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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195 N Mariposa Drive Wickenburg, AZ 85390

$455,000
3 Beds
2 Baths
1,180 SqFt
Status Active
MLS # 6609665
Property Type Single Family Residence
Price Type --
This listing is located on two lots and includes a main house PLUS a guest house. Live in the main house and use the Casita as a mother-in-law suite, or rent it out. The main house has 3 bdrms and 1 and 3/4 bathrooms. Master bath has double sinks with a tub/shower, Guest bath has a tub/shower, It has a covered patio and a large fenced yard in the back. The Casita has an open great room area with an all electric kitchen, bedroom with a walk-in closet and a tub/shower in the bathroom. 2 a/c wall units, The Casita has it's own large fenced yard with fruit trees. The property also includes a car carport, a workshop and a large fenced yard. Full laundry outside with lots of storage and a separate storage shed, great location with incredible views

2339 N Wind Drive Pinetop, AZ 85935

$455,000
3 Beds
2 Baths
1,790 SqFt
Status Active
MLS # 6653087
Property Type Townhouse
Price Type --
GREAT LOCATION in Pinetop Country Club. FURNISHED townhome tucked back overlooking the common area w/ tons of tall Ponderosa Pine trees. True pride of ownership in this 3 bed - 2 bath home. You are greeted with a entry that opens into a large great room, open concept, vaulted ceilings with bamboo accent, gas fireplace, huge kitchen with tons of cabinets & counterspace + stainless steel appliances. This home has a split bedroom floor plan. There is a large pantry w/ a lovely laundry room with wonderful space to work. The Master/Primary overlooks the tall pine trees with amazing privacy. The closet is huge and the bath has lots of space with 2 vanities. The 2 other bedrooms, one has a desk with a fold out couch plus a fold out twin bed. The deck is incredibly spacious - READ MORE Everything else in the home AND garage STAYS! This home boasts of beautiful high quality wood laminate floors throughout (NO carpet)! This cabin in the woods comes fully furnished. What you see when you view the home, is what you get. It is move in ready. Check out the cupboards for dishes, etc. The great room has a ceiling to floor stone gas fireplace. Beautiful window coverings throughout! The garage is oversized and there is also an extra parking spot. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

123 E Sky Hi Drive Pinetop, AZ 85935

$455,000
3 Beds
2 Baths
981 SqFt
Status Active
MLS # 6622358
Property Type Single Family Residence
Price Type --
Welcome to your dream winter wonderland retreat in the heart of Pinetop, Arizona! This fully furnished, turn-key short-term rental cabin with guest quarters offers the perfect combination of rustic charm and modern comfort. Nestled among tall pines, this cabin is a true escape into nature. As you step inside, you'll be greeted by the inviting warmth of vaulted ceilings adorned with beautiful tongue and groove paneling. The open and spacious interior invites you to unwind and create lasting memories with loved ones. The main cabin features a cozy living area with a stone fireplace, perfect for gathering around on chilly winter nights. The well-appointed kitchen comes fully equipped with everything you need to prepare delicious meals, and the dining area is ideal for sharing those meals with friends and family. Step outside onto the deck and take in the breathtaking views of the surrounding forest, where you can enjoy your morning coffee or soak in the serenity of the outdoors. The guest quarters provide a private space for your visitors, ensuring everyone's comfort and privacy. This additional space can also be utilized as an income-generating rental to maximize your investment. Located in Pinetop, this cabin offers easy access to the natural beauty and recreational opportunities of the White Mountains. Plus, the state land across the street guarantees unspoiled vistas and endless outdoor adventures. Whether you're seeking a personal retreat, a rental property, or a combination of both, this cabin is ready to meet your needs. Don't miss this opportunity to own a slice of Pinetop paradise. Make this cabin your winter escape in the tall pines of Arizona!

