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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33419 N 53rd Place Cave Creek, AZ 85331

$995,000

4 Beds

3 Baths

2,120 SqFt

Status Active

MLS # 6770441

Property Type Single Family Residence

Price Type --

Meticulously remodeled & modern custom rustic ranch with horse stalls & barn on a large well maintained 1.1+ acre lot. Property has a tree lined wash on the north side with a rustic bridge separating the horse stalls & barn from the main yard & house. Horse stalls have their own parking upfront. Detached guest house is light and bright with split window AC, modern well appointed 1 bed/1 bath with skylights. Kitchen has center island & peninsula with breakfast counters, GE Monogram appliances, & custom stone farmhouse sink, luxurious bathrooms with delta fixtures, floating cabinets & rain showers. Large walk in closet in master & plenty of storage space in house, casita & sheds. Plantation shutters throughout, separate laundry room with wet sink & cabinets, smart switches, & 4 raised beds.

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38724 N 10th Street Phoenix, AZ 85086

$995,000

4 Beds

3.5 Baths

3,184 SqFt

Status Active Under Contract

MLS # 6720982

Property Type Single Family Residence

Price Type --

Stunning & tranquil family home nestled on a 1+ acre quiet cul-de-sac lot, NO HOA, an RV gate & an open concept floor plan! 4 total bedrooms PLUS A DEN. 3.5 baths, including 2 master baths. Crown molded 12-foot ceilings, plantation shutters, updated fixtures throughout. The kitchen features maple crown molded cabinets, granite countertops, an island with a veggie sink, a butler's pantry, soft water & filtration, stainless steel GE monogram dishwashers (2) & an oversized refrigerator! AC's, pool equipment, water heater, soft water AND new windows all installed within the last 18 months!! Relax or entertain in the fully custom resort style backyard with a ramada, built-in BBQ, fire pit, & a fenced 6'7'' deep pool with a Baja step! BRAND NEW ARTIFICIAL TURF JUST INSTALLED!! GOT TOYS??? Extended depth 4-car garage has epoxy floors, overhead storage, a built-in workbench, 30/50 amp RV outlet & more!!

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120 E Rio Salado Parkway Unit 102 Tempe, AZ 85281

$995,000

2 Beds

2.5 Baths

1,840 SqFt

Status Active Under Contract

MLS # 6739707

Property Type Apartment

Price Type --

WOW!!! Amazing, unique, lakefront condo. Outdoor and luxury living at its finest. Welcome to the remarkable Edgewater at Hayden Ferry Lakeside! This stunning 2-bedroom, 2.5-bathroom condo is a true gem nestled in the heart of a resort-like community, offering an abundance of amenities. Step into this elegant condo and be greeted by the open floor plan and amazing view of Tempe Town Lake. The gourmet kitchen is a chef's dream, featuring black granite counters & backsplash, pantry, recessed lighting, island w/breakfast bar, and SS appliances w/gas cooktop. Remarkable 1100 Square foot patio wraps the entire home with private BBQ. Steps away from the community pool, hot tub, ping pong table, BBQ and Pizza oven. Don't miss this chance to own 1 of only 4 ground floor, lake facing, units.

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3520 W Lead Rope -- Flagstaff, AZ 86005

$995,000

3 Beds

4 Baths

2,601 SqFt

Status Active Under Contract

MLS # 6748002

Property Type Single Family Residence

Price Type --

Built by Flagstaff's Premier Builder, this perfectly crafted mountain home is spectacular. 2601 SQFT, 3 beds/ 3.5 baths are just the start. Additional comforts incl. new AC in 2023,dual primary suites, a 3rd bedroom jr suite & an upstairs living room w/ computer alcove. This bright home offers spacious areas that are perfect to entertain with a large great room, gourmet granite kitchen, and a generous dining room. Specialty touches include richly crafted knotty alder cabinetry, custom tile showers & porcelain wood plank flooring. Upgraded features consist of efficient gas heat, insulation and soundproofing in all walls/ceilings. Social memberships allow members to play golf twice a month! If you love Pine Trees, views of the iconic San Francisco Peaks, and amenities, this home is for you! Additional bonus!.... Lot next door is vacant and has been for many years. Great shady area! Some listing photos are from when home was vacant.

