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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19542 W Cambridge Avenue Buckeye, AZ 85396

$468,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6688608

Property Type Single Family Residence

Price Type --

Explore this dynamic Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; a well-appointed kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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24075 W Pecan Road Buckeye, AZ 85326

$468,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6680414

Property Type Single Family Residence

Price Type --

Just over 3000 sq ft, this floorplan has It all. 4 bedrooms, 3.5 baths, a den downstairs, a half bath downstairs, a loft upstairs, and a 3-car tandem garage! This home offers so much space and a beautiful open concept. The outside has a Craftsman style exterior with included desert landscape. You walk into an open space with wood look plank tile throughout. There is a separate carpeted den area to be utilized as needed. The open concept living, kitchen, and dining area downstairs is great for entertaining. The gorgeous 4 panel sliding glass door that leads you to your outdoor covered patio provides an indoor/outdoor living space with a large backyard area. This home features our Minimalist design package that includes Crisp Stria quartz kitchen counter tops, with Fairview Stone Gray cabinets, Arctic White stacked kitchen backsplash, an undermount single bowl kitchen sink, matte black finish plumbing fixtures, stainless-steel appliances, and much more. Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home, making your move-in process seamless. Upstairs has a spacious loft for additional living space, along with 4 bedrooms, 3 full baths, and laundry. Not only is the laundry room perfectly located for a growing family, right now we're including matching washer & dryer in this move-in ready home. The primary room has a large walk-in closet, double sinks, a large walk-in shower, and an additional linen closet for extra storage. The 3 additional bedrooms all have spacious walk-in closets as well. Great location close to dining, freeways, dog park and entertainment.

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17719 W Eva Street Waddell, AZ 85355

Open House

$468,955

4 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6667659

Property Type Single Family Residence

Price Type --

This GORGEOUS Single Story New Construction home has it all! 1,915 square feet, 4 bedrooms, 2.5 bathrooms, and a full size 2 car garage! ***Est COE in May*** This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, upgraded white quartz countertops, and 9' ceilings throughout. It also includes a soft water loop. This home prioritizes efficiency, with features such as dual pane low-E windows, and a smart home system included. The exterior features front yard desert landscaping, a covered patio and private backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

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3927 E Jasper Drive Gilbert, AZ 85296

$468,900

3 Beds

2.5 Baths

1,816 SqFt

Status Active

MLS # 6684552

Property Type Single Family Residence

Price Type --

Discover the epitome of modern living in this remodeled, beautiful single-family home nestled in Gilbert. With a spacious private yard, the master bedroom boasts luxury with a dual sink vanity, private toilet room, and a large walk-in closet. The gourmet kitchen features stainless steel appliances and ample cabinet space for culinary enthusiasts. Enjoy low-maintenance front and backyard spaces, while the community pool and spa offer a refreshing retreat during summer. Kids will love the nearby community park with a playground, and your pets will adore the green grass. Perfectly situated, with easy access to major highways like US 60 and San Tan 202, as well as the Mesa Gateway Airport.

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10411 W Chipman Road Tolleson, AZ 85353

New

$468,885

5 Beds

3 Baths

2,048 SqFt

Status Active

MLS # 6697419

Property Type Single Family Residence

Price Type --

June Move-In 'Welcome Home'' You are going to love this Spacious single level Brand New Home & The Fantastic Location. Split Floor Plan w/5Bdrms,3 baths & 2 Car Garage + Double Gate. This Open Floorplan was designed for you and guests to come together and enjoy the great room, dining room and kitchen spaces that flow together seamlessly. ''Wonderful indoor/outdoor living'' W/Nice Size Backyard + Large Back Patio & Front CY Perfect For Entertaining Or Family Nights. 9' Ceilings, GOURGEOUS KITCHEN W/Stainless Steel Appliances, Upgraded Cabinets, Quartz Countertops, Double Door Pantry, 12x24 Tile throughout except bedrooms where plush carpet will snuggle your toes. Two-Tone Paint, Energy Star & Smart Home Features + More. Photos Of Model Home & Ext Completed Carefree C, Options Will Vary.

