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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3030 E Broadway Avenue Apache Junction, AZ 85119

$474,900

2 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6698727

Property Type Manufactured Home

Price Type --

Almost 38,000 sf lot with majestic mountain views with NO HOA!!! 2 Bedroom, 2 Bathroom Affixed Mfg home with 30'x40' detached RV garage, owned solar, new mini split AC's, painted stucco exterior and newly remodeled inside bathrooms. Relax on your 10'x30' backyard covered patio and enjoy stunning sunrise and sunsets in your private above ground Jacuzzi or hang out at the fire pit. Open kitchen with 42'' cabinets, island with bar top, newer stainless steel appliances and refrigerator. This property has a circular drive, views of the Superstition Mountains, 10 x 20 bonus storage room recently stuccoed. Incredible 30 x 40 ft. oversized Garage, car hobbyist work shop Man Cave with loft storage, and room for your toys. This Horse Property is located 1/4 mile from miles of Horse trails, just bring your corrals! Located close to the U.S. 60, Hiking, Biking, Horse trails. Amazing corner lot property with NO HOA!

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8312 E Orange Blossom Lane Scottsdale, AZ 85250

$474,900

3 Beds

3 Baths

1,752 SqFt

Status Active

MLS # 6493243

Property Type Townhouse

Price Type --

COME FALL IN LOVE. NEW CARPETING 6/26/23. WONDERFUL OPPORTUNITY TO OWN A SPACIOUS 3 BEDROOM TOWNHOUSE NEAR DOWNTOWN SCOTTSDALE. PERFECT LOCATION WITH GUEST PARKING ON THE STREET IN FRONT OF YOUR NEW HOME. SUPER FLOOR PLAN WITH LIVING ROOM, FAMILY ROOM AND KITCHEN OVERLOOKING REAR PATIO. ENJOY THE EASY CARE WOODEN FLOORS. TAKE ADVANTAGE OF THE PRIVATE INTERIOR LAUNDRY. SUPER LARGE MASTER BEDROOM WITH WALK-IN CLOSET UPSTAIRS WITH TWO ADDITIONAL BEDROOMS AND GUEST BATHROOM. TOTAL OF 2.5 BATHS. SHADED REAR PATIO AND ASSIGNED PARKING DIRECTLY BEHIND YOUR NEW HOME FOR 2 VEHICLES. CHATEAU DE VIE 3 IS CLOSE TO SCOTTSDALE'S FAMOUS INDIAN BEND WASH SYSTEM OF PARKS AND RECREATION FACILITIES AND AWARD WINNING SCOTTSDALE COMMUNITY COLLEGE. IT'S A GREAT NEIGHBORHOOD AND HOME. BATHROOM COUNT 1+3/4+1/2.

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1714 E Diamond Avenue Mesa, AZ 85204

$474,900

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6606094

Property Type Single Family Residence

Price Type --

Good Friday Price Reduction! Look no further! This fantastic 3 bed/2 bath home, just minutes from Downtown Gilbert and the Mesa Light Rail, is a gem. It boasts a charming curb appeal, circular driveway, and a welcoming porch. As you step inside, natural light fills the space, creating a warm and inviting atmosphere. The home features a spacious bonus room with a brick fireplace, perfect for cozy winter nights by the fire or entertaining with a projector. This property falls within the Community Lending geographical area and qualifies for lower rate mortgage financing due to the Community Reinvestment Act. Special Conventional interest rates for this program are below market and can save the borrower hundreds per month. (Not a land trust) The owner's suite offers a peaceful retreat with a walk-in closet and French doors leading to the yard. The secondary bedrooms are well-sized and conveniently separated from the owner' suite. Now, let's talk about the backyard, a true entertainer's paradise! It includes a large diving pool with a built-in table, a lush grass lawn, a spacious shed, a misting system, an extended back porch, (2) 250-amp outlets, an RV gate, and alley access. Several key updates have been made, including a new pool pump in 2020, a water purifier in 2018, a new AC in 2017, a roof replacement in 2014, a water heater in 2020, new grass and sprinklers in 2021, updated carpet in 2020, and fresh interior paint in 2021. This home is move-in ready and has everything you need to enjoy comfortable living and entertaining.

