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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2125 W Highridge Road Wickenburg, AZ 85390

$649,000

3 Beds

2.5 Baths

3,141 SqFt

Status Active Under Contract

MLS # 6736978

Property Type Single Family Residence

Price Type --

Welcome to this delightful home that perfectly combines comfort and countryside living. Set on a spacious 2-acre lot, this property offers scenic views and a small horse setup, ideal for equestrian enthusiasts. Inside, you'll find an inviting family room, perfect for relaxing and spending quality time together. The formal living room and formal dining room provide dedicated spaces for entertaining and special occasions. The modern kitchen is well-equipped with all the essentials, making meal preparation a breeze. The bedrooms offer cozy retreats, with the primary suite featuring an en-suite for added privacy and convenience. A versatile bonus/game room adds extra living space, perfect for entertaining guests, family fun, or quiet relaxation. Step outside to enjoy the expansive views and the beauty of nature that surrounds this property. The small horse setup adds a touch of rustic charm and functionality, making this home a rare find. Experience the perfect blend of modern living and rural serenity in this wonderful home. Your dream of countryside living with all the comforts of today awaits.

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3732 W Shannon Street Chandler, AZ 85226

$649,000

4 Beds

3 Baths

2,417 SqFt

Status Active Under Contract

MLS # 6752210

Property Type Single Family Residence

Price Type --

Fabulous home in an even better location. Located in the Kyrene school district This wonderful home has 4 bedrooms and 3 baths And a 3 car Garage. All the extras your buyer is looking for, a bedroom and bath downstairs ideal for a guest room or office. The primary bedroom has a large sitting area with a fabulous view and no homes behind it. The Primary bath is updated with a soaking tub separate shower with 2 sinks.. The Kitchen has been updated with Copper backsplash, Quartzite counters, and stainless steel appliances. 3 car garage gives you room for all your toys and the side yard has an RV gate for the extra items. This home is in the fabulous award-winning Kyrene school district and Corona Del Sol High School boundaries. The seller has updated the home with high tech security sys

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2537 N 87th Way Scottsdale, AZ 85257

$649,000

4 Beds

2 Baths

1,751 SqFt

Status Active Under Contract

MLS # 6729321

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern comfort & classic AZ charm in this beautifully remodeled 4/1.75 pool home. This home isn't just a place to live—it's a lifestyle. Previously a profitable STR, it's a fantastic investment opportunity or the perfect place for your own. With no HOA to worry about you have the freedom to truly make this house your own! You'll be greeted by natural light that floods the spacious living areas creating an inviting atmosphere. The floor plan seamlessly connects the living room to a stunning private courtyard accessible from both the living room & primary bedroom. Imagine sipping your morning coffee in this tranquil outdoor space. The kitchen has SS appliances & granite countertops. Step outside to your secluded backyard where a gated pool awaits! Fashion Square Mall, and easy access to the 101 freeway, this home offers convenience and a vibrant lifestyle. Whether you're looking for a primary residence or a vacation rental investment, this property presents an excellent opportunity to grow your portfolio. Don't miss the chance to make this beautiful Scottsdale home yours.

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12603 W Blackstone Lane Peoria, AZ 85383

$649,000

5 Beds

4 Baths

2,943 SqFt

Status Active

MLS # 6762420

Property Type Single Family Residence

Price Type --

Beautifully Upgraded 5 Bed 4 Bath home with attached Casita with a separate entry door. This move in ready home has 2943 Sqft. of total living space. There is one bedroom on the main floor, along with a separate bathroom that has a shower/tub combo. The Casita has an additional bedroom. The kitchen includes Granite Countertops, Stainless Steel kitchen appliances, upgraded kitchen cabinets, a spacious pantry, and kitchen island with separate breakfast bar. and a separate formal dining room. There is a large Great room for family enjoyment too. Upstairs has 3 bedrooms and a good sized loft with a separate small workspace/craftroom . The laundry room comes with extra storage cabinets. The backyard provides an extended covered patio with paver flooring. Next to it is a built -in, gated, private pool with water feature. The garage has built-in cabinets and a water softener connected to the main waterline. Located in the sought-after Vistancia community, residents enjoy access to a plethora of amenities including parks, trails, a gym, 3 pools, waterslides, tennis & pickleball courts!

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345 E Palomino Court Gilbert, AZ 85296

$649,000

5 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6727415

Property Type Single Family Residence

Price Type --

Move-in-ready Home in prime location, Gym & pool amenities across the street & walking distance to downtown Gilbert for dining & entertainment. Extensively remodeled with $150,000 in recent upgrades, featuring a luxurious master bathroom with large walk-in shower and freestanding 70'' soaking tub. All 2.5 bathrooms showcase quality tiled floors and walls. Elegant plantation shutters throughout, custom wood floors, crown molding, stairway, and fireplace enhance the home's appeal. The 5 bedroom and 3 car garage provide ample space for all. The kitchen boasts contemporary features: oversized sink, granite countertops, peninsula with a breakfast bar, high quality soft-close cabinets with lazy susan corners, new pantry with frosted glass doors and under-cabinet lighting. Recessed lighting and new fixtures illuminate the home beautifully.Outside find new sunscreens and an energy efficient A/C replaced in 2018. Enjoy the quiet cul-de-sac setting with easy access to the community park, basketball/pickleball court, and playground. This rare 5 bedroom find combines comfort, style, and location! A MUST SEE!

