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

22649 E Alyssa Road Queen Creek, AZ 85142

$894,701
5 Beds
4 Baths
3,396 SqFt
Status Active
MLS # 6774207
Property Type Single Family Residence
Price Type --
Last opportunity to own a Tri Pointe Home in Madera! Single-level 5-bedroom home featuring endless designer selections throughout. There is a gen smart suite with a kitchenette and private entrance. The kitchen boasts executive appliances with double wall ovens and a 36' gas cooktop, hana sky quartz countertops with a waterfall island, custom backsplash, and benton white stacked cabinets. There is also a 16' multi panel sliding glass door at the great room, custom tile surrounds at the primary bath, upgraded bath fixtures in stainless brilliance, and a laundry sink with base cabinets. Other highlights include square drywall corners with contemporary baseboards and door trim, 2 inch faux wood blinds, upgraded interior paint in Snowbound, 6 x 36 vicinity gray brown plank tile, and more!

2601 E Shangri La Road Phoenix, AZ 85028

$894,500 - 4Br/3Ba -  for Sale in Desert Vista Unit 4, Phoenix
Open House
$894,500
4 Beds
2.5 Baths
2,334 SqFt
Status Active
MLS # 6749995
Property Type Single Family Residence
Price Type --
Oversized lot perfectly situated in a highly desirable neighborhood on a peaceful cul-de-sac, this exceptional home offers stunning mountain views and an array of modern upgrades. The bright entryway welcomes you into an open front room filled with abundant natural light, setting the stage for the rest of this beautiful home. The spacious, updated kitchen features quartz countertops, elegant cabinets with crown molding, floating shelves, and stainless steel appliances, making it perfect for both everyday living and entertaining. Updated flooring flows seamlessly throughout the home's main areas, enhancing the home's contemporary feel. The large, open family room, highlighted by exposed ceiling beams, provides a warm and inviting space for gatherings. The expansive primary retreat is a true sanctuary, complete with outdoor access, ideal for enjoying the serene surroundings. With four bedrooms plus a separate office space, this home offers plenty of space for everyone. Step outside to discover a backyard oasis on one of the largest lots in the neighborhood, featuring a sparkling pool and a private, landscaped yard. A spacious covered patio with extensive pavers invites you to enjoy outdoor living year-round, making this home an entertainer's dream. The large side yard with an RV gate provides ample storage or project space. Energy-efficient windows throughout ensure comfort and cost savings. Don't miss the chance to own this perfect blend of style, comfort, and convenience in one of the area's most sought-after locations!

27600 N 130th Avenue Peoria, AZ 85383

$894,000
2 Beds
2.5 Baths
2,610 SqFt
Status Active
MLS # 6732883
Property Type Single Family Residence
Price Type --
NEW LOWER PRICE - INCLUDES DINING ROOM AND OWNERS SUITE FURNITURE. This SOLAR (Avg ELECTRIC BILL is $18/month - WOW!!) Aurora is IMPRESSIVE. The charming curb appeal is equipped with LUSH PALMS, PAVER WALKWAY & a DRAMATIC ARCHED GATE. Step inside and admire all the IMPRESSIVE upgrades & Custom Touches! Beautiful TILE FLOORING thru-out (no carpet!!). The Spacious Kitchen is a Show-Stopper w/ an atmosphere to inspire one to cook & entertain -2 ISLANDS, Built-in GAS Appliances, Roll-out shelving, Under Cabinet Lighting, Pendant Lighting & high-end RAISED-PANEL Maple Cabinetry. Located off the Kitchen is a PRIVATE COURTYARD enhanced w/ a PERGOLA! Owner's Suite is Oversized w/ a BAY WINDOW & has Access to the RESORT BACKYARD! The Spa-like Bath HAS BEEN REMODELED - custom Tile Shower & Tub Surround w/ Stone C-tops. Situated off the Owner's Suite You'll FIND a BONUS ROOM that is flexible for all your needs!! Step outside to paradise and enjoy the spectacular resort backyard oasis! The HEATED POOL & PRIVATE SPA is the perfect setting to enjoy the EXPANSIVE DESERT & MOUNTAIN VIEWS!! The Spill-over WATER FEATURE from the spa is the perfect touch! A Lounge Area with Built-in BBQ is inviting and the perfect space to enjoy the Breathtaking Views. Additional upgrades: Guest Suite w/ Remodeled finishes, Den w/ Double Doors, Plantation Shutters, ceiling fans, soft water, RO, laundry sink, garage storage & epoxy floors, sun shade at the back patio and so much more! This HOME checks the boxes on the wish list - take a look yourself - your dream home awaits you!!

