What’s Ahead For Mortgage Rates This Week – September 6, 2016

Last week’s economic reports included readings on pending home sales, construction spending and consumer sentiment. Case-Shiller Home Price Indices for June were released, along with several labor-related reports including national unemployment, ADP Payrolls and Non-Farm Payrolls were also released along with weekly readings on new jobless claims and Freddie Mac’s survey of average mortgage rates.

Case-Shiller: Home Price Growth Holds Steady in June

According to the Case-Shiller 20-City Home Price Index for June, average national home prices held steady with a seasonally adjusted annual growth rate of 5.10 percent in June. The top three cities for home price growth were Portland, Oregon with a reading of 12.60 percent; Seattle, Washington followed with a reading of 11.00 percent. Denver, Colorado home prices grew by 9.20 percent year-over-year.

San Francisco, California, which had posted highest year-over-year price gains in recent months slipped with a reading of 6.40 percent year-over-year in June. This could signify a cooling of rapid price gains in high demand metro areas where home prices have become unaffordable for many buyers.

Construction Spending Flat in July, Pending Home Sales Increase

While builder sentiment has been strong, construction spending was flat in July as compared to an expected reading of 0.60 percent and June’s reading of an 0.90 percent increase in construction spending. The Commerce Department reported that pending home sales increased 1.30 percent in July, which exceeded expectations of 0.90 percent growth and June’s negative reading of -0.80 percent. July’s reading appeared to even out June’s unexpected slump in pending sales, which are considered an indicator for future closings and home loan volume.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates rose for all three loan types reported by Freddie Mac. The rate for a 30-year mortgage rate rose three basis points to 3.46 percent; the average rate for a 15-year mortgage also rose three basis points to 2.77 percent. The average rate for a 5/1 adjustable rate mortgage jumped by eight basis points to 2.83 percent. Discount points averaged 0.50 percent, 0.50 percent and 0.40 percent respectively. Mortgage rates rose after the yield on 10-year Treasury Notes increased in response to a speech given by Fed Chair Janet Yellen that indicated that the target federal funds rate could be raised in December.

263,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 261,000 new claims. Job growth slowed in August; the Commerce Department reported a reading of 151,000 new jobs in its Non-Farm Payrolls report. Analysts expected 170,000 new jobs, which fell significantly short of July’s reading of 275,000 jobs created. Non-Farm Payrolls includes data for public and private sector jobs.

Labor Reports: Job Growth Slows, National Unemployment Holds Steady

ADP Payrolls also reported fewer private sector jobs created in August with a reading of 177,000 new jobs as compared to 194,000 private sector jobs created in July. Analysts characterized August jobs reports as “fickle” due to high numbers of summer vacations and company-wide summer holiday closures.

August’s reading for national unemployment held steady at 4.90 percent.

While slower growth in home prices and job creation could signal an economic slowdown, there was good news as consumer confidence rose to 101.7 in August; this reading surpassed the expected reading of 97.0 and July’s reading of 96.7.

What’s Ahead

This week’s scheduled economic news is lean due to the Labor Day holiday on Monday. In addition to weekly reports on new jobless claims and mortgage rates, reports on job openings and the Federal Reserve’s Beige Book report will be released.

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9020 N 33rd Way Phoenix, AZ 85028

$1,525,000 - 5Br/3Ba -  for Sale in Sierra Bonita Unit 4, Phoenix
Open House
$1,525,000
5 Beds
3 Baths
4,521 SqFt
Status Active
MLS # 6729215
Property Type Single Family Residence
Price Type --
Priced well below appraised value! Elegance & timeless charm will be found in this stunning Santa Barbara-inspired property located just mere steps from the Phoenix Mountain Preserve. This gorgeous residence greets you with rich hardwood plank & luxury Saltillo tile , high ceilings with wood beams plus beautiful wood cased windows. A central atrium creates an airy atmosphere with tons of natural light that can be adjusted with electric blinds. The open gourmet kitchen is a chef's delight with custom cabinetry, top-of-the-line stainless steel appliances with Taj Mahal leathered Quartzite countertops, an adjacent oversized laundry room, and a huge storage pantry. The heart of the home is the great room, illuminated by skylights and anchored by an authentic tiled fireplace. Step outside to to the entertainer's garden, with its large pool surrounded by lush trees. This beautiful home is perfect no matter what your lifestyles! With a large playroom/hobby room/craft room that can also be used as attached guest suite complete vaulted ceilings, fireplace, quartzite desk, lots of storage, sleeping loft and private bathroom. Flex room off loft would make a perfect kitchenette/coffee area. New Tesla Super Charger in Garage. Minutes to 51 access, downtown, airport, Basis Phoenix Primary, new PV Mall redevelopment, biking/walking trails, Press Coffee, 32 Shea, many other fine restaurants. Check out these amazing details & features: ***

