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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9196 E Mogollon Trail Gold Canyon, AZ 85118

$559,000

3 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6774647

Property Type Single Family Residence

Price Type --

This exceptional, move-in ready home is fully upgraded awaiting new owners! Highlights include a new air conditioning system, new bluet tooth water softener, a large spacious lot,& and a three-car garage. The beautifully designed kitchen features elegant cabinetry, solid surface countertops, stainless steel appliances. With a split-bedroom layout for added privacy, the home boasts seamless tile and laminate flooring throughout. The primary bedroom is a showstopper with a charming bay window, vaulted ceilings, and an airy atmosphere. The remodeled bathroom is equally impressive, with a custom barn door, upgraded mirrors and lighting, a separate tub and shower with clear glass doors, and elegant upgraded tile. Add linen closet for extra storage. Step outside to your expansive back yard - It features an extended patio, a putting green, a pool & spa w/newer pool heater, Bluetooth-controlled pool automation, new pumps, a spa blower, and a new paper filter. An RV gate and paved slab provide additional parking space. Rentals are permitted. Furnishings are also available for purchase under a separate bill of sale. LOW HOA only $54 a year!!!This home is a true gem and sure to impress. Don't miss your chance to see this remarkable property!

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2663 W Kilarea Avenue Mesa, AZ 85202

$559,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6764485

Property Type Single Family Residence

Price Type --

Welcome to PRIME Dobson Ranch living! Nestled in one of Mesa's most desirable master-planned communities, this charming home offers the perfect balance of comfort and convenience. Step inside to be greeted by an open, sun-drenched layout, where natural light pours through every corner. The updated kitchen is a chef's oasis, featuring sleek white quartz countertops, stylish herringbone subway tile backsplash, modern cabinets, and stainless steel appliances. Newer wood floors flow throughout the home, providing a warm and inviting touch to go along with the newly painted to perfection interior walls and split master bedroom design. Relax in your private courtyard or take advantage of the oversized driveway and 2-car garage. The backyard is an entertainer's paradise with a sparkling diving pool, freshly refinished pool deck and a shaded pergola ideal for Arizona evenings. Dobson Ranch amenities include community pools, parks, pickleball courts, and so much more. With easy access to Hwy 101, Hwy 60, and just minutes from ASU, Tempe Town Lake, South Scottsdale, and the thriving Chandler tech corridor, you're never far from the best of the East Valley. This home is a rare find! Don't miss this opportunity - Come see your new home today!

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210 S Thunder Mountain Payson, AZ 85541

$559,000

3 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6775030

Property Type Single Family Residence

Price Type --

Dont miss the opportunity to own a newly built home nestled in the quaint neighborhood of Sanctuary at the Rim. This 3-bedroom 2 bath home is perfectly located minutes from great restaurants and local stores yet minutes from creeks, hiking trails, kayaking, and golf. , Home boast an open floor plan with a large kitchen with a large granite island leading to the open living area perfect for entertaining. Easy to clean plank flooring, white cabinetry and stainless steel appliance. Exquisite tiled bathrooms, double sinks, black trim throughout home bringing it all together. This home is a must see, you will not be disappointed,

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10223 W Raymond Street Tolleson, AZ 85353

$559,000

9 Beds

3 Baths

3,420 SqFt

Status Active

MLS # 6784133

Property Type Single Family Residence

Price Type --

HOUSE WAS COMPLETELY REMODELED IN NOVEMBER 2023 AND SHOULD BE LARGELY MAINTENANCE FREE FOR THE NEAR FUTURE. IT IS CURRENTLY CONFIGURED AS A 9 BED 3 BATH SO ITS PERFECT. IT COULD EASILY BE MODIFIED BACK TO 7 BEDROOMS IF THAT IS THE INTEREST OF THE BUYER, WHICH WOULD RESTORE THE DINING ROOM. GREAT DEAL FOR LARGE GROUPS.

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14108 W Lisbon Lane Surprise, AZ 85379

$559,000

5 Beds

3 Baths

3,675 SqFt

Status Active Under Contract

MLS # 6742027

Property Type Single Family Residence

Price Type --

Discover this HUGE beautifully remodeled 5 bed 3 bath gem nestled in the heart of Surprise. As you pull up, you'll notice a 3 car garage with extra parking in front of a RV gate that has a gigantic concrete pad that extends to the back of the property. There, you'll find a HUGE covered patio, tastefully designed low maintenance yard and a gas stub for your future BBQ. As you step inside you'll be greeted by a great room that seamlessly connects to a beautifully updated kitchen, huge family room with surround sound and a bathroom and bedroom that would be perfect for a mother-in-law setup or office. Upstairs, you'll find an oversized loft perfect for family or game nights, HUGE master bedroom with a HUGE walk in closet, 3 other bedrooms with walk in closets and a bathroom Recent updates include new interior and exterior paint, new flooring, new quartz countertops, new baseboards, tile backsplash in the kitchen, ceiling fans, fixtures, etc.. With all the space and parking, this home would make a great multi-generation setup or a perfect Family forever home. Come take a look before it's gone!

