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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18300 N Shimmer Lane Surprise, AZ 85374

$465,000

2 Beds

2 Baths

1,627 SqFt

Status Active

MLS # 6654095

Property Type Single Family Residence

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Desired Madera model with great room floor plan, and heated salt water pool! Lush landscaping backyard provide plenty of privacy when frolicking in the salt water pool. Home has been professionally modified to a large open great room, ideal for a larger table and game area. Inside features plantation shutters throughout, GE profile kitchen appliances, additional kitchen cabinets with built-in desk, a bay window in the primary bedroom, two sinks in primary bath, and inside laundry with utility sink. Garage has built-in and workbench. The pebble-tec pool pool with its attractive water feature is heated and self-cleaning. Your tropical backyard has an extended covered patio with pull-down shades and strategically planted foliage that provide privacy.

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3789 E Yorkshire Circle San Tan Valley, AZ 85140

$465,000

4 Beds

2 Baths

2,134 SqFt

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MLS # 6658819

Property Type Single Family Residence

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PRICE ADJUSTMENT -This delightful property is nestled on a premium corner lot! Immaculate interior boasts vaulted ceilings, tons of tile flooring, fresh/new carpet in all the right places, graceful archways, & a spacious living/dining room w/French doors to the custom AZ room. The kitchen was update w/newer appliances, recessed lighting, granite counters, & ample white cabinetry w/crown molding. Super island w/a breakfast bar & a breakfast nook is ideal for casual dining. The generously sized AZ Room is bathed in sunlight with ceiling fans, excellent for year-round entertainment. Retreat to the main suite, w/ AZ room access, a full ensuite w/dual sinks, & a walk-in closet. Delightful backyard has artificial turf landscape & looks like a beautiful park!

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3841 Turkey Trail Lakeside, AZ 85929

$465,000

4 Beds

2.5 Baths

2,072 SqFt

Status Active

MLS # 6659919

Property Type Manufactured Home

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Welcome to this stunning 4-bedroom, 2.5 bathroom home that seamlessly blends comfort, style, and functionality. With an open concept lies a kitchen, which boasts recent upgrades, providing both modern aesthetics and practicality. Stainless steel appliances, sleek countertops, and ample cabinet space make this kitchen a haven for both aspiring chefs and busy families. The home features a thoughtful layout, with a spacious living room perfect for hosting gatherings and a separate family room that provides a more intimate space for relaxation. The family room opens up possibilities for cozy movie nights or quiet evenings with loved ones. Newly installed heating and cooling systems ensure year-round comfort, allowing you to enjoy every season without compromise. The large windows throughout the home allow natural light to flood in, creating a bright and airy ambiance. Outside, the expansive fenced backyard offers a private retreat. With an RV gate and hook-ups, it's a dream for adventure enthusiasts looking to hit the open road. For those with a penchant for hobbies or extra storage space, the property comes complete with a spacious 3-car garage and 2 additional outbuildings. Whether you're a car enthusiast, DIY enthusiast, or simply need extra space, these structures provide endless possibilities.

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43317 W Wallner Drive Maricopa, AZ 85138

$465,000

5 Beds

3 Baths

3,401 SqFt

Status Active

MLS # 6663086

Property Type Single Family Residence

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Your dream home is finally here! You'll LOVE to own this one-of-a-kind two-story residence in Rancho El Dorado! Starting with a 3-car garage, low-care front yard, and stone accents. Be delighted by an inviting interior showcasing a combined living/dining room and a formal family room paired with tile flooring in all the right places. The impeccable kitchen is equipped with recessed lighting, stainless steel appliances, quartz counters, mosaic backsplash, white cabinetry, a peninsula with a breakfast bar, and a breakfast nook. Head upstairs, to discover the HUGE loft offering endless possibilities! The bright main bedroom boasts plush carpet and an ensuite with dual sinks. The expansive backyard provides a covered patio and pavers. A rare find like this will surely impress you!

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