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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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

Status Active

MLS # 6752994

Property Type Apartment

Price Type --

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Yuma Prooving Guard AZ 85365

$550,000

1 Bed

1 Bath

1 SqFt

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MLS # 6756933

Property Type Apartment

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6090 N Stratford Court Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,090 SqFt

Status Active

MLS # 6767709

Property Type Single Family Residence

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Welcome to Beaver Creek Preserves! A gated community nestled in Northern Arizona, 30 minutes south of Sedona. Complete with community walking trails, clubhouse, community pool, and work-out facility. Brand new, never lived in home built in 2023, with 3 bedrooms plus a den, 2.5 bathrooms, 2 car garage and an RV garage. Enjoy the serenity of Beaver Creek Preserves. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas. The modern rustic charm of the finishes and mountain views, one you do not want to miss!

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22274 E Cherrywood -- Queen Creek, AZ 85142

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New

$550,000

4 Beds

2.5 Baths

2,083 SqFt

Status Active

MLS # 6786964

Property Type Single Family Residence

Price Type --

Best Lot in La Sentiero! This stunning home sits on an oversized cul-de-sac lot with an RV gate that opens directly to the park! Located in Queen Creek, it's just minutes away from shopping, dining, and entertainment. Step inside this beautifully designed 4-bedroom, 2.5-bath residence, complete with a spacious 3-car garage. The open-concept layout is filled with natural light, highlighting the home's modern finishes. The upgraded kitchen is a chef's dream, featuring extended cabinetry, sleek white quartz countertops, and stainless steel appliances. Key features include: stylish wood-look tile flooring in high-traffic areas, a grand front entry with a dramatic hallway leading to a spacious great room, a generously sized laundry room with room for an extra refrigerator or freezer

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954 E 7th Street Mesa, AZ 85203

$550,000

3 Beds

2 Baths

1,542 SqFt

Status Active Under Contract

MLS # 6777888

Property Type Single Family Residence

Price Type --

Welcome to this stunning, fully remodeled home in the heart of Mesa where warranties abound! This 3-bedroom, 2-bath home is a perfect blend of style and functionality, ready for you to move in. Step inside to discover a bright and inviting open floor plan, featuring all-new appliances, sleek quartz countertops, and modern cabinets enhanced by a beautiful marble backsplash. The spacious primary bedroom includes an expanded walk-in closet with custom shoe rack shelving, offering ample storage space. Both bathrooms are luxuriously designed with heated porcelain tile floors. The master bathroom offers a curb-less zero entry shower. Throughout the home, you'll find durable Stone Composite Luxury Vinyl Plank flooring that combines elegance with easy maintenance. New windows and fresh paint... add to the modern appeal. Warranties include showers, floors, windows, with a service plan for the AC unit. Enjoy the new pressure-treated lumber fencing with RV gates on both sides of the house, making parking and storage are a breeze. The flood irrigated yard means lush greenery without the cost and hassle! Conveniently located near the 202 freeway, this home combines modern living with easy access to all that Mesa has to offer. Plus, with no HOA, you have the freedom to make it your own. Don't miss your chance to own this remarkable property!

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4413 W Box Canyon Drive Eloy, AZ 85131

$550,000

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6700890

Property Type Single Family Residence

Price Type --

Partially FURNISHED & STUNNING! This 2 bedroom + DEN, 2 bath home is on highly desired VIEW lot. Garage is 30 ft. deep. The backyard will wow you w/GORGEOUS water feature, firepit, pergola, landscaping lights, Travertine patio, artificial grass & large potted Palm trees. You will love this home from the gated paver courtyard to the amazing backyard & everything in-between! Kitchen has Quartz counters, 2-tone Cabinets w/knobs, roll-out shelves, tile backsplash, SS appliances, Gas range, convection oven, pendant & under cabinet lights. So many upgrades from the wood look tile flooring, Plantation shutters, tiled showers, comfort height toilets, Valet area w/upper & lower cabinets. HUGE Garage has 8ft. door, Storage Space/exercise area, Cabinets, Shelving & Epoxy Floors.

