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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7272 E Gainey Ranch Road Unit 101 Scottsdale, AZ 85258

$879,000

2 Beds

2 Baths

1,259 SqFt

Status Active Under Contract

MLS # 6762144

Property Type Townhouse

Price Type --

Welcome to this exquisitely updated, turnkey single-level villa located in the highly sought-after Pavilions at Gainey Ranch. This private end unit, with no one above or below, is ideally situated on a peaceful cul-de-sac with desirable N/S exposure, just steps away from the neighborhood pebble tech pool and spa. Enjoy serene fountains and picturesque lagoon views from every window, creating a tranquil retreat. PRICE INCLUDES ALL FURNITURE, ART AND CONTENTS! 2 bedrooms and 2 bathrooms, this open-concept home features soaring ceilings, skylights, and remote-controlled shades in the bedrooms for modern comfort. The gourmet kitchen showcases tasteful, timeless finishes, perfect for both everyday living and entertaining. Step outside to the lush, private patio to fully enjoy the luxurious Gainey Ranch lifestyle. As part of this prestigious community, you'll have access to the recent multimillion dollar renovated Estate Club which includes tennis and pickleball courts, pools, spa, fitness center, and a beautifully appointed clubroom, social events and more. This is an opportunity to enjoy resort-style living in one of Scottsdale's most desirable locations. Don't miss out on this exceptional property!

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6688 E Duane Lane Scottsdale, AZ 85266

$879,000

3 Beds

2.5 Baths

2,159 SqFt

Status Active Under Contract

MLS # 6747289

Property Type Single Family Residence

Price Type --

Nestled on a nearly 1/2-acre corner lot in a cul-de-sac, this home offers privacy with its wash-backed property. The spacious floor plan features vaulted ceilings, large double doors, a cozy fireplace, and a three-car garage. The kitchen boasts a central island, formal dining area, eat-in space, granite countertops, and maple cabinets. The expansive backyard includes a 2-year-old Jacuzzi brand swim spa under a new pergola with an adjustable roof, a large covered patio, grassy play area, and a kids' sand pit. The new roof, installed in December 2022 by Renco Roofing, comes with a transferable warranty. Additional features include two double gates for backyard access and side yard storage parking, a whole-house soft water and filtration system, and a phone app-controlled irrigation system. Don't miss out on this exceptional property!

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5960 W Via Montoya Drive Glendale, AZ 85310

$875,000

4 Beds

2 Baths

2,475 SqFt

Status Active

MLS # 6762432

Property Type Single Family Residence

Price Type --

A must see!! Stunning & spectacular sought out Arrowhead area with easy access to the loop 101 freeway. Near all the Arrowhead shopping venues, restaurants along Bell Rd, near Midwestern University, Banner Thunderbird Hospital and not far from ASU West & more! A gorgeous Arrowhead 4 bedroom home w/vaulted ceilings & with such a grand entrance with a beautiful custom door beyond spacious and a feeling of such a grand entrance, as you walk in with such openness in the living room with lots of windows in the family room for that open area and a spacious kitchen with granite and island that opens to the family room and some electric blinds in the kitchen, with a view with some beautiful mountain views in the back yard to sit and soak up some sun while swimming and or entertaining

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2670 E Parkview Drive Gilbert, AZ 85295

$875,000

5 Beds

3.5 Baths

3,530 SqFt

Status Active

MLS # 6711229

Property Type Single Family Residence

Price Type --

EZ to show now with no restrictions! *Gorgeous home in the highly sought after neighborhood of Vincenz* RARE 5 BR, 3.5 BA, 3,530 sq ft home + office + loft + game room + 3 car ''Tesla ready'' garage. Newer interior paint & carpet! N/S facing with lots of windows for plenty of natural light + plantation shutters for privacy! Gorgeous backyard with mature trees, extended covered patio, pergola, heated pool/spa, BBQ gas stub, dog area & artificial turf. Fantastic kitchen with stainless appliances, tons of cabinets, 5 burner gas cooktop, slab granite counters, 2 ovens & butler's pantry. Large laundry room with sink & folding area. One BR/BA and office downstairs. The BEST location just minutes to the 202 freeway, shopping/ dining at SanTan Mall, many school choices & Mesa Gateway Airport