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1701 W Clarendon Avenue Phoenix, AZ 85015

$474,900

2 Beds

1 Bath

860 SqFt

Status Active

MLS # 6619696

Property Type Single Family Residence

Price Type --

**Gorgeous 2-bed, 1-bath Encanto Bungalow nestled in Phoenix's vibrant heart: An Exceptional Short-Term Rental Income Gem with a Ready-to-Build ADU Expansion Opportunity. **the potential addition of the ADU will offer an extra 560 sq. ft. of rentable space, maximizing your rental opportunity. Once the ADU comes to fruition, envision a sprawling 4-bed, 3-bath sanctuary that could be rented to up to 3 separate tenants, in the heart of the city. The property provides parking for up to 6 vehicles, and its exterior is adorned with an expansive, furnished patio, capturing the essence of Arizona's refined outdoor lifestyle. Stepping inside, you'll be greeted by a luminous living area, segueing into a gourmet kitchen complete with a modern coffee station and top-tier appliances. In-unit washer and dryer enhance the convenience factor. The lush outdoor area, equipped with a BBQ setup, beckons for gatherings and tranquil moments alike. Beyond its aesthetic appeal, this bungalow stands as a promising and strategic investment prospect for the experienced owner.

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7438 E Hum Road Carefree, AZ 85377

$474,900

2 Beds

2.5 Baths

1,916 SqFt

Status Active

MLS # 6632985

Property Type Townhouse

Price Type --

REDUCED. Seller Motivated! Out of state move. Spacious townhome in the heart of Carefree. Enjoy all the amenities, sport court, bocce, basketball and pickleball. Community fire pit, heated pool and spa! Plus walking distance to Carefree Sundial. This home boasts a living room with a kiva fireplace, wet bar, vaulted ceilings with a custom ceiling fan. All new stainless appliances, New flooring. New WD on bedroom floor! 2 Large bedroom suites have exterior doors to the covered patio. Loads of storage, loft in the oversized 2 car garage which leads to a walk in, stand up attic, AND direct entry to kitchen. 55+ community, small percent under 55 allowed. Nest programmable thermostat, sensors on each floor. Small, friendly community for year round/winter enjoyment. Meticulously maintained! Optimal living, refresh cabinets and countertops to your taste and this home will be your perfect retreat.

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42916 N 43rd Drive New River, AZ 85087

$474,900

4 Beds

2 Baths

1,790 SqFt

Status Active

MLS # 6652020

Property Type Single Family Residence

Price Type --

Welcome to your beautiful home in the highly popular Anthem West community. Home features a very elegant kitchen with matching black appliances with a built-in microwave, large island with high-top breakfast bar, gas cooking stove, a pantry, and stainless-steel refrigerator. Home also features a split primary suite with a beautiful bay window, a full primary bath with dual vanities, a separate tub and shower, a private toilet room, a spacious walk-in closet, and large garden style soaking tub. Additional features include plantations shutters, NEW CARPET, a built-in BBQ out back with and an extended patio with pavers, and much more.

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3669 E Ironhorse Road Gilbert, AZ 85297

$474,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6664792

Property Type Single Family Residence

Price Type --

This adorable turn-key residence in Power Ranch is the one for you! Inside, the HUGE living room with sliding glass doors leading to the back patio sets the tone for a cozy living experience. Fresh paint, neutral palette, tile flooring, newly replaced plush carpets, and lovely archways are beautiful attributes. The eat-in kitchen comes with cabinets with crown moulding, stainless steel appliances, and a convenient pantry. Check out the large primary bedroom featuring a private bathroom with a shower & tub combination and a walk-in closet. The secondary bedrooms include well-sized closets. In the spacious backyard, you'll find a covered patio and a mature tree that provides refreshing shade!

