modern upgrades and community charm, making it the ideal place to call home. Don't miss out on this move-in-ready gem!

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37736 N Bridlewood Lane San Tan Valley, AZ 85140

$549,900

5 Beds

3 Baths

1,960 SqFt

Status Active

MLS # 6775469

Property Type Single Family Residence

Price Type --

New Build in Combs Ranch on the last HUGE LOT is now available! This new home that has never been lived in and features an open floor-plan, amazing kitchen with Shaker Style cabinets, Stainless Steel Appliances with gas range and Quartz counter-tops with decorative tile back-splash, this new build has 5 bedrooms and 3 Full bathrooms, primary bedroom is large and the primary bathroom has dual sinks with 2 linen closets with large walk-in shower and a HUGE walk-in closet, new tile flooring, new paint, new carpet, new LED lighting throughout and much much more. The lot is HUGE with endless options for a pool, grass area, sitting area and more. Location is ideal with shopping, restaurants and the LG manufacturing plant only 2 miles away! This one will sell fast!

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6353 S Adobe Drive Chandler, AZ 85249

$549,900

3 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6777869

Property Type Single Family Residence

Price Type --

Meticulously cared for 3 bedroom 2 bath home on a spacious corner lot! Formal dining area/den, exceptionally large great room with skylights and spacious kitchen with upgraded cabinets, corian countertops, oversized island, pantry, R/O system, and large eat-in-dining area with breakfast bar. Generous sized primary suite with updated shower, separate tub, private toilet room, dual vanity and a huge walk-in closet with built-ins. Oversized garage with built-in cabinets. BEAUTIFUL low maintenance backyard complete with a Pebbletec pool, covered patio, and small grassy area. HVAC unit replaced in 2022. Priced to sell!!

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6236 Barn Owl Avenue Prescott, AZ 86305

$549,900

3 Beds

2 Baths

1,697 SqFt

Status Active Under Contract

MLS # 6733061

Property Type Single Family Residence

Price Type --

This stunning home is turnkey ready... with the entire existing complement of furniture, appliances and furnishings (interior and patio) going to the buyer. The home has outstanding curb appeal, features an OPEN floor plan, Upgraded baths, a Wow kitchen, and a Wow back yard! It is a meticulously maintained & beautifully upgraded home, arguably surpassing new construction in every way! The Montana floor plan's open, spacious, split-bedroom design is perfect for modern living. The kitchen features granite & quartz counters, stainless steel appliance package, & upgraded cabinetry. The backyard is a retreat featuring a stunning floral garden, view of Granite Mountain and backs to a beautiful park. Great location: 3 min to Antelope Hills Golf, and 7 min to Willow Creek Beneful Dream Dog Park. The master suite is a retreat with a custom barn-door that separates the master bedroom from the luxurious spa-like master bath... which includes dual raised-height vanities with quartz counters, stylish tile-inset walk-in shower, and a walk-in closet. The home features vaulted ceilings, beautiful lighting throughout and plantation shutters on all windows. The home has wood plank tile floors throughout, with the exception of the bathrooms which both feature Santa Barbara tile floors. Additional features include added storage in the hallway leading to the guest wing, custom upper cabinets in the laundry room, along with a washer and dryer, and an extra deep utility sink. The backyard has been completely customized with an extended paver patio, remote controlled extendable awning, artificial turf, and a beautiful floral garden-scape featuring Desert Willow, Crape Myrtle, Orange Trumpet, Rose of Sharon, Buddleia, Butterfly, Honeysuckle, Lavender and more - stunning! This home is situated on a prime homesite, backing to a coveted common area park for added privacy and a view of Granite Mountain. This stunning home has outstanding curb appeal, with custom stack stone accents on the facade, an elegant paver walkway leading to the front door, and beautiful mature foliage. An enclosed porch with a security screen door welcomes you into this inviting home. The garage has been updated with epoxy flooring, an 8' insulated overhead door, a WiFi-enabled opener, and added extensive custom storage cabinets.

