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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17041 W Artesia Drive Surprise, AZ 85387

$529,900

2 Beds

2 Baths

1,854 SqFt

Status Active

MLS # 6684543

Property Type Single Family Residence

Price Type --

Popular Desert Rose floorpan with its kitchen open to the living space and generous kitchen counters & island provides the open floorpan you desire for entertaining. A charming nook for your morning breakfast and a separate dining area for diner overlooking the expansive back yard. Master bedroom has a walk-in shower and large walk in closet. The hallway is wide and there are two closets for linens and other storage. This home has been used sparingly and gently as a winter retreat. The furnishings are included at no additional charge (*see some exclusions) so you may make this your own retreat.

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2033 Jones Pass -- Overgaard, AZ 85933

$529,900

3 Beds

2 Baths

2,011 SqFt

Status Active

MLS # 6689874

Property Type Single Family Residence

Price Type --

Seclusion in the Towing Tall Pines! Located in the desirable section 31 area of Heber-Overgaard. This beautiful mountain home offers 3BDR, 2BA, granite countertops, hickory cabinetry, large pantry w/additional refrigerator & freezer, wood floors, separate dining room, central heat & Pellet stove, 3rd BDR can be used as an office or TV room. For the music lover, enjoy surround sound inside & out. The outside offers no maintenance siding, large covered front & rear decks, 2 car attached garage, 2 car detached garage or workshop, detached 18' carport ideal for RV storage, fully fenced back yard and so much more. New roof installed 2023. No HOA and plenty of space to bring the toys for everyone to enjoy! Call Today!!

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2047 E Rice Drive Tempe, AZ 85283

$529,900

3 Beds

2 Baths

1,652 SqFt

Status Active

MLS # 6697041

Property Type Single Family Residence

Price Type --

Welcome to your dream single-story home with a complete top-to-bottom remodel! This stunning residence boasts a fresh and modern aesthetic that will take your breath away. The kitchen and bathrooms feature elegant quartz countertops, a beautiful and durable addition. Stainless steel appliances make meal preparation and entertaining a delight. This single-story gem offers a turnkey opportunity to live in style and comfort. With a meticulous remodel and attention to detail, it's a rare find. Don't miss out on the chance to call this house your home! New Flooring & Baseboards, new sliding doos : Stunning new flooring throughout the home.

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43 W Castle Rock Road San Tan Valley, AZ 85143

$529,900

4 Beds

3 Baths

2,826 SqFt

Status Active

MLS # 6695848

Property Type Single Family Residence

Price Type --

Welcome to your dream home at Johnson Ranch! This stunning property boasts a versatile layout with a downstairs bedroom and bathroom, ideal for guests or in-law quarters, while the expansive loft upstairs offers additional space for relaxation and entertainment. The soaring vaulted ceilings enhance the sense of space and airiness throughout. Step into your own private oasis in the backyard, complete with a sparkling diving pool, basketball court for friendly competitions, and a cozy firepit area perfect for gathering under the stars. The chef's kitchen is a culinary delight, featuring granite countertops, an island, top-of-the-line Whirlpool appliances including a double oven and gas cooktop, ample pantry space, and more. CLICK MORE Retreat to the luxurious master suite with its charming barn door entry to that ensuite with dual sinks, separate shower and tub, and a generously sized closet. Outside, enjoy the low-maintenance Arizona backyard with its self-cleaning pool, extended covered patio, and convenient storage shed. Recent updates include the interior paint(2021), and the exterior (2018), ensuring a fresh and modern aesthetic. Experience the best of Johnson Ranch living with access to community amenities such as pools, sports courts, playgrounds, parks, and scenic walking trails. Conveniently located just minutes away from dining and entertainment options in the vibrant Central Queen Creek area. Don't miss the opportunity to make this your forever home!

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26842 N 173rd Drive Surprise, AZ 85387

New

$529,900

4 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6707542

Property Type Single Family Residence

Price Type --

This former model home in Cortana at Desert Oasis offers 4 bedrooms & 2 baths in 2180 SqFt with an open great room layout and split bedrooms. The kitchen features white cabinetry with crown molding, granite counters, stainless appliances including a gas range, pantry, and island with stainless undermount sink and breakfast bar. Sliding doors lead out from the great room to the covered patio, extended paver patio and a low-maintenance backyard with single story neighbors and artificial turf for kids and pets to play on. The spacious primary bedroom has an en-suite bath with dual sink vanity, oversized shower, and walk-in closet. Other features include a 2 car garage, community pool, and walking distance to one of many community parks and Desert Oasis Elementary. See today!

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418 N Sicily Place Chandler, AZ 85226

New

$529,900

4 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6707017

Property Type Single Family Residence

Price Type --

Original owners, in this lovely 4 bedroom, 2 bath home perfectly situated at the end of a cul-de-sac. Large drive way with RV gate. Enter thru the front door and you'll notice the high vaulted ceilings! Pass on by to the family room, kitchen area and be amazed. Open concept kitchen with white cabinets, gas range/oven, SS appliances, & a large island. Family room boost a gas fireplace and offers natural lighting with a skylight. Primary Suite offers a large living area, separate shower & tub, dual sinks, vanity & a walk in closet. The 2 1/2 car garage offers extra storage & a wall AC unit. Grass backyard, with a large covered patio & 2 storage sheds. This home is close to Chandler Mall and all it has to offer. Lots of restaurants and shopping within 5 minutes.

