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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11703 N 123rd Way Scottsdale, AZ 85259

$1,159,000

4 Beds

2.5 Baths

2,701 SqFt

Status Active

MLS # 6761943

Property Type Single Family Residence

Price Type --

Discover the epitome of Scottsdale luxury in this breathtaking 4-bedroom, 2.5-bath sanctuary, perfectly situated in the coveted 85259. Relish in awe-inspiring mountain views, a private pool, and a heated spa—all designed for an indulgent lifestyle. Thoughtfully upgraded with Energy Star Renewal by Anderson windows, complete with a 30-year transferable warranty, this home seamlessly blends elegance with efficiency. Unwind by one of two sophisticated fireplaces or venture out to nearby premier golf courses, scenic hiking trails, and top-rated schools. Modern, refined, and poised for discerning tastes, this residence offers the ultimate Scottsdale experience. Don't miss this rare gem!

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3619 N 87th Street Scottsdale, AZ 85251

Open House

$1,155,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6750485

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunningly designed Scottsdale home, where quality finishes and thoughtful details shine throughout. The dream kitchen is a culinary masterpiece, featuring an oversized island, quartz countertops, custom Italian cabinetry, a coffee bar, beverage center, and stainless steel appliances. The expansive primary suite offers a walk-in closet, plus an additional closet, and a spa-like ensuite with a double vanity. Each bedroom boasts custom-designed closets with built-in drawers, ensuring ample storage. Step outside to your private oasis—an entertainer's dream backyard with a new (2023) pool as the centerpiece. The oversized baja shelf is perfect for lounging, while the built-in fire pit table and BBQ area provide ideal spots for gatherings. The property also includes an RV gate with access from the back cul-de-sac, offering plenty of space and convenience. Completely redesigned in 2022, this home features new windows, doors, a sliding glass door, roof, water heater, electric panel, updated plumbing, flooring, and state-of-the-art appliances.Every detail has been thoughtfully curated for a modern lifestyle. Don't miss this extraordinary Scottsdale gem!

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34010 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749793

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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34146 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749794

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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5548 E Seven Palms Drive Cave Creek, AZ 85331

$1,150,000

3 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6667040

Property Type Single Family Residence

Price Type --

Another NEXTGEN Builders luxury home: 3 BD, 2.5 BA, plus office/den w/closet for 4th, high quality built home with many upgrades, 2-Gar with 8' tall overhead door and 49' RV Gar with 12x14 RV door. No HOA. Dbl door entry, paver front sidewalk and 23' driveway apron, large kitchen island, upgraded appliances, convection oven/microwave built-in combo, Gas cooktop, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 frame exterior, fully sheathed exterior, post tension foundation, Black Mtn. views, Buyer to verify all facts and spec. Block fence to be installed, back yard pad to be extended and room for pool. Move-in ready!

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509 E Adamanda Court Phoenix, AZ 85086

$1,150,000

3 Beds

2.5 Baths

2,191 SqFt

Status Active

MLS # 6703349

Property Type Single Family Residence

Price Type --

WOW! This charming home in the serene Desert Hills Estates sits on a spacious cul-de-sac lot, welcoming you with a circular driveway and a massive concrete extension, a massive five-car garage AND a 2400 sq ft detached garage that can be used for a RV garage. With a built-in wood shop inside this is truly the craftsman dream space. Interior features include an attractive solid red oak flooring, recessed lighting, and a spacious living room with wall niches, pre-wired surround sound, and a cozy fireplace. Family room offers a perfect space to unwind, while the well-appointed kitchen boasts ample cabinets, quartz counters, a tile backsplash and SS appliances including a wine cooler. Expansive main bedroom includes abundant cabinetry and a private bathroom with dual sinks. Outside, the tranquil backyard offers a covered patio, paver patio, built-in BBQ, and breathtaking mountain views. This exceptional horse property is a must-see!

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5250 E Deer Valley Drive Unit 403 Phoenix, AZ 85054

$1,150,000

2 Beds

3 Baths

1,781 SqFt

Status Active

MLS # 6737255

Property Type Apartment

Price Type --

Penthouse Level Condo-where luxury and convenience come together to create an extraordinary resort lifestyle in an incredible location! Enjoy 2 BRs/den-flex room/2-1/2 baths, open floorplan, 11' ceilings, 2 walk-in closets in primary BR, laundry room, upgraded appliances/lighting/quartz, expansive patio/built-in barbecue, 2 parking spaces + 7' x 13' storage room in gated underground parking garage. Soft water, sewer, garbage, gas, internet included. Lush grounds, outdoor entertainment areas, fire pits, 12,000+ sf upscale clubhouse, 4000+ sf state-of-the-art gym, yoga room, conference room & working lounge, wine tasting room, Olympic-size pool + walk across the street to everything you could want with over 160+ restaurants/bars/shopping. Seller concessions for buyer closing costs! Unit 403 is perfectly positioned with no unit above, and no unit directly facing you! This like-new condo with its clean color pallet is ready for your personal touches and creativity. This incredible location in the master-planned community of Desert Ridge is just a few miles from Scottsdale, the hosting city for national events annually! You'll also have access to additional amenities at the adjacent sister development Toscana for your pleasure and enjoyment! THE LUXE is the place to live for the most discerning buyers providing a superior level of living at the greatest value among competitors. Not only do you have unbelievable entertainment and shopping across the street in the Desert Ridge Marketplace and High Street, but now underway is the newest 100+ acre mixed-use development City North that will provide more entertainment and value. Don't wait, this ready-to-move-in unit is far below the new-build prices, so make an offer the seller cannot refuse! (See the docs tab for an expanded list of condo upgrades, LUXE amenities & info about the surrounding area.) *Five minutes to Interstate 51 and Interstate 101 & 20/30 minutes to the airport. *Mayo Clinic - 2 miles; Abrazo Hospital Campus & HonorHealth Scottsdale Thompson Peak Medical Center - within 5 miles. *The Luxe/Toscana/Desert Ridge is perfectly positioned less than a few miles west of Scottsdale Road where national events are hosted annually such as the Waste Management Golf Open, Barrett-Jackson Car Show, and Arabian Horse Show to name a few. *The new City North development across the street is now under development!!! Planned with over 2 million square feet of office, 3,416+ multifamily units, 1,000+ hotel rooms, and retail and dining options. *Invest in The Luxe of Desert Ridge where you won't pay the higher North Scottsdale real estate prices for this kind of luxury and convenience. *Pickleball at the JW Marriott Desert Ridge right behind Toscana, Paradise Valley Community Center, Thompson Peak Park. *Golf - Numerous golf courses within a short distance from Desert Ridge.