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17698 E Bismark Lake Court Rio Verde, AZ 85263

Open House

$649,000

2 Beds

2 Baths

1,544 SqFt

Status Active

MLS # 6765532

Property Type Townhouse

Price Type --

Enjoy MOUNTAIN VIEWS and brilliant SUNSETS in this LUXURY RESORT COLLECTION Evia Floor Plan with SLIDING WALL OF GLASS and covered private terrace in the heart of coveted Trilogy at Verde River! Available FULLY FURNISHED this Spacious, WIDE OPEN yet efficient floorplan features 2 beds/ 2 baths and a SEPERATE DEN area. The unique location is adjacent to natural open space & beautifully maintained common area. Sophistication, Style & Elegant finishes throughout! COVERED PATIO perfect for entertaining. Kitchen DAZZLES w/WHITE CABINETS and sleek countertops! Stunning upgraded wood look tile flooring throughout. The new interior is bright and features today's favorite finishes. Other notable upgrades include New BOSCH dishwasher, Custom Closet, New Water Purification system and much more. Experience the ultimate in Luxury Living! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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3794 E Terrel Street San Tan Valley, AZ 85143

$648,990

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6763777

Property Type Single Family Residence

Price Type --

This home has it all with room for your guests and all of your toys! Popular Explorer plan features a full guest suite with its own private entrance as well as it's own RV garage. This home is situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more. A public report is available on the Arizona Department of Real Estate website.

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14217 N 11th Way Phoenix, AZ 85022

$648,790

3 Beds

2 Baths

1,991 SqFt

Status Active Under Contract

MLS # 6765992

Property Type Single Family Residence

Price Type --

You'll be enchanted by this exquisite Moon Valley gem. Located in a quiet cul-de-sac, this breathtaking home has undergone recent updates, featuring new flooring, updated baths, double-pane windows, air conditioning, ductwork, fresh interior and exterior paint and more. This gorgeous kitchen is right off your Pinterest page. Two tone cabinetry, huge center island with quarts counters and new stainless appliances. However, your favorite retreat will undoubtedly be the backyard. Step through your 15-foot sliding doors into your private sanctuary, complete with a fenced pebble-tec pool, gazebo, firepit, and stunning landscaping. Whether you're entertaining guests or simply relaxing by the pool, you'll enjoy a beautiful and tranquil atmosphere. with plenty of privacy and mountain views.

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12712 W Corona Avenue Avondale, AZ 85392

$648,346

3 Beds

2.5 Baths

2,308 SqFt

Status Active

MLS # 6785952

Property Type Single Family Residence

Price Type --

Welcome to The Camelback model home, a magnificent turn-key ready Model home that has been meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2,308 square feet, this home features 3 bedrooms, 2.5 bathrooms, and spacious Loft! Whether hosting gatherings or enjoying quiet evenings, the expansive layout and premium features provide an exceptional living experience. Designed for both comfort and luxury, this home features:

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4220 N 32nd Street Unit 2 Phoenix, AZ 85018

$648,000

3 Beds

3 Baths

1,487 SqFt

Status Active

MLS # 6784339

Property Type Townhouse

Price Type --

Introducing the epitome of modern patio home living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony

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18410 N 70th Drive Glendale, AZ 85308

$648,000

3 Beds

2 Baths

1,942 SqFt

Status Active Under Contract

MLS # 6766686

Property Type Single Family Residence

Price Type --

Are you looking for a 1/2+ Acre Lot, with a 3 Bedroom/2 Bathroom/2 Car Garage Home with a separate Workshop/Garage/Man Cave Office that has room for 4 more Cars? Oh, there is also a Pool and Spa with a huge, covered Patio and plenty of grass areas to enjoy this Property. No, no, H.O.A.!!! The exterior of this Home and Workshop were just painted in September 2024 and a new Roof on the main Home was completed in May 2024. Check out the extensive Home Improvement List in the Document Section.

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39931 N Wisdom Way Anthem, AZ 85086

$648,000

4 Beds

4 Baths

3,366 SqFt

Status Active

MLS # 6737778

Property Type Single Family Residence

Price Type --

Welcome to Anthem's hidden treasure. This 4-bedroom, 4-bathroom home offers more than just space - it's a lifestyle upgrade. Nestled in a quiet cul-de-sac, this property boasts an office and bonus room, perfect for remote work or pursuing hobbies. The open-concept living area features soaring ceilings and clerestory windows, bathing the space in natural light. The kitchen is a chef's dream: stainless steel appliances, granite countertops, and a built-in desk for meal planning. Crown molding adds a touch of elegance throughout. But here's the clincher - this home offers the best price per square foot for a property with a pool in Anthem. It's not just a house; it's an investment in your future and your quality of life. Why settle for ordinary when you can have extraordinary? This home isn't just on the market; it's waiting for you to make it yours. Ready to elevate your living experience?

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