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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11142 E Mark Lane Scottsdale, AZ 85262

Open House

$1,095,000

3 Beds

2.5 Baths

2,772 SqFt

Status Active

MLS # 6778454

Property Type Single Family Residence

Price Type --

A very stylish remodeled home in North Scottsdale's coveted Troon North area. This single-story gem offers an updated transitionally modern design with a split floor plan, high ceilings, abundant natural light, tile floors, gas fireplace and on-trend finishes throughout. The updated kitchen is fully equipped with granite counter tops, stainless steel GE Monogram appliances, a prep island & gas range for all your home cooking needs. A walk-in pantry with custom shelving & cabinet storage space, a large wet bar area w/glass shelving & custom lighting, a dual-zone wine fridge & dedicated ice fridge make for easy entertaining. The owner's suite features a spa-like ensuite bath, free-standing tub, tile & glass walk-in shower, separated double vanity & a large walk-in closet with built-ins. The Zen like media space with its custom shelving & lighting, hidden monitor cabinet & double door hide-away desk is the perfect space for a work-from-home office, a podcast studio, maybe simply relaxing with your favorite music or a good book. The North/South oriented lot backs to NAOS(natural area open space) for added privacy & ample distance between neighbors. An extended covered travertine stone patio that is directly accessible from the kitchen, family room & primary bedroom via large sliding glass doors, makes the indoor-outdoor Arizona lifestyle a true pleasure everyday living in this home. The oversized backyard is low maintenance thanks to the fully covered stone paver design, that includes a the built-in BBQ with its sit at bar, additional outdoor dining & conversation areas, freestanding spa/hot-tub, fire-pit table, soothing sounds from a water feature & the pre-wired low voltage cafe & landscape lighting, all make for awesome Arizona outdoor living & entertaining. A new pool/spa design build has been prepared & presented here for those that desire & might be considering adding those private amenities to the property. The home's highly desired Scottsdale location provides direct access to some of North Scottsdale's best & many resident's favorite outdoor hiking, biking, golfing, boating/fishing activities(Pinnacle Peak, Brown's Ranch, Troon North GC, Bartlett Lake, Tom's Thumb). The 2.5 car garage with large storage cabinets & a work bench area provides more than enough room for all the cars, motorcycles & the outdoor toys/equipment. The Pinnacle Views community amenities include both tennis & pickleball courts, picnic ramada & large grass playing area for the family & family pets. With all the big ticket items(new roof, ACs, H2O Heater, kitchen, primary & guest bath remodels)already completed on this one, you will not find a better updated, move-in ready, SFD home in the Troon North area at this price.

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6331 W Fullam Street Glendale, AZ 85308

Open House

$1,095,000

4 Beds

3 Baths

3,795 SqFt

Status Active

MLS # 6781766

Property Type Single Family Residence

Price Type --

Located in a cul-de-sac in a quiet pocket of Glendale's Arrowhead neighborhood, this custom home boasts amenities rarely available in the area. On the main floor find dual living spaces with separate den, chef's kitchen with breakfast bar, an ample foyer, large laundry room and vaulted ceilings. Upstairs, the primary suite is oversized and checks all the boxes, including covered deck with views. Three other bedrooms are ample in size, each with walk-in closets and a shared hall bathroom. The backyard boasts a grilling area, large covered patio, pebble pool with water feature and slide, along with lawn space for activities. No neighbor to the east lends to an open and private feeling throughout the yard. A 3 car garage,RV gate and NO HOA checks the last boxes on this rare opportunity!

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18411 E Tranquilo Way Rio Verde, AZ 85263

Open House

$1,095,000

4 Beds

2.5 Baths

2,995 SqFt

Status Active

MLS # 6774875

Property Type Single Family Residence

Price Type --

Welcome to this charming home situated on the 6th fairway of the Peaks course. This home is in Immaculate condition and is tastefully decorated. Step in to an open floorplan with huge windows that bring in the light and outdoor beauty. The kitchen has SS appliances and granite countertops. The great room has an updated entertainment wall for the big screen and 2 eating areas. With 4 bedrooms, you will have room for guests or offices or craft rooms. The back patio has a large covered area but also faces South for the ideal exposure. Plenty of room to put in a pool or spa. The primary bedroom has a large bathroom and a closet to please.This home is being sold fully furnished with the exception of a small list of personal items and artwork.

