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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25945 N 53rd Drive Phoenix, AZ 85083

$459,000

3 Beds

2.5 Baths

1,719 SqFt

Status Active

MLS # 6691548

Property Type Single Family Residence

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Welcome home to the exclusive gated community of Inspiration inside of Stetson Valley. With 360* Mountain Views, Community Pool, grassy green common areas, near Deem Hills recreation area. This home has recently been completely updated. Gorgeous brand new white shaker cabinets with gold hardware, stainless steel appliances, new luxury vinyl flooring, fresh neutral paint all throughout. Primary ensuite features separate shower and garden tub, private toilet room, and gigantic walk in closet. Loft was enclosed to make an office or small private 4th bedroom. HVAC system completely replaced with 10 year warranty. Owned Solar will transfer to new owner free and clear at COE. Brand New Water heater in 2022. Garage has epoxy Floor and is pre-wired for EV car charger. OWNER AGENT

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2252 W Kiowa Circle Mesa, AZ 85202

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$459,000

2 Beds

2 Baths

1,748 SqFt

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MLS # 6692763

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Check out this charming 2-bedroom home! Be greeted by a 2-car garage, low-maintenance front yard, & pleasant porch. Inside, discover vaulted ceilings & carpet flooring in all the right places. The sunken living room has a built-in fireplace to keep you warm during winter & a sliding door to the backyard to keep the area cool during summer. The dining area features laminated wood flooring. The eat-in kitchen features built-in appliances, wood cabinets w/crown mouldings, a pantry, granite counters& a breakfast nook. The main bedroom has backyard access & an ensuite with dual sinks, sit-down shower, & walk-in closet. The well-sized backyard enjoys a relaxing covered patio, flagged stone pathways, & mature landscaping. Don't miss this opportunity!

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8421 N 59th Avenue Glendale, AZ 85302

New

$459,000

4 Beds

2 Baths

2,636 SqFt

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MLS # 6693195

Property Type Single Family Residence

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Looking for a place to call home in the valley? Look no further than this classic charmer! You'll have ample space on this giant ranch-style lot, starting with a stylish semi-circle driveway. Step inside to a wonderful split floorplan. The home features an updated kitchen and accessible bathroom. Rest easy as this home also includes wired security cameras that convey! Did I mention space? This giant backyard is a true gem. Plus NO HOA! To top it off this home has a must see 500+ sqft sunroom addition. Come check this home out, you'll want to make it yours!

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7650 E Edgewood Avenue Mesa, AZ 85208

$459,000

2 Beds

2 Baths

1,584 SqFt

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MLS # 6688997

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Fantastic Ranch Home in Fountain of the Sun, a 55+ Community. Move-in Ready, 2 bed, 2 bath home with a private, gated, backyard pool. Updates include refaced kitchen cabinets, quartz countertops and all new LG kitchen appliances 2023. Large owner's bedroom suite, French door entry, updated bath, new vanity & walk-in closet. Guest bedroom has a new Murphy-style wall bed unit that converts to a desk ($7k) and a walk-in closet. High-quality window shutters throughout the entire home. Beautiful, private backyard with heated salt-water pool, new pump & salt cell in 2019. Newer roof & outside paint. Enjoy all the Fountain of the Sun amenities including pickle ball, bocce ball, a dog park and much more. The 18-hole executive golf course & country club make this a very special place to live.

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