4415 W Agave Avenue Eloy, AZ 85131

$455,000
2 Beds
2 Baths
1,702 SqFt
Status Active
MLS # 6630616
Property Type Single Family Residence
Price Type --
Partially Furnished SOLAR Owned Quiet Premium Large view-lot. Hermosa w/Den with Popular South facing backyard in a perfect location! This 2 bedroom, Den, 2 bath home has a 2 car garage with climate control and extra insulation with a quiet close garage door. Kitchen with beautiful upgraded white cabinets, under cabinet lighting, Quartz countertops, SS appliances, & roll-out shelves. Guest bath has a new National Brand Boca Deep walk-in compliant tub. Porcelain tile floor through out. Tankless Water Heater. Exterior has gutters and was painted in 2021. All new PVC (2020). Step out back to the extended patio w/pergola. Backyard is professionally landscaped w/lots of pavers, artificial grass. Plenty of space behind you and your neighbor. Fridge, W&D do not convey. 4 Fruit trees in backyard. Kumquats, lime, figs and grapefruit. See doc tab for all the upgrades. Furnishings included - Dining Room Table and chairs, Entertainment center in Great Room, Guest bedroom set and Fridge.

40895 W Haley Drive Maricopa, AZ 85138

$455,000
3 Beds
2 Baths
1,963 SqFt
Status Active
MLS # 6633281
Property Type Single Family Residence
Price Type --
You MUST SEE this 2022 newly built, stunning, meticulously cared for home nestled in the Lakes at Rancho El Dorado. This property offers over $90,000 in post builder upgrades. A true masterpiece, this almost new residence boasts three bedrooms, a den, two baths, and a coveted three-car tandem garage. Step into an entertainer's paradise as you explore the low maintenance backyard oasis, featuring a sparkling heated & chilled pool, turf, a covered patio, and more—perfect for hosting memorable gatherings and creating cherished moments with loved ones. The interior is a symphony of elegance, with upgrades throughout that redefine sophistication. Revel in the warmth of wood plank tile, complemented by designer paint and stylish shutters that add a touch of class to every room. upgraded white cabinet, quartz counters, and stainless steel appliances, including a gas range. The large center island, custom tiled backsplash, and other thoughtful touches make this kitchen a culinary haven. Unwind in the primary bedroom, complete with an en-suite bath featuring split double sinks, a luxurious garden tub, a walk-in shower, and a spacious walk-in closet. The thoughtful design ensures privacy, with guest bedrooms and a den strategically split from the primary suite. Don't miss the opportunity to call this home yoursYour Lakes at Rancho El Dorado oasis awaits.

17810 N Lindgren Avenue Sun City, AZ 85373

$455,000
2 Beds
2 Baths
1,997 SqFt
Status Active
MLS # 6641130
Property Type Single Family Residence
Price Type --
This meticulously updated 2-bedroom, 2-bathroom home offers resort-style living in a spacious just-under 2000 sqft retreat. Immerse yourself in luxury with a brand-new welcoming fireplace, fully updated kitchen, bathrooms, and exquisite flooring throughout. Embrace the Arizona lifestyle with a backyard oasis that includes a patio for al fresco dining and relaxation. The low-maintenance landscaping allows you to spend more time enjoying the resort-style amenities Sun City has to offer.

3107 W Topeka Drive Phoenix, AZ 85027

$455,000
3 Beds
2 Baths
1,614 SqFt
Status Active
MLS # 6645664
Property Type Single Family Residence
Price Type --
Absolute bargain with no HOA, unbelievable price for your buyer who wants a great deal on the nicest house in town. Totally remodeled with new flooring, bathrooms, paint, fans, kitchen, garage door opener and springs, and fixtures. North/South Exposure on this single level 3 bedroom 2 bath property eat-in kitchen, family room and formal dining area. Minutes to shopping with easy access to I-17 and loop 101. Big back yard with a spot for your very own garden and large covered patio. Low maintenance front yard. NEW Kitchen boasts ample counter space and a view of the backyard.

