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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1449 Leisure World -- Mesa, AZ 85206

$472,000

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!

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2948 W Stradling Avenue Apache Junction, AZ 85120

$471,995

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6685192

Property Type Single Family Residence

Price Type --

Radiance at Superstition Vistas, a brand new community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! Under construction now are the amazing amenities that include a resort-like pool area, 11,000 sq ft clubhouse w/fitness center, splash pad & park! walking trails and parks throughout the community as well! 1757 sq ft, 4 bed/2 bath adorable, energy efficient single level home with a HUGE YARD in which you will find 12X24 tile in all common areas, 9 foot ceilings & on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island

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4233 E Samkay Lane San Tan Valley, AZ 85143

$471,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6697519

Property Type Single Family Residence

Price Type --

Situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more.

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3381 S 177th Drive Goodyear, AZ 85338

$471,990

4 Beds

3 Baths

2,079 SqFt

Status Active

MLS # 6700850

Property Type Single Family Residence

Price Type --

MOVE IN READY WITH LOW RATES TO BOOT! Welcome to your new home! This charming 4 bedroom/ 3 bathroom home offers spacious and luxurious living just for you! Featuring a beautiful open floor plan, perfect for entertaining and spending time with guests. The kitchen is equipped with stainless steel appliances, gas range, granite countertops, darker shaker style cabinets and plenty of storage. Carpet in bedrooms with wood look tile throughout. 9 ft ceilings and 8 ft interior doors. Only single story homes around you! Double gate for easy access to backyard. Endless opportunities for outdoor recreation and fun. Conveniently located near shopping and dining options. Don't miss your chance to make this yours!

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18157 W Navajo Street Goodyear, AZ 85338

$471,990

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6604053

Property Type Single Family Residence

Price Type --

This single-story home features an open concept floor plan that includes 9-ft. ceilings and a large great room. You'll also find Emser® tile flooring throughout the great room, dining space and kitchen, and Shaw® carpeting in the bedrooms. The expansive kitchen offers 42-in. upper cabinets, granite countertops, a center island and Whirlpool appliances. The private primary suite at the back of the home includes an oversized closet, and the primary bath boasts a separate tub and shower, a dual-sink vanity, and a door at the water closet. This home also includes a 40-gal gas water heater.

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6308 W Villa Linda Drive Glendale, AZ 85310

New

$471,950

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6704579

Property Type Single Family Residence

Price Type --

Welcome HOME! DON'T MISS THIS ONE! Incredible home in a great neighborhood surrounded by beautiful mountain views front and back. 3 bed 2 bath home with a large family room. The kitchen has dark wood cabinets and new granite countertops with stainless steel appliances. Laminate flooring in all the main areas with carpet in the bedrooms. Large master bedroom with room for all your needs. The other 2 bedrooms are also spacious. The garage has epoxy flooring and storage cabinets with a workbench. Enjoy the mountain views in your backyard while you entertain your guests. Plenty of room to add a pool for the summer! Better hurry this one wont last!

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2311 W Claremont Street Phoenix, AZ 85015

$471,900

5 Beds

4 Baths

2,081 SqFt

Status Active

MLS # 6621326

Property Type Single Family Residence

Price Type --

Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***

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12126 W Luxton Lane Avondale, AZ 85323

Open House

$471,490

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6625862

Property Type Single Family Residence

Price Type --

Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.

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17428 W Fulton Street Goodyear, AZ 85338

$471,488

4 Beds

3 Baths

2,257 SqFt

Status Active

MLS # 6700486

Property Type Single Family Residence

Price Type --

Discover our dynamic community with a move-in ready home featuring 4 bedrooms, 3 baths, and a 3-car tandem garage. Inside, enjoy a teen room/loft, cabinets in the laundry, and quartz kitchen counters. Outside, engage in fun with sand volleyball, basketball courts, and two playgrounds for all ages. Welcome to your new home and vibrant community!

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12535 W Marguerite Avenue Avondale, AZ 85323

$471,156

4 Beds

2 Baths

2,207 SqFt

Status Active

MLS # 6677110

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Move in ready Lantana design at Highland Ridge by Brookfield. 6000 SQ FT Homesite, single story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the 3-car garage leads you into the drop zone. 48,000 in upgrades. 5.99% Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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6337 W Valencia Drive Laveen, AZ 85339

$471,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active

MLS # 6700691

Property Type Single Family Residence

Price Type --

This stunning two-story home offers the perfect blend of elegance and functionality. With 4 bedrooms and 3 bathrooms, there's ample space for comfortable living. As you step inside, you're greeted by a bright and spacious interior, featuring tasteful finishes and modern amenities throughout. The open-concept layout seamlessly connects the living, dining, and kitchen areas, making it ideal for both relaxing and entertaining. One of the standout features of this home is its solar panels, providing energy efficiency and cost savings. Say goodbye to high utility bills and hello to sustainable living! Step outside into the beautiful backyard oasis, complete with lush turf and plenty of space for outdoor enjoyment. Whether you're hosting gatherings with friends and family or simply unwinding after a long day, this backyard retreat is sure to impress. Conveniently located in a desirable neighborhood, this home offers easy access to amenities, schools, parks, and more. Don't miss your chance to own this truly exceptional property.

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6289 S Championship Drive Chandler, AZ 85249

Open House

New

$471,000

2 Beds

2 Baths

1,467 SqFt

Status Active

MLS # 6696467

Property Type Single Family Residence

Price Type --

Nestled in the most coveted spot, this lovely home boasts unparalleled vistas of the 9th hole on the golf course, with majestic mountains and tranquil waters as your backdrop. Step onto the custom back patio, a haven designed for soaking in the breathtaking scenery without obstruction, thanks to the absence of center columns. With an extended pergola offering shaded retreats and ample space, every moment outdoors becomes a cherished experience. This very loved home has a New HVAC 2020, new roof, garage door,, New windows 2009, fresh interior paint, refinished cabinets with roll-out shelves, modern appliances and more. This is the best location around the corner from the country club and one of the few homes with a golf cart garage.

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