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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11223 N 69th Avenue Peoria, AZ 85345

$470,000

4 Beds

2 Baths

1,781 SqFt

Status Active

MLS # 6690378

Property Type Single Family Residence

Price Type --

Seller may pay your closing costs! Down payment GRANT means NO DOWN PAYMENT if you qualify! Get ready to fall in love because there's nothing not to love about this property! Got toys, kids, school, a job, or like shopping and restaurants?! This place has it all covered! One of the largest lots in this well-established and sought after community. Safely and quietly tucked away on a cul-de-sac lot with awesome family oriented neighbors, there's no HOA to stand in the way of your recreational vehicles for those sunny AZ days. The home is beautifully appointed with comfortable upgrades including all appliances (new fridge) for quick-livability, a brand new mini-split to lighten the load on the ol' AC, and a solar package to keep those bills down. Call Dennis for details.

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8118 N 106th Avenue Peoria, AZ 85345

$470,000

3 Beds

2 Baths

1,243 SqFt

Status Active

MLS # 6692571

Property Type Single Family Residence

Price Type --

This inviting 3-bedroom home, complete with 1.75 baths, balances comfort with modern living. The heart of the home is the family/living room, seamlessly opening to a dining area, perfect for gatherings. The kitchen is a dream with ample cabinetry and a convenient breakfast bar. Retreat to the large master suite featuring a walk-in closet with an abundance of shelving. The second bedroom is spacious too, and there's an inside laundry room equipped with washer and dryer for added convenience. Enjoy extra storage space outside, a 2-car garage with additional storage, and a extended patio for those serene Arizona evenings. The property boasts flourishing orange and grapefruit trees set in low-maintenance landscaping. Plus, enjoy the efficiency of a newer A/C unit and hot water tank.

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18470 W Jones Avenue Goodyear, AZ 85338

$470,000

4 Beds

3 Baths

2,119 SqFt

Status Active

MLS # 6693200

Property Type Single Family Residence

Price Type --

Fall in love with this stylish 4-bed, 3-bath home w/ separate den/office! The exterior is an array of earth tones & textures from the stone siding & stucco finish. A foyer leads you to the great room, where you'll find the living/dining areas, wood-look tile floors, & modern light fixtures. The kitchen has an island, a breakfast bar, SS appliances, granite counters, tile backsplash, & dark wood cabinets for lots of storage. The main bedroom features a full ensuite w/double sinks, seat-on glass shower, & walk-in closet. You'll love the different accented wall palettes in the secondary bedrooms & the den that give a custom uniqueness! Finally, saving the best for the end, host endless gatherings in this backyard boasting an outdoor BBQ-ready island w/Ramada, grass areas, & a covered patio.

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3774 S Laurel Way Chandler, AZ 85286

New

$470,000

3 Beds

2.5 Baths

1,737 SqFt

Status Active

MLS # 6696978

Property Type Townhouse

Price Type --

You won't want to miss this beautiful home situated on one of the best lots in the entire community. Backs to a common area and is very private with a perfect sized back yard. It even has a stub out for a gas grill. Inside you will find an excellent layout with a great room, dining and an open kitchen on the main level and three nice sized bedrooms (all with walk-in closets) plus a loft/teen space upstairs. This lovely home has been completely gone though and has many new plumbing fixtures, new paint,, and new carpet. In the kitchen you will find a gas range, a new dishwasher and a walk-in pantry not to mention the pull outs in the cabinets. The list goes on. The garage is the perfect size and includes nice storage cabinets, a water softener and plumbing for a utility sink. Don't wait!

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12856 W Palo Brea Lane Peoria, AZ 85383

New

$470,000

4 Beds

3 Baths

1,780 SqFt

Status Active

MLS # 6696502

Property Type Single Family Residence

Price Type --

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5211 N 24th Street Phoenix, AZ 85016

New

$470,000

2 Beds

2 Baths

1,189 SqFt

Status Active

MLS # 6697335

Property Type Apartment

Price Type --

Move-in-ready, interior courtyard ground level unit nestled behind the Biltmore Fashion Park, away from the parking lot. This tranquil gated community is steps from the best restaurants and shopping that the Biltmore has to offer. Totally remodeled with new plank flooring throughout, paint, new kitchen appliances and new water heater. Resort style amenities include heated pool and spa, tennis courts, pickleball, workout facility, walking trails and adjacent to the Biltmore Golf Course! All furnishings available under separate bill of sale. This home is a perfect turn-key vacation rental, lock and leave getaway or make it your home!

