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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9618 W Illini Street Tolleson, AZ 85353

$469,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6692183

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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102 W Hillview Street Mesa, AZ 85201

$469,990

3 Beds

2 Baths

1,555 SqFt

Status Active

MLS # 6695661

Property Type Single Family Residence

Price Type --

This freshly remodeled 3 bed, 2 bath gem boasts modern elegance and comfort. Step inside to discover a stylishly renovated interior featuring sleek finishes and ample natural light. The kitchen is a culinary delight, outfitted with brand-new appliances, including an innovative air fryer oven, quartz countertops, and new cabinetry. Outside, the backyard oasis awaits, showcasing new turf, ideal for outdoor gatherings and enjoying sunny days. With its prime location, close to parks, shops, and dining, this home offers the epitome of modern living.

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11810 S 173rd Lane Goodyear, AZ 85338

$469,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6663445

Property Type Single Family Residence

Price Type --

Situated on a homesite facing sweeping views of the Estrella Mountains. This beautiful home boasts 3 large bedrooms and a private enclosed study. The open-concept kitchen includes ample countertop space, built in appliances, designer backsplash, a center island, and an expansive walk-in pantry. Host your next dinner party in the open dining and great room then transition to the covered back patio for dessert and a nightcap. Additional highlights include wood like tile, 8' interior doors, 5.5'' floorboards and pavers at the driveway, walk and entryway. Located within the Estrella masterplan with 2 state-of-the-art Residents Clubs including fitness centers and pools, Starsplash Water Park, and a community lake with activities including boat rentals.

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1005 E Tempe Drive Tempe, AZ 85288

$469,990

3 Beds

2 Baths

984 SqFt

Status Active

MLS # 6670125

Property Type Single Family Residence

Price Type --

Renovated top to bottom and Cute as a button home in a great North Tempe location! Almost everything is new, AC, windows, kitchen cabinets, counter tops, vanities, flooring, paint, appliances.... This lovely block home has NO HOA and features 3 bedrooms and 2 full baths on a huge Multi-family zoned lot with the potential to expand or build another house.. Minutes to shopping, restaurants, Scottsdale Rd and 202.

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5540 W Alta Mesa Avenue Laveen, AZ 85339

$469,990

3 Beds

2 Baths

1,953 SqFt

Status Active

MLS # 6681357

Property Type Single Family Residence

Price Type --

Come see this well-thought-out single-story home. With 3 bedrooms plus a den and 2.5 baths with almost 2,000 square feet this home offers just the right amount of space. You drive up to a cool craftsman exterior with paver driveway that provides the most darling front porch area outside where you can enjoy your morning coffee. You walk inside the home through a large 8ft exterior door and inside where the ceilings are 9 ft, creating a very grand space. This home features our Harmony design palette that includes wood style ceramic plank tiles everywhere except the bedrooms and den. This split floorplan and open concept is an entertainer's dream. You walk into a large open concept great room, kitchen, and dining space.

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32783 N Slate Creek Drive San Tan Valley, AZ 85143

$469,990

4 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6654901

Property Type Single Family Residence

Price Type --

This newly updated home showcases stunning new updates, tons of versatile space, a redesigned kitchen, and all new backyard landscaping. The goodies don't stop there. It also boasts a 3-car stacked pull through garage to the backyard and NO REAR NEIGHBORS. As you make your way into the home you are greeted to all new vinyl flooring, 5-inch upgraded baseboards, and freshly painted walls for a sleek finish. The downstairs library provides an enclosed sanctuary that can be used as a fourth bedroom for guests, and the upstairs loft provides additional versatile space. The updated kitchen opens up to the family room and provides a large center island with drop-in sink, quartz countertops, updated cabinets with hardware, and stainless-steel appliances. Upstairs, you will find the comfort of all NEW CARPETING and three additional bedrooms, all equipped with walk-in closets. The main bedroom offers a large retreat with a reading nook as well as an en-suite that boasts a JACUZZI tub and separate shower. One of the most appealing attributes about this home is its lot location - no homes behind you, ensuring privacy and an unobstructed view of the Superstition Mountains. Don't miss the chance to call this home yours.