25334 N 92nd Avenue Peoria, AZ 85383

$1,520,000
4 Beds
3.5 Baths
4,240 SqFt
Status Active
MLS # 6763353
Property Type Single Family Residence
Price Type --
Incredible updated property with spectacular views located on a prime 2.8 acre lot. With over $130k in impressive upgrades, this home is the perfect blend of luxury and convenience. The newly added circular driveway, meticulously maintained landscaping, and gated front courtyard with waterfall koi pond are sure to charm as you approach. The chef's eat-in kitchen boasts a convenient breakfast bar, 2 islands, wine beverage fridge, storage pantry, and NEW stainless appliances including an induction cooktop. The butler's pantry and formal dining room offer the perfect setting to host family and friends. Other key features include tile flooring, upgraded alder cabinetry throughout, spacious office den, whole house water filtration system, 4 car garage, new 80 gal water heater, recirculation pump, and a family room with built-in entertainment center and charming gas fireplace. The luxurious master suite has a private backyard exit, walk-in closet with built-ins, two-way fireplace, and an en-suite bathroom with dual vanities, makeup vanity, jetted tub, private toilet room, and an upgraded walk-in shower. Spoil your guests with an oversized casita complete with a private patio, family room, kitchen, bedroom, and huge bathroom with shower. The magnificent backyard has a heated pebble sheen pool with waterfall and security fence, built-in BBQ kitchen area, gas firepit with seating area, travertine pavers, an extended covered patio with fans, and 2 underground owned propane gas tanks. Don't miss the opportunity to own this amazing on-trend property!

3124 E Blackhawk Drive Gilbert, AZ 85298

$1,520,000
4 Beds
4.5 Baths
4,324 SqFt
Status Active
MLS # 6661174
Property Type Single Family Residence
Price Type --
This spacious beauty in Acacia Estates boasts the addition of a separate living quarters and a recent remodel with high-end upgraded features such as solid hardwood knotty alder doors and baseboards, a Chef's kitchen with GE Monogram appliances, 3 beverage fridges and a 4-car insulated and temperature-controlled garage. Additional highlights include front yard artificial turf, plantation shutters throughout, remote blackout shades in the bedrooms and a home surveillance system. Other luxury features such as a private courtyard, ensuites in secondary bedroom, attached casita with a full bathroom remodel to include an oversized shower and soaking tub

Flagstaff AZ 86004

$1,519,000
5 Beds
3.5 Baths
4,920 SqFt
Status Active
MLS # 6703866
Property Type Single Family Residence
Price Type --
This stunning custom home on 2.5 acres is the realization of an arts and crafts vision singular to Flagstaff. From the careful details of the front doors, to custom built ins & woodwork, cherry cabinets, & tiffany style light fixtures, this is a work of art! Live your quiet dream in serenity surrounded by natural beauty, or create an entertainer's paradise. Delight in the chef's kitchen with a Viking suite of appliances. Lose yourself in the beautifully treed, gardened yard with mountain views. The lower level is pure fun. Entertain, work out, dance, play pool. Located in desireable Pine Mt. Estates, only steps from national forest, this is an equestrian & outdoor lover's dream. With 2 living areas, spacious rooms, custom office, 3 car garage, owned solar & AC, it's your perfect retreat. Furnishings available with a few exclusions (wood telephone on wall does not convey as well as personal antiques). We've completed an inspection and this home is in excellent shape! See additional documents for many details on items repaired, solar information and the vegetation on property.

19360 N 73rd Street Scottsdale, AZ 85255

$1,501,000
3 Beds
3.5 Baths
2,584 SqFt
Status Active
MLS # 6772969
Property Type Apartment
Price Type --
Belgravia Group presents Atavia, a private gated community of 88 luxury condominiums coming soon to North Scottsdale. Atavia blends the breathability of single-family living with the carefree convenience of condominium ownership. Designed by award-winning international architecture firm KTGY, with a clubhouse inspired by Frank Lloyd Wright's iconic Taliesin West, Atavia is perfectly situated at the Loop 101 and Scottsdale Rd within the One Scottsdale masterplan development. Each exceptional home features a private entry with 2 car garage, Italian kitchen cabinetry, Sub-Zero and Wolf appliances, 1 ¼'' quartz counters, and wood floors throughout main living areas. Residence D has a private in-home elevator and a private rooftop deck with a louvered pergola and porcelain pavers.