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5125 E Desert Vista Trail Cave Creek, AZ 85331

Open House

$995,000

4 Beds

2.5 Baths

2,588 SqFt

Status Active

MLS # 6776433

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this exquisitely remodeled single-story estate, set within the prestigious San Marcos Manor enclave. Boasting 2,588 sq ft of thoughtfully designed living space on a premium cul-de-sac lot, this four-bedroom masterpiece offers an elevated lifestyle. The grand entryway, with its soaring ceilings and luminous wall-to-wall windows, sets a tone of elegance and sophistication. Outdoors, the resort-caliber backyard provides a true retreat, featuring an expansive covered patio, a state-of-the-art gas BBQ, and a lavish pool for the ultimate outdoor experience. Inside, indulge in the chef's dream kitchen, where quartz countertops, a waterfall-edge island, and custom white shaker cabinetry create a seamless blend of function and style. Every detail has been curated with care, from the brand-new Trane A/C systems to the pristine luxury vinyl planking, all complemented by designer light fixtures and freshly painted interiors and exteriors. This property is a rare offering in an exclusive locale, where refinement meets comfort.

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6329 E Evening Glow Drive Scottsdale, AZ 85266

Open House

New

$995,000

2 Beds

2.5 Baths

2,523 SqFt

Status Active

MLS # 6783160

Property Type Single Family Residence

Price Type --

Nimbus model (Voted best of American Living Award) loved for its eat in kitchen with large island that's WIDE OPEN to the family room,13 foot soaring coffered ceilings,clerestory windows,8 foot interior doors and LARGE 3 CAR GARAGE.This lovingly maintained home has a perfectly private bright south patio and space for either a casita or a courtyard in the front yard with mountain views! The remodeled kitchen is beautifully finished with Carob-colored raised panel cabinets, level 5 slab granite countertops, ample cabinet space, and stainless steel appliances, including a KitchenAid 5-burner gas cooktop. Tuscan tile flooring and travertine stone counters in the bathrooms add to the home's refined details, along with custom built-ins and double-door entries to both the den and primary bedroom.Outdoor living is a delight with a private winter-bright patio featuring stuccoed fences, a stately Saguaro, lush vegetation, hand-laid pavers, and a built-in natural gas BBQ. The garage offers a speckled epoxy floor, abundant storage, and convenient backyard access. Welcome to Terravita - Where Lifestyle is the True Luxury Dear Prospective Homebuyer, If you're considering making Terravita your home, know that you're not just buying a property; you're embracing a lifestyle that's rich, engaging, and brimming with opportunities. Terravita stands as a testament to a community that values experiences, relationships, and personal growth over mere bricks and mortar. Here, the house you buy is simply a gateway to the life you desire. A visit to Terravita's clubhouse and a brief tour of the amenities is essential - it's not just recommended; it's crucial. It is literally what you are buying. If you are just looking for a house, this is likely not the place for you. Dialing 480-488- 3456 can set you on a path to discovering a world where every day is a new adventure. This initial tour is more than just a walkthrough; it's an eye-opener to the vibrant, active lifestyle that awaits you. Many have said that understanding the depth and breadth of Terravita's amenities was a pivotal moment in their decision to join our community. We invite you to take the first step towards discovering if Terravita is the right fit for you. It's not just about finding a home; it's about finding a place where you can live your life to the fullest. The lifestyle you've dreamed of is here, waiting for you to embrace it. Remember, exploring Terravita starts with a tour of our clubhouse and amenities. Make that choice today and open the door to a world where life is rich, full, and wonderfully yours. Terravita is a guard gated 823 acre planned community which consists of many amenities including an 18 hole championship golf course, a 39,000 square foot newly remodeled clubhouse facility with 2 dining areas, a heated Olympic pool with easy beach front entrance and hot tub, 6 tennis courts and a full-time tennis pro, a 13,000 square foot health and fitness center, community-wide 6 mile long walking and jogging trails, and extensive event calendar with fun-filled events for the dozens of social organizations. Terravita Golf and Country Club has been voted Best Master Planned Community and Best Private Golf Club numerous times by Ranking Arizona. Terravita was created by Del Webb and was their first non-age restricted community. Terravita golf course was created by PGA Hall of Fame member Billy Casper and designer Greg Nash. Terravita golf amenities include a pro shop, a large driving range, and four separate areas to practice chipping and putting.

