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

Last week’s economic reports included readings on pending home sales, construction spending and consumer sentiment. Case-Shiller Home Price Indices for June were released, along with several labor-related reports including national unemployment, ADP Payrolls and Non-Farm Payrolls were also released along with weekly readings on new jobless claims and Freddie Mac’s survey of average mortgage rates.

Case-Shiller: Home Price Growth Holds Steady in June

According to the Case-Shiller 20-City Home Price Index for June, average national home prices held steady with a seasonally adjusted annual growth rate of 5.10 percent in June. The top three cities for home price growth were Portland, Oregon with a reading of 12.60 percent; Seattle, Washington followed with a reading of 11.00 percent. Denver, Colorado home prices grew by 9.20 percent year-over-year.

San Francisco, California, which had posted highest year-over-year price gains in recent months slipped with a reading of 6.40 percent year-over-year in June. This could signify a cooling of rapid price gains in high demand metro areas where home prices have become unaffordable for many buyers.

Construction Spending Flat in July, Pending Home Sales Increase

While builder sentiment has been strong, construction spending was flat in July as compared to an expected reading of 0.60 percent and June’s reading of an 0.90 percent increase in construction spending. The Commerce Department reported that pending home sales increased 1.30 percent in July, which exceeded expectations of 0.90 percent growth and June’s negative reading of -0.80 percent. July’s reading appeared to even out June’s unexpected slump in pending sales, which are considered an indicator for future closings and home loan volume.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates rose for all three loan types reported by Freddie Mac. The rate for a 30-year mortgage rate rose three basis points to 3.46 percent; the average rate for a 15-year mortgage also rose three basis points to 2.77 percent. The average rate for a 5/1 adjustable rate mortgage jumped by eight basis points to 2.83 percent. Discount points averaged 0.50 percent, 0.50 percent and 0.40 percent respectively. Mortgage rates rose after the yield on 10-year Treasury Notes increased in response to a speech given by Fed Chair Janet Yellen that indicated that the target federal funds rate could be raised in December.

263,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 261,000 new claims. Job growth slowed in August; the Commerce Department reported a reading of 151,000 new jobs in its Non-Farm Payrolls report. Analysts expected 170,000 new jobs, which fell significantly short of July’s reading of 275,000 jobs created. Non-Farm Payrolls includes data for public and private sector jobs.

Labor Reports: Job Growth Slows, National Unemployment Holds Steady

ADP Payrolls also reported fewer private sector jobs created in August with a reading of 177,000 new jobs as compared to 194,000 private sector jobs created in July. Analysts characterized August jobs reports as “fickle” due to high numbers of summer vacations and company-wide summer holiday closures.

August’s reading for national unemployment held steady at 4.90 percent.

While slower growth in home prices and job creation could signal an economic slowdown, there was good news as consumer confidence rose to 101.7 in August; this reading surpassed the expected reading of 97.0 and July’s reading of 96.7.

What’s Ahead

This week’s scheduled economic news is lean due to the Labor Day holiday on Monday. In addition to weekly reports on new jobless claims and mortgage rates, reports on job openings and the Federal Reserve’s Beige Book report will be released.

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3401 N 70th Avenue Phoenix, AZ 85033

$475,000
4 Beds
2 Baths
2,072 SqFt
Status Active
MLS # 6655663
Property Type Single Family Residence
Price Type --
This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!

5363 E Santa Clara Drive San Tan Valley, AZ 85140

$475,000
4 Beds
2.5 Baths
2,222 SqFt
Status Active
MLS # 6658040
Property Type Single Family Residence
Price Type --
No HOA! Situated on a prime corner lot, this stunning 4-bedroom, 2.5-bathroom home features a 2-car garage, a side-entry RV gate with RV hookup, 10ft entrance gate, and elegant stone details. Revel in a spacious great room with 12ft ceilings, recessed lighting, and stylish wood-look floors. The gourmet kitchen boasts granite countertops, white shaker cabinets, stainless steel appliances, subway tile backsplash, a pantry, and an island with a breakfast bar. The primary suite offers backyard access, a walk-in closet, and an en-suite with dual sinks. Enjoy a water softener system, a backyard oasis with a full-length covered patio, built-in BBQ, water feature, and lush turf. A perfect blend of luxury and comfort awaits!