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4572 W Main Street Joseph City, AZ 86032

$550,000

4 Beds

2 Baths

2,791 SqFt

Status Active

MLS # 6722308

Property Type Single Family Residence

Price Type --

Discover a rare opportunity to own a beautiful home coupled with a thriving RV park business. This unique property offers a blend of comfortable living and lucrative investment potential, ideal for those seeking a dynamic lifestyle and income stream. Main home to be sold with RV park parcel. MLS # 6722349

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1103 W Pebble Beach Drive Tempe, AZ 85282

$550,000

4 Beds

2 Baths

1,731 SqFt

Status Active

MLS # 6737458

Property Type Single Family Residence

Price Type --

Location, Location very good center location close to Arizona state university only 2-3 miles , easy access to major freeways and sky Harber airport. 4- bedroom high ceiling new flooring in all bedrooms. Freshly painted, perfect rental or family home large cozy back yard remodeled with brand new artificial Graas, low maintenance. short drive to mill Ave, Tempe town lake and Papago hiking and golfing. Night life restaurants shops Ets.

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41333 N Belfair Way Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6746580

Property Type Single Family Residence

Price Type --

If you are looking for a remodeled home for under the average list price in Anthem Country Club, stop right here, you have found it! With three bedrooms and two bathrooms, this home is perfect for a small family or a couple who needs room for visitors. The remodeled kitchen and bathroom, and the updated flooring ensure that the home is move-in ready. You will love the storage space in the kitchen, which includes a large pantry. The updated stainless-steel appliances, quartz countertops and natural light from both large and small windows give the kitchen and family room a fresh, bright, and cheery feel and look. This home is a private oasis within the spectacular community of Anthem Country Club which offers anything you could ask for in a Country Club setting. Two Club Houses with restaurants, two fitness centers, tennis, pickleball, bocce ball, two private heated pools and so much more. Come see for yourself, we are certain you will love it!

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5020 E Morning Star Drive Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6760957

Property Type Single Family Residence

Price Type --

ENJOY LIVING IN AHWATUKEE'S ACTIVE ADULT COMMUNITY IN THIS COMPLETELY RENOVATED HOME. INVITING OPEN FLOOR PLAN WITH ABUNDANT UPDATES. EAT-IN KITCHEN FEATURES QUARTZ COUNTERTOPS, TILED BACKSPLASH, UPGRADED CABINETRY, GRANITE SINK, PANTRY & STAINLESS-STEEL APPLIANCES. GAS FIREPLACE IN FAMILY ROOM. MASTER SUITE BATHROOM INCLUDES GRANITE COUNTERTOP & WALK-IN SHOWER WITH GRAB BARS. WALK-IN CLOSETS IN SECONDARY BEDROOMS PLUS HALL BATH CONNECTS TO BEDROOM TWO. LAMINATE WOOD FLOORING THROUGHOUT WITH TILE IN THE BATHS. ADDITIONAL ELEMENTS OF REMODEL INCLUDE RECESSED LIGHTING, RAISED-PANEL 3-HINGE DOORS, CUSTOM BASEBOARDS/MOLDING, DUAL-PANE WINDOWS TANKLESS WATER HEATER, SOFT WATER SYSTEM WITH ENTIRE HOME WATER FILTRATION, FRONT & BACK ARTIFICIAL GRASS & COVERED PATIO WITH MISTING SYSTEM.

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3600 W Cobalt Court San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6752633

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 4-bedroom, 2.5-bath residence in The Preserve at San Tan! Discover an inviting great room with high ceilings, recessed lighting, a soothing palette, blinds, and stylish wood-look flooring. The delightful kitchen boasts quartz counters, ample white shaker cabinets, chic pendant lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and an island with a breakfast bar. You'll also find a versatile den, ideal for an office or study. Upstairs, the cozy loft offers additional living space. The serene main bedroom includes plush carpeting, an ensuite with dual sinks, and a walk-in closet. Venture outside to the backyard, featuring a covered patio for al fresco dining and ample space to create your dream oasis. The community also offers a dog park, pickleball court, community grills, outdoor theater/amphitheater, fire pits, walking/biking trails and SO MUCH MORE! Come see it today!

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44049 W Palo Nuez Street Maricopa, AZ 85138

$550,000

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6751432

Property Type Single Family Residence

Price Type --

Elegance, luxury, and practicality combine in this one-of-a-kind home. BEAUTIFUL HOME IN MARICOPA WITH A POOL AND RV GARAGE. The curb appeal is off the charts with a paved driveway, cozy courtyard, and LARGE 45' RV GARAGE. Spacious floor plan with open kitchen concept boasting beautiful granite countertops, oversized pantry, and huge island, all overlooking a great room and backyard. Large primary bedroom with roomy bathroom featuring dual vanities and walk-in shower, but it's the backyard that will capture your attention; mature backyard complete with lots of artificial grass for the little ones, oversized pergola, and REFRESHING SWIMMING POOL for those hot AZ afternoons or weekends with friends. Never pay for RV storage again; come by and look and make this beautiful home yours.

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