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6434 E Military Road Unit 110 Cave Creek, AZ 85331

Open House

$995,000

2 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6759166

Property Type Townhouse

Price Type --

Fully furnished turnkey luxury townhome in the heart of Cave Creek! This beautifully appointed home offers private gated courtyard entry, lovely fenced backyard with large covered patios & balconies. Located at the base of Black Mtn in the heart of Cave Creek. Every detail has been thought of here, granite counters , custom alder cabinets, travertine tops in the bathrooms, brick lay tile floor on main level, upgraded plush carpet in the bedrooms/loft & 20 ft high ceilings at the living room/loft area. Master #1 has a corner gas fireplace, large bath w/soaking tub & 2+ shower, dual walk-in closets and a private balcony. Master II is very spacious with large walk in closet, bath w/shower, and balcony with mtn views! Large loft accommodates office space/sleeping area & coffee bar. More...

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35564 N Sunset Trail San Tan Valley, AZ 85140

Open House

New

$995,000

2 Beds

2.5 Baths

2,429 SqFt

Status Active

MLS # 6784193

Property Type Single Family Residence

Price Type --

Experience luxury living in this beautifully upgraded 2-bedroom, 2.5-bath home with over $280,000 in premium enhancements & owned solar. The gourmet kitchen features upgraded appliances, soft-close cabinets with pullout shelves, LED lighting above & below cabinetry, and a walk in pantry. The primary suite boasts the community's highest-tier bathroom upgrade and ceiling speakers. Outdoors, the expanded patio area offers a custom fire pit, BBQ, fountain, pergolas with roller screens, & a commercial-grade misting system for ideal relaxation. This home is near the Algarve, where you'll find Santorini's Studio for art classes, an adult-only pool, bocce ball courts and pickleball courts. Buyer to verify all material facts & measurements. The home's energy-efficient features are equally impressive. Owned solar with a battery backup ensures power reliability, including during outages, with select outlets, the refrigerator, and the garage door on the backup system. Additional touches, such as a steel bird screen around the solar panels. The garage has also been extended by four feet to provide extra storage space, has epoxy flooring, and overhead storage racks. A tankless water heater, soft water system, and reverse osmosis system ensure convenience and quality throughout daily routines. The den features a cozy double-sided fireplace shared with the lounge, creating a warm, inviting atmosphere in both spaces. An expanded coat closet provides additional storage for your convenience. The smart room/laundry area is equipped with both electric and gas dryer hookups, offering flexibility to suit your needs. The backyard is fully fenced and includes a small dog screen along the fence. Thoughtfully landscaped, the yard boasts fruit-bearing orange, grapefruit, mandarin, lemon, and lime trees, adding a vibrant, natural touch to your private oasis. Rain gutters are also installed, enhancing the property's functionality and care. The Encanterra Community offers a wealth of amenities to enhance your lifestyle. The main clubhouse is a hub of activity with tennis courts, a playground, a spa, an indoor pool, an outdoor lap pool, and an all-ages pool, restaurants, plus a beautiful golf course with serene lakes. With luxury upgrades, sustainable features, and access to world-class amenities, this home delivers an unmatched lifestyle in the highly sought-after Encanterra Community.

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18011 N Timber Ridge Drive Surprise, AZ 85374

Open House

$995,000

3 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6748346

Property Type Single Family Residence

Price Type --

Totally Re-Imagined MESQUITE, fabulous Estate Home in the Summit with panoramic views of #11 Fairway on Granite Falls South Golf Course. Impressive fireplace wall with metallic tile face in vaulted Great Room. Kitchen features custom Shaker Alder cabinets of varies heights and depth - extra large center island with storage galore. Dining areas for special dinner and everyday meals. You'll love the Club Room with bar for Bridge, Mahjong, Poker, board games. Master Bedroom opens to Patio. Master Bath shower is one you'll immediately want - extra large walk-in Travertine w/multiple shower heads. Guest Bedroom is en-Suite. All baths have been updated. Large covered Northeast facing Patio features an outdoor kitchen and custom private spa. New Roof Sept 2024. An amazing value!

