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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17463 N 66th Avenue Glendale, AZ 85308

$563,980

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6645957

Property Type Single Family Residence

Price Type --

FINAL OPPORTUNITY! ** LAST HOME REMAINING * * Mid-Dec 2024 completion. Our last available home in the community, nestled along the scenic Skunk Creek Trail near Arrowhead. Priced affordably with builder incentives for financing. Price includes front yard landscaping. This 3-Bedroom, 2.5 baths and 1832sq ft has no stairs or steps, with a bright, open Great Room and features a wall of sliding doors to the covered patio; Be the envy of your friends and family with this amazing Gourmet kitchen, with oversized island, walk in pantry, 42'' upper cabinets—all open to the Great Room with lots of light!

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10959 E Tupelo Avenue Mesa, AZ 85212

$563,900

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6694537

Property Type Single Family Residence

Price Type --

Singe level pool home in Bella Via! Neutral paint and flooring in soothing tones is waiting for personal touches! Chef's kitchen with gourmet SS appliances including gas cooktop and wall oven, Expansive quartz island with extended staggered cabinetry Split floorplan is perfect for hosting guests. The spacious backyard with stunning pool is perfect for hosting BBQ's and enjoying the AZ sun! Prime East Mesa location near the 24, shopping and dining! Don't miss out on this one today!

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4886 W Hunter Trail San Tan Valley, AZ 85144

$563,090

5 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6780940

Property Type Single Family Residence

Price Type --

The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, home office, bonus space and walk-in closets, ensuring that there's room for everyone! The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Dark Umber cabinets, granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind

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2023 W Rancho Drive Phoenix, AZ 85015

$563,000

5 Beds

4 Baths

2,717 SqFt

Status Active

MLS # 6766472

Property Type Single Family Residence

Price Type --

Central Phoenix home with a lot of character in a prime location that is walking distance to the Valley Metro Rail Station and the Spectrum Mall while being minutes away from I-17! This house includes a 500 sq ft guest house that has a separate entrance with full bathroom, huge living area, kitchen cabinets with separate heating and cooling unit. The guest house would be a great Airbnb, VRBO, or an in-law suite! If you have a green thumb, this house is for YOU, it offers lots of tree and vegetation: 2 mature orange trees, pomegranate, peach, tangerine, blood orange, 5 grapevines, artichoke, and rosemary. The house has a sustainable front and backyard with a distinctive water fountain and a wood crafted entry door. The main house features hand-carved Cantera stone, slate flooring, double-sided fireplace and 3 skylights throughout the house. Chef's kitchen boasts granite countertops, huge breakfast bar for additional seating, and stainless steel appliances. Walk-in closet, steam shower, jacuzzi tub and double vanity sink makes for a great master suite! All bathrooms have stone tile work from floor to ceiling with inset mirrors. The backyard of the home is very unique and features a fountain, fully mature orange tree, raised concrete trellis area, and outdoor fire-pit! Extended driveway, RV GATE, and a GARAGE! NO HOA! HURRY, this one won't last long!

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41355 N Eliana Drive San Tan Valley, AZ 85140

$563,000

5 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6765240

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully updated home! The interior boasts a neutral color paint scheme and fresh paint. The kitchen is a chef's dream with an accent backsplash, convenient kitchen island and a walk in pantry for ample space. The primary bathroom is a sanctuary featuring double sinks, a separate tub, and shower. The primary bedroom is complete with a walk-in closet. Outside, enjoy the low maintenance landscaping, a covered patio perfect for entertaining, and a fenced-in backyard for added privacy. The home also features partial flooring replacement. This home is a must-see!e!

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3102 W T Ryan Lane Phoenix, AZ 85041

$563,000

4 Beds

2.5 Baths

3,182 SqFt

Status Active

MLS # 6760028

Property Type Single Family Residence

Price Type --

Two-Story Home with Large Lot and Loft! Welcome to this stunning two-story home, perfectly situated on a large lot. This spacious 4 bedroom, 2.5 bath residence features an open-concept design ideal for modern living. The main floor boasts a large living room with abundant natural light, a gourmet kitchen with an island and walk-in pantry, and a formal dining area that opens to the backyard. The private master suite is located on the main level, offering a luxurious en-suite bath with a walk-in shower, soaking tub, double vanity, and a spacious walk-in closet. Upstairs, you'll find 3 additional large bedrooms and a versatile loft area—perfect for a second living room, media room, or home office. The expansive backyard is perfect for outdoor entertaining, & room for a pool and more...

