What’s Ahead For Mortgage Rates This Week – August 8, 2016

Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.

Construction Spending Dips in June

According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May’s reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce Department said that construction spending on June rose to $1.13 trillion was 0.30 percent year-over-year and was 6.20 percent higher for the first six months of 2016 as compared to the same period in 2015; construction spending appears to be trending upward in spite of recent month-to-month declines.

Consumer spending rates in June met expected growth of 0.40 percent and matched May’s reading. Core consumer spending fell to 0.10 percent in June according to expectations, which were based on May’s reading of 0.20 percent.

Labor Reports Indicate Stronger Economy

Inflation remains lower than the Federal Reserve’s annual rate of 2.00 percent, but labor news released last week supports reports of strengthening economic conditions. ADP Payrolls, which covers private-sector job growth, reported 179,000 jobs added in July as compared to June’s reading of 176,000 jobs added.

Non-farm payrolls grew by 255,000 jobs as compared to expected growth of 185,000 jobs. Neither July’s reading nor did expectations of 185,000 jobs added meet June’s reading of 292,000 jobs added, but analysts and media reports touted private and public sector job growth as a strong indicator of economic recovery.

The national unemployment rate held steady at 4.90 percent against expectations of 4.80 percent and June’s reading of 4.90 percent. Analysts said that this reading was better than it appeared due to more people joining the work force in July.

Mortgage Rates Lower:Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac. 30-year fixed rates averaged 3.43 percent, which was five basis points lower than the previous week. Average rates for a 15-year fixed-rate mortgage fell by four basis points to an average of 2.74 percent. The average rate for a 5/1 adjustable rate mortgage fell five basis points to 2.73 percent.

New jobless claims rose to 269,000 against expectations of 263,000 new claims and the prior week’s reading of 266,000 new claims. There’s good news; new jobless claims remained below the key reading of 300,000 for the 74^th consecutive week.

What‘s Ahead

This week’s scheduled economic news includes releases on retail sales and consumer sentiment along with weekly reports on new jobless claims and mortgage rates.

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697 E Saddle Way San Tan Valley, AZ 85143

New

$465,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6696752

Property Type Single Family Residence

Price Type --

Gorgeous home in a vibrant community with so many UPDATES! The resort-style backyard, installed in the last 4 years, features a stunning pool with an expansive Baja step, lush green, tropical trees, and bushes, plus a shaded patio to cool off on hot days. Inside, the house boasts stylish updates, including wood-look flooring and custom designer elements like stone and wood planks. Fresh paint, renovated kitchen cabinets, and newer kitchen appliances ensure modern comfort. The split bedroom floorplan offers privacy, while vaulted ceilings in the great room create a light, open atmosphere. The neighborhood teems with activity, offering tennis, basketball, and pickleball courts, three heated community pools, and the scenic Johnson Ranch golf course. Shopping and restaurants nearby!

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17625 W Dahlia Drive Surprise, AZ 85388

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$465,000

4 Beds

2 Baths

1,917 SqFt

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MLS # 6692113

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Beautiful single level home with desirable great room floor plan, 4 split bdrms and extended 3-car tandem garage. Kitchen upgrades include sharp quartz countertops, 42'' cabinets with raised panels and brushed nickel hardware, gas range, island and stainless steel appliances. Other upgrades include 18'' tile in walk areas, surround sound, radiant barrier roofing for energy efficiency, French doors to the patio, and cabinets in the laundry room. The south-facing backyard is easy maintenance, with a built-in grill with fridge and bar, extended patio, gas stub, dog run, and high quality artificial grass. Exterior was painted in 2023, full interior painted 4/2024. Community park with basketball and sand volleyball courts are within walking distance.

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17557 W Summit Drive Goodyear, AZ 85338

New

$465,000

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6697393

Property Type Single Family Residence

Price Type --

Immaculately kept 3 bedroom 2 bathroom split floor plan home with a den in Estrella! This 1715 sq ft home is north/south on a corner lot in cul-de-sac with mountain views while backing up to the side of a single story home for the ultimate privacy. The primary bedroom includes a huge walk in closet with a ensuite bathroom that includes a tiled rain shower, dual vanities, and a garden tub. The home features an owned 5kw solar system, wood plank ceramic tile, shutters throughout the home, upgraded granite, custom front door, and many other great features. When you walk out to the finished backyard you'll notice the huge extended aluminum patio providing shade, a gazebo, artificial turf, custom concrete work, and fire pit area while looking at the mountain views. Also included are two community pools, a clubhouse, lake access, and other amenities. Come see this beautiful home today!

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11333 N 92nd Street Scottsdale, AZ 85260

New

$465,000

2 Beds

2 Baths

1,294 SqFt

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MLS # 6697373

Property Type Apartment

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**REMODELED DREAM CONDO IN THE HEART OF SCOTTSDALE !** Your perfect set up features: Engineered Wood Flooring, 6-inch Baseboards, Upgraded Carpet in Bedrooms, Custom 2-tone Paint, Shiplap Accent Walls, Recessed Lighting, Luxury Modern Fixtures & Fans, Large Living & Dining Area w/ Fireplace for those chilly nights, Remodeled Bathrooms, Beautiful Kitchen with Quartz Counterops, Upgraded Cabinets, Basin Sink, SS Appliances, Fridge included, Laundry Room w/ additional Pantry Storage, Washer/Dryer included, Huge Master Suite w/ Large Walk-in-Closet & a Dual Vanity in the Master Bath. Private Patio w/additional Storage and view of the pool just steps from your door! **RESORT STYLE LIVING** w/ POOL/TENNIS + CLUBHOUSE & FITNESS CENTER! You are close to Shopping/Restaurants/Golf & 101 Freeway!!

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