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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48008 N 520th Avenue Aguila, AZ 85320

$460,000

3 Beds

2 Baths

1,584 SqFt

Status Active

MLS # 6648747

Property Type Single Family Residence

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Discover the enchanting skies adorned with stars at the incredible Fantastic Airpark property. Equipped with a hangar for your planes, RVs, and various toys, this residence is situated in Aguila within the Valley of the Eagle Flight Park. The kitchen boasts beautiful custom Knotty Alder cabinets, adding a touch of elegance. With three bedrooms and two baths, the property spans approximately 7 acres, featuring covered patios on either side to cater to all your outdoor activities. The bedrooms are thoughtfully soundproofed for peaceful nights free from snoring disturbances. The property is serviced by Aguila water, propane, and septic facilities. Building permits for the hangar are readily available. you won't be disappointed.

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22348 N Braden Road Maricopa, AZ 85138

$460,000

5 Beds

3 Baths

2,912 SqFt

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MLS # 6654144

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This remarkable home is situated in the renowned golf community of Rancho El Dorado, offering a high-end resort ambiance with scenic walking paths, serene lakes, and a variety of dining options and nearby shopping. Located in the ever-growing areaof Maricopa, this Adorable 5 Bed/3 full Bath home is move in ready! Open floor concept, with spacious backyard, landscaped with beautiful green grass, perfect for entertaining! Upstairs features a loft with built in desks and entertainment area. Located near shopping and amenities.

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9322 W Oregon Avenue Glendale, AZ 85305

$460,000

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6659752

Property Type Single Family Residence

Price Type --

This home is located in the Westgate Entertainment District and features A 3-bedroom + Den and 2 bathroom. This home is perfect for entertaining with a Large open floor plan including a Living and Family Room. Gourmet Kitchen with dark oak cabinets, granite countertops and large Island, Caffe Refrigerator, Frigidaire Double oven, microwave and dishwasher. Walking through the home you will love the tall ceiling with classy two-toned paint and 8ft. door. The Primary bedroom has an inviting double door entry and larger walk-in closet. The primary bathroom has separate tub and shower, 2 private raised vanities with pendent lighting. The additional bedrooms are generously sized with walk-in closets. The exterior of the home has an extended paver drive to the RV gate and mature landscape. Just minutes to the Loop 101, Westgate with all it has to offer including shopping, dining and night life activities not to mentions all the sporting options like The State Farm Stadium, Gila River Arena and various sports training facilities nearby. Coming Soon is the 60-acre VAI Resort with hotels and entertainment destinations in Arizona scheduled to open in 2024.

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21233 N 30th Avenue Phoenix, AZ 85027

$460,000

3 Beds

2 Baths

1,750 SqFt

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MLS # 6659219

Property Type Single Family Residence

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Beautiful north Phoenix home in a great location! Luxury vinyl plank flooring and new interior paint provide a bright, neutral landscape for you to personalize. An Arizona room makes a perfect sitting area with it's own mini split, office or gym space. Backyard with grass, patio and paved sitting area. White cabinets in the kitchen and new fixtures have modernized this great home. No neighbors behind, backs to grass field. Additionally, the inclusion of solar panels- OWNED, new Ecobbe thermostat and a Tesla charger highlights the home's commitment to sustainability and modern technology, offering both energy efficiency and convenience for electric vehicle owners. Overall, this property presents an appealing combination of comfort, style, and practicality.

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