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1647 E Grand Ridge Road Queen Creek, AZ 85140

$474,900

2 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6673612

Property Type Single Family Residence

Price Type --

This Monaco plan is ready for you! Start enjoying Encanterra in 2024! The home is situated on a premium homesite with no neighbors behind, tons of privacy and mature trees. Cozy up by the backyard fireplace and enjoy your morning coffee or glass of wine at night. The front courtyard is ideal for entertaining or waving to the neighbors as they walk by. The den makes a perfect home office but also offers a built in Murphy bed for extra guest space. Upgraded tile is throughout the main living areas and the home offers a ton of natural light that creates a beautiful flow. This home is as short walk to the main clubhouse and Encanterra offers tons of amenities at your fingertips. Start living the Good Life at Encanterra today!

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15106 W Home Run Drive Surprise, AZ 85374

$474,900

2 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6674026

Property Type Single Family Residence

Price Type --

Open and airy! Rare to find Valencia II, sought after floor plan in superb location! Near The Grand Softball Field! Take in a game from the charming courtyard. Eco friendly SOLAR!!!(Resulting in Lower Energy Bills) Gas cooking at kitchen, stainless kitchen appliances, kitchen Island, granite counter tops, cherry cabinets. Laundry has ample cabinets and granite countertop (Washer/Dryer included). Primary Suite has a bay window and dual sinks in bathroom. Bedrooms, Office and Guest Bath have white window shutters. Handsome crown molding throughout, stained shutters in kitchen nook. Nice looking custom wood patio doors. Raised panel doors. Extended Patio is epoxy stamped and has a awesome extended pergola covering, pony walls and natural gas hookup. Newer HVAC. Move in Ready!

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1350 S Greenfield Road Mesa, AZ 85206

$474,900

4 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6677598

Property Type Townhouse

Price Type --

Become the proud owner of this lovely 4-bed, 2.5-bath townhome in Tesoro at Greenfield! Discover an inviting great room with high ceilings, a neutral palette, blinds for privacy, and durable tile flooring. The kitchen boasts polished granite counters, abundant white cabinetry with crown moulding, sleek built-in appliances, a mosaic tile backsplash, a pantry, and a two-tier peninsula with a breakfast bar for casual dining. Relax after a long day in the main bedroom, offering direct backyard access, a private bathroom, and a walk-in closet. The serene backyard is complete with a covered patio, stylish pavers, and low-maintenance artificial turf. Don't let this opportunity pass you by!

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3723 N Aspen Drive Avondale, AZ 85392

$474,900

4 Beds

3 Baths

2,205 SqFt

Status Active

MLS # 6690213

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 3-bath residence in Garden Lakes! You're greeted by a 2-car garage and a well-manicured front lawn. Discover a welcoming living room with vaulted ceilings, a neutral palette, plantation shutters, and attractive wood-look flooring. The great room includes sliding doors to the backyard for seamless indoor-outdoor living. The kitchen comes with granite counters, ample wood cabinetry with crown molding, recessed lighting, stainless steel appliances, and a convenient pantry. The main bedroom is complete with cozy carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Enjoy scenic views of the Community greenbelt from the balcony. The backyard includes a covered patio, a relaxing spa, and a sparkling pool. See this gem now!

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8795 S 167th Lane Goodyear, AZ 85338

$474,900

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6696621

Property Type Single Family Residence

Price Type --

This great single story home in sought after Estrella sits on a premium 7K plus square foot lot with mountain views and no neighbors to the north or east! Light and bright open concept kitchen and main living space with lots of windows and bright, modern color scheme! Three bedrooms, 2 baths, 2 car garage, 1760 square feet - primary suite offers en suite bath w/ dual sinks, separate tub/shower and walk in closet. Kitchen offers an island, pantry, lots of cabinets, upgraded stainless steel appliances, gas stove, farm sink, RO drinking water & quartz countertops! Resort style living at its best with tons of amenities - walking/hiking/biking paths, community centers, residents clubs, golf - less than a mile to Cafe Bebida and even closer to new park w/ splash pad and more!

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