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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1243 E Princeton Avenue Gilbert, AZ 85234

$459,900

3 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6671087

Property Type Single Family Residence

Price Type --

Gorgeously updated 3 bedroom/2 bathroom home in desirable subdivision close to downtown Gilbert! NO HOA!! Newer tile, newer paint, refinished cabinets & refinished countertops, with newer fixtures throughout. Light and bright with vaulted ceilings. All appliances including washer & dryer. Large ''blank slate'' backyard oasis with mature trees, desert landscaping, pavers. Homes in this adorable community go quickly! Close to Downtown Gilbert, Gilbert Elementary, the 60 freeway, and Gilbert Freestone Park. Don't miss this home!!!

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15243 W Verde Lane Goodyear, AZ 85395

$459,900

3 Beds

2 Baths

1,445 SqFt

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MLS # 6674200

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THIS IS ONE AMAZING COMPLETELY REMODELED AUGUSTA MODEL 3 BD / 2 BA! Grey Porcelain Tile Throughout With Coordinating Grey Carpet In 2 Bedrooms! Two Baths Remodeled With New Tile Flooring, Granite Countertops, Cabinetry, Lighting, Custom Tile Shower Surrounds, Shower Doors, & New Mirrors! The Showers Are Beautifully Done With Custom Tile Designs! New Floor To Ceiling Cabinetry In The Hallway! Beautifully Remodeled Kitchen With Newer Stainless Appliances, Granite Countertops, Ceramic Tile Backsplash, & New Lighting! Wood Shutters In All The Right Places! The Backyard Is An Oasis In The Sun With Beautiful Palm Trees, Large Pergola Over An Extended Travertine Patio, & Exterior Lighting Just Where You Need It! Located In The Scottsdale Of The West Pebble Creek Golf/Pickleball Resort Community! All This Located In The Scottsdale Of The West ... Pebble Creek Resort Community!! Offering 3 18-Hole Golf Courses, 40+ Pickleball & Tennis Courts, 3 Outdoor & 1 Indoor Pool, Theatre, Art Center, & So Much More!

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3917 W Juniper Avenue Phoenix, AZ 85053

$459,900

4 Beds

2 Baths

1,966 SqFt

Status Active

MLS # 6674614

Property Type Single Family Residence

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Updated and move in ready! This Centrally located home is near downtown, Airport, restaurants, shopping, I-17 and 101 Freeways. This is a 4-bed, 2-bath residence with large lot and a pool. The living room boasts vaulted ceilings with exposed beams and a cozy fireplace, creating an inviting ambiance for relaxation. You'll also find a family room for intimate gatherings. The eat-in kitchen has ample counter space, flat-panel cabinets, matching appliances, and a peninsula with a breakfast bar for quick meals. The main bedroom includes a private bathroom for added comfort. New large ceramic tile throughout the home, Fresh paint inside and out, new carpet, replastered pool and new pool equipment and new updated fixtures. Lots of space for RV gate on both sides of home and NO HOA. Discover a backyard with a nice covered patio providing shade and relaxation, leading to a pristine pool - the perfect spot for summer fun and good yard space left over for entertaining. This value won't disappoint!

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4614 N 124th Avenue Avondale, AZ 85392

$459,900

4 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6687478

Property Type Single Family Residence

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Welcome Home! Beautiful desert landscaping & inviting front porch. Bright front room w/ mosaic tile entry & neutral color palette. Chef's kitchen features all stainless appliances + large island w/ granite counter tops. Open kitchen/dining/family room. Don't miss the large custom pantry utilizing the space under the stairs. All bedrooms are upstairs. The primary bedroom is HUGE & features a great walk-in closet + updated bathroom w/ separate tiled shower & garden tub. Ceiling fans throughout. Guest bath remodeled w/ tile surround. Custom shutters throughout. Visit the large quiet back yard through the French doors onto the covered patio. Virtually maintenance free w/ synthetic turf, pavers & desert landscaping in 2021. Producing citrus trees, too. (naval, blood & Valencia oranges) Extras in this home include: all tile downstairs, 2018 lifetime warranty water softener & reverse osmosis, 2023 water heater, 2023 exterior paint, 2018 a/c with touch screen smart thermostat, 2022 new carpet, sunscreens, new gate slats, 6 panel doors, 3 drip lines to back yard, epoxy garage with EV charging capabilities, UV attic light in 2020, smart irrigation system +++. Close to schools, shopping, freeway access and more! This one is neat and clean as a pin. Don't wait.

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