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.

Click Here to See What Your Home is Worth

2003 E Clubhouse Drive Phoenix, AZ 85048

$1,400,000
5 Beds
3.5 Baths
3,812 SqFt
Status Active
MLS # 6773388
Property Type Single Family Residence
Price Type --
Prepare to be amazed! Check out this wonderful 4 bed, 3.5 bath residence now on the market! Great curb appeal, a manicured landscape w/lush natural turf, a 5 CAR GARAGE w/built-in cabinets, and a paver driveway are just the beginning. Discover a spacious living area w/soaring ceilings, luxurious fixtures, plantation shutters, and custom palette throughout. Continue into the large family room, featuring a wood-burning fireplace to keep you warm during the chilly winter months. The gorgeous kitchen is equipped w/everything the aspiring chef needs, espresso cabinetry, granite counters, tile backsplash, pantry, subzero appliances, large island, and a breakfast nook w/a serving window & bar. Double doors open up to the primary bedroom, showcasing private outdoor access, a 2nd fireplace, a walk-in closet, and a lavish ensuite w/dual sinks. Upstairs you will find your very own private theater room with Dolby Atmos surround sound and 140 screen, a wet bar w/ balcony access, perfect for movie nights w/friends & loved ones! Lastly, the resort-like backyard includes a covered patio, view fence, extended seating pool side in the walk down gazebo w/a built-in BBQ, hot tub, and a sparkling blue pool w/a rock waterfall & additional water features, lights and fire features! Cozy up to the fire pit on cold nights and take in the amazing views all around. Home features full ensuite of home automation control for everything from all the interior lights and fans to all the pool features.

615 W University Drive Mesa, AZ 85201

$1,400,000
3 Beds
1.5 Baths
1,386 SqFt
Status Active
MLS # 6774011
Property Type Single Family Residence
Price Type --
Prime Multi-Family Development Opportunity in Downtown Mesa's Sought-After Opportunity Zone! Located on a generous 1.33-acre lot at 615 W University Dr, this property offers an exceptional chance for developers. Significant progress has already been made with architectural plans and City approvals for a 27-townhome project. This unique lot, which spans from North Date to North Kosick, consists of five parcels, offering extensive frontage along University Drive. Ideally positioned just one block north of downtown Mesa and the light rail, this property is also minutes from major freeways, the ASU campus, schools, and various shops.

7979 E Princess Drive Unit 10 Scottsdale, AZ 85255

$1,400,000
2 Beds
2 Baths
2,151 SqFt
Status Active
MLS # 6776673
Property Type Single Family Residence
Price Type --
Stunning home in the Crown Point Two community. Great location! Walking distance to both TPC golf courses, several restaurants and The Fairmont Scottsdale Princess. Quiet community with a pool and across the street is a great park for walking or biking. Renovated through out the years. Beautiful hardwood floors. Remodeled kitchen and baths. Enjoy the quiet backyard setting with built in Sterling gas BBQ, granite counters, Waterfall feature, Gas Fire pit, Sundance 4 person Hot Tub, outdoor lighting and pavers throughout. A home you must see if looking for this fantastic location. Convenient sought after community. New Trane AC installed 8/22. New roof 2020 with 30-year materials warranty and 10-year transferable labor warranty. Owner receives two weekly passes to the WM Open annually!

22873 S 193rd Street Queen Creek, AZ 85142

$1,400,000 - 5Br/3Ba -  for Sale in Queen Creek Ranchettes 3, Queen Creek
New
$1,400,000
5 Beds
3 Baths
3,440 SqFt
Status Active
MLS # 6779387
Property Type Single Family Residence
Price Type --
This beautiful red brick home sits on a city acre and is just as gorgeous on the inside as the outside. It has been completely remodeled with stunning features great for hosting. This 5 bed, 3 bath 1 story with a split floorplan has 2 living spaces, new flooring, cabinetry, doors, & completely remodeled Bathrooms with high end finishes throughout. The kitchen was awarded the ''Showcase Your Space'' 2021 Remodel of the Year by Capitol Mark Interiors & includes custom cabinetry, upgraded appliances, satin bronze hardware, & Zellige back splash. The backyard feels like a resort with new stone patio, fireplace with TV, limestone counter BBQ, sparkling pool, firepit with tons of seating and gathering spots. The RV Gate allows easy access for additional driveway, Casita, or Detached Garage.