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24714 N 174th Lane Surprise, AZ 85387

$549,900

3 Beds

3 Baths

2,187 SqFt

Status Active Under Contract

MLS # 6745889

Property Type Single Family Residence

Price Type --

Great Price! Great Value! Great Amenities! Welcome to the next chapter of your life! This impressive home offers more than just a place to live—it's your gateway to the lifestyle you've been dreaming of. From the moment you step inside, you'll feel a harmonious blend of peace & comfort. The gourmet kitchen, featuring gleaming granite countertops & stainless steel appliances, is a culinary enthusiast's dream, perfect for hosting gatherings. The open floor plan leads to a spacious primary suite, complete with upgrades, abundant storage, & a roomy walk-in closet. You will find 2 additional bedrooms, one guest suite boasts its own private entrance & patio - there is one more bedroom & den all offering additional opportunities to create spaces tailored to your personal preferences. The low maintenance landscaping and window treatments are already donesaving you time and money. Picture evenings in your private, manicured backyard complete with artificial turf, enjoying the warmth of the gas fire pit or unwinding under the covered patio. Whether relaxing or entertaining, this outdoor space is ideal for year-round enjoyment. Make sure to check out the garage with its epoxy floor - it feels like an extension of the home. Whether you're looking for a full-time residence or the perfect winter retreat, this homeand the communityoffer a lifestyle filled with luxury and connection. Scenic walking trails, a resort-style pool and spa, a state-of-the-art fitness center, and pickle ball courts are just a few of the amenities that encourage active living and lasting friendships. Come view the home today - you will be glad you did. See document section for all the additional items this home offers. Contact Bill Miller for information on how you can bid on this home.

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14213 N 34th Way Phoenix, AZ 85032

$549,900

3 Beds

2 Baths

1,695 SqFt

Status Active Under Contract

MLS # 6759900

Property Type Single Family Residence

Price Type --

Beautiful 3 bed, 2 bath home in a great Phoenix location! Its charm starts with a desert front yard, RV gate w/epoxy slab, and a 2-car garage w/cabinets. Enter to find a large great room, tons of natural light, vaulted ceilings that add to the airy feel, and wood-look flooring w/soft carpet in all the right places. The kitchen boasts SS appliances, granite counters, recessed lighting, & self close wood cabinetry. The large bonus room offers flexibility in use as an oversized pantry or mud room. A Spacious Hall bath is easy access for guests. The Master has a private bathroom for added comfort! If entertaining is on your mind, the large backyard awaits! A covered patio, artificial turf, grassy area, & a refreshing pool, promises year-round enjoyment! Oversized shed in the back as well! Close to Paradise Valley Mall, Desert Ridge, easy freeway access, Ending with a quiet neighborhood and a great school district to top off this great property. This Gem wont last! Remodeled/Redone in 2022: Rough electrical, Plumbing, roof, HVAC, ductwork, drywall, paint/stucco, Kitchen, Bathrooms, Added Spray Foam Insulation, Retracting motorized front blinds. epoxy RV parking area, Extra storage in shed and garage cabinets, artificial grass sitting area, Redone cool deck and pool resurface. Soft Water loop and reverse osmosis, even an attic pull down entry in the garage. See agent for more details! Even an Oversized lot for the area! Come and see!

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17810 W Straight Arrow Lane Surprise, AZ 85387

$549,900

3 Beds

3 Baths

2,379 SqFt

Status Active

MLS # 6776042

Property Type Single Family Residence

Price Type --

**ASSUMABLE 3.5% LOAN** Located in the dynamic 85387 zip, this home is perfect for RV lovers, featuring an oversized garage for vehicles and equipment. Enjoy an open layout with a large kitchen that boasts granite countertops, a breakfast bar, 42'' cabinets, a gas range, and a walk-in pantry. The private primary suite offers a walk-in closet and an ensuite with dual sinks and a spacious shower. The great room features a decorative wall and opens to the dining area with access to the backyard, equipped with artificial turf for easy maintenance. The home also includes a versatile room currently used as a den with garage access. Experience the burgeoning community of 85387, known for its tranquility and access to local amenities, combining modern living with natural charm

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26006 S Brentwood Drive Sun Lakes, AZ 85248

$549,900

3 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6752976

Property Type Single Family Residence

Price Type --

The ultimate golf course property for hosting friends and family! This spacious 3-bed, 3-bath + loft, 2-story home on the 14th green, walking distance to Cottonwood Country Club offers stunning views. Enjoy access to three HOAs, six restaurants/bars, pools, golf, tennis, pickleball, bocce ball, fitness centers, and lively entertainment calendars. Features include a synthetic lawn, screened patio, enclosed yard with view fencing, BBQ area off the kitchen, a 2-car garage, and a separate golf cart garage. With new carpet, appliances, an entertainer's kitchen, and a loft with a built-in desk, Murphy bed, and privacy screen, your guests will feel right at home. Upgraded baths and windows complete this dream home!

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