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2738 N 217th Avenue Buckeye, AZ 85396

$562,997

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6748415

Property Type Single Family Residence

Price Type --

This is a to be built home -- 6/7 months build time. Welcome to your 3-bed, 2.5-bath home with a 3-car tandem garage, located in Sienna Hills next to Verrado, nestled on The White Tank Mountains for privacy and views. With a North/South orientation, this energy-efficient home features cutting-edge SPRAY FOAM insulation and an electric car charger outlet. Enjoy granite countertops, a pot filler over the stove, paver driveway, 8' overhead garage door, and a double gate on a 10' side yard for your off-road toys. The 12' sliding glass wall seamlessly connects indoor and outdoor living. HOA dues include a pool, jacuzzi, clubhouse, and gym!

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7 E La Vieve Lane Tempe, AZ 85284

$562,900

2 Beds

2 Baths

1,794 SqFt

Status Active Under Contract

MLS # 6768838

Property Type Single Family Residence

Price Type --

Two bedrooms and Den - Completely re-done and in excellent condition. Small yard to take care of. Dual pane windows - Almost new A/C unit top of the line* Kitchen and baths have been upgraded - Roll in Shower in Master Bathroom* Kitchen is to die for* Refrigerator, washer & dryer included. Ready to move in. Bright, cheery and vaulted ceilings Community Pool in Warner Ranch for your enjoyment and closed to all freeways, restaurants and shopping. Come look....

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4656 E Laredo Lane Cave Creek, AZ 85331

$562,500

3 Beds

2 Baths

1,314 SqFt

Status Active

MLS # 6775740

Property Type Single Family Residence

Price Type --

No detail was overlooked in this immaculate and lovingly maintained - BETTER THAN NEW - single-level home in the highly sought-after, gated Dove Valley Ranch! Surrounded by desert preserve, this three-bedroom home features mountain views, an open-concept floor plan, and low-maintenance, worry-free living. Interior features include neutral tile flooring throughout, granite countertops, a gas stove, a renovated primary bathroom, plantation shutters, vaulted ceilings, and more. Step outside to find manicured desert landscape, a covered patio, and unparalleled views of surrounding mountain vistas and natural area open space. Beyond your new home, enjoy one of North Phoenix's finest public golf courses, a clubhouse bar/lounge, and easy access to first-rate schools, parks, hiking, & more. Roof 2019, HVAC 2015, water heater 2016, whole-home water filtration system... the list of thoughtful updates goes on. Come see your new home today!

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4330 Copperhead Drive Wickenburg, AZ 85390

$562,500

2 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6769355

Property Type Single Family Residence

Price Type --

Discover a home that balances comfort and character in the coveted Lone Star neighborhood. This exceptional residence welcomes you with a warm, rich color palette, setting a relaxed and inviting mood throughout. Large rooms flow seamlessly across the tile flooring, while plantation shutters add a touch of elegance. The kitchen is a highlight, featuring a gas cooktop that makes cooking a pleasure. And with an owned wired alarm system, peace of mind is built right in! Out back, the space is designed for year-round enjoyment. Gather around the gas fire feature on cooler evenings, fire up the built-in BBQ, or relax under the shade of the pergola while taking in the desert air. It's an outdoor space made for quiet moments and lively get-togethers alike, with thoughtful details that invite... you to unwind. The extended-length 3-car garage isn't just practicalit's a well-organized space with attached shelving, providing room for vehicles, gear, and projects. It's the kind of garage that offers flexibility, whether you need extra storage or room for hobbies. This home at Wickenburg Ranch is all about easy living, with spaces that invite you to make them your own. It's a place where the details matter, offering a lifestyle that feels as good as it looks, ready to become your next favorite spot.

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4207 E Ford Avenue Gilbert, AZ 85234

$562,500

5 Beds

3 Baths

2,370 SqFt

Status Active Under Contract

MLS # 6753341

Property Type Single Family Residence

Price Type --

INCREDIBLE ORIGINAL OWNER UNIQUE 5 BDR home in the HEART OF GILBERT. This Fulton Home features a vaulted ceiling great room with LARGE KITCHEN and tons of NATURAL LIGHT. Upstairs features primary suite + 2 additional bedrooms and full bath. Short steps down from great room features full FLEX SPACE, 2 additional bedrooms and a 3rd full bath! REAL WOOD FLOORS and tile throughout. BRAND NEW ANDERSEN WINDOWS, + AC & ROOF REPLACEMENT COMPLETED. Backyard features gardeners paradise: Pears and Pomegranates nearly ripe; Tangerines, Lemons and HUGE Ruby Red Grapefruit Tree, Katy Apricots and Figs in the Spring/Summer. Incredible fruit bearing grape vines on the west side and shade tree + paver patio provide the PERFECT BACKYARD CANVAS. Neighborhood park just down the street. Stop by today!

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4919 W Hunter Trail San Tan Valley, AZ 85144

$562,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

View Property