3417 W Roaring Fork Drive Pinetop, AZ 85935

$1,500,000
5 Beds
6 Baths
3,533 SqFt
Status Active
MLS # 6672251
Property Type Single Family Residence
Price Type --
Nestled alongside the picturesque 18th tee box of the renowned Pinetop Lakes Country Club, this impressive A-Frame designed split log cabin with stone accent sits on 0.38 acres, 3533+/-sqft, has 5 bedrooms and 6 baths, 2 car garage, storage area, laundry/mud room, loft/family room, grand stone gas fireplace. Step inside and be greeted by a spacious and inviting interior with soaring ceilings and abundant gathering spaces. Each of the five large bedrooms boasts its own private ensuite, ensuring optimal privacy and comfort for every guest. Bask in the expansive views of the lush greenery from the comfort of your own home, where the beauty of the outdoors seamlessly blends with the cozy warmth of indoor living. Income property with mgr. Unwind after a day of adventure in the White Mountain knowing that your personal sanctuary awaits. Property is being sold turnkey with fine antique furniture and unique collectibles adorn every corner of this turnkey home, adding a touch of timeless elegance. Conveniently located near the world's largest Ponderosa Pine Forest, Pinetop Lakes Country Club provides easy access to an array of outdoor activities from golf and tennis. Sunrise Ski Resort, Lakes for fishing to hiking and wildlife watching. With major commercial airports in Phoenix, Albuquerque, and Tucson just a short distance away.

5 E 14th Street Tempe, AZ 85281

$1,500,000
5 Beds
3 Baths
4,319 SqFt
Status Active
MLS # 6728493
Property Type Single Family Residence
Price Type --
Amazing Tempe Location Offering A Ton Of Possibilities. Just Steps Away From ASU, Grady Gammage And The Spectacular Entertainment District Of Down Town Tempe. Single Level 5 Bedroom And 3 Bathroom Home With Huge Lot And Private Pool And Entertaing Area. Newer Windows, Newer Main Sewer Line, Updated Kitchen And A Split Floor Plan Which Allows A Great Opportunity For Private Residence, Rental For Students Or An Airbnb. Close To Light Rail, Sky Harbor, Restaurants And Tempe Town Lake. Two Separate Outdoor Entertaing Areas And Two Car Garage With Large Driveway Makes This An Ideal Property In An Incredible Neighborhood. Dont Miss Out On This Limited Time Opportunity To Create A Lifestyle And Business In An Unprecedented Location Which Wont Come Aailable Often.

7016 E Grand View Lane Gold Canyon, AZ 85119

$1,500,000
4 Beds
3.5 Baths
3,821 SqFt
Status Active
MLS # 6723961
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS in this desert paradise custom built for the entertainer, cook, or outdoor enthusiast (a quick hike to the Broadway Trailhead)! Enjoy rooftop sunsets, relax in your soaking tub next to the two-way fireplace, take a shower in the moonlight, or kick back with a cocktail from the built in wet bar. Guests will love the huge casita with full bath or secondary owner suite, and the yard is built to enjoy w/ outdoor fireplace and 5 covered patios! Gourmet kitchen w/ 2 dishwashers, 2 sinks, Wolf Gas French Cooktop, 2 wall ovens, Sub Zero Frig & Freezer Drawers, Built in Coffee / Espresso, cast iron farmhouse sink, & massive island. Southwest style handmade Mana Pottery tiles, Travertine, 2x6 construction, spray foam attic, fresh exterior paint! Huge lot with room to customize!

20319 E Orchard Lane Queen Creek, AZ 85142

$1,500,000
4 Beds
2.5 Baths
2,474 SqFt
Status Active
MLS # 6747973
Property Type Single Family Residence
Price Type --
**EXTREMELY RARE R-43 MARICOPA COUNTY ISLAND PROPERTY - NO HOA or CC&R'S** This gorgeous one story home is situated on just slightly under an acre with a luxurious pool, an RV garage, and stunning mountain views. Once you step inside you'll immediately feel at home as you walk into the beautiful entryway that leads into the open concept kitchen, dining, and family room. This home is every designer's dream with over $375,000 in luxurious high end upgrades including but not limited to decorative wood beams, 10 ft back slider doors, built in Frigidaire refrigerator and freezer, fireplace, spray foam insulation and much more! The attention to detail in design and finishes are highly evident throughout the entire home. The backyard is your private oasis which includes a gorgeous pool complete with 2 pergolas, a rain water feature, and built in bbq which is great for entertaining. If you're looking for a timeless, luxurious home in a quiet and private neighborhood, come see what this beautiful home has to offer. **Warning Alert** BE READY to immediately fall in love!! Don't miss your chance to make this incredible home yours! Welcome home!