954 E Beck Lane Phoenix, AZ 85022

$1,400,000
3 Beds
5.5 Baths
4,347 SqFt
Status Active Under Contract
MLS # 6763687
Property Type Single Family Residence
Price Type --
Spectacular luxury home with city light views throughout the home. Home features 3 bedrooms plus office and 5 1/2 baths, including a full pool bath and steam shower in bedroom #2. Kitchen features Bosch appliances, sub zero refrigerator, tons of cabinets and storage. Spacious family room with tall ceilings and views to the backyard which is an entertainers delight. Exterior features include pool, spa/hot tub, gazebo, fireplace and built in BBQ. Check out the floor plan under the document tab

12776 N 78th Street Scottsdale, AZ 85260

$1,400,000 - 4Br/3Ba -  for Sale in Buenavante 2, Scottsdale
New
$1,400,000
4 Beds
3 Baths
3,175 SqFt
Status Active
MLS # 6781005
Property Type Single Family Residence
Price Type --
Nestled in the heart of the Buenavante neighborhood is a fantastic home that offers a great split floor plan that checks a lot of boxes.Enter through the double doors into a spacious living/dining room w/ views to the back gardens. A separate family room with cozy fireplace makes room for everyone. Updated kitchen with lots of storage & great island for easy prep & a place for guest to hangout. The primary is a dream w/ a fireplace, nice sitting area & access to the pool. Primary bath is wonderful w/ separate tub/shower & separate vanities & closets. The Jack & Jill bathroom between 2 of the bedrooms makes for a great kid setup plus there is a 3rd full bath for guest. South facing backyard w/ an inviting pool & established landscaping. Bonus - No Short Term Rentals allowed in subdivsion.

6826 E Larkspur Drive Scottsdale, AZ 85254

$1,400,000
5 Beds
4 Baths
2,657 SqFt
Status Active
MLS # 6699856
Property Type Single Family Residence
Price Type --
Nicely remodeled home offering 5 bedrooms and 3 bathrooms and 2 car garage in the main house. There is a 1,150 sq.ft. detached garage built 2017, with a bathroom, plumbed for a shower if buyer wants to add a shower, garage could be converted to a guest house. There is parking for up to 7 Cars without lifts. This large lot offers a circle drive with a courtyard entry. Updated Kitchen, living room, family room and dinning room, walls have been removed for an open concept 2015 . Backyard offers a large diving pool remodeled 2015, lots of synthetic grass, fire pit area, 2 RV gates, the fences are stucco and painted, Citrus trees, Tangelo, Lemon Tangerine and AZ Sweet Oranges and a Tuff Shed that conveys. Views of the McDowell Mountains. Video Surveillance system, 11 Cameras to convey.

11411 E Gamble Lane Scottsdale, AZ 85262

$1,400,000
4 Beds
3 Baths
2,800 SqFt
Status Active
MLS # 6757454
Property Type Single Family Residence
Price Type --
Lock & leave perfection. Remodeled inside & out in transitional style, this property has everything you're looking for w/in-demand finishes. Wood-look tile floors offer a continuous character of nature in addition to the use of travertine stone & alder wood. Spacious window-filled great room features views of Pinnacle Peak plus a cozy fireplace & bar w/wine fridge. Large fireplaced dining room is equally view-oriented & opens to beautifully appointed kitchen. Grand owner's suite offers a luxurious retreat w/its gorgeous ensuite bath & closet-of-your-dreams. Three additional bedrooms & two full baths complete this versatile floor plan. Outside is deep patio w/pavers leading to gas firepit, sitting area & relaxing hot tub for enjoying stunning mtn views, sunsets & starlit skies.

20543 E Excelsior Court Queen Creek, AZ 85142

$1,400,000 - 5Br/4Ba -  for Sale in Citrus Coves, Queen Creek
Open House
$1,400,000
5 Beds
4 Baths
3,780 SqFt
Status Active
MLS # 6728874
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning custom-built residence is situated on over an acre of land and boasts breathtaking mountain views. The property features a huge pool, perfect for entertaining or relaxing in your private oasis. Inside, you'll find 5 spacious bedrooms, 4 luxurious bathrooms, and a large loft area, ideal for a home office or additional living space. The gorgeous front courtyard is adorned with pavers and fencing, creating an inviting entrance. The kitchen is a chef's delight, equipped with white cabinets, stainless steel appliances, granite countertops, under-cabinet lighting, and two pantries for ample storage. The master bedroom is a true retreat with backyard patio access, two large walk-in closets, a separate shower with double heads and a pressure/temp valve, a jetted bathtub, and double sinks with a vanity. Step outside to the backyard, where a jacuzzi and stunning water features await. The travertine decking, raised sitting area, gas fire pit, and artificial turf surround the pool, creating a luxurious outdoor living space. There's still plenty of room to design your own dream oasis, and mature orange trees line the west side of the property, adding to the charm. Don't miss the opportunity to own this exquisite home that perfectly blends luxury, comfort, and breathtaking views.