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3045 E Marlette Avenue Phoenix, AZ 85016

Open House

$1,095,000

3 Beds

3 Baths

2,125 SqFt

Status Active

MLS # 6775339

Property Type Single Family Residence

Price Type --

Situated on a desirable corner lot within the exclusive 24-hour guard-gated Colony Biltmore community, this home boasts a spacious, light-filled floor plan. The inviting living room features vaulted ceilings and a cozy fireplace, seamlessly connecting to a versatile dining area and a charming breakfast room off the kitchen. The kitchen offers updated appliances and ample storage. The primary suite, designed for privacy, is a retreat with direct access to the backyard. The guest suite, additional bedroom, and loft offer flexibility for guests, work, or leisure. The south-facing backyard is complete with a covered patio, pool, spa, and firepit. Newer roof, AC, windows, water heater and flooring provide ease of mind. Don't miss the chance to embrace the coveted Biltmore lifestyle!

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1647 W Yosemite Place Chandler, AZ 85248

Open House

New

$1,095,000

4 Beds

3.5 Baths

3,282 SqFt

Status Active

MLS # 6784392

Property Type Single Family Residence

Price Type --

Welcome to this beautiful TW Lewis single-level home in the highly desirable gated community of Balboa Point in Ocotillo. As you enter, you're welcomed by an elegant foyer and a spacious split-level floor plan. The great room features a stacked stone gas fireplace and a stylish dining area with new light fixtures, creating an ideal gathering space. The gourmet chef's kitchen features stainless steel appliances, a gas cooktop, granite countertops, double ovens, and a spacious island with cabinetry. It also includes a large walk-in pantry and a breakfast nook with a built-in desk. The primary bedroom is spacious, accommodating a seating area and providing private access to the backyard. The ensuite bath features double sinks, a large spa-like bathtub, a tiled shower, and a generous walk-in closet. The three secondary bedrooms are equally noteworthy. Each showcases wood flooring and generous closet space, and one is equipped with an ensuite bathroom. The expansive backyard is designed for leisure and entertainment. It features a pool with a waterfall, a built-in BBQ, a spacious covered patio, and an outdoor fireplace with a seating area. Throughout the home, you will find white plantation shutters and an entire interior freshly painted in November 2024. This community is conveniently located nearhas the highly regarded Chandler Traditional AcademyIndependence, The Village Health & Spa Club, Snedigar Sportsplex, and Ocotillo Golf Club, making it an exceptionally desirable location.

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7231 E Tailfeather Drive Scottsdale, AZ 85255

Open House

$1,095,000

3 Beds

2 Baths

2,225 SqFt

Status Active

MLS # 6720615

Property Type Single Family Residence

Price Type --

Sellers are offering buy down rates making this home more affordable, Escape to Paradise with this 3Bed, 2Bath Oasis! As you step inside, you'll be greeted by the warm and inviting atmosphere of this spacious split floor plan of living, featuring sleek SS appliances and granite countertops. The MBed is a tru retreat boasting an additional room with its own mini split air conditioning system, perfect for an exercise room or nursery, MBath is spacious offering a walk in shower, double sink vanity, separate toiletry room. 1of the spare bedrooms has a Murphy bed and desk perfect for guest or office, Backyard is a truGem with private (heated) Pool&Spa controlled by Aqua-link, Surrounded by fruit/lush trees, your very own Sanctuary! This is more than just a place to live - Grayhawk community is an experience, Grayhawk is located in North Scottsdale and is known for being one of the most sought out places to live in Arizona, with their top-rated Schools, World-Class Golf Courses, Luxurious Resorts, and Fine Dining options, with Scenic trails for hiking and or biking take along a map, and add to that its just minutes away from the 101 freeway.

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4839 E Laurel Lane Scottsdale, AZ 85254

$1,094,000

3 Beds

2 Baths

2,204 SqFt

Status Active

MLS # 6766370

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous fully remodeled home with NO HOA and custom features throughout this gorgeous home. This property includes 3 spacious bedrooms and 2 bathrooms with a 2 car garage AND a COVERED CARPORT WITH RV GATE! Bring all of your TOYS! As you enter through the front doors you will find a large open floor plan with a gorgeous upgraded kitchen featuring an island with waterfall quartz countertops and plenty of space for all your entertaining needs. The primary suite features a large retreat plus a large walk in closet! Let's not forget the mudroom and large laundry room plus key drop! Exit out to the backyard to your own private oasis featuring gorgeous landscaping. Close to NEW PV reimagined development featuring new shopping and restaurants you can walk to for dinner!