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9420 W Morrow Drive Peoria, AZ 85382

$469,989

2 Beds

2 Baths

1,603 SqFt

Status Active

MLS # 6689983

Property Type Townhouse

Price Type --

*FULLY FURNISHED!* ALREADY INSEPCTED! HOME WARRANTY INCLUDED (because we care about you)! Located in the best part of Westbrook this VERY WELL APPOINTED home! REMODELED REMODELED REMODLED! All the bells and whistles are included, like furniture, linens and cookware! All yours! Comes full or partially furnished, with very nice furniture and appliances... GORGEOUS! All Granite counters- stainless appliances- with Induction cooktop- upgraded cabinets and 2 pantries! All new Dual pane windows, custom colors and wood floors! Modernized Bathrooms with HUGE walk in showers, taller Granite vanities, and a ''recirculating pump'' keeps the hot water at the shower for you, means INSTANT HOT WATER! WAIT TILL YOU SEE THE MASTER ROOM!!! The AC is new in 2017, and W&D stay! SEE DOCS FOR INSPECT INSEPCTED 2 MO AGO AND WE NEVER MOVED IN! FREE FOR YOU-SEE DOCS TAB. The most adorable back patio, with fruit trees, and BIG beautiful shade trees the HOA maintains for you! Gotta come see! $5k LESS ON PRICE IF YOU DONT WANT THE FUNITURE! My seller just bought this home 6weeks ago and has to sell...give us your best offer... this home offers all furniture, towels, linens, cook ware, utensils, EVERYTHING! Just bring your toothbrush as its been said. Hurry!! We are taking a loss, but your gain!

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2416 E Wagon Wheel Lane San Tan Valley, AZ 85140

New

$469,900

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6697607

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley and conveniently located off of Combs Rd and Schnepf Rd.. Adorable 4 bedroom 3 bathroom single story home with an amazing guest retreat and farmhouse exterior. The 2 car garage has extra storage for convenience. This home is uniquely equipped with a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and white shaker style cabinets in the kitchen. 4 panel slider off the great room. This home has been upgraded with 8 foot interior doors, 6x36 inch ceramic tiles, backsplash, modern black cabinet hardware, a single basin sink and upgraded faucet. The bathrooms have also been upgraded with matching faucets and hardware throughout!

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16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

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9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

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10510 E Flintlock Drive Sun Lakes, AZ 85248

$469,900

2 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6682860

Property Type Single Family Residence

Price Type --

Updated and Remodeled Home in Sun Lakes. Wood Plank Tile Flooring throughout out with Newer Windows. Exterior Painted in 2023. Wonderful, gated courtyard with brick pavers and rain gutters. Spacious wrap around back and side patio for entertaining with above ground spa. Granite Counters and pendent lighting in kitchen. Garage has epoxy floors, service door and mini split ac in garage, golf cart garage door. Master bath shower has been remodeled with updated sinks and faucets in baths. Enjoy the 5 different public golf courses that Sun Lakes has with plenty of restaurants grocery stores and Hospitals nearby.

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7167 W Merriweather Way Florence, AZ 85132

$469,900

2 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6686698

Property Type Single Family Residence

Price Type --

DON'T WAIT MONTHS TO BUILD when this immaculate and highly upgraded Pursuit model is ready today. Notice the meticulously maintained desert landscaping, paver lined driveway and paver front patio. Inside is just as stunning as outside with features that include a chefs kitchen w/cherry cabinets, slide drawers, crown molding, quartz countertops, stainless steel appliances, pendant lights, under cabinet lighting, plantation shutters, a built-in entertainment center w/surround sound, den with double doors, a spacious laundry room w/storage cabinets and sink epoxy floors, garage storage and garbage can corral. Open up the two sliding doors to let the outdoors in! You and your guests will love the extended paver patio w/electric shade, fire pit and privacy wall. AMAZING HOME! AMAZING PRICE!

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