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1932 E Brentrup Drive Tempe, AZ 85283

$875,000

5 Beds

3 Baths

3,207 SqFt

Status Active

MLS # 6782120

Property Type Single Family Residence

Price Type --

Discover this stunning tri-level home located in the highly sought-after community of Oasis at Anozira in Tempe. This friendly and quiet neighborhood features its own private 6.5-acre catch-and-release lake surrounded by a lush 0.88-acre greenbelt, offering a serene retreat right at your doorstep. This spacious home boasts a three-car garage with built-in cabinets for ample storage. The layout includes a formal dining area, a cozy family room, and a separate living room—perfect for entertaining or family gatherings. The updated kitchen is a chef's delight, featuring beautiful shaker cabinets and elegant granite countertops. With two bedrooms conveniently located downstairs, perfect for teens or in-laws. The primary en-suite offers a walk-in closet, and a large bathroom. French doors lead out to your own backyard oasis. Enjoy a refreshing pool, a covered patio for outdoor dining, and a grassy area complemented by fruit treesperfect for relaxation and entertaining. Located within the esteemed Kyrene school district, this home is also conveniently situated near schools, freeways, shopping, and dining. Don't miss the opportunity to make this beautiful property your new home!

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24623 S Lakeway Circle Unit 39 Sun Lakes, AZ 85248

$875,000

3 Beds

2.5 Baths

3,166 SqFt

Status Active

MLS # 6744605

Property Type Single Family Residence

Price Type --

This PREMIUM HOMESITE with desirable SOUTHERN EXPOSURE overlooks the 7th hole of the LAKES GOLF COURSE in Oakwood, It is a very PRIVATE site separated from the golf course by a lovely lake. So, NO GOLF BALLS OR GOLF CARTS invade this oasis with gorgeous PRIVATE POOL. This 2 STORY 3 CAR Marbella has a NEW 2023 ROOF with a 20-YEAR WARRANTY, new exterior paint, new irrigation system a new pool filter and newer pump. The sizable living/dining room area has SOARING CELINGS, a gas FIREPLACE and an adjoining DEN. The GOURMET KITCHEN has a huge island, maple cabinets, and gas cooktop. The OVERSIZED MASTER has plenty of room for a sitting area, 2 walk-in closets, a soaking tub with separate shower and double vanity. The upstairs features 2 large bedrooms and bath making it a great GUEST RETREAT

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11100 E Greythorn Drive Scottsdale, AZ 85262

$875,000

3 Beds

3 Baths

2,826 SqFt

Status Active

MLS # 6740242

Property Type Single Family Residence

Price Type --

Fabulous home located in high-demand North Scottsdale location close to golf, hiking, restaurant's, Cave Creek, Pinnacle Peak & much more. Scenic boulders surround quiet neighborhood which is adjacent to a wonderful children's park and dog park. Beautiful front yard with lush landscaping & view of Tom's Thumb peak. Many upgrades including new roof, custom closets, cubby drawers, motorized shades in master and plantation shudders throughout. The quiet backyard is a private resort-like oasis with exquisite landscape, covered patio, built-in BBQ bar, sparkling pool, above ground spa and fireplace. The kitchen features beautiful granite, large island, convection oven and induction cooktop. Step out into the 3-car garage that is a handyman and mechanics dream custom tool storage and hoist.

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7851 E Ocotillo Road Scottsdale, AZ 85250

$875,000

2 Beds

2 Baths

1,744 SqFt

Status Active

MLS # 6756328

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale lifestyle with this exceptional opportunity in the highly sought-after Suntree community! This beautifully maintained, single-level patio home offers modern amenities and stylish design throughout. Featuring 2 bedrooms, a spacious office, 2 full bathrooms, and a 2-car garage. This home is move-in ready and waiting for you! The property is filled with natural light, and the south-facing backyard with synthetic turf, which opens to community green space, is ideal for relaxation. The primary suite is a serene retreat, complete with a remodeled bathroom and separate exit to the covered patio, fruit trees, and yard—perfect for outdoor gatherings with friends and family. Residents enjoy access to a community pool, jacuzzi, and tennis court. Conveniently located near Paradise Valley, Fashion Square, and world-class dining and shopping, this home offers a blend of luxury and convenience. With nearby parks, hiking trails, and miles of bike paths, this rare find won't last long!