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17063 W Butler Avenue Waddell, AZ 85355

$468,777

3 Beds

3 Baths

2,162 SqFt

Status Active

MLS # 6695624

Property Type Single Family Residence

Price Type --

Open-concept living is the name and Antelope is the place. Step inside this 2,162 sq. ft. two-story, 3 bedroom, 3 bath home that includes a downstairs study with double doors and a spacious upstairs loft area, perfect for all your entertaining needs. A beautiful Kitchen with quartz counter-top and 42 Inch Benton stone gray cabinets put the finishing touches on this home. Our High-Performance Homes come standard with home automation technology, a REME HALO Air Purification system and they are designed with you in mind, to stay healthier & more comfortable in your new home.

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1082 W Morelos Street Chandler, AZ 85224

$468,500

3 Beds

2 Baths

1,326 SqFt

Status Active

MLS # 6695158

Property Type Single Family Residence

Price Type --

Welcome to this peaceful charming 3 beds, 2 baths, 2-car garage single-level home. 220 power outlet for electric car charging is available in the garage. A semi-open layout with vaulted ceilings with a neutral palette. New carpet and tile flooring throughout. The kitchen boasts SS appliances with new granite kitchen & bath countertops. Cozy dining area with a bay window! The main bedroom has outdoor access and an ensuite with dual granite sinks, a separate tub/shower, & a walk-in closet. One other bedroom, w/double-door entry, can be used as an office. Home is plumbed for soft water and reverse osmosis in the kitchen. Check out the tranquil backyard with a covered patio, lush green lawn, mature tree landscape and a new irrigation system.

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Yuma Prooving Guard AZ 85365

$468,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6660419

Property Type Manufactured Home

Price Type --

ARMLS Brand Team's Test Listing - DO NOT EDIT

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43307 W Askew Drive Maricopa, AZ 85138

$468,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6679513

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home with a spacious 3-car garage,and pool.This home features tile floors,plantation shutters,and a cozy living room.The spacious great room is perfect for relaxing and entertaining with lots of kitchen storage,SS appliances,skylights,tile backsplash,granite counters,pantry,and a center island & extended breakfast bar.Primary bedroom has direct backyard access and a private bathroom with dual sinks,shower,tub and a walk-in closet.Backyard is an entertainer's dream featuring a covered patio,built-in BBQ,artificial turf,and sparking pool.This home has new HVAC system,hot water heater,water softener,pool pump & salt cell,resurfaced pool & cool decking to name a few (check docs for full list).A perfect blend of comfort & luxury. Come and make it yours today!

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325 W Gina Marie Boulevard Paulden, AZ 86334

$468,000

2 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6680004

Property Type Single Family Residence

Price Type --

Wow you won't want to miss out on this completely remodeled home on 5 acres. New appliances. Open floor plan with a country flare. Barn doors open floor plan. Large master bedroom and master bath. Detached shop with a bar. Dog run, horse stalls and shelter. Private well with whole house filtration system. Completely fenced with lots of frost-free water spickets. All usable land. Amaizing views! Rv hook ups. Hot water heater, stove and dryer are set up for electric or propane services.

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2937 W Anderson Drive Phoenix, AZ 85053

$468,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6682918

Property Type Single Family Residence

Price Type --

Highly upgraded 3-bed, 2-bath home! New RV gates on both sides of property w/concrete driveway & 2-car garage w/epoxy floor, new cabinetry, & new door/motor. Brand new synthetic turf w/pathways & elegant fountain is the cherry on top! New roof & fresh in/out paint. Discover new windows, tile flooring throughout, new chandeliers, upgraded recessed lighting, new custom plantation shutters, & new doors. The comfortable living room offers a surround sound system for convenience! The remodeled eat-in kitchen has new shaker cabinets, granite counters/backsplash, SS appliances, new sink, island w/breakfast bar, & new handles. The main bedroom features a private bathroom & walk-in closet. Both bathrooms are upgraded! The paver backyard boasts covered patio, storage shed, & boulder pond. Stop by!

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12535 W Marguerite Avenue Avondale, AZ 85323

$467,656

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. 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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