1001 N Peppertree Drive Gilbert, AZ 85234

$894,000 - 5Br/4Ba -  for Sale in Lakeside At Val Vista Lakes, Gilbert
Open House
$894,000
5 Beds
3.5 Baths
3,183 SqFt
Status Active
MLS # 6774014
Property Type Single Family Residence
Price Type --
Custom Home in Prestigious Gated Val Vista Lakes Community Step into luxury with this stunning custom home featuring vaulted ceilings and an impressive spiral quartz staircase as you enter. Designed with elegance and comfort in mind, the interior boasts travertine flooring throughout and a cozy wood-burning fireplace. The master bedroom on the first floor offers convenience and privacy with separate entrance to backyard. Oversized walk-in closets. The bonus room can be a fifth bedroom including bathroom. Was previously a mother-in-law suite with separate access to downstairs. The front yard is beautifully landscaped with upgraded turf and elegant hardscape. The backyard is an entertainer's dream, featuring a sparkling Pebble Tec pool with custom flooring and a serene water feature Enjoy seamless indoor-outdoor living with an oversized custom screen door and a smart home security system for peace of mind. Unwind in the separate built-in spa, or host guests under the large gazebo. A grassy area leads to gated access to the greenbelt, where endless walking and bike paths await. Located near San Tan Mall, with wonderful shopping, restaurants, and entertainment just minutes away, this home perfectly blends luxury, convenience, and community.

34213 N Borgata Trail Queen Creek, AZ 85144

$893,398
3 Beds
3.5 Baths
3,031 SqFt
Status Active
MLS # 6721281
Property Type Single Family Residence
Price Type --
Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 3 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, Urban Taupe Cabinets, and a waterfall island. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded flooring throughout! Do not miss out on this gorgeous home!

1280 E Majestic Drive Prescott, AZ 86303

$890,000 - 4Br/3Ba -  for Sale in Woodland Canyon, Prescott
New
$890,000
4 Beds
3 Baths
2,477 SqFt
Status Active
MLS # 6782778
Property Type Single Family Residence
Price Type --
This exquisite two-story home is just minutes from downtown Prescott and features breathtaking mountain views. The main level includes a spacious formal entry, a bright living room, a luxurious south-facing master suite, and an additional bedroom off the kitchen and informal dining area. Enjoy outdoor entertaining on the expansive patio, perfect for professional-level grilling. The lower level includes a second master suite, a versatile bedroom, a cozy media room, and a family room with spectacular views. All appliances are brand new stainless steel, and the home is smoke-free. With a two-car garage, propane gas, well, and septic system, this property combines modern living with natural beauty. Experience one of the best views in Prescott.

14247 N Honeysuckle Drive Fountain Hills, AZ 85268

$890,000
3 Beds
2.5 Baths
2,526 SqFt
Status Active
MLS # 6778223
Property Type Single Family Residence
Price Type --
Lovely home in high demand Sunridge Canyon. Enjoy panoramic eastern rear mountain and moon rise views from 4 Peaks to the Goldfileds! Great split bedroom floor plan with formal living & dining plus a great room style open kitchen and family room. Tile and real wood floors- minimal carpet. Master bath has huge walk-in shower. New exterior paint 2024. Existing furnishings (except master mattresses) available on a separate bill of sale at 0 cost. 12 month minimum on rentals.

1310 Kenrick Drive Wickenburg, AZ 85390

$890,000
3 Beds
2 Baths
1,490 SqFt
Status Active
MLS # 6745756
Property Type Single Family Residence
Price Type --
Welcome to your peaceful retreat in Wickenburg! This beautifully-crafted log home offers 3 bedrooms & 2 baths across 1,490 square feet of comfortable living space, nestled on 12.75 acres of endless possibilities. Enjoy complete privacy while being conveniently close to historic Wickenburg, just 4 miles from the Wickenburg Ranch Golf & Social Club, and near all the local restaurants & shopping spots. Step inside to a warm & inviting interior, where exposed beams on the vaulted ceilings add character, and soft carpet ensures coziness in all the right places. Enjoy the bright & airy living room, perfect for entertaining, and flows seamlessly into the dining area and the fully-equipped kitchen; A cook's delight with ample cabinet & counter space, a peninsula with breakfast...CONTINUE READING. ...breakfast bar seating. Unwind in the Arizona room, ideal for relaxation at any time of day. The romantic main suite features a cozy sitting area, balcony access, a private bathroom & a walk-in closet. The other two bedrooms are perfect for guests, sharing a full bathroom that's just right for their needs. Outside, the views are simply breathtaking, with stunning sunsets behind the mountains, all enjoyed from the comfort of your covered patio. The expansive, fenced backyard offers room for all your outdoor passions, from storing your toys in the storage shed, working in the detached 2-car garage with a carport & workshop, to caring for horses in the arena, corrals & vast roaming space. This property is more than just a home; it's a lifestyle waiting for you to make it your own. Come explore all the potential this exceptional property has to offer! Includes two parcels: APN: 50503-023C and APN: 505-03-023J. Property includes 25x50 Pole Barn; 20x14 Corral with 100 sq. ft Horse Arena: 14x20 Shop Tack Shed; Goat Pen; Bird Aviary; Chicken Pen; Metal Roof on Home and Garage.

