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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1371 N Alison Way Chandler, AZ 85226

$629,000

3 Beds

3 Baths

2,037 SqFt

Status Active Under Contract

MLS # 6754121

Property Type Single Family Residence

Price Type --

* CHANDLER STUNNER * PREMIUM CORNER LOT * FORMER MODEL * ACROSS FROM COMMUNITY POOL * LIKE LIVING IN A RESORT * LOFT-STYLE HOME * QUARTZ COUNTERS * STAINLESS APPLIANCES * UPGRADED CABINETS * OVERSIZED SLIDER * WRAPAROUND BALCONY * UPGRADED RAILINGS * LOFT WITH VIEWS * MASTER SHOWER WITH TILE SURROUNDS * CASITA WITH HALF BATH * VIEWS OF SOUTH MOUNTAIN * GET IT BEFORE ITS GONE! *

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8215 W Gardenia Avenue Glendale, AZ 85303

$629,000

4 Beds

2 Baths

2,643 SqFt

Status Active Under Contract

MLS # 6761936

Property Type Single Family Residence

Price Type --

Welcome to the home that checks every box! This stunning residence offers a spacious split floor plan with 3 bedrooms, a versatile den, and a large bonus room—ideal for work, play, or relaxation. You'll have plenty of parking for all your vehicles and toys, RV Parking plus a generous 3-car garage for additional storage. Inside, the open layout connects the gourmet kitchen, with premium appliances and ample counter space, to the sunlit great room and living room. Step outside to your own resort-style oasis featuring a private pool, patio, and beautifully landscaped yard—perfect for entertaining or unwinding. With owned solar, enjoy energy savings year-round!

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14104 W Cottontail Lane Surprise, AZ 85387

$629,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active Under Contract

MLS # 6779366

Property Type Single Family Residence

Price Type --

Come explore this beautiful 3 bed 2 1/2 bath cul de sac home with a massive 17, 082 sq. foot lot to build your dream yard. This home has over $100k in upgrades including iron front door, large sliding glass doors in great room, extended covered patio, quartz contertops in kitchen and bathrooms, custom backsplash in kitchen, reverse osmosis water filtration for drinking water, gas line for outdoor kitchen, upgraded kitchen cabinets, additional cabinets throughout home, GE gourmet gas cooktop, additional electrical outlets added inside and outside the home, under cabinet lighting in kitchen, surround sound, free standing tub in primary bathroom and custom tile shower with rainshower head, additional insulation in ceiling, garage and plumbing walls, custom tile, new carpet and paint.

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3582 N 160th Avenue Goodyear, AZ 85395

$629,000

2 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6781415

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION!! Sits on a very unique lot located in the highly sought after Tuscany side of Pebble Creek. This lovely and well cared for home sits on a very unique lot. Featuring 2 bedrooms plus a den, fresh interior 2 tone paint, UPDATED KITCHEN AND BATHS, granite counters throughout, custom plantation shutters, newly installed soft water system, 3 car garage with epoxy floor and built in cabinets, golf course views from the back AND front with neighbors on only one side!! PLUS, BRING US AN ACCEPTABLE OFFER AND WE'LL THROW IN THE GOLF CART, recently serviced with all new batteries!! MOTIVATED SELLERS BRING US AN OFFER!

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368 S 172nd Drive Goodyear, AZ 85338

$629,000

5 Beds

4 Baths

4,019 SqFt

Status Active

MLS # 6754016

Property Type Single Family Residence

Price Type --

Discover plenty of space and comfort in this stunning 5-bedroom, 4-bathroom Canyon Trails home. It features a gourmet kitchen with stainless steel appliances and center island, perfect for any cook. Enjoy privacy in the attached guest casita with its own living room and entrance. PRE-PAID Solar panels offer eco-friendly living and lowered electric bills for years to come. The backyard is an oasis with a private pool, huge extended covered patio, and BBQ area, all overlooking the community green belt with no neighbors behind. Plus, enjoy community amenities like a recreation room, parks, and community pool.

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1145 N 293rd Avenue Buckeye, AZ 85396

$629,000

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6758593

Property Type Single Family Residence

Price Type --

Discover the ultimate in custom home, unencumbered by HOA fees or regulations. This stunning new build ranch-style residence boasts 2,067 square feet of living space on a serene 1.2-acre lot. The sophisticated open-concept living area features stylish paneled walls, vaulted ceilings, and an abundance of natural light and recessed illumination. A sleek white kitchen, complemented by a spacious island, provides an ideal setting for culinary pursuits. The serene master suite offers a tranquil retreat, complete with a spacious en-suite bathroom and ample closet space. Three additional bedrooms provide versatility for family, guests, or a home office. The expansive, backyard, boasts block fencing valued at over $60,000, and dual RV gates, perfect for accommodating large vehicles or horses.

