What’s Ahead For Mortgage Rates This Week – June 6, 2016

Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.

Construction Spending Slips in April, Mortgage Rates Mixed

According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March’s reading of +1.50 percent and May’s expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn’t help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year construction spending was 4.50 percent higher.

Freddie Mac reported higher rates for fixed-rate mortgages while the average rate for a 5/1 adjustable rate mortgage was one basis point lower at 1.87 percent. Rates for a 30 year fixed rate mortgage averaged two basis points higher at 3.66 percent; rates for a 15-year fixed rate mortgages were three basis points higher at 2.92 percent. Average discount points were unchanged for all loan types at 0.50 percent.

Labor Reports Indicate Slowing Jobs Market And Economy

According to the Non-farm Payrolls report for May, U.S. jobs increased at their lowest rate in five years with 38,000 new private and public sector jobs added. Temporary hiring also hit its lowest reading in seven years, which was seen as a negative as temporary jobs often transition to permanent positions.

Analysts said that May’s extremely low reading for jobs created indicates that a revision is likely. This inconsistency was supported by the national unemployment rate of 4.70 percent, but the lower jobless rate was attributed to workers leaving the labor force.

ADP’s May reading for private sector jobs rose to 173,000 jobs against expectations of 165,000 jobs and April’s reading of 268,000. This reading was further evidence that the Non-farm Payrolls report was likely inaccurate.

Last week’s new jobless claims fell to a five-week low of 267,000 as compared to expectations of 279,000 new claims and the prior week’s reading of 268,000 new claims.

What’s Ahead This Week

Economic news scheduled for this week include a speech by Federal Reserve Chair Janet Yellen on Monday; this speech could foreshadow the Fed’s decision to raise or not raise the Fed’s target federal funds rate during its FOMC meeting later this month.

Readings on job openings and consumer sentiment will be released along with weekly reports on mortgage rates and new jobless claims.

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9173 W Charleston Avenue Peoria, AZ 85382

$455,000

4 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6693791

Property Type Single Family Residence

Price Type --

Best part... NO HOA!!!! Come and check out this conveniently located move in ready home. This one will check all the boxes! 4 bedrooms, 2 baths, new carpet and interior paint, RV gate, large backyard with room for a pool and more! Drive just a mile and you will be on the 101 heading North or South to get anywhere in the Valley. Just down Bell road you will be at P83 with copious shopping or eating options.

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6748 W Charter Oak Road Peoria, AZ 85381

New

$455,000

3 Beds

2 Baths

1,578 SqFt

Status Active

MLS # 6694889

Property Type Single Family Residence

Price Type --

Located in a quiet neighborhood with a kids playground and dog park. Beautiful single story home located in the highly desirable Peoria Village . This home is an open concept layout, perfect for all needs! The master bedroom features a walk in closet and large and roomy bathroom with dual sinks and a private toilet room, The backyard features a hassle free cement flooring that is easy to clean, your own mini-retreat, mature trees. close to P83 entertainment district, Arrowhead Mall, Peoria sports complex.

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2326 W Gaby Road Phoenix, AZ 85041

$455,000

4 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6606891

Property Type Single Family Residence

Price Type --

Beautiful 4bd/2.5 bath two-story home on a corner lot. Don't miss the opportunity to own this amazing home with lots of upgrades and so much to offer. The entry way opens to a 9ft. ceilings semi formal living/dining area that has great natural light. As you move into the kitchen, you can see a spacious gourmet island with a large pantry space. The kitchen opens to the spacious family room with stairway to a beautiful office/ loft. Upstairs is the oversized master suite with a huge walk-in closet, separate shower/tub and double sinks! Home is near schools, parks, shopping, and minutes away from easy freeway access & Sky Harbor. A perfect home for entertaining.

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195 N Mariposa Drive Wickenburg, AZ 85390

$455,000

3 Beds

2 Baths

1,180 SqFt

Status Active

MLS # 6609665

Property Type Single Family Residence

Price Type --

This listing is located on two lots and includes a main house PLUS a guest house. Live in the main house and use the Casita as a mother-in-law suite, or rent it out. The main house has 3 bdrms and 1 and 3/4 bathrooms. Master bath has double sinks with a tub/shower, Guest bath has a tub/shower, It has a covered patio and a large fenced yard in the back. The Casita has an open great room area with an all electric kitchen, bedroom with a walk-in closet and a tub/shower in the bathroom. 2 a/c wall units, The Casita has it's own large fenced yard with fruit trees. The property also includes a car carport, a workshop and a large fenced yard. Full laundry outside with lots of storage and a separate storage shed, great location with incredible views

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