5350 E Deer Valley Drive Phoenix, AZ 85054

$455,000
2 Beds
2 Baths
1,423 SqFt
Status Active
MLS # 6646664
Property Type Apartment
Price Type --
Come experience resort style living at its finest! You will love all that this perfectly located condo has to offer. Toscana at Desert Ridge features three beautiful, heated pools, spas, fitness centers, game rooms, and stylish clubhouses. Close to fine dining, shopping, world class golfing and entertainment in Desert Ridge/Scottsdale area. This 2 bed, 2 bath condo is 1,423 SF with an office/workroom. Kitchen has granite countertops and stainless steel appliances. Unit has an outdoor patio for you to enjoy the warm, Arizona weather.

3703 N Wintergreen Way Avondale, AZ 85392

$455,000
4 Beds
2 Baths
2,223 SqFt
Status Active
MLS # 6648052
Property Type Single Family Residence
Price Type --
Explore this extraordinary find in Garden Lake Estates, with one of the largest lots in the community. The backyard, with an elongated covered patio, finished concrete work, elegant palm trees, and finished with rock, awaits your personal touch to make it truly yours. Step inside to an open and airy interior, highlighted by an upgraded kitchen with quartz countertops, a charming bay window, and brand-new stainless steel appliances. Freshly painted cabinets and a spacious kitchen island with a breakfast bar enhance the overall allure. The openness continues into the primary suite with vaulted ceilings, two spacious closets, separate bathtub and shower, dual sinks, private toilet room, and a garden-style tub for your relaxation. Don't miss this.

25694 W Victory Street Buckeye, AZ 85326

$455,000
4 Beds
2.5 Baths
2,258 SqFt
Status Active
MLS # 6661038
Property Type Single Family Residence
Price Type --
This is great bang for your buck! This 4 Bedroom with 2.5 Bath house has been refreshed with NEW..... Carpet, tile and engineered flooring, paint throughout along with some newer appliances! Reduce price.... Seller is extremely motivated!! It's ready for your final touches to make it your own! Then relax by your private pool and taken in the sunshine!

13225 W Hyacinth Drive Sun City West, AZ 85375

$455,000
3 Beds
2 Baths
1,738 SqFt
Status Active
MLS # 6665150
Property Type Single Family Residence
Price Type --
Discover refined living in Sun City West with this meticulously renovated 3-bedroom, 2-bathroom residence, spanning 1,738 sqft of modern elegance. The heart of this home is its open floor plan, seamlessly connecting living spaces with laminate and tile flooring throughout, creating an inviting atmosphere for both relaxation and entertainment. Upgraded dual-pane Low-E windows fill the home with natural light while enhancing energy efficiency. Comfort extends to every corner, including a mini-split AC unit in the garage and a separate bedroom, ensuring personalized climate control. This home not only stands out for its interior upgrades but also for the lifestyle it offers. Sun City West boasts a vibrant community with unparalleled amenities: golf courses, swimming pools, fitness centers, and clubs catering to diverse interests. Embrace a lifestyle where every day is an opportunity to explore activities, cultivate friendships, and enjoy the beauty of Arizona living.

2920 W Derby Street Casa Grande, AZ 85194

$455,000
3 Beds
2 Baths
1,940 SqFt
Status Active
MLS # 6665446
Property Type Single Family Residence
Price Type --
This newly constructed residence, built in 2021, is perfectly nestled on a sprawling acre-plus lot, offering both privacy and space in abundance. The home's exterior captivates with custom landscaping and stylish shutters. Step inside to find a spacious open floor plan that seamlessly connects living, dining, and kitchen areas ideal for gatherings & everyday living. The home has 3 well-appointed bedrooms and 2 full bathrooms, along with a dedicated office space for those who work from home or require an extra room for hobbies. High-quality finishes are evident throughout, including granite and butcher block countertops. An oversized garage provides ample storage or workspace for projects & vehicles alike. Come enjoy country living with the convenience of being just a short drive from town

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