What’s Ahead For Mortgage Rates This Week – August 15, 2016

Last week’s economic news included reports on job openings, retail sales and recurring reports on mortgage rates and new jobless claims. Job openings and hiring increased, which provided further evidence of stronger economic conditions. Retail sales were flat in July, new unemployment claims dropped and mortgage rates changed little.

Labor Reports Suggest Stronger Economic Trends

The Labor Department reported more job openings in June with 5.60 openings as compared to 5.50 million job openings in May. According to the Job Openings and Labor Turnover Survey, 5.13 million workers were hired in June as compared to May’s reading of 5.15 million hires. June’ JOLTS report also showed that voluntary quits were nearly double the rate of quits during the worst part of the recession. Analysts consider quits an indicator of worker confidence in job markets; in times when jobs aren’t easily found, workers are more likely to stay with current jobs rather than risking uncertainties associated with quitting.

New jobless claims were lower with 266,000 new claims filed against the prior week’s reading of 267,000 new claims filed and expectations of 265,000 new claims filed. Last week’s reading continued a long streak of new jobless claims under 300,000 per week. Labor market trends impact housing markets, as prospective homebuyers typically consider job security as a significant factor in decisions to buy homes.

Mortgage Rates Show Little Change

Freddie Mac said that average mortgage rates held near steady readings last week. The average rate for a 30-year fixed rate mortgage rose by two points to 3.45 percent; the average rate for a 15-year fixed rate mortgage was also two basis points higher at 2.76 percent and rates for a 5/1 adjustable rate mortgage averaged 2.74 percent. Discount points averaged 0.50 percent for all three loan types reported. Consistently low mortgage rates help to ease concerns caused by rapidly rising home prices caused by short supplies of available homes.

Consumer sentiment fell short of the expected index reading of 91.50 with a reading of 90.40 but surpassed July’s index reading of 90.00. Participants in the University of Michigan Survey cited concerns over increasing prices coupled with slow income growth. Analysts said that consumer participants had grown acclimated to low mortgage rates, which may have offset consumer concerns about stagnant wages and higher prices.

What’s Ahead

This week’s scheduled economic releases include the National Association of Home Builders Housing Market Index, Commerce Department Consumer Price Index and Core CPI reports along with weekly readings on mortgage rates and new jobless claims.

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7009 E Acoma Drive Scottsdale, AZ 85254

$449,000
2 Beds
2 Baths
972 SqFt
Status Active
MLS # 6636670
Property Type Apartment
Price Type --
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7452 E Keats Avenue Mesa, AZ 85209

$449,000
3 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6658703
Property Type Single Family Residence
Price Type --
Move-in ready home with POOL is situated on prime interior N/S lot across from neighborhood park. The home feels clean and fresh- new carpet and interior paint, updated lighting, fans, appliances, faucets, toilets, door hardware. The garage is pristine with fresh paint and a new epoxy floor. Home chefs will love cooking on the 5 burner gas range/convection oven and the abundant cabinets and counter space. The home has vaulted ceilings and a spacious great room floor plan. The primary bath offers dual sinks, separate tub/shower, walk-in closet & handy exit to patio. Backyard oasis with refreshing pool, covered patio, large side yard and shed ticks all the boxes. Convenient access to dining, shopping, golf and freeways. Solar panels w/grandfathered net metering. Solar lease in documents tab

515 W Atlanta Avenue Phoenix, AZ 85041

$449,000
4 Beds
2 Baths
1,780 SqFt
Status Active
MLS # 6641462
Property Type Single Family Residence
Price Type --
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7313 N 21st Drive Phoenix, AZ 85021

$449,000
4 Beds
3 Baths
1,616 SqFt
Status Active
MLS # 6644482
Property Type Single Family Residence
Price Type --
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