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6735 N 10th Street Phoenix, AZ 85014

$629,000

3 Beds

2 Baths

1,703 SqFt

Status Active

MLS # 6763810

Property Type Single Family Residence

Price Type --

Vintage meets contemporary in this delightful home in the heart of north central Phoenix. Remodeled in 2019 to add new A/C, electrical panel, and all new kitchen, complete with stainless steel appliances and soft close modern cabinetry. Tons of additional upgrades added over the last 3 years, including new epoxy sewer lining, lighting/fans, roman shades, paint, baseboards, contemporary black door hardware, storage shed, block fence, side gate & front door. Abundant natural light throughout the home through efficient dual-pane windows. Huge great room with vaulted ceilings and built in fireplace. Dreamy primary suite has 2 closets including a spacious luxury walk-in. Mature fruit trees grace the private, quiet back yard, with the perfect patio for entertaining. Top rated schools.

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535 S Barnwood Trail Munds Park, AZ 86017

$629,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6764043

Property Type Single Family Residence

Price Type --

Your private, dream home on large lot in the cool pines of Munds Park awaits your arrival! Rather year-round or seasonal, this spacious 3bed, 2 bath home has a/c, wood burning fireplace, 10x16 shed, carport, metal roof, upgraded flooring, bathrooms, ceiling fans, lighting, etc. Kitchen has plenty of cabinet and counter space, as well as an island. Enjoy relaxing on the large custom deck that was newly added on, with NO neighbor to the north! The yard is fenced in and perfect for your pets. No HOA. Come and be a part of this special, desirable Munds Park community! You will be walking distance to the well-known Pinewood Country Club, close to the national forest, lake, hiking/ biking trails, tennis and pickleball courts, park, restaurants, convenient store, and more. Munds Park is only 17 miles South of Flagstaff and a 2-hour drive from Phoenix to escape the heat. Come see your new home in our neck of the woods!

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2078 E Donner Drive Tempe, AZ 85282

$629,000

4 Beds

2 Baths

2,005 SqFt

Status Active

MLS # 6779043

Property Type Single Family Residence

Price Type --

Beautiful Corner Lot Home in the Heart of Tempe with Private Pool! No HOA! Welcome to this stunning 4-bedroom, 2-bathroom home, perfectly situated on a spacious corner lot in the heart of Tempe. With its beautiful open floor plan and a large private pool, this home is an entertainer's dream. Inside, you'll find a modern kitchen with an inviting living area, and an enclosed laundry room for added convenience. Brand NEW AC and Brand New roof (2024). Enjoy the added benefit of no HOA! Located just minutes from ASU, major freeways, and an array of restaurants and shopping, this home offers the perfect blend of comfort and convenience. BOOK a tour today.

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4318 E Smokehouse Trail Cave Creek, AZ 85331

$629,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6721909

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this charming property that combines modern amenities with elegant charm. Recently updated with fresh interior paint and new flooring in parts, the neutral color scheme creates a calming atmosphere for all who enter. The kitchen is a cook's delight, featuring an inviting island and stainless steel appliances. Relax or entertain on the covered patio or enjoy privacy in the fenced backyard. This sought-after addition provides ample space for daily routines. From indoor comfort to outdoor luxuries, this property blends modern comfort with classic charm. If you seek a meticulously maintained home with exceptional attention to detail, don't miss the chance to make this beautifully updated property yours. It's the perfect plac

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795 E Reindeer Drive Munds Park, AZ 86017

$629,000

3 Beds

2 Baths

1,305 SqFt

Status Active

MLS # 6764913

Property Type Single Family Residence

Price Type --

Imagine your electric bill being 1.09. Yes, it's true. This home includes a 65,000-dollar Tesla solar electric power system! It powers the like new, 220-volt hot tub and the rest of the entire home! Beautiful year-round home on a quiet street in a desirable area of Munds Park, lots of mature trees, 2 car garage and a separate, new 1 car garage, wood/pellet burning stove, tongue and groove wood throughout, stainless appliances, new refrigerator, new trex front deck, covered deck in back with fenced yard, large shed and new landscape gravel, newer roof (2020) new exterior paint front (2024) updated laminate flooring, updated bathrooms, kitchen, doors, lighting, fixtures, walk-in pantry, newer electrical panel, circuits and furnace, new mini-split in loft, newly painted deck (9-2024) Vaulted ceilings, This home can park 7 cars total, no HOA! Come and be a part of our wonderful Munds Park community! You will be walking distance to the well-known Pinewood Country Club and very close to the national forest, lake, hiking/ biking trails, tennis and pickleball courts, park, restaurants, convenient store, and more. Munds Park is only 17 miles South of Flagstaff and a 2-hour drive from Phoenix to escape the heat. Come see your new home in our neck of the woods!

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1834 N Mitchell Street Phoenix, AZ 85006

$629,000

3 Beds

2 Baths

1,218 SqFt

Status Active

MLS # 6775620

Property Type Single Family Residence

Price Type --

This historic bungalow is truly as good as it gets, and on one of the best streets in Coronado Historic District. The original 1937 bungalow has been carefully preserved, but just about all the major systems have been recently upgraded to modern (over $120K). The house is cozy, but flows bigger with the original two bedrooms and bath on the front side of the house, and the split addition of the master suite on the rear. The front room features updated floors (2024), fireplace and gorgeous light. Modern kitchen features custom cabinets, exposed brick wall and all new appliances. Completely remodeled master suite. OWNED SOLAR!!! Multiple hospitals close by as well as close to freeways, Downtown Phx and much more.

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