14072 E Desert Cove Avenue Scottsdale, AZ 85259

$1,400,000 - 4Br/4Ba -  for Sale in Paloma Paseo, Scottsdale
Open House
$1,400,000
4 Beds
3.5 Baths
3,705 SqFt
Status Active
MLS # 6778417
Property Type Single Family Residence
Price Type --
FABULOUS HOME WITH VIEWS in every direction situated on over 1/3 acre. Spacious primary suite with huge custom closet. Primary bath w/walk-in shower, double sinks & soaking tub. Kitchen, family room, living & dining rooms are bright & open with 20 foot plus ceiling. KITCHEN w/GAS COOKTOP, generous cabinets & counter space, NEWER 48'' SS KITCHEN AID REFRIGERATOR. granite counters, tile backsplash & FRENCH DOOR to BACKYARD RESORT! Inviting solar heated pool w/waterfalls, built-in BBQ & firepit and separate spa. BACKYARD overlooking NAOS. Upstairs loft and spacious office with built in desks and bookcases & French doors to balcony w/CITY & MOUNTAIN VIEWS 3 additional bedrooms upstairs 2 full baths. Plantation shutters, Trane A/C, extra ceiling insulation, 3.5 CAR GARAGE w/cabinet. Award winning Scottsdale schools including BASIS. Convenient to restaurants, shopping, parks, hiking trails, golf, Mayo Clinic & 101 Freeway and all that Scottsdale has to offer!

4434 E Camelback Road Unit 141 Phoenix, AZ 85018

$1,400,000 - 3Br/4Ba -  for Sale in Village At Camelback Mountain, Phoenix
Open House
$1,400,000
3 Beds
3.5 Baths
2,840 SqFt
Status Active
MLS # 6745262
Property Type Townhouse
Price Type --
Welcome home to arguably the best location in Arcadia! Behind the guard gated entrance, this townhome has some of the best views of Camelback Mtn AND the largest lot in the community. This recently remodeled property features quartz countertops, vaulted ceilings, wood slat fireplace, temperature-controlled wine storage, and epoxy floors in the garage. Enjoy the serenity of having one of the only corner units with your own personal spa, adjacent to the greenbelt & pool. Just a short walk away to some of the best dining in the valley, including Steak 44, The Henry, Buck & Rider, and the NEW Global Ambassador, this home truly has it all!

33945 N 57th Place Scottsdale, AZ 85266

$1,400,000 - 4Br/4Ba -  for Sale in Los Alisos, Scottsdale
Open House
New
$1,400,000
4 Beds
3.5 Baths
3,451 SqFt
Status Active
MLS # 6777620
Property Type Single Family Residence
Price Type --
Nestled in a highly sought-after, gated community in the Cave Creek/North Scottsdale area, this stunning property sits on a desirable corner lot, boasting breathtaking views of Black Mountain, sunsets, & a lush park nearby. This 4-bedroom, 3.5-bathroom home with an additional office space spans 3,451 sq ft on a 0.261-acre lot, thoughtfully reimagined inside & out to meet every modern comfort. High ceilings soar 12 ft, creating an open & airy feel throughout. Gas cooktop. Split floorplan features a master retreat complete w/a custom closet w/ceiling-high storage & a luxurious, spa-inspired bathroom showcasing dual rain shower heads. The spacious master suite includes a private sitting area w/a sliding door leading directly to your outdoor oasis. No stairs, NEW ROOF & AC's, STR available! .....to the serene backyard. The redesigned kitchen seamlessly connects with both the family and living rooms, making it ideal for entertaining. With a built-in bar, wine rack, and sink, it's perfectly set up to host any gathering. The family room is equipped with built-in media cabinetry, accommodating TVs of any size, and is wired for sound with built-in speakers indoors and on the patio. Step outside to find a beautiful pool, an inviting outdoor fireplace, a built-in grill, and a shaded pergola. Additional features include a low-maintenance backyard, an RV gate, and energy-efficient upgrades throughout, including premium plantation shutters, a luxurious silk carpet in all bedrooms, Sherwin Williams Cashmere paint, an epoxy-finished garage floor, and ample storage options. This home is crafted for comfort, convenience, and elevated style in one of the area's most desirable neighborhoods.

Leave a Reply

Your email address will not be published.