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2088 E Hackberry Place Chandler, AZ 85286

$994,900

5 Beds

3.5 Baths

3,525 SqFt

Status Active Under Contract

MLS # 6768235

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler! This 5-bedroom, 3.5-bathroom executive residence spans over 3,500 sq. ft. of beautifully designed living space, perfect for both luxury living and entertaining. Step inside to find newer tile, fresh paint, updated baseboards, and modern light fixtures that create a bright atmosphere throughout the home. The expansive floor plan includes multiple exterior courtyards, allowing natural light to flood the interior and offering seamless indoor-outdoor living. Relax in the courtyard pool or gather around the sunken outdoor fireplace—perfect for cozy evenings or hosting unforgettable get-togethers. Whether you're entertaining guests or enjoying a quiet retreat, this home offers the perfect balance of comfort, style, and outdoor elegance.

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14219 N 69th Drive Peoria, AZ 85381

$994,900

5 Beds

3 Baths

3,808 SqFt

Status Active Under Contract

MLS # 6677609

Property Type Single Family Residence

Price Type --

Just Reduced $5,000 with a $10,000 buyer incentive with a full price offer. on this 5br-3 full bath home on 1.1 acre with flood irrigation, horse privileges, and no HOA.Tucked away in the quiet established community of Longhorn Ranch. Ample space for all of your toys with 6 car garage, gated RV parking and large circular drive. autiful custom front door adorns an open and spacious single story, 3,808 SF, 5 bedroom 3 bath home. An abundance of natural light, plantation shutters, solid maple hardwood floors and granite throughout. Huge backyard with diving pool. basketball/sport court, mature citrus trees and extended covered patio. Perfect for entertaining. Plenty of shopping, restaurants and freeways are just minutes away from this beautiful Peoria home The sizeable primary bedroom is complete with direct backyard access, a romantic fireplace, and a lavish ensuite bathroom with dual sinks, a jetted tub, a raindrop shower, his/hers closet. Fall in love with the enchanting backyard, an outdoor paradise featuring a covered patio, a basketball court, an expansive lawn, and a refreshing pool with a diving board for cooling down on hot summer days. Make this gem yours today.. How about a 4.99 % interest 1st year loan with Brandon Hansen with Cherry Creek Mortgage. (St. George Utah)

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18993 E Alfalfa Drive Queen Creek, AZ 85142

$994,900

5 Beds

3.5 Baths

4,517 SqFt

Status Active Under Contract

MLS # 6713019

Property Type Single Family Residence

Price Type --

The seller is offering a concession of 3% with a full-price offer. The buyer may apply this concession toward buying down their interest rate or covering closing costs. No need to wait for a new build this home is gorgeous and practically brand new! Introducing the Taylor Morrison Acadia floor plan, featuring 5 bedrooms, 3.5 baths, and a den. With over $100,000 in upgrades, including a stunning sparkling pool, with upgraded cartridge filter and variable speed pump, this home is truly exceptional. The large backyard features artificial turf, a covered patio, and a Ramada with a TV. A multi-slide door connects the spacious great room to the beautiful outdoor space, perfect for seamless indoor-outdoor living. The main level includes a den and the primary suite. The luxurious primary bedroom has amazing zebra window coverings, bathroom features modern flooring, separate double sinks, a soaking tub, separate walk-in closets, and a private toilet. The kitchen is a Chef's dream with double ovens, ample quartz counter space, an upgraded built-in gas stove, a stainless steel hood, a large pantry, and beautiful white shaker cabinets. Ceramic wood-look plank tile is strategically placed throughout the home. Additionally, most of the windows feature custom shutters, adding a touch of sophistication and privacy. Strategically placed sunscreens on the upper back windows, optimize energy efficiency by harnessing sunlight while maintaining a cool and comfortable interior. Upstairs, you'll find a large loft, 4 additional spacious bedrooms with walk-in closets, and 2 bathrooms, including a convenient Jack and Jill layout. Numerous niches and media centers are scattered throughout the home, offering functional and stylish spaces. Words can't capture the full essence of this home you need to see it for yourself to truly appreciate its beauty and elegance.

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