12321 W Virginia Avenue Avondale, AZ 85392

$475,000
3 Beds
2 Baths
2,276 SqFt
Status Active
MLS # 6659605
Property Type Single Family Residence
Price Type --
BEAUTIFUL AZURE MODEL IN RANCHO SANTA FE! FEATURES: OVERSIZED CORNER LOT WITH A FULL SIZED RV GATE * 3 BEDROOMS 1.75 BATHS ( GUEST BATH HAS AN UPDATED WALK IN SHOWER)* DEN*TILE IN KITCHEN AND BATHS* UPGRADED WHITE CABINETS T/O*HUGE EAT IN KITCHEN W/ CENTER ISLAND AND TONS OF CABINET SPACE, PANTRY,WITH SLIDING DOOR, GAS STOVE, BUILT IN MICRO *FAMILY ROOM WITH WOOD / GAS FIREPLACE AND SURROUND SOUND*PLANTATION SHUTTERS* ALL THE OTHER WINDOWS HAVE ROLLER SHADES*LAUNDRY ROOM HAS DEDICATED WIRING FOR 2ND FRIG / FREEZER* 3 CAR GARAGE WITH 220 VOLT OUTLET FOR EV OR WELDER, EXTRA 110 OUTLET,UTILITY SINK*GORGEOUS BACKYARD WITH JUST THE RIGHT AMOUNT OF GRASS, DOG RUN* PAVERS, COVERED PATIO W/ STUCCO COLUMNS*NATURAL GAS HOOKUP* FLOOD LIGHTS * THIS HOME HAS MANY EXTRAS THAT YOU MUST SEE TO APPRECIAT

41371 N Yorktown Trail Anthem, AZ 85086

$475,000
3 Beds
2 Baths
1,577 SqFt
Status Active
MLS # 6663078
Property Type Single Family Residence
Price Type --
Possible loan assumption at 3.375! 15K improvements incl new roof underlayment. ALSO has 2019 HVAC. Bedrooms, living & dining room w/new paint! 3 blocks from Gavilan Peak School! Upgraded w/granite countertops, water softener, plantation shutters & crown molding in all the right places. Ceiling fans in all 3 bedrooms & living room. Master bedroom w/its own bathroom w/duel sinks, garden tub & walk-in closet. Nice sized back yard w/flagstone & firepit. Oversized garage w/storage shelving. Mounted TV, electrical fireplace & laundry room washer & driver convey. Anthem is a fabulous multi-gen community, w/activities for all. Anthem has water park, pool, fitness center, gym, rock climbing, tennis, Pickle ball, Daisy Mountain Railway train, fishing pond & play areas. With new roof underlayment, Two layers of MB Technology Layfast TU43 modified SBS fiberglass mat. 30 year limited warranty provided by the manufacturer. Anthem Roofing LLC warranty: 15 year limited workmanship warranty.

9455 E Raintree Drive Scottsdale, AZ 85260

$475,000
3 Beds
2 Baths
1,509 SqFt
Status Active
MLS # 6671237
Property Type Apartment
Price Type --
HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.

407 W Christopher Point Payson, AZ 85541

$475,000
2 Beds
2 Baths
1,526 SqFt
Status Active
MLS # 6660691
Property Type Single Family Residence
Price Type --
Gotta Love Payson Pines. A beautiful community adjacent to the National Forest where you can enjoy the tranquility of the surrounding landscape and take advantage of nearby trails for outdoor adventure. This 2 bed, 2 bath home is an original model. Lovely meadow views right out your large picture windows or while soaking in your hot tub A low HOA fee makes this a great ''Lock and Leave'' summer home of full-time residence. Comes partially furnished with recent upgrades including roof, hvac, water heater, and exterior stain. Embrace the comfort, style and nature in this charming home with modern amenities, all within the last two years.