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5160 E Hawthorne Drive Flagstaff, AZ 86004

$875,000

4 Beds

3 Baths

2,190 SqFt

Status Active

MLS # 6750406

Property Type Single Family Residence

Price Type --

COUNTRY CLUB STUNNER! This Gorgeous 4 Bedroom, 3 Bath Home is Situated on a Heavily Treed Oversized Lot and Priced to Sell. Completely Move in Ready and Utterly Fantastic! The Property Literally Speaks for Itself including Abundant Windows Allowing for Natural Light to Fill Each Room, Luxury Vinyl Plank Flooring, Granite Countertops, Plush Carpet, Up Dated Bathrooms, 2 Separate Living Areas & 2 Car Garage for Added Value. The Beautiful Kitchen, Dining Room, Primary Living Area and Back Patio Space are All Intertwined and Allow You to Entertain to Your Hearts Content. Whether it be Golfing in the Summer or Skiing in the Winter, You Have Got It All Covered. Don't Forget, you have Access to All of The Country Club Amenities, Golf, Fitness Center, Pickleball, 2 Pools and Recreation Center.

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3327 S Felix Way Chandler, AZ 85248

$875,000

4 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6751694

Property Type Single Family Residence

Price Type --

A waterfront home in the Ocotillo community recently underwent a complete renovation, including a new kitchen, bathrooms, floors, and an updated swimming pool. The home's extended driveway and stone veneer accents give it excellent curb appeal. Featuring soaring vaulted ceilings, tile flooring, skylights, & an entertainment niche & 2-way fireplace, the interior features a spacious living room. This spacious primary bedroom offers direct balcony access, along with a luxurious ensuite featuring dual sinks, a soaking tub, and a mirrored wardrobe. A soothing backyard has a covered patio, lush lawn, and a sparkling pool, making it your own private paradise. Enjoy all the amenities this Community has to offer! Don't wait to see this stunning lakefront property before it's gone

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3902 W Ruby Way Queen Creek, AZ 85142

$875,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6762536

Property Type Single Family Residence

Price Type --

Step into model-quality elegance and come see this stunning SINGLE LEVEL home in Queen Creek, AZ! This immaculate property is just over a year old and boasts 4 bedrooms, 3.5 bathrooms, and a 4-car garage. Situated on a corner lot bordering green space, this home offers the perfect blend of privacy and access to nature, with nearby hiking trails and shopping just minutes away. Inside, you'll find ceiling-height cabinetry, quartz countertops throughout, and no carpet, providing a sleek, modern look with upgraded lighting and smooth-finish drywall. The open-concept kitchen is a chef's dream with its spacious layout and modern finishes, perfect for entertaining. The large flex space offers versatility for a home office, gym, or media room. The outdoor space is an entertainer's paradise, featuring a brand new pool, outdoor kitchen, fire pit, and low-maintenance turf. Whether you're relaxing by the fire or hosting a summer barbecue, this backyard has it all. Move-in ready, this home is your opportunity to enjoy Arizona living at its finest. Don't miss out on this incredible homeschedule your showing today!

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1526 E Coronado Road Phoenix, AZ 85006

$875,000

3 Beds

2 Baths

1,949 SqFt

Status Active

MLS # 6758822

Property Type Single Family Residence

Price Type --

** REFINED URBAN LIVING IN HISTORIC CORONADO PARK ** You will Love Coming Home to this Modern Masterpiece ** Exudes Comfort and Casual Elegance at Every Turn ** Built in 2019 with Block Exterior Construction and 2 x 6 Interior Framing ** Private Pool ** Detached One-Car Garage with Alley Access and Electric Charging Station ** GE Cafe Appliances ** Lutron Lighting System ** Remote Operated Window Shades ** 10 Foot Ceilings ** Interior Laundry Room with Cabinets ** Tankless Hot Water Heater ** Just Down the Street from Coronado Park ** Close to Downtown Arts & Entertainment Venues and Multiple Freeways ** A Must-See Property **

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