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10412 E Nacoma Drive Sun Lakes, AZ 85248

New

$529,900

2 Beds

2.5 Baths

2,119 SqFt

Status Active

MLS # 6707631

Property Type Single Family Residence

Price Type --

Nestled in the quaint GATED COMMUNITY of Ironwood this Paloma model has 2 bdrms-both are ENSUITES + a den/office + 2.5 BATHS + a GOLF CART GARAGE for the perfect amount of space w/lots of NATURAL LIGHT & PLANTATION SHUTTERS. The kitchen was updated w/QUARTZ countertops & has a COOKTOP w/wall ovens + a wet bar off the power room. Generous living & dining rooms + cozy family room & eat-in kitchen allows plenty of space for entertaining. Huge primary bdrm has 2 BIG CLOSETS & sep exit to patio & primary bath has been REMODELED w/ a spacious WALK-IN SHOWER. Tons of STORAGE & a laundry sink in the laundry rm. Cov'd patio in PRIVATE back yard w/ lemon, naval & AZ sweet citrus trees. Newer exterior paint (2022) brand new water heater (2024) EPOXY flooring in EXTENDED DEPTH garage. HVAC (2015)

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516 N Leoma Lane Chandler, AZ 85225

$529,900

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6695111

Property Type Single Family Residence

Price Type --

Experience the lavish life in Chandler with this 3 bed 2 bath palace fit for a king (or queen)! The freshly painted walls will make you feel like you're living in a magically bright cloud, while the quartz countertops and stainless steel appliances in the updated kitchen will turn you into a professional chef (in your dreams). And if that's not impressive enough, the cabinets have also been painted with love and care to give you all the storage space you'll ever need. With new flooring and carpet throughout, your feet won't know what hit them - except for pure luxury. Plus, say goodbye to high energy bills and hello to saving money and the planet with the owned solar panels. Don't miss out on living in a fancy-schmancy home with all the modern bells and whistles (and no, we're not talking about doorbells and fire alarms).

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5495 Desert Willow Loop Sierra Vista, AZ 85635

$529,900

4 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6632246

Property Type Single Family Residence

Price Type --

Step into luxury with this 4 bed, 3 bath split floorplan home that seamlessly combines style with comfort. In a quiet double cul-de-sac neighborhood, this home features an open floor plan with wood plank tile and plenty of natural light. Enjoy a beautiful kitchen with quartz countertops, stainless-steel appliances, and soft water throughout the home. The large master suite features a large walk-in double shower, walk-in closet, and a large sitting room. The guest suite also features a large private walk-in shower. This home boasts an oversized 3 car garage with epoxy floors for easy cleanup. A private backyard oasis welcomes you with upgraded pet-friendly turf, a travertine patio and a built-in natural gas fire pit creating a smokeless, cozy ambiance. One owner is a licensed AZ real esta te agent in Arizona.

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6233 W Mescal Street Glendale, AZ 85304

$529,900

5 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6628137

Property Type Single Family Residence

Price Type --

Discover the ideal blend of space and comfort in this inviting five-bedroom, three-bathroom home nestled in a desirable Glendale neighborhood close to shopping and restaurants. This well-maintained home has a beautiful kitchen with modern appliances, ample counter space, and a roomy island, ideal for both preparing meals and gathering with family and friends. A key feature of this property is its outdoor appeal. Covered patio with a sparkling swimming pool set amidst a landscaped backyard which creates a perfect atmosphere for leisure and entertainment. For those with multiple vehicles or in need of extra storage, the three-car garage provides practical space for cars, tools, or hobbies. With no HOA, enjoy the freedom to personalize your property without additional restrictions. Don't miss out on the opportunity to call this welcoming property home.

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3113 E Cottonwood Lane Phoenix, AZ 85048

$529,900

4 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6664484

Property Type Single Family Residence

Price Type --

**New upstairs flooring** Welcome Home!!! This gorgeous 4 bedroom 2.5 bath home at Lakeside in the heart of Ahwatukee is in a fantastic location. Close to restaurants, shopping, schools, parks, hiking or biking at South Mountain Park & Reserve, golfing at the Foothills Golf Club & easy access to the 202 Fwy. You'll love the layout of this 2 story home. Your kitchen offers granite counter tops, a breakfast bar, stainless steel appliances, a pantry & plenty of cabinetry for storage & organization. Your spacious upstairs master suite offers a plethora of natural light, a walk in closet, dual granite vanity & custom tiled walk in shower. This home also offers upgraded ceiling fans, plantation shutters, a wood burning fireplace & a 3 car garage to utilize. Your backyard oasis offers a covered patio, extended pavers, a grass lawn & a sparkling pool with a basketball hoop to enjoy. This gem in the desert is a Great Buy & a Must See!!!

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7777 E 2nd Street Scottsdale, AZ 85251

$529,900

2 Beds

2 Baths

1,303 SqFt

Status Active

MLS # 6665608

Property Type Apartment

Price Type --

Finally On Market!!! Beautiful resort style property within a gated community, in the heart of Scottsdale. This Location backs to miles of Indian Bend walking trails just outside your door. 2 bedroom, 2 bath, 1,303 sq. ft. One of the largest floor plans in the complex. Located on the third floor, with great views from every window, high vaulted ceilings, and a bright and spacious open floor plan. This home is being sold by the original owner and has only been used occasionally as a 2nd home - occupied fewer than 30 days a year. Conveniently located near golf courses, parks, restaurants, shopping, bus stops, & the vibrant downtown Old Town/Scottsdale Fashion Square. Relax by the secluded pool w/ hot tub & BBQ. Small & very desirable community, these units seldom become available! Hurry!!!

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