4684 E Coachwhip Road Cave Creek, AZ 85331

$1,500,000
4 Beds
3 Baths
3,156 SqFt
Status Active
MLS # 6772406
Property Type Single Family Residence
Price Type --
Spectacular and breath taking Mountain Views. Prestigious area of custom homes in Cave Creek, AZ built with post tension slab! Split floor plan with separate living and family rooms, amazing kitchen with newly installed cooktop, double ovens , microwave, refrigerator and a huge pantry. The formal dining area is home to their gorgeous piano right now. The laundry room has lots of built in storage cabinets with a laundry sink as well. Washer and Dryer included. The Master Suite is huge with a separate tub, large shower, two sinks and a great walk in closet. Tiled baths, carpet in the bedrooms. Separate powder room just off the entry for your guests. Bedroom 2 just off the entry is being used as a home office, with Bedrooms 3 and 4 just down the hall. The 3 car garage is extended length and ready for your cars and/or trucks with room to spare. Yes, there is an RV Gate and room for your toys. Sellers just had epoxy done on the garage floors this week. Professionally landscaped front and back with a gorgeous salt water pool, exterior lighting, built in waterfall with its own misting system right in the rocks. The large covered patio is ready for entertaining family and friends or just sit back and enjoy the incredible sunsets yourself. This is truly a perfect oasis that will mesmerize and delight you. Best of all, no HOA so bring your toys. Come see it today and make it yours!

22602 N 80th Place Scottsdale, AZ 85255

$1,500,000
4 Beds
3 Baths
3,086 SqFt
Status Active
MLS # 6758896
Property Type Single Family Residence
Price Type --
Nestled in the private and gated community of Pinnacle Peak Estates II, this stunning home offers breathtaking mountain views right out the front of the home. At just over 3,000 square feet, this home is perfectly sized and the one-acre lot offers space to expand along with privacy. The back of the house showcases a wall of glass, with four sliding doors and windows that invite abundant indirect sunlight throughout the day. This unique feature also provides a panoramic view of the sparkling pool, visible from most rooms, creating a seamless connection between indoor and outdoor spaces. As you step inside, the high ceilings and Italian travertine floors immediately catch your attention, lending the home an expansive yet inviting feel. The split floor plan offers privacy, with the primary suite and bath and home office with a full bath (fourth bedroom) on one side, and two additional bedrooms with a shared bath on the other. The primary suite bath is a retreat, featuring dual vanities, a jetted soaking tub, a separate shower, and a walk-in closet. The kitchen has stainless steel appliances, walk-in pantry, center island with storage, a coffee/display niche, all overlooking the light filled family room with centerpiece fireplace. Outdoor living is just as enticing, with a large covered patio that stretches the length of the home, complete with a mechanical sunshade for added comfort. The heated pool, surrounded by ample decking, is perfect for lounging or dining. For added convenience, the home includes a three-car garage and a large laundry room with a sink and cabinetry. The leased solar panels enhance energy efficiency, while the Southwest styling welcomes guests with charm. With quick access to the 101 and Phoenix Airport, and so close to Kierland, Scottsdale Quarter, Fashion Square, and Desert Ridge, and more, literally minutes away, from the most desirable shopping areas in Arizona. This home combines luxury, convenience, and privacy in a sought-after location.

19711 W Georgia Avenue Litchfield Park, AZ 85340

$1,500,000
4 Beds
2.5 Baths
3,051 SqFt
Status Active
MLS # 6756040
Property Type Single Family Residence
Price Type --
NEW 2 BEDROOM GUEST HOUSE beautifully accents this 4 BED 2.5 BATH CUSTOM home on nearly an acre with room for RV & TRAILER PARKING, PLUS 5 CAR GARAGE SPACES. ASSUMABLE VA. This property offers a wide range of possibilities: use the Guest House for multi-generational living, office space, studio space, rental income, entertaining space, pool house or simply for guests. This custom space offers beautiful finishes and upgrades. Both homes feature 10 ft ceilings. The main house offers an open, split floor plan with add'l den/office. Sparkling pool with a waterfall feature, built-in spa & large Baja step, plus an in-pool table. The grand gazebo offers added shade, along with the oversized covered patio. There is room for a lift in the 12' high guest house garage. You've got to see this!

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