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8049 N 16th Avenue Phoenix, AZ 85021

$1,090,000

4 Beds

4 Baths

2,476 SqFt

Status Active

MLS # 6762237

Property Type Single Family Residence

Price Type --

Nestled in the Premier Neighborhood of Royal Palm, this spacious home has 4 bedrooms, 4 bathrooms (3 are ensuite) & is PEARL certified for energy efficiency. Relax in the open Great Room & Kitchen, complete with newer SS appliances, shutters, wine fridge, RO system & lots of cabinet space for the Chef in the house! Owners suite has large bedroom, extra sitting room that opens to backyard & Ensuite bathroom that includes double sinks, toilet room & separate shower & tub...down the hall is the Bed #2 with ensuite bathroom & large closet. Bedroom #3 has natural light & newer flooring. Have any Out of town Guests? They can enjoy their own private bedroom & bathroom ensuite, with direct access to the backyard & pool. Relax under the covered patio with ceiling fan or enjoy a swim in your very own pool. Located in the desirable Royal Palm area with the park around the corner, friendly neighbors & community events, see this home to fully appreciate all it has to offer!

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17756 E Silver Sage Lane Rio Verde, AZ 85263

$1,090,000

3 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6776395

Property Type Single Family Residence

Price Type --

What a View! Enjoy breathtaking vistas of the 11th Fairway & mountain backdrop from this stunning backyard oasis. This meticulously designed 3-bedroom, 2.5-bath Brasada floorplan features a versatile den, an open-concept kitchen/great room, & high-end finishes throughout. The gourmet kitchen boasts a gas stove/oven, spacious island, wine refrigerator, & cozy breakfast area—all in a refined palette of grays & whites complemented by Hunter Douglas blinds & motorized patio shades. Step outside to a private, fenced patio where you can soak in the hot tub, unwind by the fire pit, & savor the views in complete serenity. An automatic watering system keeps the lush landscaping pristine year-round. Don't miss this exceptional opportunity to call Rio Verde home—where luxury and community converge!

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6832 S 38th Place Phoenix, AZ 85042

$1,090,000

3 Beds

3 Baths

3,458 SqFt

Status Active

MLS # 6780503

Property Type Single Family Residence

Price Type --

Owner is Lic. Real estate Broker in the State of Az. Mountain, Lake ,and Golf course view. 300 feet of golf course frontage. Enjoy stunning sunsets from expanded back patio. Perfect location. 10 minutes from Sky Harbor International Airport. Suns, Diamond Back games, Spring training. Custom cabinets t/o. Viking appliances, Sub-Zero Refrigerator. Beautiful floor to ceiling stone F/P. Fantastic granite counter top and much more. Island bar. This is a one of a kind home located in the foothills of South Mountain. Lake views.

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61 W Coconino Place Chandler, AZ 85248

$1,090,000

5 Beds

3 Baths

3,312 SqFt

Status Active Under Contract

MLS # 6762485

Property Type Single Family Residence

Price Type --

This Home is located in the Upgraded Series of The Gallery at Fulton Ranch. This Gainsborough Floorplan is the Only One of It's Kind in Fulton Ranch and feels bigger than square footage indicates. Come Enjoy the Resort Style backyard and the Home Featuring 5 Bedrooms 3 Baths, Formal Living and Dining, Gourmet Kitchen with Double Ovens Built in Microwave, 42'' Staggered Cabinets w/Crown Molding and Island. Large Family Room with Stone Gas Fireplace. Large Primary Suite includes Snail Shower, Jacuzzi Tub, Dual Sinks. Large Walk-out Deck to Enjoy the Sunsets and Views. Upstairs Laundry. Gorgeous Backyard Includes Large Pool, Jacuzzi, Built in BBQ and Smoker. What a Great Place to Relax !!

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8236 E Lippizan Trail Scottsdale, AZ 85258

New

$1,090,000

3 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6772036

Property Type Single Family Residence

Price Type --

Welcome to your dream location in McCormick Ranch, Scottsdale! Nestled within one of the most desirable neighborhoods, this area blends luxurious comfort with Scottsdale charm. With a price point well under any other home in the coveted Paradise Park Trails in McCormick Ranch, you can move right in at a super price tag or you'll have a ton of room to make loads of upgrades and add ons! This iconic Scottsdale community offers miles of walking and biking trails, sparkling lakes, and greenbelts, all enveloped in a serene setting. Residents enjoy easy access to popular golf courses, upscale dining, boutique shopping, and highly-rated schools. Known for its relaxed yet upscale vibe, McCormick Ranch is the perfect location for those seeking both tranquility and convenience.

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