3459 E Mockingbird Drive Gilbert, AZ 85234

$890,000
4 Beds
3 Baths
3,038 SqFt
Status Active
MLS # 6748919
Property Type Single Family Residence
Price Type --
GORGEOUS Home. UPGRADE galore. BASEMENT Home. LOCATION LOCATION LOCATION!!!. Conveniently located 2 miles from the 60 and 3 miles from the 202 and mile from major shopping area. REMODELED within the last year with new windows, blinds, sliding door, light fixtures, fans, flooring paint, water-softener system with tankless water heater, painted kitchen cabinets, etc (too many to list). Solar panels were installed in 2021 together with the new roof. A must see to appreciate this beautiful and immaculate home.

2110 N 68th Place Scottsdale, AZ 85257

$890,000
4 Beds
3 Baths
1,932 SqFt
Status Active
MLS # 6748869
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury in this newly renovated Scottsdale gem, just moments from Old Town. This modern marvel boasts four bedrooms, including dual master suites, and three opulent bathrooms. The primary suite features a lavish ensuite with dual vanities, a walk-in shower, soaking tub, and expansive closet. The chef's kitchen shines with granite countertops, a gas range, stainless steel appliances, and a large island with a prep sink and wine fridge. Elegant wood-like tile flooring and recessed lighting enhance the ambiance throughout. Step outside to a private oasis with a sparkling diving pool, lush artificial grass, and a putting green. Highlights include a 2022 5-ton AC unit, a spacious air-conditioned laundry room, new doors and windows, and an epoxy-floored 2-car garage.

3248 S Golden Barrel Court Gold Canyon, AZ 85118

$890,000
3 Beds
3 Baths
2,608 SqFt
Status Active
MLS # 6753279
Property Type Single Family Residence
Price Type --
NEWLY UPDATED Well appointed villa in SUPERSTITION MOUNTAIN.. NEW GRANITE IN KITCHEN AND ALL THE BATHROOMS. NEW FLOORING IN GREAT ROOM, DINING AREA, KITCHEN AND PRIMARY BEDROOM. NEWLY PAINTED INSIDE. Three bedroom, three baths. Open great room/dining room/kitchen layout. Viking appliances, Wet bar. WINE WALL.Large master suite with laundry conveniently located off the primary suite closet Two side patios - one with built in BBQ and fire table and the other with an above ground hot tub. Corner lot. Walking distance to the fitness center and TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities You'll love it here!. Twenty minutes to Gateway Airport and 35 minutes to Phoenix Sky Harbor airports.Maintenance free living at its best Club Membership and amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information including square footage.

4870 W Mountain Hollow Loop Show Low, AZ 85901

$890,000
3 Beds
2 Baths
3,121 SqFt
Status Active
MLS # 6775820
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This newly constructed house is a perfect blend of modern design and comfortable living. With ample space and luxurious amenities, it promises to meet all your needs and more. The heart of this home features a beautifully designed living space that seamlessly combines the living room, dining area, and kitchen. It is perfect for entertaining guests or enjoying quiet family evenings. The primary room is an oasis of tranquility, that offers a large space with an en-suite bathroom. Two generously sized bedrooms share a well-appointed bathroom, ideal for family or guests. A modern kitchen equipped with top-of-the-line appliances, ample counter space, and elegant cabinetry. It's a chef's delight! The extra storage space that is an additional 800 sq ft under the house with a secure slab foundation. Perfect for all your storage needs or a potential workshop. The garage is 736 sq ft that can accommodate multiple vehicles and additional storage. The property offers a beautifully landscaped yard, providing a serene environment for outdoor activities and relaxation. The located in a peaceful neighborhood, this home offers easy access to local amenities, schools, and parks. It's a perfect setting for families and professionals alike. Don't miss the opportunity to make this stunning new build your forever home!

Leave a Reply

Your email address will not be published.