19777 N 76th Street Scottsdale, AZ 85255

$475,000
2 Beds
2.5 Baths
1,221 SqFt
Status Active
MLS # 6660818
Property Type Apartment
Price Type --
This stunning condo features 2 Master bedrooms and 3 bathrooms. Offering 1221 SqFt with a 2 car garage in the heart of Grayhawk at the most Elite and Luxurious VENU Condominiums! This beautiful condo is spacious throughout with stainless steel appliances, granite countertops and a fireplace. COMMUNITY AMENITIES - 20 Seat Theater - Fireside Wine Lounge - 24-Hour Courtesy Patrol - Gated Community - Billiards - Children's Play Area - Clubhouse - Coffee Bar - Electronic Lounge - Laptop and Mountain Bike Checkout - Resort Style Pool with Cabanas - State-of-the-Art Fitness Center. RESTAURANTS - The Living Room, Liberty Station, Grimaldi's, Yard House at Desert Ridge and The White Chocolate Grill.

1449 Leisure World -- Mesa, AZ 85206

$475,000
3 Beds
2 Baths
1,723 SqFt
Status Active
MLS # 6662409
Property Type Single Family Residence
Price Type --
Do not miss this gorgeous, remodeled Barcelona floor plan. The kitchen has been completely reconfigured in a modern touch with a beautiful island added for entertaining or storage. A room off the kitchen was added for formal dining or an office space. The kitchen opens up to the vaulted ceiling, large living room with beautiful wood looking, easy care, luxury vinal flooring. The huge back patio is covered and enclosed with brand new screens. The bathrooms are tastefully updated and all 3 bedrooms are huge. Everything has been touched. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

6656 S Tour Drive Gold Canyon, AZ 85118

$475,000
2 Beds
2 Baths
1,734 SqFt
Status Active
MLS # 6673562
Property Type Single Family Residence
Price Type --
Step into worry-free living and endless opportunities for leisure right at your doorstep in the Mountainbrook Village 55+ Community. This meticulously maintained residence offers more than just a home — it's a gateway to vibrant community living. Enjoy peace of mind with recent upgrades, including (2022) new A/C & furnace, (2023) full roof replacement, interior & exterior paint, reverse osmosis & water softener loop, dishwasher, and hot water recirculation pump. Indulge in the comforts of a custom gas fireplace, an airy kitchen adorned with stainless steel appliances, a spacious primary bedroom sanctuary, and a versatile den. Outside, the covered patio invites you to unwind amidst lush fruit trees. Seize the chance to embrace vibrant living in this meticulously cared-for abode!

17626 W Calistoga Drive Surprise, AZ 85387

$475,000
2 Beds
2 Baths
2,019 SqFt
Status Active
MLS # 6668023
Property Type Single Family Residence
Price Type --
Beautiful Sierra, boasts private covered patio with N/S exposure, GUTERS ON FRONT, Neutrally decorated, newer HVAC,Large MBR, 2 sinks in master bath, tile & carpet in all the right places, extended breakfast nook w/bay window. DEN HAS A BUILT IN CLOSET. Could be considered a 3rd bedroom, Extended garage with SEPARATE MITSUBISI HEATING & COOLING SYSTEM , newer HVAC,. This is a must see property!

2574 E Detroit Place Chandler, AZ 85225

$475,000
3 Beds
2 Baths
1,427 SqFt
Status Active
MLS # 6669633
Property Type Single Family Residence
Price Type --
This stunning home in the highly sought-after community of Dobson Place is a great find! A well thought out and popular floor plan makes this home perfect for those who love to entertain. Upgraded flooring throughout. The backyard is beautifully landscaped, and the entire house features a stylish neutral color scheme. Perfect opportunity to get into the ever growing Chandler market or make a good addition to your portfolio. The primary bath has dual sinks and a step-in shower, as well as a spacious walk-in closet. This home is located centrally in the neighborhood, away from any busy roads. Located 5 minutes from Downtown Chandler and within 10 minutes of Downtown Gilbert. Welcome to your next home that has just been remodeled and is ready for you

7790 W Emerson Drive Kirkland, AZ 86332

$475,000
3 Beds
3 Baths
2,593 SqFt
Status Active
MLS # 6668827
Property Type Single Family Residence
Price Type --
This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!

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