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4943 W Oraibi Drive Glendale, AZ 85308

$470,000

3 Beds

2.5 Baths

1,593 SqFt

Status Active

MLS # 6694987

Property Type Single Family Residence

Price Type --

Gorgeously remodeled two-story residence nestled in sought-after Crystal Creek community boasts 3 bedrooms, 2 bathrooms, and a convenient powder room. The home showcases an inviting open floor plan with lofty vaulted ceilings and an abundance of windows. The spacious kitchen boasts a stylish layout with gleaming granite countertops and a central sink island overlooking both the dining area and the backyard. The master suite is adorned with a brand-new closet system and a luxurious full-height tile shower. Throughout the home, you'll find resilient wood-look vinyl plank flooring, while recent upgrades include a modern water heater and revamped plumbing. Includes a two-car garage and proximity to Midwestern Healthcare University. With easy access to the 101 and the I17.

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3131 N Central Avenue Phoenix, AZ 85012

$470,000

1 Bed

1.5 Baths

822 SqFt

Status Active

MLS # 6386350

Property Type Apartment

Price Type --

Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious 1 bedroom/1.5 bath condo offers an open floor plan with ten ft. ceilings, large master bedroom with ensuite bathroom, and a guest powder room. The chefs kitchen features expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful 50' lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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19851 W Flower Street Buckeye, AZ 85396

$470,000

4 Beds

2 Baths

2,304 SqFt

Status Active

MLS # 6636252

Property Type Single Family Residence

Price Type --

2%-3% in seller concessions available to the buyer to apply towards closing costs or interest rate buy down. Call Your agent right now. With an impressive split floor plan - 4 beds, 2 baths, and a 2-car garage on a spacious lot, this homes offers a seamless open layout for social harmony. Revel in the details, including tile flooring, a soothing color palette, and an abundance of natural light throughout. The kitchen features black appliances, granite counters, recessed lighting, a pantry, and an island with a breakfast bar. The primary bedroom boasts a HUGE walk-in closet and a private bathroom with dual sinks. The backyard is a blank canvas for your personal touch and room for a pool. Garage refrigerator included as well. Welcome home!

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37063 W Oliveto Avenue Maricopa, AZ 85138

$470,000

5 Beds

3 Baths

3,618 SqFt

Status Active

MLS # 6648485

Property Type Single Family Residence

Price Type --

Embark on a serene suburban journey at 37063 W Oliveto in Maricopa's Sorrento community. This 5-bed home, with a loft radiates modern family living. Upstairs, find elegantly renovated bathrooms with countertops and sinks, complemented by fresh cabinets and stylish mirrors. The kitchen, the heart of this home, features an enhanced island and beautiful granite countertops. Outside, a private pool and oasis, perfect for relaxation and entertainment, with north/south exposure for year-round enjoyment. Sorrento offers a close-knit community with amenities like biking paths, a playground, and a tennis court, balancing tranquility and convenience. This home isn't just a residence; it's a haven for a fulfilling, balanced lifestyle. Join the vibrant Sorrento community.

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1233 S 16th Avenue Phoenix, AZ 85007

$470,000

4 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6659031

Property Type Single Family Residence

Price Type --

Brand new construction near Downtown Phoenix with close access to I17 and I10 freeways. Approximately 15 minutes from Sky Harbor airport. This is a 4bedroom 2bathroom approximately 1750SF home with a spacious open concept layout. Home also comes with a two car garage with a 50amp receptacle for Electric Vehicle charging. Bedrooms are spacious and all come with light/fan fixtures. Home has a covered patio with fan/light fixture already installed, it has a sizeable backyard. Backyard is an open canvas where the new owner can design their own landscape or even put in a swimming pool.

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5528 W Rainwater Drive Laveen, AZ 85339

$470,000

4 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6665303

Property Type Single Family Residence

Price Type --

This immaculately maintained single-story residence nestled within the charming Ellison Trails community offers the perfect blend of comfort and convenience. Situated on a desirable corner lot, this home boasts a thoughtfully designed floorplan, ensuring seamless living. Step inside to discover an inviting interior adorned with modern finishes and abundant natural light. The spacious layout encompasses 4 bedrooms, 2 bathrooms, and generous living areas, providing ample space for relaxation and entertainment. The heart of the home is the well-appointed kitchen, complete with quartz countertops, SS appliances, and ample cabinet storage. Whether you're hosting gatherings or preparing family meals, this kitchen is sure to inspire your culinary creativity. Retreat to the tranquil owner's suite offering a private oasis where you can unwind after a long day. Additional bedrooms provide flexibility for guests, home offices, or hobbies. Outside, the expansive yard offers endless possibilities for outdoor enjoyment, from al fresco dining to gardening or simply soaking up the Arizona sunshine. With a prime location just minutes from the 202 freeway, commuting is a breeze, while nearby shopping, dining, and entertainment options ensure convenience at your fingertips. Don't miss your chance to experience the epitome of comfortable living in this Ellison Trails gem. Put your offer in today and make this house your forever home!

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