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2329 W Speer Trail Phoenix, AZ 85086

$1,150,000

3 Beds

3 Baths

3,137 SqFt

Status Active

MLS # 6726118

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in Arizona! This stunning property offers luxury living on a one-acre lot, providing ample space and privacy. The house features 3 spacious bedrooms and 3 bathrooms, perfect for accommodating family and guests. With a generous 3,137 square feet of living space, there is plenty of room for relaxation and entertainment. The home also includes a convenient car garage for working on your next car rebuild plus ample storage! There is over 7,200 roof covered space! Enjoy the tranquility and breathtaking views of the desert landscape from your own backyard. Whether you're watching sunsets or stargazing at night, this property offers a peaceful retreat away from the hustle and bustle of city life. Priced at $1,150,000.

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2534 N 52nd Street Phoenix, AZ 85008

$1,150,000

5 Beds

4 Baths

3,174 SqFt

Status Active

MLS # 6737826

Property Type Single Family Residence

Price Type --

Welcome to this unique investment opportunity! This property features a spacious, fully renovated charming house at the front and a duplex at the rear, offering a total of three units on one expansive lot. Ideal for investors or multi-generational living, each unit presents distinct living spaces and successful rental income. The property is located in Arcadia lite, near the best shopping and conveniently situated near freeways for an easy drive to downtown. Just 10 minutes from ASU, Tempe, and old town Scottsdale, and close to amenities and major thoroughfares, this property is a must-see for those seeking versatility and value. House is 1636 sqft plus garage and 2 back units at 769 sqft each, each with its own carport. Don't miss out !

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33317 N 71st Street Scottsdale, AZ 85266

$1,150,000

3 Beds

2 Baths

2,303 SqFt

Status Active

MLS # 6734451

Property Type Single Family Residence

Price Type --

Enjoy the Terravita Lifestyle in this gorgeous three Bedroom Caelum Model. The Great Room shows a Stone Fireplace and Wood Plank Tile Flooring. Master Bath and Junior Bath are remodeled as well as the Kitchen with high Quality Cabinets, Granite Countertops and built-in Wine Bar. The spacious Office has Alderwood built-in Bookcase and Desk. Watch the Sun and the Moor rise in your Resort Like Back Yard with View of Winfield Mountain, heated Pool, Putting Green, built-in Barbeque and Fireplace.

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1236 E Mclellan Boulevard Phoenix, AZ 85014

$1,150,000

3 Beds

3 Baths

2,803 SqFt

Status Active

MLS # 6738763

Property Type Single Family Residence

Price Type --

BEAUTIFULLY REMODELED! Nestled on one of the biggest lots on the street, this gorgeous residence tastefully blends classic charm and modern amenities. Attention to detail is evident with recent upgrades, including NEW elegant light fixtures, wood-look tile flooring, recessed lighting, fresh neutral paint, & ceiling fans. Featuring a spacious great room and a large family room w/ custom French doors to the back, The renewed gourmet kitchen offers high-end appliances w/wine fridge, two-tone shaker cabinetry, quartz counters, designer tile backsplash, and a huge waterfall island w/breakfast bar. Plus a spacious casita in the backyard! Every aspect of this property has been fully upgraded, truly one of a kind. For added convenience, this gem comes with an attached 1-car garage and RV gate & parking. If entertaining is on your mind, the backyard awaits! With multiple seating areas & a private pool, this space promises year-round enjoyment. Excellent location close to schools, shopping, dining options, and freeways. Don't miss this opportunity!

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420 W Adamanda Drive Phoenix, AZ 85086

$1,150,000

4 Beds

3.5 Baths

2,359 SqFt

Status Active

MLS # 6756967

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS ALL OFFERS CONSIDERED!! Santa Fe-style horse property, sprawling over an acre w/ no HOA—your opportunity to truly personalize your space. This custom-built, single-level home has been newly updated w/ nearly $200k in upgrades, enhancing its natural light-filled interior, cozy fireplace, & impressive kitchen. It features two primary bedrooms, two generous guest rooms, & tranquil backyard views. Step outside to a private oasis complete w/ a pool, spa, new gazebo, & a detached casita w/ a kitchenette & bath. W/ two RV gates, hookups, and zoning for an additional septic system, this property is perfect for all of your needs. Experience peaceful country living just minutes from shopping, Lake Pleasant, North Scottsdale, & world-class golf.

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