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19930 N Hidden Ridge Drive Surprise, AZ 85374

$559,000

3 Beds

2 Baths

2,282 SqFt

Status Active Under Contract

MLS # 6764033

Property Type Single Family Residence

Price Type --

Beautiful Split 3 BR Stonecrest On Quiet Cul de Sac. w/No Neighbors Behind, SELLING TURNKEY PREFERRED. Courtyard Entry w/Pavers & Beveled Glass Door. Concrete Texture On Drive, Walks, & Patio. Vaulted Ceilings In Living/Dining. Windows Replaced w/Anderson Windows. Fans & Beautiful Light Fixtures. New Trane HVAC 2023. Whole House Water Filtration System. Kitch.w/Newer Appl.,Cherry Cabs. w/Pull-Outs, Granite, Instant Hot, Backsplash, & Cab.Lighting. Updated Guest Bath. Both Baths w/Toto Toilets. Large Cov,d. Patio ++Pagoda & Awesome Waterfall. Fencing On 3 Sides. Garage w/Attached Cabs.,Workbench, Sink & Textured Floor. Vacation Mailbox. This Home Is Quality & One Of The Best,''FOR SALE'', In ''THE GRAND.'' Leased Solar. 4 Golf Courses, Plus Amenities Galore! Come Join The Fun & Lifestyle.

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4702 E Laredo Lane Cave Creek, AZ 85331

Open House

$559,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6765456

Property Type Single Family Residence

Price Type --

Gorgeous home with a LARGE PRIVATE BACKYARD with MOUNTAIN VIEWS! Single Story 2 bedroom and OVERSIZED OFFICE/DEN. PERFECT FOR WORKING FROM HOME!! ***Space can be converted into a 3 bedroom plus a den*** Granite countertops and stainless steel appliances in kitchen. Travertine flooring in kitchen, dining, living and den areas. Bedrooms are carpeted. Plantation shutters throughout the home. Tranquil back yard with flagstone, built in BBQ, fire pit, waterfall and above ground spa, view fencing. Surround sound in great room/dining area and den. COME SEE IT BEFORE IT'S GONE!

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14823 W El Cortez Place Surprise, AZ 85387

$558,961

3 Beds

2.5 Baths

2,594 SqFt

Status Active

MLS # 6747471

Property Type Single Family Residence

Price Type --

Oxford plan with expected completion in November. Have toys? This home has a 4-car tandem garage. Professionally designed with quartz countertops, wood-look tile, light gray cabinets, etc. Located in beautiful Miravida surrounded by mountains and many neighborhood amenities like playgrounds, pickleball courts, and picnic areas.

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14189 W Sand Hills Road Surprise, AZ 85387

$558,688

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6758381

Property Type Single Family Residence

Price Type --

MLS#6758381 January Completion! The 50RM1 floorplan at Rancho Mercado combines functionality with elegance. Step into the foyer and discover an inviting open-concept design that effortlessly connects a spacious gathering room, dining area, and gourmet kitchen. The outdoor living area is perfect for al fresco dining and memorable family moments. The owner's suite, thoughtfully tucked away for privacy, features double vanities and a large walk-in closet, adding a touch of sophistication to this stunning home. Structural options include: alternate A/C Location.

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4008 E Cholla Canyon Drive Phoenix, AZ 85044

$558,500

4 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6732455

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! RIGHT OFF THE I10 AND LOOP 202, .THIS GORGEOUS HOUSE IS FULLY UPGRADED INCLUDING NEW PAINT, NEW CARPET AND TILE, NEW BLINDS, NEW CEILING FANS, NEW MIRRORS IN THE BATHROOM AND LIGHT FIXTURES, NEW BATH AND KITCHEN FAUCETS, NEW HARDWARE, NEW TOILETS, NEW APPLIANCES EXCEPT THE REFRIGERATOR WHICH IS ONE YEAR OLD, NEW A/C, NEW ROOF, ALL NEW LANDSCAPING WITH NEW IRRIGATION, NEW GARAGE DOOR AND THE LIST GOES ON!

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1401 E Osborn Road Phoenix, AZ 85014

$558,000

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6667358

Property Type Single Family Residence

Price Type --

This beautiful 1947 home in Ashby place neighborhood is in the heart of Phoenix just north of Cheery Lynn Historic District. Nicely updated with brand new dual pane energy efficient windows throughout entire house, fresh interior and exterior paint, new shower tile, granite countertops and stainless steel appliances in kitchen, new roof in 2022. Detached carport, shop/storage. Solar lease. Close to Phoenix Country Club, Phoenix Children's Hospital, quaint eateries, freeways 51 and 10 freeways. You don't want to miss out on this lovely home.

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2527 W Brookhart Way Phoenix, AZ 85085

$558,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active Under Contract

MLS # 6736947

Property Type Single Family Residence

Price Type --

Wake up to beautiful mountain views from the primary suite of your new home, where convenience meets natural beauty! There are 3 spacious bedrooms upstairs and an office conveniently located downstairs—perfect for work-from-home days or a hobby space. Don't forget the fantastic pool out back complete with a calming water feature. There's easy access to the AZ Canal Trail System, Deem Hills Rec Area, and the Sonoran Nature Preserve. On the filp-side you're close to shopping and entertainment with the Norterra Entertainment District just two miles away. Dive in, relax, and enjoy the sunny side of life in this wonderful home!

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